MIRA INFORM REPORT

Report Date :

28.05.2013

IDENTIFICATION DETAILS

Name :	SETE DI JAIPUR S.R.L.
Registered Office :	Via Regio Parco , 108 Bis, Settimo Torinese Post Code 10036
Country :	Italy
Financials (as on) :	31.12.2010
Date of Incorporation :	04.02.2008
Legal Form :	Limited Liability Company
Line of Business :	wholesaler of fabrics, of articles of clothing of every kind and Species and their accessories)
No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 Summary

Company Name	SETE DI JAIPUR S.R.L.
Company Type	LIMITED LIABILITY COMPANY
Address	VIA REGIO PARCO , 108 BIS
Town	SETTIMO TORINESE
Post Code	10036
Telephone Number
Province	SETTIMO TORINESE
Fiscal Code	09782980016
VAT Number	N.A.
Activity Start Date	12-2-2008
Incorporation Date	4-2-2008
Closure Date	31-12-2050
REA Inscription	1080308 on the date of 12-2-2008
CCIAA province and number	TO 1080308
Company Status	Active
Currency	EURO (€)

Capital Information

Paid up share capital	70.000
Authorised share capital	70.000
Subscribed share capital	70.000

Activity

SIC Code	5133
Business Activity	DAL 12/02/2008 COMMERCIO ALL'INGROSSO DI TESSUTI, DI ARTICOLI DI ABBIGLIAMENTO DI QUALSIASI TIPO E SPECIE E LORO ACCESSORI. (12/02/2008 THE WHOLESALE OF FABRICS, OF ARTICLES OF CLOTHING OF EVERY KIND AND SPECIES AND THEIR ACCESSORIES)

Financial Data

Date of Latest Accounts	31-12-2010
Turnover
Profit & Loss	6.838
Number of Employees	12

Subsidaries

Address	Type of Premises
VIA MACRINO 5 - ALBA (CN)	SHOP
PIAZZA VITTORIO VENETO 9A - TORINO (TO)	SHOP

Business Activity and Financial Ratios

SIC Code	5133
Business Activity	DAL 12/02/2008 COMMERCIO ALL'INGROSSO DI TESSUTI, DI ARTICOLI DI ABBIGLIAMENTO DI QUALSIASI TIPO E SPECIE E LORO ACCESSORI. (12/02/2008 THE WHOLESALE OF FABRICS, OF ARTICLES OF CLOTHING OF ANY KIND AND SPECIES AND ACCESSORIES.)
Company Purpose	OGGETTO SOCIALE: - L'IDEAZIONE, LA REALIZZAZIONE E LA PRODUZIONE DI TESSUTI, DI ARTICOLI DI ABBIGLIAMENTO DI QUALSIASI TIPO E SPECIE E LORO ACCESSORI, DI ARTICOLI DI ARREDAMENTO E DI OGGETTISTICA, NONCHE' L'ASSUNZIONE DI MANDATI DI AGENZIA CON RIFERIMENTO A TALI PRODOTTI DA PARTE DI IMPRESE SIA ITALIANE CHE ESTERE (CORPORATE PURPOSE: - The DESIGN, CONSTRUCTION AND THE PRODUCTION OF FABRICS, OF ARTICLES OF CLOTHING OF ANY KIND AND SPECIES AND ACCESSORIES OF ARTICLES OF FURNITURE AND OBJECTS AND 'THE MANDATES OF RECRUITMENT AGENCY WITH RESPECT TO SUCH PRODUCTS BY COMPANIES THAT IS ITALIAN FOREIGN)
Ateco Code	46.41.1
Ateco Description	COMMERCIO ALL'INGROSSO DI TESSUTI
SAE Code	430
RAE Code	616
Number of Employees	12
Paid up share capital	70.000 (EURO)
Date of Latest Accounts	31-12-2010
Key Financial Items
Turnover
Profit & Loss	6.838
Shareholders Equity	89.534
Fixed Assets	132.698

Balance Sheet (Assets)

Date	31-12-2010
DUE FROM SHAREHOLDERS FOR SUBSCRIBED SHARE CAPITAL UNPAID	0
Total Fixed Assets	132.698
- Intangible assets	105.467
- Tangible assets	27.231
- - Land and Buildings
- Financial assets	0
- - Amounts owed by assoc./affiliated co.s	0
- - Holdings	0
- - Treasury stocks	0
Total Current Assets	1.033.011
- Stocks	451.942
- - Semi-finished products & Raw materials
- - Work-in-progress
- Credits	557.736
- - Short-term debtors	543.455
- - Trade debtors	526.065
- - Short-term trade debtors	526.065
- Financial assets	0
- - Treasury stocks	0
- Cash and bank	23.333
Prepayments & Accrued Income	365.265
Total Assets	1.530.974
Liabilities
SHAREHOLDERS' EQUITY	89.534
- Share capital		70.000
- Share premium reserve		0
- Revaluation reserve		0
- Other reserves		19.534
PROVISIONS FOR RISKS & CHARGES		0
- Provisions for taxation		0
PROVISION FOR SEVERANCE INDEMNITY		29.678
CREDITORS		1.371.434
- Short-term creditors		1.336.733
- Trade creditors		725.312
- Amounts due to banks - short term		486.689
- Accrued expenses and deferred income
- Long-term creditors		34.701
- Amounts due to banks - medium/long-term		34.701
PREPAYMENTS & ACCRUED INCOME		40.328
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY		1.530.974
MEMORANDUM ACCOUNTS		0
ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS		13.862
Profit & Loss
PRODUCTION VALUE		3.909.981
- Revenues		3.771.936
- TOTAL CHANGES		31.739
- Change in stocks of finished goods & work in progress
- Change in stocks of finished goods & work in progress		31.739
- Other revenues		106.306
PRODUCTION COSTS		3.796.719
- Purchase of raw materials & goods		1.665.044
- Change in materials		-
CONSUMPTION OF MATERIALS		1.665.044
OVERHEADS		1.322.240
- Provisions for risks & other		-
VALUE ADDED		922.697
STAFF COST		715.719
- Provision for severance indemnity		25.453
G.O.M.		100.672
AMORT./DEPREC/WRITED. OF FIXED ASSETS		29.178
- Amortisation / depreciation / writedowns		24.101
- Amortisation of intangible assets		13.648
- Depreciation of tangible assets		10.453
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES		71.494
OTHER INCOME / CHARGES		41.533
- Interest receivable & similar income		9
OPERATING PROFIT / (LOSS)		113.027
FINANCIAL CHARGES		48.482
PROFIT / (LOSS) BEFORE EXTRAORDINARY OP.S		64.545
ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS (+-) -
EXTRAORDINARY INCOME/CHARGES (+-)		1.955
PROFIT / (LOSS) BEFORE TAXATION		66.500
TAXATION		59.662
PROFIT (LOSS) FOR THE PERIOD		6.838
CASH FLOW		36.016
EMPLOYEES		21,53

Ratios

Date	2010
Returns Ratios
R.O.E. (Return On Equity)	7.64
R.O.I. (Return On Investment)	4.67
R.O.S. (Return On Sales)	3
R.O.A. (Return On Assests)	7.4
G.O.M on Returns	2.67
Turnover Ratio
Invested Capital Turnover	246.38
Current Assets Turnover	365.14
Warehouse Turnover	834.61
Equity and Financial Ratios
Fixed Assets Cover	67.47
Banks on Current Assets	50.47

Short-term Banks on Current Assets	47.11
Gearing	94.15
Shareholders' Equity / Invested Capital	5.85
Financial Charges on Turnover	1.29
Financial Charges on G.O.M.	48.16
Productivity Ratios
Turnover per Employee	175194.43
Operating Value Added per Employee	42856.34
Labour Cost per Employee	33242.87
Labour Cost on Turnover	18.98
Value Added on Turnover	24.46
Liquidity Ratios
Current Ratio	100.5
Acid-Test Ratio	67.68
Days of Credit to Customers or Duration of Amounts owed by Customers	50.21
Days of Credit from Suppliers or Duration of Amounts owed to Suppliers	87.41
Days of Stocks or Duration of Stocks	43.14
Rate of intensity of Current Assets	36.69
Incidence Ratios for Cost
Consumption of Materials on Costs	43.86
External Costs on Costs	78.68
Labour Costs on Costs	18.85
Depreciation and Devaluation on Costs	0.77

IVS & Protest Graphics

Entity IVS Indicator Arches Parameter

SETE DI JAIPUR S.R.L. 6 / 6 0

BOSCO FRANCO (Director) 6 / 6 0

Protested Bills

Body Don't Exist Possible Match Exact Match

SETE DI JAIPUR S.R.L. X

FRANCO BOSCO (executive) X

Directors Information

Type	Executive
Forename	FRANCO
Surname	BOSCO
Date of Birth	5-6-1951
Gender	Male
Place of Birth	TORINO (TO)
Resident Address	VIA LUNGA , 47 10099 - SAN MAURO TORINESE (TO)
Director Fiscal Code	BSCFNC51H05L219C
MANAGING DIRECTOR since	22-9-2012

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.