MIRA INFORM REPORT

Report Date :

28.09.2012

IDENTIFICATION DETAILS

Name :	MARMI DAINO REAL SRL
Registered Office :	Via Maermma Inferiore Km 31,920 Guidonia Montecelio, 00012

Country :	Italy

Financials (as on) :	31.12.2010

Date of Incorporation :	11.09.1975

Com. Reg. No.:	00097210918

Legal Form :	Private Subsidiary

Line of Business :	Engaged in mining and quarrying of various minerals and materials: abrasive materials, asbestos, siliceous fossil meals, natural graphite, steatite (talc), feldspar, etc.;

No. of Employees :	59

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Slow but 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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Italy

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

Top of Form

Bottom of Form

company name and address

Marmi Daino Real SRL

Via Maermma Inferiore Km 31,920


Guidonia Montecelio, 00012
Italy

Tel:	+39 0774 528277

Employees:	59
Company Type:	Private Subsidiary
Corporate Family:	2 Companies
Ultimate Parent:	SCORPIOS MARBLES SRL

Incorporation Date:	11-Sep-1975

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2010
Reporting Currency:	Euro
Annual Sales:	7.5
Total Assets:	10.7

Business Description

Marmi Daino Real SRL is primarily engaged in mining and quarrying of various minerals and materials: abrasive materials, asbestos, siliceous fossil meals, natural graphite, steatite (talc), feldspar, etc.; gem stones, quartz, mica, etc.; and natural asphalt and bitumen.

Industry

Industry	Non-Metallic Mining
ANZSIC 2006:	0990 - Other Non-Metallic Mineral Mining and Quarrying
NACE 2002:	1450 - Other mining and quarrying not elsewhere classified
NAICS 2002:	212399 - All Other Nonmetallic Mineral Mining
UK SIC 2003:	1450 - Other mining and quarrying not elsewhere classified
UK SIC 2007:	0899 - Other mining and quarrying n.e.c.
US SIC 1987:	1429 - Crushed and Broken Stone, Not Elsewhere Classified

Key Executives

Name	Title
Cesare Ratti	President
Fabrizio Ratti	Member of the board
Alessandro Ratti	Member of the board
Andrea Ratti	Member of the board

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 Maermma Inferiore Km 31,920
Guidonia Montecelio, 00012
Italy

Tel:	+39 0774 528277

Suggest Company URL

Sales EUR(mil):	5.7
Assets EUR(mil):	8.0
Employees:	59
Fiscal Year End:	31-Dec-2010


Industry:	Non-Metallic Mining

Incorporation Date:	11-Sep-1975
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Registered No.(ITA):	00097210918


President:	Cesare Ratti

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:
0990	-	Other Non-Metallic Mineral Mining and Quarrying
2090	-	Other Non-Metallic Mineral Product Manufacturing

NACE 2002 Codes:
1450	-	Other mining and quarrying not elsewhere classified
2670	-	Cutting, shaping and finishing of ornamental and building stone

NAICS 2002 Codes:
212399	-	All Other Nonmetallic Mineral Mining
327991	-	Cut Stone and Stone Product Manufacturing

US SIC 1987:
1429	-	Crushed and Broken Stone, Not Elsewhere Classified
3281	-	Cut Stone and Stone Products

UK SIC 2003:
1450	-	Other mining and quarrying not elsewhere classified
2670	-	Cutting, shaping and finishing of ornamental and building stone

UK SIC 2007:
0899	-	Other mining and quarrying n.e.c.
2370	-	Cutting, shaping and finishing of stone

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	5.7
Assets:	8.0
Current Assets:	5.1
Total Liabilities:	8.0
Net Worth:	1.7

Date of Financial Data:	31-Dec-2010

1 Year Growth

44.7%

Key Corporate Relationships

Bank:	Banco di Sardegna Ag, Intesa Sanpaolo Spa Ag

Corporate Structure News

Marmi Daino Real SRL Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
SCORPIOS MARBLES SRL	Parent
Marmi Daino Real SRL	Subsidiary	Guidonia Montecelio, Roma	Italy	Non-Metallic Mining	7.5	59

Executives Report

Board of Directors

Name

Title

Function

Alessandro Ratti

Member of the board

Director/Board Member

Fabrizio Ratti

Member of the board

Director/Board Member

Andrea Ratti

Member of the board

Director/Board Member

Executives

Name

Title

Function

Cesare Ratti

President

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	7.0	5.4	5.8
Net sales	7.5	5.4	5.6
Other operating income	0.0	0.0	0.1
Raw materials and consumables employed	1.8	1.9	2.2
Other expenses	1.9	0.9	1.0
Total payroll costs	2.2	2.0	2.1
Fixed asset depreciation and amortisation	0.3	0.3	0.2
Other operating costs	0.2	0.1	0.3
Net operating income	0.6	0.2	0.0
Total financial income	0.0	0.0	0.0
Total expenses	0.1	0.1	0.1
Profit before tax	0.5	0.1	-0.1
Extraordinary result	-0.1	0.0	0.2
Profit after extraordinary items and before tax	0.4	0.1	0.1
Total taxation	0.2	0.1	0.1
Net profit	0.2	0.0	0.0

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	2.3	2.2	2.1
Provision for risks	1.4	1.5	1.5
Provision for pensions	0.6	0.7	0.6
Other long-term liabilities	1.8	2.0	2.6
Trade creditors	2.5	1.9	1.8
Bank loans and overdrafts	1.1	1.2	0.7
Other current liabilities	1.0	0.9	0.8
Accruals and deferred income	-	0.0	0.0
Total current liabilities	4.7	4.0	3.2
Total liabilities (including net worth)	10.7	10.4	10.1
Intangibles	0.2	0.2	0.3
Buildings	3.2	3.3	3.2
Total tangible fixed assets	3.3	3.6	3.8
Long-term investments	0.1	-	0.4
Total financial assets	0.1	0.1	0.5
Receivables due after 1 year	0.2	0.2	0.2
Total non-current assets	3.8	4.2	4.8
Net stocks and work in progress	1.5	2.1	2.1
Trade debtors	4.1	2.6	2.1
Other receivables	0.7	0.9	0.8
Cash and liquid assets	0.5	0.6	0.3
Accruals	0.0	0.0	0.0
Total current assets	6.8	6.2	5.3
Total assets	10.7	10.4	10.1

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	1.50	1.50	1.60
Quick ratio	1.20	1.00	1.00
Current liabilities to net worth	0.02%	0.02%	0.02%
Sales per employee	0.10	0.08	0.08
Profit per employee	0.01	0.00	0.00
Average wage per employee	0.03	0.03	0.03
Net worth	2.3	2.2	2.1
Number of employees	59	51	50

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.25
UK Pound	1	Rs.86.23
Euro	1	Rs.68.64

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.

MIRA INFORM REPORT

company name and address

Corporate Overview

Financial Data

Corporate Structure News

Executives Report

Annual Profit & Loss

Unit