MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	TMCI PADOVAN SPA
Registered Office :	Via Caduti Del Lavoro 7 Zona Industriale Vittorio Veneto, 31029
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	06.11.1970
Reg. No.:	00174430264
Legal Form :	Public Subsidiary
Line of Business :	Subject is engaged in manufacture of agricultural dryers
No. of Employees :	120

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.

Source : CIA

Company name

TMCI PADOVAN SPA

Via Caduti Del Lavoro 7

Zona Industriale

Vittorio Veneto, 31029

Italy

Tel: +39 0438 4147

Fax: +39 0438 501044

Employees: 120

Company Type: Public Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: TMCI AG

Incorporation Date: 06-Nov-1970

Financial in: USD (In Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 33.7

Total Assets: 58.2

Business Description

Tmci Padovan SpA is primarily engaged in manufacture of agricultural dryers; manufacture of machinery for the dairy industry (cream separators; milk processing machinery (homogenisers and irradiators); milk converting machinery (butter churns, butter workers and moulding machines); cheese-making machines (homogenisers, moulders, presses, etc.); manufacture of machinery for the grain milling industry (winnowers, sieving belts, cyclone separators, aspirator separators, grain brushing machines and the like; grinding mills, “breading� rolls or mills, feeders, sifters, bran cleaners, blenders, rice hullers, pea splitters); manufacture of presses, crushers, etc. used to make wine, cider, fruit juices, etc.; manufacture of machinery for the bakery industry or for making macaroni, spaghetti or similar products (manufacture of non-electric bakery ovens, dough mixers, dough-dividers, moulders, slicers, cake depositing machines, etc.); manufacture of machines and equipment to process diverse food (machinery to make confectionery, cocoa or chocolate; to manufacture sugar; for breweries; to process meat or poultry; to prepare fruit, nuts or vegetables; to prepare fish, shell fish or other sea-food; other machinery for the industrial preparation or manufacture of food or drink; manufacture of machinery for the extraction or preparation of animal or vegetable fats or oils; manufacture of machinery for the preparation of tobacco and for the making of cigarettes or cigars, or for pipe or chewing tobacco or snuff; and manufacture of machinery for the preparation of food in hotels and restaurants.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2469 - Other Specialised Machinery and Equipment Manufacturing
NACE 2002:	2953 - Manufacture of machinery for food, beverage and tobacco processing
NAICS 2002:	333294 - Food Product Machinery Manufacturing
UK SIC 2003:	2953 - Manufacture of machinery for food, beverage and tobacco processing
UK SIC 2007:	2893 - Manufacture of machinery for food, beverage and tobacco processing
US SIC 1987:	3556 - Food Products Machinery

Key Executives

Name	Title
Osman Sagmanli	President
Antonio Cuzziol	Executive
Fabio Deppieri	Executive
Erol Sagmanli	Member of the board
Erdal Sagmanli	Member of the board

Registered No.(ITA): 00174430264

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location
Via Caduti Del Lavoro 7
Zona Industriale
Vittorio Veneto, 31029
Italy

Tel: +39 0438 4147

Fax: +39 0438 501044

Sales EUR(mil): 24.2

Assets EUR(mil): 44.9

Employees: 120

Fiscal Year End: 31-Dec-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 06-Nov-1970

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 00174430264

President: Osman Sagmanli

Industry Codes

ANZSIC 2006 Codes:
2469	-	Other Specialised Machinery and Equipment Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2953	-	Manufacture of machinery for food, beverage and tobacco processing
2956	-	Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:
333294	-	Food Product Machinery Manufacturing
333298	-	All Other Industrial Machinery Manufacturing

US SIC 1987:
3556	-	Food Products Machinery
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified

UK SIC 2003:
2953	-	Manufacture of machinery for food, beverage and tobacco processing
2956	-	Manufacture of other special purpose machinery not elsewhere classified

UK SIC 2007:
2893	-	Manufacture of machinery for food, beverage and tobacco processing
2899	-	Manufacture of other special-purpose machinery n.e.c.

Business Description

Tmci Padovan SpA is primarily engaged in manufacture of agricultural dryers; manufacture of machinery for the dairy industry (cream separators; milk processing machinery (homogenisers and irradiators); milk converting machinery (butter churns, butter workers and moulding machines); cheese-making machines (homogenisers, moulders, presses, etc.); manufacture of machinery for the grain milling industry (winnowers, sieving belts, cyclone separators, aspirator separators, grain brushing machines and the like; grinding mills, “breading� rolls or mills, feeders, sifters, bran cleaners, blenders, rice hullers, pea splitters); manufacture of presses, crushers, etc. used to make wine, cider, fruit juices, etc.; manufacture of machinery for the bakery industry or for making macaroni, spaghetti or similar products (manufacture of non-electric bakery ovens, dough mixers, dough-dividers, moulders, slicers, cake depositing machines, etc.); manufacture of machines and equipment to process diverse food (machinery to make confectionery, cocoa or chocolate; to manufacture sugar; for breweries; to process meat or poultry; to prepare fruit, nuts or vegetables; to prepare fish, shell fish or other sea-food; other machinery for the industrial preparation or manufacture of food or drink; manufacture of machinery for the extraction or preparation of animal or vegetable fats or oils; manufacture of machinery for the preparation of tobacco and for the making of cigarettes or cigars, or for pipe or chewing tobacco or snuff; and manufacture of machinery for the preparation of food in hotels and restaurants.

Financial Data

Financials in:	EUR(mil)	1 Year Growth
Revenue:	24.2	-10.3%
Assets:	44.9	NA
Current Assets:	36.8
Total Liabilities:	44.9
Net Worth:	7.5
Date of Financial Data:	31-Dec-2011

Subsidiaries

Company	Percentage Owned	Country
Alimenta Immobiliare SRL
Parma Food Machinery SRL
Tmci Newpack SRL

Key Corporate Relationships

Bank: Banca Nazionale del Lavoro Ag, Banco Popolare Ag, Unicredit Ag

Corporate Structure News

Tmci Padovan SpA
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
TMCI AG	Parent	Baar, Zug	Switzerland	Miscellaneous Capital Goods	12.0	5
Tmci Padovan SpA	Subsidiary	Vittorio Veneto, Treviso	Italy	Miscellaneous Capital Goods	33.7	120

Board of Directors

Name	Title	Function
Erol Sagmanli	Member of the board	Director/Board Member
Erdal Sagmanli	Member of the board	Director/Board Member
Nicholas Hall Taylor	Member of the board	Director/Board Member

Executives

Name	Title	Function
Osman Sagmanli	President	President
Antonio Cuzziol	Executive	Other
Fabio Deppieri	Executive	Other
Narciso Gatti	Executive	Other
Massimo Pivetta	Executive	Other

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	29.2	35.7	40.1
Net sales	33.7	35.7	39.2
Other operating income	0.9	0.9	1.1
Raw materials and consumables employed	12.8	14.3	15.1
Other expenses	13.2	12.9	13.4
Total payroll costs	7.7	7.7	8.2
Fixed asset depreciation and amortisation	1.8	1.2	1.6
Other operating costs	1.5	1.2	0.7
Net operating income	-7.9	-1.6	1.0
Total financial income	0.3	0.1	0.2
Total expenses	3.5	2.0	2.4
Profit before tax	-11.1	-3.5	-1.3
Extraordinary result	9.9	0.0	0.0
Profit after extraordinary items and before tax	-1.2	-3.6	-1.2
Total taxation	-0.5	-0.7	0.2
Net loss	0.7	2.9	1.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Total stockholders equity	9.7	3.3	5.2
Provision for risks	0.4	0.4	0.1
Provision for pensions	1.7	2.1	2.3
Mortgages and loans	6.6	4.0	4.3
Other long-term liabilities	0.3	0.5	0.7
Trade creditors	13.8	18.8	19.6
Advances received	4.4	1.4	1.6
Bank loans and overdrafts	7.5	10.7	14.0
Other current liabilities	13.8	7.8	5.3
Accruals and deferred income	-	0.0	0.1
Total current liabilities	39.5	38.6	40.6
Total liabilities (including net worth)	58.2	48.9	53.2
Intangibles	1.0	1.3	2.2
Buildings	-	3.4	3.8
Total tangible fixed assets	0.4	4.3	5.0
Long-term investments	8.9	0.1	0.1
Total financial assets	9.1	0.8	0.7
Total non-current assets	10.4	6.4	7.9
Work in progress	1.4	3.0	2.1
Finished goods	7.0	11.7	13.5
Net stocks and work in progress	12.9	19.2	20.7
Trade debtors	19.5	18.9	20.2
Other receivables	4.4	3.1	2.8
Owing from participants	4.5	-	-
Cash and liquid assets	0.8	0.0	0.3
Accruals	5.7	1.3	1.4
Total current assets	47.8	42.5	45.4
Total assets	58.2	48.9	53.2

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.20	1.10	1.10
Quick ratio	0.90	0.60	0.60
Current liabilities to net worth	0.04%	0.12%	0.08%
Sales per employee	0.21	0.21	0.22
Profit per employee	-0.01	-0.02	-0.01
Average wage per employee	0.05	0.05	0.05
Net worth	9.7	3.3	5.2
Number of employees	113	128	130

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

SDA

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.