MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	FAEDA S.P.A.
Registered Office :	Largo Osvaldo Mazzocco 4, 36072 Chiampo VI
Country :	Italy
Financials (as on) :	2012
Date of Incorporation :	03.02.2005
Com. Reg. No.:	VI307383
Legal Form :	Joint-Stock Company
Line of Business :	Subject is engaged in tanning and dressing of leather; dressing and dyeing of fur.
No. of Employees :	306

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

FAEDA _S.P.A.

Company Summary

Company Name FAEDA S.P.A.

Company Registration VI307383

Country IT

Activity Code 1511

Activity Description Tanning and dressing of leather; dressing and dyeing of fur

Company Status Active

Latest Turnover 113,627,695.00 (EUR)

Company Identification

Activities

Activity Code 1511

Activity Description Tanning and dressing of leather; dressing and dyeing of fur

Activity Code 1411

Activity Description Manufacture of leather clothes

Activity Code 1512

Activity Description Manufacture of luggage, handbags and the like, saddlery and harness

Activity Code 46241

Activity Description Wholesale of leather and raw and finished skins (excluding skins for furs)

Activity Code 46421

Activity Description Wholesale of clothing

Activity Code 46495

Activity Description Wholesale of non-electrical household appliances, household articles of metal and other household goods n.e.c.

Basic Information

Company Name	FAEDA S.P.A.	Registered Company Name	FAEDA S.P.A.
Company Registration Number	VI307383	Country	IT
VAT Registration Number	03209700248	VAT Registration Date
Date of Company Registration	03/02/2005	Date of Starting Operations
Commercial Court		Legal Form	JOINT-STOCK COMPANY
Type of Ownership		Company Status	Active
Principal Activity Code	1511	Principal Activity Description	Tanning and dressing of leather; dressing and dyeing of fur

Contact Address LARGO OSVALDO MAZZOCCO 4, 36072 CHIAMPO VI

Main Address

Address LARGO OSVALDO MAZZOCCO 4, 36072 CHIAMPO VI

Email Addresses

FAEDASPA@PEC.TELEMAR.IT

Current Directors Managers

Name FRANCESCO LENTINI

Address VIA IV NOVEMBRE 24, 31052 MASERADA SUL PIAVE TV

Gender Male

Date of Birth 13/11/1954

Position BOARD-MEMBER

Date Appointed 23/05/2013

Name ALBERTO CANEVA

Address VIA DUCA D'AOSTA 22, 36071 ARZIGNANO VI

Gender Male

Date of Birth 14/08/1963

Position MANAGING DIRECTOR

Date Appointed 23/05/2013

Name ANDREA BASSAN

Address VIA ROARE 15B, 36030 VILLAVERLA VI

Gender Male

Date of Birth 29/08/1967

Position SPECIAL PROXY-HOLDER

Date Appointed 31/07/2012

Name CANDIDO FOIS

Address VIA SANTA CROCE 241, 30100 VENEZIA VE

Gender Male

Date of Birth 26/10/1941

Position MANAGING DIRECTOR

Date Appointed 23/05/2013

Name ANTONIO ZACCARIA

Address VIA ROMA C. 46, 36043 CAMISANO VICENTINO VI

Gender Male

Date of Birth 22/03/1954

Position BOARD-MEMBER

Date Appointed 23/05/2013

Name PIETRO BIOLO

Address VIA RANCAN 24, 36071 ARZIGNANO VI

Gender Male

Date of Birth 08/01/1951

Position MANAGING DIRECTOR

Date Appointed 23/05/2013

Name RICCARDO BIOLO

Address PIAZZETTA PALLADIO 4, 36075 MONTECCHIO MAGGIORE VI

Gender Male

Date of Birth 26/06/1979

Position SPECIAL PROXY-HOLDER

Date Appointed 31/07/2012

Share Capital Structure

Issued Share capital 6,000,000.00 (EUR)

Name ALBERTO CANEVA

Name STEFANIA SIGNORIN

Name PIETRO BIOLO

Name LAURA SIGNORIN

Name SAN TEODORO IMMOBILIARE S.R.L.

Extended Group Structure
Company Name	Registration Number	Status	Last Financials
2 LAPICCI SOCIETA' SEMPLICE	VI270952	Active
3 PET.IM S.R.L.	VI223306	Active
4 AGC S.R.L.	VI294206	Active
4 SVIR S.P.A. SOCIETA' FIDUCIARIA E DI REVISIONE	VI198986	Active
5 PERTHMAN INTERNATIONAL S.R.L.	VI354411	Active
6 ARK S.P.A.	TV354433	Active
7 ARC EN CIEL SOCIETA' AGRICOLA SRL	VI316253	Active
5 EKAM S.R.L.	VI324412	Active
5 GIRASOLE S.R.L.	VI267889	Active
5 GRANT CONCIARIA E IMMOBILIARE S.R.L.	VI347231	Active
6 GLEN S.R.L. VI350418 Active
5 CLARPEL S.R.L.	VI304597	Active
5 DABA S.R.L.	VI345374	Active
5 GIACINTO S.R.L.	VI303804	Active
5 LESPTIS INVESTMENTS S.R.L.	VI356194	Active
6 FOTOVOLTAICO SCHIAVON SRL	VI349000	Active
5 NOLA S.R.L.	VI238038	Active
6 SAN TEODORO IMMOBILIARE S.R.L.	VI218968	Active
7 FAEDA S.P.A.	VI307383	Active
8 BIALPEL S.R.L.	VI335129	Active
8 QLEATHER S.R.L.	VI331503	Active
6 GESTIONI IMMOBILI INDUSTRIALI S.R.L.	VI159377	Active
5 B. & C. S.R.L.	VI232574	Active
5 THAIS S.R.L.	VI237377	Active

Affiliated Companies

Affiliate Name GLEN S.R.L.

Affiliate ID IT026/X/IT04331289

Country IT

Affiliate Name FOTOVOLTAICO SCHIAVON SRL

Affiliate ID IT026/X/IT04353896

Country IT

Affiliate Name PERTHMAN INTERNATIONAL S.R.L.

Affiliate ID IT026/X/IT04337606

Country IT

Affiliate Name EKAM S.R.L.

Affiliate ID IT026/X/IT04349785

Country IT

Affiliate Name ARC EN CIEL SOCIETA' AGRICOLA SRL

Affiliate ID IT026/X/IT04352100

Country IT

Affiliate Name AGC S.R.L.

Affiliate ID IT026/X/IT04293016

Country IT

Affiliate Name SVIR S.P.A. SOCIETA' FIDUCIARIA E DI REVISIONE

Affiliate ID IT026/X/IT04298718

Country IT

Affiliate Name GIRASOLE S.R.L.

Affiliate ID IT026/X/IT04310093

Country IT

Affiliate Name GRANT CONCIARIA E IMMOBILIARE S.R.L.

Affiliate ID IT026/X/IT04355687

Country IT

Affiliate Name CLARPEL S.R.L.

Affiliate ID IT026/X/IT04286135

Country IT

Affiliate Name DABA S.R.L.

Affiliate ID IT026/X/IT04356883

Country IT

Affiliate Name GIACINTO S.R.L.

Affiliate ID IT026/X/IT04291979

Country IT

Affiliate Name LESPTIS INVESTMENTS S.R.L.

Affiliate ID IT026/X/IT04408397

Country IT

Affiliate Name NOLA S.R.L.

Affiliate ID IT026/X/IT04303090

Country IT

Affiliate Name GESTIONI IMMOBILI INDUSTRIALI S.R.L.

Affiliate ID IT026/X/IT04294484

Country IT

Affiliate Name PET.IM S.R.L.

Affiliate ID IT026/X/IT04309726

Country IT

Affiliate Name B. & C. S.R.L.

Affiliate ID IT026/X/IT04305310

Country IT

Affiliate Name ARK S.P.A.

Affiliate ID IT026/X/IT04202085

Country IT

Affiliate Name THAIS S.R.L.

Affiliate ID IT026/X/IT04309902

Country IT

Employee Information

Year

Number of Employees 306

Financial Statements

PROFIT & LOSS

Financial Year 2012 2011

Number of Weeks 0 0

Currency EUR EUR

BALANCE SHEET

Financial Year 2012 2011

Number of Weeks 0 0

Currency EUR EUR

Consolidated Accounts False False

Land & Buildings 0.00 0.00

Plant & Machinery 3,406,846.00 2,483,439.00

Other Tangible Assets 825,476.00 877,909.00

Total Tangible Assets 4,232,322.00 3,361,348.00

Goodwill 836,834.00 1,227,507.00

Other Intangible Assets 994,367.00 972,158.00

Total Intangible Assets 1,831,201.00 2,199,665.00

Investments 129,005.00 129,005.00

Loans to Group 0.00 0.00

Other Loans 0.00 0.00

Miscellaneous Fixed Assets 0.00 0.00

Total Other Fixed Assets 129,005.00 129,005.00

Total Fixed Assets 6,192,528.00 5,690,018.00

Raw Materials 8,362,068.00 7,593,342.00

Work in Progress 20,295,310.00 19,020,580.00

Finished Goods 5,749,853.00 3,993,467.00

Other Inventories 0.00 0.00

Total Inventories 34,407,231.00 30,607,389.00

Trade Receivables 26,609,940.00 25,105,455.00

Group Receivables 1,509,212.00 515,545.00

Receivables Due after 1 year 3,701.00 53,601.00

Miscellaneous Receivables 4,198,790.00 3,284,377.00

Total Receivables 32,321,643.00 28,958,978.00

Cash 16,704.00 28,856.00

Other Current Assets 241,807.00 188,817.00

Total Current Assets 66,987,385.00 59,784,040.00

Total Assets 73,179,913.00 65,474,058.00

Trade Payables 19,835,650.00 19,032,614.00

Bank Liabilities 26,500,567.00 20,746,707.00

Other Loans/Finance 92,546.00 71,233.00

Group Payables 380,987.00 506,232.00

Miscellaneous Liabilities 3,188,581.00 4,529,345.00

Total Current Liabilities 49,998,331.00 44,886,131.00

Trade Payables due

after 1 year 0.00 0.00

Bank Liabilities due

after 1 year 2,538,763.00 2,022,577.00

Other Loans/Finance 0.00 0.00

due after 1 year

Group Payables due

after 1 year 0.00 0.00

Miscellaneous Liabilities 7,262,824.00 7,041,155.00

due after 1 year

Total Long Term Liabilities	9,801,587.00	9,063,732.00
Total Liabilities	59,799,918.00	53,949,863.00
Called Up Share Capital	6,000,000.00	6,000,000.00
Share Premium	500,000.00	500,000.00
Revenue Reserves	4,104,178.00	2,216,287.00
Other Reserves	2,775,817.00	2,807,908.00
Total Shareholders Equity	13,379,995.00	11,524,195.00
Other Financials
Contingent Liabilities	4040056	2445000
Working Capital	16,985,353.00	14,844,308.00
Net Worth	11,548,794.00	9,324,530.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.