MIRA INFORM REPORT

Report Date :

15.10.2013

IDENTIFICATION DETAILS

Name :	DARSIE' S.R.L.

Registered Office :	Via Antelao 2, 31027 Spresiano Tv

Country :	Italy

Financials (as on) :	2011

Date of Incorporation :	Not Available

Com. Reg. No.:	TV280587

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of metal structures and parts of structures

No. of Employees :	13

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

itlay - 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 Summary

Company Name DARSIE' S.R.L.

Company Registration Number TV280587

Country IT

Activity Code 2562

Activity Description Machining

Company Status Active

Latest Turnover 3,019,229.00 (EUR)

Latest Shareholders Equity 401,099.00 (EUR)

Company Identification

Activities

Activity Code 2562

Activity Description Machining

Activity Code 2511

Activity Description Manufacture of metal structures and parts of structures

Activity Code 3011

Activity Description Building of ships and floating structures

Activity Code 432101

Activity Description Installation of electrical systems in buildings or in other constructions (including maintenance and repair)

Basic Information

Company Name DARSIE' S.R.L.

Registered Company Name DARSIE' S.R.L.

Company Registration Number TV280587

Country IT

VAT Registration Number 03549330268

Commercial Court Legal Form LIMITED LIABILITY COMPANY

Type of Ownership Company StatusActive

Principal Activity Code 2562

Principal Activity Description Machining

Contact Address VIA ANTELAO 2, 31027 SPRESIANO TV

Contact Telephone Number /0422880075

Main Address

Address VIA ANTELAO 2, 31027 SPRESIANO TV

Telephone /0422880075

Email Addresses

DARSIE_SRL@LEGALMAIL.IT

Current Directors Managers

Name LORIS DARSIE'

Address VIA TALPONERA 60, 31050 PONZANO VENETO TV

Gender Male

Date of Birth 27/09/1962

Position SOLE DIRECTOR

Date Appointed 07/07/2008

Share Capital Structure

Issued Share capital 110,000.00 (EUR)

Name LORIS DARSIE'

Address VIA TALPONERA 60, 31050 TV

Name DANIELE DARSIE'

Address VIA TALPONERA 60, 31050 TV

Extended Group Structure

Company Name Registration Number Status Last Financials

2 DARSIE' S.R.L. TV280587 Active

3 PARCO GIOCHI GROANE - S.R.L. MB1888934 Active

Employee Information

Year

Number of Employees 13

Financial Statements

Profit & Loss

Financial Year 2011 2010

Number of Weeks 0 0

Currency EUR EUR

Balance Sheet

Financial Year 2011 2010

Number of Weeks 0 0

Currency EUR EUR Consolidated Accounts False False Land & Buildings 0.00 0.00

Plant & Machinery 0.00 0.00

Other Tangible Assets 45,945.00 31,087.00

Total Tangible Assets 45,945.00 31,087.00

Goodwill 0.00 0.00

Other Intangible Assets 4,851.00 503.00

Total Intangible Assets 4,851.00 503.00

Investments 0.00 0.00

Loans to Group 13,539.00 14,866.00

Other Loans 0.00 0.00

Miscellaneous Fixed Assets 0.00 0.00

Total Other Fixed Assets 13,539.00 14,866.00

Total Fixed Assets 64,335.00 46,456.00

Raw Materials 0.00 0.00

Work in Progress 0.00 0.00

Finished Goods 0.00 0.00

Other Inventories 207,635.00 309,845.00

Total Inventories 207,635.00 309,845.00

Trade Receivables 0.00 0.00

Group Receivables 0.00 0.00

Receivables Due after 1 year 0.00 0.00

Miscellaneous Receivables 990,392.00 217,898.00

Total Receivables 990,392.00 217,898.00

Cash 8,766.00 93,846.00

Other Current Assets 272,124.00 249.00

Total Current Assets 1,478,917.00 621,838.00

Total Assets 1,543,252.00 668,294.00

Trade Payables 0.00 0.00

Bank Liabilities 0.00 0.00

Other Loans/Finance 0.00 0.00

Group Payables 0.00 0.00

Miscellaneous Liabilities 972,188.00 233,617.00

Total Current Liabilities 972,188.00 233,617.00

Trade Payables due after 1 year 0.00 0.00

Bank Liabilities due after 1 year 0.00 0.00

Other Loans/Finance

due after 1 year 0.00 0.00

Group Payables due after 1 year 0.00 0.00

Miscellaneous Liabilities

due after 1 year 169,965.00 37,286.00

Total Long Term Liabilities	169,965.00	37,286.00
Total Liabilities	1,142,153.00	270,903.00
Called Up Share Capital	110,000.00	110,000.00
Share Premium	0.00	0.00
Revenue Reserves	262,729.00	261,221.00
Other Reserves	28,370.00	26,170.00
Total Shareholders Equity	401,099.00	397,391.00
Other Financials
Contingent Liabilities	2568325	0
Working Capital	506,729.00	388,221.00
Net Worth	396,248.00	396,888.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.30
UK Pound	1	Rs.97.99
Euro	1	Rs.83.15

INFORMATION DETAILS

Report Prepared by :

SDA

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.