MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	FERRACUTI SRL

Registered Office :	Via Domenico Annibali 21, Macerata, 62100

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	02.11.1994

Com. Reg. No.:	01206510438

Legal Form :	Private Independent

Line of Business :	Manufacture of other articles of concrete, plaster, cement or artificial stone (statuary, furniture, bas- and haut-reliefs, vases, flowerpots).

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but 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 – 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 and Address

Ferracuti SRL

Via Domenico Annibali 21


Macerata, 62100
Italy


Tel:	+39 0733 281277
Fax:	+39 0733 285345

Employees:	10
Company Type:	Private Independent

Incorporation Date:	02-Nov-1994

Financials in:	USD (Mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	3.1
Total Assets:	2.4

Business Description

Ferracuti SRL is primarily engaged in manufacture of other articles of concrete, plaster, cement or artificial stone (statuary, furniture, bas- and haut-reliefs, vases, flowerpots).

Industry

Industry	Non-Metallic Mineral Product Manufacturing
ANZSIC 2006:	2090 - Other Non-Metallic Mineral Product Manufacturing
ISIC Rev 4:	2395 - Manufacture of articles of concrete, cement and plaster
NACE Rev 2:	2369 - Manufacture of other articles of concrete, plaster and cement
NAICS 2012:	327999 - All Other Miscellaneous Nonmetallic Mineral Product Manufacturing
UK SIC 2007:	2369 - Manufacture of other articles of concrete, plaster and cement
US SIC 1987:	3272 - Concrete Products, Except Block and Brick

Key Executives

Name	Title
Teobaldo Ferracuti	President
Alberto Ferracuti	Member of the board
Fabrizio Ferracuti	Member of the board

News

Title	Date
High school athletes of the week Hamilton Spectator, The (Ontario, Canada) (306 Words)	16-Oct-2013
Royale Cup Canadian Women's Senior Championship leading scores Broadcast Wire (169 Words)	21-Aug-2013
FOSSE-4341042 Daily Herald (Arlington Heights, IL) (557 Words)	29-May-2013
Wedding belles Toronto Star, The (Ontario, Canada) (739 Words)	13-Mar-2013
Commercial demand for real estate growing locally Pantagraph (Bloomington, IL) (523 Words)	6-Mar-2013
Ottawa lawyer named to Rising Stars list InOttawa.com (213 Words)	10-Jan-2013

Registered No.(ITA): 01206510438

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Via Domenico Annibali 21
Macerata, 62100
Italy

Tel:	+39 0733 281277
Fax:	+39 0733 285345

Sales EUR(mil):	2.4
Assets EUR(mil):	1.8
Employees:	10
Fiscal Year End:	31-Dec-2012


Industry:	Construction - Supplies and Fixtures

Incorporation Date:	02-Nov-1994
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	01206510438


President:	Teobaldo Ferracuti

Industry Codes

ANZSIC 2006 Codes:
2090	-	Other Non-Metallic Mineral Product Manufacturing
333	-	Timber and Hardware Goods Wholesaling

ISIC Rev 4 Codes:
2395	-	Manufacture of articles of concrete, cement and plaster
4663	-	Wholesale of construction materials, hardware, plumbing and heating equipment and supplies

NACE Rev 2 Codes:
2369	-	Manufacture of other articles of concrete, plaster and cement
4673	-	Wholesale of wood, construction materials and sanitary equipment

NAICS 2012 Codes:
327999	-	All Other Miscellaneous Nonmetallic Mineral Product Manufacturing
4233	-	Lumber and Other Construction Materials Merchant Wholesalers

US SIC 1987:
3272	-	Concrete Products, Except Block and Brick
503	-	Lumber and Other Construction Materials

UK SIC 2007:
2369	-	Manufacture of other articles of concrete, plaster and cement
4673	-	Wholesale of wood, construction materials and sanitary equipment

Business Description

Ferracuti SRL is primarily engaged in manufacture of other articles of concrete, plaster, cement or artificial stone (statuary, furniture, bas- and haut-reliefs, vases, flowerpots).

Financial Data

Financials in:	EUR(mil)

Revenue:	2.4
Assets:	1.8
Current Assets:	1.8
Total Liabilities:	1.8
Net Worth:	0.3

Date of Financial Data:	31-Dec-2012

1 Year Growth

-22.5%

Executive Report

Board of Directors

Name

Title

Function

Fabrizio Ferracuti

Member of the board

Director/Board Member

Alberto Ferracuti

Member of the board

Director/Board Member

Executives

Name

Title

Function

Teobaldo Ferracuti

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	3.1	4.2	4.1
Net sales	3.1	4.3	4.2
Other operating income	0.0	0.0	0.0
Raw materials and consumables employed	1.4	1.9	2.0
Other expenses	1.2	1.5	1.3
Total payroll costs	0.5	0.7	0.6
Fixed asset depreciation and amortisation	0.0	0.0	0.0
Other operating costs	0.1	0.1	0.1
Net operating income	-0.1	0.1	0.1
Total financial income	0.0	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	-	-
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	0.1
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	0.4	0.5	0.4
Provision for pensions	0.2	0.2	0.1
Trade creditors	-	2.0	-
Other current liabilities	1.9	0.1	1.9
Total current liabilities	1.9	2.2	1.9
Total liabilities (including net worth)	2.4	2.8	2.5
Intangibles	0.1	0.1	0.1
Total tangible fixed assets	0.1	0.1	0.1
Total non-current assets	0.1	0.1	0.2
Net stocks and work in progress	0.6	0.5	0.5
Other receivables	0.9	0.9	0.9
Cash and liquid assets	0.8	1.2	1.0
Accruals	0.0	0.0	0.0
Total current assets	2.3	2.7	2.3
Total assets	2.4	2.8	2.5

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	1.20	1.20	1.20
Quick ratio	0.90	1.00	0.90
Current liabilities to net worth	0.05%	0.05%	0.05%
Sales per employee	0.24	-	0.26
Profit per employee	-0.01	-	-
Average wage per employee	0.04	-	0.04
Net worth	0.4	0.5	0.4
Number of employees	10	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

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%)

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.