MIRA INFORM REPORT

Report Date :

13.11.2014

IDENTIFICATION DETAILS

Name :	IMCOTEX TEXTILE MACHINERY TRADING S.R.L. SIGLABILE IMCOTEX S.R.L.

Registered Office :	Via Lamarmora,9, 13900 – Biella (BI) -IT-

Country :	Italy

Date of Incorporation :	Not Available

Legal Form :	Limited Liability Company

Line of Business :	Wholesale of machinery for the textile industry and sewing and knitting machines

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 :	Unknown
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 & address

IMCOTEX TEXTILE MACHINERY TRADING S.R.L. SIGLABILE IMCOTEX S.R.L.

Via Lamarmora, 9

13900 – Biella (BI) -IT-

Summary

Fiscal Code	:	02556110027
Legal Form	:	Limited liability company

Activity

Wholesale of machinery for the textile industry and sewing and knitting machines

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02556110027

Chamber of Commerce no. : 194792 of Biella

V.A.T. Code : 02556110027

Members

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

SOURCES

Our Company collects data from public registers, lists, archives or contained in Acts and/or documents (held by the National Chamber of Commerce or Immovables Territorial Agency), users, reporters or however generally accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection internet sites).

The present report is supplied for Your exclusive use and is bond to the general conditions of the contract. Personal Data collection and treatment, reported, are conform to our company's activities and to Your mandate conferred to us by Your request, for the purposes in relation to Marketing Management, Sales and Monetary Administration. It does not contain, nor could contain, information cancelled by a justified opposition right.

Market / Territory Data

Population living in the province	:	$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Spazio.gif$ 188.197
Population living in the region	:	$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Spazio.gif$ 4.330.172
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Spazio.gif$ 1.889.207

Monthly family expences average in the region (in Eur..) :

- per food products	:	$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Spazio.gif$ 429
- per non food products	:	$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Spazio.gif$ 1.789
- per energy consume	:	$Description: \\vivek\Foreign Report Raw\Imcotex Textile Machinery Trading S.r.l. Siglabile Imcotex S.r.l._files\Spazio.gif$ 135

Sector Data

The values are calculated on a base of 2.551 significant companies.

The companies cash their credits on an average of 119 dd.

The average duration of suppliers debts is about 117 dd.

The sector's profitability is on an average of 2,27%.

The labour cost affects the turnover in the measure of 8,98%.

Goods are held in stock in a range of 58 dd.

The difference between the sales volume and the resources used to realize it is about 1,36.

The employees costs represent the 8,98% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 27.019 protested subjects are found; in the province they count to 1.057.

The insolvency index for the region is 0,63, , while for the province it is 0,56.

Total Bankrupt companies in the province : 750.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.48
UK Pound	1	Rs.97.92
Euro	1	Rs.76.79

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

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.