MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	G.U.N.T. GERÄTEBAU GMBH

Registered Office :	Hanskampring 15-17 D 22885 Barsbüttel Post Box: 11 25, D 22881 Barsbüttel

Country :	Germany

Financials (as on) :	31.12.2012

Date of Incorporation :	21.05.1979

Legal Form :	Private Limited Company

Line of Business :	Manufacture of other general-purpose machinery Business and other management consultancy activities

No. of Employees	100

RATING & COMMENTS

MIRA’s Rating :

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

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

G.U.N.T. GERÄTEBAU GMBH

Company Status: active

Hanskampring 15-17

D 22885 Barsbüttel

Post Box:

11 25, D 22881 Barsbüttel

Telephone:040/6708540

Telefax: 040/67085442

Homepage: www.gunt.de

E-mail: sales@gunt.de

VAT no.: DE135112310

CONCLUSION

Business relations are permissible.

COMPANY HISTORY

02.08.1991 - 01.08.2011 G.U.N.T. Gerätebau GmbH

Fahrenberg 14

D 22885 Barsbüttel

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

2829 Manufacture of other general-purpose machinery n.e.c.

4690 Non-specialized wholesale trade

70220 Business and other management consultancy activities

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information:We have no negative information at hand.

BALANCE SHEET YEAR: 2012

REAL ESTATE

Type of ownership: Tenant

Address Hanskampring 15-17

D 22885 Barsbüttel

Land register documents were not available.

BANKERS

DEUTSCHE BANK, 20079 HAMBURG

Sort. code: 20070000

BIC: DEUTDEHHXXX

HAMBURGER SPARKASSE, 20454 HAMBURG

Sort. code: 20050550

BIC: HASPDEHHXXX

UNICREDIT BANK - HYPOVEREINSBANK, 20454 HAMBURG

Sort. code: 20030000

BIC: HYVEDEMM300

FINANCIAL FIGURES

Gross profit or loss:2012 EUR 12,763,223.00

2013 EUR 12,763,000.00

Profit: 2012 EUR 2,175,606.00

further business figures:

Equipment: EUR 1,698,334.00

Ac/ts receivable: EUR 2,446,494.00

Liabilities: EUR 8,632,568.00

Total numbers of vehicles: 6

- Lorries: 1

- Passenger cars: 5

Employees: 100

- thereof permanent staff: 100

BALANCE SHEETS

Balance sheet ratios 01.01.2012 - 31.12.2012

Equity ratio [%]: 58.74

Liquidity ratio: 10.00

Return on total capital [%]: 8.11

Balance sheet grade: 1.4

Balance sheet ratios 01.01.2011 - 31.12.2011

Equity ratio [%]: 54.45

Liquidity ratio: 10.00

Return on total capital [%]: 5.60

Balance sheet grade: 1.7

Balance sheet ratios 01.01.2010 - 31.12.2010

Equity ratio [%]: 56.09

Liquidity ratio: 10.00

Return on total capital [%]: 8.85

Balance sheet grade: 1.5

Balance sheet ratios 01.01.2009 - 31.12.2009

Equity ratio [%]: 56.00

Liquidity ratio: 10.00

Return on total capital [%]: 8.14

Balance sheet grade: 1.5

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

Return on total capital

The return on total capital shows the efficiency and return on

the total capital employed in the company. The higher the return

on total capital, the more economically does the company work

with the invested capital.

TYPE OF BALANCE SHEET: COMPANY BALANCE SHEET

FINANCIAL YEAR: 01.01.2012 - 31.12.2012

ASSETS EUR 26,014,318.57

Fixed assets EUR 9,788,759.60

Intangible assets EUR 71,842.00

Other / unspecified intangible assetsEUR 71,842.00

Tangible assets EUR 9,716,917.60

Land / similar rights EUR 8,018,583.60

Other tangible assets / fixtures and

fittings EUR 1,698,334.00

Current assets EUR 16,224,778.97

Stocks EUR 4,261,746.70

Accounts receivable EUR 2,446,493.93

Other debtors and assets EUR 2,446,493.93

Liquid means EUR 9,516,538.34

Remaining other assets EUR 780.00

Accruals (assets) EUR 780.00

LIABILITIES EUR 26,014,318.57

Shareholders' equity EUR 13,971,333.66

Capital EUR 1,000,000.00

Subscribed capital (share capital) EUR 1,000,000.00

Reserves EUR 10,795,727.93

Retained earnings / revenue reserves EUR 10,795,727.93

Balance sheet profit/loss (+/-) EUR 2,175,605.73

Annual surplus / annual deficit EUR 2,175,605.73

Provisions EUR 3,401,836.42

Liabilities EUR 8,632,567.74

Financial debts EUR 5,547,034.00

Liabilities due to banks EUR 5,547,034.00

Other liabilities EUR 3,085,533.74

Unspecified other liabilities EUR 3,085,533.74

Other liabilities EUR 8,580.75

Deferred taxes (not included under

provisions/liabilities) EUR 8,580.75

Guarantees and other commitments EUR 435,599.82

Guarantees / warranties EUR 435,599.82

Guarantees EUR 435,599.82

PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

Code (HGB)

Gross result (+/-) EUR 12,763,222.53

Staff expenses EUR 6,074,736.01

Wages and salaries EUR 5,220,847.26

Social security contributions and

expenses for pension plans and

benefits EUR 853,888.75

Total depreciation EUR 582,105.03

Depreciation on tangible / intangible

asssets (incl. start-up and exp. of

bus. EUR 582,105.03

Other operating expenses EUR 3,085,863.75

Operating result from continuing

operations EUR 3,020,517.74

Interest result (+/-) EUR -40,536.66

Interest and similar income EUR 282,371.01

Interest and similar expenses EUR 322,907.67

Financial result (+/-) EUR -40,536.66

Result from ordinary operations (+/-) EUR 2,979,981.08

Extraordinary income EUR 67,506.72

Extraordinary result (+/-) EUR 67,506.72

Income tax / refund of income tax (+/-)EUR -866,044.67

Other taxes / refund of taxes EUR -5,837.40

Tax (+/-) EUR -871,882.07

Annual surplus / annual deficit EUR 2,175,605.73

TYPE OF BALANCE SHEET: COMPANY BALANCE SHEET

FINANCIAL YEAR: 01.01.2011 - 31.12.2011

ASSETS EUR 25,405,662.22

Fixed assets EUR 10,262,354.88

Intangible assets EUR 32,509.00

Other / unspecified intangible assetsEUR 32,509.00

Tangible assets EUR 10,229,845.88

Land / similar rights EUR 8,447,193.88

Other tangible assets / fixtures and

fittings EUR 1,782,652.00

Current assets EUR 15,142,717.34

Stocks EUR 4,104,823.35

Accounts receivable EUR 2,039,833.24

Other debtors and assets EUR 2,039,833.24

Liquid means EUR 8,998,060.75

Remaining other assets EUR 590.00

Accruals (assets) EUR 590.00

LIABILITIES EUR 25,405,662.22

Shareholders' equity EUR 12,555,727.93

Capital EUR 1,000,000.00

Subscribed capital (share capital) EUR 1,000,000.00

Reserves EUR 10,039,854.57

Retained earnings / revenue reserves EUR 10,039,854.57

Balance sheet profit/loss (+/-) EUR 1,515,873.36

Annual surplus / annual deficit EUR 1,515,873.36

Provisions EUR 3,958,521.09

Liabilities EUR 8,874,512.85

Financial debts EUR 5,961,838.00

Liabilities due to banks EUR 5,961,838.00

Other liabilities EUR 2,912,674.85

Unspecified other liabilities EUR 2,912,674.85

Other liabilities EUR 16,900.35

Deferred taxes (not included under

provisions/liabilities) EUR 16,900.35

Guarantees and other commitments EUR 400,739.33

Guarantees / warranties EUR 400,739.33

Guarantees EUR 400,739.33

PROFIT AND LOSS ACCOUNT (cost-summary method) according to Comm.

Code (HGB)

Gross result (+/-) EUR 11,858,493.89

Staff expenses EUR 6,043,172.30

Wages and salaries EUR 5,196,350.59

Social security contributions and

expenses for pension plans and

benefits EUR 846,821.71

Total depreciation EUR 505,214.16

Depreciation on tangible / intangible

asssets (incl. start-up and exp. of

bus. EUR 505,214.16

Other operating expenses EUR 3,054,218.46

Operating result from continuing

operations EUR 2,255,888.97

Interest result (+/-) EUR -255,828.93

Interest and similar income EUR 188,340.21

Interest and similar expenses EUR 444,169.14

Financial result (+/-) EUR -255,828.93

Result from ordinary operations (+/-) EUR 2,000,060.04

Extraordinary income EUR 510,000.00

Extraordinary expenses EUR 416,000.42

Extraordinary result (+/-) EUR 93,999.58

Income tax / refund of income tax (+/-)EUR -571,100.94

Other taxes / refund of taxes EUR -7,085.32

Tax (+/-) EUR -578,186.26

Annual surplus / annual deficit EUR 1,515,873.36

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.16
UK Pound	1	Rs.102.23
Euro	1	Rs.82.04

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%)

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 and address

CONCLUSION

Company information

COMPANY HISTORY

BUSINESS ACTIVITIES

FINANCIAL INFORMATION

REAL ESTATE

BANKERS

FINANCIAL FIGURES

BALANCE SHEETS

Unit