MIRA INFORM REPORT

Report Date :

07.04.2011

IDENTIFICATION DETAILS

Name :	ALFA LAVAL PARMA S.R.L.

Registered Office :	Via Martiri Della Liberazione , 12, Parma 43126

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	18.04.1986

Legal Form :	Sole Shareholder Limited Liability Company

Line of Business :	Design and construction of machinery for food

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	116.300 (Euro)
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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company Summary

Company Name	ALFA LAVAL PARMA S.R.L.
Company Type	SOLE SHAREHOLDER LIMITED LIABILITY COMPANY
Address	VIA MARTIRI DELLA LIBERAZIONE , 12
Town	PARMA
Post Code	43126
Telephone Number
Province	PARMA
Fiscal Code	01547070340
VAT Number	01547070340
Activity Start Date	18-4-1986
Incorporation Date	18-4-1986
Closure Date	31-12-2030
REA Inscription	161699 on the date of 14-5-1986
CCIAA province and number	PR 161699
Company Status	Active
Currency	EURO (€)

Credit Summary

Credit Limit

116.300 (Euro)

Capital Information

Paid up share capital	114.000
Authorised share capital	114.000
Subscribed share capital	114.000

Activity

SIC Code

3551

Business Activity

DAL 18/04/1986 PROGETTAZIONE E COSTRUZIONE DI MACCHINARI PER L'INDUSTRIA ALIMENTARE

(18/04/1986 THE DESIGN AND CONSTRUCTION OF MACHINERY FOR FOOD)

Financial Data

Date of Latest Accounts	31-12-2009
Turnover	6.743.582
Profit & Loss	-40.433
Number of Employees	23

Business Activity and Financial Ratios

SIC Code	3551
Business Activity	DAL 18/04/1986 PROGETTAZIONE E COSTRUZIONE DI MACCHINARI PER L'INDUSTRIA ALIMENTARE
Company Purpose	LA SOCIETA' HA PER OGGETTO LA PROGETTAZIONE, LA COSTRUZIONE E LA COMMERCIALIZZAZIONE DI MACCHINARI, APPARECCHIATURE E IMPIANTI INDUSTRIALI PER IL TRATTAMENTO E CONFEZIONAMENTO DI PRODOTTI AGRICOLI, PRODOTTI ALIMENTARI E NON ALIMENTARI, NONCHE' LA LAVORAZIONE E LA COMMERCIALIZZAZIONE, ANCHE PER CONTO TERZI, DI PARTI E PARTICOLARI DI TALI MACCHINARI
Ateco Code	28.93
Ateco Description	FABBRICAZIONE DI MACCHINE PER L'INDUSTRIA ALIMENTARE, DELLE BEVANDE E DEL TABACCO (INCLUSE PARTI E ACCESSORI)
SAE Code	430
RAE Code	324
Number of Employees	23
Paid up share capital	114.000 (EURO)
Date of Latest Accounts	31-12-2009

Key Financial Items
Turnover	6.743.582
Profit & Loss	-40.433
Shareholders Equity	1.226.848
Fixed Assets	288.509

Balance Sheet

(Assets)

Date	31-12-2009	31-12-2008	31-12-2007
DUE FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL UNPAID	0	0	0
Total Fixed Assets	288.509	369.094	250.651
- Intangible assets	137.034	191.548	148.605
- Tangible assets	151.475	177.546	102.046
- - Land and Buildings	3.078	3.747	4.416
- Financial assets	0	0	0
- - Amounts owed by assoc./affiliated co.s	0	0	0
- - Holdings	0	0	0
- - Treasury stocks	0	0	0

Total Current Assets	4.472.988	4.896.654	3.922.055
- Stocks	1.529.878	1.367.664	1.357.547
- - Semi-finished products & Raw materials	1.040.654	822.864	793.748
- - Work-in-progress
- Credits	2.876.511	3.387.089	2.324.906
- - Short-term debtors	2.875.720	3.386.305	2.316.266
- - Trade debtors	2.713.533	3.261.912	2.113.572
- - Short-term trade debtors	2.713.533	3.261.912	2.113.572
- Financial assets	11.099	11.099	11.099
- - Treasury stocks	0	0	0
- Cash and bank	55.500	130.802	228.503
Prepayments & Accrued Income	6.187	6.360	12.407
Total Assets	4.767.684	5.272.108	4.185.113

Liabilities

SHAREHOLDERS' EQUITY	1.226.848	1.368.897	866.144
- Share capital	114.000	114.000	51.480
- Share premium reserve	0	0	0
- Revaluation reserve	0	0	0
PROVISIONS FOR RISKS & CHARGES	722	26.667	26.667
- Provisions for taxation	165	0	0
PROVISION FOR SEVERANCE INDEMNITY	311.796	272.216	289.716
CREDITORS	3.228.071	3.602.940	3.002.465
- Short-term creditors	3.228.071	3.599.833	2.895.216
- Trade creditors	1.742.325	2.485.060	1.939.412
- Amounts due to banks - short term	0	0	100.000
- Amounts due to banks - medium/long-term	614.999	257.000	163.333
- Accrued expenses and deferred income
PREPAYMENTS & ACCRUED INCOME	247	1.388	121
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	4.767.684	5.272.108	4.185.113
MEMORANDUM ACCOUNTS	179.317	209.972	394.826
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS

Profit & Loss

PRODUCTION VALUE	7.266.023	10.769.631	8.803.667
- Revenues	6.743.582	10.488.870	8.563.005
- TOTAL CHANGES	217.790	58.221	-32.860
- Change in stocks of finished goods & work in progress
- Change in stocks of finished goods & work in progress	217.790	58.221	-32.860
- Other revenues	304.651	222.540	273.522
PRODUCTION COSTS	7.217.728	9.620.202	7.976.934
- Purchase of raw materials & goods	3.807.149	5.668.983	4.511.679
- Change in materials	69.412	67.768	-154.168
CONSUMPTION OF MATERIALS	3.876.561	5.736.751	4.357.511
OVERHEADS	1.446.994	2.065.733	1.774.622
- Provisions for risks & other	-	-	26.667
VALUE ADDED	1.942.468	2.967.147	2.698.201
STAFF COST	1.552.332	1.509.588	1.519.139
- Provision for severance indemnity	76.421	72.746	78.431
G.O.M.	85.485	1.235.019	878.873
AMORT./DEPREC/WRITED. OF FIXED ASSETS	122.521	119.276	103.398
- Amortisation / depreciation / writedowns	108.867	102.873	85.884
- Amortisation of intangible assets	61.595	61.868	59.795
- Depreciation of tangible assets	47.272	41.005	26.089
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES	-37.036	1.115.743	775.475
OTHER INCOME / CHARGES	102.458	38.302	64.735
- Interest receivable & similar income	23.349	7.781	13.482
OPERATING PROFIT / (LOSS)	65.422	1.154.045	840.210
FINANCIAL CHARGES	45.983	31.031	38.847
PROFIT / (LOSS) BEFORE EXTRAORDINARY OP.S	19.439	1.123.014	801.363
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS (+-)	-	-2.055	-24.000
EXTRAORDINARY INCOME/CHARGES (+-)	14.778	-105.297	-61.414
PROFIT / (LOSS) BEFORE TAXATION	34.217	1.015.662	715.949
TAXATION	74.650	392.909	312.152
PROFIT (LOSS) FOR THE PERIOD	-40.433	622.753	403.797
CASH FLOW	82.088	742.029	507.195
EMPLOYEES	23	23	22

Ratios

Date	2009	2008	2007
Returns Ratios
R.O.E. (Return On Equity)	0	45.49	46.62
R.O.I. (Return On Investment)	-0.78	21.16	18.53
R.O.S. (Return On Sales)	0.72	10.96	9.65
R.O.A. (Return On Assests)	1.01	21.8	19.75
G.O.M on Returns	1.27	11.78	10.26
Turnover Ratio
Invested Capital Turnover	141.44	198.95	204.61
Current Assets Turnover	150.76	214.21	218.33
Warehouse Turnover	440.79	766.92	630.77
Equity and Financial Ratios
Fixed Assets Cover	425.24	370.88	345.56
Banks on Current Assets	13.75	5.25	6.71
Short-term Banks on Current Assets	13.75	5.25	4.16
Gearing	74.27	74.04	79.3
Shareholders' Equity / Invested Capital	25.73	25.97	20.7
Financial Charges on Turnover	0.68	0.3	0.45
Financial Charges on G.O.M.	53.79	2.51	4.42
Productivity Ratios
Turnover per Employee	293199.22	456037.83	389227.5
Operating Value Added per Employee	84455.13	129006.39	122645.5
Labour Cost per Employee	67492.7	65634.26	69051.77
Labour Cost on Turnover	23.02	14.39	17.74
Value Added on Turnover	28.81	28.29	31.51
Liquidity Ratios
Current Ratio	138.72	136.13	135.59
Acid-Test Ratio	91.33	98.15	88.7
Days of Credit to Customers or Duration of Amounts owed by Customers	144.86	111.96	88.86
Days of Credit from Suppliers or Duration of Amounts owed to Suppliers	119.38	115.66	111.54
Days of Stocks or Duration of Stocks	81.67	46.94	57.07
Rate of intensity of Current Assets	66.41	46.74	45.85
Incidence Ratios for Cost
Consumption of Materials on Costs	53.71	59.63	54.63
External Costs on Costs	73.76	81.11	77.21
Labour Costs on Costs	21.51	15.69	19.04
Depreciation and Devaluation on Costs	1.7	1.24	1.3

Protested Bills

Body	Don't Exist	Possible Match	Exact Match
ALFA LAVAL PARMA S.R.L.


ALFA LAVAL CORPORATE AB


GUY CELIS (executive)

SVEN GORAN HEDBYS (executive)

GIANCARLO BELLONI (executive)

WALTER CICCIOLI (executive)

Directors Information

Power of Statute (board)	LA FIRMA E LA RAPPRESENTANZA LEGALE DELLA SOCIETA' DI FRONTE AI TERZI ED IN GIUDIZIO SPETTANO AL PRESIDENTE DEL CONSIGLIO DI AMMINISTRAZIONE, AL O AI CONSIGLIERI DELEGATI SE NOMINATI E NELL'AMBITO DE...
Type	Executive
Forename	GUY
Surname	CELIS
Date of Birth	4-5-1962
Gender	Male
Place of Birth	REET (B) (EE)
Resident Address	THONETLAAN , 72 00000 - ANSERVA ()
Director Fiscal Code	CLSGYU62E04Z103P
COUNCILLOR since	31-3-2010
BOARD OF DIRECTORS PRESIDENT since	31-3-2010

Type	Executive
Forename	SVEN GORAN
Surname	HEDBYS
Date of Birth	27-6-1964
Gender	Male
Place of Birth	SLOTTSSTADEN (S) (EE)
Resident Address	CSO VENEZIA , 24 20121 - MILANO (MI)
Director Fiscal Code	HDBSNG64H27Z132W
COUNCILLOR since	26-5-2010
MANAGING DIRECTOR since	26-5-2010

Type	Executive
Forename	GIANCARLO
Surname	BELLONI
Date of Birth	20-2-1943
Gender	Male
Place of Birth	MILANO (MI)
Resident Address	SITO DELLA GUASTALLA , 7 20122 - MILANO (MI)
Director Fiscal Code	BLLGCR43B20F205D
COUNCILLOR since	31-3-2010

Type	Executive
Forename	WALTER
Surname	CICCIOLI
Date of Birth	7-9-1965
Gender	Male
Place of Birth	SESTO SAN GIOVANNI (MI)
Resident Address	VIA DELLA GALLARANA , 4 20052 - MONZA (MB)
Director Fiscal Code	CCCWTR65P07I690I
COUNCILLOR since	31-3-2010

Type	Company
Name	ALFA LAVAL CORPORATE AB
Address	RUDEBOKSVAGEN - BOX 73 , - LUND ()
Director Fiscal Code
SOLE PARTNER since	1-4-2010

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.72.25
Euro	1	Rs.63.09

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

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.