MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	MARINI SPA
Registered Office :	Via Roma 50 Alfonsine, 48011
Country :	Italy
Financials (as on) :	30.09.2011
Date of Incorporation :	16.09.1948
Com. Reg. No.:	00174890392
Legal Form :	Public Subsidiary
Line of Business :	Manufacture of Machinery for Mining
No. of Employees :	367

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

MARINI SPA

Via Roma 50

Alfonsine, 48011

Italy

Tel: +39 0544 88111

Fax: +39 0544 81341

Website: www.marini-spa.com

Employees: 367

Company Type: Public Subsidiary

Corporate Family: 84 Companies

Ultimate Parent: Fayat SAS

Incorporation Date: 16-Sep-1948

Financials in: USD (Millions)

Fiscal Year End: 30-Sep-2011

Reporting Currency: Euro

Annual Sales: 155.4

Total Assets: 93.8

Business Description

Marini SpA is primarily engaged in manufacture of machinery for mining; manufacture of earth-moving equipment; and manufacture of equipment for concrete crushing and screening and roadworks.

Industry

Industry	Construction and Agriculture Machinery
ANZSIC 2006:	2462 - Mining and Construction Machinery Manufacturing
NACE 2002:	2952 - Manufacture of machinery for mining, quarrying and construction
NAICS 2002:	3331 - Agriculture, Construction, and Mining Machinery Manufacturing
UK SIC 2003:	2952 - Manufacture of machinery for mining, quarrying and construction
UK SIC 2007:	2892 - Manufacture of machinery for mining, quarrying and construction
US SIC 1987:	3531 - Construction Machinery and Equipment

Key Executives

Name	Title
Pietro Filberto Marini	Direttore Generale
Jean-Claude Fayat	President
Antonio Ricci	Direttore-Tecnico
Elena Ballardini	Executive
Michel Bouchet	Member of the board

News

Title	Date
BRIEF: Bristol Palin latest celebrity eliminated on "Dancing with The Stars: All-Stars" Blade (Toledo, OH) (108 Words)	16-Oct-2012
WIPO PUBLISHES PATENT OF A. & A. FRATELLI PARODI SPA, AUGUSTO PARODI, LEANDRO MARINI FOR "SEPARATE COLLECTION AND CONVERSION METHOD AND PLANT FOR... U.S. Fed News (264 Words)	10-Oct-2012
US Patent Issued to Jan Marini Skin Research on Oct. 9 for "Skin Care Compositions" (California Inventor) U.S. Fed News (111 Words)	10-Oct-2012
Marini Waltz dances on track New Straits Time (Malaysia) (136 Words)	6-Oct-2012
Beauty Research: In the Thick of it with Jan Marini and Phyto PR Web (565 Words)	5-Oct-2012

Registered No.(ITA): 00174890392

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.717768
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7453231

Corporate Overview

Location
Via Roma 50
Alfonsine, 48011
Italy

Tel: +39 0544 88111

Fax: +39 0544 81341

Website: www.marini-spa.com

Sales EUR(mil): 111.6

Assets EUR(mil): 69.9

Employees: 367

Fiscal Year End: 30-Sep-2011

Industry: Construction and Agriculture Machinery

Incorporation Date: 16-Sep-1948

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 00174890392

Direttore Generale: Pietro Filberto Marini

Industry Codes

ANZSIC 2006 Codes:
2462	-	Mining and Construction Machinery Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

NACE 2002 Codes:
2952	-	Manufacture of machinery for mining, quarrying and construction
2956	-	Manufacture of other special purpose machinery not elsewhere classified

NAICS 2002 Codes:
3331	-	Agriculture, Construction, and Mining Machinery Manufacturing
333298	-	All Other Industrial Machinery Manufacturing

US SIC 1987:
3531	-	Construction Machinery and Equipment
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified

UK SIC 2003:
2952	-	Manufacture of machinery for mining, quarrying and construction
2956	-	Manufacture of other special purpose machinery not elsewhere classified

UK SIC 2007:
2892	-	Manufacture of machinery for mining, quarrying and construction
2899	-	Manufacture of other special-purpose machinery n.e.c.

Business Description

Marini SpA is primarily engaged in manufacture of machinery for mining; manufacture of earth-moving equipment;and manufacture of equipment for concrete crushing and screening and roadworks.

More Business Descriptions

Construction Machinery Manufacturing

Financial Data

Financials in:	EUR(mil)	1 Year Growth
Revenue:	111.6	19.8%
Assets:	69.9	NA
Current Assets:	57.4
Total Liabilities:	69.9
Net Worth:	21.5
Date of Financial Data:	30-Sep-2011

Subsidiaries

Company	Percentage Owned	Country
Giardino Delle Rose SRL

Key Corporate Relationships

Bank:

Banca Monte dei Paschi di Siena Ag, Unicredit Ag, Intesa Sanpaolo Ag

Corporate Structure News

	Fayat SAS Marini SpA
Marini SpA Total Corporate Family Members: 84

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Fayat SAS	Parent	Bordeaux	France	Construction Services	23.6	37
Razel SAS	Subsidiary	Orsay	France	Construction Services	387.0	2,612
Lachaux Paysage	Subsidiary	Villevaude	France	Commercial Banks		149
Entreprise Bianco Et Compagnie	Subsidiary	Marthod	France	Construction Services	22.4	120
Compagnie De Terrassements Generaux	Subsidiary	Fontenay Sous Bois	France	Construction Services	15.9	34
Razel Cameroun	Subsidiary	Yaoundé	Cameroon	Construction Services
Cari SAS	Subsidiary	Carros	France	Construction Services	560.2	2,317
Fayat Bomag GmbH & Co. Unternehmensführungs KG	Subsidiary	Boppard, Rheinland-Pfalz	Germany	Business Services	484.4	1,500
BREINING Maschinen- und Fahrzeugbau GmbH	Subsidiary	Remshalden, Baden-Württemberg	Germany	Construction and Agriculture Machinery		35
Fayat Batiment	Subsidiary	Carros	France	Construction Services	448.1	1,499
Satelec SAS	Subsidiary	Viry Chatillon	France	Construction Services	285.3	1,499
Satelec (UK) Ltd.	Subsidiary	Huntingdon	United Kingdom	Biotechnology and Drugs	6.9	14
BOMAG GmbH	Subsidiary	Boppard, Rheinland-Pfalz	Germany	Construction and Agriculture Machinery	447.6	1,150
BOMAG Americas, Inc.	Subsidiary	Kewanee, IL	United States	Construction and Agriculture Machinery	131.0	125
BOMAG (Canada) Inc.	Subsidiary	Mississauga, ON	Canada	Construction and Agriculture Machinery	21.2	20
BOMAG GmbH	Branch	Singapore	Singapore	Construction and Agriculture Machinery		7
Bomag France	Subsidiary	Viry Chatillon	France	Construction and Agriculture Machinery	38.3	1
Entreprise Bec Frères S.A.	Subsidiary	Saint-Georges-d'Or	France	Construction Services	244.1	900
Bec Frères SA	Subsidiary	Saint-Georges-D'Orques	France	Construction Services	236.5	890
Urbaine de Travaux SAS	Subsidiary	Viry Chatillon	France	Construction Services	153.3	500
SEG-Fayat SAS	Subsidiary	Floirac	France	Construction Services	69.1	149
Service Assistance Maintenance Location SAS	Subsidiary	Grigny	France	Rental and Leasing	36.9	149
Castel et Fromaget SAS	Subsidiary	Fleurance	France	Construction Services	126.0	374
Castel Alu	Subsidiary	Fleurance	France	Construction Services	26.2	74
Marini SpA	Subsidiary	Alfonsine, Ravenna	Italy	Construction and Agriculture Machinery	155.4	367
Tekfalt Makina Servis Insaat Taahhut Sanayi Ve Ticaret A S	Subsidiary	Ankara	Turkey	Construction and Agriculture Machinery		95
SEFI Intrafor SAS	Subsidiary	Grigny	France	Construction Services	87.0	289
Societe Des Travaux Dentretien Du Metro	Subsidiary	Ivry Sur Seine	France	Construction Services	9.5	20
Barbot C.M.	Subsidiary	Descartes	France	Construction - Supplies and Fixtures	52.9	250
Ateliers de la Chainette SAS	Subsidiary	Parthenay	France	Miscellaneous Capital Goods	45.6	235
Nord France Constructions SAS	Subsidiary	Lambersart	France	Construction Services	69.8	224
Semeru SAS	Subsidiary	Viry Châtillon	France	Construction Services	46.5	224
Darras Et Jouanin	Subsidiary	Viry Chatillon	France	Construction - Raw Materials	25.9	224
Barbot CM SAS	Subsidiary	Descartes	France	Construction Services	64.4	205
Joseph Paris SAS	Subsidiary	Nantes	France	Construction Services	15.2	152
Fayat Entreprise TP SAS	Subsidiary	Libourne	France	Construction Services	48.3	149
Etablissements L.N Maurice	Subsidiary	St Louis De Montferrand	France	Non-Metallic Mining	6.6	14
Societe Moderne De Pavage	Subsidiary	Floirac	France	Construction Services	11.4
Vilquin SAS	Subsidiary	Jarnac	France	Construction Services	39.4	149
Entreprise De Reseaux Et Sources	Subsidiary	St Gregoire	France	Construction Services	33.5	149
Sotraisol Fondations	Subsidiary	Grigny	France	Construction Services	30.7	149
Établissements Dejean Servières SAS	Subsidiary	Caussade	France	Construction - Supplies and Fixtures	30.0	149
Franki Fondation	Subsidiary	Grigny	France	Construction Services	93.8	140
Franki Fundamenty Sp Z O O	Subsidiary	Poznan	Poland	Construction Services	12.0	45
BEC Construction Provence SAS	Subsidiary	Marseille	France	Construction Services	54.8	137
Famaro SAS	Subsidiary	Lorette	France	Construction and Agriculture Machinery		130
BEC Construction Languedoc Roussillon SASU	Subsidiary	Saint-Georges-d'Orques	France	Construction Services	27.9	108
Mathieu SA	Subsidiary	Toul	France	Miscellaneous Capital Goods	20.4	100
Viry S.A.	Subsidiary	Eloyes, Vosges	France	Construction Services	28.8	76
Le Reservoir	Subsidiary	Montlucon	France	Containers and Packaging	11.3	75
Reservoirs X Pauchard	Subsidiary	Autun	France	Containers and Packaging	6.9	58
Le Reservoir Massal	Subsidiary	Agde	France	Containers and Packaging	9.4	52
Famatec	Subsidiary	Vert St Denis	France	Construction and Agriculture Machinery	10.4	75
Fareco	Subsidiary	Nanterre	France	Electronic Instruments and Controls	31.9	74
Bec Construction Champagne	Subsidiary	Epernay	France	Construction Services	28.8	74
Secmair	Subsidiary	Cosse Le Vivien	France	Construction and Agriculture Machinery	22.3	74
Roux Cabrero Entreprise Generale De Batiment	Subsidiary	Annonay	France	Construction Services	19.0	74
Constructions Metalliques Paimboeuf	Subsidiary	Colombelles	France	Construction - Supplies and Fixtures	13.0	74
Lauxiliaire De Construction Metallique De La Loire	Subsidiary	Chace	France	Construction - Supplies and Fixtures	11.9	71
Bec Construction Languedoc-Roussillon	Subsidiary	St Georges D Orques	France	Construction Services	41.3	67
P.T.C.	Subsidiary	Noisy Le Sec	France	Construction and Agriculture Machinery	17.2	62
Ptc Piling Equipment (Far East) Pte Ltd	Subsidiary	Singapore	Singapore	Engineering Consultants		5
Multiphone	Subsidiary	Montrouge	France	Construction Services	10.3	59
Sols Et Fondations	Subsidiary	Amilly	France	Construction Services	12.5	57
Societe De Reseaux Dhennin	Subsidiary	Orgeres En Beauce	France	Construction Services	12.2	57
Charlatte Manutention SA	Subsidiary	Brienon-sur-Armaçon	France	Miscellaneous Capital Goods	30.2	54
Charlatte Reservoirs	Subsidiary	Migennes	France	Containers and Packaging	23.1	89
Ets Couturier	Subsidiary	Carvin	France	Construction - Supplies and Fixtures	14.5	36
Entreprise De Reseaux Sarthe Et Maine	Subsidiary	Change	France	Construction Services	6.5	35
Sarec	Subsidiary	Floirac	France	Construction Services	31.3	34
Comete Industrie Levage Manutention	Subsidiary	Anthon	France	Construction and Agriculture Machinery	19.2	34
Gorasso Transports Et Travaux Publics	Subsidiary	Vouvray	France	Construction Services	10.5	34
Vignobles Clement Fayat	Subsidiary	Parempuyre	France	Beverages (Alcoholic)	8.1	34
Citepark	Subsidiary	Viry Chatillon	France	Electronic Instruments and Controls	5.5	34
Bs Environnement	Subsidiary	Nimes	France	Waste Management Services	4.5	34
Sas Dolci	Subsidiary	Francois	France	Construction Services	3.3	34
Compagnie Industrielle Des Composants Beton	Subsidiary	Aiguillon	France	Construction - Raw Materials	2.5	34
3 D Dominique Declercq Distribution	Subsidiary	Arras	France	Retail (Specialty)		34
Vernieres Snc	Subsidiary	Floirac	France	Miscellaneous Capital Goods	8.5	33
Bomag Italia SRL	Subsidiary	Desenzano Del Garda, Brescia	Italy	Miscellaneous Transportation	15.0	16
Transport Tertiaire Industrie	Subsidiary	Noisy Le Sec	France	Construction Services	42.0	14
Aden France	Subsidiary	Domont	France	Miscellaneous Financial Services	4.9	14
Ravo Holding B.V.	Subsidiary	Alkmaar, Noord-Holland	Netherlands	Miscellaneous Financial Services	61.0
Bulbuloglu Vinc Sanayi Ve Ticaret A S	Subsidiary	Ankara	Turkey	Construction and Agriculture Machinery

Board of Directors

Name	Title	Function
Michel Bouchet	Member of the board	Director/Board Member
Clement Fayat	Member of the board	Director/Board Member

Executives

Name	Title	Function
Pietro Filberto Marini	Direttore Generale	Chief Executive Officer
Jean-Claude Fayat	President	President
Franco Zanoletti	Managing director	Managing Director
Antonio Ricci	Direttore-Tecnico	Information Executive
Elena Ballardini	Executive	Other
Gianni Fabbri	Executive	Other
Franco Folicaldi	Executive	Other
Marco Mascagni	Executive	Other
Alberto Montanari	Executive	Other

News

BRIEF: Bristol Palin latest celebrity eliminated on "Dancing with The Stars: All-Stars" The Blade, Toledo, Ohio, Blade (Toledo, OH) (108 Words)	16-Oct-2012
WIPO PUBLISHES PATENT OF A. & A. FRATELLI PARODI SPA, AUGUSTO PARODI, LEANDRO MARINI FOR "SEPARATE COLLECTION AND CONVERSION METHOD AND PLANT FOR... U.S. Fed News (264 Words)	10-Oct-2012
US Patent Issued to Jan Marini Skin Research on Oct. 9 for "Skin Care Compositions" (California Inventor) U.S. Fed News (111 Words)	10-Oct-2012
Marini Waltz dances on track Go Ram, New Straits Time (Malaysia) (136 Words)	06-Oct-2012
Beauty Research: In the Thick of it with Jan Marini and Phyto PR Web (565 Words)	05-Oct-2012
UNIVERSITY OF NEW HAMPSHIRE HOMECOMING WEEKEND ON OCT. 12-14 U.S. Fed News (963 Words)	05-Oct-2012
Gilles Marini and Buitoni@ Know What Girls Like: Guys Who Can Cook! Associated Press (948 Words)	04-Oct-2012
Patent Issued for Ladder Top with Tool Lasso Slot Journal of Engineering (567 Words)	03-Oct-2012
Scotia holds fast to Foothills lead Times Union, Albany, N.Y., Times Union (Albany, NY) (345 Words)	02-Oct-2012
CONTRACT AWARD - T34 ENGINE ADAPTER KIT FOR T9 NOISE SUPPRESSOR FedBizOpps (110 Words)	02-Oct-2012

Articles

Buitoni Partners with Gilles Marini to Introduce 'Girls Like Guys Who Can Cook' Contest Wireless News (386 Words) (1 Page)	15-Oct-2012
Gilles Marini and Buitoni Team for 'Guys Who Can Cook!' Contest Food & Beverage Close-Up (434 Words) (1 Page)	11-Oct-2012

Annual Profit & Loss

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.717768	0.740255	0.73971
Consolidated	No	No	No
Total income	170.9	123.1	107.4
Net sales	155.4	125.7	113.5
Other operating income	3.7	2.4	1.6
Raw materials and consumables employed	115.4	75.6	63.9
Other expenses	20.8	17.3	19.4
Total payroll costs	28.2	23.7	24.7
Fixed asset depreciation and amortisation	3.2	2.1	2.0
Other operating costs	0.5	0.4	0.3
Net operating income	2.8	4.0	-2.9
Total financial income	0.2	0.4	0.5
Total expenses	0.3	0.3	0.7
Profit before tax	2.6	4.1	-3.1
Extraordinary result	1.0	0.2	2.2
Profit after extraordinary items and before tax	3.6	4.3	-0.9
Total taxation	1.8	1.6	0.3
Net profit	1.8	2.7	-
Net loss	-	-	1.2

Annual Balance Sheet

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745323	0.732493	0.684135
Consolidated	No	No	No
Total stockholders equity	28.9	30.3	29.6
Provision for risks	6.4	6.8	4.7
Provision for pensions	3.2	4.2	5.4
Mortgages and loans	7.9	5.8	8.8
Other long-term liabilities	-	-	0.1
Trade creditors	27.6	31.2	19.6
Bank loans and overdrafts	5.8	2.5	4.6
Other current liabilities	13.9	13.1	11.1
Accruals and deferred income	0.1	0.2	0.5
Total current liabilities	47.4	47.0	35.9
Total liabilities (including net worth)	93.8	94.1	84.4
Intangibles	0.4	0.4	0.7
Buildings	3.6	3.4	3.9
Total tangible fixed assets	11.1	7.9	8.5
Long-term investments	4.7	3.2	1.2
Total financial assets	5.2	3.6	1.5
Receivables due after 1 year	-	1.7	1.9
Loans to associated companies	0.5	0.4	0.3
Total non-current assets	16.7	13.6	12.5
Finished goods	34.4	26.8	34.1
Net stocks and work in progress	41.7	29.8	39.1
Trade debtors	25.8	32.9	25.3
Other receivables	3.8	2.1	4.4
Cash and liquid assets	5.6	15.4	2.6
Accruals	0.1	0.2	0.5
Total current assets	77.0	80.4	71.9
Total assets	93.8	94.1	84.4

Annual Ratios

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745323	0.732493	0.684135
Consolidated	No	No	No
Current ratio	1.60	1.70	2.00
Quick ratio	0.80	1.10	0.90
Current liabilities to net worth	0.02%	0.02%	0.01%
Sales per employee	0.31	0.26	0.21
Profit per employee	0.01	0.01	0.00
Average wage per employee	0.06	0.05	0.05
Net worth	28.9	30.3	29.6
Number of employees	364	362	399

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.45

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%)

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.