MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	A.C.M. SRL
Registered Office :	Via Dei Videtti 52/62 Grumello Del Monte, 24064
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	06.05.1982
Com. Reg. No.:	00982980161
Legal Form :	Private Parent
Line of Business :	Wholesale not covered in one of the previous categories
No. of Employees :	37

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 AND ADDRESS

A.C.M. SRL

Via Dei Videtti 52/62

Grumello Del Monte, 24064

Italy

Tel: +39 0354 492711

Fax: +39 0358 32982

Employees: 37

Company Type: Private Parent

Corporate Family: 3 Companies

Incorporation Date: 06-May-1982

Financials in: USD (IN Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 9.3

Total Assets: 8.7

Business Description

A.C.M. SRL is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3739 - Other Goods Wholesaling Not Elsewhere Classified
NACE 2002:	5190 - Other wholesale
NAICS 2002:	423990 - Other Miscellaneous Durable Goods Merchant Wholesalers
UK SIC 2003:	5190 - Other wholesale
UK SIC 2007:	4690 - Non-specialised wholesale trade
US SIC 1987:	5131 - Piece Goods, Notions, and Other Dry Good

Key Executives

Name	Title
Gianmarco Corna	Sole administrator

Registered No.(ITA): 00982980161

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 Dei Videtti 52/62
Grumello Del Monte, 24064
Italy

Tel:+39 0354 492711

Fax:+39 0358 32982

Sales EUR(mil): 6.7

Assets EUR(mil): 6.7

Employees: 37

Fiscal Year End: 31-Dec-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 06-May-1982

Company Type: Private Parent

Quoted Status: Not Quoted

Registered No.(ITA): 00982980161

Sole administrator: Gianmarco Corna

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:
5190	-	Other wholesale

NAICS 2002 Codes:
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
5131	-	Piece Goods, Notions, and Other Dry Good

UK SIC 2003:
5190	-	Other wholesale

UK SIC 2007:
4690	-	Non-specialised wholesale trade

Business Description

A.C.M. SRL is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Financial Data

Financials in:	EUR(mil)	1 Year Growth
Revenue:	6.7	-2.4%
Assets:	6.7	NA
Current Assets:	3.8
Total Liabilities:	6.7
Net Worth:	3.2
Date of Financial Data:	31-Dec-2011

Subsidiaries

Company	Percentage Owned	Country
Linea Zama SRL
Next SRL

Key Corporate Relationships

Bank:

Banca Popolare di Sondrio Ag

Corporate Structure News

A.C.M. SRL
Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
A.C.M. SRL	Parent	Grumello Del Monte, Bergamo	Italy	Miscellaneous Capital Goods	9.3	37
Next SRL	Subsidiary	Grumello Del Monte, Bergamo	Italy	Miscellaneous Fabricated Products	1.2	11
Linea Zama SRL	Subsidiary	Grumello Del Monte, Bergamo	Italy	Miscellaneous Capital Goods	0.6	1

Executives

Name	Title	Function
Gianmarco Corna	Sole administrator	President

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	9.5	9.2	10.1
Net sales	9.3	9.1	10.0
Other operating income	0.2	0.1	0.1
Raw materials and consumables employed	4.4	4.5	4.7
Other expenses	2.9	2.6	2.8
Total payroll costs	1.8	1.6	1.6
Fixed asset depreciation and amortisation	0.3	0.4	0.5
Other operating costs	0.1	0.0	0.2
Net operating income	0.0	0.1	0.3
Total financial income	0.0	0.0	0.1
Total expenses	0.0	0.0	-
Profit before tax	0.0	0.1	0.4
Extraordinary result	0.0	0.0	-
Profit after extraordinary items and before tax	0.0	0.2	0.4
Total taxation	0.1	0.1	0.2
Net profit	-	0.1	0.2
Net loss	0.1	-	-

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	4.1	5.2	6.9
Provision for risks	0.7	0.7	0.8
Provision for pensions	0.8	0.7	0.7
Mortgages and loans	0.2	0.2	-
Trade creditors	2.5	3.0	2.9
Bank loans and overdrafts	0.1	0.1	-
Other current liabilities	0.3	0.3	0.3
Accruals and deferred income	0.1	0.1	0.1
Total current liabilities	2.9	3.5	3.4
Total liabilities (including net worth)	8.7	10.3	11.7
Buildings	2.6	2.8	3.2
Total tangible fixed assets	3.6	3.8	3.9
Long-term investments	0.1	0.1	0.1
Total financial assets	0.1	0.1	0.1
Receivables due after 1 year	0.1	0.1	0.1
Total non-current assets	3.8	4.0	4.1
Finished goods	0.2	0.3	0.3
Net stocks and work in progress	0.3	0.3	0.4
Trade debtors	3.3	4.0	4.0
Other receivables	0.1	0.2	0.2
Cash and liquid assets	1.2	1.7	3.1
Accruals	0.1	0.0	0.0
Total current assets	5.0	6.3	7.6
Total assets	8.7	10.3	11.7

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	1.70	1.80	2.30
Quick ratio	1.60	1.70	2.20
Current liabilities to net worth	0.01%	0.01%	0.01%
Sales per employee	0.20	0.19	0.18
Profit per employee	0.00	0.00	0.01
Average wage per employee	0.04	0.03	0.03
Net worth	4.1	5.2	6.9
Number of employees	33	36	40

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.42

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%)

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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.