MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	MALETTI SPA

Registered Office :	Piazzale Guerrino Maletti 1, Frazione Fellegara, Scandiano, 42019

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	22.02.1985

Com. Reg. No.:	01192920351

Legal Form :	Public Subsidiary

Line of Business :	manufacture of wooden goods intended

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company name & address

Maletti SpA

Piazzale Guerrino Maletti 1

Frazione Fellegara

Scandiano, 42019

Italy

Tel: +39 0522 983344

Fax: +39 0522 983344

Synthesis

Employees: 69

Company Type: Public Subsidiary

Corporate Family: 5 Companies

Ultimate Parent: Fin Maletti SpA

Incorporation Date: 22-Feb-1985

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 27.8

Total Assets: 22.0

Business Description

Maletti SpA is primarily engaged in manufacture of wooden goods intended to be used primarily in the construction industry: beams, rafters, roof struts; and doors, windows, shutters and their frames.

Industry

Industry Construction - Supplies and Fixtures

ANZSIC 2006: 1492 - Wooden Structural Fitting and Component Manufacturing

NACE 2002: 2030 - Manufacture of builders' carpentry and joinery

NAICS 2002: 321213 - Engineered Wood Member (except Truss) Manufacturing

UK SIC 2003: 2030 - Manufacture of builders' carpentry and joinery

US SIC 1987: 2541 - Wood Office and Store Fixtures, Partitions, Shelving, and Lockers

Key Executives

Name	Title
Danilo Maletti	President
Guido Maletti	Vice president

News

Title	Date
DeMarco's Cleaners presses on to its 70th year Gloucester Daily Times (MA) (799 Words)	21-Jun-2011
FIVE PLACES FOR ROMAN PIZZA Evening Standard (London, UK) (281 Words)	24-Mar-2011

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

Piazzale Guerrino Maletti 1

Frazione Fellegara

Scandiano, 42019

Italy

Tel: +39 0522 983344

Fax: +39 0522 983344

Sales EUR(mil): 20.0

Assets EUR(mil): 15.3

Employees: 69

Fiscal Year End: 31-Dec-2009

Industry: Construction - Supplies and Fixtures

Incorporation Date: 22-Feb-1985

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 01192920351

President: Danilo Maletti

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere Classified

1492 - Wooden Structural Fitting and Component Manufacturing

NACE 2002 Codes:

2875 - Manufacture of other fabricated metal products not elsewhere classified

2030 - Manufacture of builders' carpentry and joinery

NAICS 2002 Codes:

332999 - All Other Miscellaneous Fabricated Metal Product Manufacturing

321213 - Engineered Wood Member (except Truss) Manufacturing

US SIC 1987:

3499 - Fabricated Metal Products, Not Elsewhere Classified

2541 - Wood Office and Store Fixtures, Partitions, Shelving, and Lockers

UK SIC 2003:

2030 - Manufacture of builders' carpentry and joinery

2875 - Manufacture of other fabricated metal products not elsewhere classified

Business Description

Maletti SpA is primarily engaged in manufacture of wooden goods intended to be used primarily in the construction industry: beams, rafters, roof struts; and doors, windows, shutters and their frames.

Financial Data

Financials in:	EUR(mil)

Revenue:	20.0
Assets:	15.3
Current Assets:	14.2
Total Liabilities:	15.3
Net Worth:	4.2

Date of Financial Data:	31-Dec-2009

1 Year Growth

19.6%

Key Corporate Relationships

Bank: Credito Emiliano spa Ag, Banca CRV Cassa di Risparmio di Vignola Ag, Banco Popolare di Verona e Novara Ag

Corporate Family	Corporate Structure News:
	Fin Maletti SpA Maletti SpA
Maletti SpA Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Fin Maletti SpA	Parent	Scandiano, Reggio Emilia	Italy	Commercial Banks	4.5	12
Maletti SpA	Subsidiary	Scandiano, Reggio Emilia	Italy	Construction - Supplies and Fixtures	27.8	69
A.A.M. SRL	Subsidiary	Scandiano, Reggio Emilia	Italy	Construction - Supplies and Fixtures	6.0	13
Nilo S.R.L.	Subsidiary	Scandiano, Reggio Emilia	Italy	Miscellaneous Capital Goods	6.9	11
UKi International SRL	Subsidiary	Scandiano, Reggio Emilia	Italy	Personal and Household Products	4.6	8

Executives Report

Executives

Name

Title

Function

Danilo Maletti

President

Guido Maletti

Vice president

Other

DeMarco's Cleaners presses on to its 70th year

Gloucester Daily Times (MA): 21 June 2011

[What follows is the full text of the news story.]

June 21--In a city with a history of multi-generational family businesses, the latest chapter in DeMarco's Dry Cleaners' 70-year history owes a lot to an act of grace.

"My Aunt Grace," explains Marie Maletti, who, with her husband Rosarioowns the Washington Street shop, "married Robert Spoon, and he was partners with Henry DeMarco, the original owner."

By the time the Malettis came onboard, DeMarco's had already celebrated its first half century. That was back in 1996, when Rosario reluctantly accepted a federal government buyout, and bought the shop from the Spoons.

It was quite a sea change for the father of three who'd fished with his own father when he was a kid back in Sicily. "But," says his wife, after years of increasingly tough federal regulations, "we had to look forward to our kids' futures."

As for Rosario adapting to the shop's close quarters after 38 years on the open sea? "He did surprisingly well," says Marie. So did his English. Improving daily, she says, "through years of interaction with customers."

The couple clearly love that interaction. And their customers clearly feel the love. Their customer base has grown "up into the hundreds" since they took over the shop. Not that they changed much. In an industry where the fastest growing trend are 3-hour, $1.98 flat rate franchises -- a sort of dry cleaning hybrid equivalent of fast-food chains and dollar stores -- DeMarco's sticks steadfastly to its tried, true and time-tested formula for success; old-fashioned, personalized service.

There is, by the sound of things, quite a market for "old-fashioned." And it is, says Marie Maletti, not all local. "We get customers from Hamilton-Wenham, Beverly, Boston, all over." Including Hollywood. DeMarco's has been dry cleaners to the stars of the biggest films shot on Cape Ann in recent years, including "The Perfect Storm," "Love Letter," "Mermaids" and "The Good Son."

It's the attention to detail that's kept the little shop doing big business going on 70 years, Marie believes. The pen is mightier than the sword, especially, she says, in a dry-cleaning shop, where ink from a pen left in a pocket can destroy an entire load of customers' clothes. That, says Marie, "is why we double-check every pocket before we even start to clean anything for any of our customers,"

The shop does not, she says, "feel competitive" with the city's only other dry cleaners, the more-marketing-savvy Nor'east. DeMarco's only "branding" is its name over the door. And it doesn't utilize the web-based marketing tools, tricks and tweets embraced by other Gloucester businesses. "The kids did a website," says Marie, "but that's it for marketing."

DeMarco's may not be in the market for marketing, but that does not, says Marie Maletti, mean they don't keep pace with the latest industry standards, including today's all important chemical concerns of environmentalism. "We go to the trade shows, we're environmental adapters. But we hand-press and hand-finish everything, the old way. And to some new customers, that's new, that's what brings them in."

This week, St. Peter's Fiesta, the couple never knows what will bring customers in. Once, it was a pole walker wanting a wedding dress to wear walking the pole. "So I made it," laughs Marie, "and he made a lovely bride. At least he thought so."

Nothing about Fiesta surprises the former Marie Novello. It's in her DNA. Her father, John. B. Novello, was a Greasy Pole champ and the rowers' trophy namesake. Her uncle, Joe Novello, heads the committee. Her daughter, Jessica, sings the national anthem at its opening. Her sons, John and Joe, have rowed in it their whole lives. And her husband, Rosario, usually carries the statue of the Blessed Mother in the procession.

This year, Rosario is recovering from shoulder surgery, so someone else will take over that particular duty. But, says his wife, that's the only duty he's not up to. In a high-maintenance business, Rosario keeps overheads low, she says, by maintaining equipment with the same passion he maintained his fishing boats.

Marie, who handles alterations, has just sewn up prom season, "altering gowns by the dozens." That spike kicks off the most profitable time of year, summer, when the increased population increases revenues. Recently, that's helped off-set the recession's impact. "People are afraid to spend, but we do OK," says Marie, "we do just fine."

Obviously, their customers agree.

Joann Mackenzie may be contacted at 978-283-7000 x3457 or jmackenzie@gloucestertimes.com.

To see more of the Gloucester Daily Times or to subscribe, go to http://www.gloucestertimes.com/.

Distributed by McClatchy-Tribune Information Services.

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FIVE PLACES FOR ROMAN PIZZA

Evening Standard (London, UK): 24 March 2011

[What follows is the full text of the news story.]

CHARLES CAMPION

Pizza Metro

64 Battersea Rise, SW11 (020 7228 3812,ï¿½pizzametropizza.co.uk) This long-established Battersea restaurant was selling pizza ï¿½by the metreï¿½ 20 years ago. Today pizzas are just a part of a longer menu. It is said that half a metre will feed two ï¿½ but that really depends on your appetite.

Melito
12 Great Castle Street, W1 (020 7636 6560, melito.co.uk) Pizzas the Roman way. When pizzas are served by the slice (sometimes called al taglio, meaning ï¿½cutï¿½) they are usually made rectangular rather than round and tend to be deeper and more substantial. Great if you're greedy. At Melito they serve excellent pizza Roman style, the Margherita is made with Laverstoke Park mozzarella.

Datte Foco

10 Stoke Newington Church Street, N16 (020 7254 6055, dattefoco.co.uk) This place proclaims that it is a ï¿½Pizza and love jointï¿½! They are certainly passionate about pizza al taglio, which is sold by weight here (priced per 100g). As well as the classic ï¿½red pizzaï¿½ and ï¿½white pizzaï¿½ there are a dozen other options including the ominously named ï¿½pizza Nutellaï¿½.ï¿½

Maletti
26 Noel Street, EC1 (020 7439 4096)

Maletti is so functional that it has become Soho chic. Buy during the lunch peak when the food is fresh from the oven. The sign threatening not to serve you if you are talking on your mobile in the queue appeals greatly.

Portobello Ristorante Pizzeria 7 Ladbroke Road, W11 (020 7221 1373, portobellolondon.co.uk) The menu is lengthy, with a section headed ï¿½pizzametroï¿½. You can choose 50cm or the full metre but either way you'll get a pizza made with a 42-hour raised sourdough base.

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No

Total income	28.3	36.6	32.9
Net sales	27.8	34.7	31.3
Other operating income	0.8	1.8	1.6
Raw materials and consumables employed	10.7	14.5	12.8
Other expenses	11.1	14.3	13.1
Total payroll costs	4.7	5.2	4.3
Fixed asset depreciation and amortisation	0.7	0.8	0.7
Other operating costs	0.2	0.5	0.1
Net operating income	0.8	1.2	2.0
Total financial income	0.0	-	0.0
Total expenses	0.1	0.4	0.3
Profit before tax	0.7	0.8	1.7
Extraordinary result	-	0.2	0.0
Profit after extraordinary items and before tax	0.7	1.1	1.7
Total taxation	0.4	0.5	0.7
Net profit	0.3	0.6	1.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Total stockholders equity	6.0	5.6	5.3
Provision for risks	0.0	0.0	0.0
Provision for pensions	0.7	0.7	0.9
Mortgages and loans	3.7	0.2	-
Other long-term liabilities	-	0.0	0.0
Trade creditors	6.2	5.9	8.2
Bank loans and overdrafts	3.4	5.5	6.3
Other current liabilities	1.8	2.2	2.2
Accruals and deferred income	0.0	0.1	0.1
Total current liabilities	11.5	13.7	16.7
Total liabilities (including net worth)	22.0	20.2	22.9
Intangibles	0.1	0.2	0.3
Buildings	0.5	0.5	0.7
Total tangible fixed assets	1.4	1.7	1.9
Long-term investments	0.0	0.0	0.0
Total financial assets	0.0	0.0	0.0
Receivables due after 1 year	0.0	0.0	0.0
Total non-current assets	1.5	1.9	2.3
Finished goods	-	0.7	0.6
Net stocks and work in progress	4.4	5.0	6.4
Trade debtors	11.6	11.7	12.3
Other receivables	4.2	1.6	1.6
Cash and liquid assets	0.2	0.0	0.2
Accruals	0.1	0.1	0.1
Total current assets	20.4	18.3	20.6
Total assets	22.0	20.2	22.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Sales per employee	0.56	0.72	0.69
Profit per employee	0.01	0.02	0.04
Average wage per employee	0.10	0.11	0.09
Net worth	6.0	5.6	5.3
Number of employees	69	64	64

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.05
UK Pound	1	Rs.72.40
Euro	1	Rs.63.46

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.

Company name & address

Synthesis

Business Description

Key Executives

News

Corporate Overview

Contents

Executives Report

Annual Profit & Loss

Annual Balance Sheet

Annual Ratios

Unit