MIRA INFORM REPORT

Report Date :

03.01.2011

IDENTIFICATION DETAILS

Correct Name :	MIAT SPA

Registered Office :	Via Menabrea , 0020, Milano 20159

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	10.02.1972

Legal Form :	Joint-Stock/Public Company

Line of Business :	Wholesale trade of Pharmaceuticals

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	369.500 (Euro)
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Italy

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

Company Summary

Company Name	MIAT SPA
Company Type	JOINT-STOCK/PUBLIC COMPANY
Address	VIA MENABREA , 0020
Town	MILANO
Post Code	20159
Telephone Number	026930111
Province	MILANO
Fiscal Code	02796480156
VAT Number	02796480156
Activity Start Date	14-7-1980
Incorporation Date	10-2-1972
Closure Date	31-12-2100
REA Inscription	838027 on the date of 7-4-1972
CCIAA province and number	MI 838027
Company Status	Active
Currency	EURO (€)

Credit Summary

Credit Limit

369.500 (Euro)

Capital Information

Paid up share capital	500.000
Authorised share capital	500.000
Subscribed share capital	500.000

Activity

SIC Code	5122
Business Activity

Financial Data

Date of Latest Accounts	31-12-2009
Turnover	21.875.031
Profit & Loss	425.971
Number of Employees	16

Business Activity and Financial Ratios

SIC Code	5122
Business Activity
Company Purpose	LA PRODUZIONE, LA COMPRAVENDITA ED IL COMMERCIO ALL'INGROSSO, COMPRESE L'IMPORTAZIONE E L'ESPORTAZIONE, DI PRODOTTI CHIMICI E CHIMICO-FARMACEUTICI, DEI LORO DERIVATI ED AUSILIARI, NONCHE' DELLA STRUMENTAZIONE DEGLI APPARECCHI FARMACEUTICI E PARAFARMACEUTICI, DELL'ATTREZZATURA E DI OGNI ALTRO CORREDO DIRETTAMENTE O INDIRETTAMENTE RELATIVO O CONNESSO ALLE ATTIVITA' SUDDETTE. ESSA POTRA' INOLTRE ASSUMERE RAPPRESENTANZE ED EFFETTUARE INTERMEDIAZIONI IN ITALIA ED ALL'ESTERO, IN VIA PRINCIPALE PER I PRODOTTI SUCCITATI ED ANCHE IN GENERE
	(The Production, Sale And Wholesale Trade, Including The Import And Export Of Chemicals And Chemical-Pharmaceutical, Their Derivatives And Auxiliary And 'The Instruments Of Equipment And Pharmaceutical Nutraceutical, Equipment And All Other Equipment Directly Or Indirectly Related To Or Related To The Activities 'Above. It Will 'Take Further Representations And Make Brokerage In Italy And Abroad, Primarily For The Above Products And Also In Kind)
Ateco Code	46.46
Ateco Description	COMMERCIO ALL'INGROSSO DI PRODOTTI FARMACEUTICI (Wholesale Trade Of Pharmaceuticals)
SAE Code	430
RAE Code	618
Number of Employees	16
Paid up share capital	500.000 (EURO)
Date of Latest Accounts	31-12-2009

Key Financial Items
Turnover	21.875.031
Profit & Loss	425.971
Shareholders Equity	3.837.829
Fixed Assets	4.780.971

Balance Sheet

Assets

Date	31.12.2009	31.12.2008	31.12.2007
DUE FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL UNPAID	0	0	0
Total Fixed Assets	4.780.971	4.788.555	3.586.440
- Intangible assets	280.916	393.900	618.642
- Tangible assets	3.288.330	3.477.271	1.999.903
- - Land and Buildings	2.562.015	2.612.565	1.626.774
- Financial assets	1.211.725	917.384	967.895
- - Amounts owed by assoc./affiliated co.s	0	0	0
- - Holdings	195.684	195.684	195.684
- - Treasury stocks	262.500	262.500	262.500

Total Current Assets	9.241.395	8.871.192	7.197.619
- Stocks	2.322.666	2.451.170	1.958.536
- - Semi-finished products & Raw materials	2.322.535	2.425.816	1.958.536
- - Work-in-progress
- Credits	5.316.885	5.108.314	3.481.852
- - Short-term debtors	5.281.507	5.045.703	3.361.863
- - Trade debtors	5.214.758	4.760.999	3.118.823
- - Short-term trade debtors	5.187.972	4.706.980	3.018.823
- Financial assets	217.026	262.687	262.687
- - Treasury stocks	0	0	0
- Cash and bank	1.384.818	1.049.021	1.494.544
Prepayments & Accrued Income	21.475	56.047	64.477
Total Assets	14.043.841	13.715.794	10.848.536

Liabilities

SHAREHOLDERS' EQUITY	3.837.829	3.411.854	2.533.139
- Share capital	500.000	500.000	500.000
- Share premium reserve	0	0	0
- Revaluation reserve	970.000	970.000	0
PROVISIONS FOR RISKS & CHARGES	0	0	0
- Provisions for taxation	0	0	0
PROVISION FOR SEVERANCE INDEMNITY	373.729	279.951	248.930
CREDITORS	9.730.128	9.916.923	7.958.038
- Short-term creditors	8.988.703	9.264.407	6.938.599
- Trade creditors	6.617.576	5.707.049	3.863.141
- Amounts due to banks - short term	731.425	632.516	819.439
- Amounts due to banks - medium/long-term	1.561.336	3.309.809	2.533.890
- Accrued expenses and deferred income
PREPAYMENTS & ACCRUED INCOME	102.155	107.066	108.429
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	14.043.841	13.715.794	10.848.536
MEMORANDUM ACCOUNTS	335.082	761.431	667.181
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS

Profit & Loss

PRODUCTION VALUE	22.224.051	18.774.824	20.459.066
- Revenues	21.875.031	18.203.885	20.233.877
- TOTAL CHANGES	-	-	-
- Change in stocks of finished goods & work in progress
- Change in stocks of finished goods & work in progress	-	-	-
- Other revenues	349.020	570.939	225.189
PRODUCTION COSTS	21.267.747	18.441.417	20.201.183
- Purchase of raw materials & goods	17.341.250	15.213.791	16.235.343
- Change in materials	103.282	-467.281	195.770
CONSUMPTION OF MATERIALS	17.444.532	14.746.510	16.431.113
OVERHEADS	2.336.505	2.287.434	2.328.830
- Provisions for risks & other	-	-	-
VALUE ADDED	2.443.014	1.740.880	1.699.123
STAFF COST	1.035.146	988.287	1.021.779
- Provision for severance indemnity	48.779	51.606	63.770
G.O.M.	1.058.848	181.654	452.155
AMORT./DEPREC/WRITED. OF FIXED ASSETS	425.957	387.446	386.164
- Amortisation / depreciation / writedowns	399.713	387.446	386.164
- Amortisation of intangible assets	170.035	236.947	231.393
- Depreciation of tangible assets	229.678	150.499	154.771
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES	632.891	-205.792	65.991
OTHER INCOME / CHARGES	306.986	455.638	525.984
- Interest receivable & similar income	27.257	30.391	32.846
OPERATING PROFIT / (LOSS)	939.877	249.846	591.975
FINANCIAL CHARGES	161.417	231.518	268.225
PROFIT / (LOSS) BEFORE EXTRAORDINARY OP.S	778.460	18.328	323.750
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS (+-)	-45.661	-	-5.551
EXTRAORDINARY INCOME/CHARGES (+-)	970	-13.791	41.126
PROFIT / (LOSS) BEFORE TAXATION	733.769	4.537	359.325
TAXATION	307.798	95.818	357.653
PROFIT (LOSS) FOR THE PERIOD	425.971	-91.281	1.672
CASH FLOW	851.928	296.165	387.836
EMPLOYEES	16	16	16

Ratios

Date	2009	2008	2007
Returns Ratios
R.O.E. (Return On Equity)	11.1	0	0.07
R.O.I. (Return On Investment)	4.51	-1.5	0.61
R.O.S. (Return On Sales)	4.37	1.83	1.27
R.O.A. (Return On Assests)	6.81	2.43	2.38
G.O.M on Returns	4.84	1	2.24
Turnover Ratio
Invested Capital Turnover	155.76	132.72	186.51
Current Assets Turnover	236.71	205.2	281.12
Warehouse Turnover	941.81	742.66	1033.11
Equity and Financial Ratios
Fixed Assets Cover	80.27	71.25	70.63
Banks on Current Assets	24.81	44.44	46.59
Short-term Banks on Current Assets	16.9	37.31	35.21
Gearing	72.67	75.13	76.65
Shareholders' Equity / Invested Capital	27.33	24.88	23.35
Financial Charges on Turnover	0.74	1.27	1.33
Financial Charges on G.O.M.	15.25	127.45	59.32
Productivity Ratios
Turnover per Employee	1367189.44	1137742.81	1264617.31
Operating Value Added per Employee	152688.38	108805	106195.19
Labour Cost per Employee	64696.63	61767.94	63861.19
Labour Cost on Turnover	4.73	5.43	5.05
Value Added on Turnover	11.17	9.56	8.4
Liquidity Ratios
Current Ratio	101.5	94.59	101.35
Acid-Test Ratio	75.95	68.44	73.56
Days of Credit to Customers or Duration of Amounts owed by Customers	85.82	94.15	55.49
Days of Credit from Suppliers or Duration of Amounts owed to Suppliers	121.07	117.39	74.92
Days of Stocks or Duration of Stocks	38.22	48.47	34.84
Rate of intensity of Current Assets	42.18	48.7	35.3
Incidence Ratios for Cost
Consumption of Materials on Costs	82.02	79.96	81.34
External Costs on Costs	93.01	92.37	92.87
Labour Costs on Costs	4.87	5.36	5.06
Depreciation and Devaluation on Costs	2	2.1	1.91

Protested Bills

Body	Don't Exist	Possible Match	Exact Match
MIAT SPA


GILBERTO DE JACO (executive)

ALESSANDRO CARENINI (executive)

OTTAVIO BALDASSARRE (executive)

ILARIA NUZZOLESE (executive)

MARINA FRANZELLI (executive)

ANTONIA CANNIZZARO (executive)

CATIA BOSELLI (executive)

ELENA MAGNANI (executive)

EMANUELA TOSI (executive)

Directors Information

Power of Statute (board)	IL CONSIGLIO E' INVESTITO DEI PIU' AMPI POTERI PER LA GESTIONE DELLA SOCIETA'. AL PRESIDENTE DEL CONSIGLIO O A CHI NE FA LE VECI E' ATTRIBUITA LA RAPPRESENTANZA DELLA SOCIETA' CON FIRMA LIBERA IN GIU...
Type	Executive
Forename	GILBERTO
Surname	DE JACO
Date of Birth	9-5-1944
Gender	Male
Place of Birth	GOTTOLENGO (BS)
Resident Address	VIA LOSANNA , 29 20154 - MILANO (MI)
Director Fiscal Code	DJCGBR44E09E116D
COUNCILLOR since	7-5-2010
BOARD OF DIRECTORS PRESIDENT since	7-5-2010

Type	Executive
Forename	ALESSANDRO
Surname	CARENINI
Date of Birth	9-9-1949
Gender	Male
Place of Birth	MILANO (MI)
Resident Address	VIA CARPI EUGENIO , 4 20131 - MILANO (MI)
Director Fiscal Code	CRNLSN49P09F205N
COUNCILLOR since	7-5-2010
MANAGING DIRECTOR since	7-5-2010

Type	Executive
Forename	OTTAVIO
Surname	BALDASSARRE
Date of Birth	23-4-1948
Gender	Male
Place of Birth	MILANO (MI)
Resident Address	VIA DELLA COSTITUZIONE , 11 20094 - BUCCINASCO (MI)
Director Fiscal Code	BLDTTV48D23F205Y
SPECIAL SOLICITOR since	14-10-2002
COUNCILLOR since	7-5-2010
MANAGING DIRECTOR since	7-5-2010

Type	Executive
Forename	ILARIA
Surname	NUZZOLESE
Date of Birth	26-2-1967
Gender	Female
Place of Birth	MILANO (MI)
Resident Address	VIA WAGNER , 8 20080 - CARPIANO (MI)
Director Fiscal Code	NZZLRI67B66F205F
AD NEGOTIA PROCUREUR since	3-6-1995
SPECIAL SOLICITOR since	14-10-2002

Type	Executive
Forename	MARINA
Surname	FRANZELLI
Date of Birth	17-4-1948
Gender	Female
Place of Birth	MILANO (MI)
Resident Address	VIA LORENTEGGIO , 139 20146 - MILANO (MI)
Director Fiscal Code	FRNMRN48D57F205W
SPECIAL SOLICITOR since	14-10-2002

Type	Executive
Forename	ANTONIA
Surname	CANNIZZARO
Date of Birth	3-3-1974
Gender	Female
Place of Birth	REGGIO DI CALABRIA (RC)
Resident Address	VIA REMBRANDT PAOLO , 60 20147 - MILANO (MI)
Director Fiscal Code	CNNNTN74C43H224I
SPECIAL SOLICITOR since	14-10-2002

Type	Executive
Forename	CATIA
Surname	BOSELLI
Date of Birth	22-12-1961
Gender	Female
Place of Birth	ABBIATEGRASSO (MI)
Resident Address	LGO RICHINI , 20 20081 - ABBIATEGRASSO (MI)
Director Fiscal Code	BSLCTA61T62A010E
SPECIAL SOLICITOR since	14-10-2002

Type	Executive
Forename	ELENA
Surname	MAGNANI
Date of Birth	6-4-1966
Gender	Female
Place of Birth	VIGEVANO (PV)
Resident Address	VIA UNGARETTI , 52 27024 - CILAVEGNA (PV)
Director Fiscal Code	MGNLNE66D46L872M
SPECIAL SOLICITOR since	14-10-2002

Type	Executive
Forename	EMANUELA
Surname	TOSI
Date of Birth	30-4-1973
Gender	Female
Place of Birth	SEREGNO (MI)
Resident Address	VIA SAN LORENZO , 28 20033 - DESIO (MI)
Director Fiscal Code	TSOMNL73D70I625D
SPECIAL SOLICITOR since	14-10-2002

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.81
UK Pound	1	Rs.59.81
Euro	1	Rs.69.29

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.