MIRA INFORM REPORT

Report Date :

29.11.2012

IDENTIFICATION DETAILS

Name :	PRESTON & BARBIERI SRL
Registered Office :	Via Alessandro Cocchi 19 Reggio Nell'emilia, 42124
Country :	Italy
Financials (as on) :	31.12.2010
Date of Incorporation :	18.11.1970
Com. Reg. No.:	00177020351
Legal Form :	Private Independent
Line of Business :	Manufacture of metal structures and parts of structures
No. of Employees :	34

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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

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Bottom of Form

Preston & Barbieri SRL

Via Alessandro Cocchi 19
Reggio Nell'emilia, 42124
Italy
Tel:	+39 0522 925232
Fax:	+39 0522 516597
Suggest Company URL

Employees:	34
Company Type:	Private Independent
Incorporation Date:	18-Nov-1970

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	7.3
Total Assets:	13.2

Business Description

Preston & Barbieri SRL is primarily engaged in manufacture of ossature in metal for construction; manufacture of industrial ossature in metal (ossature for blast furnaces, lifting and handling equipment, etc.); and manufacture of prefabricated buildings mainly of metal (site huts, modular exhibition elements, etc.).

Industry

Industry	Construction - Supplies and Fixtures
ANZSIC 2006:	2229 - Other Structural Metal Product Manufacturing
NACE 2002:	2811 - Manufacture of metal structures and parts of structures
NAICS 2002:	33231 - Plate Work and Fabricated Structural Product Manufacturing
UK SIC 2003:	2811 - Manufacture of metal structures and parts of structures
US SIC 1987:	3441 - Fabricated Structural Metal

Key Executives

Name	Title
Romualdo Barbieri	President
Giancarlo Casoli	General manager
Leonida Barbieri	Member of the board
Paola Barbieri	Managing director

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Via Alessandro Cocchi 19
Reggio Nell'emilia, 42124
Italy

Tel:	+39 0522 925232
Fax:	+39 0522 516597

Suggest Company URL

Sales EUR(mil):	5.5
Assets EUR(mil):	9.9
Employees:	34
Fiscal Year End:	31-Dec-2010

Industry:	Construction - Supplies and Fixtures

Incorporation Date:	18-Nov-1970
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	00177020351

Managing director:	Paola Barbieri

Contents Industry Codes Business Description Financial Data Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2592	-	Toy, Sporting and Recreational Product Manufacturing
2599	-	Other Manufacturing Not Elsewhere Classified
2229	-	Other Structural Metal Product Manufacturing
1821	-	Synthetic Resin and Synthetic Rubber Manufacturing

NACE 2002 Codes:
3663	-	Other manufacturing not elsewhere classified
2416	-	Manufacture of plastics in primary forms
2811	-	Manufacture of metal structures and parts of structures
3650	-	Manufacture of games and toys

NAICS 2002 Codes:
3399	-	Other Miscellaneous Manufacturing
339932	-	Game, Toy, and Children's Vehicle Manufacturing
33231	-	Plate Work and Fabricated Structural Product Manufacturing
325211	-	Plastics Material and Resin Manufacturing

US SIC 1987:
3944	-	Games, Toys, and Children's Vehicles, Except Dolls and Bicycles
3999	-	Manufacturing Industries, Not Elsewhere Classified
3441	-	Fabricated Structural Metal
2821	-	Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

UK SIC 2003:
3663	-	Other manufacturing not elsewhere classified
2416	-	Manufacture of plastics in primary forms
2811	-	Manufacture of metal structures and parts of structures
3650	-	Manufacture of games and toys

Business Description

Preston & Barbieri SRL is primarily engaged in manufacture of ossature in metal for construction; manufacture of industrial ossature in metal (ossature for blast furnaces, lifting and handling equipment, etc.); and manufacture of prefabricated buildings mainly of metal (site huts, modular exhibition elements, etc.).

Financial Data

Financials in:	EUR(mil)
Revenue:	5.5
Assets:	9.9
Current Assets:	8.0
Total Liabilities:	9.9
Net Worth:	0.9
Date of Financial Data:	31-Dec-2010

1 Year Growth

20.3%

NA

Subsidiaries

Company	Percentage Owned	Country
Mit SRL

Key Corporate Relationships

Bank:	Banca Popolare dell'Emilia Romagna Ag, Unicredit Banca Ag, Bipop Carire Ag

Executives Report

Board of Directors

Name	Title	Function
Leonida Barbieri	Member of the board	Director/Board Member

Executives

Name	Title	Function
Romualdo Barbieri	President	President
Paola Barbieri	Managing director	Managing Director
Francesco Ferrari	Managing director	Managing Director
Giancarlo Casoli	General manager	Administration Executive

Annual Profit & 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	7.6	5.3	18.4
Net sales	7.3	6.4	16.8
Other operating income	0.2	0.1	0.1
Raw materials and consumables employed	4.0	5.1	10.1
Other expenses	2.6	3.2	5.4
Total payroll costs	2.0	2.3	2.5
Fixed asset depreciation and amortisation	0.2	0.4	0.1
Other operating costs	0.0	0.0	0.0
Net operating income	-1.3	-5.8	0.2
Total financial income	0.3	0.0	0.5
Total expenses	0.3	0.5	0.7
Profit before tax	-1.3	-6.2	0.0
Extraordinary result	-0.3	-0.4	0.0
Profit after extraordinary items and before tax	-1.6	-6.6	0.0
Total taxation	-0.7	0.0	0.0
Net profit	-	-	0.0
Net loss	0.9	6.6	-

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	1.2	2.2	8.7
Provision for pensions	0.7	0.7	0.7
Mortgages and loans	5.4	7.0	6.4
Trade creditors	1.5	0.7	1.6
Bank loans and overdrafts	1.1	2.4	2.4
Other current liabilities	3.1	2.3	1.8
Accruals and deferred income	0.3	0.3	0.4
Total current liabilities	5.9	5.8	6.2
Total liabilities (including net worth)	13.2	15.7	21.9
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.2	0.3	0.4
Long-term investments	0.1	0.1	0.1
Total financial assets	0.2	0.2	0.1
Receivables due after 1 year	1.9	1.6	1.3
Total non-current assets	2.5	2.2	1.8
Finished goods	5.6	5.8	6.7
Net stocks and work in progress	7.1	7.5	8.8
Trade debtors	2.4	2.8	5.3
Other receivables	1.1	0.9	1.2
Cash and liquid assets	0.2	2.2	4.6
Accruals	0.0	0.1	0.2
Total current assets	10.8	13.5	20.1
Total assets	13.2	15.7	21.9

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	1.80	2.30	3.20
Quick ratio	0.60	1.00	1.80
Current liabilities to net worth	0.05%	0.03%	0.01%
Sales per employee	0.16	0.13	0.34
Profit per employee	-0.04	-0.14	0.00
Average wage per employee	0.04	0.05	0.05
Net worth	1.2	2.2	8.7
Number of employees	34	34	34

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FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

NLM

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.