MIRA INFORM REPORT

Report Date :

22.07.2011

IDENTIFICATION DETAILS

Name :	MICELIGIACOMO SALVATORE

Registered Office :	Localita' Segala, s.n., 91014- Castellammare del Golfo (TP)

Country :	Italy

Date of Incorporation :	12.08.1986

Legal Form :	Sole Proprietorship

Line of Business :	Quarrying of ornamental and building stone, limestone, gypsum, clay and slate

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 :	15.000 Eur

Status :	Good

Payment Behaviour :	Usually Correct

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

Company name & address

Bottom of Form

MiceliGiacomo Salvatore

Localita' Segala, s.n.

91014 - Castellammare del Golfo (TP) -IT-

Summary

Fiscal Code	:	MCLGMS61D30B288W
Legal Form	:	Sole proprietorship
start of Activities	:	12/08/1986
Turnover Range	:	500.000/750.000 Eur
Number of Employees	:	fom 6 to 10

Credit Analysis

Credit Opinion

15.000 - Eur

Activity

Quarrying of ornamental and building stone, limestone, gypsum, clay and slate

Cutting and carving of stone and marble

Legal Data

Legal Form : Sole proprietorship

Fiscal Code : MCLGMS61D30B288W

Chamber of Commerce no. : 80691 of Trapani since 12/09/1986

V.A.T. Code : 01145600811

Start of Activities

: 12/08/1986

Members

Miceli

Giacomo Salvatore

Born in BusetoPalizzolo

(TP)

on 30/04/1961

- Fiscal Code : MCLGMS61D30B288W

Residence :

Via

Vetrano

, 12

- 91012

BusetoPalizzolo

(TP)

- IT -

Position	Since	Shares Amount	% Ownership
Proprietor

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.

MICELI

GIACOMO SALVATORE

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
GER.SA. S.R.L.	Castellammare del Golfo (TP) - IT -	01883840819	Sole Director	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.

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

(Workshop )

Localita'

Segala

, s.n.

- 91014

- Castellammare del Golfo

(TP)

- IT -

PHONE

: 0923/851043

Employees

: 5

			Assistants	: 1

Legal Procedures

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

Financial and Economical Analysis

The subject has been acting for many years on local market.

Financial means are adequate and allow a normal fulfillment of bonds towards third parties.

It has a well-balanced economical-financial structure. Normally, engagements are settled on fixed terms.

On the whole the indebtedness is normal. Moderate recourse to supplier and bank credit.

No irregularities are registered.

Correct trade relations. No meaningful remark is expressed by usual suppliers.

Financial Data

Complete balance-sheet for the year

(in Eur

x 1 )

Item Type	Value
Sales	600.000

Credit Opinion

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

15.000 Eur.

Market / Territory Data

Population living in the province	:	432.963
Population living in the region	:	5.013.081
Number of families in the region	:	.842.252

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

- per food products	:	425
- per non food products	:	1.256
- per energy consume	:	69

Sector Data

The values are calculated on a base of 561 significant companies.

The companies cash their credits on an average of 159 dd.

The average duration of suppliers debts is about 180 dd.

The sector's profitability is on an average of 7,61%.

The labour cost affects the turnover in the measure of 18,36%.

Goods are held in stock in a range of 37 dd.

The difference between the sales volume and the resources used to realize it is about 0,76.

The employees costs represent the 19,04% of the production costs.

Statistical Detrimental Data

The area is statistically considered remarkably risky.

In the region 54.738 protested subjects are found; in the province they count to 5.078.

The insolvency index for the region is 1,09, , while for the province it is 1,18.

Total Bankrupt companies in the province : 1.675.

Total Bankrupt companies in the region : 14.491.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.43
UK Pound	1	Rs.71.90
Euro	1	Rs.63.41

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

Summary

Credit Analysis

Activity

Legal Data

Members

Companies connected to members *

Direct Participations

Firm's location and structure

Legal Procedures

Financial and Economical Analysis

Financial Data

Credit Opinion

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit