MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	GIACOMINI OFFICINE MECCANICHE SRL
Registered Office :	Via Cirla 25, Gravellona Toce, 28883
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	23.04.1970
Com. Reg. No.:	00221120033
Legal Form :	Private Independent
Line of Business :	Manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product)
No. of Employees :	17

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 :	Slow
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 and Address

Giacomini Officine Meccaniche SRL

Via Cirla 25
Gravellona Toce, 28883
Italy
Tel:	+39 0323 848474
Fax:	+39 0323 864895

Employees:	17
Company Type:	Private Independent
Incorporation Date:	23-Apr-1970

Financials in:	USD (Mil)
Fiscal Year End:	31-Dec-2011
Reporting Currency:	Euro
Annual Sales:	4.7
Total Assets:	6.0

Business Description

Giacomini Officine Meccaniche SRL is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
ISIC Rev 4:	2829 - Manufacture of other special-purpose machinery
NACE Rev 2:	2899 - Manufacture of other special-purpose machinery n.e.c.
NAICS 2012:	333249 - Other Industrial Machinery Manufacturing
UK SIC 2007:	2899 - Manufacture of other special-purpose machinery n.e.c.
US SIC 1987:	3559 - Special Industry Machinery, Not Elsewhere Classified

Key Executives

Name	Title
Renato Giacomini	President
Paolo Giacomini	Member of the board

Registered No.(ITA): 00221120033

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 Cirla 25
Gravellona Toce, 28883
VERBANO-CUSIO-OSSOLA County
Italy

Tel:	+39 0323 848474
Fax:	+39 0323 864895

Sales EUR(mil):	3.4
Assets EUR(mil):	4.6
Employees:	17
Fiscal Year End:	31-Dec-2011

Industry:	Miscellaneous Capital Goods

Incorporation Date:	23-Apr-1970
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	00221120033

President:	Renato Giacomini

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified
2462	-	Mining and Construction Machinery Manufacturing
48	-	Water Transport

ISIC Rev 4 Codes:
2829	-	Manufacture of other special-purpose machinery
2816	-	Manufacture of lifting and handling equipment
5012	-	Sea and coastal freight water transport

NACE Rev 2 Codes:
2899	-	Manufacture of other special-purpose machinery n.e.c.
5020	-	Sea and coastal freight water transport
2822	-	Manufacture of lifting and handling equipment

NAICS 2012 Codes:
333249	-	Other Industrial Machinery Manufacturing
48311	-	Deep Sea, Coastal, and Great Lakes Water Transportation
33392	-	Material Handling Equipment Manufacturing

US SIC 1987:
3559	-	Special Industry Machinery, Not Elsewhere Classified
44	-	Water Transportation
353	-	Construction, Mining, and Materials Handling

UK SIC 2007:
2899	-	Manufacture of other special-purpose machinery n.e.c.
5020	-	Sea and coastal freight water transport
2822	-	Manufacture of lifting and handling equipment

Business Description

Giacomini Officine Meccaniche SRL is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds, etc.; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery, etc.); and manufacture of industrial robots for multiple uses.

Financial Data

Financials in:	EUR(mil)
Revenue:	3.4
Assets:	4.6
Current Assets:	4.1
Total Liabilities:	4.6
Net Worth:	0.6
Date of Financial Data:	31-Dec-2011

1 Year Growth

-3.7%

NA

Key Corporate Relationships

Bank:	Banco Popolare Ag, Intesa Sanpaolo Ag, Banca Popolare di Intra Ag

Executive Report

Board of Directors

Name	Title	Function
Paolo Giacomini	Member of the board	Director/Board Member

Executives

Name	Title	Function
Renato Giacomini	President	President

Annual Profit and Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Total income	4.0	4.7	4.4
Net sales	4.2	4.7	4.2
Other operating income	0.0	0.0	0.3
Raw materials and consumables employed	2.0	2.3	1.9
Other expenses	0.9	1.1	0.9
Total payroll costs	0.8	0.9	0.9
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.0	0.0	0.4
Net operating income	0.3	0.3	0.2
Total expenses	0.2	0.2	0.2
Profit before tax	0.1	0.1	0.0
Extraordinary result	0.0	0.0	0.0
Profit after extraordinary items and before tax	0.1	0.1	0.0
Total taxation	0.1	0.1	0.0
Net profit	0.0	-	-
Net loss	-	-	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Total stockholders equity	0.8	0.7	0.8
Provision for pensions	0.2	0.2	0.2
Mortgages and loans	0.6	0.6	0.8
Other long-term liabilities	0.2	0.2	0.2
Trade creditors	1.1	1.3	1.1
Bank loans and overdrafts	2.0	2.5	2.2
Other current liabilities	0.4	0.5	0.4
Accruals and deferred income	0.0	0.0	-
Total current liabilities	3.6	4.3	3.7
Total liabilities (including net worth)	5.3	6.0	5.7
Intangibles	0.5	0.6	0.7
Total tangible fixed assets	0.0	0.1	0.1
Total financial assets	0.0	0.0	0.0
Total non-current assets	0.6	0.7	0.8
Net stocks and work in progress	2.7	2.9	3.0
Trade debtors	1.5	1.9	1.6
Other receivables	0.4	0.4	0.3
Cash and liquid assets	0.1	0.1	0.1
Accruals	0.0	0.0	0.0
Total current assets	4.7	5.3	4.9
Total assets	5.3	6.0	5.7

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	1.30	1.20	1.30
Quick ratio	0.60	0.60	0.50
Current liabilities to net worth	0.05%	0.06%	0.05%
Sales per employee	0.20	-	0.18
Profit per employee	0.00	-	-
Average wage per employee	0.04	-	0.04
Net worth	0.8	0.7	0.8
Number of employees	16	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.63
UK Pound	1	Rs.101.06
Euro	1	Rs.84.56

INFORMATION DETAILS

Report Prepared by :

NIT

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%)