MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	TONELLO SRL
Registered Office :	Via Della Fisica 1/3 Sarcedo, 36030
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	30.11.1983
Com. Reg. No.:	01616900245
Legal Form :	Private Parent
Line of Business :	Manufacture of other special purpose machinery not elsewhere classified
No. of Employees :	68

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 :	Slow but correct
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

Top of Form

Bottom of Form

Tonello SRL

Via Della Fisica 1/3
Sarcedo, 36030
Italy
Tel:	+39 0445 381140
Fax:	+39 0445 380166
Suggest Company URL

Employees:	68
Company Type:	Private Parent
Corporate Family:	2 Companies
Incorporation Date:	30-Nov-1983

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	23.3
Total Assets:	29.0

Business Description

Tonello SRL 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.

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
NACE 2002:	2956 - Manufacture of other special purpose machinery not elsewhere classified
NAICS 2002:	333298 - All Other Industrial Machinery Manufacturing
UK SIC 2003:	2956 - Manufacture of other special purpose machinery not elsewhere classified
UK SIC 2007:	2899 - Manufacture of other special-purpose machinery n.e.c.
US SIC 1987:	3582 - Commercial Laundry, Drycleaning, and Pressing Machines

Key Executives

Name	Title
Osvaldo Tonello	President
Carlo Bonetti	Vice president
Matteo Bonetti	Member of the board

News

Title	Date
Flash Quotes: Opening Ceremony London 2012 Paralympic Games Canada Newswire (520 Words)	29-Aug-2012
NEW WCNY VICE PRESIDENT TO MANAGE DEVELOPMENT Post-Standard (Syracuse, NY) (179 Words)	14-Apr-2012
Australia: Mirko Tonello and Gino Tonello Receive Patent for 'Method for interconnecting electric cables' Australian Government (93 Words)	1-Nov-2011

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 Della Fisica 1/3
Sarcedo, 36030
Italy

Tel:	+39 0445 381140
Fax:	+39 0445 380166

Suggest Company URL

Sales EUR(mil):	16.7
Assets EUR(mil):	22.3
Employees:	68
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	30-Nov-1983
Company Type:	Private Parent
Quoted Status:	Not Quoted
Registered No.(ITA):	01616900245

President:	Osvaldo Tonello

Contents Industry Codes Business Description Financial Data Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2956	-	Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:
333298	-	All Other Industrial Machinery Manufacturing

US SIC 1987:
3582	-	Commercial Laundry, Drycleaning, and Pressing Machines

UK SIC 2003:
2956	-	Manufacture of other special purpose machinery not elsewhere classified

UK SIC 2007:
2899	-	Manufacture of other special-purpose machinery n.e.c.

Business Description

Tonello SRL 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.

Financial Data

Financials in:	EUR(mil)
Revenue:	16.7
Assets:	22.3
Current Assets:	13.3
Total Liabilities:	22.3
Net Worth:	9.3
Date of Financial Data:	31-Dec-2011

1 Year Growth

20.6%

NA

Subsidiaries

Company	Percentage Owned	Country
Aest SRL
Tonello Energie SRL

Key Corporate Relationships

Bank:	Intesa Sanpaolo Ag

Corporate Structure News

Tonello SRL
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tonello SRL	Parent	Sarcedo, Vicenza	Italy	Miscellaneous Capital Goods	23.3	68
Tonello Energie SRL	Subsidiary	Fara Vicentino, Vicenza	Italy	Construction Services	31.5	15

Executives Report

Board of Directors

Name	Title	Function
Matteo Bonetti	Member of the board	Director/Board Member

Executives

Name	Title	Function
Osvaldo Tonello	President	President
Flavio Tonello	Managing director	Managing Director
Carlo Bonetti	Vice president	Other

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	22.1	18.5	17.1
Net sales	23.3	18.4	16.9
Other operating income	0.5	0.2	0.6
Raw materials and consumables employed	12.2	9.0	7.8
Other expenses	4.8	4.6	4.1
Total payroll costs	4.5	4.1	4.1
Fixed asset depreciation and amortisation	0.4	0.4	0.4
Other operating costs	0.1	0.1	0.1
Net operating income	0.2	0.2	0.5
Total financial income	0.3	0.1	0.1
Total expenses	0.2	0.1	0.1
Profit before tax	0.3	0.2	0.5
Profit after extraordinary items and before tax	0.3	0.2	0.5
Total taxation	0.2	0.1	0.1
Net profit	0.1	0.1	0.4

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	12.1	12.3	13.1
Provision for risks	0.2	0.2	0.2
Provision for pensions	0.7	0.7	0.8
Mortgages and loans	3.3	5.0	3.2
Trade creditors	3.9	4.9	5.9
Bank loans and overdrafts	6.6	1.2	0.8
Other current liabilities	2.2	2.3	1.5
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	12.7	8.5	8.2
Total liabilities (including net worth)	29.0	26.7	25.5
Intangibles	0.0	0.1	0.0
Buildings	0.2	0.2	0.2
Total tangible fixed assets	1.4	1.7	2.1
Long-term investments	2.3	2.2	2.2
Total financial assets	10.2	6.2	2.7
Receivables due after 1 year	0.0	0.0	0.0
Loans to associated companies	7.9	3.9	0.5
Total non-current assets	11.7	8.0	4.8
Finished goods	1.8	3.4	3.8
Net stocks and work in progress	4.6	9.4	9.1
Trade debtors	5.8	5.9	8.3
Other receivables	5.6	1.1	1.1
Cash and liquid assets	1.2	2.3	2.1
Accruals	0.1	0.1	0.1
Total current assets	17.3	18.8	20.7
Total assets	29.0	26.7	25.5

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	2.20	2.50
Quick ratio	1.00	1.10	1.40
Current liabilities to net worth	0.01%	0.01%	0.01%
Sales per employee	0.24	0.20	0.18
Profit per employee	0.00	0.00	0.01
Average wage per employee	0.05	0.04	0.04
Net worth	12.1	12.3	13.1
Number of employees	71	70	68

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.69
UK Pound	1	Rs.85.71
Euro	1	Rs.68.15

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.