MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	ICR - SOCIETA' PER AZIONI

Registered Office :	Via Della Pisana , 437, 00163 Roma (RM)

Country :	Italy

Financials (as on) :	2012

Date of Incorporation :	01.03.1999

Legal Form :	Public Company With A Sole Shareholder

Line of Business :	Wholesale Of Computers And Supplies, Equipment And Photocopy Supplies, Paper And Supplies For Printers Faxes And Articles Of Stationery, Office Supplies Leather And Not Typographical Products And Materials, Products For Telephony, Calculating Machines, Office Furniture And Office Supplies, Cleaning Items, Lamps, Plug, Socket, Cable, Multi Slippers And Battery, And Protective Gloves General, Dpi, Bags, Packs And Bags.

No. of Employees :	16.63

RATING & COMMENTS

MIRA’s Rating :

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

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 ICR - SOCIETA' PER AZIONI

Company Registration Number 05466391009

Country IT

Activity Code 5081

Activity Description COMMERCIO ALL'INGROSSO DI COMPUTERS E MATERIALE DI CONSUMO, MACCHINE PER FOTOCOPIARE E MATERIALE DI CONSUMO, CARTA E MATERIALE DI CONSUMO PER FAX E STAMPANTI, ARTICOLI DI CARTOLERIA, ARTICOLI PER UFFICIO IN PELLE E NON, PRODOTTI E MATERIALI TIPOGRAFICI, PRODOTTI PER TELEFONIA, MACCHINE DA CALCOLO, MOBILI PER UFFICIO E MATERIALE PER UFFICIO, ARTICOLI PER PULIZIE, LAMPADE, SPINE, PRESE, PROLUNGHE, CIABATTE MULTIPRESE E PILE, GUANTI GENERICI E DI PROTEZIONI, D.P.I., BORSE, ZAINI E VALIGIE.

Latest Turnover 4,045,162.00 (EUR)

Latest Shareholders Equity 1,860,404.00 (EUR)

Profit Before Tax

66,359.00 (EUR)

Company Identification

Activities

(WHOLESALE OF COMPUTERS AND SUPPLIES, EQUIPMENT AND PHOTOCOPY SUPPLIES, PAPER AND SUPPLIES FOR PRINTERS FAXES AND ARTICLES OF STATIONERY, OFFICE SUPPLIES LEATHER AND NOT TYPOGRAPHICAL PRODUCTS AND MATERIALS, PRODUCTS FOR TELEPHONY, cALCULATING MACHINES, OFFICE FURNITURE AND OFFICE SUPPLIES, CLEANING ITEMS, LAMPS, PLUG, SOCKET, CABLE, MULTI SLIPPERS AND BATTERY, AND PROTECTIVE GLOVES GENERAL, DPI, BAGS, PACKS AND BAGS.)

Basic Information
Company Name	ICR - SOCIETA' PER AZIONI	Registered Company Name	ICR - SOCIETA' PER AZIONI
Company Registration Number	05466391009	Country	IT
VAT Registration Number	05466391009	VAT Registration Date	16/02/1998
Date of Company Registration	16/02/1998	Date of Starting Operations	01/03/1999
Commercial Court		Legal Form	PUBLIC COMPANY WITH A SOLE SHAREHOLDER
Type of Ownership		Company Status	A
Principal Activity Code		Principal Activity Description

Contact Address VIA DELLA PISANA , 437, 00163 ROMA (RM)

Contact Telephone Number 0666157157

Main Address

Address VIA DELLA PISANA , 437, 00163 ROMA (RM)

Country IT

Telephone 0666157157

Current Directors Managers

Name FABIO MALIZIA

Address VIA CASE SPARSE , SNC, 02032 FARA IN SABINA (RI)

Gender Male

Date of Birth 14/08/1965

Position MANAGING DIRECTOR

Date Appointed 27/03/2012

Name MARINA CASUCCI

Address VIA LICIO GIORGIERI , 64, 00165 ROMA (RM)

Gender Female

Date of Birth 04/12/1971

Position SOLE PARTNER

Date Appointed 09/07/2012

Name GIOVANNI DE STASIO

Address VIA DELLA PISANA , 437, 00100 ROMA (RM)

Gender Male

Date of Birth 21/06/1971

Position SOLICITOR

Date Appointed 17/10/2007

Share Capital Structure

Nominal Share Capital 260,000.00 (EUR)

Issued Share capital 260,000.00 (EUR)

Employee Information

Year 2010

Number of Employees 16.63

Financial Statements

Profit & Loss

Financial Year 2012 2011 2010

Number of Weeks 0 0 0

Currency EUR EUR EUR

Revenue 4,045,162.00 4,648,653.00 6,116,120.00

Operating Costs 3,969,820.00 4,807,555.00 6,114,317.00

Operating Profit 75,342.00 -158,902.00 1,803.00

Wages & Salaries 352,183.00 437,045.00 437,532.00

Depreciation 2,568.00 39,436.00 2,838.00

Amortisation 49,737.00 0.00 38,936.00

Financial Income 2,709.00 5,119.00 44,732.00

Financial Expenses 11,472.00 5,245.00 24,590.00

Extraordinary Income -241.00 2,876.00 129,651.00

Profit Before Tax 66,359.00 -157,811.00 153,495.00

Tax 21,300.00 9,377.00 76,451.00

Profit After Tax 45,059.00 -167,188.00 77,044.00

Balance Sheet

Financial Year 2012 2011 2010

Number of Weeks 0 0 0

Currency EUR EUR EUR

Land & Buildings 0.00 0.00 0.00

Other Tangible Assets 2,937.00 3,846.00 5,541.00

Total Tangible Assets 2,937.00 3,846.00 5,541.00

Total Intangible Assets 90,700.00 87,175.00 126,112.00

Investments 0.00 0.00 0.00

Loans to Group 0.00 0.00 0.00

Miscellaneous Fixed Assets 71,792.00 68,609.00 100,137.00

Total Other Fixed Assets 71,792.00 68,609.00 100,137.00

Total Fixed Assets 165,429.00 159,630.00 231,790.00

Raw Materials 660,010.00 502,803.00 468,543.00

Other Inventories 0.00 0.00 0.00

Total Inventories 660,010.00 502,803.00 468,543.00

Trade Receivables 2,115,934.00 3,041,485.00 2,861,517.00

Miscellaneous Receivables 81,137.00 126,320.00 33,689.00

Total Receivables 2,197,071.00 3,167,805.00 2,895,206.00

Cash 1,350,504.00 913,909.00 1,465,378.00

Other Current Assets 5,153.00 1,545.00 8,509.00

Total Current Assets 4,212,738.00 4,586,062.00 4,837,636.00

Total Assets 4,378,167.00 4,745,692.00 5,069,426.00

Trade Payables 1,843,299.00 2,009,107.00 2,057,247.00

Bank Liabilities 0.00 0.00 0.00

Miscellaneous Liabilities 574,826.00 817,929.00 952,226.00

Total Current Liabilities 2,418,125.00 2,827,036.00 3,009,473.00

Bank Liabilities due after 1 year 0.00 0.00 0.00

Miscellaneous Liabilities due after 1 year

99,638.00 103,311.00 77,420.00

Total Long Term Liabilities 99,638.00 103,311.00 77,420.00

Called Up Share Capital	260,000.00	260,000.00	260,000.00
Share Premium	0.00	0.00	0.00
Other Reserves	1,600,404.00	1,555,345.00	1,722,533.00
Total Shareholders Equity	1,860,404.00	1,815,345.00	1,982,533.00
Other Financials
Working Capital	1,794,613.00	1,759,026.00	1,828,163.00
Net Worth	1,769,704.00	1,728,170.00	1,856,421.00
Ratios
Pre-Tax Profit Margin	1.64	-3.39	2.51
Return on Capital Employed	3.39	-8.23	7.45
Return on Total Assets Employed	1.52	-3.33	3.03
Return on Net Assets Employed	3.57	-8.69	7.74
Sales/Net Working Capital	2.25	2.64	3.35
Stock Turnover Ratio	16.32	10.82	7.66
Debtor Days	190.92	238.81	170.77
Creditor Days	166.32	157.75	122.77
Current Ratio	1.74	1.62	1.61
Liquidity Ratio/Acid Test	1.47	1.44	1.45
Current Debt Ratio	1.30	1.56	1.52
Gearing	57.51	61.75	60.89
Equity in Percentage	44.13	39.55	40.93
Total Debt Ratio	1.35	1.61	1.56

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.37
UK Pound	1	Rs.100.85
Euro	1	Rs.84.59

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