MIRA INFORM REPORT

Report Date :

21.07.2012

IDENTIFICATION DETAILS

Name :	P.T.M.T. S.R.L.
Registered Office :	Simone Cantoni, 4, 20064 - Gorgonzola (MI)
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	24.07.2008
Legal Form :	Limited liability company
Line of Business :	Wholesale of machinery for the textile industry and sewing and kniting machines
No. of Employees :	from 11 to 15

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

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 (31.12.2011)	Current Rating (31.03.2012)
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 and address

P.t.m.t. S.r.l.

Simone Cantoni,

4

20064

- Gorgonzola

(MI)

-IT-

Summary

Fiscal Code	:	03291470163
Legal Form	:	Limited liability company
start of Activities	:	24/07/2008
Equity	:	300.000
Turnover Range	:	3.000.000/3.750.000
Number of Employees	:	from 11 to 15

Activity

Wholesale of machinery for the textile industry and sewing and kniting machines

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03291470163

Chamber of Commerce no. : 385018 of

Chamber of Commerce no. : 1878173 of since 23/06/2008

V.A.T. Code : 03291470163

Establishment date	: 25/02/2006
Start of Activities	: 24/07/2008
Legal duration	: 31/12/2040
Nominal Capital	: 40.000
Subscribed Capital	: 40.000
Paid up Capital	: 40.000

Members

Pezzoli

Miria

Born in Leffe

(BG)

on 15/08/1955

- Fiscal Code : PZZMRI55M55E509P

Residence:

CacciatoriDelleAlpi

, 7

- 22070

CapiagoIntimiano

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	09/11/2010

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Colombo Ugo	FagnanoOlona - IT -	CLMGUO44T05I794X	5.500 .Eur	13,75
PezzoliDanilo		PZZDNL72C17A794G	4.500 .Eur	11,25
PezzoliMiria	CapiagoIntimiano - IT -	PZZMRI55M55E509P	27.200 .Eur	68,00
Right Tech Development Limited			2.800 .Eur	7,00

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:

-	Sedelegale

Via

Simone Cantoni

, 4

- 20064

- Gorgonzola

(MI)

- IT -

-

Sedeoperativa

since 01/09/2008

Via

C. Menotti

, 5

- 24024

- Gandino

(BG)

- IT -

TELEFONO

: 035745313

Employees

: 15

Stocks for a value of 750.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Colombo

Ugo

Born in SolbiateOlona

(VA)

on 05/12/1944

- Fiscal Code : CLMGUO44T05I794X

Residence:

Legnano

, 29

- 21054

FagnanoOlona

(VA)

- IT -

Ex-Postions

Sole Director

CEASINGS/INCORPORATIONS/MERGES

The subj. took over by rent the activities of

PanterS.r.l. In Liquidazione

Ciro Menotti

, 5

, 24024

, Gandino

(BG)

- IT -

Fiscal Code: 02177990161

Date

:

24/07/2008

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

The company under review was established some years ago.

Current liquidity is sufficient and allowes a reduced recourse to

supplier and bank credit.

Nowaday, subject settles its engagments sufficiently.

Trade behaviour is said to be correct. Usual suppliers say that no

difficulties worthy of note are encountered as to payments.

In 2011 the firm achieved a profit..

The turnover is growing in the last financial year (+13,48%).

Financial Data

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	3.140.683
Profit (Loss) for the period	148.676

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	2.767.527
Profit (Loss) for the period	20.799

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	1.917.913
Profit (Loss) for the period	10.402

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: - Amounts x 1

Years

2011

2010

2009

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. andadvert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	82.223	21.511	22.541
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	495.038	12.896	12.551
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	61.386	61.386	250
Total fixed assets	638.647	95.793	35.342
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	752.968	389.076	223.144
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	1.033.901	1.141.967	441.652
. . Beyond 12 months
. . Trade receivables		689.513	355.501
. . . . Within 12 months		689.513	355.501
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables		23.392	40.206
. . . . Within 12 months		23.392	40.206
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties		429.062	45.945
. . . . Within 12 months		429.062	45.945
. . . . Beyond 12 months
. Total Credits not held as fixed assets	1.033.901	1.141.967	441.652
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	52.137	80.102	65.925
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	48.097	13.880	4.487
Total current assets	1.887.103	1.625.025	735.208
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	63.630	64.530	3.223
Total adjustments accounts	63.630	64.530	3.223
TOTAL ASSETS	2.589.380	1.785.348	773.773
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	40.000	40.000	40.000
. Additional paid-in capital	60.000	60.000	60.000
. Revaluation reserves
. Legal reserve	8.000	8.000	2.541
. Reserve for Own shares
. Statute reserves
. Other reserves			-1
. Accumulated Profits (Losses)	25.742	4.943
. Profit( loss) of the year	148.676	20.799	10.402
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	282.418	133.742	112.942
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	80.612	51.625	26.553
ACCOUNTS PAYABLE
. . . . Within 12 months	1.723.494	990.174	542.643
. . . . Beyond 12 months	381.234	493.835
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks		862.947	109.567
. . . . Within 12 months		369.112	109.567
. . . . Beyond 12 months		493.835
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		26.550
. . . . Within 12 months		26.550
. . . . Beyond 12 months
. . Trade payables		380.378	298.292
. . . . Within 12 months		380.378	298.292
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities		131.177	60.121
. . . . Within 12 months		131.177	60.121
. . . . Beyond 12 months
. . Due to social security and welfare inst.		23.481	31.694
. . . . Within 12 months		23.481	31.694
. . . . Beyond 12 months
. . Other payables		59.476	42.969
. . . . Within 12 months		59.476	42.969
. . . . Beyond 12 months
Total accounts payable	2.104.728	1.484.009	542.643
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	121.622	115.972	91.635
Total adjustment accounts	121.622	115.972	91.635
TOTAL LIABILITIES	2.589.380	1.785.348	773.773

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	3.140.683	2.767.527	1.917.913
. Changes in work in progress	105.000	54.000
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	101.834	59.137	5.696
. . Contributions for operating expenses
. . Different income and revenues	101.834	59.137	5.696
Total value of production	3.347.517	2.880.664	1.923.609
PRODUCTION COSTS
. Raw material,other materials and consum.	1.896.588	1.523.527	896.944
. Services received	771.179	546.921	451.985
. Leases and rentals	140.670	282.746	273.020
. Payroll and related costs	614.175	541.368	447.768
. . Wages and salaries	492.481	441.381	377.580
. . Social security contributions	89.667	70.988	45.776
. . Employee termination indemnities	32.027	28.999	24.412
. . Pension and similar
. . Other costs
. Amortization and depreciation	128.168	10.033	10.009
. . Amortization of intangible fixed assets	22.557	7.003	5.926
. . Amortization of tangible fixed assets	100.863	3.030	2.613
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	4.748		1.470
. Changes in raw materials	-281.499	-82.522	-201.877
. Provisions to risk reserves
. Other provisions
. Other operating costs	8.841	9.177	15.456
Total production costs	3.278.122	2.831.250	1.893.305
Diff. between value and cost of product.	69.395	49.414	30.304
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	2.135	354	1.484
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets		350
. . Financ.income from secur. cur.assets	2.129		1.472
. . Financ.income other than the above	6		12
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	6
. Interest and other financial expense	-86.316	-17.890	-8.707
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	86.316
Total financial income and expense	-84.181	-17.536	-7.223
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	288.422	38.823	12.697
. . Gains on disposals
. . Other extraordinary income	288.422	38.823	12.697
. Extraordinary expense	-15.714	-15.305
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-15.714	-15.305
Total extraordinary income and expense	272.708	23.518	12.697
Results before income taxes	257.922	55.396	35.778
. Taxes on current income	109.246	34.597	25.376
. . current taxes	109.246	34.597	25.376
. . differed taxes(anticip.)
. Net income for the period	148.676	20.799	10.402
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	148.676	20.799	10.402

RATIOS	Value Type	as at 31/12/2011	as at 31/12/2010	as at 31/12/2009	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,25	0,05	0,05	0,10
Elasticity Ratio	Units	0,73	0,91	0,95	0,87
Availability of stock	Units	0,29	0,22	0,29	0,21
Total Liquidity Ratio	Units	0,44	0,69	0,66	0,61
Quick Ratio	Units	0,04	0,05	0,09	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	5,93	7,30	4,76	4,04
Self Financing Ratio	Units	0,11	0,07	0,15	0,16
Capital protection Ratio	Units	0,33	0,55	0,55	0,59
Liabilities consolidation quotient	Units	0,27	0,55	0,05	0,11
Financing	Units	7,45	11,10	4,80	4,85
Permanent Indebtedness Ratio	Units	0,29	0,38	0,18	0,26
M/L term Debts Ratio	Units	0,18	0,31	0,03	0,07
Net Financial Indebtedness Ratio	Units	n.c.	6,35	0,93	1,01
CORRELATION
Fixed assets ratio	Units	1,17	7,09	3,95	2,12
Current ratio	Units	1,09	1,64	1,35	1,16
Acid Test Ratio-Liquidity Ratio	Units	0,66	1,25	0,94	0,88
Structure's primary quotient	Units	0,44	1,40	3,20	1,40
Treasury's primary quotient	Units	0,06	0,09	0,13	0,04
Rate of indebtedness ( Leverage )	%	916,86	1334,92	685,11	620,22
Current Capital ( net )	Value	163.609	634.851	192.565	131.414
RETURN
Return on Sales	%	8,81	1,11	1,06	2,27
Return on Equity - Net- ( R.O.E. )	%	52,64	15,55	9,21	6,70
Return on Equity - Gross - ( R.O.E. )	%	91,33	41,42	31,68	18,85
Return on Investment ( R.O.I. )	%	2,68	2,77	3,92	4,76
Return/ Sales	%	2,21	1,79	1,58	3,70
Extra Management revenues/charges incid.	%	214,25	42,09	34,33	28,15
Cash Flow	Value	276.844	30.832	20.411	39.655
Operating Profit	Value	69.395	49.414	30.304	63.123
Gross Operating Margin	Value	197.563	59.447	40.313	99.042
MANAGEMENT
Credits to clients average term	Days	n.c.	89,69	66,73	119,16
Debts to suppliers average term	Days	n.c.	58,19	66,21	116,83
Average stock waiting period	Days	86,31	50,61	41,89	58,39
Rate of capital employed return ( Turnover )	Units	1,21	1,55	2,48	1,36
Rate of stock return	Units	4,17	7,11	8,59	6,14
Labour cost incidence	%	19,56	19,56	23,35	8,98
Net financial revenues/ charges incidence	%	-2,68	-0,63	-0,38	-1,08
Labour cost on purchasing expenses	%	18,74	19,12	23,65	8,98
Short-term financing charges	%	4,10	1,21	1,60	2,60
Capital on hand	%	82,45	64,51	40,34	73,17
Sales pro employee	Value	165.299	172.970	147.531	394.001
Labour cost pro employee	Value	32.325	33.835	34.443	34.340

Credit Opinion Determination

The credit opinion determination is divided into two phases :

1) Risk analysis (Score).

2) Reliability score identification.

Risk Analysis (Score)

On the base of precise indicators as "Activity sector", "Area", "Firm's foundation", "Payment analysis","Profitability", we analysed the companies included in the same activity sector of subject company, classifying them by their own risk score.

The company under review falls within the range of Low risk.

Reliability Score

Considering also subject's structural and behavioural characteristics its credit margin rate (from 0 to 100%) is equal to 68%, in respect of a sector average of 49%.

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

SOURCES

Our Company collects data from public registers, lists, archives or contained in Acts and/or documents (held by the National Chamber of Commerce or Immovables Territorial Agency), users, reporters or however generally accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection internet sites).

The present report is supplied for Your exclusive use and is bond to the general conditions of the contract. Personal Data collection and treatment, reported, are conform to our company's activities and to Your mandate conferred to us by Your request, for the purposes in relation to Marketing Management, Sales and Monetary Administration. It does not contain, nor could contain, information cancelled by a justified opposition right.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.15
UK Pound	1	Rs.86.58
Euro	1	Rs.67.60

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.