MIRA INFORM REPORT

Report No. :	323736
Report Date :	22.05.2015

IDENTIFICATION DETAILS

Name :	DR. JOHANNES HEIDENHAIN GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG

Registered Office :	Dr.-Joh.-Heidenhain-Str. 5, D 83301 Traunreut

Country :	Germany

Financials (as on) :	31.12.2013

Year of Establishment :	1889

Legal Form :	Private Limited Company

Line of Business :	Subject is manufacture of instruments and appliances for measuring, testing and navigation

No. of Employee :	3797

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, 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 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. 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 accounts for 34% of total energy consumption, 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.

Source : CIA

Company name

DR. JOHANNES HEIDENHAIN GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG

Company Status: active

Dr.-Joh.-Heidenhain-Str. 5

D 83301 Traunreut

Telephone:08669/310

Telefax: 08669/38609

Homepage: www.heidenhain.de

E-mail: info@heidenhain.de

VAT no.: DE131557292

CONCLUSION

Business relations are permissible.

LEGAL FORM Private limited company

Date of foundation: 1889

Shareholders'agreement: 07.12.1967

Registered on: 16.01.1968

Commercial Register: Local court 83278 Traunstein

under: HRB 275

Share capital

EUR 210,000,000.00

Shareholder

DR. JOHANNES HEIDENHAIN -STIFTUNG GmbH

Fridtjof-Nansen-Str. 17

D 83301 Traunreut

Legal form: Private limited company

Share capital: EUR 30,000.00

Share: EUR 210,000,000.00

Registered on: 13.07.1970

Reg. data: 83278 Traunstein, HRB 398

Manager

Dr. Thomas Sesselmann

Allmoning 3

D 84529 Tittmoning

having sole power of representation

born: 27.05.1960

Marital status: married

Manager:

Michael Grimm

Jägerweg 4b

D 63303 Dreieich

born: 03.04.1960

Manager:

Dr. Hubert Alfred Ermer

D 83278 Traunstein

born: 03.07.1967

President of the Supervisory Board

Rainer Burkhard

D 83313 Siegsdorf

born: 20.12.1938

Marital status: married

Vice-president of the Supervisory Board

Udo Mickler

D 83301 Traunreut

Marital status: unknown

Member of the Supervisory Board

Hermann Steinmaßl

Winkeln 17

D 83413 Fridolfing

born: 15.05.1948

Profession: Administrative head of a

district

Marital status: married