MIRA INFORM REPORT

Report No. :	226524.2
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	SPICER GELENKWELLENBAU GMBH

Registered Office :	Westendhof 5-9, D 45143 Essen, Post Box 10 13 62, D 45013 Essen

Country :	Germany

Financials (as on) :	31.12.2012

Date of Incorporation :	13.12.1993

Com. Reg. No.:	HRB 14176

Legal Form :	Private Limited Company

Line of Business :	Manufacturer of other general-purpose machinery

No. of Employees :	530

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

Supplement

We refer to your enquiry of 27.06.2013.

In the meantime there have been changes in particular in the

following areas subject to monitoring:

- Legal form

Compnay nam e and address

SPICER GELENKWELLENBAU GMBH

Company Status: active

Westendhof 5-9

D 45143 Essen

Post Box:

10 13 62, D 45013 Essen

Telephone:0201/8124-0

Telefax: 0201/8124-652

Homepage: www.gwb-essen.de

E-mail: industrial@dana.com

VAT no.: DE164412051

CONCLUSION

Business relations are permissible.

LEGAL FORM Private limited company

Date of foundation: 13.12.1993

Shareholders'

agreement: 13.12.1993

Registered on: 07.04.2000

Commercial Register: Local court 45130 Essen

under: HRB 14176

Share capital: EUR 2,000,000.00

Shareholder

DANA GmbH

Reinzstr. 3-7

D 89233 Neu-Ulm

Legal form: Private limited company

Share capital: EUR 7,669,378.22

Share: EUR 2,000,000.00

Registered on: 14.08.1996

Reg. data: 87700 Memmingen, HRB 7490

Control and profit transfer agreement

Manager

Hubert Lepoudre

B Middelkerke

born: 22.06.1961

Nationality: Belgian

Manager:

Michael Bernhard Bange

D 59494 Soest

born: 26.05.1962

Proxy

Uwe Kaster

D 24893 Taarstedt