MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	VIMAR S.P.A.
Registered Office :	Viale Vicenza, 14 Caminetto, 36063 - Marostica (VI) -IT-
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	18.10.1990
Legal Form :	Joint Stock Company
Line of Business :	· Manufacture of electrical and electronic equipment for television broadcasting · Manufacture of meters electricity, gas, water and other liquids, analytical precision balance, apparatus for measuring and regulating (including separate parts and accessories) · Manufacture of wiring and wiring devices
No. of Employee :	From 750 to 1000

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

VIMAR S.P.A.

Viale Vicenza, 14 Caminetto

36063 - Marostica (VI) -IT-

Summary

Fiscal Code	:	01587170307
Legal Form	:	Joint stock company
start of Activities	:	18/10/1990
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 750 to 1000
Group	:	VIMAR

Activity

Manufacture of electrical and electronic equipment for television broadcasting

Manufacture of meters electricity, gas, water and other liquids, analytical precision balance, apparatus for measuring and regulating (including separate parts and accessories)

Manufacture of wiring and wiring devices

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01587170307

Foreign Trade Reg. no. : VI020102 since 27/12/1991

Chamber of Commerce no. : 481764 of Bari

Chamber of Commerce no. : 429389 of Bologna

Chamber of Commerce no. : 511158 of Bologna

Chamber of Commerce no. : 625851 of Firenze

Chamber of Commerce no. : 421394 of Genova

Chamber of Commerce no. : 470020 of Genova

Chamber of Commerce no. : 1348942 of Milano

Chamber of Commerce no. : 647750 of Napoli

Chamber of Commerce no. : 239110 of Palermo

Chamber of Commerce no. : 406396 of Padova

Chamber of Commerce no. : 143862 of Pescara

Chamber of Commerce no. : 483078 of Prato

Chamber of Commerce no. : 1109091 of Roma

Chamber of Commerce no. : 1071510 of Torino

Chamber of Commerce no. : 182629 of Udine since 10/06/1988 until 26/07/1990

Chamber of Commerce no. : 279757 of Udine

Chamber of Commerce no. : 210559 of Vicenza since 09/10/1990

Firms' Register : VI012-6760 of Vicenza since 19/02/1996

V.A.T. Code : 02161730243

Foundation date	: 10/06/1988
Establishment date	: 10/06/1988
Start of Activities	: 18/10/1990
Legal duration	: 31/12/2050
Nominal Capital	: 10.000.000
Subscribed Capital	: 10.000.000
Paid up Capital	: 10.000.000

Members

Viaro

Gualtiero

Born in Marostica

(VI)

on 11/05/1950

- Fiscal Code : VRIGTR50E11E970J

Residence:

B. Garzadore

, 13

- 36063

Marostica

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	30/04/2014
Director	30/04/2014
Board Chairman	30/04/2014

No Prejudicial events are reported

No Protests registered

Gusi

Piero Camillo

Born in Marostica

(VI)

on 18/09/1957

- Fiscal Code : GSUPCM57P18E970B

Residence:

Panica

, 1

- 36063

Marostica

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	30/04/2014
Director	30/04/2014

No Prejudicial events are reported

No Protests registered

Fabris

Giuseppe

Born in Marostica

(VI)

on 15/01/1955

- Fiscal Code : FBRGPP55A15E970I

Residence:

Jacopo Da Ponte

, 3

- 36064

Mason Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	30/09/1999

No Prejudicial events are reported

No Protests registered

Palin

Alessandro

Born in Treviso

(TV)

on 06/07/1965

- Fiscal Code : PLNLSN65L06L407Q

Residence:

Del Panorama

, 23

- 34134

Trieste

(TS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014

Poli

Patrizia

Born in Monselice

(PD)

on 09/10/1959

- Fiscal Code : PLOPRZ59R49F382X

Position	Since	Shares Amount	% Ownership
Attorney with special power

No Prejudicial events are reported

No Protests registered

Predebon

Marco

Born in Vicenza

(VI)

on 14/02/1974

- Fiscal Code : PRDMRC74B14L840L

Residence:

A. Moro

, 19/A/3

- 36063

Marostica

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014

Zulian

Paolo

Born in Camposampiero

(PD)

on 14/03/1983

- Fiscal Code : ZLNPLA83C14B563H

Residence:

B. Garzadore

, 1

- 36063

Marostica

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

- Fiscal Code : MRNLRS54H12A703A

Residence:

Cartigliana

, 146/A

- 36061

Bassano del Grappa

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Responsible technician
Attorney with special power	24/10/2013

No Prejudicial events are reported

No Protests registered

Vimar Holding S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Rossi

Giacomo

Born in Verona

(VR)

on 12/02/1975

- Fiscal Code : RSSGCM75B12L781V

Residence:

Pusterla

, 26

- 36061

Bassano del Grappa

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/11/2014

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Position	Since	Shares Amount	% Ownership
Attorney with special power

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.

Viaro

Gualtiero

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Elvox S.p.a.	Campodarsego (PD) - IT -	01504130285	Managing Director	Withdrawn	Registered
Elvox S.p.a.	Campodarsego (PD) - IT -	01504130285	Director	Withdrawn	Registered
Elvox S.p.a.	Campodarsego (PD) - IT -	01504130285	Board Chairman	Withdrawn	Registered
Vilux Viterie - S.p.a.	Molvena (VI) - IT -	01245020241	Managing Director	Active	Registered
Vilux Viterie - S.p.a.	Molvena (VI) - IT -	01245020241	Director	Active	Registered
Vilux Viterie - S.p.a.	Molvena (VI) - IT -	01245020241	Board Chairman	Active	Registered
Fin-vilux S.p.a.	Molvena (VI) - IT -	00206510240	Managing Director	Withdrawn	Ceased
Fin-vilux S.p.a.	Molvena (VI) - IT -	00206510240	Director	Withdrawn	Ceased
Fin-vilux S.p.a.	Molvena (VI) - IT -	00206510240	Board Chairman	Withdrawn	Ceased
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	Managing Director	Active	Registered
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	Director	Active	Registered
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	General Partner	Withdrawn	Registered
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	Board Chairman	Active	Registered
Immobiliare Le Betulle Di Viario Gualtiero - Viaro Margherita E Viaro Maria Pia	Marostica (VI) - IT -	01668380247	Partner	Active	Registered
Vipak S.r.l.	Mussolente (VI) - IT -	02228200248	Director	Withdrawn	Registered
Vipak S.r.l.	Mussolente (VI) - IT -	02228200248	Assistant board Chairman	Withdrawn	Registered
CRS S.R.L.	- -	02175000302	Director	Withdrawn	Registered
Viaro Walter S.p.a.	Marostica (VI) - IT -	00145440244	Managing Director	Withdrawn	Ceased
Viaro Walter Elettrotecnica -s.p.a.	Marostica (VI) - IT -	00714320249	Managing Director	Withdrawn	Ceased
Viaro Walter Elettrotecnica -s.p.a.	Marostica (VI) - IT -	00714320249	Director	Withdrawn	Ceased
Viaro S.r.l.	Marostica (VI) - IT -	04159690967	Managing Director	Active	Registered
Viaro S.r.l.	Marostica (VI) - IT -	04159690967	Director	Active	Registered
Viaro S.r.l.	Marostica (VI) - IT -	04159690967	Assistant board Chairman	Withdrawn	Registered
Viaro S.r.l.	Marostica (VI) - IT -	04159690967	Board Chairman	Active	Registered
San Rocco Immobiliare Srl	Marostica (VI) - IT -	03198740247	Managing Director	Active	Registered
San Rocco Immobiliare Srl	Marostica (VI) - IT -	03198740247	Director	Active	Registered
San Rocco Immobiliare Srl	Marostica (VI) - IT -	03198740247	Board Chairman	Active	Registered

Gusi

Piero Camillo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Elvox S.p.a.	Campodarsego (PD) - IT -	01504130285	Managing Director	Withdrawn	Registered
Elvox S.p.a.	Campodarsego (PD) - IT -	01504130285	Director	Withdrawn	Registered
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	Managing Director	Active	Registered
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	Director	Active	Registered
Vimar Holding S.r.l.	Marostica (VI) - IT -	02048810267	General Partner	Withdrawn	Registered
Vipak S.r.l.	Mussolente (VI) - IT -	02228200248	Managing Director	Withdrawn	Registered
Vipak S.r.l.	Mussolente (VI) - IT -	02228200248	Director	Withdrawn	Registered
Vipak S.r.l.	Mussolente (VI) - IT -	02228200248	Board Chairman	Withdrawn	Registered
All Services Di Gusi Renata E C. S.a.s.	Treviso (TV) - IT -	01964930265	Limited Partner	Withdrawn	Ceased
Immobiliare Pordoi S.r.l. - In LiquidaziOne	Marostica (VI) - IT -	01519180242	Liquidator	Withdrawn	Ceased
Facer Di Antonio Gusi, Piero Camillo Gusi E C. Sas	Marostica (VI) - IT -	02744610243	General Partner	Active	Registered
CRS S.R.L.	- -	02175000302	Director	Withdrawn	Registered
Viaro Walter S.p.a.	Marostica (VI) - IT -	00145440244	Managing Director	Withdrawn	Ceased
Viaro Walter Elettrotecnica -s.p.a.	Marostica (VI) - IT -	00714320249	Managing Director	Withdrawn	Ceased
Viaro Walter Elettrotecnica -s.p.a.	Marostica (VI) - IT -	00714320249	Director	Withdrawn	Ceased
Gusi S.r.l.	Marostica (VI) - IT -	04159530965	Managing Director	Active	Registered
Gusi S.r.l.	Marostica (VI) - IT -	04159530965	Director	Active	Registered
Gusi S.r.l.	Marostica (VI) - IT -	04159530965	Board Chairman	Active	Registered
San Rocco Immobiliare Srl	Marostica (VI) - IT -	03198740247	Managing Director	Active	Registered
San Rocco Immobiliare Srl	Marostica (VI) - IT -	03198740247	Director	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
Vimar Holding S.r.l.		02048810267	9.000.523 .Eur	90,00
Abb S.p.a.		00736410150	999.477 .Eur	9,99

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
REGAZZONI TERME S.P.A.	Padova - IT -	00507740306	2.608 .Eur	10,36			Active
Centro Europeo Sviluppo Applicazioni Pla stiche S.r.l. Consortile In Breve C.e.s	Verdellino - IT -	01011200167	254 .Eur	0,26			Active
Ecolight	Milano - IT -	04357740960					Active

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-

Legal and operative seat

since 26/07/1990

Vicenza

, 14

- 36063

- Marostica

(VI)

- IT -

PHONE

: 0424488100

PHONE

: 0424488600

FAX	: 0424488188

-

Branch

(Factory)

since 26/07/1990

Iv Novembre

, 32

- 36063

- Marostica

(VI)

- IT -

PHONE

: 0424488100

Website

: www.vimar.eu

-

Branch

(Industrial workshop)

since 01/02/2005

Artigianato

, 20/22

- 36064

- Mason Vicentino

(VI)

- IT -

-

Branch

(Store)

since 06/08/2007

Leonardo Da Vinci

, 26

- 36100

- Vicenza

(VI)

- IT -

-

Branch

(Warehouse)

since 01/12/2013

Persicetana Vecchia

, 4/15

- 40100

- Bologna

(BO)

- IT -

-

Branch

(Warehouse)

since 01/12/2013

Baccio Da Montelupo

, 40E

- 50100

- Firenze

(FI)

- IT -

-

Branch

(Warehouse)

since 01/12/2013

Evandro Ferri

, 34/A

- 16100

- Genova

(GE)

- IT -

-

Branch

(office)

since 01/08/2012

Dei Conti Biglia

, 2

- 20100

- Milano

(MI)

- IT -

-

Branch

(Sales office)

since 01/11/2007

Napoli

, 125 INT1

- 80013

- Casalnuovo di Napoli

(NA)

- IT -

-

Branch

(office)

since 01/01/2009

Tiziano

, 22

- 90100

- Palermo

(PA)

- IT -

-

Branch

(Factory)

since 01/03/2012

Pontarola

, 14/A

- 35011

- Campodarsego

(PD)

- IT -

-

Branch

(Warehouse)

since 01/11/2008

Portuense

, 1555

- 00100

- Roma

(RM)

- IT -

-

Branch

(Warehouse)

since 01/12/2013

Rondo' Bernardo

, 30

- 10092

- Beinasco

(TO)

- IT -

-

Branch

(Workshop)

since 25/10/2011

Dante Alighieri

, 194

- 33013

- Gemona del Friuli

(UD)

- IT -

Employees

: 848

Fittings and Equipment for a value of 24.770.000

Eur

Stocks for a value of 34.620.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

Transports are mainly done using own vehicles and third parties ones

The company supplies wholesalers and retailers.

The firm operates abroad as .

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- importers

- its own agents

- direct orders from foreign companies

Subject generally proposes terms of sale between 30 and 60 days.

Financial means used for sale: bank transfers and bank orders.

Purchase terms: 60-90-120 days.

Main used payment modalities are by cash orders and bank transfers.

Import comes generally from the following nations:

- Germany

- Holland

- France

- Spain

- Greece

- Italy

Export is mainly towards:

- Greece

- Ireland

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	08/11/2000

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Cavallo Bianco D'Oriente S.r.l.		26/07/1990

EX-MEMBERS / EX-POSITIONS:

Simonini

Gianni

Born in Genova

(GE)

on 04/05/1941

- Fiscal Code : SMNGNN41E04D969G

Residence:

Della Stazione

, SNC

- 00040

Pomezia

(RM)

- IT -

Ex-Postions

Temporary Auditor

Gera

Franco

Born in Marostica

(VI)

on 04/04/1947

- Fiscal Code : GREFNC47D04E970D

Residence:

Tempesta

, 13

- 36063

Marostica

(VI)

- IT -

Ex-Postions

Temporary Auditor

Dona'

Alessandro

Born in Schio

(VI)

on 14/08/1924

- Fiscal Code : DNOLSN24M14I531Y

Residence:

Btg. Val Leogra

, 26

- 36015

Schio

(VI)

- IT -

Ex-Postions

Temporary Auditor

Maroso

Francesco

Born in Marostica

(VI)

on 16/10/1954

- Fiscal Code : MRSFNC54R16E970S

Residence:

Lorenzo Chini

, 21

- 36061

Bassano del Grappa

(VI)

- IT -

Ex-Postions

Director

Viaro

Walter

Born in Marostica

(VI)

on 09/01/1915

- Fiscal Code : VRIWTR15A09E970D

Residence:

B.garzadore

, 1

- 36063

Marostica

(VI)

- IT -

Ex-Postions

Chairman and Managing Director

Chairman

Managing Director

Director

Board Chairman

Predebon

Giovanni

Born in Conco

(VI)

on 15/11/1947

- Fiscal Code : PRDGNN47S15C949A

Residence:

Campo Sportivo

, 18

- 36063

Marostica

(VI)

- IT -

Ex-Postions

Sole Director

Sole Director

Di Stefano

Rodolfo

Born in Messina

(ME)

on 22/10/1934

- Fiscal Code : DSTRLF34R22F158Q

Residence:

Mascherpa

, 2

- 20090

Buccinasco

(MI)

- IT -

Ex-Postions

Director

Damen

Karl Thorolf

Born in Helsinki

( )

on 22/03/1940

- Fiscal Code : DMNKLT40C22Z109J

Residence:

Melzi D'eril Francesco

, 26

- 20100

Milano

(MI)

- IT -

Ex-Postions

Director

Gusi

Renata

Born in Marostica

(VI)

on 29/01/1947

- Fiscal Code : GSURNT47A69E970A

Ex-Postions

Procurator

Director

Barbieri

Fabiola

Born in THIENE

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Poli

Patrizia

Born in Monselice

(PD)

on 09/10/1959

Ex-Postions

Attorney with special power

Poletto

Ferdinando

Born in Mason Vicentino

(VI)

on 04/03/1917

- Fiscal Code : PLTFDN17C04F019Y

Ex-Postions

Permanent Auditor

Genovesi

Donnino

Born in FIDENZA

(PR)

on 10/08/1925

- Fiscal Code : GNVDNN25M10B034O

Residence:

2' STRADA

, 7

- 20096

Pioltello

(MI)

- IT -

Ex-Postions

Director

Managing Director

Grendele

Tullio

Born in Marostica

(VI)

on 09/06/1926

- Fiscal Code : GRNTLL26H09E970M

Residence:

Monte Grappa

, 60

- 36061

Bassano del Grappa

(VI)

- IT -

Ex-Postions

Director

Managing Director

Gusi

Antonio

Born in Marostica

(VI)

on 27/08/1950

- Fiscal Code : GSUNTN50M27E970Q

Residence:

B. Garzadore

, 18

- 36063

Marostica

(VI)

- IT -

Ex-Postions

Director

Marin

Loris

Born in BASSANO DEL GRAPPA

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

De Mozzi

Silvano

Born in San Martino Di Lupari

(PD)

on 24/05/1944

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Poli

Patrizia

Born in Monselice

(PD)

on 09/10/1959

Ex-Postions

Attorney with special power

Frisio

Giampiero

Born in Tortona

(AL)

on 16/10/1969

- Fiscal Code : FRSGPR69R16L304N

Residence:

Vittor Pisani

, 16

- 20124

Milano

(MI)

- IT -

Ex-Postions

Director

Viaro

Margherita

Born in Marostica

(VI)

on 22/02/1952

- Fiscal Code : VRIMGH52B62E970J

Residence:

B. Garzadore

, 1

- 36063

Marostica

(VI)

- IT -

Ex-Postions

Director

Marin

Loris

Born in Bassano Del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Cortellazzo

Francesca

Born in Padova

(PD)

on 22/09/1959

- Fiscal Code : CRTFNC59P62G224R

Residence:

4 Novembre

, 16

- 35123

Padova

(PD)

- IT -

Ex-Postions

Personnel Manager

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Ghislanzoni

Silvio

Born in Lecco

(CO)

on 25/09/1946

- Fiscal Code : GHSSLV46P25E507O

Residence:

Quarto

, 24

- 22053

Lecco

(LC)

- IT -

Ex-Postions

Temporary Auditor

DAMEN

KARL THOROLF

Born in HELSINKI

( )

on 22/03/1940

- Fiscal Code : DMNKLT40C22Z109J

Residence:

ARCONATI COSTANZA

, 1

- 20100

Milano

(MI)

- IT -

Ex-Postions

Director

De Mozzi

Silvano

Born in San Martino di Lupari

(PD)

on 24/05/1944

- Fiscal Code : DMZSVN44E24I008O

Ex-Postions

Responsible technician

Sacchi

Giovanni

Born in Milano

(MI)

on 28/08/1942

- Fiscal Code : SCCGNN42M28F205B

Residence:

Cusi Annibale

, 6

- 20100

Milano

(MI)

- IT -

Ex-Postions

Director

Managing Director

Viaro

Maria Pia

Born in Marostica

(VI)

on 27/12/1954

- Fiscal Code : VRIMRP54T67E970M

Residence:

Voltra

, 10

- 36061

Bassano del Grappa

(VI)

- IT -

Ex-Postions

Director

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Pescali

Paolo

Born in Bergamo

(BG)

on 28/10/1960

- Fiscal Code : PSCPLA60R28A794U

Residence:

Vittor Pisani

, 16

- 20124

Milano

(MI)

- IT -

Ex-Postions

Director

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Marin

Loris

Born in Bassano del Grappa

(VI)

on 12/06/1954

Ex-Postions

Responsible technician

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Barbieri

Fabiola

Born in Thiene

(VI)

on 19/03/1966

Ex-Postions

Attorney with special power

Vimar Holding S.r.l.

- Fiscal Code : 02048810267

Ex-Postions

Partner

CEASINGS/INCORPORATIONS/MERGES:

The firm absorbed by merging of

Viaro Walter S.p.a.

4 Novembre,32

, 36063

, Marostica

(VI)

- IT -

Fiscal Code: 00145440244

Date

:

17/09/1990

The firm absorbed by merging of

Viaro Walter Elettrotecnica -s.p.a.

4 Novembre

, 32

, 36063

, Marostica

(VI)

- IT -

Fiscal Code: 00714320249

Date

:

18/10/1990

Project of merging by taking over of

Vipak S.r.l.

Enrico Mattei

, 17

, 36065

, Mussolente

(VI)

- IT -

Fiscal Code: 02228200248

Date

Merging/splitting-up project:

18/06/2009

The firm absorbed by merging of

Vipak S.r.l.

Enrico Mattei

, 17

, 36065

, Mussolente

(VI)

- IT -

Fiscal Code: 02228200248

Date

:

31/12/2009

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA POP. MAROSTICA	SEDE DI MAROSTICA	VIA MAZZINI N.84	36063	Marostica (VI)	5572	60500

Financial and Economical Analysis

Company's starting of activities dates back to 1990.

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

During the last years, it recorded positive net results (r.o.e. 8,87% in 2013) but without a significant increase in the turnover.

The operating result in 2013 was positive (9,79%) falling within the field's average.

The amount of the operating result for the year 2013 is of Eur. 31.530.417 with no increase in relation to the financial year 2012.

The economic management produced a gross operating margin of Eur. 46.446.973 ,with no change if compared to the year before.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,18) increasing compared to last year (0,13)

The equity capital is equal to Eur. 208.354.013 on stable levels.

Total indebtedness was equal to Eur. 103.841.950 (Eur. 10.800.353 was the value of m/l term debts) with a growth equal to 23,53%.

The financial exposure is moderate, on the other hand the recourse to commercial credit is high, with a high average payment period and higher than sector's average.

Neverthless available funds are good.

As far as the collection of credit goes, the average is high (103,25 days). but lower if compared to the sector's average.

2013 financial year closed with a cash flow of Eur. 33.096.496

Labour cost amounts to Eur. 46.495.706, with a 36,08% incidence on production costs. , with a 30,01% incidence on turnover.

No incidence of financial charges as lower than the incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	154.924.259
Profit (Loss) for the period	18.480.159

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	154.898.586
Profit (Loss) for the period	24.501.467

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	167.008.743
Profit (Loss) for the period	25.045.273

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	168.532.322
Profit (Loss) for the period	27.742.641

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	155.793.997
Profit (Loss) for the period	21.619.387

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

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2013

2012

2011

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	2.477.485	3.565.602	4.719.910
. . Concessions,licenses,trademarks,etc.	35.566.895	38.604.679	42.101.540
. . Goodwill	3.711.866	3.976.602	4.241.339
. . Assets in formation and advance paymen.	205.805	153.509	74.998
. . Other intangible fixed assets	120.812	215.814	221.791
. Total Intangible Fixed Assets	42.082.863	46.516.206	51.359.578
. TANGIBLE FIXED ASSETS
. . Real estate	19.895.847	19.301.667	20.101.128
. . Plant and machinery	10.345.257	12.662.098	13.507.831
. . Industrial and commercial equipment	14.421.311	15.503.047	12.064.648
. . Other assets	1.998.892	2.170.247	1.953.214
. . Assets under construction and advances	3.146.661	3.358.516	5.655.029
. Total Tangible fixed assets	49.807.968	52.995.575	53.281.850
. FINANCIAL FIXED ASSETS
. . Equity investments	41.014.447	42.014.447	33.074.588
. . . Equity invest. in subsidiary companies	41.000.567	42.000.567	33.060.708
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	13.880	13.880	13.880
. . Financial receivables	6.282.371	4.352.187
. . . . Within 12 months	6.282.371	4.352.187
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	5.607.815	3.930.222
. . . . Within 12 months	5.607.815	3.930.222
. . . . 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	674.556	421.965
. . . . Within 12 months	674.556	421.965
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	47.296.818	46.366.634	33.074.588
Total fixed assets	139.187.649	145.878.415	137.716.016
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	10.431.267	11.558.409	10.787.974
. . Work in progress and semimanufactured	9.624.650	9.772.340	10.174.840
. . Work in progress on order
. . Finished goods	14.351.739	12.030.635	12.350.389
. . Advance payments	216.037		82.509
. Total Inventories	34.623.693	33.361.384	33.395.712
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	49.916.016	52.218.765	53.988.654
. . Beyond 12 months	3.992.028	3.915.792	3.550.107
. . Trade receivables	44.433.362	44.287.460	42.990.658
. . . . Within 12 months	44.433.362	44.287.460	42.990.658
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	3.167.869	3.798.855	9.011.995
. . . . Within 12 months	3.167.869	3.798.855	9.011.995
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	1.529.499	2.936.379	600.046
. . . . Within 12 months	1.529.499	2.936.379	600.046
. . . . Beyond 12 months
. . Fiscal Receivables	702.006	1.061.037	630.630
. . . . Within 12 months	230.293	572.209	173.585
. . . . Beyond 12 months	471.713	488.828	457.045
. . Receivables for anticipated taxes	3.786.817	3.754.479	3.811.944
. . . . Within 12 months	266.502	327.515	718.882
. . . . Beyond 12 months	3.520.315	3.426.964	3.093.062
. . Receivables due from third parties	288.491	296.347	493.488
. . . . Within 12 months	288.491	296.347	493.488
. . . . Beyond 12 months
. Total Credits not held as fixed assets	53.908.044	56.134.557	57.538.761
. 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	37.364.567	32.981.850	30.810.980
. Total Financial Assets	37.364.567	32.981.850	30.810.980
. LIQUID FUNDS
. . Bank and post office deposits	56.565.846	27.410.657	36.353.590
. . Checks
. . Banknotes and coins	7.290	14.436	14.932
. Total Liquid funds	56.573.136	27.425.093	36.368.522
Total current assets	182.469.440	149.902.884	158.113.975
ADJUSTMENT ACCOUNTS
. Discount on loans	494.430	503.804	958.630
. Other adjustment accounts
Total adjustments accounts	494.430	503.804	958.630
TOTAL ASSETS	322.151.519	296.285.103	296.788.621
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	10.000.000	10.000.000	10.000.000
. Additional paid-in capital
. Revaluation reserves	73.549.895	73.549.895	73.549.895
. Legal reserve	2.000.000	2.000.000	2.000.000
. Reserve for Own shares
. Statute reserves
. Other reserves	104.323.959	92.822.492	80.777.219
. Accumulated Profits (Losses)
. Profit( loss) of the year	18.480.159	24.501.467	25.045.273
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	208.354.013	202.873.854	191.372.387
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	204.578	325.428	827.155
. . Taxation fund, also differed	49.182	40.325	54.387
. . Other funds	3.067.229	2.105.068	2.158.341
Total Reserves for Risks and Charges	3.320.989	2.470.821	3.039.883
Employee termination indemnities	6.326.718	6.657.864	6.889.767
ACCOUNTS PAYABLE
. . . . Within 12 months	93.041.597	52.880.228	55.423.195
. . . . Beyond 12 months	10.800.353	31.178.286	39.795.687
. . Bonds	25.502.000	30.502.000	35.502.000
. . . . Within 12 months	25.502.000	5.000.000	5.000.000
. . . . Beyond 12 months		25.502.000	30.502.000
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	35.116.701	22.297.722	24.304.582
. . . . Within 12 months	24.682.491	17.245.091	15.883.529
. . . . Beyond 12 months	10.434.210	5.052.631	8.421.053
. . Due to other providers of finance	623.655	872.634	1.113.364
. . . . Within 12 months	257.512	248.979	240.730
. . . . Beyond 12 months	366.143	623.655	872.634
. . Advances from customers	309.818	22.783	66.101
. . . . Within 12 months	309.818	22.783	66.101
. . . . Beyond 12 months
. . Trade payables	17.874.589	17.521.130	20.445.817
. . . . Within 12 months	17.874.589	17.521.130	20.445.817
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	719.177	563.353	1.388.690
. . . . Within 12 months	719.177	563.353	1.388.690
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	12.210.455
. . . . Within 12 months	12.210.455
. . . . Beyond 12 months
. . Due to the tax authorities	1.999.916	3.155.926	2.063.785
. . . . Within 12 months	1.999.916	3.155.926	2.063.785
. . . . Beyond 12 months
. . Due to social security and welfare inst.	3.533.276	3.245.776	3.208.954
. . . . Within 12 months	3.533.276	3.245.776	3.208.954
. . . . Beyond 12 months
. . Other payables	5.952.363	5.877.190	7.125.589
. . . . Within 12 months	5.952.363	5.877.190	7.125.589
. . . . Beyond 12 months
Total accounts payable	103.841.950	84.058.514	95.218.882
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	307.849	224.050	267.702
Total adjustment accounts	307.849	224.050	267.702
TOTAL LIABILITIES	322.151.519	296.285.103	296.788.621

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	1.450.221
Risk accounts	485.922	2.564.154	2.251.550
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	154.924.259	154.898.586	167.008.743
. Changes in work in progress	2.518.596	-423.231	1.258.194
. Changes in semi-manufact. products
. Capitalization of internal work	1.555.427	1.571.339	1.421.875
. Other income and revenues	1.386.972	1.025.533	770.073
. . Contributions for operating expenses	3.778	16.400	86.705
. . Different income and revenues	1.383.194	1.009.133	683.368
Total value of production	160.385.254	157.072.227	170.458.885
PRODUCTION COSTS
. Raw material,other materials and consum.	28.362.973	27.175.769	31.414.660
. Services received
. Leases and rentals	30.728.652	32.304.345	35.913.494
. Payroll and related costs	46.495.706	44.690.851	43.766.317
. . Wages and salaries	30.724.719	29.565.174	28.551.615
. . Social security contributions	10.012.348	9.571.739	9.866.041
. . Employee termination indemnities	2.304.998	2.368.674	2.351.424
. . Pension and similar
. . Other costs	3.453.641	3.185.264	2.997.237
. Amortization and depreciation	14.616.337	14.620.398	14.418.249
. . Amortization of intangible fixed assets	5.611.239	5.587.599	5.846.388
. . Amortization of tangible fixed assets	8.831.787	8.834.968	8.373.516
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	173.311	197.831	198.345
. Changes in raw materials	1.462.198	-473.411	-1.487.609
. Provisions to risk reserves
. Other provisions	300.219	511.192	678.672
. Other operating costs	6.888.752	7.775.110	6.652.259
Total production costs	128.854.837	126.604.254	131.356.042
Diff. between value and cost of product.	31.530.417	30.467.973	39.102.843
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	477.950	492.389	653.268
. . In subsidiary companies	477.950	492.389	653.268
. . In associated companies
. . In other companies
. Other financial income	2.768.592	2.625.893	3.227.477
. . 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	1.257.167	395.755	448.740
. . Financ.income other than the above	1.511.425	2.230.138	2.778.737
. . . - Subsidiary companies	68.848	92.063	30.898
. . . - Associated companies
. . . - Holding companies		271
. . . - Other companies	1.442.577	2.137.804	2.747.839
. Interest and other financial expense	-976.406	-908.949	-1.562.909
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies	-184.315		-40.261
. . Towards other companies	976.406	908.949	1.562.909
Total financial income and expense	2.270.136	2.209.333	2.317.836
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	47.887	1.990.196
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	47.887	1.990.196
. Devaluation	-4.382.123	-832.016	-2.960.722
. . Of equity investments	-3.786.688	-795.211	-611.185
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-595.435	-36.805	-2.349.537
Total adjustments to financial assets	-4.334.236	1.158.180	-2.960.722
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	380.062	2.319.733	63.504
. . Gains on disposals		310.315
. . Other extraordinary income	380.062	2.009.418	63.504
. Extraordinary expense	-125.040	-86.269	-83.137
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-125.040	-86.269	-83.137
Total extraordinary income and expense	255.022	2.233.464	-19.633
Results before income taxes	29.721.339	36.068.950	38.440.324
. Taxes on current income	11.241.180	11.567.483	13.395.051
. . current taxes	11.295.762	11.555.182	13.819.548
. . differed taxes(anticip.)	-54.582	12.301	-424.497
. Net income for the period	18.480.159	24.501.467	25.045.273
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	18.480.159	24.501.467	25.045.273

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,43	0,49	0,46	0,22
Elasticity Ratio	Units	0,57	0,51	0,53	0,77
Availability of stock	Units	0,11	0,11	0,11	0,19
Total Liquidity Ratio	Units	0,46	0,39	0,42	0,54
Quick Ratio	Units	0,29	0,20	0,23	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,18	0,13	0,10	2,61
Self Financing Ratio	Units	0,65	0,68	0,64	0,21
Capital protection Ratio	Units	0,86	0,83	0,82	0,63
Liabilities consolidation quotient	Units	0,18	0,72	0,84	0,19
Financing	Units	0,50	0,41	0,50	3,38
Permanent Indebtedness Ratio	Units	0,70	0,81	0,80	0,38
M/L term Debts Ratio	Units	0,05	0,13	0,16	0,10
Net Financial Indebtedness Ratio	Units	0,02	0,13	0,13	0,68
CORRELATION
Fixed assets ratio	Units	1,62	1,65	1,73	1,72
Current ratio	Units	1,96	2,83	2,85	1,22
Acid Test Ratio-Liquidity Ratio	Units	1,59	2,20	2,25	0,94
Structure's primary quotient	Units	1,50	1,39	1,39	1,11
Treasury's primary quotient	Units	1,01	1,14	1,21	0,05
Rate of indebtedness ( Leverage )	%	154,62	146,04	155,08	481,59
Current Capital ( net )	Value	89.427.843	97.022.656	102.690.780	782.643
RETURN
Return on Sales	%	21,36	25,26	23,63	3,73
Return on Equity - Net- ( R.O.E. )	%	8,87	12,08	13,09	3,77
Return on Equity - Gross - ( R.O.E. )	%	14,26	17,78	20,09	12,35
Return on Investment ( R.O.I. )	%	9,79	10,28	13,18	4,22
Return/ Sales	%	20,35	19,67	23,41	4,96
Extra Management revenues/charges incid.	%	58,61	80,42	64,05	22,37
Cash Flow	Value	33.096.496	39.121.865	39.463.522	214.298
Operating Profit	Value	31.530.417	30.467.973	39.102.843	222.750
Gross Operating Margin	Value	46.446.973	45.599.563	54.199.764	533.748
MANAGEMENT
Credits to clients average term	Days	103,25	102,93	92,67	136,77
Debts to suppliers average term	Days	187,67	109,46	116,75	148,40
Average stock waiting period	Days	80,46	77,54	71,99	60,75
Rate of capital employed return ( Turnover )	Units	0,48	0,52	0,56	1,02
Rate of stock return	Units	4,47	4,64	5,00	5,89
Labour cost incidence	%	30,01	28,85	26,21	20,31
Net financial revenues/ charges incidence	%	1,47	1,43	1,39	-1,36
Labour cost on purchasing expenses	%	36,08	35,30	33,32	19,93
Short-term financing charges	%	0,94	1,08	1,64	3,07
Capital on hand	%	207,94	191,28	177,71	97,57
Sales pro employee	Value	106.697	110.958	122.171	192.305
Labour cost pro employee	Value	32.021	32.013	32.016	34.434

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	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 739 significant companies.

The companies cash their credits on an average of 137 dd.

The average duration of suppliers debts is about 148 dd.

The sector's profitability is on an average of 3,73%.

The labour cost affects the turnover in the measure of 20,31%.

Goods are held in stock in a range of 61 dd.

The difference between the sales volume and the resources used to realize it is about 1,02.

The employees costs represent the 19,93% 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 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.98.87
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	KAR
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.