MIRA INFORM REPORT

Report Date :

17.09.2011

IDENTIFICATION DETAILS

Name :	F.P.M. GROUP SPA

Registered Office :	Via Statale 148, Calcinato, 25011

Country :	Italy

Financials (as on) :	31.12.2010

Date of Incorporation :	07.12.1999

Com. Reg. No.:	03534770171

Legal Form :	Public Independent Company

Line of Business :	manufacture of machinery for working soft rubber or plastics

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 :	Usually Correct
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

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

Company name & address

F.P.M. Group SpA

Via Statale 148

Calcinato, 25011

Italy

Tel: +39 0309 964736

Fax: +39 0309 964732

Synthesis

Employees: 19

Company Type: Public Independent

Incorporation Date: 07-Dec-1999

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 7.6

Total Assets: 11.1

Business Description

F.P.M. Group SpA is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002: 2956 - Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002: 333298 - All Other Industrial Machinery Manufacturing

UK SIC 2003: 2956 - Manufacture of other special purpose machinery not elsewhere classified

US SIC 1987: 3569 - General Industrial Machinery and Equipment, Not Elsewhere Classified

Key Executives

Name Title

Eugenio Enrico Faini Sole administrator

Mario Granato General manager

News

Title Date

Air Force base reduces greenhouse gases Snips (499 Words) 1-Aug-2011

Key IDSM Number: 50732478

Registered No.(ITA): 03534770171

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

Via Statale 148

Calcinato, 25011

Italy

Tel: +39 0309 964736

Fax: +39 0309 964732

Sales EUR(mil): 5.7

Assets EUR(mil): 8.2

Employees: 19

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Capital Goods

Incorporation Date: 07-Dec-1999

Company Type: Public Independent

Quoted Status: Not Quoted

Registered No.(ITA): 03534770171

Sole administrator: Eugenio Enrico Faini

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

4279 - Other Store-Based Retailing Not Elsewhere Classified

NACE 2002 Codes:

5248 - Other retail sale in specialised stores

2956 - Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:

333298 - All Other Industrial Machinery Manufacturing

453 - Miscellaneous Store Retailers

US SIC 1987:

3569 - General Industrial Machinery and Equipment, Not Elsewhere Classified

599 - Retail Stores, Not Elsewhere Classified

UK SIC 2003:

5248 - Other retail sale in specialised stores

2956 - Manufacture of other special purpose machinery not elsewhere classified

Business Description

Bottom of Form

Financial Data

Financials in:	EUR(mil)

Revenue:	5.7
Assets:	8.2
Current Assets:	5.1
Total Liabilities:	8.2
Net Worth:	3.2

Date of Financial Data:	31-Dec-2010

1 Year Growth

Key Corporate Relationships

Bank:	Intesa Sanpaolo Ag

Air Force base reduces greenhouse gases

Executive report

Executives

Name

Title

Function

Eugenio Enrico Faini

Sole administrator

President

Mario Granato

General manager

Administration Executive

Press clippings

Air Force base reduces greenhouse gases

Snips: 01 August 2011

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

The U.S. Air Force needed to reduce its greenhouse gas emissions. The mandate was part of an executive order issued by former President George W. Bush in 2007.

To comply with the order, an Air Force base in Oklahoma City needed renovate the makeup air and exhaust ventilation systems in an effort to reduce energy usage in a 35,000-square-foot aircraft corrosion-control hangar. The base brought in Munters to help achieve the energy mission.

A consulting engineer from FPM Group, with offices in Midwest City, Okla., oversaw the renovation. FPM Group worked with Bruce Albertson, sales engineer with distributor Engineered Equipment Inc. to specify the new equipment needed.

"The process of supplying and exhausting air in a large hangar requires significant amounts of energy," Albertson said. "It was necessary to update the current HVAC equipment to meet these new energy-efficiency goals."

Alberston recommended the installation of two Munters large heat pipe energy recovery units featuring 45,000 cubic feet per minute of supply air and 70,000 cfm exhaust air.

The heat pipe provides heat transfer between two airstreams using a counterflow configuration to maximize flow and minimize pressure drop. The device contains rows of finned tubes partially filled with refrigerant and permanently sealed.

"Use of a heat pipe energy exchanger allows for ventilation codes to be met, reduces heating and cooling requirements and solves existing indoor air quality problems," said Albertson.

One project challenge was the need to fit the units in a tight space between existing building columns.

"We had tight building constraints due to column locations in the front and back of the current units that supported ductwork to and from the hangar," said Albertson. "It was difficult to design these two large systems that contain both makeup and exhaust air to fit into those spaces."

The end result was two custom-designed 12-foot-tall by 12-foot-wide, 25-foot-long units that included 4-inch double-wall construction, vertical heat pipes, no exhaust fans, and a custom airflow configuration with single pass through the space.

Installed and now operational, the new equipment has created the energy savings required. Initial estimates show that two units at 45,000 cfm each can save $24,500 total with heat recovery from 57ï¿½F and below.

"We take exhaust air and run it through the other side of the heat exchanger and recover about 60 percent of the energy," Albertson said. "For example, the hangar is maintained at 60 degrees in the winter. If we take 10 degree air from the outside through the heat exchanger and warm it up to about 40 degrees before we use the heating coil, then we are saving energy. The exhaust air decreases from 60 degrees to about 30 degrees."

Albertson added that base officials were satisfied with the outcome.

"The client is extremely happy with the support we received from beginning to end and the results we achieved," he said.

Munters equipment was used at this Air Force base in Oklahoma City in an effort to reduce energy use.

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	7.8	5.6	10.3
Net sales	7.6	5.5	10.2
Other operating income	0.2	0.1	0.1
Raw materials and consumables employed	3.4	2.0	4.4
Other expenses	2.6	1.9	3.1
Total payroll costs	1.3	1.2	2.0
Fixed asset depreciation and amortisation	0.2	0.2	0.3
Other operating costs	0.0	0.0	0.0
Net operating income	0.2	0.3	0.3
Total financial income	-	0.1	0.0
Total expenses	0.0	0.0	0.1
Profit before tax	0.2	0.3	0.3
Extraordinary result	-	-	1.6
Profit after extraordinary items and before tax	0.2	0.2	1.9
Total taxation	0.1	0.1	0.4
Net profit	0.1	0.1	1.5

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	4.3	4.5	4.2
Provision for risks	0.7	0.8	0.8
Provision for pensions	0.5	0.5	0.4
Mortgages and loans	0.3	0.7	1.1
Other long-term liabilities	-	-	0.0
Trade creditors	2.2	1.8	1.9
Bank loans and overdrafts	0.4	0.4	0.6
Other current liabilities	2.8	2.1	2.1
Accruals and deferred income	-	0.0	0.0
Total current liabilities	5.3	4.2	4.6
Total liabilities (including net worth)	11.1	10.7	11.1
Intangibles	0.1	0.1	0.1
Buildings	2.9	3.2	3.2
Total tangible fixed assets	3.1	3.3	3.4
Long-term investments	0.5	0.5	1.0
Total financial assets	1.0	1.1	1.1
Total non-current assets	4.2	4.4	4.6
Finished goods	0.1	0.1	0.0
Net stocks and work in progress	2.4	1.9	2.0
Trade debtors	2.0	1.5	1.7
Other receivables	0.4	0.4	0.1
Cash and liquid assets	2.1	2.4	2.7
Accruals	0.0	0.0	0.0
Total current assets	6.9	6.3	6.5
Total assets	11.1	10.7	11.1

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

Sales per employee	0.58	0.28	0.30
Profit per employee	0.01	0.01	0.06
Average wage per employee	0.10	0.06	0.06
Net worth	4.3	4.5	4.2
Number of employees	19	27	45

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

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.

Company name & address

Synthesis

Business Description

Key Executives

News

Corporate Overview

Executive report

Press clippings

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit