MIRA INFORM REPORT

Report Date :

02.09.2013

IDENTIFICATION DETAILS

Name :	KYFFHAUSER MASCHINENFABRIK ARTERN GMBH

Registered Office :	Otto-Brunner-Strasse 4, Artern/Unstrut, 06556

Country :	Germany

Financials (as on) :	31.12.2011

Date of Incorporation :	31.05.1999

Com. Reg. No.:	HRB110912

Legal Form :	Private Independent Company

Line of Business :	· manufacturer of agricultural dryers · manufacturer of machinery for the dairy industry (cream separators; milk processing machinery (homogenisers and irradiators)

No. of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Germany

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GermanY ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted 5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016 though the target was already reached in 2012. By 2014, the federal government wants to balance its budget. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production

Source : CIA

Company name & address

Kyffhauser Maschinenfabrik Artern GmbH

Otto-Brunner-Strasse 4

Artern/Unstrut, 06556

Germany

Tel: +49 (0) 3466 2170

Fax: +49 (0) 3466 217520

Synthesis

Employees: 35

Company Type: Private Independent

Incorporation Date: 31-May-1999

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: NA

Total Assets: 1.4

Business Description

KyffhAuser Maschinenfabrik Artern GmbH is primarily engaged in manufacture of agricultural dryers; manufacture of machinery for the dairy industry (cream separators; milk processing machinery (homogenisers and irradiators); milk converting machinery (butter churns, butter workers and moulding machines); cheese-making machines (homogenisers, moulders, presses, etc.); manufacture of machinery for the grain milling industry (winnowers, sieving belts, cyclone separators, aspirator separators, grain brushing machines and the like; grinding mills, â€œbreadingâ€ rolls or mills, feeders, sifters, bran cleaners, blenders, rice hullers, pea splitters); manufacture of presses, crushers, etc. used to make wine, cider, fruit juices, etc.; manufacture of machinery for the bakery industry or for making macaroni, spaghetti or similar products (manufacture of non-electric bakery ovens, dough mixers, dough-dividers, moulders, slicers, cake depositing machines, etc.); manufacture of machines and equipment to process diverse food (machinery to make confectionery, cocoa or chocolate; to manufacture sugar; for breweries; to process meat or poultry; to prepare fruit, nuts or vegetables; to prepare fish, shell fish or other sea-food; other machinery for the industrial preparation or manufacture of food or drink; manufacture of machinery for the extraction or preparation of animal or vegetable fats or oils; manufacture of machinery for the preparation of tobacco and for the making of cigarettes or cigars, or for pipe or chewing tobacco or snuff; and manufacture of machinery for the preparation of food in hotels and restaurants.

Industry

Industry Machinery and Equipment Manufacturing

ANZSIC 2006: 2469 - Other Specialised Machinery and Equipment Manufacturing

ISIC Rev 4: 2825 - Manufacture of machinery for food, beverage and tobacco processing

NACE Rev 2: 2893 - Manufacture of machinery for food, beverage and tobacco processing

NAICS 2012: 333241 - Food Product Machinery Manufacturing

UK SIC 2007: 2893 - Manufacture of machinery for food, beverage and tobacco processing

US SIC 1987: 3556 - Food Products Machinery

Key Executives

Name Title

Thomas Schwalbe Managing director

Klaus Zierenner Managing director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Otto-Brunner-Strasse 4

Artern/Unstrut, 06556

Germany

Tel: +49 (0) 3466 2170

Fax: +49 (0) 3466 217520

Sales EUR(mil): NA

Assets EUR(mil): 1.1

Employees: 35

Fiscal Year End: 31-Dec-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 31-May-1999

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(): HRB110912

Parent Registered No.(UK): DEU

Managing director: Thomas Schwalbe

Industry Codes

ANZSIC 2006 Codes:

2469 - Other Specialised Machinery and Equipment Manufacturing

2293 - Metal Coating and Finishing

ISIC Rev 4 Codes:

2825 - Manufacture of machinery for food, beverage and tobacco processing

2592 - Treatment and coating of metals; machining

NACE Rev 2 Codes:

2893 - Manufacture of machinery for food, beverage and tobacco processing

2561 - Treatment and coating of metals

NAICS 2012 Codes:

333241 - Food Product Machinery Manufacturing

33281 - Coating, Engraving, Heat Treating, and Allied Activities

US SIC 1987:

3556 - Food Products Machinery

3479 - Coating, Engraving, and Allied Services, Not Elsewhere Classified

UK SIC 2007:

2893 - Manufacture of machinery for food, beverage and tobacco processing

2561 - Treatment and coating of metals

Business Description

Financial Data

Financials in:	EUR(mil)

Assets:	1.1
Current Assets:	0.2
Total Liabilities:	1.1
Issued Capital:	0.0
Net Worth:	0.4

Date of Financial Data:	31-Dec-2011

1 Year Growth

Key Corporate Relationships

Bank:	Commerzbank

Executive report

Executives

Name

Title

Function

Thomas Schwalbe

Managing director

Managing Director

Klaus Zierenner

Managing director

Managing Director

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No

Provisions	0.0	0.0	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No

Issued capital	0.0	0.0	0.0
Unavailable reserves	0.1	0.1	0.1
Profits for the year	0.5	0.6	0.6
Total stockholders equity	0.5	0.6	0.7
Provisions and allowances	0.0	0.0	0.1
Total long-term liabilities	-	-	0.1
Total current liabilities	0.8	1.1	0.8
Total liabilities (including net worth)	1.4	1.9	1.8
Non-issued capital	-	-	0.0
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	1.1	1.1	1.2
Total non-current assets	1.1	1.1	1.2
Net stocks and work in progress	0.0	0.2	0.0
Total receivables	0.3	0.5	0.3
Cash and liquid assets	0.0	0.0	0.2
Total current assets	0.3	0.8	0.5
Prepaid expenses and deferred costs	0.0	0.0	0.0
Total assets	1.4	1.9	1.8

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No

Current ratio	4.12	6.92	6.33
Acid test ratio	3.57	4.95	5.86
Total liabilities to net worth	0.16%	0.18%	0.13%
Net worth to total assets	0.04%	0.04%	0.04%
Current liabilities to net worth	0.16%	0.18%	0.12%
Current liabilities to stock	1.83%	0.51%	2.12%
Fixed assets to net worth	0.22%	0.18%	0.19%
Net worth	0.5	0.6	0.7

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.57
UK Pound	1	Rs.103.34
Euro	1	Rs.88.16

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Annual Balance Sheet

Unit