MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	SITI B&T GROUP SPA
Registered Office :	Siti B&T Group SpA, Via Prampolini 18, Formigine, 41043
Country :	Italy
Financials (as on) :	31.12.2010
Date of Incorporation :	19.07.1991
Com. Reg. No.:	04070230372
Legal Form :	Public Independent
Line of Business :	Electric furnaces and kilns; cement and tile product packaging machinery, ceramic manufacturing equipment and machine tools
No. of Employees :	231

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 :	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 (30.06.2011)	Current Rating (30.09.2011)
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 and address

Siti B&T Group SpA

Via Prampolini 18

Formigine, 41043

Italy

Tel: 39 (059) 446111

Fax: +39 0594 46555

Employees:	231
Company Type:	Public Independent
Incorporation Date:	19-Jun-1991

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	97.4
Total Assets:	150.9

Business Description

Electric furnaces and kilns; cement and tile product packaging machinery, ceramic manufacturing equipment and machine tools

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2452 - Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
NACE 2002:	2923 - Manufacture of non-domestic cooling and ventilation equipment
NAICS 2002:	336391 - Motor Vehicle Air-Conditioning Manufacturing
UK SIC 2003:	2923 - Manufacture of non-domestic cooling and ventilation equipment
US SIC 1987:	3585 - Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

Key Executives

Name	Title
Fausto Tarozzi	Presidente
Fosco Mariani	Direttore-Finanziario
Marco Tarozzi	Sales Director
Francesco Mancini	Head - Spare Parts Department
Claudio Forlani	Executive

Registered No.(ITA): 04070230372

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Location
Via Prampolini 18
Formigine, 41043
Italy

Tel:	39 (059) 446111
Fax:	+39 0594 46555

Sales EUR(mil):	73.6
Assets EUR(mil):	112.5
Employees:	231
Fiscal Year End:	31-Dec-2010

KeyID^SM:	42412616
Industry:	Miscellaneous Capital Goods

Incorporation Date:	19-Jun-1991
Company Type:	Public Independent
Quoted Status:	Not Quoted
Previous Name:	SITI
Registered No.(ITA):	04070230372

Presidente:	Fausto Tarozzi

Contents

Business Description

Financial Data

Subsidiaries

Industry Codes

ANZSIC 2006 Codes:
2452	-	Fixed Space Heating, Cooling and Ventilation Equipment Manufacturing
2463	-	Machine Tool and Parts Manufacturing
2469	-	Other Specialised Machinery and Equipment Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2923	-	Manufacture of non-domestic cooling and ventilation equipment
2921	-	Manufacture of furnaces and furnace burners
2942	-	Manufacture of other metalworking machine tools
2924	-	Manufacture of other general purpose machinery not elsewhere classified

NAICS 2002 Codes:
333298	-	All Other Industrial Machinery Manufacturing
333512	-	Machine Tool (Metal Cutting Types) Manufacturing
333994	-	Industrial Process Furnace and Oven Manufacturing
336391	-	Motor Vehicle Air-Conditioning Manufacturing

US SIC 1987:
3541	-	Machine Tools, Metal Cutting Types
3559	-	Special Industry Machinery, Not Elsewhere Classified
3567	-	Industrial Process Furnaces and Ovens
3585	-	Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment

UK SIC 2003:
2923	-	Manufacture of non-domestic cooling and ventilation equipment
2921	-	Manufacture of furnaces and furnace burners
2942	-	Manufacture of other metalworking machine tools
2924	-	Manufacture of other general purpose machinery not elsewhere classified

Business Description

Electric furnaces and kilns; cement and tile product packaging machinery, ceramic manufacturing equipment and machine tools

More Business Descriptions

Siti B&T 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.

Source: D&B

This major group includes establishments engaged in manufacturing industrial and commercial machinery and equipment and computers. Included are the manufacture of engines and turbines; farm and garden machinery; construction, mining, and oil field machinery; elevators and conveying equipment; hoists, cranes, monorails, and industrial trucks and tractors; metalworking machinery; special industry machinery; general industrial machinery; computer and peripheral equipment and office machinery; and refrigeration and service industry machinery. Machines powered by built-in or detachable motors ordinarily are included in this major group.

Other Industrial Machinery Manufacturing

Financial Data

Financials in:	EUR(mil)
Revenue:	73.6
Assets:	112.5
Current Assets:	89.5
Total Liabilities:	112.5
Net Worth:	20.6
Date of Financial Data:	31-Dec-2010

1 Year Growth

3.6%

NA

Subsidiaries

Company	Percentage Owned	Country
Barbieri e Tarozzi do Brasil	100%	BRAZIL
SITI SA	100%	BRAZIL
B&T Izmir Seramik Hizmetleri Ltd	100%	TURKEY
Gruppo Barbieri e Tarozzi de México SA de CV	100%	MEXICO
Gruppo Barbieri e Tarozzi Portuguesa SA	100%	PORTUGAL
Barbieri & Tarozzi Ibérica SL	100%	SPAIN
SIR SpA	100%	ITALY
SITI - B&T Foshan Ceramic Machinery Co Ltd	100%	PEOPLE'S REPUBLIC OF CHINA

Key Corporate Relationships

Bank:

Unicredit Corporate Banking ag Sassuolo/Mo, Banca Popolare dell'Emilia Romagna Ag, Banco Popolare di Verona Ag

Executives

Name	Title	Function
Gianni Bossetti	President	President
Fausto Tarozzi	Presidente	President
Fabio Tarozzi	Managing director	Managing Director
Fosco Mariani	Direttore-Finanziario	Finance Executive
Paolo Lacchin	Customer Service Manager	Customer Service Executive
Marco Tarozzi	Sales Director	Sales Executive
Francesco Mancini	Head - Spare Parts Department	Purchasing Executive
Claudio Forlani	Executive	Other
Roberto Magnani	Executive	Other

Annual profit and 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	108.8	102.0	154.3
Net sales	97.4	98.7	155.5
Other operating income	10.4	4.3	2.4
Raw materials and consumables employed	55.2	46.0	78.6
Other expenses	29.8	26.8	38.5
Total payroll costs	17.4	19.0	25.1
Fixed asset depreciation and amortisation	3.7	4.7	5.8
Other operating costs	0.8	0.8	1.1
Net operating income	1.9	4.7	5.2
Total financial income	1.1	1.1	2.4
Total expenses	3.7	2.7	4.7
Profit before tax	-0.7	3.1	2.8
Extraordinary result	-2.4	-4.8	-0.4
Profit after extraordinary items and before tax	-3.1	-1.7	2.4
Total taxation	1.8	-0.7	0.9
Net profit	-	-	1.5
Net loss	4.9	0.9	-

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	27.6	34.8	34.7
Provision for risks	9.7	9.7	10.0
Provision for pensions	4.4	5.0	5.7
Mortgages and loans	7.1	20.1	28.0
Other long-term liabilities	0.5	1.1	1.7
Trade creditors	40.4	32.9	42.4
Bank loans and overdrafts	31.7	31.8	40.3
Other current liabilities	10.0	9.9	19.5
Accruals and deferred income	19.5	22.2	3.6
Total current liabilities	101.6	96.7	105.8
Total liabilities (including net worth)	150.9	167.5	185.8
Intangibles	5.2	7.1	8.8
Buildings	-	14.0	21.9
Total tangible fixed assets	2.8	17.2	25.6
Long-term investments	1.1	1.5	1.4
Total financial assets	13.4	15.3	2.6
Receivables due after 1 year	9.5	5.9	17.0
Loans to associated companies	1.3	1.5	1.1
Total non-current assets	30.8	45.5	53.9
Finished goods	11.2	11.1	13.0
Net stocks and work in progress	44.0	48.5	48.6
Trade debtors	48.4	55.1	60.8
Other receivables	20.7	13.1	17.4
Cash and liquid assets	3.7	2.0	3.6
Accruals	3.2	3.3	1.4
Total current assets	120.1	122.0	131.9
Total assets	150.9	167.5	185.8

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
Current ratio	1.20	1.30	1.20
Quick ratio	0.80	0.80	0.80
Current liabilities to net worth	0.04%	0.03%	0.03%
Sales per employee	0.28	0.27	0.35
Profit per employee	-0.01	0.00	0.01
Average wage per employee	0.05	0.05	0.06
Net worth	27.6	34.8	34.7
Number of employees	259	259	313

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.79
UK Pound	1	Rs.78.79
Euro	1	Rs.65.74

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.