MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	DANIELI CENTRO COMBUSTION SPA

Registered Office :	Via Galielo Galilei 40 Cinisello Balsamo, 20092

Country :	Italy

Financials (as on) :	30.06.2013

Date of Incorporation :	11.04.1989

Com. Reg. No.:	09743930159

Legal Form :	Public Subsidiary

Line of Business :	Design and manufacture of reheating and heat treatment equipment for both ferrous and non-ferrous industries

No. of Employees :	119

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level

Source : CIA

Company name and address

DANIELI CENTRO COMBUSTION SPA

Via Galielo Galilei 40


Cinisello Balsamo, 20092
Italy


Tel:	39 (02) 262451
Fax:	+39 0226 245223

$Description: \\vivek\Foreign Report Raw\Danieli Centro Combustion SpA_files\arrow_002.gif$ www.danielicentrocombustion.it

Employees:	119
Company Type:	Public Subsidiary
Corporate Family:	34 Companies
Ultimate Parent:	Danieli & C Officine Meccaniche S.p.A.

Incorporation Date:	11-Apr-1989


Fiscal Year End:	30-Jun-2013
Reporting Currency:	Euro
Annual Sales:	73.4
Total Assets:	527.4

Business Description

Design and manufacture of reheating and heat treatment equipment for both ferrous and non-ferrous industries

Industry

Industry	Machinery and Equipment Manufacturing
ANZSIC 2006:	2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified
ISIC Rev 4:	2815 - Manufacture of ovens, furnaces and furnace burners
NACE Rev 2:	2821 - Manufacture of ovens, furnaces and furnace burners
NAICS 2012:	333994 - Industrial Process Furnace and Oven Manufacturing
UK SIC 2007:	2821 - Manufacture of ovens, furnaces and furnace burners
US SIC 1987:	3567 - Industrial Process Furnaces and Ovens

Key Executives

Name	Title
Franco Alzetta	President
Stefano Deplano	President
Rossella Belloli	Purchasing Manager
Andrea Ceretti	Member of the board
Enrico Mozzi	Member of the board

News

Title	Date
USPTO grants trade mark "OLIVOTTO FERRE" to DANIELI CENTRO COMBUSTION S.P.A. CORPORATION (ITALY) Plus Patent News (115 Words)	30-Nov-2013
WIPO PUBLISHES PATENT OF DANIELI & C. OFFICINE MECCANICHE AND DANIELI CENTRO COMBUSTION FOR "A LOW NOX-EMISSION SELF-REGENERATIVE COMBUSTION... U.S. Fed News (196 Words)	1-Jul-2013
Danieli Centro awarded another contract in Yilan Country Steel Guru (210 Words)	22-May-2013

Registered No.(ITA): 09743930159

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7736976

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.767034

Corporate Overview

Location
Via Galielo Galilei 40
Cinisello Balsamo, 20092
Italy

Tel:	39 (02) 262451
Fax:	+39 0226 245223

$Description: \\vivek\Foreign Report Raw\Danieli Centro Combustion SpA_files\externalright.gif$ www.danielicentrocombustion.it

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Sales EUR(mil):	56.8
Assets EUR(mil):	404.5
Employees:	119
Fiscal Year End:	30-Jun-2013

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Industry:	Miscellaneous Capital Goods

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Incorporation Date:	11-Apr-1989
Company Type:	Public Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	09743930159

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President:	Stefano Deplano

Industry Codes

ANZSIC 2006 Codes:
2499	-	Other Machinery and Equipment Manufacturing Not Elsewhere Classified

ISIC Rev 4 Codes:
2815	-	Manufacture of ovens, furnaces and furnace burners

NACE Rev 2 Codes:
2821	-	Manufacture of ovens, furnaces and furnace burners

NAICS 2012 Codes:
333994	-	Industrial Process Furnace and Oven Manufacturing

US SIC 1987:
3567	-	Industrial Process Furnaces and Ovens

UK SIC 2007:
2821	-	Manufacture of ovens, furnaces and furnace burners

Business Description

Design and manufacture of reheating and heat treatment equipment for both ferrous and non-ferrous industries

More Business Descriptions

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Danieli Centro Combustion SpA is primarily engaged in manufacture of machines and equipment for handling hot metals (converters, ingot moulds, ladles, casting machines); and manufacture of metal-rolling mills and rolls for such mills.

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Financial Data

Financials in:	EUR(mil)
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Revenue:	56.8
Assets:	404.5
Current Assets:	402.6
Total Liabilities:	404.5
Net Worth:	21.9
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Date of Financial Data:	30-Jun-2013

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1 Year Growth

6.7%

Corporate Structure News

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Danieli & C Officine Meccaniche S.p.A.	Parent	Buttrio	Italy	Machinery and Equipment Manufacturing	3,797.0	11,184
Danieli UK Holding Ltd.	Subsidiary	Sheffield	United Kingdom	Architecture and Engineering	27.7	91
Danieli Davy Distington Ltd.	Subsidiary	Sheffield	United Kingdom	Miscellaneous Professional Services		50
Innoval Technology Ltd.	Subsidiary	Banbury	United Kingdom	Miscellaneous Professional Services	3.6	27
Danieli Lynxs Ltd.	Subsidiary	Sheffield	United Kingdom	Miscellaneous Professional Services
Danieli Lynxs Services Ltd.	Subsidiary	Sheffield	United Kingdom	Machinery and Equipment Manufacturing
Danieli Lynxs Shredder Services Ltd.	Subsidiary	Sheffield	United Kingdom	Miscellaneous Professional Services
Sund Birsta AB	Subsidiary	Sundsvall	Sweden	Machinery and Equipment Manufacturing	70.4	79
Morgårdshammar AB	Subsidiary	Smedjebacken	Sweden	Machinery and Equipment Manufacturing	32.5	77
Danieli Henschel	Subsidiary	Chambery	France	Machinery and Equipment Manufacturing	35.1	49
Danieli Henschel GmbH	Subsidiary	Kassel, Hessen	Germany	Machinery and Equipment Manufacturing		40
Danieli Corporation	Subsidiary	Cranberry Township, PA	United States	Machinery and Equipment Manufacturing	104.4	36
Industrial Beteiligung Service & Contracting Co LLC	Subsidiary	Al-Khobar	Saudi Arabia	Residential and Commercial Building Construction	91.2	18
Danieli Morgardshammar SA	Subsidiary	Las Arenas, Vizcaya	Spain	Machinery and Equipment Manufacturing		16
Riverside Products	Subsidiary	Bettendorf, IA	United States	Department Stores	0.4	2
Danieli Middle East for Engineering Services LLC	Subsidiary	Cairo	Egypt	Residential and Commercial Building Construction	17.6
Industrielle Beteiligung Sa	Subsidiary	Luxembourg	Luxembourg	Holding Companies
Acciaierie Bertoli Safau SpA	Subsidiary	Pozzuolo del Friuli, UD	Italy	Metal Products Manufacturing	821.1	1,040
Changshu Danieli Metallurgical Equipment Co., Ltd.	Subsidiary	Changshu, Jiangsu	China	Machinery and Equipment Manufacturing	71.0	900
Danieli Khevi Mashineri Inzhyniring, Tov	Subsidiary	Dnipropetrovsk	Ukraine	Civil Engineering	12.6	512
Danieli Metallurgical Equipment (Beijing) Co., Ltd.	Subsidiary	Beijing, Beijing	China	Machinery and Equipment Manufacturing	56.8	450
Danieli Automation SpA	Subsidiary	Buttrio, UD	Italy	Machinery and Equipment Manufacturing	233.9	397
Danieli Construction International SpA	Subsidiary	Pradamano, UD	Italy	Specialty Construction Trade Contractors	22.5	155
Danieli Centro Combustion SpA	Subsidiary	Cinisello Balsamo, MI	Italy	Machinery and Equipment Manufacturing	73.4	119
Industries SpA	Subsidiary	Avigliana, Torino	Italy	Machinery and Equipment Manufacturing	8.6	1
Qualisteel SRL	Subsidiary	Pozzuolo Del Friuli, Udine	Italy	Metal Products Manufacturing	10.0	70
More SRL	Subsidiary	Gemona Del Friuli, Udine	Italy	Machinery and Equipment Manufacturing	21.9	69
Turismo 85 SRL	Subsidiary	Buttrio, Udine	Italy	Travel and Reservation Services	4.8	28
Stem SRL	Subsidiary	Magnago, Milano	Italy	Machinery and Equipment Manufacturing	7.6	27
Danieli Hi Tech GmbH	Subsidiary	Mülheim An Der Ruhr, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing		11
Josef Fröhling GmbH & Co. KG Walzwerksmaschinenbau	Subsidiary	Meinerzhagen, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing	159.5	140
W + K Industrie Technik GmbH & Co. KG	Subsidiary	Dortmund, Nordrhein-Westfalen	Germany	Machinery and Equipment Manufacturing		40
Danflat S.P.A.	Subsidiary	Buttrio, Udine	Italy	Securities		1
Danieli Do Brasil S/A.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Metal Products Manufacturing	6.5

Executives Report

Danieli Centro Combustion SpA

Cinisello Balsamo, MI, Italy, Tel: 39 (02) 262451, URL: http://www.danielicentrocombustion.it

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Board of Directors

Name

Title

Function

Andrea Ceretti

Member of the board

Director/Board Member

Enrico Mozzi

Member of the board

Director/Board Member

Massimo Totis

Member of the board

Director/Board Member

Executives

Name

Title

Function

Franco Alzetta

President

Stefano Deplano

President

Gianni Giancarlo

Aftersales Director

Customer Service Executive

Rossella Belloli

Purchasing Manager

Purchasing Executive

Marco Bossi

Purchasing Manager

Purchasing Executive

Roberto Elemento

Purchasing Director

Purchasing Executive

Gianbruno Giordani

Purchasing Manager

Purchasing Executive

News

	USPTO grants trade mark "OLIVOTTO FERRE" to DANIELI CENTRO COMBUSTION S.P.A. CORPORATION (ITALY) Plus Patent News (115 Words)	30-Nov-2013
	WIPO PUBLISHES PATENT OF DANIELI & C. OFFICINE MECCANICHE AND DANIELI CENTRO COMBUSTION FOR "A LOW NOX-EMISSION SELF-REGENERATIVE COMBUSTION... U.S. Fed News (196 Words)	01-Jul-2013
	Danieli Centro awarded another contract in Yilan Country Steel Guru (210 Words)	22-May-2013

Annual Profit & Loss

	30-Jun-2013	30-Jun-2012	30-Jun-2011
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.773698	0.747695	0.7347
Consolidated	No	No	No

Total income	77.2	73.4	77.2
Net sales	73.4	71.2	74.2
Other operating income	3.1	1.7	2.9
Raw materials and consumables employed	40.8	41.8	47.8
Other expenses	18.3	17.6	17.3
Total payroll costs	10.2	8.9	8.3
Fixed asset depreciation and amortisation	0.8	0.6	0.2
Other operating costs	0.5	0.3	0.2
Net operating income	6.5	4.3	3.3
Total financial income	0.1	1.7	0.9
Total expenses	0.1	0.4	0.3
Profit before tax	6.5	5.6	3.8
Extraordinary result	0.5	-	-
Profit after extraordinary items and before tax	6.9	5.6	3.8
Total taxation	2.6	2.1	1.7
Net profit	4.4	3.5	2.1

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2013	30-Jun-2012	30-Jun-2011
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.767034	0.804664	0.689727
Consolidated	No	No	No

Total stockholders equity	28.5	23.0	23.0
Provision for risks	14.7	9.3	6.8
Provision for pensions	0.6	0.7	0.8
Trade creditors	28.0	16.0	28.4
Advances received	429.0	133.6	9.4
Other current liabilities	26.1	288.1	416.3
Accruals and deferred income	0.5	0.6	0.6
Total current liabilities	483.6	438.3	454.7
Total liabilities (including net worth)	527.4	471.3	485.3
Intangibles	1.1	1.3	0.0
Total tangible fixed assets	1.3	0.6	0.3
Total financial assets	0.1	0.0	0.0
Total non-current assets	2.5	1.9	0.3
Work in progress	390.0	368.5	368.8
Net stocks and work in progress	407.4	385.7	384.8
Trade debtors	31.5	22.2	14.5
Other receivables	72.1	53.0	77.8
Cash and liquid assets	13.8	8.4	7.9
Accruals	0.0	0.0	0.0
Total current assets	524.9	469.4	485.0
Total assets	527.4	471.3	485.3

Annual Ratios

Financials in: USD (mil)

	30-Jun-2013	30-Jun-2012	30-Jun-2011
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.767034	0.804664	0.689727
Consolidated	No	No	No

Current ratio	1.10	1.10	1.10
Quick ratio	0.20	0.20	0.20
Current liabilities to net worth	0.17%	0.19%	0.20%
Sales per employee	0.53	0.61	0.68
Profit per employee	0.05	0.05	0.04
Average wage per employee	0.07	0.08	0.08
Net worth	28.5	23.0	23.0
Number of employees	107	87	80

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.70
UK Pound	1	Rs.100.11
Euro	1	Rs.83.81

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.

MIRA INFORM REPORT

Company name and address

Business Description

Industry

Key Executives

News

Corporate Overview

Corporate Structure News

Executives Report

News

Annual Profit & Loss

Unit