MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	INFRONT MOTOR SPORTS ORGANISATION S.R.L.
Registered Office :	Via Galati Vito Giuseppe , 100/E Roma 00155
Country :	Italy
Financials (as on) :	31.12.2010
Date of Incorporation :	14.12.2006
Legal Form :	Sole Shareholder Limited Liability Company
Line of Business :	Activity 'of sports club
No. of Employees :	12

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Italy	A2	A2

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

Summary

Company Summary
Company Name	INFRONT MOTOR SPORTS ORGANISATION S.R.L.
Company Type	SOLE SHAREHOLDER LIMITED LIABILITY COMPANY
Address	VIA GALATI VITO GIUSEPPE , 100/E
Town	ROMA
Post Code	00155
Telephone Number
Province	ROMA
Fiscal Code	09251551009
VAT Number	09251551009
Activity Start Date
Incorporation Date	14-12-2006
Closure Date	31-12-2060
REA Inscription	1151224 on the date of 20-12-2006
CCIAA province and number	RM 1151224
Company Status	Active
Currency	EURO (€)

Paid up share capital	500.000
Authorised share capital	500.000
Subscribed share capital	500.000
Activity
SIC Code	7941
Business Activity
Financial Data
Date of Latest Accounts	31-12-2010
Turnover
Profit & Loss	5.105.053
Number of Employees	12
Subsidaries
Address	Type of Premesis
VIA DI TOR PAGNOTTA 94 - ROMA (RM)	OPERATING CENTER

Business Activity and Financial Ratios

SIC Code	7941
Business Activity
Company Purpose	ARTICOLO 2 OGGETTO 2.1 LA SOCIETA' HA PER OGGETTO: A. LA PROMOZIONE E LA PUBBLICITA', L'ORGANIZZAZIONE, LA GESTIONE, LA COMMERCIALIZZAZIONE, PER CONTO PROPRIO E/O TERZI SIA IN ITALIA CHE ALL'ESTERO, DI MANIFESTAZIONI NAZIONALI ED INTERNAZIONALI, CONVEGNI, CONGRESSI, CONFERENZE, MEETING, MANIFESTAZIONI E COMPETIZIONI SPORTIVE E CERIMONIE DI QUALSIASI GENERE, LA FORNITURA E LA GESTIONE DI TUTTI I SERVIZI AD ESSI ACCESSORI E NECESSARI INCLUSI QUELLI PUBBLICITARI, PROMOZIONALI, EDITORIALI, DI SPONSORIZZAZIONE, DI MERCHANDISING E DI PRODUZIONE E COMMERCIALIZZAZIONE DEI DIRITTI RADIOTELEVISIVI COLLEGATI
Ateco Code	93.12
Ateco Description	ACTIVITY 'OF SPORTS CLUB
SAE Code	430
RAE Code	970
Number of Employees	12
Paid up share capital	500.000 (EURO)

Date of Latest Accounts	31-12-2010
Key Financial Items
Turnover
Profit & Loss	5.105.053
Shareholders Equity	5.722.252
Fixed Assets	325.487

Date	31-12-2010
DUE FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL UNPAID	0
Total Fixed Assets	325.487
- Intangible assets	275.521
- Tangible assets	49.966
- - Land and Buildings	0
- Financial assets	0
- - Amounts owed by assoc./affiliated co.s	0
- - Holdings	0
- - Treasury stocks	0
Total Current Assets	16.271.216
- Stocks	0
- - Semi-finished products & Raw materials	0
- - Work-in-progress
- Credits	15.566.515
- - Short-term debtors	15.566.515
- - Trade debtors	7.694.582
- - Short-term trade debtors	7.694.582
- Financial assets	0
- - Treasury stocks	0
- Cash and bank	704.701
Prepayments & Accrued Income	97.075
Total Assets	16.693.778
Liabilities

- Share capital	500.000
- Share premium reserve	0
- Revaluation reserve	0
- Other reserves	5.222.252
PROVISIONS FOR RISKS & CHARGES	3.003.623
- Provisions for taxation	3.623
PROVISION FOR SEVERANCE INDEMNITY	88.498
CREDITORS	5.734.260
- Short-term creditors	5.734.260
- Trade creditors	3.419.495
- Amounts due to banks - short term	0
- Accrued expenses and deferred income
- Long-term creditors	0
- Amounts due to banks - medium/long-term	0
PREPAYMENTS & ACCRUED INCOME	2.145.145
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	16.693.778
MEMORANDUM ACCOUNTS	1.889.041
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS
Profit & Loss
PRODUCTION VALUE	32.455.483
- Revenues	32.455.483
- TOTAL CHANGES	-
- Change in stocks of finished goods & work in progress
- Change in stocks of finished goods & work in progress	-
- Other revenues	-
PRODUCTION COSTS	32.158.751
- Purchase of raw materials & goods	2.705.244
- Change in materials	-
CONSUMPTION OF MATERIALS	2.705.244
OVERHEADS	26.768.076
- Provisions for risks & other	3.000.000
VALUE ADDED	5.982.163
STAFF COST	1.323.303

- Provision for severance indemnity	57.283
G.O.M.	1.658.860
AMORT./DEPREC/WRITED. OF FIXED ASSETS	980.324
- Amortisation / depreciation / writedowns	135.356
- Amortisation of intangible assets	107.561
- Depreciation of tangible assets	27.795
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES	678.536
OTHER INCOME / CHARGES	-266.506
- Interest receivable & similar income	183.324
OPERATING PROFIT / (LOSS)	412.030
FINANCIAL CHARGES	10.346
PROFIT / (LOSS) BEFORE EXTRAORDINARY OP.S	401.684
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS (+-)	-
EXTRAORDINARY INCOME/CHARGES (+-)	7.679.777
PROFIT / (LOSS) BEFORE TAXATION	8.081.461
TAXATION	2.976.408
PROFIT (LOSS) FOR THE PERIOD	5.105.053
CASH FLOW	6.085.377
EMPLOYEES	12

Ratios

Date	2010
Returns Ratios
R.O.E. (Return On Equity)	89.21
R.O.I. (Return On Investment)	4.07
R.O.S. (Return On Sales)	0.91
R.O.A. (Return On Assests)	1.78
G.O.M on Returns	5.11
Turnover Ratio
Invested Capital Turnover	194.42
Current Assets Turnover	199.47
Warehouse Turnover	0
Equity and Financial Ratios
Fixed Assets Cover	1758.06
Banks on Current Assets	0

Short-term Banks on Current Assets	0
Gearing	65.72
Shareholders' Equity / Invested Capital	34.28
Financial Charges on Turnover	0.03
Financial Charges on G.O.M.	0.62
Productivity Ratios
Turnover per Employee	2704623.58
Operating Value Added per Employee	498513.58
Labour Cost per Employee	110275.25
Labour Cost on Turnover	4.08
Value Added on Turnover	18.43
Liquidity Ratios
Current Ratio	207.74
Acid-Test Ratio	207.74
Days of Credit to Customers or Duration of Amounts owed by Customers	85.35
Days of Credit from Suppliers or Duration of Amounts owed to Suppliers	46.5
Days of Stocks or Duration of Stocks	0
Rate of intensity of Current Assets	50.43
Incidence Ratios for Cost
Consumption of Materials on Costs	8.41
External Costs on Costs	100.98
Labour Costs on Costs	4.12
Depreciation and Devaluation on Costs	3.05
Credit Rating Summary
Bankruptcy Index 10 / 10 -
Credit Rating 5 / 5 - Minimal risk
Credit Limit 560.000 (Euro)
Credit Rating (view rating document)
Minimal risk
High Moderate	Low
IVS & Protest Graphics (view ivs document)

Directors information

Power of statute (Board)	ARTICOLO 20 POTERI DEL CONSIGLIO DI AMMINISTRAZIONE 20.1 IL CONSIGLIO DI AMMINISTRAZIONE HA TUTTI I POTERI DI ORDINARIA E STRAORDINARIA AMMINISTRAZIONE, CON ESCLUSIONE SOLTANTO DI QUELLI RISERVATI AL...
Type	Executive
Forename	MAURIZIO
Surname	FLAMMINI
Date of Birth	29-11-1949
Gender	Male
Place of Birth	ROMA (RM)
Resident Address	VLE AFRICA , 28 00100 - ROMA (RM)
Director Fiscal Code	FLMMRZ49S29H501E
BOARD OF DIRECTORS PRESIDENT since	26-4-2007
COUNCILLOR since	29-4-2011
Type	Executive
Forename	Marco
Surname	MARCO BOGARELLI
Date of Birth	19-12-1956
Gender	Male
Place of Birth	MILANO (MI)

Resident Address	PLE AQUILEIA , 8 20100 - MILANO (MI)
Director Fiscal Code	BGRMRC56T19F205K
BOARD OF DIRECTORS VICE PRESIDENT since	11-3-2009
COUNCILLOR since	29-4-2011
Type	Executive
Forename	PAOLO ALBERTO
Surname	FLAMMINI
Date of Birth	28-6-1963
Gender	Male
Place of Birth	ROMA (RM)
Resident Address	VIA MAROCCO , 51 00144 - ROMA (RM)
Director Fiscal Code	FLMPLB63H28H501I
COUNCILLOR since	29-4-2011
Type	Executive
Forename	VINCENZO
Surname	LAMARO
Date of Birth	22-1-1960
Gender	Male
Place of Birth	ROMA (RM)
Resident Address	VIA LUCA GAURICO , 257 00100 - ROMA (RM)
Director Fiscal Code	LMRVCN60A22H501C
COUNCILLOR since	29-4-2011
Type	Executive
Forename	WOLFGANG ERNST OTTO
Surname	STREIT
Date of Birth	24-11-1969
Gender	Male
Place of Birth	KOLN (D) (EE)
Resident Address	EICHSTRASSE , 12 06330 - CHAM ()
Director Fiscal Code	STRWFG69S24Z112C
COUNCILLOR since	29-4-2011

Type	Executive
Forename	STEPHAN GEORG ANDREAS
Surname	HERTH
Date of Birth	3-3-1965
Gender	Male
Place of Birth	FURTWANGEN (D) (EE)
Resident Address	LERCHENFELDSTRASSE , 11 -MONACO ()
Director Fiscal Code	HRTSPH65C03Z112J
COUNCILLOR since	29-4-2011
Type	Executive
Forename	SIMON JAMES
Surname	TINDALL
Date of Birth	8-11-1973
Gender	Male
Place of Birth	ADELAIDE
Resident Address	SCHOENTALSTRASSE , 25 00000 - ZURIGO ()
Director Fiscal Code	N.D.
COUNCILLOR since	28-11-2011
Type	Company
Name	INFRONT MOTOR SPORTS S.R.L.
Address	VITO GIUSEPPE GALATI VIA, 100 00155 - ROMA (RM)
Director Fiscal Code	09225521005
SOLE PARTNER since	14-12-2006

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.07
UK Pound	1	Rs.88.96
Euro	1	Rs.71.40

INFORMATION DETAILS

Report Prepared by :

PRL

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.