MIRA INFORM REPORT

Report Date :

19.06.2013

IDENTIFICATION DETAILS

Name :	ILCAT SPA
Registered Office :	Via Piemonte 2, Iolo, Prato, 59100
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	21.02.1956
Com. Reg. No.:	00404540486
Legal Form :	Public Parent Company
Line of Business :	· wholesaler of yarn · Wholesaler of fabrics · Wholesaler of household linen
No. of Employees :	28

RATING & COMMENTS

MIRA’s Rating :

B

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	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 & address

Ilcat SpA

Via Piemonte 2

Iolo

Prato, 59100

Italy

Tel: +39 0574 5521

Fax: +39 0574 552404

Web: www.ilcat.it

Synthesis

Employees: 28

Company Type: Public Parent

Corporate Family: 2 Companies

Incorporation Date: 21-Feb-1956

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 74.8

Total Assets: 60.4

Business Description

Ilcat SpA is primarily engaged in wholesale of yarn; wholesale of fabrics; wholesale of household linen and wholesale of haberdashery: needles, sewing thread.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 3711 - Textile Product Wholesaling

NACE 2002: 5141 - Wholesale of textiles

NAICS 2002: 424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

UK SIC 2003: 5141 - Wholesale of textiles

UK SIC 2007: 4641 - Wholesale of textiles

US SIC 1987: 5131 - Piece Goods, Notions, and Other Dry Good

Key Executives

Name Title

Paolo Bini President

Ilaria Bruni 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

Via Piemonte 2

Iolo

Prato, 59100

Italy

Tel: +39 0574 5521

Fax: +39 0574 552404

Web: www.ilcat.it

Sales EUR(mil): 53.8

Assets EUR(mil): 46.6

Employees: 28

Fiscal Year End: 31-Dec-2011

Industry: Apparel and Accessories

Incorporation Date: 21-Feb-1956

Company Type: Public Parent

Quoted Status: Not Quoted

Registered No.(ITA): 00404540486

President: Paolo Bini

Industry Codes

ANZSIC 2006 Codes:

3711 - Textile Product Wholesaling

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

5141 - Wholesale of textiles

5190 - Other wholesale

NAICS 2002 Codes:

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

423990 - Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:

5131 - Piece Goods, Notions, and Other Dry Good

5099 - Durable Goods, Not Elsewhere Classified

UK SIC 2003:

5141 - Wholesale of textiles

5190 - Other wholesale

UK SIC 2007:

4641 - Wholesale of textiles

4690 - Non-specialised wholesale trade

Business Description

Ilcat SpA is primarily engaged in wholesale of yarn; wholesale of fabrics; wholesale of household linen and wholesale of haberdashery: needles, sewing thread.

More Business Descriptions

Fiber, Yarn, and Thread Mills

Financial Data

Financials in:	EUR(mil)
Revenue:	53.8
Assets:	46.6
Current Assets:	40.9
Total Liabilities:	46.6
Net Worth:	10.5
Date of Financial Data:	31-Dec-2011

1 Year Growth

4.9%

NA

Subsidiaries

Company	Percentage Owned	Country
My Way International SpA

Key Corporate Relationships

Bank:	Unicredit Ag, Cassa di Risparmio di Firenze Ag, Banca Monte dei Paschi di Siena Ag

Corporate Family	Corporate Structure News:
	Ilcat SpA
Ilcat SpA Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Ilcat SpA	Parent	Prato, Prato	Italy	Apparel and Accessories	74.8	29
My Way International SpA	Subsidiary	Prato, Prato	Italy	Apparel and Accessories	44.2	15

Executive report

Executives

Name	Title	Function
Paolo Bini	President	President
Alberto Crispo	Managing director	Managing Director
Lorenzo Fioravanti	Managing director	Managing Director
Marco Profeta	Managing director	Managing Director
Filippo Quagli	Managing director	Managing Director
Federico Quagli	Managing director	Managing Director
Ilaria Bruni	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	75.0	68.0	68.6
Net sales	74.8	67.9	68.5
Other operating income	0.2	0.1	0.1
Raw materials and consumables employed	58.8	53.7	53.8
Other expenses	11.5	10.2	11.1
Total payroll costs	2.7	2.4	2.5
Fixed asset depreciation and amortisation	0.5	0.4	0.4
Other operating costs	0.6	0.4	1.9
Net operating income	0.9	0.9	-1.1
Total financial income	0.2	0.0	0.5
Total expenses	0.7	0.4	0.7
Profit before tax	0.4	0.5	-1.3
Extraordinary result	0.0	0.0	0.2
Profit after extraordinary items and before tax	0.4	0.5	-1.2
Total taxation	0.4	0.3	-0.1
Net profit	0.1	0.2	-
Net loss	-	-	1.1

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	13.7	14.1	14.8
Provision for risks	0.4	0.4	0.3
Provision for pensions	0.9	0.8	0.8
Mortgages and loans	0.3	0.8	1.5
Other long-term liabilities	1.3	2.0	2.2
Trade creditors	13.6	13.7	13.8
Bank loans and overdrafts	27.9	27.8	28.9
Other current liabilities	2.5	1.6	1.6
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	43.9	43.1	44.3
Total liabilities (including net worth)	60.4	61.2	63.8
Intangibles	0.2	0.2	0.2
Buildings	0.1	0.1	0.1
Total tangible fixed assets	2.6	1.9	1.0
Long-term investments	0.6	0.6	0.7
Total financial assets	4.2	5.5	7.2
Receivables due after 1 year	0.4	0.4	0.3
Loans to associated companies	0.8	1.4	2.1
Total non-current assets	7.3	8.1	8.8
Net stocks and work in progress	25.2	23.5	23.9
Trade debtors	24.5	27.8	28.1
Other receivables	2.3	1.1	2.2
Cash and liquid assets	0.5	0.6	0.6
Accruals	0.5	0.1	0.2
Total current assets	53.1	53.2	55.0
Total assets	60.4	61.2	63.8

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	1.20	1.20
Quick ratio	0.60	0.70	0.70
Current liabilities to net worth	0.03%	0.03%	0.03%
Sales per employee	1.92	1.77	1.76
Profit per employee	0.01	0.01	-0.03
Average wage per employee	0.07	0.06	0.06
Net worth	13.7	14.1	14.8
Number of employees	28	29	28

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.45
UK Pound	1	Rs.91.60
Euro	1	Rs.77.91

INFORMATION DETAILS

Report Prepared by :

MNL

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.