MIRA INFORM REPORT

Report Date :

07.02.2014

IDENTIFICATION DETAILS

Name :	MECTILES ITALIA S.R.L.
Registered Office :	Via Don G. Bini, 3, 42013 – Casalgrande (RE)
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	12.12.1998
Legal Form :	Limited liability company
Line of Business :	Manufacture of Machinery and Equipment
No. of Employees :	from 16 to 25

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Italy	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is high. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

company name & address

MECTILES ITALIA S.R.L.

Via Don G. Bini, 3

42013 – Casalgrande (RE) -IT-

Summary

Fiscal Code	:	01810190353
Legal Form	:	Limited liability company
start of Activities	:	07/01/1999
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 16 to 25

Activity

General mechanics

MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.

Legal Data

Legal Form : Limited liability company

Fiscal Code : 01810190353

Foreign Trade Reg. no. : RE023502 since 07/01/2000

Chamber of Commerce no. : 366652 of Modena

Chamber of Commerce no. : 225855 of Reggio Emilia since 26/01/1999

Firms' Register : RE-1999-2478 of Reggio Emilia

V.A.T. Code : 01810190353

Establishment date	: 12/12/1998
Start of Activities	: 07/01/1999
Legal duration	: 31/12/2030
Nominal Capital	: 10.400
Subscribed Capital	: 10.400
Paid up Capital	: 10.400

Members

Compagni

Stefano

Born in Sassuolo

(MO)

on 01/12/1964

- Fiscal Code : CMPSFN64T01I462V

Residence:

Giuseppe Dossetti

, 43

- 42013

Casalgrande

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/01/2009
Board Chairman	08/01/2009
Managing Director	01/12/2009

No Prejudicial events are reported

No Protests registered

Medici

Gianfranco

Born in Casalgrande

(RE)

on 09/11/1952

- Fiscal Code : MDCGFR52S09B893Q

Residence:

Covetta

, 16/C

- 42014

Castellarano

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/01/2009
Assistant board Chairman	08/01/2009
Managing Director	01/12/2009

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.

Compagni

Stefano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Immobiliare G. E S. S.r.l.	Casalgrande (RE) - IT -	02247570357	Director	Active	Registered
Immobiliare G. E S. S.r.l.	Casalgrande (RE) - IT -	02247570357	Board Chairman	Active	Registered
Immobiliare Granata S.r.l.	Sassuolo (MO) - IT -	02932800366	Director	Active	Registered
Tutto Di Tutto S.r.l.	Sassuolo (MO) - IT -	03041860366	Director	Active	Registered
Veggia 316 Srl	Casalgrande (RE) - IT -	02168880355	Director	Active	Registered
Veggia 316 Srl	Casalgrande (RE) - IT -	02168880355	Assistant board Chairman	Active	Registered
Associazione Calcio Reggiana 1919 S.p.a.In Sigla A.c. Reggiana S.p.a.	Reggio Emilia (RE) - IT -	02176360358	Director	Active	Registered
Associazione Calcio Reggiana 1919 S.p.a.In Sigla A.c. Reggiana S.p.a.	Reggio Emilia (RE) - IT -	02176360358	Assistant board Chairman	Active	Registered
Bar Circolo Granata Di Dallargine Patrizia E C. S.a.s.	Casalgrande (RE) - IT -	02375040355	Limited Partner	Withdrawn	Registered
Sital International S.r.l.	Casalgrande (RE) - IT -	02397040359	Director	Active	Registered
COMPAGNI STEFANO	CASALGRANDE (RE) - IT -	CMPSFN64T01I462V	Proprietor	-	Ceased

Medici

Gianfranco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Immobiliare G. E S. S.r.l.	Casalgrande (RE) - IT -	02247570357	Director	Active	Registered
Immobiliare Granata S.r.l.	Sassuolo (MO) - IT -	02932800366	Director	Active	Registered
Immobiliare Granata S.r.l.	Sassuolo (MO) - IT -	02932800366	Assistant board Chairman	Active	Registered
Tutto Di Tutto S.r.l.	Sassuolo (MO) - IT -	03041860366	Director	Active	Registered
Veggia 316 Srl	Casalgrande (RE) - IT -	02168880355	Director	Active	Registered
Associazione Calcio Reggiana 1919 S.p.a.In Sigla A.c. Reggiana S.p.a.	Reggio Emilia (RE) - IT -	02176360358	Director	Active	Registered
Sital International S.r.l.	Casalgrande (RE) - IT -	02397040359	Director	Active	Registered
Sital International S.r.l.	Casalgrande (RE) - IT -	02397040359	Assistant board Chairman	Active	Registered
MEDICI GIANFRANCO	CASALGRANDE (RE) - IT -	MDCGFR52S09B893Q	Proprietor	-	Ceased

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
Compagni Stefano	Casalgrande - IT -	CMPSFN64T01I462V	5.200 .Eur	50,00
Medici Gianfranco	Castellarano - IT -	MDCGFR52S09B893Q	5.200 .Eur	50,00

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
Associazione Calcio Reggiana 1919 S.p.a. In Sigla A.c. Reggiana S.p.a.	Reggio Emilia - IT -	02176360358	40.000 .Eur	8,00			Active

Firm's location and structure

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

-	Legal and operative seat

Don G. Bini

, 3

- 42013

- Casalgrande

(RE)

- IT -

PHONE

: 0536990529

FAX	: 0536822770

FAX	: 0522842787

Website

: www.mectilesitalia.it

-

Branch

(Store)

since 10/03/2011

Statale 467

, 85

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Store)

since 05/07/2012

Strada Statale 467

, 114

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Store)

since 05/07/2012

Strada Statale 467

, 106

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Factory)

since 01/02/1999

Giotto

, 13

- 42014

- Castellarano

(RE)

- IT -

-

Branch

(Factory)

since 19/07/1999

Caduti Del Lavoro

, 16

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Store)

since 01/08/2001

Statale 467

, 138/A

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Store)

since 30/04/2004

Caduti Sul Lavoro

, 19

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Factory)

since 01/08/2005

Don G. Bini

, 3

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Store)

since 10/03/2007

Strada Statale 467

, 63

- 42013

- Casalgrande

(RE)

- IT -

-

Branch

(Store)

since 19/03/2008

Amalfi

, 5

- 41034

- Finale Emilia

(MO)

- IT -

Employees

: 24

Fittings and Equipment for a value of 18.000

Eur

Stocks for a value of 3.860.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Fontanesi

Marilena

Born in Reggio Emilia

(RE)

on 04/12/1962

- Fiscal Code : FNTMLN62T44H223E

Residence:

G.galilei

, 3

- 42048

Rubiera

(RE)

- IT -

Ex-Postions

Temporary Auditor

Ferretti

Barbara

Born in Reggio Emilia

(RE)

on 16/04/1970

- Fiscal Code : FRRBBR70D56H223R

Residence:

Guido Reni

, 1/1

- 42048

Rubiera

(RE)

- IT -

Ex-Postions

Permanent Auditor

Bertolani

Mauro

Born in Reggio Emilia

(RE)

on 30/09/1944

- Fiscal Code : BRTMRA44P30H223O

Residence:

Tamagno

, 1

- 42048

Rubiera

(RE)

- IT -

Ex-Postions

Temporary Auditor

Corbelli

Elena

Born in Reggio Emilia

(RE)

on 01/05/1968

- Fiscal Code : CRBLNE68E41H223K

Residence:

Emilia San Pietro

, 31

- 42100

Reggio Emilia

(RE)

- IT -

Ex-Postions

Permanent Auditor

Chairman of the Board of Aud.

CEASINGS/INCORPORATIONS/MERGES:

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

27/06/2006

Splitting-up and setting-up of a new company

Immobiliare G. E S. S.r.l.

Don Bini

, 3

, 42013

, Casalgrande

(RE)

- IT -

Fiscal Code: 02247570357

Date

Splitting-up:

30/11/2006

Protests

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

Negativities

In the name of the firm the following events are registered:

Type	Expiry Date	Amount in	Reason	Result	Closure Date
Inquiry before contentious procedure	17/09/2010

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

Subject is active since 1999

An eco-fin analysis has been made on the base od the b/s fo the years 2010, 2011 and 2012.

During the last years, it achieved profits (r.o.e. 9,38% on 2012)

The operating result was positive in the last financial year (3,87%) falling within the field's average.

The amount of the operating result for the year 2012 is of Eur. 821.560 recording a drop as opposed to the year before (-49,37%).

The gross operating margin of the latest financial year is of Eur. 941.072 with a -45,28% fall.

The financial status of the company is fairly balanced with an indebtedness level of 3,62 yet on the increase as against the previous accounting period.

The equity capital is equal to Eur. 4.183.375 , unchanged if compared to 2011.

Total debts (both short and M/L term) equals Eur. 16.786.742, , rising as opposed to the previous year (+31,7%).

Financial debts exposure is under control while the recourse to commercial credit is rather frequent however still within the sector's average.

It shows a good range of liquidity.

Due from customers average term is high and equal to 165,38 days. even higher than the average of the specific sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 512.031

Labour cost amounts to Eur. 1.055.907, with a 3,76% incidence on production costs. , whereas the incidence on sales revenues is of 3,69%.

The financial management has a limited economic impact, equal to -0,58% on the sales.

Financial Data

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	28.615.432
Profit (Loss) for the period	392.519

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	31.091.772
Profit (Loss) for the period	1.052.346

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	27.733.916
Profit (Loss) for the period	1.494.055

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	17.206.148
Profit (Loss) for the period	293.233

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	13.715.556
Profit (Loss) for the period	242.077

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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

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

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

Years

2012

2011

2010

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.	5.130
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	6.634	13.608	10.601
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	62.534	67.342	4.469
. Total Intangible Fixed Assets	74.298	80.950	15.070
. TANGIBLE FIXED ASSETS
. . Real estate	5.965
. . Plant and machinery	7.007	8.202	8.871
. . Industrial and commercial equipment	10.706	10.747	10.123
. . Other assets	109.520	75.697	72.037
. . Assets under construction and advances
. Total Tangible fixed assets	133.198	94.646	91.031
. FINANCIAL FIXED ASSETS
. . Equity investments			5
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies			5
. . Financial receivables	50.171	90.586	100.257
. . . . Within 12 months
. . . . Beyond 12 months	50.171	90.586	100.257
. . . 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	50.171	90.586	100.257
. . . . Within 12 months
. . . . Beyond 12 months	50.171	90.586	100.257
. . Other securities	170.521
. . Own shares
. . . Total nominal value
. Total financial fixed assets	220.692	90.586	100.262
Total fixed assets	428.188	266.182	206.363
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	967.650	1.935.856	622.350
. . Advance payments	2.895.955	238.749	640.428
. Total Inventories	3.863.605	2.174.605	1.262.778
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	15.178.115	12.623.800	8.988.965
. . Beyond 12 months
. . Trade receivables	13.145.605	10.871.039	7.118.358
. . . . Within 12 months	13.145.605	10.871.039	7.118.358
. . . . 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	1.179.427	1.452.268	998.499
. . . . Within 12 months	1.179.427	1.452.268	998.499
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	853.083	300.493	872.108
. . . . Within 12 months	853.083	300.493	872.108
. . . . Beyond 12 months
. Total Credits not held as fixed assets	15.178.115	12.623.800	8.988.965
. 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	1.641.952	1.586.962	3.862.502
. . Checks
. . Banknotes and coins	18.484	9.775	5.202
. Total Liquid funds	1.660.436	1.596.737	3.867.704
Total current assets	20.702.156	16.395.142	14.119.447
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	115.706	35.381	25.394
Total adjustments accounts	115.706	35.381	25.394
TOTAL ASSETS	21.246.050	16.696.705	14.351.204
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	10.400	10.400	10.400
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	2.080	2.080	2.080
. Reserve for Own shares
. Statute reserves
. Other reserves	3.778.376	2.726.031	1.231.972
. Accumulated Profits (Losses)
. Profit( loss) of the year	392.519	1.052.346	1.494.055
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	4.183.375	3.790.857	2.738.507
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	188.905	144.771	138.157
ACCOUNTS PAYABLE
. . . . Within 12 months	16.786.742	12.745.290	11.459.803
. . . . 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	2.372.499	2.154.507	546.422
. . . . Within 12 months	2.372.499	2.154.507	546.422
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	3.209.504	753.193	1.640.271
. . . . Within 12 months	3.209.504	753.193	1.640.271
. . . . Beyond 12 months
. . Trade payables	10.467.553	8.878.482	7.930.328
. . . . Within 12 months	10.467.553	8.878.482	7.930.328
. . . . 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	348.872	657.794	938.553
. . . . Within 12 months	348.872	657.794	938.553
. . . . Beyond 12 months
. . Due to social security and welfare inst.	92.813	88.714	82.132
. . . . Within 12 months	92.813	88.714	82.132
. . . . Beyond 12 months
. . Other payables	295.501	212.600	322.097
. . . . Within 12 months	295.501	212.600	322.097
. . . . Beyond 12 months
Total accounts payable	16.786.742	12.745.290	11.459.803
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	87.028	15.787	14.737
Total adjustment accounts	87.028	15.787	14.737
TOTAL LIABILITIES	21.246.050	16.696.705	14.351.204

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	28.615.432	31.091.772	27.733.916
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	301.306	57.036	71.914
. . Contributions for operating expenses
. . Different income and revenues	301.306	57.036	71.914
Total value of production	28.916.738	31.148.808	27.805.830
PRODUCTION COSTS
. Raw material,other materials and consum.	14.479.088	19.566.746	11.389.465
. Services received	9.887.614	8.800.229	11.513.905
. Leases and rentals	1.270.713	1.190.942	876.024
. Payroll and related costs	1.055.907	1.043.166	930.951
. . Wages and salaries	749.658	746.869	674.421
. . Social security contributions	248.488	237.739	210.433
. . Employee termination indemnities	53.733	53.012	45.339
. . Pension and similar
. . Other costs	4.028	5.546	758
. Amortization and depreciation	119.512	97.221	125.729
. . Amortization of intangible fixed assets	15.790	15.090	64.921
. . Amortization of tangible fixed assets	36.918	26.559	23.816
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	66.804	55.572	36.992
. Changes in raw materials	968.206	-1.313.506	-47.150
. Provisions to risk reserves
. Other provisions
. Other operating costs	314.138	141.260	743.556
Total production costs	28.095.178	29.526.058	25.532.480
Diff. between value and cost of product.	821.560	1.622.750	2.273.350
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	20.423	68.457	63.439
. . 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
. . Financ.income other than the above
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-187.528	-88.104	-20.656
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-167.105	-19.647	42.783
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense	-5	-5	-5
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-5	-5	-5
Total extraordinary income and expense	-5	-5	-5
Results before income taxes	654.450	1.603.098	2.316.128
. Taxes on current income	261.931	550.752	822.073
. . current taxes	261.931	550.752	822.073
. . differed taxes(anticip.)
. Net income for the period	392.519	1.052.346	1.494.055
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	392.519	1.052.346	1.494.055

RATIOS	Value Type	as at 31/12/2012	as at 31/12/2011	as at 31/12/2010	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,02	0,02	0,01	0,16
Elasticity Ratio	Units	0,97	0,98	0,98	0,82
Availability of stock	Units	0,18	0,13	0,09	0,20
Total Liquidity Ratio	Units	0,79	0,85	0,90	0,56
Quick Ratio	Units	0,08	0,10	0,27	0,04
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,62	2,94	2,77	3,10
Self Financing Ratio	Units	0,20	0,23	0,19	0,19
Capital protection Ratio	Units	0,90	0,72	0,45	0,63
Liabilities consolidation quotient	Units	0,01	0,01	0,01	0,16
Financing	Units	4,01	3,36	4,18	4,16
Permanent Indebtedness Ratio	Units	0,21	0,24	0,20	0,38
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,07
Net Financial Indebtedness Ratio	Units	0,17	0,15	0,00	0,02
CORRELATION
Fixed assets ratio	Units	10,21	14,79	13,94	1,80
Current ratio	Units	1,23	1,29	1,23	1,24
Acid Test Ratio-Liquidity Ratio	Units	1,00	1,12	1,12	0,96
Structure's primary quotient	Units	9,77	14,24	13,27	1,18
Treasury's primary quotient	Units	0,10	0,13	0,34	0,06
Rate of indebtedness ( Leverage )	%	507,87	440,45	524,05	534,62
Current Capital ( net )	Value	3.915.414	3.649.852	2.659.644	881.162
RETURN
Return on Sales	%	1,79	3,70	5,84	3,66
Return on Equity - Net- ( R.O.E. )	%	9,38	27,76	54,56	8,90
Return on Equity - Gross - ( R.O.E. )	%	15,64	42,29	84,58	19,94
Return on Investment ( R.O.I. )	%	3,87	9,72	15,84	5,24
Return/ Sales	%	2,87	5,22	8,20	4,57
Extra Management revenues/charges incid.	%	47,78	64,85	65,72	35,24
Cash Flow	Value	512.031	1.149.567	1.619.784	214.985
Operating Profit	Value	821.560	1.622.750	2.273.350	310.321
Gross Operating Margin	Value	941.072	1.719.971	2.399.079	419.513
MANAGEMENT
Credits to clients average term	Days	165,38	125,87	92,40	117,11
Debts to suppliers average term	Days	146,99	108,14	120,06	124,74
Average stock waiting period	Days	48,61	25,18	16,39	56,77
Rate of capital employed return ( Turnover )	Units	1,35	1,86	1,93	1,11
Rate of stock return	Units	7,41	14,30	21,96	6,23
Labour cost incidence	%	3,69	3,36	3,36	17,11
Net financial revenues/ charges incidence	%	-0,58	-0,06	0,15	-0,80
Labour cost on purchasing expenses	%	3,76	3,53	3,65	17,78
Short-term financing charges	%	1,12	0,69	0,18	2,20
Capital on hand	%	74,25	53,70	51,75	89,56
Sales pro employee	Value	1.300.701	1.516.671	1.386.695	208.953
Labour cost pro employee	Value	47.995	50.886	46.547	36.854

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	:	487.003
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

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 1.775.

The insolvency index for the region is 0,46, , while for the province it is 0,38.

Total Bankrupt companies in the province : 1.365.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.50
UK Pound	1	Rs.101.92
Euro	1	Rs.84.50

INFORMATION DETAILS

Report Prepared by :

NNA

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.