MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	I.M.G. - S.P.A.
Registered Office :	Via Castellana , 63, 31039 Ries Pio X (Tv)
Country :	Italy
Financials (as on) :	2011
Date of Incorporation :	07.07.1980
Com. Reg. No.:	00761880269
Legal Form :	Joint-Stock/Public Company
Line of Business :	Production, Processing Par Ti Mechanical for a Tractor Farm Machinery and Machinery for Earth Moving
No. of Employees :	110

RATING & COMMENTS

MIRA’s Rating :

Ba

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	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 Summary

Company Name I.M.G. - S.P.A.

Company Registration Number 00761880269

Activity Code 3471

Activity Description THE YEAR OF MECHANICAL WORKSHOP (DAL 17.12.80); PRODUCTION, PROCESSING PAR TI MECHANICAL FOR A TRACTOR FARM MACHINERY AND MACHINERY FOR EARTH MOVING (FROM 7/27/93).

Latest Turnover 56,981,226.00 (EUR)

Latest Shareholders Equity 11,331,493.00 (EUR)

Profit Before Tax 6,887,290.00 (EUR)

Company Identification

Activities

Activity Code 3471

Activity Description THE YEAR OF MECHANICAL WORKSHOP (DAL 17.12.80); PRODUCTION, PROCESSING PAR TI MECHANICAL FOR A TRACTOR FARM MACHINERY AND MACHINERY FOR EARTH MOVING (FROM 7/27/93).

Basic Information

Company Name I.M.G. - S.P.A.

Registered Company Name I.M.G. - S.P.A.

Company Registration Number 00761880269

VAT Registration Number 00761880269

VAT Registration Date 07/07/1980

Date of Company Registration 07/07/1980

Date of Starting Operations 27/04/2010

Commercial Court Legal Form JOINT-STOCK/PUBLIC COMPANY

Contact Address VIA CASTELLANA , 63, 31039 RIES PIO X (TV)

Contact Telephone Number 0423483041

Main Address

Address VIA CASTELLANA , 63, 31039 RIESE PIO X (TV)

Country IT

Telephone 0423483041

Current Directors Managers

Name BRUNO GIRARDELLO

Address BGO TREVISO , 70, 31033 CASTELFRANCO VENETO (TV)

Gender Male

Date of Birth 20/08/1938

Position BOARD OF DIRECTORS PRESIDENT

Date Appointed 18/07/2013

Name PIERANGELO GIRARDELLO

Address BGO TREVISO , 70, 31033 CASTELFRANCO VENETO (TV)

Gender Male

Date of Birth 08/03/1964

Position COUNCILLOR

Date Appointed 18/07/2013

Name GIANPAOLO GIRARDELLO

Address VIA BASTIA VECCHIA , 14/D, 31033 CASTELFRANCO VENETO (TV)

Gender Male

Date of Birth 17/07/1968

Position COUNCILLOR

Date Appointed 18/07/2013

Name FABIO CACCIN

Address VIA SAN TIZIANO , 41, 35012 CAMPOSAMPIERO (PD)

Gender Male

Date of Birth 07/09/1972

Position TECHNICAL MANAGER

Date Appointed 27/04/2010

Share Capital Structure

Nominal Share Capital 1,000,000.00 (EUR)

Issued Share capital 1,000,000.00 (EUR)

Employee Information

Year 2011

Number of Employees 110

Year 2010

Number of Employees 100

Year 2009

Number of Employees 101

Financial Statements

Profit & Loss

Financial Year 2011 2010 2009

Number of Weeks 0 0 0

Currency EUR EUR EUR

Revenue 56,981,226.00 39,963,772.00 20,263,575.00

Operating Costs 48,653,394.00 36,052,321.00 19,770,449.00

Operating Profit 8,327,832.00 3,911,451.00 493,126.00

Wages & Salaries 5,512,578.00 4,546,491.00 2,262,904.00

Depreciation 1,906,310.00 1,762,998.00 1,892,868.00

Amortisation 81,146.00 64,889.00 53,742.00

Financial Income 160,714.00 124,263.00 88,659.00

Financial Expenses 520,923.00 363,366.00 428,386.00

Extraordinary Income -774,685.00 0.00 -775,772.00

Profit Before Tax 6,887,290.00 3,696,905.00 -620,040.00

Tax 2,567,288.00 1,348,053.00 -57,983.00

Profit After Tax 4,320,002.00 2,348,852.00 -562,057.00

Balance Sheet

Financial Year 2011 2010 2009

Number of Weeks 0 0 0

Currency EUR EUR EUR

Land & Buildings 7,716,048.00 7,503,536.00 7,627,782.00

Other Tangible Assets 7,401,667.00 6,629,069.00 7,566,595.00

Total Tangible Assets 15,117,715.00 14,132,605.00 15,194,377.00

Total Intangible Assets 205,051.00 84,530.00 97,831.00

Investments 8,833,151.00 8,272,051.00 7,891,833.00

Loans to Group 0.00 0.00 0.00

Miscellaneous Fixed Assets 265.00 265.00 265.00

Total Other Fixed Assets 8,833,416.00 8,272,316.00 7,892,098.00

Total Fixed Assets 24,156,182.00 22,489,451.00 23,184,306.00

Raw Materials 1,754,739.00 1,695,514.00 3,227,555.00

Other Inventories 6,005,965.00 3,893,963.00 2,552,622.00

Total Inventories 7,760,704.00 5,589,477.00 5,780,177.00

Trade Receivables 11,085,050.00 9,388,305.00 3,748,184.00

Miscellaneous Receivables 17,299,634.00 13,657,682.00 6,199,704.00

Total Receivables 28,384,684.00 23,045,987.00 9,947,888.00

Cash 316,640.00 46,020.00 43,773.00

Other Current Assets 549,432.00 610,166.00 683,838.00

Total Current Assets 37,011,460.00 29,291,650.00 16,455,676.00

Total Assets 61,167,642.00 51,781,101.00 39,639,982.00

Trade Payables 13,205,329.00 11,691,562.00 4,506,498.00

Bank Liabilities 15,024,377.00 9,718,550.00 5,203,110.00

Miscellaneous Liabilities 3,692,987.00 3,312,355.00 -3,045,206.00

Total Current Liabilities 31,922,693.00 24,722,467.00 6,664,402.00

Bank Liabilities due

after 1 year 2,874,377.00 3,350,079.00 7,023,651.00

Miscellaneous Liabilities

due after 1 year 15,039,079.00 6,920,761.00 11,512,988.00

Total Long Term

Liabilities 17,913,456.00 10,270,840.00 18,536,639.00

Total Liabilities 49,836,149.00 34,993,307.00 25,201,041.00

Called Up Share Capital	1,000,000.00	863,200.00	863,200.00
Share Premium	0.00	0.00	0.00
Other Reserves	10,331,493.00	15,924,594.00	13,575,741.00
Total Shareholders Equity	11,331,493.00	16,787,794.00	14,438,941.00
Other Financials
Working Capital	5,088,767.00	4,569,183.00	9,791,274.00
Net Worth	11,126,442.00	16,703,264.00	14,341,110.00
Ratios
Pre-Tax Profit Margin	12.09	9.25	-3.06
Return on Capital Employed	23.55	13.66	-1.88
Return on Total Assets Employed	11.26	7.14	-1.56
Return on Net Assets Employed	60.78	22.02	-4.29
Sales/Net Working Capital	11.20	8.75	2.07
Stock Turnover Ratio	13.62	13.99	28.52
Debtor Days	71.01	85.75	67.51
Creditor Days	84.59	106.78	81.17
Current Ratio	1.16	1.18	2.47
Liquidity Ratio/Acid Test	0.92	0.96	1.60
Current Debt Ratio	2.82	1.47	0.46
Gearing	81.48	67.58	63.58
Equity in Percentage	21.74	38.66	45.62
Total Debt Ratio	4.40	2.08	1.75

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

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.