MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	DINAMIC OIL SPA
Registered Office :	Via Togliatti 15, Bomporto, 41030
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	30.01.1986
Com. Reg. No.:	01678080365
Legal Form :	Public Subsidiary
Line of Business :	Subject is 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
No. of Employees :	186

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 :	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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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, highly subsidized, agricultural south, where unemployment is high. 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 its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. 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 sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

Company name and address

DINAMIC OIL SPA

Via Togliatti 15

Bomporto, 41030

Italy

Fax:	+39 0598 12603

Employees:	186
Company Type:	Public Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	42 HOLDING SRL
Incorporation Date:	30-Jan-1986

Financials in:	USD (In Millions)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	67.3
Total Assets:	62.1

Business Description

Dinamic Oil SpA 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	Machinery and Equipment Manufacturing
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
ISIC Rev 4:	2829 - Manufacture of other special-purpose machinery
NACE Rev 2:	2899 - Manufacture of other special-purpose machinery n.e.c.
NAICS 2012:	333249 - Other Industrial Machinery Manufacturing
UK SIC 2007:	2899 - Manufacture of other special-purpose machinery n.e.c.
US SIC 1987:	3569 - General Industrial Machinery and Equipment, Not Elsewhere Classified

Key Executives

Name	Title
Carlo Alberto Montecchi	Sole administrator

Registered No.(ITA): 01678080365

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 Togliatti 15
Bomporto, 41030
Italy

Fax:	+39 0598 12603

Sales EUR(mil):	48.4
Assets EUR(mil):	47.8
Employees:	186
Fiscal Year End:	31-Dec-2011

Industry:

Miscellaneous Capital Goods

Incorporation Date:	30-Jan-1986
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	01678080365

Sole administrator:	Carlo Alberto Montecchi

Industry Codes

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

ISIC Rev 4 Codes:
2829	-	Manufacture of other special-purpose machinery

NACE Rev 2 Codes:
2899	-	Manufacture of other special-purpose machinery n.e.c.

NAICS 2012 Codes:
333249	-	Other Industrial Machinery Manufacturing

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

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

Business Description

Dinamic Oil SpA 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:	48.4
Assets:	47.8
Current Assets:	44.1
Total Liabilities:	47.8
Net Worth:	15.7
Date of Financial Data:	31-Dec-2011

1 Year Growth

14.3%

NA

Key Corporate Relationships

Bank:

Banca Popolare Dell'Emilia Romagna Ag

Corporate Structure News

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
42 HOLDING SRL	Parent
Dinamic Oil SpA	Subsidiary	Bomporto, Modena	Italy	Machinery and Equipment Manufacturing	67.3	186

Executives Report

Executives

Name	Title	Function
Carlo Alberto Montecchi	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	74.2	59.6	47.0
Net sales	67.3	56.0	54.6
Other operating income	0.8	0.4	0.5
Raw materials and consumables employed	33.6	25.3	16.5
Other expenses	22.1	20.2	16.0
Total payroll costs	11.7	10.1	9.7
Fixed asset depreciation and amortisation	1.6	1.4	1.4
Other operating costs	0.6	0.3	0.4
Net operating income	4.5	2.2	3.0
Total financial income	0.4	0.2	-0.1
Total expenses	0.5	0.4	0.7
Profit before tax	4.4	2.0	2.2
Profit after extraordinary items and before tax	4.4	2.0	2.2
Total taxation	1.8	0.9	1.0
Net profit	2.6	1.1	1.2

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	20.4	18.8	19.5
Provision for risks	0.3	0.2	0.2
Provision for pensions	2.3	2.0	2.0
Mortgages and loans	5.3	4.6	7.0
Other long-term liabilities	3.9	4.0	4.3
Trade creditors	16.2	14.5	7.7
Bank loans and overdrafts	7.7	3.3	4.6
Other current liabilities	6.0	3.4	3.0
Accruals and deferred income	0.1	0.1	0.1
Total current liabilities	29.9	21.2	15.5
Total liabilities (including net worth)	62.1	50.9	48.5
Intangibles	1.6	2.1	2.7
Buildings	0.1	0.1	0.1
Total tangible fixed assets	2.2	2.2	2.6
Long-term investments	0.5	0.3	0.2
Total financial assets	0.5	0.3	0.2
Receivables due after 1 year	0.5	0.5	0.5
Total non-current assets	4.9	5.1	6.0
Finished goods	25.4	20.3	18.3
Net stocks and work in progress	31.0	24.2	22.3
Trade debtors	11.7	11.6	10.8
Other receivables	13.8	7.5	6.6
Cash and liquid assets	0.5	2.4	2.6
Accruals	0.4	0.1	0.3
Total current assets	57.2	45.8	42.5
Total assets	62.1	50.9	48.5

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	1.90	2.20	2.80
Quick ratio	0.90	1.00	1.30
Current liabilities to net worth	0.02%	0.01%	0.01%
Sales per employee	0.27	0.24	0.22
Profit per employee	0.02	0.01	0.01
Average wage per employee	0.05	0.04	0.04
Net worth	20.4	18.8	19.5
Number of employees	179	173	178

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.43
UK Pound	1	Rs.95.76
Euro	1	Rs.81.76

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.