MIRA INFORM REPORT

Report Date :

30.05.2013

IDENTIFICATION DETAILS

Name :	BIANCO SPA

Registered Office :	Viale Industria 4, Alba, 12051

Country :	Italy

Financials (as on) :	30.09.2011

Date of Incorporation :	26.01.1999

Com. Reg. No.:	02683390047

Legal Form :	Public Subsidiary Company

Line of Business :	manufacturer of textile machinery

No. of Employees :	59

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 :	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 & address

Bianco SpA

Viale Industria 4

Alba, 12051

Italy

Tel: +39 0173 314111

Fax: +39 0173 34872

Synthesis

Employees: 59

Company Type: Public Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Tcn SRL

Incorporation Date: 26-Jan-1999

Financials in: USD (Millions)

Fiscal Year End: 30-Sep-2011

Reporting Currency: Euro

Annual Sales: 21.7

Total Assets: 15.8

Business Description

Bianco SpA 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 Bernocco President

Marco Milanesio Executive

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.717768

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7453231

Corporate Overview

Location

Viale Industria 4

Alba, 12051

Italy

Tel: +39 0173 314111

Fax: +39 0173 34872

Sales EUR(mil): 15.6

Assets EUR(mil): 11.8

Employees: 59

Fiscal Year End: 30-Sep-2011

Industry: Miscellaneous Capital Goods

Incorporation Date: 26-Jan-1999

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 02683390047

President: Giuseppe Bernocco

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:	15.6
Assets:	11.8
Current Assets:	11.2
Total Liabilities:	11.8
Net Worth:	2.5

Date of Financial Data:	30-Sep-2011

1 Year Growth

10.1%

Key Corporate Relationships

Bank:	Intesa Sanpaolo Ag, Ubi Banca Regionale Europea Ag, Banca Nazionale del Lavoro Ag


Corporate Family	Corporate Structure News:
	Tcn SRL Bianco SpA
Bianco SpA Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Tcn SRL	Parent	Cherasco, Cuneo	Italy	Miscellaneous Fabricated Products	6.5	39
Tcn Vehicles division SRL	Subsidiary	Cantarana, Asti	Italy	Miscellaneous Fabricated Products	16.0	66
Bianco SpA	Subsidiary	Alba, Cuneo	Italy	Miscellaneous Capital Goods	21.7	63

Executive report

Executives

Name

Title

Function

Giuseppe Bernocco

President

Stefano Borromeo

Managing director

Managing Director

Marco Milanesio

Executive

Other

Annual Profit & Loss

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.717768	0.740255	0.73971
Consolidated	No	No	No

Total income	21.9	19.9	11.2
Net sales	21.7	19.1	11.3
Other operating income	0.2	0.2	0.4
Raw materials and consumables employed	10.2	9.2	4.9
Other expenses	5.9	5.2	3.2
Total payroll costs	4.4	3.9	2.7
Fixed asset depreciation and amortisation	0.5	0.6	0.3
Other operating costs	0.1	0.0	0.0
Net operating income	0.8	0.9	0.1
Total financial income	0.0	0.0	0.0
Total expenses	0.1	0.1	0.1
Profit before tax	0.8	0.9	-0.1
Extraordinary result	0.0	0.2	0.6
Profit after extraordinary items and before tax	0.8	1.1	0.6
Total taxation	0.2	0.1	0.1
Net profit	0.6	1.0	0.5

Annual Balance Sheet

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745323	0.732493	0.684135
Consolidated	No	No	No

Total stockholders equity	3.4	2.9	2.0
Provision for risks	0.7	0.6	0.6
Provision for pensions	1.1	1.1	1.4
Mortgages and loans	1.4	2.0	2.6
Other long-term liabilities	0.6	0.6	0.6
Trade creditors	5.7	5.5	5.0
Bank loans and overdrafts	0.6	0.5	0.9
Other current liabilities	1.7	1.7	1.0
Accruals and deferred income	0.7	0.7	0.7
Total current liabilities	8.7	8.4	7.5
Total liabilities (including net worth)	15.8	15.6	14.8
Intangibles	0.3	0.6	1.2
Total tangible fixed assets	0.3	0.3	0.3
Long-term investments	0.2	0.2	0.2
Total financial assets	0.2	0.2	0.2
Receivables due after 1 year	0.0	0.0	0.1
Total non-current assets	0.8	1.2	1.9
Finished goods	4.2	4.3	4.0
Net stocks and work in progress	5.2	5.4	5.0
Trade debtors	5.8	5.9	5.2
Other receivables	1.2	1.5	1.5
Cash and liquid assets	2.6	1.5	1.0
Accruals	0.2	0.2	0.2
Total current assets	15.0	14.5	12.9
Total assets	15.8	15.6	14.8

Annual Ratios

Financials in: USD (mil)

	30-Sep-2011	30-Sep-2010	30-Sep-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745323	0.732493	0.684135
Consolidated	No	No	No

Current ratio	1.70	1.70	1.70
Quick ratio	1.10	1.10	1.00
Current liabilities to net worth	0.03%	0.03%	0.04%
Sales per employee	0.26	0.24	0.13
Profit per employee	0.01	0.01	0.01
Average wage per employee	0.05	0.05	0.03
Net worth	3.4	2.9	2.0
Number of employees	59	59	64

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.24
UK Pound	1	Rs.84.54
Euro	1	Rs.72.32

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

Corporate Overview

Executive report

Annual Profit & Loss

Unit