MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	IPA GROUP S.P.A.
Registered Office :	Corso Venezia, 16, 20100 – Milano (MI)
Country :	Italy
Date of Incorporation :	23.12.2011
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of ovens, furnaces and burners
No. of Employees :	50 persons

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

Ipa Group S.p.A.

Corso Venezia, 16

20100 - Milano (MI) -IT-

Summary

Fiscal Code	:	07226960966
Legal Form	:	Joint stock company
start of Activities	:	23/12/2011
Number of Employees	:	from 36 to 50

Activity

Manufacture of ovens, furnaces and burners

Legal Data

Legal Form : Joint stock company

Fiscal Code : 07226960966

Chamber of Commerce no. : 120134 of Asti

Chamber of Commerce no. : 1944755 of Milano since 01/12/2010

Chamber of Commerce no. : 397382 of Padova

V.A.T. Code : 07226960966

Establishment date	: 29/11/2010
Start of Activities	: 23/12/2011
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000	Eur
Subscribed Capital	: 1.000.000	Eur
Paid up Capital	: 1.000.000	Eur

Members

Maniglio

Luigi

Born in Roma

(RM)

on 22/01/1962

- Fiscal Code : MNGLGU62A22H501H

Residence :

Localita'

Vallone

, 94

- 17033

Garlenda

(SV)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	03/03/2011
Director	03/03/2011
Board Chairman	03/03/2011

No Protests registered

Guasti

Carlo

Born in Fontanile

(AT)

on 03/04/1949

- Fiscal Code : GSTCRL49D03D678O

Residence :

Via

Carlo Leone Grandi

, 6

- 14100

Asti

(AT)

- IT -

Position	Since	Shares Amount	% Ownership
General Director	04/04/2011

Nardelotto

Gianni

Born in Sacile

(PN)

on 09/12/1976

- Fiscal Code : NRDGNN76T09H657D

Residence :

Via

Col Alto

, 2

- 33077

Sacile

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	03/03/2011
Director	03/03/2011

No Protests registered

Ferretti

Fabio Andrea

Born in Bologna

(BO)

on 13/01/1961

- Fiscal Code : FRRFND61A13A944V

Residence :

Via

Cassola

, 8/A

- 40056

Crespellano

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	03/03/2011
Director	03/03/2011

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.

MANIGLIO

LUIGI

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ACIOM 1932 S.P.A.	Genova (GE) - IT -	03218700106	Managing Director	Withdrawn	Ceased
AMBROGEST S.P.A.	Milano (MI) - IT -	04738500968	Director	Active	Registered
AMBROINVESTIMENTI S.P.A.	Milano (MI) - IT -	05244640966		Active	Registered
AMBROINVESTIMENTI S.P.A.	Milano (MI) - IT -	05244640966		Active	Registered
AMBROMOBILIARE S.P.A.	Milano (MI) - IT -	03516750167	Director	Active	Registered
BPM S.P.A.	Montecchio Emilia (RE) - IT -	00348120346	Vice-Chairman	Withdrawn	Registered
BPM S.P.A.	Montecchio Emilia (RE) - IT -	00348120346	Director	Withdrawn	Registered
BPM S.P.A.	Montecchio Emilia (RE) - IT -	00348120346	Board Chairman	Withdrawn	Registered
CERTIA S.R.L. CORPORATE FINANCE E PRIVATE EQUITY ADVISORS	Milano (MI) - IT -	05961470969	Director	Withdrawn	Registered
CFT PACKAGING S.P.A.	Parma (PR) - IT -	02421170347	Director	Withdrawn	Registered
CORAUNO S.R.L.	Milano (MI) - IT -	04182690372	Managing Director	Withdrawn	Ceased
CORAUNO S.R.L.	Milano (MI) - IT -	04182690372	Board Chairman	Withdrawn	Ceased
CORAZZA IMPIANTI S.R.L. CON UNICO SOCIO	Milano (MI) - IT -	05383510962	Director	Withdrawn	Registered
CORAZZA IMPIANTI S.R.L. CON UNICO SOCIO	Milano (MI) - IT -	05383510962	Managing Director	Withdrawn	Registered
CORAZZA IMPIANTI S.R.L. CON UNICO SOCIO	Milano (MI) - IT -	05383510962	Board Chairman	Withdrawn	Registered
CORAZZA S.P.A.	Bologna (BO) - IT -	02209600374	Director	-	Ceased
CORAZZA S.P.A.	Bologna (BO) - IT -	02209600374	Managing Director	-	Ceased
CORAZZA S.P.A.	Bologna (BO) - IT -	02209600374	Board Chairman	-	Ceased
DERNA GOLF S.P.A.	Tassarolo (AL) - IT -	01159040060	Director	Withdrawn	Registered
E.T.G. MACHINE TOOLS S.R.L.	Milano (MI) - IT -	07217330963	Director	Active	Registered
FIMA S.R.L.	Bologna (BO) - IT -	02414771200	Director	Withdrawn	Registered
IFM S.R.L.	Parma (PR) - IT -	01785440346	Director	Withdrawn	Ceased
IFM S.R.L.	Parma (PR) - IT -	01785440346	Managing Director	Withdrawn	Ceased
INVIMA S.R.L.	Roma (RM) - IT -	11159171005	Director	Active	Registered
JOBS AUTOMAZIONE S.P.A. IN VIA ABBREVIATA ANCHE DENOMINATA JOBS S.P.A.	Piacenza (PC) - IT -	01501180333	Director	Active	Registered
JOINTECH S.R.L.	Marano Vicentino (VI) - IT -	02855620247	Director	Withdrawn	Registered
KORDA S.P.A.	Bologna (BO) - IT -	04125990962	Director	Withdrawn	Ceased
KORDA S.P.A.	Bologna (BO) - IT -	04125990962	Board Chairman	Withdrawn	Ceased
LUCANIA GREEN POWER S.R.L.	Roma (RM) - IT -	11407621009	Sole Director	Active	Registered
MED FILM S.R.L.	Milano (MI) - IT -	12674470153	Director	Active	Registered
MED FILM S.R.L.	Milano (MI) - IT -	12674470153	Board Chairman	Active	Registered
NEWMED SURGICAL INSTITUTE S.R.L.	Milano (MI) - IT -	06621280962	Director	Active	Registered
NEWMED SURGICAL INSTITUTE S.R.L.	Milano (MI) - IT -	06621280962	Board Chairman	Active	Registered
O P M - S.P.A.	Monticello d'Alba (CN) - IT -	00582040044	Director	Withdrawn	Registered
O P M - S.P.A.	Monticello d'Alba (CN) - IT -	00582040044	Assistant board Chairman	Withdrawn	Registered
O P M - S.P.A.	Monticello d'Alba (CN) - IT -	00582040044	Managing Director	Withdrawn	Registered
PALAZZO VIVIANI SRL IN LIQUIDAZIONE	Milano (MI) - IT -	03784140968	Director	Withdrawn	Registered
PALAZZO VIVIANI SRL IN LIQUIDAZIONE	Milano (MI) - IT -	03784140968	Board Chairman	Withdrawn	Registered
PARAMADES S.R.L.	Lecce (LE) - IT -	03573650755	Director	Withdrawn	Registered
PROGETTO SYMPAK S.P.A IN LIQUIDAZIONE	Milano (MI) - IT -	04540350966	Liquidator	Withdrawn	Registered
PROMA-PACK SRL	Cinisello Balsamo (MI) - IT -	08001660151	Director	Withdrawn	Registered
R.C. - S.R.L.	San Giorgio di Piano (BO) - IT -	03599390378	Director	Withdrawn	Ceased
R.C. - S.R.L.	San Giorgio di Piano (BO) - IT -	03599390378	Managing Director	Withdrawn	Ceased
R.C. - S.R.L.	San Giorgio di Piano (BO) - IT -	03599390378	Board Chairman	Withdrawn	Ceased
RC S.P.A.	Argelato (BO) - IT -	12477760156	Director	Withdrawn	Registered
RC S.P.A.	Argelato (BO) - IT -	12477760156	Sole Director	Withdrawn	Registered
RC S.P.A.	Argelato (BO) - IT -	12477760156	Managing Director	Withdrawn	Registered
RC S.P.A.	Argelato (BO) - IT -	12477760156	Board Chairman	Withdrawn	Registered
SAMAS - S.R.L.	Orbassano (TO) - IT -	05198090010	Director	Withdrawn	Ceased
SIGMA TECHNOLOGY S.R.L.	Milano (MI) - IT -	07019650964	Director	Active	Registered
SIGMA TECHNOLOGY S.R.L.	Milano (MI) - IT -	07019650964	Managing Director	Active	Registered
SIGMA TECHNOLOGY S.R.L.	Milano (MI) - IT -	07019650964	Board Chairman	Active	Registered
SIMA S.R.L.	Montecchio Emilia (RE) - IT -	01628170340	Director	Withdrawn	Ceased
SIMA S.R.L.	Montecchio Emilia (RE) - IT -	01628170340	Board Chairman	Withdrawn	Ceased
STRUCTO S.P.A.	Milano (MI) - IT -	01911040168	Director	Withdrawn	Ceased
STRUCTO S.P.A.	Milano (MI) - IT -	01911040168	Managing Director	Withdrawn	Ceased
STRUCTO S.P.A.	Milano (MI) - IT -	01911040168	Board Chairman	Withdrawn	Ceased
STRUCTO VOBARNO S.P.A.	- -	02074860988	Board Chairman	Withdrawn	Bankrupt
SUAN S.R.L. IN LIQUIDAZIONE	Milano (MI) - IT -	04126000969	Director	Withdrawn	Ceased
SUAN S.R.L. IN LIQUIDAZIONE	Milano (MI) - IT -	04126000969	Sole Director	Withdrawn	Ceased
SUAN S.R.L. IN LIQUIDAZIONE	Milano (MI) - IT -	04126000969	Board Chairman	Withdrawn	Ceased
SYMPAK BOTTLING E CANNING SPA	Montecchio Emilia (RE) - IT -	02020110355	Director	Withdrawn	Ceased
SYMPAK BOTTLING E CANNING SPA	Montecchio Emilia (RE) - IT -	02020110355	Managing Director	Withdrawn	Ceased
SYMPAK BOTTLING E CANNING SPA	Montecchio Emilia (RE) - IT -	02020110355	Board Chairman	Withdrawn	Ceased
SYMPAK CORAZZA S.P.A.	Milano (MI) - IT -	04182680373	Director	Withdrawn	Ceased
SYMPAK CORAZZA S.P.A.	Milano (MI) - IT -	04182680373	Managing Director	Withdrawn	Ceased
SYMPAK CORAZZA S.P.A.	Milano (MI) - IT -	04182680373	Board Chairman	Withdrawn	Ceased
TENERGY S.R.L.	Milano (MI) - IT -	07241920961	Director	Active	Registered
TENERGY S.R.L.	Milano (MI) - IT -	07241920961	Board Chairman	Active	Registered
TERMOROBICA ENGINEERING S.R.L.	Milano (MI) - IT -	01274140993	Director	Active	Registered
TERMOROBICA ENGINEERING S.R.L.	Milano (MI) - IT -	01274140993	Managing Director	Active	Registered
TERMOROBICA ENGINEERING S.R.L.	Milano (MI) - IT -	01274140993	Board Chairman	Withdrawn	Registered
UNIONE ALBERGHI ITALIANI S.P.A.	Milano (MI) - IT -	02480530340	Director	Active	Registered
UNIONE ALBERGHI ITALIANI S.P.A.	Milano (MI) - IT -	02480530340	Board Chairman	Active	Registered
V.N.S. HOLDING SPA	- -	03224090963	Director	Withdrawn	Registered
VIGLIETTI MECCANICA S.R.L.	Cairo Montenotte (SV) - IT -	00933700098	Director	Withdrawn	Registered
VOBARNO NASTRI SPECIALI S.P.A.	Vobarno (BS) - IT -	03405380175	Director	Withdrawn	Bankrupt
VOBARNO NASTRI SPECIALI S.P.A.	Vobarno (BS) - IT -	03405380175	Managing Director	Withdrawn	Bankrupt
VOBARNO NASTRI SPECIALI S.P.A.	Vobarno (BS) - IT -	03405380175	Board Chairman	Withdrawn	Bankrupt
VOBARNO S.P.A.	Vobarno (BS) - IT -	01911040168	Director	Withdrawn	Registered
VOBARNO S.P.A.	Vobarno (BS) - IT -	01911040168	Managing Director	Withdrawn	Registered
VOBARNO S.P.A.	Vobarno (BS) - IT -	01911040168	Board Chairman	Withdrawn	Registered
WIZARD PARTNERS S.R.L.	Milano (MI) - IT -	11396230150	Managing Director	Withdrawn	Registered
WIZARD PARTNERS S.R.L.	Milano (MI) - IT -	11396230150	Director	Withdrawn	Registered
WIZARD PARTNERS S.R.L.	Milano (MI) - IT -	11396230150	Sole Director	Withdrawn	Registered
WIZARD PARTNERS S.R.L.	Milano (MI) - IT -	11396230150	Sole partner	Withdrawn	Registered
WIZARD PARTNERS S.R.L.	Milano (MI) - IT -	11396230150	Managing Director	Withdrawn	Registered
WIZARD PARTNERS S.R.L.	Milano (MI) - IT -	11396230150	Board Chairman	Withdrawn	Registered
WIZARD REAL ESTATE S.R.L.	Milano (MI) - IT -	06124100964	Director	Active	Registered
WIZARD REAL ESTATE S.R.L.	Milano (MI) - IT -	06124100964	Managing Director	Active	Registered
WIZARD REAL ESTATE S.R.L.	Milano (MI) - IT -	06124100964	Board Chairman	Active	Registered

NARDELOTTO

GIANNI

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
EMCO FAMUP S.R.L.	Milano (MI) - IT -	04231780968	Attorney with special power	Active	Registered
EMCO FAMUP S.R.L.	Milano (MI) - IT -	04231780968	Attorney General	Withdrawn	Registered
EMCO ITALIA S.R.L.	Milano (MI) - IT -	12589470157	Attorney with special power	Active	Registered
INNOVATION MOULD S.R.L.	Pordenone (PN) - IT -	01690450935	Managing Director	Active	Registered
INNOVATION MOULD S.R.L.	Pordenone (PN) - IT -	01690450935	Director	Active	Registered

FERRETTI

FABIO ANDREA

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ALCOR INVESTIMENTI S.R.L.	Bologna (BO) - IT -	03042501209	Sole Director	Active	Registered
CEMASTIR LAVAMETALLI S.R.L.	Casalecchio di Reno (BO) - IT -	02607081201	Director	Active	Registered
CREDX S.R.L.	Milano (MI) - IT -	06219250963	Director	Active	Registered
E.T.G. MACHINE TOOLS S.R.L.	Milano (MI) - IT -	07217330963	Director	Active	Registered
E.T.G. MACHINE TOOLS S.R.L.	Milano (MI) - IT -	07217330963	Board Chairman	Active	Registered
FELSINEO S.P.A.	Zola Predosa (BO) - IT -	00291700375	Director	Active	Registered
GREEN OCEM SRL	Bologna (BO) - IT -	03117331201	Director	Active	Registered
GREEN FINANCE 2010 S.R.L.	Bologna (BO) - IT -	03017021209	Sole Director	Active	Registered
JOBS AUTOMAZIONE S.P.A. IN VIA ABBREVIATA ANCHE DENOMINATA JOBS S.P.A.	Piacenza (PC) - IT -	01501180333	Director	Active	Registered
JOBS AUTOMAZIONE S.P.A. IN VIA ABBREVIATA ANCHE DENOMINATA JOBS S.P.A.	Piacenza (PC) - IT -	01501180333	Board Chairman	Active	Registered
KLEMOR S.R.L.	Massarosa (LU) - IT -	01372930469	Director	Withdrawn	Registered
MITHO S.R.L.	Bologna (BO) - IT -	02471931200	Director	Withdrawn	Registered
MITHO S.R.L.	Bologna (BO) - IT -	02471931200	Board Chairman	Withdrawn	Registered
PONTINIA RINNOVABILI S.R.L.	Milano (MI) - IT -	04035980962	Managing Director	Active	Registered
PONTINIA RINNOVABILI S.R.L.	Milano (MI) - IT -	04035980962	Director	Active	Registered
PROPIZZA	Milano (MI) - IT -	05396750969	Director	Withdrawn	Registered
SAN MARCO BIOENERGIE S.P.A. IN FORMA ABBREVIATA SMB S.P.A.	Milano (MI) - IT -	01657580351	Director	Withdrawn	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
Green Finance 2010 S.r.l.	Bologna - IT -	03017021209	300.000 .Eur	30,00
Invima S.r.l.	Roma - IT -	11159171005	700.000 .Eur	70,00

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:

-	Registered office

Corso

Venezia

, 16

- 20100

- Milano

(MI)

- IT -

-

Operative seat

since 10/01/2011

Via

Asti

, 62

- 14015

- San Damiano d'Asti

(AT)

- IT -

-

Branch

since 10/01/2011

Via

Bragni

, 107

- 35010

- Cadoneghe

(PD)

- IT -

Employees

: 48

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	03/03/2011

EX-MEMBERS / EX-POSITIONS:

Grossi

Giovanni

Born in Genova

on 17/01/1985

- Fiscal Code : GRSGNN85A17D969V

Ex-Postions

Managing Director

Director

CEASINGS/INCORPORATIONS/MERGES:

The subj. took over by rent the activities of

Tecnosamec S.p.a.

Via

Asti

, 62

, 14015

, San Damiano d'Asti

(AT)

- IT -

Fiscal Code: 01140490051

Date

:

23/12/2011

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	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 1.964 significant companies.

The companies cash their credits on an average of 128 dd.

The average duration of suppliers debts is about 150 dd.

The sector's profitability is on an average of 3,93%.

The labour cost affects the turnover in the measure of 18,06%.

Goods are held in stock in a range of 54 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 18,63% of the production costs.

Statistical Detrimental Data

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.03
UK Pound	1	Rs.82.34
Euro	1	Rs.68.99

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.