MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	KEMIA TAU S.R.L.
Registered Office :	Via Davide Bertolotti, 7 10121 – Torino (TO)
Country :	Italy
Date of Incorporation :	01.01.2014
Legal Form :	Limited liability company
Line of Business :	Manufacture of Chemicals And Chemical Products Manufacture of auxillary products for textile and leather industrie s
No. of Employees	From 91 to 110

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
Payment Behaviour :	Unknown
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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level

Source : CIA

Company name and address

KEMIA TAU S.R.L.

VIA DAVIDE BERTOLOTTI, 7 10121 – TORINO (TO) -IT-

Summary

Fiscal Code	:	11044420013
Legal Form	:	Limited liability company
start of Activities	:	01/01/2014
Number of Employees	:	from 91 to 110

Activity

MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS

MANUFACTURE OF AUXILLARY PRODUCTS FOR TEXTILE AND LEATHER INDUSTRIES

MANUFACTURE OF AUXILLARY PRODUCTS FOR TEXTILE AND LEATHER INDUSTRIES

Legal Data

Legal Form : Limited liability company

Fiscal Code : 11044420013

Chamber of Commerce no. : 182692 of Pisa

Chamber of Commerce no. : 1184066 of Torino since 16/01/2014

Chamber of Commerce no. : 360962 of Vicenza

V.A.T. Code : 11044420013

Establishment date	: 23/12/2013
Start of Activities	: 01/01/2014
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Members

Kemia Tau - Societa' In Accomandita Semp

lice Di Giuseppe Carpignoli E Alberto Di

Residence:

San Quintino

, 28

- 10121

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	23/12/2013

No Prejudicial events are reported

No Protests registered

Borda

Andrea

Born in Torino

(TO)

on 14/11/1962

- Fiscal Code : BRDNDR62S14L219I

Residence:

Paganelli

, 60

- 10078

Venaria

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/12/2013
Managing Director	16/01/2014

No Prejudicial events are reported

No Protests registered

Carpignoli Cordola

Jose'

Born in Condove

(TO)

on 22/01/1955

- Fiscal Code : CRPJSO55A62C955B

Residence:

Monasterolo

, 80

- 10070

Cafasse

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/12/2013
Managing Director	16/01/2014

No Prejudicial events are reported

No Protests registered

Di Salvo

Antonino

Born in Palermo

(PA)

on 14/01/1941

- Fiscal Code : DSLNNN41A14G273R

Residence:

Attilio Friggeri

, 103

- 00136

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/12/2013
Board Chairman	16/01/2014

No Prejudicial events are reported

No Protests registered

Gheddo

Paola

Born in Torino

(TO)

on 01/11/1970

- Fiscal Code : GHDPLA70S41L219P

Residence:

D'harcourt

, 9

- 10070

Vallo Torinese

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/12/2013
Managing Director	16/01/2014

No Prejudicial events are reported

No Protests registered

Costa

Marilena

Born in Cirie'

(TO)

on 09/07/1966

- Fiscal Code : CSTMLN66L49C722M

Residence:

Cardinale Pellegrino

, 2

- 10070

Vallo Torinese

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/12/2013
Managing Director	16/01/2014

No Prejudicial events are reported

No Protests registered

Kemia Tau - Societa' In Accomandita Semp

lice Di Giuseppe Carpignoli E Alberto Di

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

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.

Borda

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Hoechst Italia S.p.a.	Roma (RM) - IT -	00849620158	Procurator	Withdrawn	Registered
Clariant (italia) S.p.a.	Milano (MI) - IT -	10077770153	Attorney with special power	Withdrawn	Merged
Clariant Masterbatches (italia) Spa	Milano (MI) - IT -	11649230155	Attorney with special power	Withdrawn	Registered

Carpignoli Cordola

Jose'

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Kemia Tau - Societa' In Accomandita Semplice Di Giuseppe Carpignoli E Alberto Di	Torino (TO) - IT -	00936620012	Procurator	Active	Registered
Immachem S.r.l. In Liquidazione	Torino (TO) - IT -	04732610011	Liquidator	Active	Registered
V.f.s. S.a.s. Di Giuseppe Carpignoli E Alberto Di Giovanni E C.	Torino (TO) - IT -	05112540017	Limited Partner	Withdrawn	Registered
Carpignoli Giuseppe - Societa' Semplice	Torino (TO) - IT -	97712190012	Partner	Withdrawn	Registered
Di Giovanni Alberto - Societa' Semplice	Torino (TO) - IT -	97712180013	Partner	Withdrawn	Registered
Kemia Tau Veneto S.r.l.	Torino (TO) - IT -	11045060016	Sole partner	Active	Registered
Kemia Tau Toscana S.r.l.	Torino (TO) - IT -	11045050017	Sole partner	Active	Registered

Di Salvo

Antonino

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Istituto Di Servizi Per Il Mercato Agricolo Alimentare - Ismea	Roma (RM) - IT -	08037790584	Chairman of the Board of Aud.	Active	Registered
Condifesa Verona - Codive Societa' Cooperativa Agricola	Verona (VR) - IT -	03211070234	Chairman of the Board of Aud.	Active	Registered
Societa' Gestione Fondi Per L'agroalimentare Societa' A Responsab Ilita' Limitat	Roma (RM) - IT -	07659851005	Chairman of the Board of Aud.	Active	Registered
Ismea - Investimenti Per Lo Sviluppo - Societa' A Responsabilita' Limitata - Soc	Roma (RM) - IT -	08702061006	Chairman of the Board of Aud.	Active	Registered

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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Kemia Tau - Societa' In Accomandita Semp lice Di Giuseppe Carpignoli E Alberto Di		00936620012	100.000 .Eur	100,00

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

Davide Bertolotti

, 7

- 10100

- Torino

(TO)

- IT -

-

Branch

(office)

since 24/12/2013

Torino

, 56

- 10040

- La Cassa

(TO)

- IT -

-

Branch

(Warehouse)

since 23/01/2014

Torino

, 56

- 10040

- La Cassa

(TO)

- IT -

-

Branch

(Warehouse)

since 24/12/2013

3rd Floor Andheri-kurla Road

, 309 310

- Sakinaka Andheri Mubai400

- IT -

-

Branch

(Warehouse)

since 24/12/2013

Defence Colony, Jajmau

, 464-D

- Kanpur

- IT -

-

Branch

(Warehouse)

since 24/12/2013

Anna Salai,nagalkeni Chr

, 100

- Chennai

- IT -

-

Branch

(Representative office)

since 24/12/2013

Sharikopodshipnikovskaja, Ul

, UL 2A

- Mosca

- IT -

-

Branch

(Representative office)

since 24/12/2013

Tianyaoqiao Road Xuhui Distr.

, 325

- Shanghai

- IT -

-

Branch

(Representative office)

since 24/12/2013

Guanghua Road, Chaoyang Dist

, 2

- Pechino

- IT -

-

Branch

(Warehouse)

since 24/12/2013

Pacinotti

, 12-14-16

- 56029

- Santa Croce sull'Arno

(PI)

- IT -

-

Branch

(Warehouse)

since 24/12/2013

Dell'industria

, 27

- 36071

- Arzignano

(VI)

- IT -

Employees

: 100

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

The firm took over the activity of

Kemia Tau - Societa' In Accomandita Semplice Di Giuseppe Carpignoli E Alberto Di

San Quintino

, 28

, 10121

, Torino

(TO)

- IT -

Fiscal Code: 00936620012

Date

:

23/12/2013

Protests

Protests checking on the subject firm has given a negative result.

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.

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	2.236.941
Population living in the region	:	4.330.172
Number of families in the region	:	1.889.207

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

- per food products	:	429
- per non food products	:	1.789
- per energy consume	:	135

Sector Data

The values are calculated on a base of 435 significant companies.

The companies cash their credits on an average of 105 dd.

The average duration of suppliers debts is about 96 dd.

The sector's profitability is on an average of 3,97%.

The labour cost affects the turnover in the measure of 13,54%.

Goods are held in stock in a range of 50 dd.

The difference between the sales volume and the resources used to realize it is about 1,16.

The employees costs represent the 13,80% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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.