MIRA INFORM REPORT

Report Date :

04.06.2013

IDENTIFICATION DETAILS

Name :	ISOLA S.P.A.

Registered Office :	Viale Europa 1 Fl Area Quadrifoglio Milan, 55013

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	28.12.1989

Com. Reg. No.:	01361460460

Legal Form :	Public Subsidiary

Line of Business :	Subject engaged in sanitation, remediation and similar activities

No. of Employees :	10

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 :	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

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 Top of Form

Bottom of Form

Top of Form

Isola S.p.A.

Viale Europa 1 Fl Area Quadrifoglio


Milan, 55013
Italy


Tel:	39-0583936929
Fax:	+39 0583 933348

www.isola.it

Employees:	10
Company Type:	Public Subsidiary
Corporate Family:	59 Companies
Ultimate Parent:	Von Roll Holding AG

Incorporation Date:	28-Dec-1989

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	53.1
Total Assets:	25.2

Business Description

Isola SpA is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Industry

Industry	Waste Management Services
ANZSIC 2006:	29 - Waste Collection, Treatment and Disposal Services
NACE 2002:	9003 - Sanitation, remediation and similar activities
NAICS 2002:	562910 - Remediation Services
UK SIC 2003:	9003 - Sanitation, remediation and similar activities
UK SIC 2007:	3900 - Remediation activities and other waste management services
US SIC 1987:	4959 - Sanitary Services, Not Elsewhere Classified

Key Executives

Name	Title
Luigi Isola	Sole administrator
Mario Puccetti	Executive

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
Viale Europa 1 Fl Area Quadrifoglio
Milan, 55013
Italy

Tel:	39-0583936929
Fax:	+39 0583 933348

www.isola.it

Sales EUR(mil):	38.2
Assets EUR(mil):	19.4
Employees:	10
Fiscal Year End:	31-Dec-2011


Industry:	Waste Management Services

Incorporation Date:	28-Dec-1989
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	01361460460


Sole administrator:	Luigi Isola

Industry Codes

ANZSIC 2006 Codes:
29	-	Waste Collection, Treatment and Disposal Services

NACE 2002 Codes:
9003	-	Sanitation, remediation and similar activities

NAICS 2002 Codes:
562910	-	Remediation Services

US SIC 1987:
4959	-	Sanitary Services, Not Elsewhere Classified

UK SIC 2003:
9003	-	Sanitation, remediation and similar activities

UK SIC 2007:
3900	-	Remediation activities and other waste management services

Business Description

Waste & Scrap Paper Collection and Processing

More Business Descriptions

Isola SpA is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Industrial and Personal Service Paper Merchant Wholesalers

Financial Data

Financials in:	EUR(mil)

Revenue:	38.2
Assets:	19.4
Current Assets:	12.4
Total Liabilities:	19.4
Net Worth:	7.0

Date of Financial Data:	31-Dec-2011

1 Year Growth

-26.9%

Key Corporate Relationships

Bank:	Banca Nazionale del Lavoro Ag, Unicredit Banca Ag

Corporate Structure News

Isola S.p.A.
Total Corporate Family Members: 59

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Von Roll Holding AG	Parent	Waedenswil	Switzerland	Electronic Instruments and Controls	579.2	2,855
Von Roll Transformers Ltd	Subsidiary	Ramat Ha'Sharon	Israel	Electronic Instruments and Controls		629
Swiss Insulating Works Ltd.	Subsidiary	Breitenbach	Switzerland	Electronic Instruments and Controls		400
Von Roll Isola Mtec Ltd.	Subsidiary	Breitenbach	Switzerland	Electronic Instruments and Controls		400
Pearl Insulations Private Ltd	Subsidiary	Bengaluru	India	Electronic Instruments and Controls		280
Von Roll Isola GmbH	Subsidiary	Duren	Germany	Iron and Steel		260
Pearl Metal Products (Bangalore) Pvt. Ltd.	Subsidiary	Bengaluru	India	Electronic Instruments and Controls		230
Von Roll USA, Inc.	Subsidiary	Schenectady, NY	United States	Electronic Instruments and Controls		200
Von Roll USA Inc	Branch	New Haven, CT	United States	Retail (Home Improvement)	13.3	40
Von Roll America Inc.	Subsidiary	East Liverpool, OH	United States	Waste Management Services	2.3	167
Von Roll Isola GmbH	Subsidiary	Augsburg	Germany	Iron and Steel		150
Von Roll Deutschland Holding GmbH	Subsidiary	Augsburg, Bayern	Germany	Investment Services		120
Von Roll Solar AG	Subsidiary	Wadenswil	Switzerland	Electric Utilities		100
Inova France S.A.	Subsidiary	Rueil-Malmaison	France	Iron and Steel	53.4	89
Von Roll Composite S.A.S.	Subsidiary	Belfort	France	Iron and Steel		61
Von Roll Austral, Inc.	Subsidiary	Douglasville, GA	United States	Electronic Instruments and Controls	9.9	60
Von Roll UK Ltd.	Subsidiary	Bradford	United Kingdom	Construction - Supplies and Fixtures	15.3	49
John C. Dolph Company	Subsidiary	Monmouth Junction, NJ	United States	Chemical Manufacturing		40
Von Roll BHU Umwelttechnik GmbH	Subsidiary	Bietigheim-Bissingen, Baden-WÃ¼rttemberg	Germany	Engineering Consultants		35
Von Roll Isola-Midwest	Subsidiary	Cleveland, OH	United States	Electronic Instruments and Controls	3.1	30
Shenzhen Shengbida Electrical Material Co., Ltd.	Subsidiary	Shenzhen	China	Electronic Instruments and Controls		30
Von Roll Italia S.p.A.	Subsidiary	Bergamo, Ghisalbe	Italy	Electronic Instruments and Controls	9.3	26
Transalpina GmbH	Subsidiary	Vienna	Austria	Iron and Steel	6.2	20
Von Roll Infratec Holding AG	Subsidiary	Wadenswil	Switzerland	Iron and Steel		20
Von Roll Schweiz AG	Subsidiary	Breitenbach	Switzerland	Chemical Manufacturing		2,085
Von Roll Isola France SA	Subsidiary	Delle	France	Electronic Instruments and Controls	32.3	178
Von Roll France S.A.	Subsidiary	Delle	France	Electric Utilities	86.9	177
Rieter Machine Works Ltd.	Subsidiary	Winterthur	Switzerland	Iron and Steel		900
Industrial Berearbeitngscenter AG	Subsidiary	Breitenbach	Switzerland	Iron and Steel		400
Robert Aebi AG	Subsidiary	Regensdorf	Switzerland	Construction and Agriculture Machinery	239.9	300
Robert Aebi GmbH	Subsidiary	Achstetten, Baden-WÃ¼rttemberg	Germany	Construction and Agriculture Machinery		71
Robert Aebi Bayern GmbH	Subsidiary	Parsdorf, Bayern	Germany	Construction and Agriculture Machinery	54.7	50
Von Roll Casting (Emmenbrucke) AG	Subsidiary	Emmenbrucke	Switzerland	Miscellaneous Capital Goods		220
VonRoll Hydroservices AG	Subsidiary	Oensingen	Switzerland	Engineering Consultants	79.1	150
Von Roll Hydrotec S.A.	Subsidiary	Oensingen	Switzerland	Iron and Steel		120
Matra	Subsidiary	Lyss	Switzerland	Engineering Consultants		54
Von Roll Hydro Tech GmbH	Subsidiary	Prenzlau, Brandenburg	Germany	Engineering Consultants		40
Savre SA	Subsidiary	Lugano, Ticino	Switzerland	Iron and Steel		13
Strack GmbH	Subsidiary	Troisdorf	Germany	Engineering Consultants		3
Von Roll Eisen & Stahlgiesserei AG	Subsidiary	Biel/Bienne	Switzerland	Miscellaneous Fabricated Products
Wire Technology Ltd.	Subsidiary	Dunstable	United Kingdom	Miscellaneous Fabricated Products		13
Isola S.p.A.	Subsidiary	Milan	Italy	Waste Management Services	53.1	10
Von Roll Asia Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronic Instruments and Controls		6
IBIC	Subsidiary	Vilvoorde	Belgium	Electronic Instruments and Controls		4
Von Roll Isola Czech Republic	Subsidiary	Prague	Czech Republic	Iron and Steel		2
Von Roll Isola, Winding Systems GmbH	Subsidiary	Dobeln	Germany	Iron and Steel		2
Von Roll Management AG	Subsidiary	Wadenswil	Switzerland	Electric Utilities
Von Roll Shanghai Co., Ltd	Subsidiary	Shanghai	China	Electronic Instruments and Controls
S.A.R.L. Von Roll Isola Algerie	Subsidiary	Cheraga	Algeria	Electronic Instruments and Controls
Parco Industriale e Immobiliare Ltd.	Subsidiary	Giornico	Switzerland	Iron and Steel
Von Roll Isola Poland	Subsidiary	Wroclaw	Poland	Iron and Steel
Von Roll Isola, EL Paso	Subsidiary	New Haven, CT	United States	Iron and Steel
Von Roll USA Holding, Inc.	Subsidiary	Schenectady, NY	United States	Investment Services
Von Roll do Brasil Ltda. - Production Plant	Facility	Maracanau, Ceara	Brazil	Electronic Instruments and Controls
Von Roll Do Brasil Ltda.	Branch	Barueri, Sao Paulo	Brazil	Electronic Instruments and Controls
Von Roll Water Holding AG	Subsidiary	Breitenbach	Switzerland	Investment Services
Von Roll REACH GmbH	Subsidiary	Augsburg	Germany	Electronic Instruments and Controls
Von Roll Insulation & Composites Holding AG	Subsidiary	Breitenbach	Switzerland	Investment Services
OOO Von Roll	Subsidiary	Moscow	Russian Federation	Construction - Supplies and Fixtures

Executives Report

Executives

Name

Title

Function

Luigi Isola

Sole administrator

President

Mario Puccetti

Executive

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	53.7	69.8	67.9
Net sales	53.1	69.2	67.3
Other operating income	0.6	0.6	0.6
Raw materials and consumables employed	41.8	56.5	52.6
Other expenses	7.9	8.6	10.1
Total payroll costs	0.5	0.5	0.5
Fixed asset depreciation and amortisation	0.3	1.6	0.2
Other operating costs	0.2	0.2	0.6
Net operating income	3.0	2.5	3.9
Total financial income	1.0	0.5	0.4
Total expenses	0.4	0.3	1.4
Profit before tax	3.7	2.6	2.9
Extraordinary result	-8.2	0.0	0.0
Profit after extraordinary items and before tax	-4.5	2.6	2.9
Total taxation	-1.2	0.9	0.9
Net profit	-	1.7	2.0
Net loss	3.3	-	-

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	9.1	13.0	12.7
Provision for risks	0.1	0.1	-
Provision for pensions	0.1	0.1	0.1
Mortgages and loans	3.1	4.4	0.8
Other long-term liabilities	1.3	1.3	0.0
Trade creditors	5.1	6.4	4.4
Bank loans and overdrafts	5.4	7.1	13.3
Other current liabilities	1.0	1.7	1.1
Accruals and deferred income	0.1	0.1	0.1
Total current liabilities	11.5	15.3	18.9
Total liabilities (including net worth)	25.2	34.2	32.5
Intangibles	0.1	0.1	0.1
Buildings	0.5	0.5	0.6
Total tangible fixed assets	1.0	1.1	1.4
Long-term investments	6.1	6.0	3.8
Total financial assets	7.1	7.1	3.8
Receivables due after 1 year	1.0	7.5	0.0
Total non-current assets	9.1	15.8	5.3
Finished goods	0.1	0.0	0.0
Net stocks and work in progress	0.1	0.1	0.1
Trade debtors	13.1	15.9	22.0
Other receivables	1.1	0.5	0.2
Cash and liquid assets	1.7	1.6	2.1
Marketable securities	-	0.1	2.5
Accruals	0.1	0.2	0.2
Total current assets	16.1	18.4	27.2
Total assets	25.2	34.2	32.5

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	1.20	1.40
Quick ratio	1.40	1.20	1.40
Current liabilities to net worth	0.01%	0.01%	0.02%
Sales per employee	4.24	5.22	4.84
Profit per employee	-0.36	0.20	0.21
Average wage per employee	0.04	0.04	0.03
Net worth	9.1	13.0	12.7
Number of employees	9	10	10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.57
UK Pound	1	Rs.86.15
Euro	1	Rs.73.64

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