MIRA INFORM REPORT

Report Date :

24.12.2011

IDENTIFICATION DETAILS

Name :	ASIA & PACIFIC CORPORATION SRL

Registered Office :	Piazza Castello 11 Milano, 20121

Country :	Italy

Financials (as on) :	31.12.2010

Date of Incorporation :	15.01.1999

Com. Reg. No.:	12681920158

Legal Form :	Private Independent

Line of Business :	Other service activities not elsewhere classified

No. of Employees :	4

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Italy

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

Company name and address

Top of Form

Bottom of Form

Asia & Pacific Corporation SRL

Piazza Castello 11


Milano, 20121
Italy

Tel:	+39 02 995638

Suggest Company URL

Employees:	4
Company Type:	Private Independent

Incorporation Date:	15-Jan-1999

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	5.8
Total Assets:	2.3

Business Description

Asia & Pacific Corporation SRL is primarily engaged in operation of coin-operated photographic machines; and other service activities not elsewhere classified.

Industry

Industry	Personal Services
ANZSIC 2006:	9539 - Other Personal Services Not Elsewhere Classified
NACE 2002:	9305 - Other service activities not elsewhere classified
NAICS 2002:	8129 - Other Personal Services
UK SIC 2003:	9305 - Other service activities not elsewhere classified
US SIC 1987:	7299 - Miscellaneous Personal Services, Not Elsewhere Classified

Key Executives

Name	Title
Paola Pirone	Sole administrator

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Piazza Castello 11
Milano, 20121
MILANO County
Italy

Tel:	+39 02 995638

Suggest Company URL

Sales EUR(mil):	4.3
Assets EUR(mil):	1.7
Employees:	4
Fiscal Year End:	31-Dec-2010


Industry:	Personal Services

Incorporation Date:	15-Jan-1999
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	12681920158


Sole administrator:	Paola Pirone

Contents

ANZSIC 2006 Codes:
9539	-	Other Personal Services Not Elsewhere Classified

NACE 2002 Codes:
9305	-	Other service activities not elsewhere classified

NAICS 2002 Codes:
8129	-	Other Personal Services

US SIC 1987:
7299	-	Miscellaneous Personal Services, Not Elsewhere Classified

UK SIC 2003:
9305	-	Other service activities not elsewhere classified

Business Description

Asia & Pacific Corporation SRL is primarily engaged in operation of coin-operated photographic machines; and other service activities not elsewhere classified.

Financial Data

Financials in:	EUR(mil)

Revenue:	4.3
Assets:	1.7
Current Assets:	1.6
Total Liabilities:	1.7
Net Worth:	0.0

Date of Financial Data:	31-Dec-2010

1 Year Growth

-31.9%

Executives Report

Executives

Name

Title

Function

Paola Pirone

Sole administrator

President

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No

Total income	5.8	9.0	5.7
Net sales	5.8	8.9	5.6
Other operating income	-	0.1	0.1
Raw materials and consumables employed	4.6	7.1	4.5
Other expenses	0.8	1.6	1.0
Total payroll costs	0.5	0.3	0.1
Fixed asset depreciation and amortisation	0.0	0.0	0.0
Other operating costs	0.0	0.0	0.0
Net operating income	-0.1	0.0	0.1
Total financial income	0.0	0.0	0.1
Profit before tax	-0.1	0.0	0.1
Extraordinary result	0.0	-	-
Profit after extraordinary items and before tax	-0.1	0.0	0.1
Total taxation	0.0	0.0	0.1
Net profit	-	-	0.1
Net loss	0.1	0.1	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Total stockholders equity	0.0	0.0	0.1
Provision for risks	0.0	-	-
Provision for pensions	0.0	0.0	0.0
Trade creditors	2.0	1.7	1.9
Bank loans and overdrafts	0.0	-	-
Other current liabilities	0.1	0.3	0.2
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	2.2	2.0	2.1
Total liabilities (including net worth)	2.3	2.1	2.2
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.0	0.1	0.0
Total financial assets	0.0	0.0	0.0
Total non-current assets	0.1	0.1	0.1
Trade debtors	1.5	0.8	1.4
Other receivables	0.1	0.1	0.1
Cash and liquid assets	0.6	1.1	0.7
Accruals	0.0	0.0	0.0
Total current assets	2.2	2.0	2.1
Total assets	2.3	2.1	2.2

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No

Current ratio	1.00	1.00	1.00
Quick ratio	1.00	1.00	1.00
Current liabilities to net worth	0.58%	0.62%	0.23%
Sales per employee	1.09	0.91	1.92
Average wage per employee	0.09	0.03	0.05
Net worth	0.0	0.0	0.1

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Executives Report

Annual Profit & Loss

Unit