MIRA INFORM REPORT

Report Date :

08.03.2013

IDENTIFICATION DETAILS

Name :	UGOLINI SRL

Registered Office :	Via Lago Di Misurina 18, Schio, 36015

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	05.02.1982

Com. Reg. No.:	00810360248

Legal Form :	Private Independent Company

Line of Business :	manufacturer of textile machinery

No. of Employees :	21

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually 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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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, 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 & address

Ugolini SRL

Via Lago Di Misurina 18

Schio, 36015

Italy

Tel: +39 0445 576110

Fax: +39 0445 576109

Synthesis

Employees: 21

Company Type: Private Independent

Incorporation Date: 05-Feb-1982

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 7.0

Total Assets: 2.9

Business Description

Ugolini SRL is primarily engaged in manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns; machines for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool carbonisers, combs, carders, roving frames, etc.; spinning machines; machines for preparing textile yarns: reelers, warpers and related machines; weaving machines (looms) including hand looms; knitting machines; machines for making knotted net, tulle, lace, braid, etc.); manufacture of auxiliary machines or equipment for textile machinery (dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms, spindles and spindle flyers, etc.); manufacture of machinery for fabric processing (machinery for washing, bleaching, dyeing, dressing, finishing, coating or impregnating textile fabrics; manufacture of machines for reeling, unreeling, folding, cutting or pinking textile fabrics); manufacture of laundry machinery (ironing machines including fusing presses; laundry-type washing and drying machines; dry cleaning machines); manufacture of sewing machines, sewing machine heads and sewing machine needles; manufacture of machines for producing or finishing felt or nonwovens; manufacture of leather machines (machinery for preparing, tanning or working hides, skins or leather; and machinery for making or repairing footwear or other articles of hides, skins, leather or furskins).

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002: 2954 - Manufacture of machinery for textile, apparel and leather production

NAICS 2002: 333292 - Textile Machinery Manufacturing

UK SIC 2003: 2954 - Manufacture of machinery for textile, apparel and leather production

UK SIC 2007: 2894 - Manufacture of machinery for textile, apparel and leather production

US SIC 1987: 3552 - Textile Machinery

Key Executives

Name Title

Giuseppe Umberto Ugolini President

News

Title	Date
Patent Application Titled "Optical Interconnection Assemblies and Systems for High-Speed Data-Rate Optical Transport Systems" Under Review Politics & Government Week (854 Words)	29-Nov-2012
"Machine for Products Such as Ice Creams, Granita Or Frozen Beverages" in Patent Application Approval Process Politics & Government Week (730 Words)	4-Oct-2012
"Machine for Products Such as Ice Creams, Granita Or Frozen Beverages" in Patent Application Approval Process Food Weekly News (729 Words)	3-Oct-2012

Registered No.(ITA): 00810360248

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 Lago Di Misurina 18

Schio, 36015

Italy

Tel: +39 0445 576110

Fax: +39 0445 576109

Sales EUR(mil): 5.0

Assets EUR(mil): 2.2

Employees: 21

Fiscal Year End: 31-Dec-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 05-Feb-1982

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(ITA): 00810360248

President: Giuseppe Umberto Ugolini

Industry Codes

ANZSIC 2006 Codes:

2469 - Other Specialised Machinery and Equipment Manufacturing

NACE 2002 Codes:

2954 - Manufacture of machinery for textile, apparel and leather production

NAICS 2002 Codes:

333292 - Textile Machinery Manufacturing

US SIC 1987:

3552 - Textile Machinery

UK SIC 2003:

2954 - Manufacture of machinery for textile, apparel and leather production

UK SIC 2007:

2894 - Manufacture of machinery for textile, apparel and leather production

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	5.0
Assets:	2.2
Current Assets:	2.0
Total Liabilities:	2.2
Net Worth:	0.3

Date of Financial Data:	31-Dec-2011

1 Year Growth

14.2%

Key Corporate Relationships

Bank:	Banca Nazionale del Lavoro Ag, Intesa Sanpaolo Ag

Executive report

Executives

Name

Title

Function

Giuseppe Umberto Ugolini

President

Piersilvio Bertacche

Managing director

Managing Director

Sergio Ugolini

Managing director

Managing Director

Nadia Ugolini

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	7.0	5.9	4.0
Net sales	7.0	5.8	4.1
Other operating income	0.0	-	-
Raw materials and consumables employed	3.2	2.6	1.1
Other expenses	2.2	2.0	1.5
Total payroll costs	1.3	1.2	1.0
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.1	0.1	0.1
Net operating income	0.1	0.1	0.2
Total financial income	0.0	-	0.0
Total expenses	0.0	0.0	0.0
Profit before tax	0.1	0.1	0.1
Extraordinary result	0.0	0.0	0.0
Profit after extraordinary items and before tax	0.1	0.1	0.1
Total taxation	0.0	0.1	0.1
Net profit	0.1	0.0	0.1

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	0.4	0.3	0.3
Provision for pensions	0.1	0.1	0.2
Other long-term liabilities	0.1	0.3	0.1
Other current liabilities	2.3	2.5	1.9
Total current liabilities	2.3	2.5	1.9
Total liabilities (including net worth)	2.9	3.2	2.6
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.2	0.2	0.3
Total financial assets	0.0	0.0	0.0
Total non-current assets	0.3	0.3	0.3
Net stocks and work in progress	0.4	0.2	0.1
Other receivables	2.0	2.4	2.1
Cash and liquid assets	0.0	0.1	0.0
Marketable securities	0.2	0.1	-
Total current assets	2.6	2.9	2.3
Total assets	2.9	3.2	2.6

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	1.10	1.20	1.20
Quick ratio	1.00	1.10	1.10
Current liabilities to net worth	0.06%	0.08%	0.06%
Sales per employee	-	-	0.15
Average wage per employee	-	-	0.04
Net worth	0.4	0.3	0.3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.74
UK Pound	1	Rs.82.14
Euro	1	Rs.71.27

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.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Key Executives

News

Corporate Overview

Executive report

Annual Profit & Loss

Unit