MIRA INFORM REPORT

Report Date :

18.10.2014

IDENTIFICATION DETAILS

Name :	WOODWARD KEMPEN GMBH

Registered Office :	Krefelder Weg 47 D 47906 Kempen Post Box: 10 07 55

Country :	Germany

Date of Incorporation :	1969

Legal Form :	Private limited company

Line of Business :	Manufacture of electric motors, generators and transformators Wholesale of electronic and telecommunications equipment and parts

No. of Employees :	Not Available

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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, 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

WOODWARD KEMPEN GMBH

Company Status: active

Krefelder Weg 47

D 47906 Kempen

Post Box:

10 07 55

Telephone:02152/145-1

Telefax: 02152/145-200

Homepage: www.woodward.com/kempen.aspx

E-mail: info-kempen@woodward.com

VAT no.: DE274444838

Tax ID number: 115/5806/0222

CONCLUSION

Business relations are permissible.

Company summary

LEGAL FORM Private limited company

Date of foundation: 1969

Shareholders'

agreement: 13.08.2010

Registered on: 24.08.2010

Commercial Register: Local court 47798 Krefeld

under: HRB 13089

Share capital: EUR 100,000.00

Shareholder:

Woodward Aken GmbH

Köthener Chaussee 46

D 06385 Aken

Legal form: Private limited company

Share capital: EUR 1,022,583.76

Share: EUR 100,000.00

Registered on: 10.08.1990

Reg. data: 39576 Stendal, HRB 10125

Profit transfer agreement

Manager:

Christian Kochheim

D 70565 Stuttgart