MIRA INFORM REPORT

Report Date :

15.07.2014

IDENTIFICATION DETAILS

Name :	GIRMANN KG INHABER PATRICK WALTHER
Registered Office :	Mittelweg 18, D 37154 Northeim
Country :	Germany
Date of Incorporation :	1862
Com. Reg. No.:	HRA 130248
Legal Form :	Sole proprietorship
Line of Business :	· Wholesale of other equipment and accessories for machinery and technical supplies · Wholesale of tools and hardware
No. of Employees :	16

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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

GIRMANN KG INHABER PATRICK WALTHER

Company Status: active

Mittelweg 18

D 37154 Northeim

Telephone:05551/3612

Telefax: 05551/66360

Homepage: www.girmann.com

E-mail: info@girmann.com

Trade name: Girmann KG, Sicherungselemente

VAT no.: DE177018706

Tax ID number: 35/146/00181

CONCLUSION

Business relations are permissible.

Company summary

LEGAL FORM Sole proprietorship

Date of foundation: 1862

Begin of business

activities: 1988

Registered on: 05.05.1988

Register of

companies: Local court 37073 Göttingen

under: HRA 130248

Proprietor:

Patrick Walther

D 37589 Kalefeld

born: 22.10.1971 in Suhl

Profession: Businessman

Marital status: married

Proxy:

Gabriele Langnickel

D 37154 Northeim

having sole power of representation

born: 27.07.1950

Proxy:

Bernd Petsch

D 37154 Northeim

having sole power of representation

born: 07.08.1969

COMPANY HISTORY

06.1979 - 05.1988 Girmann oHG

Mühlenstr. 7

D 37154 Northeim

General Partnership

05.1988 - 30.05.1995 Girmann KG

Friedrich-Ebert-Wall 12

D 37154 Northeim

Limited partnership

01.06.1995 - 24.03.2002 Girmann KG Inhaber Patrick Walther

Friedrich-Ebert-Wall 12

D 37154 Northeim

Sole proprietorship

BUSINESS ACTIVITIES

Main industrial sector

46693 Wholesale of other equipment and accessories for machinery and technical supplies

46741 Wholesale of tools and hardware

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information: We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Mittelweg 18

D 37154 Northeim

Real Estate of: Patrick Walther

Type of ownership: proprietor

Share: 100.00 %

Address Mittelweg 18

D 37154 Northeim

Real Estate of: Patrick Walther

Type of ownership: proprietor

Share: 100.00 %

Address Am Thie 16

D 37589 Kalefeld

Real Estate of: Patrick Walther

Type of ownership: proprietor

Share: 100.00 %

Address August-Bebel-Str. 19

D 98544 Zella-Mehlis

Land register documents were not available.

BANKERS

Principal banks

VOLKSBANK GÖTTINGEN, 37027 GÖTTINGEN, NIEDERSACHS

Sort. code: 26090050

BIC: GENODEF1GOE

KREIS-SPARKASSE NORTHEIM, 37144 NORTHEIM

Sort. code: 26250001

BIC: NOLADE21NOM

POSTBANK, 30139 HANNOVER

Sort. code: 25010030

BIC: PBNKDEFFXXX

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Turnover: 2012 EUR 1,500,000.00

2013 EUR 1,580,000.00

Expected turnover: EUR 1,750,000.00

further business figures:

Equipment: EUR 58,000.00

Ac/ts receivable: EUR 78,000.00

Liabilities: EUR 42,000.00

Real estate of the firm: EUR 683,000.00

Total numbers of vehicles: 6

- Lorries: 1

- Passenger cars: 5

Employees: 16

- thereof permanent staff: 5

- Part-time employees: 3

- Freelancer: 1

- Temporary workers: 7

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.01
UK Pound	1	Rs.102.72
Euro	1	Rs.81.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NNA

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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