MIRA INFORM REPORT

Report Date :

24.07.2013

IDENTIFICATION DETAILS

Name :	SLINGOFER S.R.L.

Registered Office :	Via Trento, 1 25055 – Pisogne (BS)

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	01.11.2010

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of other lifting and handling machinery and apparatus

No. of Employees :	From 26 to 35

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 :	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, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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, highly subsidized, agricultural south, where unemployment is high. 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 its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. 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 sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

Company name and address

Slingofer s.r.l.

Via Trento, 1

25055 – Pisogne (BS) -IT-

Summary

Fiscal Code	:	03263180980
Legal Form	:	Limited liability company
start of Activities	:	01/11/2010
Equity	:	100.000
Turnover Range	:	5.000.000/6.500.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of other lifting and handling machinery and apparatus

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03263180980

Foreign Trade Reg. no. : BS097755 since 03/12/2010

Chamber of Commerce no. : 405787 of Bergamo

Chamber of Commerce no. : 519246 of Brescia since 22/10/2010

V.A.T. Code : 03263180980

Establishment date	: 19/10/2010
Start of Activities	: 01/11/2010
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Members

Franceschetti

Aldo

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

Born in Iseo

(BS)

on 08/05/1943

- Fiscal Code : FRNLDA43E08E333Z

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

Residence:

Nave Corriera

, 3

- 25055

Pisogne

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	19/10/2010
Managing Director	19/10/2010
Director	19/10/2010

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

No Protests registered

Franceschetti

Paolo

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

Born in Iseo

(BS)

on 12/04/1968

- Fiscal Code : FRNPLA68D12E333W

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

Residence:

Santo Casasopra

, 2

- 25018

Montichiari

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	19/10/2010
Director	19/10/2010

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

No Protests registered

Lo Russo

Vittorio Maria

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

Born in Breno

(BS)

on 01/12/1964

- Fiscal Code : LRSVTR64T01B149O

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

Residence:

Roma

, 30

- 25051

Cedegolo

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/10/2010

$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Vuoto.gif$

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.

Franceschetti

Aldo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ital Eco Energy S.r.l.	Palazzolo sull'Oglio (BS) - IT -	82006780389	Sole Director	Withdrawn	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Director	Active	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Sole Director	Withdrawn	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Responsible technician	Active	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Managing Director	Active	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Board Chairman	Active	Registered
HUNIT ITALIA S.R.L., IN LIQUIDAZIONE	Pisogne (BS) - IT -	03261490175	Liquidator	Withdrawn	Registered
Essegei S.p.a.	Brescia (BS) - IT -	05300351003	Director	Active	Registered
Essegei S.p.a.	Brescia (BS) - IT -	05300351003	Assistant board Chairman	Withdrawn	Registered
Essegei S.p.a.	Brescia (BS) - IT -	05300351003	Managing Director	Active	Registered
Essegei S.p.a.	Brescia (BS) - IT -	05300351003	Board Chairman	Active	Registered
Atb Riva Calzoni S.p.a.	Roncadelle (BS) - IT -	11931400151	Director	Withdrawn	Registered
Atb Riva Calzoni S.p.a.	Roncadelle (BS) - IT -	11931400151	Managing Director	Withdrawn	Registered
Atb Riva Calzoni S.p.a.	Roncadelle (BS) - IT -	11931400151	Board Chairman	Withdrawn	Registered
COMAF DI FRANCESCHETTI ALDO	Castel Maggiore (BS) - IT -	FRNLDA43E08E333Z	Proprietor	Withdrawn	Registered
MILLELUCI S.N.C. DI PAGLIARINI FRANCO EFRANCESCHETTI ALDO	Castel Maggiore (BS) - IT -	01595890177	Partner	Withdrawn	Registered
G. eamp; C. MONTAGGI S.R.L.	Castel Maggiore (BS) - IT -	01598440178	Sole Director	Withdrawn	Registered
PALAZZOLO IMMOBILIARE S.R.L.	Pisogne (BS) - IT -	02921590176	Liquidator	Withdrawn	Registered
E.e.t. S.r.l. In Liquidazione	Corte Franca (BS) - IT -	02444830984	Liquidator	Active	Registered
Alpiah Srl	Pisogne (BS) - IT -	03264620984	Director	Active	Registered
Alpiah Srl	Pisogne (BS) - IT -	03264620984	Managing Director	Active	Registered
Alpiah Srl	Pisogne (BS) - IT -	03264620984	Board Chairman	Active	Registered
Baruzzi Hydraulic Steel Srl , In Forma Abbreviata Baruzzi Hs Srl	Pisogne (BS) - IT -	03167890981	Director	Active	Registered
Baruzzi Hydraulic Steel Srl , In Forma Abbreviata Baruzzi Hs Srl	Pisogne (BS) - IT -	03167890981	Managing Director	Active	Registered
Baruzzi Hydraulic Steel Srl , In Forma Abbreviata Baruzzi Hs Srl	Pisogne (BS) - IT -	03167890981	Board Chairman	Active	Registered
Esa Electromech Srl	Pisogne (BS) - IT -	03482390980	Director	Active	Registered
Esa Electromech Srl	Pisogne (BS) - IT -	03482390980	Managing Director	Active	Registered
Esa Electromech Srl	Pisogne (BS) - IT -	03482390980	Board Chairman	Active	Registered

Franceschetti

Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fratti S.r.l.	Pisogne (BS) - IT -	02028250179	Sole Director	Active	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Director	Active	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Attorney with special power	Active	Registered
Camuna Idroelettrica Spa	Pisogne (BS) - IT -	01798020176	Managing Director	Active	Registered
Calzoni Hydro S.p.a.	Zola Predosa (BO) - IT -	02504381209	Director	Withdrawn	Registered
Alpiah Srl	Pisogne (BS) - IT -	03264620984	Director	Active	Registered
Alpiah Srl	Pisogne (BS) - IT -	03264620984	Managing Director	Active	Registered
Gruppo Ingegneria Energetica S.r.l., InForma Abbreviata G.i.e. S.r.l.	Brescia (BS) - IT -	03023580982	Director	Withdrawn	Registered
Gruppo Ingegneria Energetica S.r.l., InForma Abbreviata G.i.e. S.r.l.	Brescia (BS) - IT -	03023580982	Managing Director	Withdrawn	Registered
Baruzzi Hydraulic Steel Srl , In Forma Abbreviata Baruzzi Hs Srl	Pisogne (BS) - IT -	03167890981	Director	Active	Registered
Baruzzi Hydraulic Steel Srl , In Forma Abbreviata Baruzzi Hs Srl	Pisogne (BS) - IT -	03167890981	Managing Director	Active	Registered
Baruzzi Hydraulic Steel Srl , In Forma Abbreviata Baruzzi Hs Srl	Pisogne (BS) - IT -	03167890981	Board Chairman	Withdrawn	Registered
Esa Electromech Srl	Pisogne (BS) - IT -	03482390980	Director	Active	Registered
Esa Electromech Srl	Pisogne (BS) - IT -	03482390980	Managing Director	Active	Registered

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Camuna Idroelettrica Spa	Pisogne - IT -	01798020176	49.000 .Eur	49,00
Franceschetti Aldo	Pisogne - IT -	FRNLDA43E08E333Z	2.000 .Eur	2,00
Alpiah Srl	Pisogne - IT -	03264620984	49.000 .Eur	49,00

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

Trento

, 1

- 25055

- Pisogne

(BS)

- IT -

Branch

(Factory)

since 01/11/2010

Vaiana

, 14

- 25059

- Vezza d'Oglio

(BS)

- IT -

Branch

(Production engineering department)

since 15/05/2011

C.battisti

, 88

- 24062

- Costa Volpino

(BG)

- IT -

Employees

: 31

Stocks for a value of 880.000

Eur

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Company's starting of activities dates back to some years ago (2010).

The economic-financial analysis has been made on the base of the latest 2 balance sheets.

Unstable economic results mark the company's financial state of affairs. with a loss in the last financial year.

The return on Investment in the last financial year was positive (4,53%) falling within the field's average.

The amount of the operating result is equal to Eur. 324.797 with no increase in relation to the financial year 2011.

During the latest financial year the gross operating margin amounted to Eur. 509.250 , stable if compared to the year before.

Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (45,7) which tends upward.

With regard to equity capital, an amount of Eur. 83.799 is registered. , recording a -31,55% decrease.

During the last financial year debts totalled Eur. 6.638.033 (Eur. 2.790.650 of which were m/l term debts) on the same levels as the year before.

The company makes frequent use of bank credit; the recourse to suppliers credit is also high even in comparison with the sector's.

Even liquidity is rather modest.

As to due from customers, the average terms are 78,99 days. , a better value than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 145.815

Labour cost expenses amount to Eur. 1.522.564 , representing 28,18% on the total of production costs. , with a 24,6% incidence on turnover.

Finacial chareges are high: the incidence on sales volume amounts to -4,46%

Financial Data

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	6.189.106
Profit (Loss) for the period	-38.638

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	6.625.968
Profit (Loss) for the period	22.436

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	904.853	894.424
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	3.625.151	3.609.182
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets
Total fixed assets	4.530.004	4.503.606
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	876.588	1.357.519
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	1.728.662	2.017.620
. . Beyond 12 months
. . Trade receivables	1.357.936	1.806.257
. . . . Within 12 months	1.357.936	1.806.257
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	95.939	1.791
. . . . Within 12 months	95.939	1.791
. . . . Beyond 12 months
. . Receivables due from holding comp.	30.891
. . . . Within 12 months	30.891
. . . . Beyond 12 months
. . Fiscal Receivables	143.896	200.857
. . . . Within 12 months	143.896	200.857
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	100.000	8.715
. . . . Within 12 months	100.000	8.715
. . . . Beyond 12 months
. Total Credits not held as fixed assets	1.728.662	2.017.620
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	300
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	17.766	319.096
Total current assets	2.623.316	3.694.235
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	13.246	23.044
Total adjustments accounts	13.246	23.044
TOTAL ASSETS	7.166.566	8.220.885

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	1.122
. Reserve for Own shares
. Statute reserves
. Other reserves	21.315
. Accumulated Profits (Losses)
. Profit( loss) of the year	-38.638	22.436
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	83.799	122.436
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	5.770	5.770
Employee termination indemnities	419.718	400.513
ACCOUNTS PAYABLE
. . . . Within 12 months	3.847.383	4.854.965
. . . . Beyond 12 months	2.790.650	2.833.333
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	4.096.894	3.966.264
. . . . Within 12 months	1.416.894	1.132.931
. . . . Beyond 12 months	2.680.000	2.833.333
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	110.650	119.735
. . . . Within 12 months		119.735
. . . . Beyond 12 months	110.650
. . Trade payables	979.112	2.046.542
. . . . Within 12 months	979.112	2.046.542
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	1.123.444	1.106.157
. . . . Within 12 months	1.123.444	1.106.157
. . . . Beyond 12 months
. . Due to the tax authorities	64.128	176.968
. . . . Within 12 months	64.128	176.968
. . . . Beyond 12 months
. . Due to social security and welfare inst.	73.320	77.565
. . . . Within 12 months	73.320	77.565
. . . . Beyond 12 months
. . Other payables	190.485	195.067
. . . . Within 12 months	190.485	195.067
. . . . Beyond 12 months
Total accounts payable	6.638.033	7.688.298
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	19.246	3.868
Total adjustment accounts	19.246	3.868
TOTAL LIABILITIES	7.166.566	8.220.885

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	6.189.106	6.625.968
. Changes in work in progress
. Changes in semi-manufact. products	-579.897	969.034
. Capitalization of internal work	90.400
. Other income and revenues	28.125	12.560
. . Contributions for operating expenses
. . Different income and revenues	28.125	12.560
Total value of production	5.727.734	7.607.562
PRODUCTION COSTS
. Raw material,other materials and consum.	1.865.581	3.935.503
. Services received	1.737.118	1.694.799
. Leases and rentals	127.510	197.374
. Payroll and related costs	1.522.564	1.704.777
. . Wages and salaries	1.064.711	1.190.887
. . Social security contributions	342.253	392.750
. . Employee termination indemnities	87.516	95.645
. . Pension and similar
. . Other costs	28.084	25.495
. Amortization and depreciation	184.453	124.654
. . Amortization of intangible fixed assets	78.912	61.044
. . Amortization of tangible fixed assets	105.541	54.524
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid		9.086
. Changes in raw materials	-66.402	-384.949
. Provisions to risk reserves		5.770
. Other provisions
. Other operating costs	32.113	18.237
Total production costs	5.402.937	7.296.165
Diff. between value and cost of product.	324.797	311.397
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	373	3.199
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-276.584	-171.961
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-276.211	-168.762
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	304	5.851
. . Gains on disposals
. . Other extraordinary income	304	5.851
. Extraordinary expense	-2.154	-2
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-2.154	-2
Total extraordinary income and expense	-1.850	5.849
Results before income taxes	46.736	148.484
. Taxes on current income	85.374	126.048
. . current taxes	85.374	126.048
. . differed taxes(anticip.)
. Net income for the period	-38.638	22.436
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-38.638	22.436

RATIOS	Value Type	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,63	0,55	0,18
Elasticity Ratio	Units	0,37	0,45	0,79
Availability of stock	Units	0,12	0,17	0,21
Total Liquidity Ratio	Units	0,24	0,28	0,52
Quick Ratio	Units	0,00	0,04	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	45,70	37,05	3,01
Self Financing Ratio	Units	0,01	0,01	0,19
Capital protection Ratio	Units	0,27	0,00	0,66
Liabilities consolidation quotient	Units	0,83	0,67	0,16
Financing	Units	79,21	62,79	3,56
Permanent Indebtedness Ratio	Units	0,46	0,41	0,34
M/L term Debts Ratio	Units	0,45	0,39	0,10
Net Financial Indebtedness Ratio	Units	48,68	29,79	0,69
CORRELATION
Fixed assets ratio	Units	0,73	0,75	1,65
Current ratio	Units	0,68	0,76	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,45	0,48	0,86
Structure's primary quotient	Units	0,02	0,03	1,02
Treasury's primary quotient	Units	0,00	0,07	0,06
Rate of indebtedness ( Leverage )	%	8552,09	6714,43	509,92
Current Capital ( net )	Value	-1.224.067	-1.160.730	330.495
RETURN
Return on Sales	%	2,36	2,22	3,79
Return on Equity - Net- ( R.O.E. )	%	-46,11	18,32	6,70
Return on Equity - Gross - ( R.O.E. )	%	55,77	121,27	18,82
Return on Investment ( R.O.I. )	%	4,53	3,79	4,89
Return/ Sales	%	5,25	4,70	4,78
Extra Management revenues/charges incid.	%	-11,90	7,20	29,96
Cash Flow	Value	145.815	147.090	165.166
Operating Profit	Value	324.797	311.397	225.594
Gross Operating Margin	Value	509.250	441.821	376.080
MANAGEMENT
Credits to clients average term	Days	78,99	98,14	111,07
Debts to suppliers average term	Days	202,92	194,76	127,44
Average stock waiting period	Days	50,99	73,76	62,88
Rate of capital employed return ( Turnover )	Units	0,86	0,81	1,10
Rate of stock return	Units	7,06	4,88	5,58
Labour cost incidence	%	24,60	25,73	18,94
Net financial revenues/ charges incidence	%	-4,46	-2,55	-1,15
Labour cost on purchasing expenses	%	28,18	23,37	18,99
Short-term financing charges	%	4,17	2,24	2,55
Capital on hand	%	115,79	124,07	90,89
Sales pro employee	Value	131.683	125.018	199.007
Labour cost pro employee	Value	32.394	32.165	34.820

Market / Territory Data

Population living in the province	:	$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Spazio.gif$ 1.169.259
Population living in the region	:	$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Spazio.gif$ 460
- per non food products	:	$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\vivek\Raw Foreign Reports\Slingofer s.r.l._files\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 1.964 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 3,79%.

The labour cost affects the turnover in the measure of 18,94%.

Goods are held in stock in a range of 63 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 18,99% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.68
UK Pound	1	Rs.91.66
Euro	1	Rs.78.68

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

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit