MIRA INFORM REPORT

Report Date :

28.05.2013

IDENTIFICATION DETAILS

Name :	CENIGOMMA S.R.L.
Registered Office :	Strada Dell'alpo , 26 Verona 37136
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	04.09.2007
Legal Form :	Sole Shareholder Limited Liability Company
Line of Business :	Wholesale and retail (in separate rooms) industrial products : safety and fire, pipes, plates of non-ferrous materials, networks and metallic woven, cleaning products, and nursery products for agriculture and rubber products and plastic
No. of Employees :	41

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 :	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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Italy	A1	A1

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 Summary

Company Name	CENIGOMMA S.R.L.
Company Type	SOLE SHAREHOLDER LIMITED LIABILITY COMPANY
Address	STRADA DELL'ALPO , 26
Town	VERONA
Post Code	37136
Province	VERONA
Fiscal Code	03712400237
VAT Number	N.A.
Activity Start Date	15-11-2007
Incorporation Date	4-9-2007
Closure Date	31-12-2050
REA Inscription	359202 on the date of 12-9-2007
CCIAA province and number	VR  359202
Company Status	Active
Currency	EURO (€)

Capital Information

Paid up share capital	500.000
Authorised share capital	500.000
Subscribed share capital	500.000

Activity

SIC Code

5000

Business Activity

COMMERCIO ALL'INGROSSO E AL DETTAGLIO (IN LOCALI SEPARATI) DI PRODOTTI INDUSTRIALI DELLE SEGUENTI CATEGORIE PRINCIPALI: ANTINFORTUNISTICA E ANTINCENDIO, TUBAZIONI, LASTRE DI MATERIALI NON FERROSI, RETI METALLICHE E TESSUTE, PRODOTTI PER PULIZIA, PRODOTTI PER VIVAISMO E AGRICOLTURA E PRODOTTI IN GOMMA E PLASTICA (DAL 15/11/2007). (WHOLESALE AND RETAIL (in separate rooms) INDUSTRIAL PRODUCTS FROM THE FOLLOWING MAIN CATEGORIES: SAFETY AND FIRE, PIPES, PLATES OF NON-FERROUS MATERIALS, NETWORKS AND METALLIC WOVEN, CLEANING PRODUCTS, AND NURSERY PRODUCTS FOR AGRICULTURE AND RUBBER PRODUCTS AND PLASTIC (DAL 15/11/2007).)

Financial Data

Date of Latest Accounts	31-12-2011
Turnover
Profit & Loss	508.923
Number of Employees	41

Subsidaries

Address	Type of Premises
VIA TAVAGNACCO 83/2  -  UDINE   (UD)	COMMERCIAL OFFICE
STRADA DELL'ALPO 24  -  VERONA   (VR)	FILING

Business Activity and Financial Ratios

SIC Code	5000
Business Activity	COMMERCIO ALL'INGROSSO E AL DETTAGLIO (IN LOCALI SEPARATI) DI PRODOTTI INDUSTRIALI DELLE SEGUENTI CATEGORIE PRINCIPALI: ANTINFORTUNISTICA E ANTINCENDIO, TUBAZIONI, LASTRE DI MATERIALI NON FERROSI, RETI METALLICHE E TESSUTE, PRODOTTI PER PULIZIA, PRODOTTI PER VIVAISMO E AGRICOLTURA E PRODOTTI IN GOMMA E PLASTICA (DAL 15/11/2007). (WHOLESALE AND RETAIL (in separate rooms) INDUSTRIAL PRODUCTS FROM THE FOLLOWING MAIN CATEGORIES: SAFETY AND FIRE, PIPES, PLATES OF NON-FERROUS MATERIALS, NETWORKS AND METALLIC WOVEN, CLEANING PRODUCTS, AND NURSERY PRODUCTS FOR AGRICULTURE AND RUBBER PRODUCTS AND PLASTIC (DAL 15/11/2007).
Company Purpose	OGGETTO SOCIALE: LA SOCIETA' HA PER OGGETTO: 1. IL COMMERCIO NELLE SUE VARIE FORME DI: ARTICOLI DI GOMMA, DI PLASTICA E DI MATERIALE SINTETICO IN GENERE (PURPOSE OF THE COMPANY: THE COMPANY 'DEALS WITH: 1. TRADE IN ITS VARIOUS FORMS OF: ARTICLES OF RUBBER, PLASTIC AND SYNTHETIC IN GENERAL)
Ateco Code	46.9
Ateco Description	COMMERCIO ALL'INGROSSO NON SPECIALIZZATO (Non-specialized wholesale)
SAE Code	430
RAE Code	619
Number of Employees	41
Paid up share capital	500.000   (EURO)
Date of Latest Accounts	31-12-2011
Key Financial Items
Turnover
Profit & Loss	508.923
Shareholders Equity	1.698.917
Fixed Assets	3.646.677

Balance Sheet

(Assets)

Date	31-12-2011
DUE FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL UNPAID	0
Total Fixed Assets	3.646.677
- Intangible assets	31.734
- Tangible assets	93.902
- - Land and Buildings	0
- Financial assets	3.521.041
- - Amounts owed by assoc./affiliated co.s	0
- - Holdings	3.518.498
- - Treasury stocks	0
Total Current Assets	25.577.828
- Stocks	8.710.257
- - Semi-finished products & Raw materials	8.542.794
- - Work-in-progress
- Credits	12.592.892
- - Short-term debtors	12.575.141
- - Trade debtors	11.556.099
- - Short-term trade debtors	11.538.348
- Financial assets	1.400.000
- - Treasury stocks	0
- Cash and bank	2.874.679
Prepayments & Accrued Income	2.014.026
Total Assets	31.238.531

Liabilities

SHAREHOLDERS' EQUITY	1.698.917
- Share capital	500.000
- Share premium reserve	988.640
- Revaluation reserve	0
- Other reserves	210.277
PROVISIONS FOR RISKS & CHARGES	422.338
- Provisions for taxation	514
PROVISION FOR SEVERANCE INDEMNITY	724.346
CREDITORS	28.362.921
- Short-term creditors	18.914.427
- Trade creditors	8.118.859
- Amounts due to banks - short term	10.209.839
- Accrued expenses and deferred income
- Long-term creditors	9.448.494
- Amounts due to banks - medium/long-term	5.848.494
PREPAYMENTS & ACCRUED INCOME	30.009
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	31.238.531
MEMORANDUM ACCOUNTS	21.057.253
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS

Profit & Loss

PRODUCTION VALUE	30.699.685
- Revenues	30.045.989
- TOTAL CHANGES	-
- Change in stocks of finished goods & work in progress
- Change in stocks of finished goods & work in progress	-
- Other revenues	653.696
PRODUCTION COSTS	30.378.957
- Purchase of raw materials & goods	22.572.357
- Change in materials	-1.342.427
CONSUMPTION OF MATERIALS	21.229.930
OVERHEADS	7.212.993
- Provisions for risks & other	6.325
VALUE ADDED	2.263.087
STAFF COST	1.554.221
- Provision for severance indemnity	108.351
G.O.M.	48.845
AMORT./DEPREC/WRITED. OF FIXED ASSETS	335.942
- Amortisation / depreciation / writedowns	35.942
- Amortisation of intangible assets	9.606
- Depreciation of tangible assets	26.336
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES	-287.097
OTHER INCOME / CHARGES	703.668
- Interest receivable & similar income	113.637
OPERATING PROFIT / (LOSS)	416.571
FINANCIAL CHARGES	665.264
PROFIT / (LOSS) BEFORE EXTRAORDINARY OP.S	-248.693
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS (+-)	773.159
EXTRAORDINARY INCOME/CHARGES (+-)	9.335
PROFIT / (LOSS) BEFORE TAXATION	533.801
TAXATION	24.878
PROFIT (LOSS) FOR THE PERIOD	508.923
CASH FLOW	844.865
EMPLOYEES	41

Ratios

Date	2011
Returns Ratios
R.O.E. (Return On Equity)	29.96
R.O.I. (Return On Investment)	-0.92
R.O.S. (Return On Sales)	1.07
R.O.A. (Return On Assests)	1.03
G.O.M on Returns	0.16
Turnover Ratio
Invested Capital Turnover	96.18
Current Assets Turnover	117.47
Warehouse Turnover	344.95
Equity and Financial Ratios
Fixed Assets Cover	46.59
Banks on Current Assets	62.78
Short-term Banks on Current Assets	39.92
Gearing	94.56
Shareholders' Equity / Invested Capital	5.44
Financial Charges on Turnover	2.21
Financial Charges on G.O.M.	1361.99
Productivity Ratios
Turnover per Employee	732829
Operating Value Added per Employee	55197.24
Labour Cost per Employee	37907.83
Labour Cost on Turnover	5.17
Value Added on Turnover	7.53
Liquidity Ratios
Current Ratio	145.55
Acid-Test Ratio	99.58
Days of Credit to Customers or Duration of Amounts owed by Customers	138.46
Days of Credit from Suppliers or Duration of Amounts owed to Suppliers	98.15
Days of Stocks or Duration of Stocks	104.36
Rate of intensity of Current Assets	91.77
Incidence Ratios for Cost
Consumption of Materials on Costs	69.88
External Costs on Costs	93.65
Labour Costs on Costs	5.12
Depreciation and Devaluation on Costs	1.11

Credit Rating Summary

IVS & Protest Graphics

Entity	IVS Indicator	Arches Parameter
CENIGOMMA S.R.L.	6 / 6	0
ARROWELD ITALIA SPA	6 / 6	0
GASPAROTTO MIRCO GIORGIO (Director)	6 / 6	0
GIOMETTO ANDREA (Director)	6 / 6	0
BOLDRIN ALBERTO (Director)	6 / 6	0

Protested Bills

Body	Don't Exist	Possible Match	Exact Match
CENIGOMMA S.R.L.
ARROWELD ITALIA SPA
MIRCO GIORGIO   GASPAROTTO (executive)
ANDREA   GIOMETTO (executive)
ALBERTO   BOLDRIN (executive)

Directors Information

Power of Statute (board)	IL CONSIGLIO DI AMMINISTRAZIONE O L'AMMINISTRATORE UNICO SONO INVESTITI DEI PIU' AMPI POTERI PER LA GESTIONE ORDINARIA E STRAORDINARIA DELLA SOCIETA', AD ECCEZIONE SOLTANTO DI QUANTO IN FORZA DI LEGG...
Type	Executive
Forename	MIRCO GIORGIO
Surname	GASPAROTTO
Date of Birth	24-2-1963
Gender	Male
Place of Birth	LE LOCLE (CH) (EE)
Resident Address	VIA SANTA ROSA , 15   36010  -  ZANE'   (VI)
Director Fiscal Code	GSPMCG63B24Z133T
COUNCILLOR since	31-5-2010
BOARD OF DIRECTORS PRESIDENT since	31-5-2010
MANAGING DIRECTOR since	31-5-2010
Type	Executive
Forename	ANDREA
Surname	GIOMETTO
Date of Birth	5-2-1964
Gender	Male
Place of Birth	VICENZA (VI)
Resident Address	VIA MONTE PASUBIO , 3   36013  -  PIOVENE ROCCHETTE   (VI)
Director Fiscal Code	GMTNDR64B05L840P
COUNCILLOR since	31-5-2010
Type	Executive
Forename	ALBERTO
Surname	BOLDRIN
Date of Birth	29-5-1960
Gender	Male
Place of Birth	VENEZIA (VE)
Resident Address	VIA L. GALVANI , 63   37138  -  VERONA   (VR)
Director Fiscal Code	BLDLRT60E29L736T
COUNCILLOR since	31-5-2010
MANAGING DIRECTOR since	31-5-2010
Type	Company
Name	ARROWELD ITALIA SPA
Address	MONTE PASUBIO VIA, 137   36010  -  ZANE'   (VI)
Director Fiscal Code	03354110243
SOLE PARTNER since	15-5-2008

Directors Information

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.62
UK Pound	1	Rs.84.18
Euro	1	Rs.71.96

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.