MIRA INFORM REPORT

Report No. :	347070
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	TANDLER ZAHNRAD- U. GETRIEBEFABRIK GMBH & CO. KG
Registered Office :	Kornstr. 297-301, D 28201 Bremen
Country :	Germany
Date of Incorporation :	03.06.1949
Com. Reg. No.:	HRA 14638 HB
Legal Form :	Limited Partnership With Private Limited Company As General Partner
Line of Business :	Manufacture of Bearings, Gears, Gearing and Driving Elements
No. of Employees :	200

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

Maximum Credit Limit :	670,000 EUR
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	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, 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 & address

TANDLER ZAHNRAD- U. GETRIEBEFABRIK GMBH & CO. KG

Company Status: active

Kornstr. 297-301

D 28201 Bremen

Telephone:0421/5363-6

Telefax: 0421/5363-801

Homepage: www.tandler.de

E-mail: tandler@tandler.de

VAT no.: DE114534435

CONCLUSION

Business relations are permissible.

LEGAL FORM Ltd partnership with priv. ltd. company as

general partner

Date of foundation: 03.06.1949

Registered on: 28.08.1953

Register of

companies: Local court 28195 Bremen

under: HRA 14638 HB

Total cap. contribution: EUR 8,691,961.99

Limited partner:

Gert S. Tandler

Ohserstr. 71

D 28279 Bremen

born: 22.05.1950

Share: EUR 8,691,961.99

General partner:

Tandler Zahnrad- u. Getriebefabrik

Beteiligung-GmbH

Kornstr. 297-301

D 28201 Bremen

Legal form: Private limited company

Share capital: EUR 25,564.59

Registered on: 03.01.1989

Reg. data: 28195 Bremen, HRB 12258 HB

Shareholder:

Gert S. Tandler

Ohserstr. 71

D 28279 Bremen

born: 22.05.1950

Share: EUR 25,564.59

Manager:

Lothar Krelle

Dornbusch 10

D 28757 Bremen

authorized to jointly represent the company

born: 13.05.1951

Profession: Fully qualified merchant

Marital status: married

Manager:

Gert S. Tandler

Ohserstr. 71

D 28279 Bremen

having sole power of representation

born: 22.05.1950

Profession: graduate engineer

Proxy:

Jan Mathias Greune

D 27321 Emtinghausen

authorized to jointly represent the company

born: 29.06.1962

Proxy:

Jörg Pohlmann

D 28201 Bremen

authorized to jointly represent the company

born: 16.01.1973

Proxy:

Robert Kavelage

D 45127 Essen

authorized to jointly represent the company

born: 09.11.1972

General partner:

Constance Simon

D 28201 Bremen

born: 01.09.1986

Proxy:

Rainer Hauptmann

D 28844 Weyhe

authorized to jointly represent the company

born: 29.12.1966

Proxy:

Jan Mathias Greune

D 27321 Thedinghausen

born: 29.06.1962

Marital status: unknown

COMPANY HISTORY

01.01.1989 - 28.11.2003 Tandler Zahnrad- u. Getriebefabrik GmbH

& Co.

Doventorsdeich 3-15

D 28195 Bremen

Ltd partnership with priv. ltd. company

as general partner

28.11.2003 - 20.01.2005 Tandler Zahnrad- u. Getriebefabrik GmbH

& Co. KG

Doventorsdeich 3-15

D 28195 Bremen

Ltd partnership with priv. ltd. company

as general partner

BUSINESS ACTIVITIES

Main industrial sector

28150 Manufacture of bearings, gears, gearing and driving elements

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information:We have no negative information at hand.

Maximum credit: 670,000 EUR

REAL ESTATE

Type of ownership: Tenant

Address Kornstr. 297-301

D 28201 Bremen

Real Estate of: Tandler Zahnrad- u. Getriebefabrik

Beteiligung-GmbH

Type of ownership: Tenant

Address Kornstr. 297-301

D 28201 Bremen

Land register documents were not available.

BANKERS

BREMER KREDITBANK, 28195 BREMEN

Sort. code: 29020100

BIC: BANVDEHBXXX

DEUTSCHE BANK, 28189 BREMEN

Sort. code: 29070050

BIC: DEUTDEHBXXX

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Turnover: 2014 *EUR 25,000,000.00

Ac/ts receivable: *EUR 200,000.00

Liabilities: *EUR 400,000.00

Employees: 200

The business figures marked with an asterisk are estimates based on average values in the line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.15
UK Pound	1	Rs.99.36
Euro	1	Rs.71.25

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TPT

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.