MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	ALETTI GIOVANNI & FIGLI SRL
Registered Office :	Via Gianbattista Tiepolo 14, Varese, 21100
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	01.09.1947
Com. Reg. No.:	00197070121
Legal Form :	Private Independent
Line of Business :	Subject is engaged in manufacture of textile machinery
No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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

ALETTI GIOVANNI & FIGLI SRL

Via Gianbattista Tiepolo 14
Varese, 21100
Italy
Tel:	+39 0332 334664
Fax:	+39 0332 331917

Employees:	15
Company Type:	Private Independent
Incorporation Date:	01-Sep-1947

Financials in:	As Reported (mil) As Reported (000) USD (mil) USD (000) GBP (mil) GBP (000) EUR (mil) EUR (000)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	3.5
Total Assets:	2.0

Business Description

Aletti Giovanni & Figli SRL is primarily engaged in manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns; machines for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool carbonisers, combs, carders, roving frames, etc.; spinning machines; machines for preparing textile yarns: reelers, warpers and related machines; weaving machines (looms) including hand looms; knitting machines; machines for making knotted net, tulle, lace, braid, etc.); manufacture of auxiliary machines or equipment for textile machinery (dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms, spindles and spindle flyers, etc.); manufacture of machinery for fabric processing (machinery for washing, bleaching, dyeing, dressing, finishing, coating or impregnating textile fabrics; manufacture of machines for reeling, unreeling, folding, cutting or pinking textile fabrics); manufacture of laundry machinery (ironing machines including fusing presses; laundry-type washing and drying machines; dry cleaning machines); manufacture of sewing machines, sewing machine heads and sewing machine needles; manufacture of machines for producing or finishing felt or nonwovens; manufacture of leather machines (machinery for preparing, tanning or working hides, skins or leather; and machinery for making or repairing footwear or other articles of hides, skins, leather or furskins).

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2469 - Other Specialised Machinery and Equipment Manufacturing
ISIC Rev 4:	2826 - Manufacture of machinery for textile, apparel and leather production
NACE Rev 2:	2894 - Manufacture of machinery for textile, apparel and leather production
NAICS 2012:	333249 - Other Industrial Machinery Manufacturing
UK SIC 2007:	2894 - Manufacture of machinery for textile, apparel and leather production
US SIC 1987:	3552 - Textile Machinery

 Key Executives

Name	Title
Marco Aletti	President
Carlo Aletti	Vice president
Ezio Aletti	Executive
Rosita Manto	Member of the board

Registered No.(ITA): 00197070121

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 Gianbattista Tiepolo 14
Varese, 21100
Italy

Tel:	+39 0332 334664
Fax:	+39 0332 331917

Sales EUR(mil):	2.7
Assets EUR(mil):	1.5
Employees:	15
Fiscal Year End:	31-Dec-2012

Industry:	Miscellaneous Capital Goods

Incorporation Date:	01-Sep-1947
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	00197070121

President:	Marco Aletti

Industry Codes

ANZSIC 2006 Codes:
2469	-	Other Specialised Machinery and Equipment Manufacturing
942	-	Machinery and Equipment Repair and Maintenance
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

ISIC Rev 4 Codes:
2826	-	Manufacture of machinery for textile, apparel and leather production
2829	-	Manufacture of other special-purpose machinery
9521	-	Repair of consumer electronics

NACE Rev 2 Codes:
2894	-	Manufacture of machinery for textile, apparel and leather production
9521	-	Repair of consumer electronics
2899	-	Manufacture of other special-purpose machinery n.e.c.

NAICS 2012 Codes:
333249	-	Other Industrial Machinery Manufacturing
811211	-	Consumer Electronics Repair and Maintenance

US SIC 1987:
3552	-	Textile Machinery
762	-	Electrical Repair Shops
3569	-	General Industrial Machinery and Equipment, Not Elsewhere Classified

UK SIC 2007:
2894	-	Manufacture of machinery for textile, apparel and leather production
2899	-	Manufacture of other special-purpose machinery n.e.c.
9521	-	Repair of consumer electronics

Business Description

Aletti Giovanni & Figli SRL is primarily engaged in manufacture of textile machinery (machines for preparing, producing, extruding, drawing, texturing or cutting man-made textile fibres, materials or yarns; machines for preparing textile fibres: cotton gins, bale breakers, garnetters, cotton spreaders, wool scourers, wool carbonisers, combs, carders, roving frames, etc.; spinning machines; machines for preparing textile yarns: reelers, warpers and related machines; weaving machines (looms) including hand looms; knitting machines; machines for making knotted net, tulle, lace, braid, etc.); manufacture of auxiliary machines or equipment for textile machinery (dobbies, Jacquards, automatic stop motions, shuttle changing mechanisms, spindles and spindle flyers, etc.); manufacture of machinery for fabric processing (machinery for washing, bleaching, dyeing, dressing, finishing, coating or impregnating textile fabrics; manufacture of machines for reeling, unreeling, folding, cutting or pinking textile fabrics); manufacture of laundry machinery (ironing machines including fusing presses; laundry-type washing and drying machines; dry cleaning machines); manufacture of sewing machines, sewing machine heads and sewing machine needles; manufacture of machines for producing or finishing felt or nonwovens; manufacture of leather machines (machinery for preparing, tanning or working hides, skins or leather; and machinery for making or repairing footwear or other articles of hides, skins, leather or furskins).

Financial Data

Financials in:	EUR(mil)
Revenue:	2.7
Assets:	1.5
Current Assets:	1.4
Total Liabilities:	1.5
Net Worth:	0.1
Date of Financial Data:	31-Dec-2012

1 Year Growth

24.2%

NA

Key Corporate Relationships

Bank: Credem Ag, Banco di Desio e della Brianza Ag, Intesa Sanpaolo Ag

Executives Report

Board of Directors

Name	Title	Function
Rosita Manto	Member of the board	Director/Board Member

Executives

Name	Title	Function
Marco Aletti	President	President
Carlo Aletti	Vice president	Senior Management (General)
Ezio Aletti	Executive	Purchasing Executive

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	3.6	3.0	3.6
Net sales	3.5	3.0	3.1
Other operating income	0.0	0.0	0.2
Raw materials and consumables employed	1.6	1.3	1.6
Other expenses	0.8	0.6	0.6
Total payroll costs	1.1	1.1	1.0
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.0	0.1	0.1
Net operating income	0.0	-0.1	0.2
Total financial income	-	-	0.0
Total expenses	0.0	0.0	0.0
Profit before tax	0.0	-0.2	0.2
Extraordinary result	0.0	0.1	-0.1
Profit after extraordinary items and before tax	0.0	0.0	0.1
Total taxation	0.1	0.0	0.1
Net profit	-	-	0.0
Net loss	0.1	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	0.1	0.1	0.2
Provision for risks	-	-	0.1
Provision for pensions	0.4	0.4	0.4
Trade creditors	0.7	0.6	1.0
Bank loans and overdrafts	-	0.3	0.4
Other current liabilities	0.6	0.4	0.3
Accruals and deferred income	0.1	0.1	0.1
Total current liabilities	1.5	1.4	1.7
Total liabilities (including net worth)	2.0	1.9	2.4
Intangibles	0.1	0.1	0.2
Total tangible fixed assets	0.0	0.0	0.0
Receivables due after 1 year	0.1	0.1	0.1
Total non-current assets	0.2	0.3	0.4
Finished goods	-	-	0.3
Net stocks and work in progress	1.3	1.2	1.3
Trade debtors	-	0.4	0.3
Other receivables	0.2	0.0	0.1
Cash and liquid assets	0.2	-	0.3
Accruals	0.0	0.0	0.0
Total current assets	1.8	1.7	2.0
Total assets	2.0	1.9	2.4

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	0.30	0.30	0.40
Current liabilities to net worth	0.18%	0.10%	0.09%
Sales per employee	0.18	0.16	0.15
Profit per employee	0.00	0.00	-
Average wage per employee	0.06	0.06	0.05
Net worth	0.1	0.1	0.2
Number of employees	15	14	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.99
UK Pound	1	Rs.102.67
Euro	1	Rs.83.98

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%)

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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.