MIRA INFORM REPORT

Report Date :

09.12.2013

IDENTIFICATION DETAILS

Name :	BUFFOLI TRANSFER SPA

Registered Office :	Via Stretta 40 Brescia, 25128

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	06.04.1979

Com. Reg. No.:	01103370175

Legal Form :	Public Independent

Line of Business :	Manufacture of machine tools for working stone, wood and similar hard material

No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Italy

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

BUFFOLI TRANSFER SPA

Via Stretta 40


Brescia, 25128
Italy


Tel:	+39 030 201550
Fax:	+39 030 201555

Employees:	50
Company Type:	Public Independent

Incorporation Date:	06-Apr-1979


Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	17.1
Total Assets:	24.4

Business Description

Buffoli Transfer SpA is primarily engaged in manufacture of machine tools for working stone, wood and similar hard material; presses for the manufacture of particle board and the like; manufacture of soldering, brazing and welding tools; surface tempering and hot spraying machines and apparatus; manufacture of tool holders and self-opening dieheads; manufacture of work holders for machine tools; manufacture of dividing heads and other special attachments for machine tools; manufacture of parts and accessories for wood, cork, hard rubber and similar hard materials working machine tools; and manufacture of parts and accessories for welding equipment.

Industry

Industry Machinery and Equipment Manufacturing

ANZSIC 2006: 2463 - Machine Tool and Parts Manufacturing

ISIC Rev 4: 2822 - Manufacture of metal-forming machinery and machine tools

NACE Rev 2: 2849 - Manufacture of other machine tools

NAICS 2012: 33351 - Metalworking Machinery Manufacturing

UK SIC 2007: 2849 - Manufacture of other machine tools

US SIC 1987: 3549 - Metalworking Machinery, Not Elsewhere Classified

Key Executives

Name	Title
Edoardo Alberto Buffoli	President

Registered No.(ITA): 01103370175

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 Stretta 40
Brescia, 25128
BRESCIA County
Italy

Tel:	+39 030 201550
Fax:	+39 030 201555

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Sales EUR(mil):	12.3
Assets EUR(mil):	18.8
Employees:	50
Fiscal Year End:	31-Dec-2011

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KeyID^SM:	43253419
Industry:	Miscellaneous Capital Goods

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Incorporation Date:	06-Apr-1979
Company Type:	Public Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	01103370175

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President:	Edoardo Alberto Buffoli

Industry Codes

ANZSIC 2006 Codes:
2463	-	Machine Tool and Parts Manufacturing
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
6991	-	Professional Photographic Services

ISIC Rev 4 Codes:
2822	-	Manufacture of metal-forming machinery and machine tools
7420	-	Photographic activities
2829	-	Manufacture of other special-purpose machinery

NACE Rev 2 Codes:
2849	-	Manufacture of other machine tools
7420	-	Photographic activities
2899	-	Manufacture of other special-purpose machinery n.e.c.

NAICS 2012 Codes:
33351	-	Metalworking Machinery Manufacturing
54192	-	Photographic Services
333249	-	Other Industrial Machinery Manufacturing

US SIC 1987:
3549	-	Metalworking Machinery, Not Elsewhere Classified
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified
7221	-	Photographic Studios, Portrait

UK SIC 2007:
2849	-	Manufacture of other machine tools
7420	-	Photographic activities
2899	-	Manufacture of other special-purpose machinery n.e.c.

Business Description

Financial Data

Financials in:	EUR(mil)
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Revenue:	12.3
Assets:	18.8
Current Assets:	17.2
Total Liabilities:	18.8
Net Worth:	2.3
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Date of Financial Data:	31-Dec-2011

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1 Year Growth

-3.8%

Key Corporate Relationships

Bank:

Unicredit Ag, Ubi Banco di Brescia Ag, Credito Cooperativo Di Brescia filiale Brescia Fiumicello

Executives Report

Executives

Name

Title

Function

Edoardo Alberto Buffoli

President

Francesco Buffoli

Managing director

Managing Director

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	22.7	17.9	16.5
Net sales	17.1	17.0	-
Other operating income	0.3	0.1	0.1
Raw materials and consumables employed	15.0	9.3	8.4
Other expenses	4.3	4.4	3.8
Total payroll costs	4.0	3.5	3.2
Fixed asset depreciation and amortisation	0.4	0.3	0.4
Other operating costs	0.1	0.1	0.1
Net operating income	-1.2	0.3	0.6
Total financial income	0.0	0.0	0.0
Total expenses	0.0	0.0	0.0
Profit before tax	-1.2	0.3	0.6
Extraordinary result	0.0	0.0	0.0
Profit after extraordinary items and before tax	-1.2	0.3	0.5
Total taxation	0.1	0.2	0.3
Net profit	-	0.1	0.2
Net loss	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	3.0	4.2	4.4
Provision for risks	0.2	0.1	0.5
Provision for pensions	0.9	0.9	0.9
Mortgages and loans	-	0.1	0.3
Other long-term liabilities	0.9	0.9	1.0
Trade creditors	8.3	5.4	3.6
Bank loans and overdrafts	2.3	0.1	0.2
Other current liabilities	8.8	4.9	5.6
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	19.4	10.4	9.4
Total liabilities (including net worth)	24.4	16.7	16.5
Intangibles	0.6	0.1	0.1
Buildings	0.5	0.4	0.5
Total tangible fixed assets	1.3	1.0	1.1
Long-term investments	0.0	0.0	0.0
Total financial assets	0.1	0.1	0.4
Total non-current assets	2.0	1.2	1.6
Finished goods	11.0	6.2	5.9
Net stocks and work in progress	13.0	7.4	7.3
Trade debtors	5.8	5.3	6.7
Other receivables	2.8	1.1	0.6
Cash and liquid assets	0.8	1.7	0.2
Accruals	0.1	0.1	0.0
Total current assets	22.4	15.5	14.8
Total assets	24.4	16.7	16.5

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	1.20	1.50	1.60
Quick ratio	0.50	0.80	0.80
Current liabilities to net worth	0.07%	0.03%	0.02%
Sales per employee	0.22	0.26	-
Profit per employee	-0.02	0.00	0.01
Average wage per employee	0.05	0.05	0.05
Net worth	3.0	4.2	4.4
Number of employees	55	49	45

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Report Prepared by :

NIS

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.

MIRA INFORM REPORT

Company name and address

Business Description

Industry

Key Executives

Corporate Overview

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Executives Report

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Unit

Annual Profit & Loss