MIRA INFORM REPORT

Report Date :

24.12.2011

IDENTIFICATION DETAILS

Name :	UNIGRA SPA
Registered Office :	Via Gardizza 9/b Conselice, 48017
Country :	Italy
Financials (as on) :	31.12.2010
Date of Incorporation :	29.09.1970
Com. Reg. No.:	00133250399
Legal Form :	Public Parent
Line of Business :	Manufacture of crude oils and fats
No. of Employees :	347

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 – September 30, 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 and address

Top of Form

Bottom of Form

Top of Form

Unigra SpA

Via Gardizza 9/b
Conselice, 48017
Italy
Tel:	39 (0545) 989511
Fax:	+39 0545 85061
www.unigra.it

Employees:	347
Company Type:	Public Parent
Corporate Family:	3 Companies
Incorporation Date:	29-Sep-1970

Financials in:	USD (mill)
Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	477.4
Total Assets:	522.9

Business Description

Manufacture of edible vegetable and animal fats for domestic and industrial use. The Company distributes its products in 42 Countries worldwide

Industry

Industry	Food Processing
ANZSIC 2006:	1150 - Oil and Fat Manufacturing
NACE 2002:	1541 - Manufacture of crude oils and fats
NAICS 2002:	311223 - Other Oilseed Processing
UK SIC 2003:	1541 - Manufacture of crude oils and fats
US SIC 1987:	2076 - Vegetable Oil Mills, Except Corn, Cottonseed, and Soybean

Key Executives

Name	Title
Gian Maria Martini	Amministratore Delegato
Luciano Martini	Presidente
Mariolina Ceruti	Direttore-Marketing
Monica Pirazzini	Direttore-Sistemi Informativi
Vasco Xella	Purchasing manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Via Gardizza 9/b
Conselice, 48017
Italy

Tel:	39 (0545) 989511
Fax:	+39 0545 85061

www.unigra.it

Sales EUR(mil):	360.5
Assets EUR(mil):	389.8
Employees:	347
Fiscal Year End:	31-Dec-2010

Industry:	Food Processing

Incorporation Date:	29-Sep-1970
Company Type:	Public Parent
Quoted Status:	Not Quoted
Registered No.(ITA):	00133250399

Amministratore Delegato:	Gian Maria Martini

Contents · Industry Codes · Business Description · Brand/Trade Names · Financial Data

Subsidiaries Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
1150	-	Oil and Fat Manufacturing

NACE 2002 Codes:
1541	-	Manufacture of crude oils and fats

NAICS 2002 Codes:
311223	-	Other Oilseed Processing
311613	-	Rendering and Meat Byproduct Processing

US SIC 1987:
2077	-	Animal and Marine Fats and Oils
2076	-	Vegetable Oil Mills, Except Corn, Cottonseed, and Soybean

UK SIC 2003:
1541	-	Manufacture of crude oils and fats

Business Description

Manufacture of edible vegetable and animal fats for domestic and industrial use. The Company distributes its products in 42 Countries worldwide

More Business Descriptions

Unigra SpA is primarily engaged in production of refined vegetable oils: olive oil, soya-bean oil, etc.; processing of vegetable oils: blowing, boiling, oxidation, polymerisation, dehydration, hydrogenation, etc.

Starch and Vegetable Fats and Oils Manufacturing

Brand/Trade Names
UnigrÃ	Master Martini

Financial Data

Financials in:	EUR(mil)
Revenue:	360.5
Assets:	389.8
Current Assets:	269.4
Total Liabilities:	389.8
Net Worth:	135.9
Date of Financial Data:	31-Dec-2010

1 Year Growth

7.2%

NA

Subsidiaries

Company	Percentage Owned	Country
Uni.Fii SRL
I.F.S. International Food Services & Partners SRL
Geovis SRL

Key Corporate Relationships

Bank:	Intesa Sanpaolo Ag, Unicredit Banca Ag, Banca Nazionale del Lavoro Ag

Corporate Structure News

Unigra SpA
Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Unigra SpA	Parent	Conselice, RA	Italy	Food Processing	477.4	347
I.F.S. International Food Services & Partners SRL	Subsidiary	Conselice	Italy	Retail (Grocery)	11.6	5
Uni.Fii SRL	Subsidiary	Conselice	Italy	Business Services		1

Executives Report

Board of Directors

Name	Title	Function
Gian Maria Martini	Amministratore Delegato	Director/Board Member
Oliver Martini	Member of the board	Director/Board Member
Andrea Martini	Member of the board	Director/Board Member

Executives

Name	Title	Function
Gian Maria Martini	Amministratore Delegato	Chief Executive Officer
Luciano Martini	Presidente	President
Mariolina Ceruti	Direttore-Marketing	Marketing Executive
Giorgio Guerrini	Responsabile-Sistemi Informativi	Information Executive
Monica Pirazzini	Direttore-Sistemi Informativi	Information Executive
Denis Cavrini	Commercial manager	Commercial Executive
Vasco Xella	Purchasing manager	Purchasing Executive
Raffaele Baldini	Executive	Other
Andrea Benassi	Executive	Other
Nicoletta Fiorentini	Executive	Other
Enrico Foschini	Executive	Other
Irene Marini	Manager	Other
Cristina Tassinari	Executive	Other
Alberto Zanelli	Executive	Other

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	524.3	525.7	484.9
Net sales	477.4	467.7	482.4
Other operating income	45.0	53.1	4.3
Raw materials and consumables employed	354.5	337.4	352.4
Other expenses	52.1	56.7	53.7
Total payroll costs	24.3	23.1	21.7
Fixed asset depreciation and amortisation	17.8	17.0	16.8
Other operating costs	1.9	1.8	0.7
Net operating income	73.7	89.6	39.6
Total financial income	11.2	23.2	102.2
Total expenses	5.9	7.7	13.5
Profit before tax	79.1	105.1	128.2
Extraordinary result	-1.2	7.8	-35.4
Profit after extraordinary items and before tax	77.9	112.9	92.9
Total taxation	24.0	31.5	34.7
Net profit	53.9	81.4	58.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Total stockholders equity	182.3	181.8	129.5
Provision for risks	4.7	4.2	3.7
Provision for pensions	4.3	4.8	4.8
Mortgages and loans	48.0	50.4	58.8
Other long-term liabilities	-	-	0.4
Trade creditors	75.7	53.1	52.5
Bank loans and overdrafts	175.6	175.4	178.8
Other current liabilities	30.2	39.7	39.8
Accruals and deferred income	2.3	3.7	17.4
Total current liabilities	283.8	271.8	288.5
Total liabilities (including net worth)	522.9	512.9	485.8
Intangibles	0.6	0.9	0.6
Buildings	19.8	19.1	18.9
Total tangible fixed assets	115.4	122.4	113.0
Long-term investments	44.6	44.9	36.2
Total financial assets	44.7	45.0	36.3
Receivables due after 1 year	0.9	12.4	49.1
Total non-current assets	161.5	180.8	199.0
Finished goods	27.7	27.5	22.1
Net stocks and work in progress	115.0	95.4	85.6
Trade debtors	96.6	87.5	94.9
Other receivables	147.5	134.0	99.8
Cash and liquid assets	0.1	0.1	0.5
Accruals	2.2	15.0	6.0
Total current assets	361.4	332.1	286.7
Total assets	522.9	512.9	485.8

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.30	1.20	1.00
Quick ratio	0.90	0.90	0.70
Current liabilities to net worth	0.02%	0.02%	0.02%
Sales per employee	1.06	1.03	1.32
Profit per employee	0.17	0.25	0.21
Average wage per employee	0.05	0.05	0.06
Net worth	182.3	181.8	129.5
Number of employees	340	327	308

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

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%)

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