MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	TECNOPOLIMERI SPA

Registered Office :	Via Solferino 6/8 10 12, Seregno, 20038

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	01.03.1978

Com. Reg. No.:	00636860124

Legal Form :	Public Independent Company

Line of Business :	wholesaler of industrial chemicals

No. of Employees :	12 employees

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 :	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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Italy

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 & address

TECNOPOLIMERI SPA

Via Solferino 6/8 10 12

Seregno, 20038

Italy

Tel: +39 0362 224101

Fax: +39 0362 221880

Synthesis

Employees: 12

Company Type: Public Independent

Incorporation Date: 01-Mar-1978

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 140.3

Total Assets: 70.5

Business Description

Tecnopolimeri SpA is primarily engaged in wholesale of industrial chemicals (aniline, printing ink, essential oils, industrial gases, chemical glues, colouring matter, synthetic resin, methanol, paraffin, scents and flavourings, soda, industrial salt, acids and sulphur, starch derivatives, etc.); wholesale of fertilisers and agro-chemical products; wholesale of plastic materials in primary forms; and wholesale of rubber.

Industry

Industry Chemical Manufacturing

ANZSIC 2006: 3323 - Industrial and Agricultural Chemical Product Wholesaling

NACE 2002: 5155 - Wholesale of chemical products

NAICS 2002: 4246 - Chemical and Allied Products Merchant Wholesalers

UK SIC 2003: 5155 - Wholesale of chemical products

UK SIC 2007: 4675 - Wholesale of chemical products

US SIC 1987: 5169 - Chemicals and Allied Products, Not Elsewhere Classified

Key Executives

Name Title

Giuseppe Pozzoli President

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 Solferino 6/8 10 12

Seregno, 20038

Italy

Tel: +39 0362 224101

Fax: +39 0362 221880

Sales EUR(mil): 100.9

Assets EUR(mil): 54.3

Employees: 12

Fiscal Year End: 31-Dec-2011

Industry: Chemical Manufacturing

Incorporation Date: 01-Mar-1978

Company Type: Public Independent

Quoted Status: Not Quoted

Registered No.(ITA): 00636860124

President: Giuseppe Pozzoli

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3323 - Industrial and Agricultural Chemical Product Wholesaling

3411 - Agricultural and Construction Machinery Wholesaling

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

5155 - Wholesale of chemical products

5190 - Other wholesale

5182 - Wholesale of mining, construction and civil engineering machinery

NAICS 2002 Codes:

4246 - Chemical and Allied Products Merchant Wholesalers

423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

423810 - Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers

US SIC 1987:

5169 - Chemicals and Allied Products, Not Elsewhere Classified

5082 - Construction and Mining (Except Petroleum) Machinery and Equipment

5099 - Durable Goods, Not Elsewhere Classified

UK SIC 2003:

5155 - Wholesale of chemical products

5182 - Wholesale of mining, construction and civil engineering machinery

5190 - Other wholesale

UK SIC 2007:

4675 - Wholesale of chemical products

4690 - Non-specialised wholesale trade

4663 - Wholesale of mining, construction and civil engineering machinery

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	100.9
Assets:	54.3
Current Assets:	51.0
Total Liabilities:	54.3
Net Worth:	10.6

Date of Financial Data:	31-Dec-2011

1 Year Growth

9.0%

Subsidiaries

Company	Percentage Owned	Country
B E B SRL

Key Corporate Relationships

Bank:	Intesa Sanpaolo Ag, UniCredit Ag, Banca Nazionale del Lavoro Ag

Executive report

Executives

Name

Title

Function

Giuseppe Pozzoli

President

Lorenzo Restelli

Managing director

Managing Director

Cristina Torti

Managing director

Managing Director

Donatella Torti

Managing director

Managing Director

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	140.2	123.2	96.0
Net sales	140.3	122.7	89.3
Other operating income	0.0	0.0	0.0
Raw materials and consumables employed	120.3	102.9	81.3
Other expenses	10.8	13.4	10.8
Total payroll costs	1.1	0.9	0.9
Fixed asset depreciation and amortisation	0.3	0.2	0.1
Other operating costs	0.2	0.3	0.3
Net operating income	7.6	5.5	2.6
Total financial income	0.1	0.2	0.2
Total expenses	1.3	0.9	0.7
Profit before tax	6.4	4.9	2.1
Extraordinary result	0.0	0.0	-0.3
Profit after extraordinary items and before tax	6.4	4.9	1.8
Total taxation	2.1	1.6	1.4
Net profit	4.3	3.3	0.3

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	13.8	10.1	7.2
Provision for risks	2.5	2.6	2.6
Provision for pensions	0.2	0.2	0.2
Mortgages and loans	5.3	7.1	5.7
Trade creditors	2.8	4.4	3.0
Bank loans and overdrafts	44.5	42.7	36.9
Other current liabilities	1.3	0.3	1.7
Accruals and deferred income	0.2	0.2	0.2
Total current liabilities	48.8	47.6	41.8
Total liabilities (including net worth)	70.5	67.6	57.6
Intangibles	1.6	0.6	0.1
Buildings	1.4	1.3	1.3
Total tangible fixed assets	1.4	1.3	1.3
Long-term investments	1.2	1.2	1.3
Total financial assets	1.3	1.4	1.5
Total non-current assets	4.4	3.3	2.9
Finished goods	20.0	17.6	15.7
Net stocks and work in progress	20.0	17.6	15.7
Trade debtors	27.4	23.4	23.1
Other receivables	18.6	22.6	12.6
Cash and liquid assets	0.1	0.8	2.8
Accruals	0.0	0.0	0.6
Total current assets	66.2	64.3	54.7
Total assets	70.5	67.6	57.6

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	1.40	1.40	1.30
Quick ratio	1.00	1.00	0.90
Current liabilities to net worth	0.04%	0.05%	0.06%
Sales per employee	8.41	8.42	6.42
Profit per employee	0.38	0.33	0.13
Average wage per employee	0.07	0.06	0.06
Net worth	13.8	10.1	7.2
Number of employees	12	11	10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

PRL

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.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Unit