MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	CHEMIA SPA
Registered Office :	Via Statale 327, Dosso, Sant'agostino, 44047
Country :	Italy
Financials (as on) :	31.08.2011
Date of Incorporation :	21.07.1962
Com. Reg. No.:	00040080384
Legal Form :	Public Independent Company
Line of Business :	production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood
No. of Employees :	23 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.

Source : CIA

Company name & address

Chemia SpA

Via Statale 327

Dosso

Sant'agostino, 44047

Italy

Tel: +39 0532 848477

Fax: +39 0532 848383

Synthesis

Employees: 23

Company Type: Public Independent

Incorporation Date: 21-Jul-1962

Financials in: USD (Millions)

Fiscal Year End: 31-Aug-2011

Reporting Currency: Euro

Annual Sales: 19.8

Total Assets: 27.5

Business Description

Chemia SpA is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

Industry

Industry Biotechnology and Drugs

ANZSIC 2006: 1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002: 2441 - Manufacture of basic pharmaceutical products

NAICS 2002: 32541 - Pharmaceutical and Medicine Manufacturing

UK SIC 2003: 2441 - Manufacture of basic pharmaceutical products

UK SIC 2007: 2110 - Manufacture of basic pharmaceutical products

US SIC 1987: 2833 - Medicinal Chemicals and Botanical Products

Key Executives

Name Title

Modesto Giberti President

Andrea Giberti Vice president

Registered No.(ITA): 00040080384

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7211012

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6945409

Corporate Overview

Location

Via Statale 327

Dosso

Sant'agostino, 44047

Italy

Tel: +39 0532 848477

Fax: +39 0532 848383

Sales EUR(mil): 14.3

Assets EUR(mil): 19.1

Employees: 23

Fiscal Year End: 31-Aug-2011

Industry: Biotechnology and Drugs

Incorporation Date: 21-Jul-1962

Company Type: Public Independent

Quoted Status: Not Quoted

Registered No.(ITA): 00040080384

President: Modesto Giberti

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:

2441 - Manufacture of basic pharmaceutical products

NAICS 2002 Codes:

32541 - Pharmaceutical and Medicine Manufacturing

US SIC 1987:

2833 - Medicinal Chemicals and Botanical Products

UK SIC 2003:

2441 - Manufacture of basic pharmaceutical products

UK SIC 2007:

2110 - Manufacture of basic pharmaceutical products

Business Description

Chemia SpA is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

Financial Data

Financials in:	EUR(mil)
Revenue:	14.3
Assets:	19.1
Current Assets:	13.2
Total Liabilities:	19.1
Net Worth:	5.3
Date of Financial Data:	31-Aug-2011

1 Year Growth

-3.5%

NA

Key Corporate Relationships

Bank:	Cassa di Risparmio di Cento Ag

Executive report

Executives

Name	Title	Function
Modesto Giberti	President	President
Maria Giberti	Managing director	Managing Director
Andrea Giberti	Vice president	Other

Annual profit & loss

	31-Aug-2011	31-Aug-2010	31-Aug-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.721101	0.733854	0.740447
Consolidated	No	No	No
Total income	20.5	20.3	18.5
Net sales	19.8	20.2	17.9
Other operating income	0.2	0.2	0.1
Raw materials and consumables employed	13.2	12.7	11.2
Other expenses	3.5	3.7	3.2
Total payroll costs	1.7	1.8	1.6
Fixed asset depreciation and amortisation	0.7	0.8	0.7
Other operating costs	0.2	0.2	0.8
Net operating income	1.2	1.1	1.0
Total financial income	0.0	0.0	0.0
Total expenses	0.4	0.3	0.4
Profit before tax	0.9	0.7	0.6
Extraordinary result	-0.5	0.0	0.2
Profit after extraordinary items and before tax	0.4	0.7	0.8
Total taxation	0.3	0.4	0.4
Net profit	0.1	0.3	0.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Aug-2011	31-Aug-2010	31-Aug-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.694541	0.786813	0.69684
Consolidated	No	No	No
Total stockholders equity	7.6	6.9	7.7
Provision for risks	0.2	0.2	0.2
Provision for pensions	0.7	0.6	0.7
Mortgages and loans	3.3	3.0	1.8
Other long-term liabilities	-	0.0	-
Trade creditors	6.4	4.4	5.1
Bank loans and overdrafts	8.4	5.3	5.4
Other current liabilities	0.9	0.9	0.8
Accruals and deferred income	0.0	0.0	0.1
Total current liabilities	15.7	10.7	11.5
Total liabilities (including net worth)	27.5	21.4	21.9
Intangibles	0.7	0.2	0.3
Buildings	6.1	5.6	6.5
Total tangible fixed assets	6.8	6.4	7.5
Long-term investments	0.0	0.0	0.0
Total financial assets	1.0	1.3	0.5
Receivables due after 1 year	0.0	0.0	0.0
Loans to associated companies	0.3	0.4	0.4
Total non-current assets	8.5	7.9	8.2
Finished goods	1.6	1.4	1.7
Net stocks and work in progress	3.1	2.2	2.9
Trade debtors	14.9	10.6	10.2
Other receivables	0.6	0.2	0.5
Cash and liquid assets	0.3	0.4	0.0
Accruals	0.1	0.1	0.1
Total current assets	19.0	13.5	13.7
Total assets	27.5	21.4	21.9

Annual Ratios

Financials in: USD (mil)

	31-Aug-2011	31-Aug-2010	31-Aug-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.694541	0.786813	0.69684
Consolidated	No	No	No
Current ratio	1.20	1.30	1.20
Quick ratio	1.00	1.10	0.90
Current liabilities to net worth	0.02%	0.02%	0.02%
Sales per employee	0.62	0.62	0.47
Profit per employee	0.01	0.02	0.02
Average wage per employee	0.05	0.05	0.04
Net worth	7.6	6.9	7.7
Number of employees	23	24	28

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.79
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Report Prepared by :

MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.