MIRA INFORM REPORT

Report No. :	505566
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	WÄRTSILÄ SAM ELECTRONICS GMBH

Registered Office :	Behringstr. 120, D 22763 Hamburg, Post Box: 50 03 20, D 22703 Hamburg

Country :	Germany

Financials (as on) :	31.12.2016

Date of Incorporation :	24.07.2003

Com. Reg. No.:	HRB 89408

Legal Form :	Private Limited Company

Line of Business :	· Manufacture of loaded electronic boards · Wholesale of electronic and telecommunications equipment and parts · Service activities incidental to transportation n.e.c. · Engineering activities in the field of technical sectoral planning and engineering design

No. of Employees :	619

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Germany

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 a large increase in 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 economic 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. The German Government introduced a minimum wage in 2015 that increased to $9.79 (8.84 euros) in January 2017.

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 2017 Germany reached a budget surplus of 0.7%. 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 during 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 largely with renewable energy, which accounted for 29.5% of gross electricity consumption in 2016, 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. Domestic consumption, investment, and exports are likely to drive German GDP growth in 2018, and the country’s budget and trade surpluses are likely to remain high.

Source : CIA

Company name & address

WÄRTSILÄ SAM ELECTRONICS GMBH

Company Status: active

Behringstr. 120

D 22763 Hamburg

Post Box:

50 03 20, D 22703 Hamburg

Telephone:040/8825-0

Telefax: 040/8825-4000

Homepage: www.sam-electronics.de

E-mail: info.sam.de@wartsila.com

VAT no.: DE813811359

Tax ID number: 42/756/00690

CONCLUSION

Business relations are permissible.

LEGAL FORM Private Limited Company

Date of foundation: 24.07.2003

Shareholders'

agreement: 24.07.2003

Registered on: 28.07.2003

Commercial Register: Local court 20355 Hamburg

under: HRB 89408

Share capital: EUR 3,000,000.00

Shareholder:

Wärtsilä Deutschland GmbH

Schlenzigstr. 6

D 21107 Hamburg

Legal form: Private limited company

Share capital: EUR 6,012,000.00

Share: EUR 3,000,000.00

Registered on: 04.06.1982

Reg. data: 20355 Hamburg, HRB 29312

Profit transfer agreement

Manager:

Maik Stövhase

D 25462 Rellingen

born: 30.03.1967

President of the Supervisory Board:

Stephan Kuhn

D 22763 Hamburg

Vice-president of the Supervisory Board:

Arjen Berends

NL Zwolle

Nationality: Dutch

Marital status: unknown

Member of the Supervisory Board:

Frank Stohwasser

Luhering 58

D 21629 Neu Wulmstorf

Marital status: unknown

Proxy:

Frank Martin Metzner

D 22844 Norderstedt