MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	FARMABASE IMPORT- EXPORT DI ECCHER FABIO
Registered Office :	Via Campiello Del Trivio, 11 38068 – Rovereto (TN) - IT -
Country :	Italy
Date of Incorporation :	30.10.1992
Legal Form :	Sole proprietorship
Line of Business :	Wholesale of pharmaceutical goods
No. of Employees :	1 to 5

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	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

Farmabase Import- Export di Eccher Fabio

Via

Campiello Del Trivio,

11

38068

- Rovereto

(TN)

-IT-

Summary

Fiscal Code	:	CCHFBA62T18H612E
Legal Form	:	Sole proprietorship
start of Activities	:	30/10/1992
Turnover Range	:	1.500.000/2.000.000
Number of Employees	:	from 1 to 5

Activity

Wholesale of pharmaceutical goods

Wholesale of medicines

Legal Data

Legal Form : Sole proprietorship

Fiscal Code : CCHFBA62T18H612E

Foreign Trade Reg. no. : TN011775 since 29/03/1993

Chamber of Commerce no. : 127370 of Trento since 21/02/1990

V.A.T. Code : 01285580229

Trade Agents Licence : 2323 of Trento since 06/04/1987

R. E. C. no. : 35844 of Trento since 26/10/1992

Foundation date	: 30/10/1990
Start of Activities	: 30/10/1992

Members

Eccher

Fabio

Born in Rovereto

(CR)

on 18/12/1962

- Fiscal Code : CCHFBA62T18H612E

Residence:

Garibaldi

, 31

- 38068

Rovereto

(TN)

- IT -

Position	Since	Shares Amount	% Ownership
Proprietor	30/10/1992

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.

Eccher

Fabio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Eccher E C. Di Eccher Fabio S.n.c. In Liquidazione	Rovereto (TN) - IT -	00122720220	Partner	Active	Registered
Eccher E C. Di Eccher Fabio S.n.c. In Liquidazione	Rovereto (TN) - IT -	00122720220	Liquidator	Active	Registered
Eccher Fabio	Rovereto (TN) - IT -	CCHFBA62T18H612E	Proprietor	Withdrawn	Ceased

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

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

Campiello Del Trivio

, 11

- 38068

- Rovereto

(TN)

- IT -

PHONE

: 0464421996

FAX	: 0464421985

Email

: fabioec@tin.it

-	Forwarding office

Campiello Del Trivio - P.O. Box 120

, 12

- 38068

- Rovereto

(TN)

- IT -

Employees

: 3

Assistants

: 1

Part-time workers

: 1

Fittings and Equipment for a value of 98.000

Eur

Stocks for a value of 290.000

Eur

Vans: 1.

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

The subject started many years ago and from the financial point of

view it shows a regular trend.

Good financial conditions. They let the firm meet business

requirements without problems.

Its current financial situation is adequate to real needs so that

payments are settled on agreed terms and means.

Debt position is quite sure. Regular use of supplier and bank

credit.

No irregularities are registered.

The business conduct does not lay itself open to usual suppliers'

criticism.

Financial Data

Complete balance-sheet for the year

(in Eur

x 1)

Item Type	Value
Sales	1.600.000

Market / Territory Data

Population living in the province	:	497.546
Population living in the region	:	974.613
Number of families in the region	:	383.892

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

- per food products	:	373
- per non food products	:	2.001
- per energy consume	:	121

Sector Data

The values are calculated on a base of 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 2.078 protested subjects are found; in the province they count to 850.

The insolvency index for the region is 0,22, , while for the province it is 0,17.

Total Bankrupt companies in the province : 1.091.

Total Bankrupt companies in the region : 2.539.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

PDT

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.