MIRA INFORM REPORT

Report No. :	335916
Report Date :	10.08.2015

IDENTIFICATION DETAILS

Name :	SPEROTTO RIMAR S.R.L.
Registered Office :	Via San Nicolo 436070 Trissino (Vi) It
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	24.04.2012
Legal Form :	Limited liability company
Line of Business :	Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories)
No. of Employees :	From 11 to 15

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Italy	A1	A1

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

Sperotto Rimar S.r.l.

Via San Nicolo', 4

36070 – Trissino (VI) -IT-

Summary

Fiscal Code	:	03761180243
Legal Form	:	Limited liability company
start of Activities	:	29/05/2012
Equity	:	400.000
Turnover Range	:	3.000.000/3.750.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of textile machinery, machinery and systems for auxiliar

y treatment of textiles, sewing and weaving machines (including spar

e parts and accessories)

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03761180243

Chamber of Commerce no. : 351748 of Vicenza since 07/05/2012

V.A.T. Code : 03761180243

Establishment date	: 24/04/2012
Start of Activities	: 29/05/2012
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

SPEROTTORIMAR@PEC.TELEMAR.IT

Members

Gallucci

Stefano

Born in Charlotte

( )

on 14/04/1965

- Fiscal Code : GLLSFN65D14Z404Y

Residence:

Palestro

, 56

- 35138

Padova

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	03/12/2013

No Prejudicial events are reported

No Protests registered

Isotex Engineering S.r.l.

San Nicolo'

, 4

- 36070

Trissino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Santex Holding Ag

Position	Since	Shares Amount	% Ownership
Partner

No Protests registered

Companies connected to members

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Gallucci

Stefano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
M31 S.p.a.	Padova (PD) - IT -	04155030283	Director	Active	Registered
M31 Italia S.r.l.	Padova (PD) - IT -	04447620289	Director	Active	Registered
Centervue S.p.a.	Padova (PD) - IT -	04296580287	Director	Active	Registered
Centervue S.p.a.	Padova (PD) - IT -	04296580287	Board Chairman	Active	Registered
Isotex Engineering S.r.l.	Trissino (VI) - IT -	03709250249	Managing Director	Active	Registered
Isotex Engineering S.r.l.	Trissino (VI) - IT -	03709250249	Director	Active	Registered
Isotex Engineering S.r.l.	Trissino (VI) - IT -	03709250249	Board Chairman	Active	Registered
Next S.a.s. Di Gallucci Stefano E C.	Padova (PD) - IT -	04300030287	General Partner	Active	Registered
Qid S.r.l.	Vicenza (VI) - IT -	03548630239	Managing Director	Active	Registered
Qid S.r.l.	Vicenza (VI) - IT -	03548630239	Director	Active	Registered
Qid S.r.l.	Vicenza (VI) - IT -	03548630239	Board Chairman	Active	Registered
Solwa S.r.l.	Trissino (VI) - IT -	04617780285	Managing Director	Active	Registered
Solwa S.r.l.	Trissino (VI) - IT -	04617780285	Director	Active	Registered
Solwa S.r.l.	Trissino (VI) - IT -	04617780285	Board Chairman	Active	Registered
Santex Rimar S.r.l.	Trissino (VI) - IT -	97551450154	Director	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Isotex Engineering S.r.l.	Trissino - IT -	03709250249	51.000 .Eur	51,00
Santex Holding Ag			49.000 .Eur	49,00

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

San Nicolo'

, 4

- 36070

- Trissino

(VI)

- IT -

Legal mail

: SPEROTTORIMAR@PEC.TELEMAR.IT

-

Branch

(Factory)

since 18/11/2014

Stazione Z.a.i. Koris

, S.N.C.

- 36070

- Trissino

(VI)

- IT -

Employees

: 11

Stocks for a value of 430.000

Eur

Historical Information and/or Firm's Status

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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

Company's starting of activities dates back to some years ago (2012).

On the base of the analysis made on the b/s of the years 2013 and 2012, it can be gathered that:

During the last years, it achieved profits (r.o.e. 36,33% on 2013) and with an upward trend in turnover trend during the last financial year (more then 100% in 2013).

The operating result was positive in the last financial year (39,56%) and even better than sector's average.

The operating result is positive and amounts to Eur. 200.793 rising (+more then 100%) in relation to the previous year.

The gross operating margin of the latest financial year is of Eur. 259.355 with a 94,1% growth.

Indebtedness is scanty since debts are lower than liquidity.

The equity capital is equal to Eur. 395.707 , increasing by 240,01% if compared to the financial year 2012.

The financial management generated a cash flow of Eur. 170.820.

In the last financial year labour cost was of Eur. 420.402, with a 12,04% incidence on total costs of production. , whereas 11,92% is the incidence on sales revenues.

The financial management has a limited economic impact, equal to -0,2% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	3.526.229
Profit (Loss) for the period	143.758

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	1.196.838
Profit (Loss) for the period	16.380

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

Years	2013	2012
BALANCE SHEET ACCOUNTS
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.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	25.416	33.888
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	15.207	17.383
. 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
. . . . 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	27.911	27.911
Total fixed assets	68.534	79.182
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	427.508	344.382
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months		468.125
. . Beyond 12 months		310
. . 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		468.435
. 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	9.492	86.256
Total current assets	437.000	899.073
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	1.989	6.893
Total adjustments accounts	1.989	6.893
TOTAL ASSETS	507.523	985.148
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	491
. Reserve for Own shares
. Statute reserves
. Other reserves
. Accumulated Profits (Losses)	7.700
. Profit( loss) of the year	287.516	16.380
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	395.707	116.380
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	101.500	112.000
Employee termination indemnities	73.619	86.671
ACCOUNTS PAYABLE
. . . . Within 12 months		669.064
. . . . Beyond 12 months
. . 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		669.064
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	7.167	1.033
Total adjustment accounts	7.167	1.033
TOTAL LIABILITIES	577.993	985.148

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	3.526.229	1.205.028
. Changes in work in progress	30.210
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	135.222	262.562
. . Contributions for operating expenses
. . Different income and revenues	135.222	262.562
Total value of production	3.691.661	1.467.590
PRODUCTION COSTS
. Raw material,other materials and consum.	2.465.900	618.721
. Services received
. Leases and rentals	565.916	362.035
. Payroll and related costs	420.402	392.087
. . Wages and salaries	293.112	282.735
. . Social security contributions	85.023	88.674
. . Employee termination indemnities	19.996	20.678
. . Pension and similar
. . Other costs	22.271
. Amortization and depreciation	27.062	20.789
. . Amortization of intangible fixed assets	8.472	8.472
. . Amortization of tangible fixed assets	6.026	10.638
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	12.564	1.679
. Changes in raw materials	-52.916	-68.598
. Provisions to risk reserves
. Other provisions	31.500	70.000
. Other operating costs	33.004	29.731
Total production costs	3.490.868	1.424.765
Diff. between value and cost of product.	200.793	42.825
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	11	8
. . 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	11	8
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	11	8
. Interest and other financial expense	-7.165	-115
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	7.165	115
Total financial income and expense	-7.154	-107
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	-1
Results before income taxes	193.638	42.718
. Taxes on current income	49.880	26.338
. . current taxes
. . differed taxes(anticip.)
. Net income for the period	143.758	16.380
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	143.758	16.380

RATIOS

	Value Type	as at 31/12/2013	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,14	0,08	0,18
Elasticity Ratio	Units	0,86	0,91	0,80
Availability of stock	Units	0,84	0,35	0,24
Total Liquidity Ratio	Units	0,02	0,56	0,48
Quick Ratio	Units	0,02	0,09	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	5,08	3,25
Self Financing Ratio	Units	0,78	0,12	0,19
Capital protection Ratio	Units	0,02	0,00	0,63
Liabilities consolidation quotient	Units	n.c.	0,12	0,19
Financing	Units	n.c.	5,75	3,80
Permanent Indebtedness Ratio	Units	0,92	0,20	0,36
M/L term Debts Ratio	Units	0,15	0,08	0,11
Net Financial Indebtedness Ratio	Units	0,00	n.c.	0,63
CORRELATION
Fixed assets ratio	Units	6,85	2,46	1,75
Current ratio	Units	n.c.	1,33	1,21
Acid Test Ratio-Liquidity Ratio	Units	n.c.	0,82	0,81
Structure's primary quotient	Units	5,77	1,47	1,03
Treasury's primary quotient	Units	n.c.	0,13	0,06
Rate of indebtedness ( Leverage )	%	128,26	846,49	516,42
Current Capital ( net )	Value	437.000	221.819	422.465
RETURN
Return on Sales	%	4,84	3,11	3,35
Return on Equity - Net- ( R.O.E. )	%	36,33	14,07	5,13
Return on Equity - Gross - ( R.O.E. )	%	48,93	36,71	14,77
Return on Investment ( R.O.I. )	%	39,56	4,35	4,16
Return/ Sales	%	5,69	3,58	4,11
Extra Management revenues/charges incid.	%	71,60	38,25	28,57
Cash Flow	Value	170.820	37.169	122.482
Operating Profit	Value	200.793	42.825	144.752
Gross Operating Margin	Value	259.355	133.614	241.990
MANAGEMENT
Credits to clients average term	Days	n.c.	n.c.	111,85
Debts to suppliers average term	Days	n.c.	n.c.	128,30
Average stock waiting period	Days	43,65	103,59	80,43
Rate of capital employed return ( Turnover )	Units	6,95	1,21	1,08
Rate of stock return	Units	8,25	3,48	4,45
Labour cost incidence	%	11,92	32,76	19,12
Net financial revenues/ charges incidence	%	-0,20	-0,01	-1,08
Labour cost on purchasing expenses	%	12,04	27,52	19,02
Short-term financing charges	%	n.c.	0,02	2,68
Capital on hand	%	14,39	82,31	91,91
Sales pro employee	Value	271.248	99.736	198.432
Labour cost pro employee	Value	32.338	32.673	35.779

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	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% 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 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.81
UK Pound	1	Rs.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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.