MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	SELAS-LINDE GMBH
Registered Office :	Wolfratshauser Str. 138 D 82049 Pullach
Country :	Germany
Date of Incorporation :	06.11.1967
Legal Form :	Private limited company
Line of Business :	Manufacture of electric domestic appliances
No. of Employees :	Not Available

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Germany	A1	A1

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

SELAS-LINDE GMBH

Company Status: active

Wolfratshauser Str. 138

D 82049 Pullach

Telephone:089/7447470

Telefax: 089/74474717

Homepage: www.linde.com

E-mail: selas-linde@linde-le.com

CONCLUSION

Business relations are permissible.

Company summary

LEGAL FORM Private limited company

Date of foundation: 1948

Shareholders'

agreement: 06.11.1967

Registered on: 03.08.1981

Commercial Register: Local court 80333 München

under: HRB 66585

Share capital: EUR 921,000.00

Shareholder:

Linde Aktiengesellschaft

Klosterhofstr. 1

D 80331 München

Legal form: Public limited company

Share capital: EUR 475,261,214.72

Share: EUR 921,000.00

Registered on: 12.09.2007

Reg. data: 80333 München, HRB 169850

Profit transfer agreement

Manager:

Robert Tikovsky

D 80331 München

having sole power of representation

born: 09.10.1962

Proxy:

Robert Emslander

D 85579 Neubiberg

authorized to jointly represent the company

born: 22.10.1966

COMPANY HISTORY

1948 - 03.08.1981 Ernst Kirchner

D 20251 Hamburg

Private limited company

03.08.1981 - 17.12.1998 Selas-Kirchner GmbH

Wolfratshauser Str. 138

D 82049 Pullach

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

27510 Manufacture of electric domestic appliances

FINANCIAL INFORMATION

Payment experience: in top condition

Negative information:We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Wolfratshauser Str. 138

D 82049 Pullach

Land register documents were not available.

BANKERS

Principal bank

UNICREDIT BANK - HYPOVEREINSBANK, 80311 MÜNCHEN

Sort. code: 70020270, Account no.: 42414700

BIC: HYVEDEMMXXX, IBAN: DE62700202700042414700

Further bank

DEUTSCHE BANK, 80271 MÜNCHEN

Sort. code: 70070010

BIC: DEUTDEMMXXX

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Share capital: EUR 921,000.00

The number of employees is not known.

Profit transfer agreement to:

Linde Aktiengesellschaft

Klosterhofstr. 1

D 80331 München

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.02
UK Pound	1	Rs.99.42
Euro	1	Rs.77.84

INFORMATION DETAILS

Analysis Done by :	SUB
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.