MIRA INFORM REPORT

Report Date :

14.09.2013

IDENTIFICATION DETAILS

Name :	LIMAR SRL
Registered Office :	Via Landri 4 Zona Industriale Costa Di Mezzate, 24060
Country :	Italy
Financials (as on) :	31.08.2012
Date of Incorporation :	12.09.1986
Legal Form :	Private Subsidiary
Line of Business :	Subject is engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation
No. of Employees :	10

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 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	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

Limar SRL

Via Landri 4
Zona Industriale
Costa Di Mezzate, 24060
Italy
Tel:	+39 0356 83550
Fax:	+39 0356 81150

Employees:	10
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	Mpe SpA
Incorporation Date:	12-Sep-1986

Fiscal Year End:	31-Aug-2012
Reporting Currency:	Euro
Annual Sales:	8.8
Total Assets:	6.8

Business Description

Limar SRL is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Key Executives

Name	Title
Natale Santoni	President
Alberto Nicoli	Member of the board
Ester Santoni	Member of the board
Tiziana Santoni	Member of the board

Registered No.(ITA): 01715400162

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7664758

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.799813

Corporate Overview

Location
Via Landri 4
Zona Industriale
Costa Di Mezzate, 24060
Italy

Tel:	+39 0356 83550
Fax:	+39 0356 81150

Sales EUR(mil):	6.8
Assets EUR(mil):	5.5
Employees:	10
Fiscal Year End:	31-Aug-2012

Industry:

Miscellaneous Capital Goods

Incorporation Date:	12-Sep-1986
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	01715400162

President:

Natale Santoni

Industry Codes

ANZSIC 2006 Codes:
3739	-	Other Goods Wholesaling Not Elsewhere Classified

ISIC Rev 4 Codes:
4690	-	Non-specialized wholesale trade

NACE Rev 2 Codes:
4690	-	Non-specialised wholesale trade

NAICS 2012 Codes:
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers

US SIC 1987:
5091	-	Sporting and Recreational Goods and Supplies

UK SIC 2007:
4690	-	Non-specialised wholesale trade

Business Description

Limar SRL is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Financial Data

Financials in:	EUR(mil)
Revenue:	6.8
Assets:	5.5
Current Assets:	4.4
Total Liabilities:	5.5
Net Worth:	0.7
Date of Financial Data:	31-Aug-2012

1 Year Growth

-2.7%

NA

Key Corporate Relationships

Bank:

Ubi Banca Popolare di Bergamo Ag, Credito Bergamasco Ag, Banca Nazionale del Lavoro Ag

Corporate Family

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Mpe SpA	Parent	Costa Di Mezzate, Bergamo	Italy	Rubber and Plastic Product Manufacturing	5.4	31
Limar SRL	Subsidiary	Costa Di Mezzate, Bergamo	Italy	Miscellaneous Wholesale	8.8	10

Board of Directors

Name	Title	Function
Alberto Nicoli	Member of the board	Director/Board Member
Ester Santoni	Member of the board	Director/Board Member
Tiziana Santoni	Member of the board	Director/Board Member

Executives

Name	Title	Function
Natale Santoni	President	President
Giovanni Caporali	Managing director	Managing Director

Annual Profit and Loss

Financials in: USD (mil)

	31-Aug-2012	31-Aug-2011	31-Aug-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.766476	0.721101	0.733854
Consolidated	No	No	No
Total income	9.3	10.5	9.3
Net sales	8.8	9.6	8.3
Other operating income	0.1	0.2	0.2
Raw materials and consumables employed	5.3	6.3	5.5
Other expenses	2.9	3.0	2.9
Total payroll costs	0.5	0.4	0.4
Fixed asset depreciation and amortisation	0.4	0.3	0.3
Other operating costs	0.0	0.0	0.0
Net operating income	0.2	0.5	0.2
Total financial income	0.0	0.0	-0.1
Total expenses	0.1	0.1	0.0
Profit before tax	0.1	0.4	0.1
Profit after extraordinary items and before tax	0.1	0.4	0.1
Total taxation	0.1	0.2	0.0
Net profit	0.0	0.2	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Aug-2012	31-Aug-2011	31-Aug-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.799813	0.694541	0.786813
Consolidated	No	No	No
Total stockholders equity	0.8	0.9	0.6
Provision for risks	0.3	0.4	0.3
Provision for pensions	0.1	0.1	0.1
Mortgages and loans	0.2	0.2	0.2
Trade creditors	2.9	1.7	1.8
Bank loans and overdrafts	2.4	3.2	1.7
Other current liabilities	0.2	0.3	0.1
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	5.4	5.2	3.7
Total liabilities (including net worth)	6.8	6.8	4.8
Intangibles	0.2	0.3	0.2
Total tangible fixed assets	0.4	0.6	0.6
Total financial assets	0.5	0.6	0.3
Receivables due after 1 year	0.1	0.2	0.0
Total non-current assets	1.3	1.7	1.1
Net stocks and work in progress	2.0	1.9	1.2
Trade debtors	3.1	3.0	2.3
Other receivables	0.2	0.1	0.1
Cash and liquid assets	0.0	0.0	0.1
Accruals	0.1	0.1	0.1
Total current assets	5.5	5.1	3.8
Total assets	6.8	6.8	4.8

Annual Ratios

Financials in: USD (mil)

	31-Aug-2012	31-Aug-2011	31-Aug-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.799813	0.694541	0.786813
Consolidated	No	No	No
Current ratio	1.00	1.00	1.00
Quick ratio	0.60	0.60	0.70
Current liabilities to net worth	0.07%	0.06%	0.06%
Sales per employee	0.75	-	1.22
Profit per employee	0.01	-	-
Average wage per employee	0.04	-	0.05
Net worth	0.8	0.9	0.6
Number of employees	9	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.79
UK Pound	1	Rs.100.70
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.