MIRA INFORM REPORT

Report Date :

24.09.2013

IDENTIFICATION DETAILS

Name :	RONCHI OFFICINA MECCANICA S.R.L. IN LIQUIDAZIONE

Registered Office :	Via Dell' Artizgianato , 9, 20053 Muggio' (MB)

Country :	Italy

Financials (as on) :	2008

Date of Incorporation :	10.04.2002

Com. Reg. No.:	03524700964

Legal Form :	Limited Liability Company

Line of Business :	Subject is engaged in the production and assembly of automatic machines, equipment and dies and the wholesale of equipment and machinery automatic in general.

No. of Employees :	167

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	--
Litigation :	--

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

RONCHI OFFICINA MECCANICA S.R.L. IN LIQUIDAZIONE

COMPANY SUMMARY

Company Name RONCHI OFFICINA MECCANICA S.R.L. IN LIQUIDAZIONE

Company Registration 03524700964

Country IT

Activity Code 3576

Activity Description The production and assembly of automatic machines, equipment and dies - the wholesale of equipment and machinery automatic in general.

Company Identification

Activities

Activity Code 3576

Activity Description The production and assembly of automatic machines, equipment and dies - the wholesale of equipment and machinery automatic in general.

BASIC INFORMATION

Company Name RONCHI OFFICINA MECCANICA S.R.L. IN LIQUIDAZIONE

Registered Company Name RONCHI OFFICINA MECCANICA S.R.L. IN LIQUIDAZIONE

Company Registration Number 03524700964

Country IT

VAT Registration Number 03524700964

VAT Registration Date 10/04/2002

Date of Company Registration 10/04/2002

Date of Starting Operations 10/04/2002

Legal Form LIMITED LIABILITY COMPANY

Company Status C

PRINCIPAL ACTIVITY DESCRIPTION

Contact Address VIA DELL' ARTIGIANATO

9, 20053 MUGGIO' (MB)

MAIN ADDRESS

Address VIA DELL' ARTIGIANATO , 9, 20053 MUGGIO' (MB)

Country IT

OTHER ADDRESSES

Address BRIANZA, 20092 CINISELLO BALSAMO (MI)

Country IT

CURRENT DIRECTORS MANAGERS

Name ATTILIO RONCHI

Address VIA LONGARONE , 7, 20052 MONZA (MI)

Gender Male

Date of Birth 11/12/1933

Position LIQUIDATOR

Date Appointed 29/11/2008

SHARE CAPITAL STRUCTURE

Nominal Share Capital 10,000.00 (EUR)

Issued Share capital 10,000.00 (EUR)

Employee Information

Year 2008

Number of Employees 1.67

Year 2007

Number of Employees 13

Financial Statements

PROFIT & LOSS

Financial Year 2008 2007 2006

Number of Weeks 0 0 0

Currency EUR EUR EUR

Revenue 1,430,309.00 2,641,020.00 1,869,289.00

Operating Costs 1,664,706.00 2,465,145.00 1,763,816.00

Operating Profit -234,397.00 175,875.00 105,473.00

Wages & Salaries 34,552.00 206,307.00 319,818.00

Depreciation 20,276.00 22,837.00 13,217.00

Amortisation 14,862.00 14,862.00 15,457.00

Financial Income 9,285.00 4,104.00 2,057.00

Financial Expenses 14,660.00 3,200.00 5,142.00

Extraordinary Income 29,582.00 0.00 0.00

Profit Before Tax -210,190.00 176,760.00 102,388.00

Tax 29,583.00 75,065.00 56,033.00

Profit After Tax -239,773.00 101,695.00 46,355.00

Balance Sheet

Financial Year 2008 2007 2006

Number of Weeks 0 0 0

Currency EUR EUR EUR

Land & Buildings 0.00 0.00

Other Tangible Assets 25,607.00 46,364.00 51,900.00

Total Tangible Assets 25,607.00 46,364.00 51,900.00

Total Intangible Assets 74,377.00 89,239.00 104,101.00

Investments 0.00 0.00 0.00

Loans to Group 0.00 0.00 0.00

Miscellaneous Fixed Assets 0.00 0.00 0.00

Total Other Fixed Assets 0.00 0.00 0.00

Total Fixed Assets 99,984.00 135,603.00 156,001.00

Raw Materials 0.00

Other Inventories 0.00 113,305.00 37,450.00

Total Inventories 0.00 113,305.00 37,450.00

Trade Receivables 36,550.00 612,433.00 271,565.00

Miscellaneous Receivables 80,145.00 4,641.00 23,301.00

Total Receivables 116,695.00 617,074.00 294,866.00

Cash 131,453.00 316,103.00 154,791.00

Other Current Assets 3,306.00 6,268.00 7,065.00

Total Current Assets 251,454.00 1,052,750.00 494,172.00

Total Assets 351,438.00 1,188,353.00 650,173.00

Trade Payables 215,859.00 726,372.00 295,234.00

Bank Liabilities 0.00 0.00 0.00

Miscellaneous Liabilities 40,820.00 122,474.00 72,227.00

Total Current Liabilities 256,679.00 848,846.00 367,461.00

Bank Liabilities due

after 1 year 0.00 0.00 0.00

Miscellaneous Liabilities

due after 1 year 0.00 4,974.00 49,873.00

Total Long Term Liabilities 0.00 4,974.00 49,873.00

Total Liabilities 256,679.00 853,820.00 417,334.00

Called Up Share Capital	10,000.00	10,000.00	10,000.00
Share Premium	0.00	0.00	0.00
Other Reserves	84,759.00	324,533.00	222,839.00
Total Shareholders Equity	94,759.00	334,533.00	232,839.00
Other Financials
Working Capital	-5,225.00	203,904.00	126,711.00
Net Worth	20,382.00	245,294.00	128,738.00
Ratios
Pre-Tax Profit Margin	-14.70	6.69	5.48
Return on Capital Employed	-221.82	52.06	36.22
Return on Total Assets Employed	-59.81	14.87	15.75
Return on Net Assets Employed	-221.82	52.84	43.97
Sales/Net Working Capital	-273.74	12.95	14.75
Stock Turnover Ratio	0.00	4.29	2.00
Debtor Days	9.33	84.64	53.03
Creditor Days	55.08	100.39	57.65
Current Ratio	0.98	1.24	1.34
Liquidity Ratio/Acid Test	0.98	1.11	1.24
Current Debt Ratio	2.71	2.54	1.58
Gearing	73.04	71.85	64.19
Equity in Percentage	34.20	30.44	42.64
Total Debt Ratio	2.71	2.55	1.79

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.52
UK Pound	1	Rs.100.26
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%)

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.