MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	MARR SPA
Registered Office :	Via Spagna, 20 Rimini, 47921
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	21.04.1988
Com. Reg. No.:	01836980365
Legal Form :	Public Subsidiary
Line of Business :	Distributes food and ancillary products to restaurant and hotel industries
No. of Employees :	986

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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, 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

Top of Form

MARR SpA

Via Spagna, 20
Rimini, 47921
Italy
Tel:	39-0541-746111
Fax:	39-0541-742422
www.marr.it

Employees:

986

Company Type:

Public Subsidiary

Corporate Family:

32 Companies

Ultimate Parent:

Cremonini SpA

Traded:

Italian SE (Mercato Continuo Italia):

MARR

Incorporation Date:

21-Apr-1988

Auditor:

Reconta Ernst & Young SpA

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	1,619.0 ^1
Net Income:	62.1
Total Assets:	1,030.5 ^2
Market Value:	817.4
	(07-Jun-2013)

Business Description

MARR SpA, based in Italy, distributes food and ancillary products to restaurant and hotel industries. The Company distributes and markets food products to the food services sector and the door-to-door distribution sector. For the three months ended 31 March 2013, MARR SpA revenues increased 4% to EUR266.2M. Net income increased 2% to EUR4.6M. Revenues reflect Italy segment increase of 11% to EUR244.4M. Net income was partially offset by Services, total increase of 5% to EUR32.4M (expense), Wages & Salary increase of 11% to EUR9.8M (expense). Basic Earnings per Share excluding Extraordinary Items remained flat at EUR0.07.

Industry

Industry	Retail (Grocery)
ANZSIC 2006:	3601 - General Line Grocery Wholesaling
NACE 2002:	5139 - Non-specialised wholesale of food, beverages and tobacco
NAICS 2002:	42441 - General Line Grocery Merchant Wholesalers
UK SIC 2003:	5139 - Non-specialised wholesale of food, beverages and tobacco
UK SIC 2007:	4639 - Non-specialised wholesale of food, beverages and tobacco
US SIC 1987:	5141 - Groceries, General Line

Key Executives

Name	Title
Pierpaolo Rossi	Chief Executive Officer, Executive Director
Stefano Manfredi	National Sales Manager
Eugenio Urbinati	Logistic & Operations Manager
Antonio Tiso	Chief Accounting Officer, Financial Reporting Officer, Investor Relations Manager
Lucia Serra	Legal and Corporate Affairs Manager

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	2	Marr SpA Announces Effectiveness of Contract for Leasing of Going Concern of Scapa Italia SpA with Possibility for Acquisition	20-Feb-2013
Officer Changes	1	Marr SpA Appoints New Chief Executive Officer	28-Jun-2012
Business Deals	1	Marr SpA Awarded Eight Lots of the Consip Tender for Supply Contract for Food Products to Public Administrations	16-Oct-2012
Equity Investments	2	Marr SpA Announces Cremonini SpA Completes Sale of 8.27% Stake in the Company	21-Mar-2013
Dividends	2	Marr SpA to Propose FY 2012 Dividend Distribution	14-Mar-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.22	1.32
Quick Ratio (MRQ)	0.97	0.58
Debt to Equity (MRQ)	1.00	0.87
Sales 5 Year Growth	3.43	6.35
Net Profit Margin (TTM) %	3.85	1.92
Return on Assets (TTM) %	6.51	6.14
Return on Equity (TTM) %	21.01	14.00

Stock Snapshot

Traded: Italian SE (Mercato Continuo Italia): MARR

As of 7-Jun-2013

   Financials in: EUR

Recent Price	9.27	EPS	0.74
52 Week High	10.35	Price/Sales	0.49
52 Week Low	6.74	Dividend Rate	0.58
Avg. Volume (mil)	0.13	Price/Earnings	11.64
Market Value (mil)	616.69	Price/Book	2.67
		Beta	0.45

	Price % Change	Rel S&P 500%
4 Week	-1.38%	2.25%
13 Week	3.00%	0.22%
52 Week	23.03%	0.82%
Year to Date	17.34%	13.89%

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Via Spagna, 20
Rimini, 47921
Italy

Tel:	39-0541-746111
Fax:	39-0541-742422

www.marr.it

Quote Symbol - Exchange
MARR - Italian SE (Mercato Continuo Italia)
Sales EUR(mil):	1,260.0
Assets EUR(mil):	779.7
Employees:	986
Fiscal Year End:	31-Dec-2012

Industry:

Retail (Grocery)

Incorporation Date:	21-Apr-1988
Company Type:	Public Subsidiary
Quoted Status:	Quoted
Registered No.(ITA):	01836980365

Chief Executive Officer, Executive Director:

Pierpaolo Rossi

Industry Codes

ANZSIC 2006 Codes:
3601	-	General Line Grocery Wholesaling
3605	-	Fruit and Vegetable Wholesaling
3602	-	Meat, Poultry and Smallgoods Wholesaling
3731	-	Furniture and Floor Covering Wholesaling
3604	-	Fish and Seafood Wholesaling

NACE 2002 Codes:
5139	-	Non-specialised wholesale of food, beverages and tobacco
5131	-	Wholesale of fruit and vegetables
5147	-	Wholesale of other household goods
5138	-	Wholesale of other food including fish, crustaceans and molluscs
5132	-	Wholesale of meat and meat products

NAICS 2002 Codes:
42441	-	General Line Grocery Merchant Wholesalers
424470	-	Meat and Meat Product Merchant Wholesalers
424480	-	Fresh Fruit and Vegetable Merchant Wholesalers
424460	-	Fish and Seafood Merchant Wholesalers
423220	-	Home Furnishing Merchant Wholesalers

US SIC 1987:
5141	-	Groceries, General Line
5147	-	Meats and Meat Products
5148	-	Fresh Fruits and Vegetables
5023	-	Home furnishings
5146	-	Fish and Seafoods

UK SIC 2003:
5139	-	Non-specialised wholesale of food, beverages and tobacco
5131	-	Wholesale of fruit and vegetables
5132	-	Wholesale of meat and meat products
5147	-	Wholesale of other household goods
5138	-	Wholesale of other food including fish, crustaceans and molluscs

UK SIC 2007:
4639	-	Non-specialised wholesale of food, beverages and tobacco
4638	-	Wholesale of other food, including fish, crustaceans and molluscs
4631	-	Wholesale of fruit and vegetables
4649	-	Wholesale of other household goods
4632	-	Wholesale of meat and meat products

Business Description

MARR SpA, based in Italy, distributes food and ancillary products to restaurant and hotel industries. The Company distributes and markets food products to the food services sector and the door-to-door distribution sector. For the three months ended 31 March 2013, MARR SpA revenues increased 4% to EUR266.2M. Net income increased 2% to EUR4.6M. Revenues reflect Italy segment increase of 11% to EUR244.4M. Net income was partially offset by Services, total increase of 5% to EUR32.4M (expense), Wages & Salary increase of 11% to EUR9.8M (expense). Basic Earnings per Share excluding Extraordinary Items remained flat at EUR0.07.

More Business Descriptions

Food service distributors

Food Products Distr to Foodservice Operators

Marr SpA is primarily engaged in specialised wholesale not covered in one of the previous categories; and wholesale of a variety of goods without any particular specialisation.

Packaged Frozen Food Merchant Wholesalers

Brand/Trade Names
MARR	Albatros

Financial Data

Financials in:	EUR(mil)
Revenue:	1,260.0
Net Income:	48.3
Assets:	779.7
Long Term Debt:	53.5
Total Liabilities:	550.9
Date of Financial Data:	31-Dec-2012

1 Year Growth

NA

-1.5%

7.3%

Market Data

Quote Symbol:	MARR
Exchange:	Italian SE (Mercato Continuo Italia)
Currency:	EUR
Stock Price:	9.3
Stock Price Date:	06-07-2013
52 Week Price Change %:	23.0
Market Value (mil):	616,687.9
SEDOL:	B0B87F6
ISIN:	IT0003428445

Subsidiaries

Company	Percentage Owned	Country
Baldini Adriatica Pesca SRL
As.Ca SpA
Emi.Gel SRL
New Catering SRL
Sfera SpA
Alisea Soc. Consortile A Rl
AS.CA SpA	100%	ITALY
Marr Foodservice Ibérica SAU	100%	SPAIN
Sfera SpA	100%	ITALY
New Catering Srl	100%	ITALY
Baldini Adriatica Pesca Srl	100%	ITALY
EMI.GEL Srl	100%	ITALY
Alisea Soc Cons arl	55%	ITALY

Shareholders

Major Shareholders

Cremonini SpA (58.80%)

Key Corporate Relationships

Auditor:	Reconta Ernst & Young SpA
Bank:	Cassa di Risparmio di Rimini sede di Rimini, Banca Nazionale del Lavoro sede di Rimini, Intesa SanPaolo sede di Rimini
Auditor:	Reconta Ernst & Young SpA, Reconta Ernst & Young SpA

Corporate Structure News

MARR SpA
Total Corporate Family Members: 32

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Cremonini SpA	Parent	Castelvetro Di Modena	Italy	Food Processing	4,439.3	8,226
Inalca SpA	Subsidiary	Castelvetro di Modena, MO	Italy	Food Processing	1,627.5	2,500
Cremonini Rail Iberica Sociedad Anonima	Subsidiary	Madrid	Spain	Restaurants	143.1	2,384
Chef Express SpA	Subsidiary	Castelvetro Di Modena, Modena	Italy	Restaurants	393.4	1,595
Roadhouse Grill Italia S.r.l.	Subsidiary	Modena	Italy	Restaurants	59.6	786
Bagel Factory	Subsidiary	London	United Kingdom	Restaurants		11
Cremonini	Subsidiary	Paris	France	Airlines	186.1	1,499
MARR SpA	Subsidiary	Rimini	Italy	Retail (Grocery)	1,619.0	986
Alisea Soc. Consortile A Rl	Subsidiary	Impruneta, Firenze	Italy	Business Services	20.6	168
As.Ca SpA	Subsidiary	Castenaso, Bologna	Italy	Retail (Grocery)	53.8	36
Sfera S.p.A.	Subsidiary	Arcore	Italy	Food Processing	1.8	35
Baldini Adriatica Pesca SRL	Subsidiary	Riccione, Rimini	Italy	Retail (Grocery)	29.1	22
New Catering SRL	Subsidiary	Forli', Forli'-Cesena	Italy	Miscellaneous Capital Goods	15.1	21
Emi.Gel SRL	Subsidiary	Bentivoglio, Bologna	Italy	Food Processing	13.9	20
Inalca SpA	Subsidiary	Castelvetro Di Modena, Modena	Italy	Food Processing	1,230.4	814
Guardamiglio SRL	Subsidiary	Ospedaletto Lodigiano, Lodi	Italy	Food Processing	59.8	396
Ges.Car. S.r.l.	Subsidiary	Lodi	Italy	Food Processing	52.5	84
Realbeef SRL	Subsidiary	Flumeri, Avellino	Italy	Food Processing	63.2	83
Soc Agricola Corticella SRL	Subsidiary	Castelvetro Di Modena, Modena	Italy	Fish and Livestock	40.4	11
Tecno-Star Due S.r.l.	Subsidiary	Modena	Italy	Miscellaneous Capital Goods	4.0	10
Sara SRL	Subsidiary	Castelvetro Di Modena, Modena	Italy	Waste Management Services	2.5	3
Tpf Kaskad Ooo	Subsidiary	Odintsovo	Russian Federation	Rental and Leasing	11.2
Marr Russia Ooo	Subsidiary	Odintsovo	Russian Federation	Food Processing	186.5	430
Guardamiglio Srl	Subsidiary	Piacenza, PC	Italy	Retail (Grocery)		250
Railrest	Subsidiary	Bruxelles	Belgium	Restaurants	45.5	195
Moto S.p.A.	Subsidiary	Lecco	Italy	Food Processing	33.1	45
Global Service SRL	Subsidiary	Castelvetro Di Modena, Modena	Italy	Engineering Consultants	1.4	13
Frimo SAM	Subsidiary	Monte Carlo	Monaco	Food Processing		10
Interjet SRL	Subsidiary	Bologna, Bologna	Italy	Miscellaneous Transportation	2.5	6
Consorzio Centro Commerciale Ingrosso Carni SRL	Subsidiary	Bologna, Bologna	Italy	Business Services	1.4	1
Realfood 3 S.r.l.	Subsidiary	Piacenza	Italy	Food Processing
Cremonini S.p.A. Div. Ristorazione Sede Amministrativa	Subsidiary	Rome	Italy	Restaurants

Executives Report

Board of Directors

Name	Title	Function
Ugo Ravanelli	Chairman of the Board	Chairman
Biography: Mr. Ugo Ravanelli has served as the Chairman of the Board of Marr SpA since July 1, 2012. Prior to his appointment, he was Chairman of the Board and Chief Executive Officer of the Company as from June 6, 2011. Prior to this, he was Chief Executive Officer and a Director of the Company. Age: 59 Compensation/Salary:665,000 Compensation Currency: EUR
Illias Aratri	Non-Executive Director	Director/Board Member
Biography: Mr. Illias Aratri has served as a Non-Executive Director of Marr SpA since April 28, 2011. At Cremofin Srl, he is the Unique Executive Director. In addition to this, he holds a position of a Non-Executive Director at Cremonini SpA. He also acts at Emilia Romagna Factor SpA. Age: 68 Compensation/Salary:20,000 Compensation Currency: EUR
Alfredo Aureli	Non-Executive Independent Director	Director/Board Member
Biography: Dr. Alfredo Aureli has served as a Non-Executive Independent Director of Marr SpA since June 17, 2005. Within the Company, he has been a Member of the Remunerations and Nominating Committee since April 28, 2011 and is a Member of the Audit and Risks Committee. He acts as Executive Director at SCM Group International SA and Templar Holding Company. He is Non-Executive Director at Marche Capital SpA, Ned Holding SpA and Fondazione Cassa di Risparmio di Rimini Banca d’Italia. Age: 69 Compensation/Salary:28,000 Compensation Currency: EUR
Giosue Boldrini	Non-Executive Director	Director/Board Member
Biography: Mr. Giosue Boldrini has served as a Non-Executive Director of Marr SpA since June 17, 2005. He also holds the same post at Cassa dei Risparmi di Forli SpA and Banca Popolare Emilia Romagna Scrl. He is Auditor at GSGR Srl. Age: 68 Compensation/Salary:20,000 Compensation Currency: EUR
Vincenzo Cremonini	Non-Executive Director	Director/Board Member
Biography: Dr. Vincenzo Cremonini has served as a Non-Executive Director of Marr SpA since April 28, 2012. He is the CEO at Cremonini SpA, the Chairman of the Board at Chef Express SpA and a Non-Executive Director at Emilia Romagna Factor SpA and Italia Alimentari SpA. Age: 48 Compensation/Salary:20,000 Compensation Currency: EUR
Claudia Cremonini	Non-Executive Director	Director/Board Member
Paolo Ferrari	Non-Executive Independent Director	Director/Board Member
Age: 67 Compensation/Salary:30,000 Compensation Currency: EUR
Giuseppe Lusignani	Non-Executive Independent Director	Director/Board Member
Biography: Prof. Dr. Giuseppe Lusignani has served as a Non-Executive Independent Director of Marr SpA since June 17, 2005. Within the Company, he is a Member of the Remunerations and Nominating Committee and of the Audit and Risks Committee. He has been Non-Executive Director at Banca Popolare Emilia Romagna Scrl, Non-Executive Vice Chairman of the Board at Optima SGR SpA, as well as Non-Executive Chairman of the Board at Ver Capital SGR SpA and Prometeia Advisor SIM SpA. He gained a degree in Business Economics from the Universita degli Studi di Modena e Reggio Emilia and a Doctorate in Philosophy in Economics from New York University in 1988. Age: 55 Education: New York University, PHD (Economics) Universita degli Studi di Modena e Reggio Emilia (Business Economics) Compensation/Salary:30,000 Compensation Currency: EUR
Pierpaolo Rossi	Chief Executive Officer, Executive Director	Director/Board Member
Biography: Mr. Pierpaolo Rossi has served as the Chief Executive Officer and an Executive Director of Marr SpA since July 1, 2012. He previously served as Administration, Finance and Control Director, Financial Reporting Officer, and a Director of Marr SpA since April 30, 2012. Prior to his appointment, he served as Administration, Finance and Control Director, as well as Financial Reporting Officer of the Company as from March 1, 2008. He has worked for the Company for over 15 years and acquired experience in the administration an accounts department.

Executives

Name	Title	Function
Pierpaolo Rossi	Chief Executive Officer, Executive Director	Chief Executive Officer
Biography: Mr. Pierpaolo Rossi has served as the Chief Executive Officer and an Executive Director of Marr SpA since July 1, 2012. He previously served as Administration, Finance and Control Director, Financial Reporting Officer, and a Director of Marr SpA since April 30, 2012. Prior to his appointment, he served as Administration, Finance and Control Director, as well as Financial Reporting Officer of the Company as from March 1, 2008. He has worked for the Company for over 15 years and acquired experience in the administration an accounts department.
Eugenio Urbinati	Logistic & Operations Manager	Operations Executive
Luca Lombardi	National Account Clients Manager	Accounting Executive
Mario Lugli	Statutory Auditor	Accounting Executive
Marinella Monterumisi	Statutory Auditor	Accounting Executive
Loris Piscaglia	Internal Auditor	Accounting Executive
Biography: Mr. Loris Piscaglia has served as Internal Auditor of Marr SpA since June 28, 2012. He has been with the Company since 1994. After having obtained a degree in Economics, he gained experience with Price Waterhouse and with other accounting firms and industrial companies.
Ezio Simonelli	Statutory Auditor	Accounting Executive
Antonio Tiso	Chief Accounting Officer, Financial Reporting Officer, Investor Relations Manager	Accounting Executive
Biography: Mr. Antonio Tiso has served as Chief Accounting Officer, Financial Reporting Officer, and Investor Relations Manager of Marr SpA since June 28, 2012. He previously served as Investor Relations Manager. He joined the Company in 2003 after having obtained the degree in Economics and an MBA thereafter; he has gained experience with Reconta Ernst&Young.
Stefano Rinaldi	Human Resources Manager	Human Resources Executive
Stefano Manfredi	National Sales Manager	Sales Executive
Lucia Serra	Legal and Corporate Affairs Manager	Legal Executive
Stelio Lani	Purchasing Manager	Purchasing Executive

Significant Developments

Marr SpA Announces Cremonini SpA Completes Sale of 8.27% Stake in the Company

Mar 21, 2013

Marr SpA announced that Cremonini SpA has completed the placement of 5,500,000 ordinary shares of Marr, corresponding to 8.27% of MARR's share capital, for an amount equal to EUR 46,750,000. The placement was carried out through an accelerated book built offering to institutional investors and closed at a price of EUR 8.5 per share. The transaction will be settled by delivery of shares and payment of the consideration on March 26, 2013. BofA Merrill Lynch acted as Sole Bookrunner for the placement. As a result of the sale, Cremonini will own approximately 50.57% of Marr's share capital and 51.12% of Marr's voting rights.

Marr SpA Announces Cremonini SpA Launches Sale of 8.27% Stake in the Company

Mar 20, 2013

Marr SpA announced that Cremonini SpA has launched the sale of a maximum amount of 5,500,000 Marr ordinary shares (corresponding to 8.27% of Marr's share capital) through an accelerated book built offering to institutional investors. BofA Merrill Lynch is acting as Sole Bookrunner for the placement. The book-build will commence immediately and Cremonini reserves the right to close the books at any time. Cremonini will announce the outcome of the placement upon completion. Cremonini remains committed to maintaining its long-term control of Marr and, to the extent all such shares are sold, would remain with the ownership of approximately 50.57% of Marr's share capital and 51.12% of Marr's voting rights . As part of the transaction and in line with market practice for placements of this nature, Cremonini has agreed to a 180 day lock-up period with respect to its ownership of Marr shares following completion of the placement.

Marr SpA to Propose FY 2012 Dividend Distribution

Mar 14, 2013

Marr SpA announced that the Board of Directors proposed to the Shareholders' Meeting to be held on April 19, 2013 the distribution for fiscal year 2012 of a gross dividend of EUR 0.58 with ex coupon (no. 9) on May 27, 2013 and payment on May 30, 2013. The non distributed profits will be allocated to the Reserves. The coupon of EUR 0.58 shows an increase of 7.4 % compared to EUR 0.54 for coupon no. 7 detached on May 28, 2012 for fiscal year 2011; coupon no. 8, for EUR 0.10, was paid out on July 5, 2012, to mark the 40th anniversary of MARR's business activities.

Marr SpA Announces Effectiveness of Contract for Leasing of Going Concern of Scapa Italia SpA with Possibility for Acquisition

Feb 20, 2013

Marr SpA announced that as of February 23, 2013, the contract for the leasing of the going concern of Scapa Italia SpA (Scapa) will become effective. This contract, which is included in the framework of a concordato preventivo (agreement among creditors enabling the continuity of the business) initiated by Scapa, was authorized - following clearance from the Antitrust Authority - by the Milan Law Courts on February 12, 2013. Through the lease of the going concern, MARR will take over the management of the distribution centers in Marzano (Pavia) and Pomezia (Rome). The lease of the going concern, with a duration of 12 months, involves the takeover of the active and passive contracts identified as instrumental in carrying out the activities, including the rental of the two warehouses, in addition to the acquisition of the inventories. The contract also involves the acquisition of the going concern by MARR, subject to the filing of the homologation by the Milan Law Courts of the concordato preventivo which liberates the cessionary (MARR) from any liability concerning the debts of the seller (Scapa). The purchase price, inclusive of equipment with an accounting value of approximately EUR 1.7 million, has been fixed at EUR 3.5 million, from which the leasing fees of EUR 300,000 annually will be deducted.

Marr SpA Awarded Eight Lots of the Consip Tender for Supply Contract for Food Products to Public Administrations

Oct 16, 2012

Marr SpA announced that it has been awarded eight of the 11 lots of the Consip (Public Body for the rationalization of Expenditure) tender concerning the supply contract for food products to Public Administrations. The contract awarded to Marr has a duration of 12 months, renewable for an additional 12, is authorized for up to a maximum expenditure limit of EUR 62.5 million and will be to the benefit of the Public Administration structures belonging to the regions and composing of Lot 1: Valle d'Aosta, Piedmont and Liguria, for up to a maximum amount of EUR 11.0 million; Lot 2: Lombardy, for up to a maximum amount of EUR 4.5 million; Lot 3: Friuli Venezia Giulia, Veneto and Trentino Alto Adige, for up to a maximum amount of EUR 13.0 million; Lot 4: Emilia-Romagna, for up to a maximum amount of EUR 5.0 million; Lot 5: Tuscany and Umbria, for up to a maximum amount of EUR 6.5 million; Lot 6: Marche and Abruzzo, for up to a maximum amount of EUR 7.0 million; Lot 7: Lazio, for up to a maximum amount of EUR 6.5 million; Lot 9: Basilicata, Puglia and the northern provinces of Calabria (Cosenza and Crotone), for up to a maximum amount of EUR 9.0 million.

Marr SpA Signs Preliminary Agreement for Lease of Going Concern of Lelli Lino e figli Srl

Jul 19, 2012

Marr SpA announced that it has signed the preliminary agreement for the subscription, as of September 3, 2012, of the contracts for the lease of the going concern of Lelli Lino e figli Srl (Lelli) and the rental of the relevant facilities in which activities are carried out. The Lelli company is based in Anzola dell'Emilia, in the municipality of Bologna and operates in the distribution of food products to the foodservice sector, specializing in dried food products with a widespread presence in Emilia region in Italy.

Marr SpA Appoints New Chief Executive Officer

Jun 28, 2012

Marr SpA announced that Mr. Pierpaolo Rossi has been appointed new Chief Executive Officer of the Company, effective as of July 1, 2012.

Marr SpA to Pay Gross Dividend of EUR 0.10 Per Share

Jun 26, 2012

Marr SpA announced that on the occasion of the 40th anniversary of business activity, it will pay on July 5, 2012 a gross dividend of EUR 0.10 per share, as had already been approved by the Shareholders' Meeting on April 28, 2012. The ex-dividend date is July 5, 2012.

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	1,601.0	1,459.9	1,466.8
Net sales	1,562.1	1,427.8	1,436.9
Other operating income	39.0	32.1	29.9
Raw materials and consumables employed	1,248.0	1,136.1	1,152.8
Other expenses	193.1	190.5	176.0
Total payroll costs	40.9	40.0	42.2
Fixed asset depreciation and amortisation	15.2	5.0	13.6
Other operating costs	4.4	2.2	2.3
Net operating income	99.4	86.0	79.9
Total financial income	8.2	7.7	6.9
Total expenses	9.5	5.9	8.2
Profit before tax	98.2	87.7	78.6
Extraordinary result	0.0	0.0	0.0
Profit after extraordinary items and before tax	98.2	87.7	78.5
Total taxation	32.0	28.0	24.9
Net profit	66.2	59.7	53.6

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Total stockholders equity	282.2	271.9	269.5
Provision for risks	14.8	14.3	14.2
Provision for pensions	10.1	11.3	12.3
Mortgages and loans	73.9	142.1	59.0
Other long-term liabilities	-	1.5	2.9
Trade creditors	301.5	312.2	304.0
Bank loans and overdrafts	172.7	142.5	224.4
Other current liabilities	38.7	39.3	42.0
Accruals and deferred income	2.2	2.0	2.0
Total current liabilities	515.1	496.0	572.5
Total liabilities (including net worth)	896.1	937.1	930.3
Intangibles	92.6	95.7	102.7
Buildings	53.9	57.4	62.9
Total tangible fixed assets	61.8	65.5	73.0
Long-term investments	43.5	45.0	48.1
Total financial assets	61.6	55.0	50.3
Receivables due after 1 year	22.4	13.8	16.5
Loans to associated companies	5.8	-	-
Total non-current assets	238.4	230.1	242.6
Finished goods	113.3	124.8	112.5
Net stocks and work in progress	114.0	124.8	113.3
Trade debtors	435.3	429.9	450.8
Other receivables	65.7	80.7	69.6
Cash and liquid assets	42.0	70.8	53.4
Marketable securities	0.1	-	-
Accruals	0.6	0.7	0.7
Total current assets	657.7	707.0	687.8
Total assets	896.1	937.1	930.3

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.30	1.40	1.20
Quick ratio	1.10	1.20	1.00
Current liabilities to net worth	0.02%	0.02%	0.02%
Sales per employee	1.49	1.39	1.29
Profit per employee	0.09	0.09	0.07
Average wage per employee	0.04	0.04	0.04
Net worth	282.2	271.9	269.5
Number of employees	753	776	801

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,578.9	1,695.9	1,545.3	1,551.0	1,588.7
Revenue	1,578.9	1,695.9	1,545.3	1,551.0	1,588.7
Interest Income, Non-Bank	0.2	0.3	0.4	-	-
Other Revenue	39.9	40.8	34.3	32.3	33.9
Other Revenue, Total	40.1	41.1	34.7	32.3	33.9
Total Revenue	1,619.0	1,736.9	1,580.0	1,583.3	1,622.6
Cost of Revenue	1,258.0	1,340.8	1,218.7	1,233.9	1,266.4
Cost of Revenue, Total	1,258.0	1,340.8	1,218.7	1,233.9	1,266.4
Gross Profit	320.9	355.0	326.5	317.0	322.3
Selling/General/Administrative Expense	204.5	213.6	199.0	192.2	194.3
Labor & Related Expense	47.6	51.3	49.2	51.8	55.5
Advertising Expense	0.9	0.5	0.5	-	-
Total Selling/General/Administrative Expenses	253.0	265.4	248.7	244.0	249.8
Depreciation	5.1	5.8	5.5	5.9	6.5
Amortization of Intangibles	0.3	0.5	0.6	0.7	0.8
Depreciation/Amortization	5.5	6.3	6.1	6.6	7.2
Impairment-Assets Held for Use	0.5	11.0	9.7	8.2	7.7
Loss (Gain) on Sale of Assets - Operating	0.0	0.1	0.0	-	-
Other Unusual Expense (Income)	-	-	0.0	0.0	0.0
Unusual Expense (Income)	0.5	11.1	9.7	8.2	7.7
Other Operating Expense	3.2	3.0	2.5	2.6	2.3
Other Operating Expenses, Total	3.2	3.0	2.5	2.6	2.3
Total Operating Expense	1,520.1	1,626.7	1,485.8	1,495.4	1,533.5
Operating Income	98.9	110.3	94.2	87.9	89.0
Interest Expense - Non-Operating	-7.9	-8.0	-5.0	-7.4	-16.8
Interest Expense, Net Non-Operating	-7.9	-8.0	-5.0	-7.4	-16.8
Interest Income - Non-Operating	0.1	0.1	0.0	0.0	0.2
Investment Income - Non-Operating	-0.1	0.2	0.3	-0.3	-0.5
Interest/Investment Income - Non-Operating	-0.1	0.2	0.3	-0.2	-0.3
Interest Income (Expense) - Net Non-Operating Total	-8.0	-7.8	-4.7	-7.6	-17.1
Other Non-Operating Income (Expense)	0.7	2.1	1.7	1.0	0.8
Other, Net	0.7	2.1	1.7	1.0	0.8
Income Before Tax	91.6	104.6	91.2	81.3	72.7
Total Income Tax	28.8	35.6	30.7	27.7	26.0
Income After Tax	62.8	69.0	60.5	53.6	46.7
Minority Interest	-0.8	-0.8	-0.7	-0.6	-0.3
Net Income Before Extraord Items	62.1	68.2	59.8	53.0	46.4
Net Income	62.1	68.2	59.8	53.0	46.4
Income Available to Common Excl Extraord Items	62.1	68.2	59.8	53.0	46.4
Income Available to Common Incl Extraord Items	62.1	68.2	59.8	53.0	46.4
Basic/Primary Weighted Average Shares	65.8	65.8	65.8	65.8	66.1
Basic EPS Excl Extraord Items	0.94	1.04	0.91	0.81	0.70
Basic/Primary EPS Incl Extraord Items	0.94	1.04	0.91	0.81	0.70
Diluted Net Income	62.1	68.2	59.8	53.0	46.4
Diluted Weighted Average Shares	65.8	65.8	65.8	65.8	66.1
Diluted EPS Excl Extraord Items	0.94	1.04	0.91	0.81	0.70
Diluted EPS Incl Extraord Items	0.94	1.04	0.91	0.81	0.70
Dividends per Share - Common Stock Primary Issue	0.60	0.75	0.66	0.64	0.63
Gross Dividends - Common Stock	62.7	49.4	43.6	42.1	41.4
Interest Expense, Supplemental	7.9	8.0	5.0	7.4	16.8
Depreciation, Supplemental	17.0	5.8	5.5	5.9	6.5
Total Special Items	0.4	11.1	9.7	8.2	7.7
Normalized Income Before Tax	92.0	115.7	100.9	89.5	80.4
Effect of Special Items on Income Taxes	0.1	3.8	3.3	2.8	2.8
Inc Tax Ex Impact of Sp Items	28.9	39.4	34.0	30.5	28.7
Normalized Income After Tax	63.1	76.3	66.9	59.0	51.7
Normalized Inc. Avail to Com.	62.3	75.5	66.2	58.4	51.4
Basic Normalized EPS	0.95	1.15	1.01	0.89	0.78
Diluted Normalized EPS	0.95	1.15	1.01	0.89	0.78
Amort of Intangibles, Supplemental	0.3	0.5	0.6	0.7	0.8
Rental Expenses	10.2	10.3	9.8	10.3	10.9
Advertising Expense, Supplemental	0.9	0.5	0.5	0.6	0.8
Normalized EBIT	99.2	121.4	103.8	96.1	96.8
Normalized EBITDA	116.5	127.7	110.0	102.7	104.0
Current Tax - Total	31.9	36.5	30.8	29.0	26.0
Current Tax - Total	31.9	36.5	30.8	29.0	26.0
Deferred Tax - Total	-1.1	-0.8	-0.1	-1.4	0.0
Deferred Tax - Total	-1.1	-0.8	-0.1	-1.4	0.0
Other Tax	-2.0	-	-	-	-
Income Tax - Total	28.8	35.6	30.7	27.7	26.0
Discount Rate - Domestic	2.40%	4.25%	4.15%	-	-
Pension Payment Rate - Domestic	3.00%	3.00%	3.00%	-	-

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	12.4	8.2	5.7	4.3	-
Cash & Equivalents	57.1	40.0	68.8	52.8	42.5
Short Term Investments	0.0	0.1	0.0	0.0	0.0
Cash and Short Term Investments	69.5	48.3	74.4	57.1	42.6
Accounts Receivable - Trade, Gross	533.1	503.2	494.8	515.2	440.8
Provision for Doubtful Accounts	-38.1	-33.3	-29.1	-28.9	-22.6
Trade Accounts Receivable - Net	495.0	469.9	465.6	486.3	418.2
Notes Receivable - Short Term	20.7	4.5	7.7	14.7	9.3
Other Receivables	17.7	12.4	12.0	47.8	55.2
Total Receivables, Net	533.4	486.9	485.3	548.7	482.7
Inventories - Finished Goods	125.7	119.4	122.7	119.1	125.5
Inventories - Work In Progress	4.9	5.6	11.0	2.6	6.0
Inventories - Other	-0.2	-0.2	-0.1	-0.3	0.0
Total Inventory	130.5	124.8	133.6	121.4	131.5
Prepaid Expenses	45.8	41.8	52.3	0.6	-
Total Current Assets	779.2	701.8	745.6	727.8	656.8
Land/Improvements	83.5	-	-	-	-
Machinery/Equipment	34.9	-	-	-	-
Construction in Progress	0.3	-	-	-	-
Other Property/Plant/Equipment	16.8	-	-	-	-
Property/Plant/Equipment - Gross	135.5	-	-	-	-
Accumulated Depreciation	-66.0	-	-	-	-
Property/Plant/Equipment - Net	69.5	70.4	74.9	83.4	84.0
Goodwill, Net	131.7	129.4	133.7	143.3	134.2
Intangibles - Gross	6.9	-	-	-	-
Accumulated Intangible Amortization	-6.4	-	-	-	-
Intangibles, Net	0.6	0.6	0.9	1.5	2.2
LT Investment - Affiliate Companies	0.4	0.4	0.4	0.4	0.4
Long Term Investments	0.4	0.4	0.4	0.4	0.4
Note Receivable - Long Term	36.6	5.8	6.3	2.1	4.5
Deferred Charges	0.0	-	-	-	-
Deferred Income Tax - Long Term Asset	12.6	10.9	9.6	9.2	6.8
Other Long Term Assets	-	24.4	8.6	8.0	4.2
Other Long Term Assets, Total	12.6	35.3	18.2	17.2	11.0
Total Assets	1,030.5	943.6	980.0	975.9	893.1
Accounts Payable	357.4	337.2	348.8	339.9	319.8
Accrued Expenses	11.1	10.2	10.5	1.6	-
Notes Payable/Short Term Debt	170.9	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	67.0	181.4	148.3	233.7	221.1
Customer Advances	11.7	10.1	9.9	8.9	-
Income Taxes Payable	2.0	5.6	5.1	6.5	2.2
Other Payables	1.9	3.1	3.3	13.7	23.1
Other Current Liabilities	0.0	-	0.0	0.0	0.0
Other Current liabilities, Total	15.5	18.8	18.3	29.2	25.3
Total Current Liabilities	621.9	547.6	526.0	604.4	566.2
Long Term Debt	70.7	73.9	142.1	59.2	36.0
Capital Lease Obligations	0.0	0.0	1.5	3.0	4.2
Total Long Term Debt	70.7	73.9	143.6	62.3	40.2
Total Debt	308.5	255.3	291.9	295.9	261.3
Deferred Income Tax - LT Liability	14.9	14.3	13.8	13.9	12.7
Deferred Income Tax	14.9	14.3	13.8	13.9	12.7
Minority Interest	1.6	1.5	1.5	1.4	1.1
Reserves	5.1	4.6	4.3	4.3	4.6
Pension Benefits - Underfunded	13.5	12.4	13.5	14.4	13.9
Other Long Term Liabilities	0.4	0.3	0.2	0.1	1.4
Other Liabilities, Total	19.0	17.3	17.9	18.8	19.8
Total Liabilities	728.1	654.5	702.8	700.8	640.1
Common Stock	43.5	42.7	44.2	47.2	45.8
Common Stock	43.5	42.7	44.2	47.2	45.8
Retained Earnings (Accumulated Deficit)	263.6	250.9	237.7	232.9	207.3
Treasury Stock - Common	-4.6	-4.5	-4.7	-5.0	-
Total Equity	302.5	289.1	277.1	275.1	253.0
Total Liabilities & Shareholders’ Equity	1,030.5	943.6	980.0	975.9	893.1
Shares Outstanding - Common Stock Primary Issue	65.8	65.8	65.8	65.8	65.8
Total Common Shares Outstanding	65.8	65.8	65.8	65.8	65.8
Treasury Shares - Common Stock Primary Issue	0.7	0.7	0.7	0.7	0.7
Employees	986	989	984	996	1,012
Accumulated Intangible Amort, Suppl.	6.4	-	-	-	-
Deferred Revenue - Current	11.7	10.1	9.9	8.9	0.5
Total Long Term Debt, Supplemental	137.6	253.9	290.4	292.9	255.8
Long Term Debt Maturing within 1 Year	67.0	180.1	148.3	233.7	219.8
Long Term Debt Maturing in Year 2	16.5	16.8	33.3	13.7	7.4
Long Term Debt Maturing in Year 3	16.5	16.8	33.3	13.7	7.4
Long Term Debt Maturing in Year 4	16.5	16.8	33.3	13.7	7.4
Long Term Debt Maturing in Year 5	16.5	16.8	33.3	13.7	7.4
Long Term Debt Maturing in 2-3 Years	33.0	33.6	66.5	27.3	14.8
Long Term Debt Maturing in 4-5 Years	33.0	33.6	66.5	27.3	14.8
Long Term Debt Matur. in Year 6 & Beyond	4.7	6.7	9.1	4.6	6.5
Pension Obligation - Domestic	13.5	12.4	13.5	14.4	-
Funded Status - Domestic	-13.5	-12.4	-13.5	-14.4	-
Total Funded Status	-13.5	-12.4	-13.5	-14.4	-
Discount Rate - Domestic	2.40%	4.25%	4.15%	-	-
Pension Payment Rate - Domestic	3.00%	3.00%	3.00%	-	-
Accrued Liabilities - Domestic	-13.5	-12.4	-13.5	-14.4	-
Net Assets Recognized on Balance Sheet	-13.5	-12.4	-13.5	-14.4	-
Total Plan Obligations	13.5	12.4	13.5	14.4	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	62.8	69.0	60.5	53.6	46.7
Depreciation	5.5	6.3	6.1	6.6	7.2
Depreciation/Depletion	5.5	6.3	6.1	6.6	7.2
Deferred Taxes	26.6	36.2	28.9	26.4	23.3
Unusual Items	-0.2	-0.2	-0.4	-0.2	-0.4
Other Non-Cash Items	19.0	15.4	12.6	15.5	22.3
Non-Cash Items	18.8	15.2	12.2	15.2	21.9
Accounts Receivable	-27.1	-31.2	-20.2	-60.7	-56.3
Inventories	-3.3	4.8	-19.9	13.7	-8.0
Other Assets	-9.0	-9.2	-18.2	0.7	7.8
Accounts Payable	13.7	-0.4	30.6	9.2	25.9
Other Liabilities	1.4	1.0	1.4	-0.1	-3.1
Other Operating Cash Flow	-44.4	-41.3	-34.9	-27.4	-48.1
Changes in Working Capital	-68.8	-76.4	-61.1	-64.6	-81.8
Cash from Operating Activities	44.9	50.3	46.6	37.2	17.4
Purchase of Fixed Assets	-4.1	-5.6	-4.5	-3.2	-10.0
Purchase/Acquisition of Intangibles	-0.3	-0.2	-0.1	0.0	-0.1
Capital Expenditures	-4.4	-5.8	-4.6	-3.3	-10.1
Sale of Fixed Assets	1.3	2.2	2.5	0.9	2.9
Investment, Net	0.0	0.0	0.0	-0.1	0.0
Other Investing Cash Flow	-	-	-0.9	-5.1	-6.7
Other Investing Cash Flow Items, Total	1.4	2.2	1.6	-4.3	-3.9
Cash from Investing Activities	-3.1	-3.6	-3.0	-7.6	-14.0
Other Financing Cash Flow	-15.1	2.7	1.2	-3.0	-6.8
Financing Cash Flow Items	-15.1	2.7	1.2	-3.0	-6.8
Cash Dividends Paid - Common	-54.1	-45.8	-40.1	-39.4	-38.9
Total Cash Dividends Paid	-54.1	-45.8	-40.1	-39.4	-38.9
Sale/Issuance of Common	-	-	0.0	0.0	0.0
Common Stock, Net	-	-	0.0	0.0	0.0
Issuance (Retirement) of Stock, Net	-	-	0.0	0.0	0.0
Long Term Debt, Net	47.3	-29.1	16.1	25.4	16.4
Issuance (Retirement) of Debt, Net	47.3	-29.1	16.1	25.4	16.4
Cash from Financing Activities	-21.9	-72.2	-22.8	-16.9	-29.3
Net Change in Cash	19.9	-25.5	20.8	12.8	-25.9
Net Cash - Beginning Balance	47.7	77.1	52.7	42.6	70.7
Net Cash - Ending Balance	67.6	51.6	73.5	55.3	44.8
Cash Interest Paid	-	9.8	6.1	8.5	19.3
Cash Taxes Paid	-	35.8	31.7	20.9	32.2

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Other Other Income	39.9	-	-	-	-
Sales	1,578.9	1,695.9	1,545.3	1,551.0	1,588.7
Other Income	-	40.8	34.3	32.3	33.9
Sale of Assets	0.2	0.3	0.4	-	-
Total Revenue	1,619.0	1,736.9	1,580.0	1,583.3	1,622.6
Raw Materials	1,261.3	1,336.0	1,238.6	1,220.0	1,274.5
Change in Inventories	-3.3	4.8	-19.9	13.9	-8.0
Capitalized Work	-	-	0.0	0.0	0.0
Other Services	183.3	-	-	-	-
Services	-	203.3	189.2	181.9	183.4
Advertising Expense	0.9	0.5	0.5	-	-
Rental Expenses	10.2	10.3	9.8	10.3	10.9
Other Other Operating Expenses	3.2	-	-	-	-
Other Operating Expenses	-	3.0	2.5	2.6	2.3
Losses on Sale of Assets	0.0	0.1	0.0	-	-
Labour Expenses	47.6	51.3	49.2	51.8	55.5
Amortization	0.3	0.5	0.6	0.7	0.8
Depreciation	5.1	5.8	5.5	5.9	6.5
Other Provisions/Write Down	0.5	-	-	-	-
Provisions/Write Down	-	11.0	9.7	8.2	7.7
Other Bad Debt Provision	11.0	-	-	-	-
Extraordinary Income	-	-	0.0	0.0	0.0
Extraordinary Inc./Exp.	-	-	0.0	0.0	0.0
Total Operating Expense	1,520.1	1,626.7	1,485.8	1,495.4	1,533.5
Non Recurr. Financial Inc./Exp.	-	0.0	0.0	0.0	0.0
Income from Associates	-	0.0	0.0	0.0	0.0
Interest Income	0.1	0.1	0.0	0.0	0.2
Other Other Financial Income	2.9	3.9	2.9	2.2	3.3
Interest Expense	-7.9	-8.0	-5.0	-7.4	-16.8
Other Non-operating Expense	-2.1	-1.8	-1.1	-1.1	-2.6
Exchange Differences	-0.1	0.2	0.3	-0.3	-0.5
Net Income Before Taxes	91.6	104.6	91.2	81.3	72.7
Provision for Income Taxes	28.8	35.6	30.7	27.7	26.0
Net Income After Taxes	62.8	69.0	60.5	53.6	46.7
Minority Interest	-0.8	-0.8	-0.7	-0.6	-0.3
Net Income Before Extra. Items	62.1	68.2	59.8	53.0	46.4
Net Income	62.1	68.2	59.8	53.0	46.4
Income Available to Com Excl ExtraOrd	62.1	68.2	59.8	53.0	46.4
Income Available to Com Incl ExtraOrd	62.1	68.2	59.8	53.0	46.4
Basic Weighted Average Shares	65.8	65.8	65.8	65.8	66.1
Basic EPS Excluding ExtraOrdinary Items	0.94	1.04	0.91	0.81	0.70
Basic EPS Including ExtraOrdinary Items	0.94	1.04	0.91	0.81	0.70
Diluted Net Income	62.1	68.2	59.8	53.0	46.4
Diluted Weighted Average Shares	65.8	65.8	65.8	65.8	66.1
Diluted EPS Excluding ExtraOrd Items	0.94	1.04	0.91	0.81	0.70
Diluted EPS Including ExtraOrd Items	0.94	1.04	0.91	0.81	0.70
DPS-Common Stock	0.60	0.75	0.66	0.64	0.63
Gross Dividends - Common Stock	62.7	49.4	43.6	42.1	41.4
Normalized Income Before Taxes	92.0	115.7	100.9	89.5	80.4
Inc Tax Ex Impact of Sp Items	28.9	39.4	34.0	30.5	28.7
Normalized Income After Taxes	63.1	76.3	66.9	59.0	51.7
Normalized Inc. Avail to Com.	62.3	75.5	66.2	58.4	51.4
Basic Normalized EPS	0.95	1.15	1.01	0.89	0.78
Diluted Normalized EPS	0.95	1.15	1.01	0.89	0.78
Advertising Expenses	0.9	0.5	0.5	0.6	0.8
Amort. of Intangibles	0.3	0.5	0.6	0.7	0.8
BC - Depreciation of Fixed Assets	17.0	-	-	-	-
Depreciation	-	5.8	5.5	5.9	6.5
Interest Expense	7.9	-	-	-	-
Interest Expenses	-	8.0	5.0	7.4	16.8
Rental Expenses	10.2	10.3	9.8	10.3	10.9
Current Tax - Total	31.9	36.5	30.8	29.0	26.0
Current Tax - Total	31.9	36.5	30.8	29.0	26.0
Deferred Tax - Total	-1.1	-0.8	-0.1	-1.4	0.0
Deferred Tax - Total	-1.1	-0.8	-0.1	-1.4	0.0
Refund for Prior Years' Taxes	-2.0	-	-	-	-
Income Tax - Total	28.8	35.6	30.7	27.7	26.0
Discount Rate - Domestic	2.40%	4.25%	4.15%	-	-
Pension Payment Rate - Domestic	3.00%	3.00%	3.00%	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406	0.696986	0.719399
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Finished Goods	125.7	119.4	122.7	119.1	125.5
Work In Progress	4.9	5.6	11.0	2.6	6.0
Packaging	0.8	0.7	0.9	0.8	0.7
Stock Provision	-1.0	-1.0	-1.0	-1.1	-0.8
Trade Rcvbls.	533.1	503.2	494.8	515.2	440.8
Bad Debt Provision	-38.1	-33.3	-29.1	-28.9	-22.6
Financial Receivables	20.7	4.5	7.7	14.7	9.3
Tax assets	14.2	7.9	8.6	7.3	9.9
Other Other Receivables, Net	3.5	4.4	3.4	40.4	45.3
Advances	44.4	41.1	51.7	-	-
Accrued Income	0.0	0.2	-	-	-
Cash	12.4	8.2	5.7	4.3	-
Bank Deposits	57.1	40.0	68.8	52.8	42.5
Financial instruments / derivative	0.0	0.1	0.0	0.0	0.0
Prepayments/Accrued Income	1.4	0.7	0.5	0.6	-
Total Current Assets	779.2	701.8	745.6	727.8	656.8
Intangible Assets, Net	-	0.6	0.9	1.5	2.2
Goodwill	131.7	129.4	133.7	143.3	134.2
Land & Buildings	-	60.3	64.2	70.3	69.9
Plant & Machinery	-	5.9	6.3	7.6	8.3
Industrial Equipment	-	1.2	1.3	1.4	1.3
Other Tangibles	-	3.1	3.1	4.0	4.6
Tangibles in Progress	-	0.0	0.0	0.1	0.0
Investments in other companies	0.4	0.4	0.4	0.4	0.4
LT Accounts/Trade Receivables, Net	7.9	-	-	-	-
Other Other LT Assets	24.1	-	-	-	-
Non-current financial receivables	4.6	5.8	6.3	2.1	4.5
Deferred tax assets	12.6	10.9	9.6	9.2	6.8
Accruals	-	-	0.2	0.1	-
Other LT Assets	-	24.4	8.5	7.9	4.2
Non-current Prepaid Expenses	0.0	-	-	-	-
Brand/Patent/Market/ArtisticIntangible,G	6.7	-	-	-	-
Licen.Franc.Right,Contr. Mod.Design,G	0.2	-	-	-	-
Other Intangibles, Gross	0.0	-	-	-	-
Acc Amort Other Intangibles	0.0	-	-	-	-
AccAmort Brand/Patent/Market/Art Intang.	-6.2	-	-	-	-
AccAmortLicen.Franc.RightContr.Mod.Desig	-0.2	-	-	-	-
Construction in Progress, Gross	0.3	-	-	-	-
Land/bldgs - acc depn	-24.0	-	-	-	-
Plant/mach - acc depn	-24.5	-	-	-	-
Acc Depr Industrial Equipment	-3.4	-	-	-	-
Acc Depr Other Tangible Fixed Assets	-14.0	-	-	-	-
Other Tangible Fixed Assets, Gross	16.8	-	-	-	-
Plant & Machinery, Gross	30.2	-	-	-	-
Industrial Equipment, Gross	4.6	-	-	-	-
Land/Buildings, Gross	83.5	-	-	-	-
Total Assets	1,030.5	943.6	980.0	975.9	893.1
Other Bank Paybls.	67.0	-	-	-	-
Cur. Portion of LT Debt/Capital L	0.0	-	-	-	-
Bank Paybls.	-	179.9	147.0	233.7	221.1
Other Financial Paybls.	-	0.2	1.3	-	-
Leasing	0.0	1.3	-	-	-
ST Debt & Notes Payable	170.9	-	-	-	-
Current tax liabilities	2.0	5.6	5.1	6.5	2.2
Accrued Expenses	0.1	-	-	-	-
Accrued Payroll	1.5	-	-	-	-
Accrued Payroll	9.6	-	-	-	-
Accruals	-	10.2	10.5	1.6	-
Deferred Liabilities	0.8	0.8	0.7	0.8	-
Advances(1)	10.9	9.3	9.3	8.2	-
Other Other Payables	1.9	-	-	-	-
Other Paybls.	-	3.1	3.3	13.7	23.1
Current trade liabilities	357.4	337.2	348.8	339.9	319.8
Financial instruments/derivatives	0.0	-	-	-	-
Financial Instruments	-	-	0.0	0.0	0.0
Total Current Liabilities	621.9	547.6	526.0	604.4	566.2
Leasing	0.0	0.0	1.5	3.0	4.2
Non-current financial payables	70.7	73.9	142.1	59.2	36.0
Total Long Term Debt	70.7	73.9	143.6	62.3	40.2
Provisions for risks and costs	5.1	4.6	4.3	4.3	4.6
Severance Prov.	13.5	12.4	13.5	14.4	13.9
Deferred Taxes	14.9	14.3	13.8	13.9	12.7
LT Accrued Expenses	0.4	-	-	-	-
Other Other LT Liabilities	0.0	-	-	-	-
Other LT Liabilities	-	0.3	0.2	0.1	1.4
Minority Result	0.8	0.7	0.8	0.6	0.3
Minority Interest	0.8	0.7	0.8	0.8	0.8
Total Liabilities	728.1	654.5	702.8	700.8	640.1
Share Capital	43.5	42.7	44.2	47.2	45.8
Other Rsrv.	186.7	176.3	165.8	165.5	152.9
Retained Income	76.9	74.6	71.8	67.4	10.3
Retained Earnings	-4.6	-4.5	-4.7	-5.0	-
Net Income/Loss	-	-	-	-	44.1
Total Equity	302.5	289.1	277.1	275.1	253.0
Total Liabilities & Shareholders' Equity	1,030.5	943.6	980.0	975.9	893.1
S/O-Common Stock	65.8	65.8	65.8	65.8	65.8
Total Common Shares Outstanding	65.8	65.8	65.8	65.8	65.8
T/S-Common Stock	0.7	0.7	0.7	0.7	0.7
Acc Amort Other Intangibles	0.0	-	-	-	-
AccAmort Brand/Patent/Market/Art Intang.	6.2	-	-	-	-
AccAmortLicen.Franc.RightContr.Mod.Desig	0.2	-	-	-	-
Deferred Liabilities	0.8	-	-	-	-
Advances	10.9	-	-	-	-
Advances	-	10.1	9.9	8.9	0.5
Full-Time Employees	986	989	984	996	1,012
LT Debt Maturing Within 1 Year	67.0	180.1	148.3	233.7	219.8
LT Debts 1-5 Y	66.0	67.1	133.0	54.7	29.5
LT Debts > 5 Y	4.7	6.7	9.1	4.6	6.5
Total Long Term Debt, Supplemental	137.6	253.9	290.4	292.9	255.8
PV of Obligations	13.5	12.4	13.5	14.4	-
Funded Status	-13.5	-12.4	-13.5	-14.4	-
Total Funded Status	-13.5	-12.4	-13.5	-14.4	-
Discount Rate	2.40%	4.25%	4.15%	-	-
Compensation Rate	3.00%	3.00%	3.00%	-	-
Accrued Liabilities - Domestic	-13.5	-12.4	-13.5	-14.4	-
Net Assets Recognized on Balance Sheet	-13.5	-12.4	-13.5	-14.4	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078	0.719047	0.683679
Auditor	Reconta Ernst & Young SpA	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	62.8	69.0	60.5	53.6	46.7
Depreciation	5.5	6.3	6.1	6.6	7.2
Provision for Doubtfull Account	11.0	10.5	9.4	8.6	6.6
Stock Provision	0.0	0.1	0.0	0.3	0.4
Gain/Loss on Sale of Assets	-0.2	-0.2	-0.4	-0.2	-0.4
Financial Income / Expenses	7.1	5.8	3.2	6.3	15.9
Gain/Loss on Exchange Differences	0.0	-0.4	-0.1	0.2	0.1
Change/Severance Prov.	0.9	-0.7	0.0	0.1	-0.6
Rcvbls. Var.	-27.1	-31.2	-20.2	-60.7	-56.3
Inventories Var.	-3.3	4.8	-19.9	13.7	-8.0
Paybls. Var.	13.7	-0.4	30.6	9.2	25.9
Other Changes in Assets	-9.0	-9.2	-18.2	0.7	7.8
Other Changes in Liabilities	1.4	1.0	1.4	-0.1	-3.1
Deferred Taxes	26.6	36.2	28.9	26.4	23.3
Taxes Paid	-37.3	-35.8	-31.7	-20.9	-32.2
Interest & Other Expenses	-10.0	-9.8	-6.1	-8.5	-19.3
Interest & Other Income	2.9	3.9	2.9	2.2	3.5
Exchange Difference - Income	-0.7	0.8	1.5	1.2	1.5
Exchange Difference - Loss	0.7	-0.5	-1.4	-1.5	-1.6
Cash from Operating Activities	44.9	50.3	46.6	37.2	17.4
Purchase of Intangibles	-0.3	-0.2	-0.1	0.0	-0.1
Goodwill - Investment	0.0	-	0.0	-0.1	0.0
Goodwill, Net	-	-	-	-	0.0
Purchase of Tangibles	-4.1	-5.6	-4.5	-3.2	-10.0
Sale of Tangibles	1.3	2.2	2.5	0.9	2.9
Non Consolidated Investments, Net	-	-	-	-	0.0
Investments, Net	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow	-	-	-0.9	-5.1	-6.7
Cash from Investing Activities	-3.1	-3.6	-3.0	-7.6	-14.0
Dividends Paid	-54.1	-45.8	-40.1	-39.4	-38.9
Increase in Capital	-	-	0.0	0.0	0.0
Other Changes	-0.8	-0.7	-0.6	-0.5	-5.7
Financial Paybls, Var.	-13.7	-29.1	-116.4	-16.3	9.1
Financial Assets/Liabs. Var.	61.0	0.0	132.4	41.7	7.3
ST Financial Rcvbls, Var.	-15.6	3.1	6.0	-4.9	-1.7
LT Financial Rcvbls, Var.	1.2	0.3	-4.2	2.5	0.6
Cash from Financing Activities	-21.9	-72.2	-22.8	-16.9	-29.3
Net Change in Cash	19.9	-25.5	20.8	12.8	-25.9
Net Cash - Beginning Balance	47.7	77.1	52.7	42.6	70.7
Net Cash - Ending Balance	67.6	51.6	73.5	55.3	44.8
Cash Interest Paid	-	9.8	6.1	8.5	19.3
Cash Taxes Paid	-	35.8	31.7	20.9	32.2

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	351.4	4.36%	1,619.0	0.86%	3.44%	3.43%
Operating Income1 (?)	12.2	3.47%	98.9	-2.98%	6.79%	5.11%
Income Available to Common Excl Extraord Items1 (?)	6.1	2.37%	62.1	-1.52%	8.22%	10.53%
Basic EPS Excl Extraord Items1 (?)	0.09	2.48%	0.94	-1.52%	8.22%	10.74%
Capital Expenditures2 (?)	3.4	339.23%	4.4	-18.45%	13.62%	-11.17%
Cash from Operating Activities2 (?)	-23.7	-	44.9	-3.57%	9.28%	26.34%
Free Cash Flow (?)	-26.4	-	41.6	-1.62%	8.84%	46.64%
Total Assets3 (?)	1,004.5	8.88%	1,030.5	7.26%	4.66%	4.91%
Total Liabilities3 (?)	706.0	11.88%	728.1	9.26%	4.09%	4.94%
Total Long Term Debt3 (?)	45.1	2.10%	70.7	-6.03%	7.19%	8.42%
Employees3 (?)	-	-	986	-0.30%	-0.34%	-0.40%
Total Common Shares Outstanding3 (?)	65.8	0.00%	65.8	0.00%	0.00%	-0.21%
1-ExchangeRate: EUR to USD Average for Period	0.757574	Â	0.778237	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.757574	Â	0.778237	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.780216	Â	0.756600	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2012
Deferred Charges3 (?)	0.0
3-ExchangeRate: EUR to USD Period End Date	0.756600

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	20.33%	20.94%	21.13%	20.44%	20.29%
Operating Margin (?)	6.11%	6.35%	5.96%	5.55%	5.49%
Pretax Margin (?)	5.66%	6.02%	5.77%	5.14%	4.48%
Net Profit Margin (?)	3.83%	3.93%	3.78%	3.35%	2.86%
Financial Strength
Current Ratio (?)	1.25	1.28	1.42	1.20	1.16
Long Term Debt/Equity (?)	0.23	0.26	0.52	0.23	0.16
Total Debt/Equity (?)	1.02	0.88	1.05	1.08	1.03
Management Effectiveness
Return on Assets (?)	6.49%	6.81%	6.48%	5.83%	5.09%
Return on Equity (?)	21.39%	22.85%	22.66%	20.39%	17.49%
Efficiency
Receivables Turnover (?)	3.24	3.39	3.21	3.12	3.39
Inventory Turnover (?)	10.05	9.85	9.99	9.90	9.46
Asset Turnover (?)	1.67	1.71	1.69	1.72	1.77

Market Valuation USD (mil)
P/E (TTM) (?)	12.83	.	Enterprise Value2 (?)	1,040.5
Price/Sales (TTM) (?)	0.49	.	Enterprise Value/Revenue (TTM) (?)	0.64
Price/Book (MRQ) (?)	2.62	.	Enterprise Value/EBITDA (TTM) (?)	8.97
Market Cap as of 07-Jun-20131 (?)	817.4	.
1-ExchangeRate: EUR to USD on 7-Jun-2013	0.754445
2-ExchangeRate: EUR to USD on 31-Mar-2013	0.780216

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.25	1.28	1.42	1.20	1.16
Quick/Acid Test Ratio (?)	0.97	0.98	1.06	1.00	0.93
Working Capital1 (?)	157.3	154.2	219.7	123.4	90.5
Long Term Debt/Equity (?)	0.23	0.26	0.52	0.23	0.16
Total Debt/Equity (?)	1.02	0.88	1.05	1.08	1.03
Long Term Debt/Total Capital (?)	0.12	0.14	0.25	0.11	0.08
Total Debt/Total Capital (?)	0.51	0.47	0.51	0.52	0.51
Payout Ratio (?)	63.23%	72.47%	72.94%	79.45%	89.60%
Effective Tax Rate (?)	31.42%	34.06%	33.67%	34.06%	35.71%
Total Capital1 (?)	611.0	544.4	569.1	571.0	514.3
Efficiency
Asset Turnover (?)	1.67	1.71	1.69	1.72	1.77
Inventory Turnover (?)	10.05	9.85	9.99	9.90	9.46
Days In Inventory (?)	36.33	37.05	36.52	36.86	38.60
Receivables Turnover (?)	3.24	3.39	3.21	3.12	3.39
Days Receivables Outstanding (?)	112.78	107.64	113.85	116.97	107.75
Revenue/Employee2 (?)	1,688,948	1,639,654	1,626,475	1,639,947	1,523,746
Operating Income/Employee2 (?)	103,133	104,086	96,926	91,013	83,621
EBITDA/Employee2 (?)	121,172	110,061	103,231	97,860	90,405
Profitability
Gross Margin (?)	20.33%	20.94%	21.13%	20.44%	20.29%
Operating Margin (?)	6.11%	6.35%	5.96%	5.55%	5.49%
EBITDA Margin (?)	7.17%	6.71%	6.35%	5.97%	5.93%
EBIT Margin (?)	6.11%	6.35%	5.96%	5.55%	5.49%
Pretax Margin (?)	5.66%	6.02%	5.77%	5.14%	4.48%
Net Profit Margin (?)	3.83%	3.93%	3.78%	3.35%	2.86%
COGS/Revenue (?)	77.70%	77.19%	77.14%	77.94%	78.05%
SG&A Expense/Revenue (?)	15.62%	15.28%	15.74%	15.41%	15.40%
Management Effectiveness
Return on Assets (?)	6.49%	6.81%	6.48%	5.83%	5.09%
Return on Equity (?)	21.39%	22.85%	22.66%	20.39%	17.49%
Valuation
Free Cash Flow/Share2 (?)	0.63	0.63	0.65	0.53	0.10
Operating Cash Flow/Share 2 (?)	0.70	0.71	0.72	0.58	0.25
1-ExchangeRate: EUR to USD Period End Date	0.7566	0.770327	0.745406	0.696986	0.719399
2-ExchangeRate: EUR to USD Average for Period	0.7566	0.770327	0.745406	0.696986	0.719399

Current Market Multiples
Market Cap/Earnings (TTM) (?)	12.97
Market Cap/Equity (MRQ) (?)	2.65
Market Cap/Revenue (TTM) (?)	0.49
Market Cap/EBIT (TTM) (?)	7.14
Market Cap/EBITDA (TTM) (?)	6.82
Enterprise Value/Earnings (TTM) (?)	17.07
Enterprise Value/Equity (MRQ) (?)	3.49
Enterprise Value/Revenue (TTM) (?)	0.64
Enterprise Value/EBIT (TTM) (?)	9.41
Enterprise Value/EBITDA (TTM) (?)	8.97

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.70
UK Pound	1	Rs.92.22
Euro	1	Rs.79.18

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.