MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	RÜTGERS AROMATIC CHEMICALS GMBH
Registered Office :	Kekulestr. 30 D 44579 Castrop-Rauxel
Country :	Germany
Date of Incorporation :	15.05.2002
Legal Form :	Private limited company
Line of Business :	· Manufacture of other organic basic chemicals · Wholesale of chemical products
No. of Employees	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Germany	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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, has contributed to strong growth 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 5.3% in 2013. The new German government introduced a minimum wage of $11 per hour to take effect in 2015. 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 and 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. 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 and address

RÜTGERS AROMATIC CHEMICALS GMBH

Company Status: active

Kekulestr. 30

D 44579 Castrop-Rauxel

Telephone:02305/705-0

Telefax: 02305/705-521

Homepage: www.ruetgers-group.com

E-mail: aromatic-chemicals@ruetgers-group.com

VAT no.: DE223494709

Tax ID number: 340/5723/0731

Company summary

LEGAL FORM Private limited company

Date of foundation: 15.05.2002

Begin of business

activities: 01.04.2003

Shareholders'

agreement: 15.05.2002

Registered on: 03.06.2002

Commercial Register: Local court 44135 Dortmund

under: HRB 16999

Share capital: EUR 101,000.00

Shareholder:

RÜTGERS Germany GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

Legal form: Private limited company

Share capital: EUR 30,720,000.00

Share: EUR 101,000.00

Registered on: 18.12.2006

Reg. data: 44135 Dortmund, HRB 20092

Control and profit transfer agreement

Manager:

Dr. Olaf Valentin Uhde

D 45657 Recklinghausen

born: 09.09.1966

Profession: Fully qualified merchant

Manager:

Dr. Christoph Börner

D 52134 Herzogenrath

born: 23.06.1968

Proxy:

Volker Eifert

D 45699 Herten

having sole power of representation

born: 08.05.1962

Further functions/participations of Dr. Olaf Valentin Uhde

(Manager)

Proxy:

RÜTGERS ChemTrade GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

Legal form: Private limited company

Share capital: EUR 512,000.00

Registered

on: 22.12.1999

Reg. data: 44135 Dortmund, HRB 16913

Proxy:

RÜTGERS Germany GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

Legal form: Private limited company

Share capital: EUR 30,720,000.00

Registered

on: 18.12.2006

Reg. data: 44135 Dortmund, HRB 20092

Further functions/participations of Dr. Christoph Börner

(Manager)

Manager:

RÜTGERS Germany GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

Legal form: Private limited company

Share capital: EUR 30,720,000.00

Registered

on: 18.12.2006

Reg. data: 44135 Dortmund, HRB 20092

Manager:

RÜTGERS ChemTrade GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

Legal form: Private limited company

Share capital: EUR 512,000.00

Registered

on: 22.12.1999

Reg. data: 44135 Dortmund, HRB 16913

Proxy:

RÜTGERS Holding Germany GmbH

Varziner Str. 49

D 47138 Duisburg

Legal form: Private limited company

Share capital: EUR 30,000.00

Registered

on: 20.02.2009

Reg. data: 47051 Duisburg, HRB 21012

COMPANY HISTORY

03.06.2002 - 25.06.2010 NJR Aromatics GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

Private limited company

RESIGNED ACTING PERSONS AND SHAREHOLDERS

26.08.2010 - 23.04.2012 Manager

Hans-Peter Schwederski

D 45657 Recklinghausen

BUSINESS ACTIVITIES

Main industrial sector

2014 Manufacture of other organic basic chemicals

4675 Wholesale of chemical products

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information:We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Kekulestr. 30

D 44579 Castrop-Rauxel

Land register documents were not available.

BANKERS

COMMERZBANK, 47002 DUISBURG

Sort. code: 35040038

BIC: COBADEFFXXX

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Share capital: EUR 101,000.00

The number of employees is not known.

Control and profit transfer agreement to:

RÜTGERS Germany GmbH

Kekulestr. 30

D 44579 Castrop-Rauxel

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.80
UK Pound	1	Rs.102.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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%)

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