MIRA INFORM REPORT

Report No. :	318780
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	RELINO E SAMSON MECCANICA SRL

Registered Office :	Via Rivetta, 15 13040 – Saluggia (VC)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	07.01.2009

Legal Form :	Limited liability company

Line of Business :	General mechanics [We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employees :	from 6 to 10

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

RELINO E SAMSON MECCANICA SRL

Via Rivetta, 15

13040 – Saluggia (VC) -IT-

Summary

Fiscal Code	:	02395030022
Legal Form	:	Limited liability company
start of Activities	:	16/03/2009
Equity	:	150.000
Turnover Range	:	1.250.000/1.500.000
Number of Employees	:	from 6 to 10

Activity

General mechanics

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02395030022

Chamber of Commerce no. : 188786 of Vercelli since 22/01/2009

V.A.T. Code : 02395030022

Establishment date	: 07/01/2009
Start of Activities	: 16/03/2009
Legal duration	: 31/12/2030
Nominal Capital	: 10.000
Subscribed Capital	: 10.000
Paid up Capital	: 10.000

Legal mail :

RSMECCANICASRL@PCERT.IT

Members

Relino

Giovanni

Born in Chivasso

(TO)

on 14/06/1967

- Fiscal Code : RLNGNN67H14C665H

Residence:

Rivetta

, 15

- 13040

Saluggia

(VC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	07/01/2009
Board Chairman	07/01/2009

No Prejudicial events are reported

No Protests registered

Samson

Constantin Catalin

Born in Moldoveni

( )

on 14/02/1979

- Fiscal Code : SMSCST79B14Z129X

Residence:

Baraggino

, 127

- 10034

Chivasso

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	07/01/2009
Assistant board Chairman	07/01/2009

No Prejudicial events are reported

No Protests registered

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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Relino Giovanni	Saluggia - IT -	RLNGNN67H14C665H	5.000 .Eur	50,00
Samson Constantin Catalin	Chivasso - IT -	SMSCST79B14Z129X	5.000 .Eur	50,00

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:

Legal and operative seat

Rivetta

, 15

- 13040

- Saluggia

(VC)

- IT -

Legal mail

: RSMECCANICASRL@PCERT.IT

Employees	: 8
Assistants	: 2

Protests

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

Data Base Prejudicial Events Search

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.

Financial and Economical Analysis

Subject is active since 2009

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 29,71% in 2013 with a stable trend in the turnover.

The operating result in 2013 was positive (5,58%) falling within the field's average.

The amount of the operating result is equal to Eur. 80.178 with an increase of 21,63% if the compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 116.343 showing a 35,81% growth.

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (8,32) but on the decrease if compared to the year before.

It's shareholders funds amount to Eur. 136.939 with a growth of 42,27% in 2013.

During the last financial year total debts volume reached Eur. 1.261.563 (Eur. 120.715 were m/l term ones) , a more or less stable value.

Liquidity is insufficient.

The financial management generated a cash flow of Eur. 76.855.

Labour cost expenses amount to Eur. 273.844 , representing 22,7% on the total of production costs. , whereas 21,28% is the incidence on sales revenues.

The incidence percentage of financial charges on sales volume is equal to -3,18%.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	1.286.690
Profit (Loss) for the period	40.690

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	1.226.808
Profit (Loss) for the period	14.849

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	1.013.551
Profit (Loss) for the period	18.234

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	488.197
Profit (Loss) for the period	18.563

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

BALANCE SHEET ACCOUNTS
Years	2013	2012	2011
ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	34.822	27.052	10.108
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	581.185	534.305	109.452
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	10.468	9.768	10.114
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	10.468	9.768	10.114
Total fixed assets	626.475	571.125	129.674
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories		4.188	44.263
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	794.342	751.064	449.513
. . Beyond 12 months	3.600	3.600	4.425
. . Trade receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	797.942	754.664	453.938
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	904	1.657	2.912
Total current assets	798.846	760.509	501.113
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	11.367	13.589	10.882
Total adjustments accounts	11.367	13.589	10.882
TOTAL ASSETS	1.436.688	1.345.223	641.669

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	10.000	10.000	10.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	13.280	13.280	9.633
. Reserve for Own shares
. Statute reserves	67.969	53.121	38.533
. Other reserves	5.000	5.000	5.000
. Accumulated Profits (Losses)
. Profit( loss) of the year	40.690	14.849	18.234
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	136.939	96.250	81.400
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	12.835	9.911	3.653
ACCOUNTS PAYABLE
. . . . Within 12 months	1.140.848	1.083.797	440.877
. . . . Beyond 12 months	120.715	150.782	109.314
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables
. . . . Within 12 months
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables
. . . . Within 12 months
. . . . Beyond 12 months
Total accounts payable	1.261.563	1.234.579	550.191
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	25.351	4.483	6.425
Total adjustment accounts	25.351	4.483	6.425
TOTAL LIABILITIES	1.436.688	1.345.223	641.669

MEMORANDUM ACCOUNTS
Third party goods
Investment accounts
Risk accounts	120.000	120.000	120.000
Civil and fiscal norms relation


PROFIT AND LOSS ACCOUNTS
VALUE OF PRODUCTION
. Revenues from sales and services	1.286.690	1.226.808	1.013.551
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues			6.342
. . Contributions for operating expenses
. . Different income and revenues			6.342
Total value of production	1.286.690	1.226.808	1.019.893
PRODUCTION COSTS
. Raw material,other materials and consum.	435.143	347.454	283.511
. Services received
. Leases and rentals	374.625	503.929	541.693
. Payroll and related costs	273.844	225.326	111.833
. . Wages and salaries	180.594	150.027	78.991
. . Social security contributions	80.973	66.307	29.242
. . Employee termination indemnities	12.277	8.992	3.600
. . Pension and similar
. . Other costs
. Amortization and depreciation	36.165	19.751	12.793
. . Amortization of intangible fixed assets	2.717	486	486
. . Amortization of tangible fixed assets	33.448	19.265	12.307
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	4.188	40.075	-7.480
. Provisions to risk reserves
. Other provisions
. Other operating costs	82.547	24.358	26.549
Total production costs	1.206.512	1.160.893	968.899
Diff. between value and cost of product.	80.178	65.915	50.994
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	648	261	46
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	648	261	46
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	648	261	46
. Interest and other financial expense	-41.538	-28.673	-13.292
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	41.538	28.673	13.292
Total financial income and expense	-40.890	-28.412	-13.246
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	7.510	2.718
. . Gains on disposals
. . Other extraordinary income	7.510	2.718
. Extraordinary expense		-4.328
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-4.328
Total extraordinary income and expense	7.510	-1.610
Results before income taxes	46.798	35.893	37.748
. Taxes on current income	6.108	21.044	19.514
. . current taxes	6.108	21.044	19.514
. . differed taxes(anticip.)
. Net income for the period	40.690	14.849	18.234
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	40.690	14.849	18.234

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,44	0,42	0,20	0,24
Elasticity Ratio	Units	0,56	0,57	0,78	0,73
Availability of stock	Units	n.c.	0,00	0,07	0,13
Total Liquidity Ratio	Units	0,56	0,56	0,71	0,54
Quick Ratio	Units	0,00	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	8,32	11,24	5,38	3,02
Self Financing Ratio	Units	0,10	0,07	0,13	0,19
Capital protection Ratio	Units	0,63	0,74	0,65	0,67
Liabilities consolidation quotient	Units	0,12	0,15	0,26	0,21
Financing	Units	9,21	12,83	6,76	3,82
Permanent Indebtedness Ratio	Units	0,19	0,19	0,30	0,37
M/L term Debts Ratio	Units	0,09	0,12	0,18	0,12
Net Financial Indebtedness Ratio	Units	n.c.	n.c.	n.c.	0,54
CORRELATION
Fixed assets ratio	Units	0,43	0,45	1,50	1,36
Current ratio	Units	0,70	0,70	1,14	1,15
Acid Test Ratio-Liquidity Ratio	Units	0,70	0,70	1,04	0,90
Structure's primary quotient	Units	0,22	0,17	0,63	0,80
Treasury's primary quotient	Units	0,00	0,00	0,01	0,05
Rate of indebtedness ( Leverage )	%	1049,14	1397,63	788,29	522,79
Current Capital ( net )	Value	-342.002	-323.288	60.236	137.035
RETURN
Return on Sales	%	5,97	2,82	3,06	4,19
Return on Equity - Net- ( R.O.E. )	%	29,71	15,43	22,40	6,82
Return on Equity - Gross - ( R.O.E. )	%	34,17	37,29	46,37	21,82
Return on Investment ( R.O.I. )	%	5,58	4,90	7,95	5,32
Return/ Sales	%	6,23	5,37	5,03	4,80
Extra Management revenues/charges incid.	%	50,75	22,53	35,76	24,34
Cash Flow	Value	76.855	34.600	31.027	122.584
Operating Profit	Value	80.178	65.915	50.994	134.039
Gross Operating Margin	Value	116.343	85.666	63.787	232.049
MANAGEMENT
Credits to clients average term	Days	n.c.	n.c.	n.c.	113,47
Debts to suppliers average term	Days	n.c.	n.c.	n.c.	128,87
Average stock waiting period	Days	n.c.	1,23	15,72	41,22
Rate of capital employed return ( Turnover )	Units	0,90	0,91	1,58	1,15
Rate of stock return	Units	n.c.	292,93	22,90	8,63
Labour cost incidence	%	21,28	18,37	11,03	23,26
Net financial revenues/ charges incidence	%	-3,18	-2,32	-1,31	-1,36
Labour cost on purchasing expenses	%	22,70	19,41	11,54	23,52
Short-term financing charges	%	3,29	2,32	2,42	2,74
Capital on hand	%	111,66	109,65	63,31	87,13
Sales pro employee	Value	160.836	175.258	337.850	150.278
Labour cost pro employee	Value	34.230	32.189	37.277	33.017

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.

Market / Territory Data

Population living in the province	:	$Description: C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.148\Spazio.gif$ 177.280
Population living in the region	:	$Description: C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.148\Spazio.gif$ 4.330.172
Number of families in the region	:	$Description: C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.148\Spazio.gif$ 1.889.207

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

- per food products	:	$Description: C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.148\Spazio.gif$ 429
- per non food products	:	$Description: C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.148\Spazio.gif$ 1.789
- per energy consume	:	$Description: C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.148\Spazio.gif$ 135

Sector Data

The values are calculated on a base of 3.083 significant companies.

The companies cash their credits on an average of 113 dd.

The average duration of suppliers debts is about 129 dd.

The sector's profitability is on an average of 4,19%.

The labour cost affects the turnover in the measure of 23,26%.

Goods are held in stock in a range of 41 dd.

The difference between the sales volume and the resources used to realize it is about 1,15.

The employees costs represent the 23,52% 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 847.

The insolvency index for the region is 0,63, , while for the province it is 0,48.

Total Bankrupt companies in the province : 573.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.82
UK Pound	1	Rs.93.85
Euro	1	Rs.67.57

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	VNT

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

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit