MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	WINTRADE S.R.L.
Registered Office :	Via Marconi, 45/7, 40010 – Bentivoglio (BO) -IT-
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	22.05.2002
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of Other Intermediate Products
No of Employees :	From 6 to 10

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 & address

WINTRADE S.R.L.

Via Marconi, 45/7

40010 – Bentivoglio (BO) -IT-

Summary

Fiscal Code	:	02273921201
Legal Form	:	Limited liability company
start of Activities	:	22/05/2002
Equity	:	150.000
Turnover Range	:	5.000.000/6.500.000
Number of Employees	:	fom 6 to 10

Activity

Wholesale of other intermediate products

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02273921201

Chamber of Commerce no. : 426089 of Bologna since 03/07/2002

V.A.T. Code : 02273921201

Establishment date	: 14/05/2002
Start of Activities	: 22/05/2002
Legal duration	: 31/12/2030
Nominal Capital	: 10.200
Subscribed Capital	: 10.200
Paid up Capital	: 10.200

Members

Violante

Mirko

Born in Bentivoglio

(BO)

on 24/06/1981

- Fiscal Code : VLNMRK81H24A785B

Residence:

Maddalena

, 15

- 40050

Castello d'Argile

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/02/2009
Board Chairman	16/02/2009

No Prejudicial events are reported

No Protests registered

Lazzari

Andrea

Born in San Giorgio di Piano

(BO)

on 27/01/1955

- Fiscal Code : LZZNDR55A27H896V

Residence:

Belvedere

, 327/A

- 40018

San Pietro in Casale

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/02/2009
Managing Director	16/02/2009

No Prejudicial events are reported

No Protests registered

Guizzardi

Gabriele

Born in San Pietro in Casale

(BO)

on 28/01/1966

- Fiscal Code : GZZGRL66A28I110L

Residence:

Varane

, 620

- 40018

San Pietro in Casale

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/02/2009
Managing Director	16/02/2009

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.

Violante

Mirko

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Violante Mirko	Castello d'Argile (BO) - IT -	VLNMRK81H24A785B	Proprietor	Active	Registered
Jamm Di Michele Pancaldi S.a.s.	San Pietro in Casale (BO) - IT -	02821681208	Limited Partner	Active	Registered

Lazzari

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Jamm Di Michele Pancaldi S.a.s.	San Pietro in Casale (BO) - IT -	02821681208	Limited Partner	Active	Registered
Lazzari Andrea	San Pietro in Casale (BO) - IT -	LZZNDR55A27H896V	Proprietor	Active	Registered

Guizzardi

Gabriele

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Guizzardi Gabriele	San Pietro in Casale (BO) - IT -	GZZGRL66A28I110L	Proprietor	Active	Registered
Jamm Di Michele Pancaldi S.a.s.	San Pietro in Casale (BO) - IT -	02821681208	Limited Partner	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
Violante Mirko	Castello d'Argile - IT -	VLNMRK81H24A785B	3.400 .Eur	33,33
Lazzari Andrea	San Pietro in Casale - IT -	LZZNDR55A27H896V	3.400 .Eur	33,33
Guizzardi Gabriele	San Pietro in Casale - IT -	GZZGRL66A28I110L	3.400 .Eur	33,33

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

Marconi

, 45/7

- 40010

- Bentivoglio

(BO)

- IT -

PHONE

: 0516643049

-

Branch

(Warehouse)

since 31/10/2006

Marconi

, 45/2

- 40010

- Bentivoglio

(BO)

- IT -

-

Branch

(Store)

since 01/07/2012

Del Palazzino

, 7/A

- 40058

- Malalbergo

(BO)

- IT -

Employees

: 7

Fittings and Equipment for a value of 16.000

Eur

Stocks for a value of 640.000

Eur

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.

Financial and Economical Analysis

Company's starting of activities dates back to 2002.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Unstable economic results mark the company's financial state of affairs. anyway in 2013 a positive result was achieved (r.o.e. 51,99%).

The return on Investment in the last financial year was positive (3,61%) and reflects the field's average.

The amount of the operating result is equal to Eur. 103.315 rising (+more then 100%) in relation to the previous year.

The gross operating margin of the latest financial year is of Eur. 125.872 showing an upward trend if compared to 2012.

Short-term debts volume if compared to net worth, as it comes out from the total indebtedness (11,37) which tends downward.

It's shareholders funds amount to Eur. 127.150 , with an upward trend.

Total indebtedness totalled Eur. 2.595.052, showing a stable trend as opposed to 2012 (Eur. 2.309.648).

Moderate recourse to bank credit while the exposure towards suppliers is rather high even if it still falls within the sector's average.

Liquidity is good (1,05)

Accounts receivable average term is 33,6 days. , a value lower than the sector's average.

2013 financial year closed with a cash flow of Eur. 88.656

Labour cost expenses amount to Eur. 225.315 , representing 4,06% on the total of production costs. , whereas 4,18% is the incidence on sales revenues.

The incidence of the financial charges is of -0,57% on the sales amount.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	5.389.963
Profit (Loss) for the period	66.099

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

Years

2013

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	2.073
. Total Intangible Fixed Assets	2.073
. TANGIBLE FIXED ASSETS
. . Real estate	22.853
. . Plant and machinery
. . Industrial and commercial equipment	15.855
. . Other assets	58.600
. . Assets under construction and advances
. Total Tangible fixed assets	97.308
. FINANCIAL FIXED ASSETS
. . Equity investments	4.995
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	4.995
. . Financial receivables	8.339
. . . . Within 12 months	8.339
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . . Within 12 months
. . . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	8.339
. . . . Within 12 months	8.339
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	13.334
Total fixed assets	112.715
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	635.850
. . Advance payments
. Total Inventories	635.850
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	952.052
. . Beyond 12 months
. . Trade receivables	503.069
. . . . Within 12 months	503.069
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	331.443
. . . . Within 12 months	331.443
. . . . Beyond 12 months
. . Receivables for anticipated taxes	581
. . . . Within 12 months	581
. . . . Beyond 12 months
. . Receivables due from third parties	116.959
. . . . Within 12 months	116.959
. . . . Beyond 12 months
. Total Credits not held as fixed assets	952.052
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits	1.149.121
. . Checks
. . Banknotes and coins	335
. Total Liquid funds	1.149.456
Total current assets	2.737.358
ADJUSTMENT ACCOUNTS
. Discount on loans	10.387
. Other adjustment accounts
Total adjustments accounts	10.387
TOTAL ASSETS	2.860.460
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	10.200
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	8.755
. Reserve for Own shares
. Statute reserves	24.054
. Other reserves	18.042
. Accumulated Profits (Losses)
. Profit( loss) of the year	66.099
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	127.150
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	45.000
Total Reserves for Risks and Charges	45.000
Employee termination indemnities	70.698
ACCOUNTS PAYABLE
. . . . Within 12 months	2.595.052
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	639.775
. . . . Within 12 months	639.775
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	1.881.207
. . . . Within 12 months	1.881.207
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	16.570
. . . . Within 12 months	16.570
. . . . Beyond 12 months
. . Due to social security and welfare inst.	8.061
. . . . Within 12 months	8.061
. . . . Beyond 12 months
. . Other payables	49.439
. . . . Within 12 months	49.439
. . . . Beyond 12 months
Total accounts payable	2.595.052
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	22.560
Total adjustment accounts	22.560
TOTAL LIABILITIES	2.860.460

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	5.389.963
. Changes in work in progress	49.199
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	212.304
. . Contributions for operating expenses
. . Different income and revenues	212.304
Total value of production	5.651.466
PRODUCTION COSTS
. Raw material,other materials and consum.	4.419.766
. Services received
. Leases and rentals	858.708
. Payroll and related costs	225.315
. . Wages and salaries	166.965
. . Social security contributions	42.611
. . Employee termination indemnities	12.777
. . Pension and similar
. . Other costs	2.962
. Amortization and depreciation	22.557
. . Amortization of intangible fixed assets	1.479
. . Amortization of tangible fixed assets	21.078
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials
. Provisions to risk reserves
. Other provisions
. Other operating costs	21.805
Total production costs	5.548.151
Diff. between value and cost of product.	103.315
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	269
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets	237
. . Financ.income other than the above	32
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	32
. Interest and other financial expense	-30.846
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	30.846
Total financial income and expense	-30.577
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	28.510
. . Gains on disposals
. . Other extraordinary income	28.510
. Extraordinary expense	-4.712
. . Losses on disposals	-916
. . Taxes relating to prior years
. . Other extraordinary expense	-3.796
Total extraordinary income and expense	23.798
Results before income taxes	96.536
. Taxes on current income	30.437
. . current taxes	30.116
. . differed taxes(anticip.)	321
. Net income for the period	66.099
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	66.099

RATIOS	Value Type	as at 31/12/2013	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,04	0,11
Elasticity Ratio	Units	0,96	0,87
Availability of stock	Units	0,22	0,22
Total Liquidity Ratio	Units	0,73	0,56
Quick Ratio	Units	0,40	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	11,37	3,81
Self Financing Ratio	Units	0,04	0,17
Capital protection Ratio	Units	0,40	0,65
Liabilities consolidation quotient	Units	0,03	0,12
Financing	Units	20,41	4,72
Permanent Indebtedness Ratio	Units	0,07	0,30
M/L term Debts Ratio	Units	0,02	0,07
Net Financial Indebtedness Ratio	Units	0,00	1,28
CORRELATION
Fixed assets ratio	Units	1,76	2,06
Current ratio	Units	1,05	1,16
Acid Test Ratio-Liquidity Ratio	Units	0,81	0,84
Structure's primary quotient	Units	1,13	1,28
Treasury's primary quotient	Units	0,44	0,03
Rate of indebtedness ( Leverage )	%	2249,67	591,61
Current Capital ( net )	Value	142.306	219.071
RETURN
Return on Sales (R.O.S.)	%	1,64	2,22
Return on Equity - Net- ( R.O.E. )	%	51,99	6,27
Return on Equity - Gross - ( R.O.E. )	%	75,92	15,95
Return on Investment ( R.O.I. )	%	3,61	4,19
Return/ Sales	%	1,92	3,42
Extra Management revenues/charges incid.	%	63,98	29,26
Cash Flow	Value	88.656	61.669
Operating Profit	Value	103.315	95.558
Gross Operating Margin	Value	125.872	144.934
MANAGEMENT
Credits to clients average term	Days	33,60	120,94
Debts to suppliers average term	Days	128,30	120,04
Average stock waiting period	Days	42,47	61,92
Rate of capital employed return ( Turnover )	Units	1,88	1,27
Rate of stock return	Units	8,48	5,74
Labour cost incidence	%	4,18	7,77
Net financial revenues/charges incidence	%	-0,57	-1,26
Labour cost on purchasing expenses	%	4,06	7,90
Short-term financing charges	%	1,19	2,67
Capital on hand	%	53,07	78,39
Sales pro employee	Value	769.994	437.713
Labour cost pro employee	Value	32.187	33.928

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	:	944.297
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 6.137 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 2,22%.

The labour cost affects the turnover in the measure of 7,77%.

Goods are held in stock in a range of 62 dd.

The difference between the sales volume and the resources used to realize it is about 1,27.

The employees costs represent the 7,90% 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 18.860 protested subjects are found; in the province they count to 3.720.

The insolvency index for the region is 0,46, , while for the province it is 0,40.

Total Bankrupt companies in the province : 4.335.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.