MIRA INFORM REPORT

Report Date :

12.01.2013

IDENTIFICATION DETAILS

Name :	BIELLA SHRUNK PROCESS DI ALBERTO PIETRO E C. - S.A.S.
Registered Office :	Via Marconi, 101 13010 - Quaregna (BI) -IT-
Country :	Italy
Date of Incorporation :	09.03.1961
Legal Form :	Limited partnership
Line of Business :	Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories)
No. of Employees :	from 26 to 35

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 – 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

BIELLA SHRUNK PROCESS DI ALBERTO PIETRO E C. - S.A.S.

Via Marconi, 101

13010 - Quaregna (BI) -IT-

Summary

Fiscal Code	:	00719950156
Legal Form	:	Limited partnership
start of Activities	:	05/05/1995
Turnover Range	:	3.000.000/3.750.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories)

Legal Data

Legal Form : Limited partnership

Fiscal Code : 00719950156

Foreign Trade Reg. no. : BI003615 since 27/12/1991

Foreign Trade Reg. no. : 893384 of

Chamber of Commerce no. : 80073 of since 08/11/1962

Chamber of Commerce no. : 80073 of

V.A.T. Code : 01618600025

Establishment date	: 09/03/1961
Start of Activities	: 05/05/1995
Legal duration	: 31/12/2050
Nominal Capital	: 475.140
Subscribed Capital	: 475.140
Paid up Capital	: 475.140

Members

Alberto

Pietro

Born in Follina

(TV)

on 05/08/1929

- Fiscal Code : LBRPTR29M05D654G

Residence:

Masserano Calaria

, 70

- 13051

Biella

(BI)

- IT -

Position	Since	Shares Amount	% Ownership
General Partner		23.757 -	5,00

No Prejudicial events are reported

No Protests registered

Alberto

Michele

Born in Biella

(VC)

on 13/04/1970

- Fiscal Code : LBRMHL70D13A859A

Residence:

Molino

, 27

- 13841

Bioglio

(BI)

- IT -

Position	Since	Shares Amount	% Ownership
Limited Partner	27/05/1999	23.757 -	5,00

No Prejudicial events are reported

No Protests registered

Ferla

Giorgio

Born in Trivero

(VC)

on 14/12/1949

- Fiscal Code : FRLGRG49T14L436E

Residence:

Cereie

, 167

- 13835

Trivero

(BI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/07/1999

No Prejudicial events are reported

No Protests registered

Arco Hellas - S. A R.l.

Position	Since	Shares Amount	% Ownership
Limited Partner		427.626 -	90,00

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-	Legal and operative seat

Marconi

, 101

- 13010

- Quaregna

(BI)

- IT -

TELEX

: 215337

PHONE

: 01526122

PHONE

: 015921446

FAX	: 015352017

-

Branch

(Warehouse)

since 13/11/2000

Liberta'

, 9

- 13060

- Cerreto Castello

(BI)

- IT -

Employees

: 32

The firm operates abroad as importer / exporter..

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

- its own sales net-work

- its own agents

- consortium with other companies

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Arco Hellas - S. A R.l.

Ex-Postions

Limited Partner

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

The subject has operated for along.

As regards liquid means, subject is able to face the necessary management requirements.

Its current financial situation is adequate to real needs so that payments are settled on agreed terms and means.

Debts towards banks and suppliers are kept to limited extent.

Current financial charges are limited.

No irregularities are registered.

Correct trade relations. No meaningful remark is expressed by usual suppliers.

Financial Data

Complete balance-sheet for the year

(in Eur

x 1)

Item Type	Value
Sales	3.200.000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.