MIRA INFORM REPORT

Report Date :

05.08.2011

IDENTIFICATION DETAILS

Name :	SAN MARCO BAKERY S.R.L.
Registered Office :	Via Astico, 28/E, 36030 - Fara Vicentino (VI)
Country :	Italy
Date of Incorporation :	07.02.2011
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of machinery for the food, beverage and tobacco industries

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New company
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	a2	a2

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

Company name & address

San Marco Bakery S.r.l.

Via Astico, 28/E

36030 - Fara Vicentino (VI) -IT-

Summary

Fiscal Code	:	03674120245
Legal Form	:	Limited liability company
start of Activities	:	07/02/2011
Number of Employees	:	from 1 to 5

Highlights

Even though subject's managers have previous business experiences in the sector

(since 2006), we suggest to wait for further developments before starting business

transactions on credit basis.

Activity

Manufacture of machinery for the food, beverage and tobacco industries

Wholesale of other machinery and equipment for industry, trade and navigation n.e.c.

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03674120245

Chamber of Commerce no. : 344413 of Vicenza since 14/02/2011

V.A.T. Code : 03674120245

Establishment date	: 07/02/2011
Start of Activities	: 07/02/2011
Legal duration	: 31/12/2030
Nominal Capital	: 15.000	Eur
Subscribed Capital	: 15.000	Eur
Paid up Capital	: 3.750	Eur

Members

Laghetti

Paola

Born in Torino

(TO)

on 31/03/1974

- Fiscal Code : LGHPLA74C71L219N

Residence :

Via

C. Angiolieri

, 6

- 37060

Sona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	07/02/2011

No Protests registered

Roncaglia

Alberto

Born in Thiene

(VI)

on 25/01/1958

- Fiscal Code : RNCLRT58A25L157E

Residence :

Via

Vignaletti

, 29

- 36030

Zugliano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	07/02/2011
Assistant board Chairman	07/02/2011

No Protests registered

Ferretto

Nicola

Born in Thiene

(VI)

on 13/01/1961

- Fiscal Code : FRRNCL61A13L157V

Residence :

Via

29 Aprile

, 13

- 36014

Santorso

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	07/02/2011
Board Chairman	07/02/2011

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.

RONCAGLIA

ALBERTO

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ARTEMA PACK S.R.L.	Fara Vicentino (VI) - IT -	03335440248	Director	Active	Registered
ARTEMA PACK S.R.L.	Fara Vicentino (VI) - IT -	03335440248	Board Chairman	Active	Registered

FERRETTO

NICOLA

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
N.F. TECNO SERVICE DI FERRETTO NICOLA	Santorso (VI) - IT -	FRRNCL61A13L157V	Proprietor	Active	Registered

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

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
Laghetti Paola	Sona - IT -	LGHPLA74C71L219N	3.600 .Eur	24,00
Roncaglia Alberto	Zugliano - IT -	RNCLRT58A25L157E	3.900 .Eur	26,00
Dal Pra' Davide	Zugliano - IT -	DLPDVD79M21E864R	3.900 .Eur	26,00
Ferretto Nicola	Santorso - IT -	FRRNCL61A13L157V	3.600 .Eur	24,00

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

Via

Astico

, 28/E

- 36030

- Fara Vicentino

(VI)

- IT -

PHONE

: 0445/381363

FAX	: 0445/812289

Website

: www.sanmarcobakery.com

Protests

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

Legal Procedures

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

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 expenses 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 128 dd.

The average duration of suppliers debts is about 151 dd.

The sector's profitability is on an average of 3,40%.

The labour cost affects the turnover in the measure of 18,22%.

Goods are held in stock in a range of 65 dd.

The difference between the sales volume and the resources used to realize it is about 1,19.

The employees costs represent the 18,70% of the production costs.

Statistical Detrimental Data

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.44.42
UK Pound	1	Rs.72.70
Euro	1	Rs.63.55

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.