MIRA INFORM REPORT

Report Date :

30.01.2008

IDENTIFICATION DETAILS

Name :	FILANTO S.P.A.
Registered Office :	Zona Industriale, 73042 - Casarano (LE)
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	07.12.1985
Com. Reg. No.:	LE035-9143
Legal Form :	Joint Stock Company
Line of Business :	Machine Production of Footwear, Slippers and Accessories

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

Maximum Credit Limit :	Eur - 299.000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Filanto S.p.a.

Zona Industriale,

73042 - Casarano (LE) -IT-

SUMMARY

Fiscal Code	:	02084790753
Legal Form	:	Joint stock company
Start of Activities	:	01/01/1986
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	100.000.000/150.000.000 Eur
Number of Employees	:	from 251 to 500

N.B.: Additional information are present in the "FURTHER INFORMATION" module.

CREDIT ANALYSIS

CREDIT OPINION	:	299.000 - Eur
Score	:	Risk medium
Creditworthness Rate	:	Modest
		The financial situation is not very balanced-Credit is possible but
		following the future developments.

ACTIVITY

Machine production of footwear, slippers and accessories.

Production of footwear.

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 02084790753

Foreign Trade Reg. no. : LE000555 since 31/12/1991

Foreign Trade Reg. no. : 000555 of Lecce since 31/12/1991

Chamber of Commerce no. : 452082 of Bari

Chamber of Commerce no. : 255879 of Cuneo

Chamber of Commerce no. : 144504 of Lecce since 31/12/1985

Chamber of Commerce no. : 247136 of Pavia

Firms' Register : LE035-9143 since 19/02/1996

V.A.T. Code : 02084790753

Foundation Date	: 07/12/1985
Establishment Date	: 07/12/1985
Start of Activities	: 01/01/1986
Legal Duration Date	: 31/12/2050
Nominal Capital	: 14.000.000	Eur
Subscribed Capital	: 14.000.000	Eur
Paid up Capital	: 14.000.000	Eur

MEMBERS

Filograna

Antonio

Born in Casarano

(LE)

on 02/06/1923

- Fiscal Code : FLGNTN23H02B936T

Residence :

Contrada

Panesa

, 29

- 73042

Casarano

(LE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2005
Assistant board Chairman	29/06/2005

No Protests registered.

Filograna Sergio

Vito Antonio

Born in Casarano

(LE)

on 27/11/1966

- Fiscal Code : FLGVNT66S27B936J

Residence :

Via

Buonarroti

, 10

- 73042

Casarano

(LE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2005
Board Chairman	29/06/2005

No Protests registered.

Filograna

Antonio

Born in Casarano

(LE)

on 11/08/1978

- Fiscal Code : FLGNTN78M11B936H

Residence :

Via

Don Sturzo

, 5

- 73042

Casarano

(LE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/03/2007

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 held positions.

FILOGRANA

ANTONIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
ALLEANZA SOCIALE S.P.A.	Casarano (LE) - IT -	02516130750	Board Chairman	-	Ceased
CO.T.A.-COMPAGNIA TURISTICA ALBERGHIERA -S.R.L.	Lecce (LE) - IT -	00604520759	Director	-	Ceased
COOPERATIVA EDILIZIA VILLAGGIO FILANTO AR.L.	Casarano (LE) - IT -	00478750755	Chairman	-	Ceased
FIL HOLDING SPA	Casarano (LE) - IT -	01834320754	Board Chairman	-	Ceased
FILOGRANA *S.R.L.	Casarano (LE) - IT -	01834310755	Sole Director	-	Ceased
FILOGRANA ANTONIO	Casarano (LE) - IT -	FLGNTN23H02B936T	Proprietor	Active	Registered
FONDAZIONE EDOARDO FILOGRANA	Casarano (LE) - IT -	00917050759	Chairman	Active	Registered
IMMOBILIARE S.ANNA SPA	Gallipoli (LE) - IT -	06523070156	Sole Director	Active	Registered
LA FILANTO-S.R.L.	Casarano (LE) - IT -	00575770755	Chairman	-	Ceased
LA NUOVA FILANTO - S.P.A.	Casarano (LE) - IT -	01174600757	Chairman	-	Ceased
PANFIL WINNETOU S.P.A.	Patu' (LE) - IT -	00259100758	Chairman	-	Ceased
PASTIS - CENTRO NAZIONALE PER LA RICERCA E LO SVILUPPO DEI MATERIALI - ANGELO R	Brindisi (BR) - IT -	01358130746	Director	Dismiss	Registered
TELESUD - SRL	Casarano (LE) - IT -	00589920750	Sole Director	-	Ceased

FILOGRANA SERGIO

VITO ANTONIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
ALLEANZA SOCIALE S.P.A.	Casarano (LE) - IT -	02516130750	Assistant board Chairman	-	Ceased
ALLEANZA SOCIALE S.P.A.	Casarano (LE) - IT -	02516130750	Liquidator	-	Ceased
CITTA' DI CASARANO S.R.L.	Casarano (LE) - IT -	03465940751	Sole Director	Active	Registered
FILANTO '92 *S.R.L.	Casarano (LE) - IT -	02431470752	Sole Director	-	Ceased
FILANTO '92 *S.R.L.	Casarano (LE) - IT -	02431470752	Sole Director	Dismiss	Ceased
FILANTO ENGINEERING E SERVICE S.R.L.	Patu' (LE) - IT -	10792280157	Sole Director	-	Ceased
FILANTO ENGINEERING E SERVICE S.R.L.	Patu' (LE) - IT -	10792280157	Liquidator	-	Ceased
FILOGRANA ANTONIO S.R.L.	Milano (MI) - IT -	03723830158	Sole Director	Active	Registered
FILOGRANA SERGIO VITO ANTONIO	Casarano (LE) - IT -	FLGVNT66S27B936J	Proprietor	Active	Registered
FONDAZIONE EDOARDO FILOGRANA	Casarano (LE) - IT -	00917050759	Director	Active	Registered
PARAVITA S.R.L.	Parabita (LE) - IT -	02284150758	Sole Director	Active	Registered

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

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

CAPITAL SHAREHOLDERS

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
Filograna Antonio	Casarano - IT -	FLGNTN23H02B936T	19.400.000 .Eur	97,00
Filograna Sergio Vito Antonio	Casarano - IT -	FLGVNT66S27B936J	400.000 .Eur	2,00
Filograna Patrizia	Casarano - IT -	FLGPRZ67C54B936M	200.000 .Eur	1,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
PASTIS - CENTRO NAZIONALE PER LA RICERCA E LO SVILUPPO DEI MATERIALI - ANGELO R	Brindisi - IT -	01358130746	32.096 .Eur	1,55	Active
SISTEMA INTERPORTUALE JONICO SALENTINO S.P.A. - S.I.J.S. S.P.A.	Lecce - IT -	03060130758	16.300 .Eur	1,56	Active
Immobiliare Casa Di Cura Privata Citta' Di Lecce S.p.a.	Casarano - IT -	02280600756	7.992.000 .Eur	99,90	Active
Immobiliare S.anna Spa	Gallipoli - IT -	06523070156	36.000 .Eur	0,60	Active
Universo S.r.l.	Milano - IT -	08463730153	4.648 .Eur	10,00	Active
FILANTO '92 *S.R.L.	Casarano - IT -	02431470752	2.143.296 .Eur	100,00	Ceased
Filanto Engineering E Service S.r.l.	Patu' - IT -	10792280157	10.200 .Eur	100,00	Ceased
Filograna Antonio S.r.l.	Milano - IT -	03723830158	87.797 .Eur	100,00	Active
Consorzio Energetico Salentino		93059180757			Active
PRODUTTORI SALENTINI CALZATURE SOCIETA' S.R.L.		03631880758	1.900 .Eur	19,00	Active
CONSORZIO DEGLI OPERATORI DEL CENTRO COMA GRAND'A SIGLABILE OVE CONSENTITO CONS		03010910044	1.000 .Eur	3,45	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

(Factory )

in :

Via Provinciale

Zona Industriale

- 73042 -

Casarano

(LE)

- IT -

-

Branch

(office )

since 01/01/1986

in :

Via

Gesu',

, 17

- 20100 -

Milano

(MI)

- IT -

-

Branch

(Factory )

since 04/11/1991

in :

Via

Provinciale Per Maglie

- 73042 -

Casarano

(LE)

- IT -

PHONE

: 0833/5111

-

Branch

(Store )

since 01/04/1999

in :

Via Provinciale

Zona Industriale

, S.N.C.

- 73042 -

Casarano

(LE)

- IT -

PHONE

: 0833/511

-

Branch

(Shop )

since 14/07/2001

in :

Corso

Roma

, 107

- 73014 -

Gallipoli

(LE)

- IT -

Trading Style: FILANTO FACTORY STORE

Total Surface: 120 (Sq.Mt.)

-

Branch

(Shop )

since 16/03/2005

in :

Viale

Industria

, 225

- 27029 -

Vigevano

(PV)

- IT -

Total Surface: 93 (Sq.Mt.)

-

Branch

(Shop )

since 10/09/2005

in :

Via

Kennedy

- 73013 -

Galatina

(LE)

- IT -

Total Surface: 100 (Sq.Mt.)

Employees

: 281

Fittings and Equipment

for a value of 534.000

Eur

Stocks

for a value of 13.951.000

Eur

Furniture and fittings

for a value of 650.735

Eur

Vehicles

for a value of 821.166

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

The company supplies wholesalers and retailers.

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Products abroad are placed by :

- importers

- trading companies

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- Francia

- Germania

- Olanda

- Cipro

Export is mainly towards:

- Bulgaria

- Polonia

- Ungheria

- Francia

- Rep.di Guinea

The subject firm uses the following own selling brands:

- FILANTO

Traded Brands / Suppliers:

- FILANTO

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Ex-Members / Ex-Positions

Onesti

Tiziano

Born in Rocca di Papa

on 13/05/1960

- Fiscal Code : NSTTZN60E13H404I

Residence :

Via

Dell'alberata

, 16

- 00046

Grottaferrata

(RM)

- IT -

Position

Supervisory Board Chairman

Ferilli

Cosimo

Born in Casarano

on 16/11/1935

- Fiscal Code : FRLCSM35S16B936K

Residence :

Via

Dogliotti

, 22

- 73042

Casarano

(LE)

- IT -

Position

Permanent Auditor

Filograna

Patrizia

Born in Casarano

on 14/03/1967

- Fiscal Code : FLGPRZ67C54B936M

Residence :

Via

Iv Novembre

, 33

- 73042

Casarano

(LE)

- IT -

Position

Director

Assistant board Chairman

ZONNO

MICHELE

Born in ROMA

on 17/03/1967

- Fiscal Code : ZNNMHL67C17H501F

Residence :

Via

IV NOVEMBRE

, 33

- 73042

Casarano

(LE)

- IT -

Position

General Manager

Romano

Mauro

Born in Casarano

on 23/09/1974

- Fiscal Code : RMNMRA74P23B936D

Residence :

Via

Xx Settembre

, 126

- 73042

Casarano

(LE)

- IT -

Position

Permanent Auditor

Cacciapaglia

Antonio

Born in Galatone

on 22/11/1959

- Fiscal Code : CCCNTN59S22D863Y

Residence :

Via

A. Siciliano

, 8

- 73048

Nardo'

(LE)

- IT -

Position

Temporary Auditor

Marasco

Luca

Born in Lecce

on 20/05/1968

- Fiscal Code : MRSLCU68E20E506U

Residence :

Piazza

Mazzini

, 64

- 73100

Lecce

(LE)

- IT -

Position

Temporary Auditor

Former seats

-

Branch

(Factory )

since 01/01/1986

until 01/07/1999

Via

PROVINCIALE PATU'-S. GREGORIO

- 73053

- PATU'

(LE)

- IT -

-

Branch

(Factory )

since 01/01/1986

until 26/11/1990

Via

BUONARROTI,

- 73042

- CASARANO

(LE)

- IT -

-

Branch

(Factory )

since 01/01/1986

until 01/04/1999

Via

COVILE,

- 73042

- CASARANO

(LE)

- IT -

-

Branch

(Warehouse )

since 01/01/1986

until 01/10/1989

Via

A. VOLTA,

- 73042

- CASARANO

(LE)

- IT -

-

Branch

(Warehouse )

since 01/01/1986

until 31/10/1992

Via

PROVINCIALE PRESICCE-SALVE

- 73054

- PRESICCE

(LE)

- IT -

-

Branch

(Warehouse )

since 01/01/1986

until 01/04/1999

Via

N. SAURO,

- VIGEVANO

(PV)

- IT -

-

Branch

(Factory )

since 01/09/1990

until 18/09/2003

ZONA INDUSTRIALE

- 73042

- CASARANO

(LE)

- IT -

-

Branch

(Shop )

since 24/08/2001

Zona Industriale

C/O EX FILANTO 92

- 73042

- CASARANO

(LE)

- IT -

Total Surface: 213 (Sq.Mt.)

-

Branch

(Shop )

since 08/12/2001

Via

95-ESIMO REGGIMENTO FANTERIA

- 73100

- LECCE

(LE)

- IT -

Total Surface: 150 (Sq.Mt.)

-

Branch

(Shop )

since 19/12/2002

Via

VANONI

- 73042

- CASARANO

(LE)

- IT -

Total Surface: 248 (Sq.Mt.)

-

Branch

(Shop )

since 26/04/2003

until 28/04/2003

Via

VANONI LOCALE N. 3A

- 73042

- CASARANO

(LE)

- IT -

Total Surface: 248 (Sq.Mt.)

-

Branch

(Shop )

since 08/05/2003

until 09/05/2003

Via

VANONI LOCALE N. 3B

- 73042

- CASARANO

(LE)

- IT -

Total Surface: 248 (Sq.Mt.)

-

Branch

(Shop )

since 20/11/2002

Via

PASTEUR

- 70100

- BARI

(BA)

- IT -

Total Surface: 85 (Sq.Mt.)

-

Branch

(Shop )

since 03/12/2004

Via

ACCOLTI GIL

- 70100

- BARI

(BA)

- IT -

-

Branch

(Shop )

since 18/11/2004

Via

G. MARTINO

- 12100

- CUNEO

(CN)

- IT -

Total Surface: 90 (Sq.Mt.)

The firm absorved

Fil Holding Spa

Via

Provinciale Per Maglie Z.i

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 01834320754

Date

:

05/12/2001

The firm absorbed by merging of

Fil Holding Spa

Via

Provinciale Per Maglie Z.i

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 01834320754

Date

:

05/12/2001

Project of merging by taking over of

Fil Holding Spa

Via

Provinciale Per Maglie Z.i

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 01834320754

Date

Merging/Splitting-up Project :

26/07/2001

The firm absorved

Filanto '92 *s.r.l.

Via

Provinciale Per Maglie

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 02431470752

Date

:

18/06/1999

The firm absorbed by merging of

FILANTO '92 *S.R.L.

Via

PROV. LE PER MAGLIE

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 02431470752

Date

:

18/06/1999

The firm absorved

FILANTO '92 *S.R.L.

Via

PROV. LE PER MAGLIE

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 02431470752

Date

:

18/06/1999

Project of merging by taking over of

FILANTO '92 *S.R.L.

Via

PROV. LE PER MAGLIE

, 73042

, Casarano

(LE)

- IT -

Fiscal Code: 02431470752

Date

Merging/Splitting-up Project :

29/09/1998

PAYMENTS ANALYSIS

The average term of debts to suppliers is shorter than the sector

one.

PAYMENTS SCORE : ZZZZZ - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last 12 Months : n. 1 times.

PROTESTS

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

LEGAL PROCEDURES

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

IMMOVABLES *

*No specific (mortgage/cadastrial registrations) inspections have been requested.

Immovable Type	Value
Real estates	13.096.199 .Eur

NB.: For Capital Companies the value of the Immovables is the one reported in the last available financial documents.

FINANCIAL AND ECONOMICAL ANALYSIS

The company is active since 1986

During the last years the subject suffered net losses and in 2006 r.o.e. is -65,04%.

The operating result is negative.

Short-term debts volume if compared to net worth, as it comes out from the total indebtedness (9,28) and increasing if compared to the previous year.

The exposure towards banks is slightly high, the recourse to suppliers' credit is limited below field's average.

Liquidity is not positive.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	100.571.107	filed balance sheet
Profit (Loss) for the period	-4.668.096	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	91.935.973	filed balance sheet
Profit (Loss) for the period	-2.074.587	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	100.693.754	filed balance sheet
Profit (Loss) for the period	-1.140.674	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	133.342.582	filed balance sheet
Profit (Loss) for the period	-7.565.716	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	145.527.837	filed balance sheet
Profit (Loss) for the period	-2.676.150	filed balance sheet

BALANCE SHEETS

From our constant monitoring of the Public Administration, actually, no more recent balance sheets result to be filed.

Balance Sheet as at 31/12/2006 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1

Years		2006	2005
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS			540.000
FIXED ASSETS ( NET )		29.364.052	26.341.610
. Intangible assets		48.307	213.325
. Tangible fixed assets		13.881.786	15.356.313
. . Land and buildings		13.096.199	14.281.265
. . Plants, Equipm.and Machinery		533.769	677.048
. Long-term Investments		15.433.959	10.771.972
. . Financial loans		11.803.922	5.606.972
. . Own shares
CURRENT ASSETS		57.977.807	71.132.145
. Stock		13.950.954	20.435.287
. Credits		43.800.904	49.994.927
. . Credits to clients		29.014.561	28.333.289
. . Other credits		14.786.343	21.661.638
. Short-term financial assets
. Liquid assets		225.949	701.931
ACCRUED INCOME-DEFERR. ASSETS		236.775	209.971
TOTAL ASSETS		87.578.634	98.223.726
.
LIABILITIES
NET WORTH		7.176.402	11.848.169
. Company's capital		14.000.000	14.000.000
. Reserves		128.019	131.690
. Reserves company's own shares
. Retained profits (losses)		-2.283.521	-208.934
. Profit (loss)		-4.668.096	-2.074.587
PROVISION CHARGES ACCOUNTS		3.713.415	4.576.634
STAFF TERM INDEMNITY		4.182.372	4.156.425
DEBTS		71.637.234	76.801.667
. Financial M/L terms		4.765.569	5.423.048
. . Financial M/L term banks		4.278.119	4.915.178
. . Financial M/L bonds
. . Other financial M/L debts		487.450	507.870
. Financial short-term debts		30.805.309	29.331.518
. . Financial short-term banks		30.805.309	29.331.518
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		22.079.987	26.103.736
. Sundry M/L debts			4.659.093
. Sundry short-term debts		13.986.368	11.284.272
ACCRUED COSTS DEFERR. LIABILITIES		869.211	840.831
TOTAL LIABILITIES		87.578.634	98.223.726
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		99.852.361	92.547.533
. Revenues from sales/services		100.571.107	91.935.973
. Change of stock (products)		-3.534.903	-584.360
OPERATING EXPENSES		103.913.311	92.553.613
. Purchasing expenses		60.144.962	52.964.421
. Change of stock (raw material)		1.569.218	591.544
. Expenses from services		30.827.359	27.809.809
. Expenses from leasing		641.382	537.478
. General expenses/sundry charges		1.077.309	465.776
. Staff expenses		8.666.320	8.919.866
. Depreciation/Devaluation costs		986.761	1.264.719
FINANCIAL REVENUES (CHARGES)		-4.643.340	-2.119.769
. Financial charges		-8.329.007	-7.095.637
. Financial revenues		3.685.667	4.975.868
FINANCIAL ASSETS CORRECTION		1.356.892
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		2.896.266	517.843
PROFIT (LOSS) FOR THE PERIOD		-4.451.132	-1.608.006
TAX		216.964	466.581
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		-4.668.096	-2.074.587

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	0,54	0,99	1,34
Net Short-term indebtedness	Units	- 1	l	9,28	5,57	4,23
Current ratio	Units	=> 1	l	0,86	1,06	1,07
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,65	0,75	0,70
Return on Sales	%		l	- 3,66	- 0,88	2,20
Average stock waiting period	dd		l	49,93	79,99	68,36
Credits to clients average term	dd		l	103,82	110,91	111,72
Debts to suppliers average term	dd		l	86,76	115,56	131,76
Net financial revenues/ charges incidence	%		l	- 4,61	- 2,30	- 1,72
Labour cost incidence	%		l	8,61	9,70	16,42

O.V. = Optimal Value. When not present refer to the sector's.

A coloured item indicates the opinion of the rate during the last financial year

(green=good; orange=not optimal; red=insufficient; n.c.=not computable)

FURTHER INFORMATION

Legal changes are in progress. The Chamber of Commerce Survey is in an updating phase

CREDIT OPINION

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

299.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	805.397
Population living in the region	:	4.068.167
Number of families in the region	:	1.407.246

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

- per food products	:	476
- per non food products	:	1.433
- per energy consume	:	85

SECTOR DATA

The values are calculated on a base of 51 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 131 dd.

The sector's profitability is on an average of 2,20%.

The labour cost affects the turnover in the measure of 16,42%.

Goods are held in stock in a range of 68 dd.

The difference between the sales volume and the resources used to realize it is about 1,23.

The employees costs represent the 16,00% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity passes through serious crises.

The area is statistically considered remarkably risky.

In the region 41.341 protested subjects are found; in the province they count to 9.216.

The insolvency index for the region is 1,02, while for the province it is 1,15.

Total Bankrupt companies in the province : 2.339.

Total Bankrupt companies in the region : 15.496.

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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