MIRA INFORM REPORT

Report Date :

09.01.2014

IDENTIFICATION DETAILS

Name :	ELDA TRADE SRL
Registered Office :	Via Maestri Del Lavoro 8, Contrada San Pietro, Mogliano, 62010
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	18.02.1988
Com. Reg. No.:	01006570434
Legal Form :	Private Independent
Line of Business :	Subject is engaged in manufacture of luggage, handbags and the like, of leather, composition leather and of any other materials
No. of Employees :	22

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

ELDA TRADE SRL

Via Maestri Del Lavoro 8
Contrada San Pietro
Mogliano, 62010
Italy
Tel:	+39 0733 559013
Fax:	+39 0733 559014

Employees:	22
Company Type:	Private Independent
Incorporation Date:	18-Feb-1988

Financials in:	As Reported (mil) As Reported (000) USD (mil) USD (000) GBP (mil) GBP (000) EUR (mil) EUR (000)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	Euro
Annual Sales:	10.0
Total Assets:	6.2

Business Description

Elda Trade SRL is primarily engaged in manufacture of luggage, handbags and the like, of leather, composition leather and of any other materials, such as plastic sheeting, textile materials, vulcanised fibre or paperboard, where the same technology is used as for leather; manufacture of non-metallic watch straps; manufacture of diverse articles of leather or composition leather: driving belts, packings, and manufacture of saddlery and harness.

Industry

Industry	Petroleum Product Manufacturing
ANZSIC 2006:	1701 - Petroleum Refining and Petroleum Fuel Manufacturing
ISIC Rev 4:	1920 - Manufacture of refined petroleum products
NACE Rev 2:	1920 - Manufacture of refined petroleum products
NAICS 2012:	324110 - Petroleum Refineries
UK SIC 2007:	1920 - Manufacture of refined petroleum products
US SIC 1987:	3199 - Leather Goods, Not Elsewhere Classified

Key Executives

Name	Title
Elio Contigiani	Sole administrator

Registered No.(ITA): 01006570434

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7782366

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7566

Corporate Overview

Location
Via Maestri Del Lavoro 8
Contrada San Pietro
Mogliano, 62010
Italy

Tel:	+39 0733 559013
Fax:	+39 0733 559014

Sales EUR(mil):	7.8
Assets EUR(mil):	4.7
Employees:	22
Fiscal Year End:	31-Dec-2012

Industry:	Oil and Gas Operations

Incorporation Date:	18-Feb-1988
Company Type:	Private Independent
Quoted Status:	Not Quoted
Registered No.(ITA):	01006570434

Sole administrator:	Elio Contigiani

Industry Codes

ANZSIC 2006 Codes:
1701	-	Petroleum Refining and Petroleum Fuel Manufacturing
4279	-	Other Store-Based Retailing Not Elsewhere Classified
3739	-	Other Goods Wholesaling Not Elsewhere Classified

ISIC Rev 4 Codes:
1920	-	Manufacture of refined petroleum products
4771	-	Retail sale of clothing, footwear and leather articles in specialized stores
4690	-	Non-specialized wholesale trade

NACE Rev 2 Codes:
1920	-	Manufacture of refined petroleum products
4772	-	Retail sale of footwear and leather goods in specialised stores
4690	-	Non-specialised wholesale trade

NAICS 2012 Codes:
324110	-	Petroleum Refineries
423990	-	Other Miscellaneous Durable Goods Merchant Wholesalers
448	-	Clothing and Clothing Accessories Stores

US SIC 1987:
3199	-	Leather Goods, Not Elsewhere Classified
59	-	Miscellaneous Retail
5099	-	Durable Goods, Not Elsewhere Classified

UK SIC 2007:
1920	-	Manufacture of refined petroleum products
4772	-	Retail sale of footwear and leather goods in specialised stores
4690	-	Non-specialised wholesale trade

Business Description

Elda Trade SRL is primarily engaged in manufacture of luggage, handbags and the like, of leather, composition leather and of any other materials, such as plastic sheeting, textile materials, vulcanised fibre or paperboard, where the same technology is used as for leather; manufacture of non-metallic watch straps; manufacture of diverse articles of leather or composition leather: driving belts, packings, etc.; and manufacture of saddlery and harness.

Financial Data

Financials in:	EUR(mil)
Revenue:	7.8
Assets:	4.7
Current Assets:	4.6
Total Liabilities:	4.7
Net Worth:	2.8
Date of Financial Data:	31-Dec-2012

1 Year Growth

-0.9%

NA

Key Corporate Relationships

Bank:	Banca delle Marche Ag

Executives Report

Executives

Name	Title	Function
Elio Contigiani	Sole administrator	Owner/Proprietor

Annual Profit & Loss

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.778237	0.71919	0.755078
Consolidated	No	No	No
Total income	10.0	11.8	9.6
Net sales	10.0	10.9	9.8
Other operating income	0.1	0.0	0.0
Raw materials and consumables employed	6.5	8.4	6.4
Other expenses	2.0	2.1	1.9
Total payroll costs	0.7	0.7	0.7
Fixed asset depreciation and amortisation	0.1	0.1	0.1
Other operating costs	0.1	0.1	0.1
Net operating income	0.7	0.5	0.5
Total financial income	0.0	0.0	0.0
Total expenses	0.1	0.1	0.0
Profit before tax	0.6	0.4	0.5
Extraordinary result	-	-	-0.2
Profit after extraordinary items and before tax	0.6	0.4	0.3
Total taxation	0.2	0.2	0.2
Net profit	0.4	0.3	0.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Total stockholders equity	3.7	3.2	3.0
Provision for pensions	0.2	0.2	0.2
Other long-term liabilities	0.2	0.7	0.5
Other current liabilities	2.2	3.2	2.8
Accruals and deferred income	0.0	0.0	0.0
Total current liabilities	2.2	3.2	2.8
Total liabilities (including net worth)	6.2	7.2	6.5
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.1	0.2	0.2
Total financial assets	-	0.1	0.1
Receivables due after 1 year	0.0	0.0	0.0
Total non-current assets	0.2	0.3	0.3
Net stocks and work in progress	1.9	1.9	1.1
Other receivables	3.7	4.7	4.6
Cash and liquid assets	0.3	0.4	0.5
Accruals	0.0	0.0	0.0
Total current assets	6.0	7.0	6.2
Total assets	6.2	7.2	6.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.7566	0.770327	0.745406
Consolidated	No	No	No
Current ratio	2.80	2.20	2.20
Quick ratio	1.90	1.60	1.80
Current liabilities to net worth	0.01%	0.01%	0.01%
Sales per employee	0.37	-	0.30
Profit per employee	0.02	-	-
Average wage per employee	0.02	-	0.02
Net worth	3.7	3.2	3.0
Number of employees	21	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.102.17
Euro	1	Rs.84.82

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.