MIRA INFORM REPORT

Report Date :

14.06.2011

IDENTIFICATION DETAILS

Name :	OPTICOM S.A.S. DI ARBOIT GILBERTO E C.
Registered Office :	Via Dell' Artigianato, 8 36060 - Romano d'Ezzelino (VI)
Country :	Italy
Date of Incorporation :	18.07.1991
Com. Reg. No.:	VI012-7140 since 19/02/1996
Legal Form :	Limited Partnership
Line of Business :	Manufacture of metal forming machinery

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 :	15.000 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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Italy	a2	a2

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

Company name & address

Opticom s.a.s. di Arboit Gilberto e C.

Via Dell' Artigianato, 8

36060 - Romano d'Ezzelino (VI) -IT-

Summary

Fiscal Code	:	02218750244
Legal Form	:	Limited partnership
start of Activities	:	02/01/1992
Turnover Range	:	1.250.000/1.500.000 Eur
Number of Employees	:	fom 6 to 10

Credit Analysis

Credit Opinion

:

15.000 - Eur

Activity

Manufacture of metal forming machinery

Wholesale of machine tools

Legal Data

Legal Form : Limited partnership

Fiscal Code : 02218750244

Foreign Trade Reg. no. : VI026679 since 31/01/1992

Foreign Trade Reg. no. : 026679 of Vicenza since 31/01/1992

Chamber of Commerce no. : 157631 of Arezzo

Chamber of Commerce no. : 214897 of Vicenza since 22/08/1991

Firms' Register : VI012-7140 since 19/02/1996

V.A.T. Code : 02218750244

Establishment date	: 18/07/1991
Start of Activities	: 02/01/1992
Legal duration	: 31/12/2020
Nominal Capital	: 90.000	Eur
Subscribed Capital	: 90.000	Eur
Paid up Capital	: 90.000	Eur

Members

Arboit

Gilberto

Born in Arsie'

(BL)

on 18/11/1963

- Fiscal Code : RBTGBR63S18A443M

Residence :

Via

Col Fagheron

, 11

- 36061

Bassano del Grappa

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
General Partner		86.400 - Eur	96,00

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

ARBOIT

GILBERTO

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ARBOIT GILBERTO	Bassano del Grappa (VI) - IT -	RBTGBR63S18A443M	Proprietor	Withdrawn	Ceased
ROYAL TRADE SRL	Bassano del Grappa (VI) - IT -	03384230243	Sole Director	Active	Registered
TEKE'R S.A.S. DI ARBOIT GILBERTO E C.	Bassano del Grappa (VI) - IT -	02641380247	General Partner	Withdrawn	Ceased

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-	Legal and operative seat

Via

Dell' Artigianato

, 8

- 36060

- Romano d'Ezzelino

(VI)

- IT -

PHONE

: 0424/513210

FAX	: 0424/513211

-

Branch

(Warehouse )

since 05/06/2010

Via

Chiassa

, 37/A

- 52100

- Arezzo

(AR)

- IT -

Employees

: 6

Assistants

: 1

Fittings and Equipment for a value of 54.000

Eur

Stocks for a value of 510.000

Eur

The firm operates abroad as exporter. .

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- importers

- trading companies

- direct orders from foreign companies

Export is mainly towards:

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Arboit

Gilberto

Born in Arsie'

on 18/11/1963

Residence :

Via

S. Carlo Borromeo

, 51

- 36061

Bassano del Grappa

(VI)

- IT -

Ex-Postions

General Partner

Carlesso

Diego

Born in BASSANO DEL GRAPPA

on 01/01/1962

Residence :

Via

DEI MASI

, 4

- 31020

San Zenone degli Ezzelini

(TV)

- IT -

Ex-Postions

General Partner

Opdel Di Dell'Agnolo Ilario E C. S.N.C.

Residence :

Via

Borghetto

, 32

- 38055

Grigno

(TN)

- IT -

Ex-Postions

Limited Partner

Toccoli

Arrigo

Born in Carzano

on 27/07/1942

Residence :

Via

Temanza

, 10

- 38051

Borgo Valsugana

(TN)

- IT -

Ex-Postions

Limited Partner

Toccoli

Arrigo

Born in Borgo Valsugana

on 27/07/1942

- Fiscal Code : TCCRRG42L27B006Z

Residence :

Via

Temanza

, 10

- 38051

Borgo Valsugana

(TN)

- IT -

Ex-Postions

Limited Partner

OPDEL DI DELL'AGNOLO ILARIO E C. S.N.C.

- Fiscal Code : 00324020221

Residence :

Via

BORGHETTO

, 32

- 38055

Grigno

(TN)

- IT -

Ex-Postions

Limited Partner

Protests

Protests checking on the subject firm has given a negative result.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

The subject has operated for along.

Concern's liquidity is adequate to allow a regular economical and

financial management.

Its current financial situation is adequate to real needs so that

payments are settled on agreed terms and means.

Modest indebtedeness. Subject never exceeded the normal levels of

supplier and bank credit.

No irregularities are registered.

Commercial transactions with suppliers have proved good so far.

No claims are registered.

Financial Data

Complete balance-sheet for the year

(in Eur

x 1 )

Item Type	Value
Sales	1.400.000

Credit Opinion

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

15.000 Eur.

Market / Territory Data

Population living in the province	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

Monthly family expenses average in the region (in Eur.) :

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 45 significant companies.

The companies cash their credits on an average of 127 dd.

The average duration of suppliers debts is about 154 dd.

The sector's profitability is on an average of 2,69%.

The labour cost affects the turnover in the measure of 21,45%.

Goods are held in stock in a range of 107 dd.

The difference between the sales volume and the resources used to realize it is about 1,06.

The employees costs represent the 21,15% of the production costs.

Statistical Detrimental Data

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.87
UK Pound	1	Rs.72.83
Euro	1	Rs.64.37

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.