MIRA INFORM REPORT

Report Date :

26.02.2014

IDENTIFICATION DETAILS

Name :	STIRTEX SRL
Registered Office :	Via Crodarolo 46, Sarnico, 24067
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	01.06.1998
Com. Reg. No.:	02628390169
Legal Form :	Private Independent
Line of Business :	Subject is engaged in wholesale of mining, construction and civil engineering machinery
No. of Employees :	2

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
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 & address

STIRTEX SRL

Via Crodarolo 46
Sarnico, 24067
Italy
Tel:	+39 0307 461563
Fax:	+39 0307 36264
Operative Address :
Via Urini, 44 Capriolo Brescia Italy

Employees:	2
Company Type:	Private Independent
Incorporation Date:	01-Jun-1998

Financials in:
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	2.1
Total Assets:	1.7

Business Description

Stirtex SRL is primarily engaged in wholesale of mining, construction and civil engineering machinery.

Industry

Industry	Machinery Wholesale
ANZSIC 2006:	3411 - Agricultural and Construction Machinery Wholesaling
ISIC Rev 4:	4659 - Wholesale of other machinery and equipment
NACE Rev 2:	4663 - Wholesale of mining, construction and civil engineering machinery
NAICS 2012:	423810 - Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers
UK SIC 2007:	4663 - Wholesale of mining, construction and civil engineering machinery
US SIC 1987:	5084 - Industrial Machinery and Equipment

Key Executives

Name	Title
Luca Giudici	President
Stefano Mario Bertazzoli	Member of the board

Registered No.(ITA): 02628390169

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 Crodarolo 46
Sarnico, 24067
Italy

Tel:	+39 0307 461563
Fax:	+39 0307 36264

Sales EUR(mil):	1.6
Assets EUR(mil):	1.3
Employees:	2
Fiscal Year End:	31-Dec-2012

Industry:	Construction and Agriculture Machinery

Incorporation Date:	01-Jun-1998
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	02628390169

President:	Luca Giudici

Industry Codes

ANZSIC 2006 Codes:
3411	-	Agricultural and Construction Machinery Wholesaling

ISIC Rev 4 Codes:
4659	-	Wholesale of other machinery and equipment

NACE Rev 2 Codes:
4663	-	Wholesale of mining, construction and civil engineering machinery

NAICS 2012 Codes:
423810	-	Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers

US SIC 1987:
5084	-	Industrial Machinery and Equipment

UK SIC 2007:
4663	-	Wholesale of mining, construction and civil engineering machinery

Business Description

Stirtex SRL is primarily engaged in wholesale of mining, construction and civil engineering machinery.

Financial Data

Financials in:	EUR(mil)
Revenue:	1.6
Assets:	1.3
Current Assets:	1.3
Total Liabilities:	1.3
Net Worth:	0.5
Date of Financial Data:	31-Dec-2012

1 Year Growth

-66.9%

NA

Executives Report

Board of Directors

Name	Title	Function
Stefano Mario Bertazzoli	Member of the board	Director/Board Member

Executives

Name	Title	Function
Luca Giudici	President	President

Annual Profit & 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	2.1	6.9	5.3
Net sales	2.1	6.9	5.3
Other operating income	-	0.0	0.0
Raw materials and consumables employed	1.3	4.4	3.5
Other expenses	0.6	2.1	1.6
Total payroll costs	0.1	0.1	0.1
Fixed asset depreciation and amortisation	0.0	0.0	0.0
Other operating costs	0.0	0.1	0.0
Net operating income	0.0	0.0	0.0
Total financial income	0.0	0.0	-
Total expenses	0.0	0.0	0.0
Profit before tax	0.0	0.0	0.0
Extraordinary result	0.0	-	0.0
Profit after extraordinary items and before tax	0.0	0.0	0.0
Total taxation	0.0	0.0	0.0
Net profit	0.0	-	0.0

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	0.7	0.6	0.6
Provision for risks	0.0	0.0	0.0
Provision for pensions	0.0	0.0	0.0
Mortgages and loans	0.3	0.4	-
Trade creditors	0.6	1.2	1.1
Other current liabilities	0.1	0.2	0.2
Total current liabilities	0.7	1.4	1.3
Total liabilities (including net worth)	1.7	2.5	2.0
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.1	0.1	0.1
Total financial assets	0.0	0.0	0.0
Total non-current assets	0.1	0.1	0.1
Net stocks and work in progress	0.3	0.4	0.3
Trade debtors	0.3	0.6	0.5
Other receivables	0.1	0.2	0.1
Cash and liquid assets	1.0	1.2	1.0
Accruals	0.0	0.0	0.0
Total current assets	1.7	2.4	1.9
Total assets	1.7	2.5	2.0

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	2.40	1.70	1.50
Quick ratio	1.90	1.40	1.20
Current liabilities to net worth	0.01%	0.02%	0.02%
Sales per employee	0.82	-	1.34
Profit per employee	0.01	-	-
Average wage per employee	0.05	-	0.03
Net worth	0.7	0.6	0.6
Number of employees	2	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.98
UK Pound	1	Rs.103.31
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NNA

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.