MIRA INFORM REPORT

Report Date :

29.05.2014

IDENTIFICATION DETAILS

Name :	AIR POWER GROUP SPA

Registered Office :	Viale Regina Pacis 70, Sassuolo, 41049

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	04.02.1998

Com. Reg. No.:	02494070366

Legal Form :	Public Parent Company

Line of Business :	· manufacturer of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product) manufacturer of printing and bookbinding machines manufacturer of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds; manufacturer of moulding boxes for any material; mould bases; moulding patterns; moulds manufacturer of dryers for wood, paper pulp, paper or paperboard; manufacturer of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery manufacturer of industrial robots for multiple uses.

No of Employees :	20

NOTES :

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ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 & address

Air Power Group SpA

Viale Regina Pacis 70

Sassuolo, 41049

Italy

Tel: +39 0536 805042

Fax: +39 0536 807858

Company summary

Employees: 20

Company Type: Public Parent

Corporate Family: 2 Companies

Incorporation Date: 04-Feb-1998

Financials in: Usd (Millions)

Fiscal Year End: 31-Dec-2012

Reporting Currency: Euro

Annual Sales: 12.7

Total Assets: 11.4

Business Description

Air Power Group SpA is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery); and manufacture of industrial robots for multiple uses.

Industry

Industry Machinery and Equipment Manufacturing

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

ISIC Rev 4: 2829 - Manufacture of other special-purpose machinery

NACE Rev 2: 2899 - Manufacture of other special-purpose machinery n.e.c.

NAICS 2012: 333249 - Other Industrial Machinery Manufacturing

UK SIC 2007: 2899 - Manufacture of other special-purpose machinery n.e.c.

US SIC 1987: 3559 - Special Industry Machinery, Not Elsewhere Classified

Key Executives

Name	Title
Giuliano Compagni	President
Adelmo Ivano Giglioli	Vice president
Stefano Fiorini	Member of the board
Paolo Malavasi	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

Viale Regina Pacis 70

Sassuolo, 41049

Italy

Tel: +39 0536 805042

Fax: +39 0536 807858

Sales EUR(mil): 9.9

Assets EUR(mil): 8.6

Employees: 20

Fiscal Year End: 31-Dec-2012

Industry: Miscellaneous Capital Goods

Incorporation Date: 04-Feb-1998

Company Type: Public Parent

Quoted Status: Not Quoted

Registered No.(ITA): 02494070366

President: Giuliano Compagni

Contents

Industry Codes

ANZSIC 2006 Codes:

2499 - Other Machinery and Equipment Manufacturing Not Elsewhere Classified

ISIC Rev 4 Codes:

2829 - Manufacture of other special-purpose machinery

NACE Rev 2 Codes:

2899 - Manufacture of other special-purpose machinery n.e.c.

NAICS 2012 Codes:

333249 - Other Industrial Machinery Manufacturing

US SIC 1987:

3559 - Special Industry Machinery, Not Elsewhere Classified

UK SIC 2007:

2899 - Manufacture of other special-purpose machinery n.e.c.

Business Description

Air Power Group SpA is primarily engaged in manufacture of machinery for working soft rubber or plastics or for the manufacture of products of these materials (extruders, moulders, pneumatic tyre making or retreading machines and other machines for making a specific rubber or plastic product); manufacture of printing and bookbinding machines; manufacture of machinery for producing tiles, bricks, shaped ceramic pastes, pipes, graphite electrodes, blackboard chalk, foundry moulds; manufacture of moulding boxes for any material; mould bases; moulding patterns; moulds; manufacture of dryers for wood, paper pulp, paper or paperboard; manufacture of centrifugal clothes dryers; manufacture of diverse special machinery and equipment (machines to assemble electric or electronic lamps, tubes (valves) or bulbs; machines for production or hot-working of glass or glassware, glass fibre or yarn; machinery or apparatus for isotopic separation; rope-making machinery.); and manufacture of industrial robots for multiple uses.

Financial Data

Financials in:	EUR(mil)

Revenue:	9.9
Assets:	8.6
Current Assets:	4.1
Total Liabilities:	8.6
Net Worth:	2.6

Date of Financial Data:	31-Dec-2012

1 Year Growth

9.5%

Subsidiaries

Company	Percentage Owned	Country
Boiardo Costruzioni SRL
Boiardo 1495 SRL
Ceramics Line SRL

Key Corporate Relationships

Bank:	Cassa di Risparmio di Bologna Ag

Corporate Family	Corporate Structure News:
	Air Power Group SpA
Air Power Group SpA Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Air Power Group SpA	Parent	Sassuolo, Modena	Italy	Machinery and Equipment Manufacturing	12.7	20
Ceramics Line SRL	Subsidiary	Casalgrande, Reggio Emilia	Italy	Specialty Construction Trade Contractors	1.3	14

Executive report

Board of Directors

Name

Title

Function

Stefano Fiorini

Member of the board

Director/Board Member

Paolo Malavasi

Member of the board

Director/Board Member

Executives

Name

Title

Function

Giuliano Compagni

President

Adelmo Ivano Giglioli

Vice president

Senior Management (General)

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	12.7	12.7	9.7
Net sales	12.7	12.5	9.6
Other operating income	0.0	0.2	0.1
Raw materials and consumables employed	7.7	8.0	5.8
Other expenses	2.7	2.8	2.5
Total payroll costs	1.2	1.1	0.9
Fixed asset depreciation and amortisation	0.1	0.1	0.2
Other operating costs	0.2	0.1	0.1
Net operating income	0.8	0.6	0.3
Total financial income	0.0	0.0	0.1
Total expenses	0.1	0.0	0.0
Profit before tax	0.7	0.6	0.4
Extraordinary result	-0.3	0.0	0.1
Profit after extraordinary items and before tax	0.5	0.6	0.5
Total taxation	0.2	0.2	0.2
Net profit	0.2	0.4	0.3

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	3.5	3.2	2.9
Provision for pensions	0.2	0.1	0.2
Mortgages and loans	1.8	1.2	-
Trade creditors	3.9	3.5	3.4
Bank loans and overdrafts	0.9	0.4	0.0
Other current liabilities	1.1	0.5	0.4
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	5.9	4.4	3.8
Total liabilities (including net worth)	11.4	8.9	6.9
Intangibles	-	0.0	0.0
Total tangible fixed assets	0.2	0.2	0.2
Total financial assets	5.7	2.6	2.1
Receivables due after 1 year	0.1	0.0	0.0
Total non-current assets	6.0	2.8	2.3
Net stocks and work in progress	0.4	0.7	0.6
Trade debtors	4.4	3.9	3.0
Other receivables	0.2	0.3	0.3
Cash and liquid assets	0.4	1.2	0.6
Accruals	0.0	0.0	0.1
Total current assets	5.4	6.1	4.6
Total assets	11.4	8.9	6.9

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	0.90	1.40	1.20
Quick ratio	0.80	1.20	1.00
Current liabilities to net worth	0.02%	0.01%	0.01%
Sales per employee	0.49	-	-
Profit per employee	0.02	-	-
Average wage per employee	0.05	-	-
Net worth	3.5	3.2	2.9
Number of employees	20	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.08
UK Pound	1	Rs.99.20
Euro	1	Rs.80.53

INFORMATION DETAILS

Report Prepared by :

MNL

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MIRA INFORM REPORT

Company name & address

Company summary

Business Description

Key Executives

Corporate Overview

Executive report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit