MIRA INFORM REPORT

Report Date :

08.03.2014

IDENTIFICATION DETAILS

Name :	TELEDATA SRL

Registered Office :	Via Giuseppe Maria Giulietti 8, Milano, 20132

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	08.06.1977

Com. Reg. No.:	03598410151

Legal Form :	Private Independent Company

Line of Business :	· manufacturer of television receivers including video monitors and video projectors; · manufacturer of video recording or reproducing apparatus including camcorders, DVD recorders and players; · manufacturer of digital photographic cameras; · manufacturer of radio-broadcasting receivers; · manufacturer of magnetic tape recorders and other sound recording apparatus including telephone answering machines & cassette-type recorders · manufacturer of turn-tables (record decks), record players, cassette players & CD players · manufacturer of microphones, loudspeakers, headphones, earphones, amplifiers and sound amplifier sets; · manufacturer of pick-ups, tone arms, sound-heads, tables for turn-tables, aerials, aerial reflectors and aerial rotors, cable converters & TV decoders

No. of Employees	14

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 & address

Teledata SRL

Via Giuseppe Maria Giulietti 8

Milano, 20132

Italy

Tel: +39 02 27201352

Fax: +39 02 2593704

Web: www.teledata-i.com

Synthesis

Employees: 14

Company Type: Private Independent

Incorporation Date: 08-Jun-1977

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Euro

Annual Sales: 5.9

Total Assets: 5.2

Business Description

Teledata SRL is primarily engaged in manufacture of television receivers including video monitors and video projectors; manufacture of video recording or reproducing apparatus including camcorders, DVD recorders and players; manufacture of digital photographic cameras; manufacture of radio-broadcasting receivers; manufacture of magnetic tape recorders and other sound recording apparatus including telephone answering machines & cassette-type recorders.; manufacture of turn-tables (record decks), record players, cassette players & CD players,.; and manufacture of microphones, loudspeakers, headphones, earphones, amplifiers and sound amplifier sets; manufacture of pick-ups, tone arms, sound-heads, tables for turn-tables, aerials, aerial reflectors and aerial rotors, cable converters & TV decoders. This class also includes: manufacture of sound electroacoustic apparatus, command transmitter intercoms, simultaneous interpretation apparatus, electronic voting systems, conference systems, portable sound systems.

Industry

Industry Miscellaneous Manufacturing

ANZSIC 2006: 2592 - Toy, Sporting and Recreational Product Manufacturing

ISIC Rev 4: 3230 - Manufacture of sports goods

NACE Rev 2: 3230 - Manufacture of sports goods

NAICS 2012: 339920 - Sporting and Athletic Goods Manufacturing

UK SIC 2007: 3230 - Manufacture of sports goods

US SIC 1987: 3679 - Electronic Components, Not Elsewhere Classified

Key Executives

Name	Title
Edoardo Mannozzi	President
Alberto Mannozzi	Member of the board

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 Giuseppe Maria Giulietti 8

Milano, 20132

Italy

Tel: +39 02 27201352

Fax: +39 02 2593704

Web: www.teledata-i.com

Sales EUR(mil): 4.6

Assets EUR(mil): 4.0

Employees: 14

Fiscal Year End: 31-Dec-2012

Industry: Recreational Products

Incorporation Date: 08-Jun-1977

Company Type: Private Independent

Quoted Status: Not Quoted

Registered No.(ITA): 03598410151

President: Edoardo Mannozzi

Industry Codes

ANZSIC 2006 Codes:

2592 - Toy, Sporting and Recreational Product Manufacturing

ISIC Rev 4 Codes:

3230 - Manufacture of sports goods

NACE Rev 2 Codes:

3230 - Manufacture of sports goods

NAICS 2012 Codes:

339920 - Sporting and Athletic Goods Manufacturing

US SIC 1987:

3679 - Electronic Components, Not Elsewhere Classified

UK SIC 2007:

3230 - Manufacture of sports goods

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	4.6
Assets:	4.0
Current Assets:	3.1
Total Liabilities:	4.0
Net Worth:	1.1

Date of Financial Data:	31-Dec-2012

1 Year Growth

14.1%

Key Corporate Relationships

Bank:	Banca Popolare di Milano Ag, Intesa Sanpaolo Ag

Executive report

Board of Directors

Name

Title

Function

Alberto Mannozzi

Member of the board

Director/Board Member

Executives

Name

Title

Function

Edoardo Mannozzi

President

Alessandro Mannozzi

Managing director

Managing Director

Lucia Rosetti

Managing director

Managing Director

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	5.3	5.9	4.1
Net sales	5.9	5.6	3.7
Other operating income	0.1	0.1	0.0
Raw materials and consumables employed	1.7	2.3	1.2
Other expenses	2.0	2.0	1.6
Total payroll costs	1.1	1.3	1.1
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.2	0.1	0.1
Net operating income	0.2	0.2	0.1
Total financial income	0.0	0.0	0.0
Total expenses	0.0	0.0	0.0
Profit before tax	0.1	0.1	0.0
Extraordinary result	0.0	0.0	0.0
Profit after extraordinary items and before tax	0.2	0.1	0.1
Total taxation	0.1	0.1	0.1
Net profit	0.1	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	1.4	1.4	1.5
Provision for pensions	0.6	0.5	0.5
Mortgages and loans	0.3	0.3	-
Other long-term liabilities	-	-	0.4
Trade creditors	0.9	1.0	-
Bank loans and overdrafts	1.1	0.5	-
Other current liabilities	0.7	0.4	1.5
Accruals and deferred income	0.1	0.0	-
Total current liabilities	2.9	2.0	1.5
Total liabilities (including net worth)	5.2	4.2	3.9
Intangibles	0.1	0.0	0.0
Total tangible fixed assets	1.0	1.0	1.1
Total financial assets	0.0	0.0	0.0
Receivables due after 1 year	0.0	-	-
Total non-current assets	1.1	1.0	1.1
Net stocks and work in progress	0.7	1.0	0.8
Trade debtors	3.2	1.8	1.7
Other receivables	0.1	0.1	0.1
Cash and liquid assets	0.1	0.1	0.1
Accruals	0.0	0.1	0.1
Total current assets	4.1	3.2	2.8
Total assets	5.2	4.2	3.9

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	1.40	1.60	1.80
Quick ratio	1.20	1.10	1.30
Current liabilities to net worth	0.02%	0.01%	0.01%
Sales per employee	0.33	-	0.22
Profit per employee	0.01	-	-
Average wage per employee	0.06	-	0.06
Net worth	1.4	1.4	1.5
Number of employees	14	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.102.07
Euro	1	Rs.84.53

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

Company name & address

Synthesis

Business Description

Key Executives

Corporate Overview

Financial Data

Key Corporate Relationships

Executive report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit