MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	GITIESSE SRL

Registered Office :	Via Ponte Polcevera 8 14, Genova Rivarolo, Genova, 16161

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	04.04.1979

Com. Reg. No.:	01070220106

Legal Form :	Private Subsidiary Company

Line of Business :	manufacture of television receivers including video monitors and video projectors

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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^th, 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 & address

Gitiesse SRL

Via Ponte Polcevera 8 14

Genova Rivarolo

Genova, 16161

Italy

Tel: +39 010 7492263

Fax: +39 010 7402131

Synthesis

Employees: 52

Company Type: Private Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Cooper Industries Public Limited Company

Incorporation Date: 04-Apr-1979

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 19.7

Total Assets: 11.7

Business Description

Gitiesse SRL is primarily engaged in manufacture of television receivers including video monitors and video projectors; manufacture of video recording or reproducing apparatus including camcorders, DVD recorders and players; manufacture of digital photographic cameras; manufacture of radio-broadcasting receivers; manufacture of magnetic tape recorders and other sound recording apparatus including telephone answering machines, cassette-type recorders, etc.; manufacture of turn-tables (record decks), record players, cassette players, CD players, etc.; and manufacture of microphones, loudspeakers, headphones, earphones, amplifiers and sound amplifier sets; manufacture of pick-ups, tone arms, sound-heads, tables for turn-tables, aerials, aerial reflectors and aerial rotors, cable converters, TV decoders. This class also includes: manufacture of sound electroacoustic apparatus, command transmitter intercoms, simultaneous interpretation apparatus, electronic voting systems, conference systems, portable sound systems.

Industry

Industry Audio and Video Equipment

ANZSIC 2006: 2429 - Other Electronic Equipment Manufacturing

NACE 2002: 3230 - Manufacture of television and radio receivers, sound or video recording or reproducing

apparatus and associated goods

NAICS 2002: 334310 - Audio and Video Equipment Manufacturing

UK SIC 2003: 3230 - Manufacture of television and radio receivers, sound or video recording or reproducing

apparatus and associated goods

US SIC 1987: 3679 - Electronic Components, Not Elsewhere Classified

Key Executives

Name Title

Pietro Suni President

Silvio Corucci Member of the board

Paolo Suni Managing director

News

Title	Date
Cooper Industries Announces Acquisition of Gitiesse srl China Weekly News (215 Words)	20-Jul-2011
Cooper Industries acquires Gitiesse srl for undisclosed sum EquityBites (138 Words)	18-Jul-2011
Cooper Industries Announces Acquisition of Gitiesse srl PR Newswire US (712 Words)	15-Jul-2011

Registered No. (ITA): 01070220106

Corporate overview

Location

Via Ponte Polcevera 8 14

Genova Rivarolo

Genova, 16161

Italy

Tel: +39 010 7492263

Fax: +39 010 7402131

Sales EUR(mil): 14.2

Assets EUR(mil): 8.1

Employees: 52

Fiscal Year End: 31-Dec-2009

Industry: Audio and Video Equipment

Incorporation Date: 04-Apr-1979

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 01070220106

Managing director: Paolo Suni

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2439 - Other Electrical Equipment Manufacturing

2429 - Other Electronic Equipment Manufacturing

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

3162 - Manufacture of other electrical equipment not elsewhere classified

5147 - Wholesale of other household goods

3230 - Manufacture of television and radio receivers, sound or video recording or reproducing apparatus and associated goods

NAICS 2002 Codes:

4232 - Furniture and Home Furnishing Merchant Wholesalers

334310 - Audio and Video Equipment Manufacturing

335999 - All Other Miscellaneous Electrical Equipment and Component Manufacturing

US SIC 1987:

5099 - Durable Goods, Not Elsewhere Classified

3699 - Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified

3679 - Electronic Components, Not Elsewhere Classified

UK SIC 2003:

3162 - Manufacture of other electrical equipment not elsewhere classified

5147 - Wholesale of other household goods

3230 - Manufacture of television and radio receivers, sound or video recording or reproducing apparatus and associated goods

Business Description

Financial data

il)

Revenue:	14.2
Assets:	8.1
Current Assets:	6.7
Total Liabilities:	8.1
Net Worth:	0.4

Date of Financial Data:	31-Dec-2009

1 Year Growth

34.4%

Key Corporate Relationships

Bank:	Banca Monte dei Paschi di Siena Ag, Intesa Sanpaolo Ag, Unicredit Banca Ag


Corporate Family	Corporate Structure News:
	Cooper Industries Public Limited Company Gitiesse SRL
Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Cooper Industries Public Limited Company	Parent	Dublin	Ireland	Business Services	5,069.6	28,637
Cooper Industries Trading Limited	Subsidiary	Dublin	Ireland	Fabricated Plastic and Rubber		70
Gitiesse SRL	Subsidiary	Genova, Genova (Genoa)	Italy	Audio and Video Equipment	19.7	52
Recently acquired (previously owned by Gitiesse SRL).See corporate structure news on Cooper Industries Public Limited Company for details

Executive report

Board of Directors

Name

Title

Function

Silvio Corucci

Member of the board

Director/Board Member

Executives

Name

Title

Function

Pietro Suni

President

Paolo Suni

Managing director

Managing Director

Press Clippings

Cooper Industries Announces Acquisition of Gitiesse srl

Cooper Industries plc

China Weekly News: 20 July 2011

[What follows is the full text of the news story.]

Cooper Industries plc (NYSE: CBE) announced the acquisition of Gitiesse srl (Gitiesse), an Italy-based, privately owned manufacturer of marine and oil and gas communications systems. Gitiesse specializes in the manufacture of digital integrated multimedia communications systems (IMCOS) for vessels worldwide. Gitiesse will become part of the Cooper Safety division of Cooper Industries.

"This will be the third acquisition we have made into our explosion-proof harsh and hazardous environment platform within the last year and demonstrates our commitment to enhancing our portfolio with additional technology and capability. Gitiesse represents a strategic fit with Cooper Safety's existing offering of MEDC explosion-proof beacons and sounders, Hernis CCTV and Cooper Crouse-Hinds' global portfolio of harsh and hazardous instrumentation solutions," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "This acquisition supports our globalization initiative, as Gitiesse has a significant world-wide presence in the marine market, including strong positions in both Europe and Asia. Additionally, Gitiesse's products complement the solutions Cooper Safety, Cooper Crouse Hinds and Cooper B-Line are able to jointly bring to our global oil & gas customers."

"Cooper has an exceptionally strong balance sheet and continues to maintain a focused and disciplined acquisition strategy," said Hachigian. "We remain committed to building key business and technology platforms that provide substantial growth in more specification-driven end markets."

Cooper Industries Announces Acquisition of Gitiesse srl

Acquisition expands global presence in marine and offshore oil and gas markets

PR Newswire US: 15 July 2011

[What follows is the full text of the news story.]

DUBLIN, July 15, 2011 /PRNewswire/ -- Cooper Industries plc (NYSE: CBE) today announced the acquisition of Gitiesse srl (Gitiesse), an Italy-based, privately owned manufacturer of marine and oil and gas communications systems. Gitiesse specializes in the manufacture of digital integrated multimedia communications systems (IMCOS) for vessels worldwide. Gitiesse will become part of the Cooper Safety division of Cooper Industries.

(Logo: http://photos.prnewswire.com/prnh/20101214/MM17721LOGO)

About Cooper Safety

Cooper Safety is a leading manufacturer of emergency lighting, security, fire detection and notification systems also offering lighting fixtures, and electrical installation materials. Our well-known brands and products can be found in a whole variety of industrial, commercial, and domestic settings providing protection to both life and property by offering fire and security detection, and escape route illumination in the event of an emergency. Our products offer professional lighting solutions and high specification installation materials. Headquartered in Royal Leamington Spa, England, Cooper Safety comprises 11 different operating companies located in the UK, mainland Europe and North America. Together these businesses utilize in excess of 1 million square feet of modern manufacturing and warehousing space, and currently employ over 2,000 people.

About Cooper Industries

Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2010 revenues of $5.1 billion. Founded in 1833, Cooper's sustained success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards, and meeting customer needs. The Company has seven operating divisions with leading market positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2010 fifty-nine percent of total sales were to customers in the industrial and utility end-markets and thirty-nine percent of total sales were to customers outside the United States. Cooper has manufacturing facilities in 23 countries as of 2011. For more information, visit the website at www.cooperindustries.com.

Statements in this news release are forward looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, any statements regarding future revenues, costs and expenses, earnings, earnings per share, margins, cash flows, dividends and capital expenditures. Important factors which may affect the actual results include, but are not limited to, political developments, market and economic conditions, changes in raw material, transportation and energy costs, industry competition, the ability to execute and realize the expected benefits from strategic initiatives including revenue growth plans and cost control and productivity improvement programs, the ability to develop and introduce new products, the magnitude of any disruptions from manufacturing rationalizations, changes in mix of products sold, mergers and acquisitions and their integration into Cooper, the timing and amount of any stock repurchases by Cooper, changes in financial markets including currency exchange rate fluctuations, changing legislation and regulations including changes in tax law, tax treaties or tax regulations.

Cooper Industries Purchases Gitiesse srl

Manufacturing Close-Up

25 July 2011

[What follows is the full text of the article.]

Cooper Industries plc announced the acquisition of Gitiesse srl, an Italy-based, privately owned manufacturer of marine and oil and gas communications systems.

According to a release, Gitiesse specializes in the manufacture of digital integrated multimedia communications systems (IMCOS) for vessels worldwide. Gitiesse will become part of the Cooper Safety division of Cooper Industries.

"This will be the third acquisition we have made into our explosion-proof harsh and hazardous environment platform within the last year and demonstrates our commitment to enhancing our portfolio with additional technology and capability. Gitiesse represents a strategic fit with Cooper Safety's existing offering of MEDC explosion-proof beacons and sounders, Hernis CCTV and Cooper Crouse-Hinds' global portfolio of harsh and hazardous instrumentation solutions," said Cooper Industries Chairman and CEO Kirk S. Hachigian. "This acquisition supports our globalization initiative, as Gitiesse has a significant world-wide presence in the marine market, including strong positions in both Europe and Asia. Additionally, Gitiesse's products complement the solutions Cooper Safety, Cooper Crouse Hinds and Cooper B-Line are able to jointly bring to our global oil & gas customers."

Cooper Safety is a manufacturer of emergency lighting, security, fire detection and notification systems also offering lighting fixtures, and electrical installation materials.

Cooper Industries Reports Purchase of Gitiesse srl

Manufacturing Close-Up

25 July 2011

[What follows is the full text of the article.]

Cooper Industries plc announced the acquisition of Gitiesse srl (Gitiesse), an Italy-based, privately owned manufacturer of marine and oil and gas communications systems.

Gitiesse specializes in the manufacture of digital integrated multimedia communications systems (IMCOS) for vessels worldwide. According to a release, Gitiesse will become part of the Cooper Safety division of Cooper Industries.

Cooper Safety is a manufacturer of emergency lighting, security, fire detection and notification systems also offering lighting fixtures, and electrical installation materials.

Cooper Industries Acquires Gitiesse srl

Professional Services Close-Up

20 July 2011

[What follows is the full text of the article.]

Cooper Industries plc announced the acquisition of Gitiesse srl, an Italy-based, privately owned manufacturer of marine and oil and gas communications systems.

"This will be the third acquisition we have made into our explosion-proof harsh and hazardous environment platform within the last year and demonstrates our commitment to enhancing our portfolio with additional technology and capability. Gitiesse represents a strategic fit with Cooper Safety's existing offering of MEDC explosion-proof beacons and sounders, Hernis CCTV and Cooper Crouse-Hinds' global portfolio of harsh and hazardous instrumentation solutions," said Cooper Industries Chairman and CEO Kirk S. Hachigian. "This acquisition supports our globalization initiative, as Gitiesse has a significant world-wide presence in the marine market, including strong positions in both Europe and Asia. Additionally, Gitiesse's products complement the solutions Cooper Safety, Cooper Crouse Hinds and Cooper B-Line are able to jointly bring to our global oil & gas customers."

Cooper Safety is a manufacturer of emergency lighting, security, fire detection and notification systems also offering lighting fixtures, and electrical installation materials.

Cooper Industries plc is a global electrical products manufacturer.

Cooper Industries plc acquires Gitiesse srl

International Resource News (IRN)

18 July 2011

[What follows is the full text of the article.]

International Resource News - 18 July 2011

Cooper Industries plc (NYSE: CBE), a manufacturer of emergency lighting, security, fire detection and notification systems, also offering lighting fixtures and electrical installation materials, has acquired Gitiesse srl , an Italy-based, privately owned manufacturer of marine and oil and gas communications systems.

The company will be a part of the Cooper Safety division of Cooper Industries.

Cooper Industries chairman and chief executive officer, Kirk S. Hachigian, said, 'This will be the third acquisition we have made into our explosion-proof harsh and hazardous environment platform within the last year and demonstrates our commitment to enhancing our portfolio with additional technology and capability. Gitiesse represents a strategic fit with Cooper Safety's existing offering of MEDC explosion-proof beacons and sounders, Hernis CCTV and Cooper Crouse-Hinds' global portfolio of harsh and hazardous instrumentation solutions.'

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No

Total income	20.1	17.6	13.0
Net sales	19.7	15.9	12.8
Other operating income	0.4	1.8	0.2
Raw materials and consumables employed	12.4	10.5	8.0
Other expenses	3.6	3.0	1.9
Total payroll costs	3.1	3.0	2.3
Fixed asset depreciation and amortisation	0.2	0.3	0.2
Other operating costs	0.1	0.2	0.1
Net operating income	0.7	0.7	0.5
Total expenses	0.1	0.2	0.2
Profit before tax	0.5	0.4	0.3
Profit after extraordinary items and before tax	0.5	0.4	0.3
Total taxation	0.3	0.2	0.2
Net profit	0.3	0.1	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Total stockholders equity	0.6	0.3	0.2
Provision for pensions	0.6	0.7	0.7
Mortgages and loans	1.2	1.3	-
Other long-term liabilities	-	-	1.3
Trade creditors	6.5	4.6	-
Bank loans and overdrafts	2.4	2.4	-
Other current liabilities	0.4	0.2	5.8
Total current liabilities	9.3	7.2	5.8
Total liabilities (including net worth)	11.7	9.5	8.0
Intangibles	0.3	0.4	0.5
Buildings	1.6	1.6	-
Total tangible fixed assets	1.7	1.7	1.9
Long-term investments	0.1	0.1	-
Total financial assets	0.1	0.1	0.1
Total non-current assets	2.1	2.2	2.4
Net stocks and work in progress	1.1	0.9	0.6
Trade debtors	3.4	4.2	-
Other receivables	1.9	0.9	4.1
Cash and liquid assets	2.7	1.1	0.7
Accruals	0.5	0.1	0.1
Total current assets	9.6	7.3	5.5
Total assets	11.7	9.5	8.0

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Sales per employee	0.56	0.70	0.61
Profit per employee	0.02	0.02	0.01
Average wage per employee	0.09	0.13	0.11
Net worth	0.6	0.3	0.2
Number of employees	49	30	30

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.79

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.