MIRA INFORM REPORT

Report No. :	356401
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	MS MOTORSERVICE INTERNATIONAL GMBH

Registered Office :	Wilhelm-Maybach-Str. 14-18, D 74196 Neuenstadt

Country :	Germany

Date of Incorporation :	17.01.1996

Com. Reg. No.:	HRB 105964

Legal Form :	Private Limited Company

Line of Business :	Wholesale Trade in Motor Vehicle Parts and Accessories.

No. of Employees :	312

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, 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 5.2% in 2014. The new German government introduced a minimum wage of about $11.60 (8.50 euros) 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%. The budget was essentially in balance in 2014. 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. The German economy suffers from low levels of investment, and a government plan to invest 15 billion euros 2016-18, largely in infrastructure, is intended to spur needed private investment. 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 plans to replace nuclear power with renewable energy, which accounted for 27.8% of gross electricity consumption in 2014, up from 9% in 2000. 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. Extremely low inflation, caused largely by low global energy prices and a weak euro, are expected to boost German GDP growth in 2015.

Source : CIA

Company Name and address

MS MOTORSERVICE INTERNATIONAL GMBH

Company Status: active

Wilhelm-Maybach-Str. 14-18

D 74196 Neuenstadt

Telephone:07139/9376-3333

Telefax: 07139/9376-2864

Homepage: www.ms-motorservice.com

E-mail: info@ms-motorservice.com

VAT no.: DE177711084

CONCLUSION

Business relations are permissible.

Company summary

LEGAL FORM Private limited company

Date of foundation: 17.01.1996

Shareholders'

agreement: 17.01.1996

Registered on: 13.02.1996

Commercial Register: Local court 70190 Stuttgart

under: HRB 105964

Share capital

EUR 5,113,000.00

Shareholder:

KSPG AG

Karl-Schmidt-Str. 2-8

D 74172 Neckarsulm

Legal form: Public limited company

Share capital: EUR 71,688,691.20

Share: EUR 5,113,000.00

Registered on: 29.06.2006

Reg. data: 70190 Stuttgart, HRB 109233

Control and profit transfer agreement

Manager:

Hansjörg Rölle

D 74172 Neckarsulm

born: 12.06.1957

Profession: Fully qualified management

expert

Manager:

Stefan Ives

D 74177 Bad Friedrichshall

born: 21.08.1963

Marital status: unknown

Proxy:

Detlef Koch

D 74206 Bad Wimpfen