MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	PROFILINOX - S.P.A.
Registered Office :	Via Alfred Bernhard Nobel, 3/A, 43122 – Parma (PR)
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	20.03.1986
Com. Reg. No.:	PR027-16737 of Parma
Legal Form :	Joint Stock Company
Line of Business :	· Manufacturer of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel) · Wholesaler of metalliferous minerals, ferrous metals and semi-finished products
No. of Employees :	from 36 to 50 employees

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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

Profilinox - S.p.a.

Via Alfred Bernhard Nobel, 3/A

43122 - Parma (PR) -IT-

Summary

Fiscal Code	:	01543470346
Legal Form	:	Joint stock company
start of Activities	:	25/09/1986
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 36 to 50

Activity

· Manufacture of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel)

· Wholesale of metalliferous minerals, ferrous metals and semi-finished products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01543470346

Foreign Trade Reg. no. : PR010563 since 01/12/1992

Chamber of Commerce no. : 161498 of Parma since 22/04/1986

Firms' Register : PR027-16737 of Parma

V.A.T. Code : 01543470346

Tribunal Co. Register : 16737 of

Foundation date	: 25/09/1986
Establishment date	: 20/03/1986
Start of Activities	: 25/09/1986
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Members

Vender

Roberto

Born in Milano

(MI)

on 18/10/1970

- Fiscal Code : VNDRRT70R18F205M

Residence:

Feltre

, 71

- 20134

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2013

Mortgage by Court Injunction - 25/05/2009. - 115.362 Euro. Event writing-off

 BANCA POPOLARE DI BERGAMO

Mattioli

Manuela

Born in Parma

(PR)

on 10/03/1947

- Fiscal Code : MTTMNL47C50G337Y

Residence:

Delle Rimembranze

, 19

- 43123

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	23/07/2013
Director	08/05/2013

No Prejudicial events are reported

No Protests registered

Vender

Giovanni

Born in Parma

(PR)

on 15/08/1942

- Fiscal Code : VNDGNN42M15G337P

Residence:

Delle Rimembranze

, 19

- 43123

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	23/07/2013
Director	08/05/2013
Board Chairman	08/05/2013

Prejudicial events registered

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.

Vender

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
S.l.m. Service S.r.l.	Parma (PR) - IT -	02313550267	Director	Withdrawn	Registered
M.a. Centro Inossidabili Societa' Per Azioni	Calenzano (FI) - IT -	04059840480	Director	Active	Registered
M.a. Centro Inossidabili Societa' Per Azioni	Calenzano (FI) - IT -	04059840480	Board Chairman	Active	Registered
Albergo Tre Ville S.r.l.	Parma (PR) - IT -	02052210347	Board Chairman	Active	Registered
Gruppo Inox - Societa' Per Azioni	Monza (MB) - IT -	02766730960	Director	Withdrawn	Merged
Gruppo Inox - Societa' Per Azioni	Monza (MB) - IT -	02766730960	Assistant board Chairman	Withdrawn	Merged
Gioe Immobiliare S.r.l.	Parma (PR) - IT -	02084770342	Sole Director	Active	Registered
Capital E Consulting S.r.l.	Parma (PR) - IT -	02172960342	Board Chairman	Withdrawn	Registered
Acciai Vender Societa' Per Azioni	Parma (PR) - IT -	00426590345	Director	Active	Registered
Acciai Vender Societa' Per Azioni	Parma (PR) - IT -	00426590345	Managing Director	Active	Registered
Mariven S.r.l.	Gazoldo degli Ippoliti (MN) - IT -	02238870204	Director	Active	Registered
Mariven S.r.l.	Gazoldo degli Ippoliti (MN) - IT -	02238870204	Sole Director	Withdrawn	Registered
Centro Acciai Inox S.r.l.	Modugno (BA) - IT -	03986610727	Director	Active	Registered
Centro Acciai Inox S.r.l.	Modugno (BA) - IT -	03986610727	Assistant board Chairman	Withdrawn	Registered
Centro Acciai Inox S.r.l.	Modugno (BA) - IT -	03986610727	Board Chairman	Active	Registered
E.l. Gioe S.r.l.	Parma (PR) - IT -	02362970341	Board Chairman	Active	Registered
G.v. International S.p.a.	Parma (PR) - IT -	02238820340	Director	Active	Registered
G.v. International S.p.a.	Parma (PR) - IT -	02238820340	Board Chairman	Active	Registered
Finven Immobiliare S.r.l.	Parma (PR) - IT -	02362990349	Director	Active	Registered
Gv - Fin S.r.l.	Parma (PR) - IT -	02387140342	Director	Withdrawn	Registered
Gv - Fin S.r.l.	Parma (PR) - IT -	02387140342	Board Chairman	Withdrawn	Registered
G.r.t. Capital And Consulting S.r.l.	Trieste (TS) - IT -	01109910321	Director	Withdrawn	Registered
G.r.t. Capital And Consulting S.r.l.	Trieste (TS) - IT -	01109910321	Board Chairman	Withdrawn	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Director	Active	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Managing Director	Active	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Board Chairman	Active	Registered
Metaltrading S.r.l.	Parma (PR) - IT -	02315640348	Director	Withdrawn	Registered
Metaltrading S.r.l.	Parma (PR) - IT -	02315640348	Board Chairman	Withdrawn	Registered
S.l.m. S.r.l.	Parma (PR) - IT -	02630580344	Director	Active	Registered
E.l.v. Service Srl	Parma (PR) - IT -	02615410343	Managing Director	Active	Registered
E.l.v. Service Srl	Parma (PR) - IT -	02615410343	Director	Active	Registered
Gruppo Inox S.p.A.	Monza (MB) - IT -	08048950961	Director	Withdrawn	Registered
Gruppo Inox S.p.A.	Monza (MB) - IT -	08048950961	Assistant board Chairman	Withdrawn	Registered

Mattioli

Manuela

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Veneta Inoxservice S.r.l.	Thiene (VI) - IT -	00891020240	Director	Withdrawn	Ceased
Finven Spa	Monza (MI) - IT -	07788450158	Director	Withdrawn	Registered
Finven Spa	Monza (MI) - IT -	07788450158	Managing Director	Withdrawn	Registered
Sidernastri Inox Srl	Monza (MI) - IT -	02471200960	Attorney with special power	Withdrawn	Ceased
FINANZIARIA FINAI S.R.L.	Parma (PR) - IT -	01793980341	Board Chairman	Withdrawn	Registered
EREDI GIULIANI EMMA VENDER - SOCIETA' INACCOMANDITA SEMPLICE	- -	00226770345	Liquidator	Withdrawn	Registered
M.a. Centro Inossidabili Societa' Per Azioni	Calenzano (FI) - IT -	04059840480	Director	Active	Registered
Gruppo Inox - Societa' Per Azioni	Monza (MB) - IT -	02766730960	Director	Withdrawn	Merged
Gioe Immobiliare S.r.l.	Parma (PR) - IT -	02084770342	Procurator	Active	Registered
Acciai Vender Societa' Per Azioni	Parma (PR) - IT -	00426590345	Director	Active	Registered
Acciai Vender Societa' Per Azioni	Parma (PR) - IT -	00426590345	Board Chairman	Active	Registered
E.l. Gioe S.r.l.	Parma (PR) - IT -	02362970341	Director	Active	Registered
G.v. International S.p.a.	Parma (PR) - IT -	02238820340	Procurator	Active	Registered
I.V.P. S.R.L.	Parma (PR) - IT -	02278090341	Procurator	Withdrawn	Registered
Finven Immobiliare S.r.l.	Parma (PR) - IT -	02362990349	Director	Active	Registered
FININOX S.R.L.	Parma (PR) - IT -	02363050341	Director	Withdrawn	Registered
Metaltrading S.r.l.	Parma (PR) - IT -	02315640348	Procurator	Withdrawn	Registered
E.l.v. Service Srl	Parma (PR) - IT -	02615410343	Procurator	Active	Registered
Gruppo Inox S.p.A.	Monza (MB) - IT -	08048950961	Director	Withdrawn	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
Profilinox - S.p.a.	Parma - IT -	01543470346	100.000 .Eur	10,00
Acciai Vender Societa' Per Azioni	Parma - IT -	00426590345	200.000 .Eur	20,00
G.l.r. Stardust S.r.l.	Parma - IT -	02362980340	350.000 .Eur	35,00
E.l. Gioe S.r.l.	Parma - IT -	02362970341	350.000 .Eur	35,00

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
Profilinox - S.p.a.	Parma - IT -	01543470346	100.000 .Eur	10,00			Active

Firm's location and structure

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

-

Legal and operative seat

since 30/01/1990

Via Nobel, 3/A - Quartiere industriale S.P.I.P.
43122 Parma - Italy
tel. +39 0521 607801 - fax +39 0521 607817
E-mail: info@profilinox.it

Employees

: 43

Fittings and Equipment for a value of 810.000

Eur

Stocks for a value of 8.000.000

Eur

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	16/06/1987

COMPANY'S CAPITAL CHANGES:

Former Type	Former Amount	New Type	New Amount	Changement Date
subcribed,nominal and issued	46.481Eur	subcribed,nominal and issued	103.291Eur

EX-MEMBERS / EX-POSITIONS:

Vender

Giovanni

Born in Parma

(PR)

on 15/08/1942

- Fiscal Code : VNDGNN42M15G337P

Residence:

Delle Rimembranze

, 19

- 43123

Parma

(PR)

- IT -

Ex-Postions

Chairman

Managing Director

Mattioli

Manuela

Born in Parma

(PR)

on 10/03/1947

- Fiscal Code : MTTMNL47C50G337Y

Residence:

Delle Rimembranze

, 19

- 43123

Parma

(PR)

- IT -

Ex-Postions

Managing Director

Rossi

Luciana Maria

Born in Milano

(MI)

on 14/09/1948

- Fiscal Code : RSSLNM48P54F205I

Residence:

Feltre

, 71

- 20134

Milano

(MI)

- IT -

Ex-Postions

Director

Vender

Giovanni

Born in Parma

(PR)

on 15/08/1942

- Fiscal Code : VNDGNN42M15G337P

Residence:

Rimembranze

, 19

- 43100

Parma

(PR)

- IT -

Ex-Postions

Board Chairman

Chairman

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

Subject is active since 1986

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

nder an economic point of view, profits were registered during the last years with a r.o.e. of 2,59% in 2012

The operating result was positive in the last financial year (1,78%) and in line with the sector's average.

An operating result of Eur. 1.295.673 has been registered. with a -70,45% fall as against the year 2011.

The gross operating margin of the latest financial year is of Eur. 2.608.347 , with a -54,06% decrease.

The financial status of the company is fairly balanced with an indebtedness level of 1,15 and falling as against the previous year (1,36).

The equity capital is equal to Eur. 30.618.053 , unchanged if compared to 2011.

Total debts recorded amounted to Eur. 38.406.875 (Eur. 2.582.764 of which were m/l term debts) , a more or less stable value.

The company does not exceed in bank credits; payments average period is instead slightly high (125,38 gg.) but lined up with the field's average.

The available funds are good.

Accounts receivable average term is high (233,66 days). besides being higher than the sector's average.

Eur. 2.104.825 is the value of cash flow during the year 2012

Labour cost expenses amount to Eur. 1.849.038 , representing 2,5% on the total of production costs. and a 2,48% incidence on sales volumes.

The financial management has a limited economic impact, equal to -0,08% on the sales.

Financial Data

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	74.678.244
Profit (Loss) for the period	792.151

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	85.850.678
Profit (Loss) for the period	2.911.435

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	82.550.114
Profit (Loss) for the period	2.541.357

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	49.958.491
Profit (Loss) for the period	620.549

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	86.782.826
Profit (Loss) for the period	2.434.802

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.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	502	700	530
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	133.203	144.028	154.854
. Total Intangible Fixed Assets	133.705	144.728	155.384
. TANGIBLE FIXED ASSETS
. . Real estate	9.546.913	9.765.360	9.572.917
. . Plant and machinery	781.451	895.315	1.010.560
. . Industrial and commercial equipment	28.646	46.410	51.315
. . Other assets	133.508	142.561	149.033
. . Assets under construction and advances			350.000
. Total Tangible fixed assets	10.490.518	10.849.646	11.133.825
. FINANCIAL FIXED ASSETS
. . Equity investments	1.379.432	1.356.432	1.356.432
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	23.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.356.432	1.356.432	1.356.432
. . Financial receivables	55.950	55.950	573.450
. . . . Within 12 months
. . . . Beyond 12 months	55.950	55.950	573.450
. . . 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	55.950	55.950	573.450
. . . . Within 12 months
. . . . Beyond 12 months	55.950	55.950	573.450
. . Other securities
. . Own shares	1.000.000	1.000.000	1.000.000
. . . Total nominal value
. Total financial fixed assets	2.435.382	2.412.382	2.929.882
Total fixed assets	13.059.605	13.406.756	14.219.091
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	7.941.002	8.483.587	7.853.291
. . Advance payments	60.249	63.879	283.252
. Total Inventories	8.001.251	8.547.466	8.136.543
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	50.615.913	54.798.309	56.317.726
. . Beyond 12 months	250.871	415.307	262.557
. . Trade receivables	48.471.260	53.959.759	54.814.169
. . . . Within 12 months	48.471.260	53.959.759	54.814.169
. . . . 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	1.679.414	728.618	1.392.191
. . . . Within 12 months	1.564.514	696.782	1.360.355
. . . . Beyond 12 months	114.900	31.836	31.836
. . Receivables for anticipated taxes	660.000	495.000	344.331
. . . . Within 12 months	550.000	137.500	138.081
. . . . Beyond 12 months	110.000	357.500	206.250
. . Receivables due from third parties	56.110	30.239	29.592
. . . . Within 12 months	30.139	4.268	5.121
. . . . Beyond 12 months	25.971	25.971	24.471
. Total Credits not held as fixed assets	50.866.784	55.213.616	56.580.283
. 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	729.456	106.112	2.423.728
. . Checks
. . Banknotes and coins	372	794	2.768
. Total Liquid funds	729.828	106.906	2.426.496
Total current assets	59.597.863	63.867.988	67.143.322
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	17.305	18.041	40.856
Total adjustments accounts	17.305	18.041	40.856
TOTAL ASSETS	72.674.773	77.292.785	81.403.269
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	1.000.000
. Additional paid-in capital
. Revaluation reserves	7.491.045	7.491.045	7.491.045
. Legal reserve	200.000	200.000	200.000
. Reserve for Own shares
. Statute reserves	1.000.000	1.000.000	1.000.000
. Other reserves	20.134.857	17.223.423	14.682.066
. Accumulated Profits (Losses)
. Profit( loss) of the year	792.151	2.911.435	2.541.357
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	30.618.053	29.825.903	26.914.468
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	2.882	8.272	7.546
. . Taxation fund, also differed	2.945.882	2.940.921	2.970.571
. . Other funds
Total Reserves for Risks and Charges	2.948.764	2.949.193	2.978.117
Employee termination indemnities	637.539	554.291	491.210
ACCOUNTS PAYABLE
. . . . Within 12 months	35.824.111	40.747.923	46.739.308
. . . . Beyond 12 months	2.582.764	3.142.857	4.235.045
. . 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	13.682.421	19.814.266	20.945.602
. . . . Within 12 months	11.099.657	16.671.409	16.710.557
. . . . Beyond 12 months	2.582.764	3.142.857	4.235.045
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	24.428.841	23.748.825	29.778.658
. . . . Within 12 months	24.428.841	23.748.825	29.778.658
. . . . 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		66.745
. . . . Within 12 months		66.745
. . . . Beyond 12 months
. . Due to social security and welfare inst.	118.295	110.597	95.783
. . . . Within 12 months	118.295	110.597	95.783
. . . . Beyond 12 months
. . Other payables	177.318	150.347	154.310
. . . . Within 12 months	177.318	150.347	154.310
. . . . Beyond 12 months
Total accounts payable	38.406.875	43.890.780	50.974.353
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	63.542	72.618	45.121
Total adjustment accounts	63.542	72.618	45.121
TOTAL LIABILITIES	72.674.773	77.292.785	81.403.269

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	74.678.244	85.850.678	82.550.114
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	599.491	593.404	554.184
. . Contributions for operating expenses
. . Different income and revenues	599.491	593.404	554.184
Total value of production	75.277.735	86.444.082	83.104.298
PRODUCTION COSTS
. Raw material,other materials and consum.	68.074.081	77.404.079	76.126.898
. Services received	1.664.711	1.714.409	1.811.971
. Leases and rentals	401.776	394.979	752.657
. Payroll and related costs	1.849.038	1.786.487	1.413.119
. . Wages and salaries	1.295.142	1.175.100	1.024.946
. . Social security contributions	368.527	322.330	293.039
. . Employee termination indemnities	112.454	100.098	89.484
. . Pension and similar
. . Other costs	72.915	188.959	5.650
. Amortization and depreciation	1.312.674	1.293.116	1.184.786
. . Amortization of intangible fixed assets	11.023	11.185	11.544
. . Amortization of tangible fixed assets	440.525	446.770	436.955
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	861.126	835.161	736.287
. Changes in raw materials	542.585	-630.297	-2.756.912
. Provisions to risk reserves
. Other provisions
. Other operating costs	137.197	96.308	197.611
Total production costs	73.982.062	82.059.081	78.730.130
Diff. between value and cost of product.	1.295.673	4.385.001	4.374.168
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	887	319	559
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	546.577	418.009	330.432
. . 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	-608.953	-422.039	-132.669
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-61.489	-3.711	198.322
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	142.887	50.162	39.527
. . Gains on disposals
. . Other extraordinary income	142.887	50.162	39.527
. Extraordinary expense	-123.572	-62.143	-596.121
. . Losses on disposals
. . Taxes relating to prior years	-100.000		-250.000
. . Other extraordinary expense	-23.572	-62.143	-346.121
Total extraordinary income and expense	19.315	-11.981	-556.594
Results before income taxes	1.253.499	4.369.309	4.015.896
. Taxes on current income	461.348	1.457.874	1.474.539
. . current taxes	626.348	1.579.001	1.535.079
. . differed taxes(anticip.)	-165.000	-121.127	-60.540
. Net income for the period	792.151	2.911.435	2.541.357
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	792.151	2.911.435	2.541.357

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	0,18	0,17	0,17	0,33
Elasticity Ratio	Units	0,82	0,83	0,82	0,64
Availability of stock	Units	0,11	0,11	0,10	0,22
Total Liquidity Ratio	Units	0,71	0,72	0,72	0,41
Quick Ratio	Units	0,01	0,00	0,03	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,15	1,36	1,65	1,76
Self Financing Ratio	Units	0,42	0,39	0,33	0,28
Capital protection Ratio	Units	0,94	0,87	0,87	0,65
Liabilities consolidation quotient	Units	0,09	0,09	0,10	0,21
Financing	Units	1,25	1,47	1,89	2,32
Permanent Indebtedness Ratio	Units	0,47	0,43	0,39	0,44
M/L term Debts Ratio	Units	0,04	0,05	0,06	0,10
Net Financial Indebtedness Ratio	Units	0,42	0,66	0,69	1,23
CORRELATION
Fixed assets ratio	Units	2,59	2,50	2,23	1,38
Current ratio	Units	1,66	1,57	1,44	1,17
Acid Test Ratio-Liquidity Ratio	Units	1,44	1,36	1,26	0,80
Structure's primary quotient	Units	2,34	2,22	1,89	0,84
Treasury's primary quotient	Units	0,02	0,00	0,05	0,02
Rate of indebtedness ( Leverage )	%	237,36	259,15	302,45	353,85
Current Capital ( net )	Value	23.773.752	23.120.065	20.404.014	1.089.006
RETURN
Return on Sales	%	2,82	4,90	4,51	4,21
Return on Equity - Net- ( R.O.E. )	%	2,59	9,76	9,44	5,65
Return on Equity - Gross - ( R.O.E. )	%	4,09	14,65	14,92	10,45
Return on Investment ( R.O.I. )	%	1,78	5,67	5,37	5,10
Return/ Sales	%	1,74	5,11	5,30	5,37
Extra Management revenues/charges incid.	%	61,14	66,40	58,10	32,26
Cash Flow	Value	2.104.825	4.204.551	3.726.143	656.826
Operating Profit	Value	1.295.673	4.385.001	4.374.168	725.724
Gross Operating Margin	Value	2.608.347	5.678.117	5.558.954	1.207.677
MANAGEMENT
Credits to clients average term	Days	233,66	226,27	239,04	103,53
Debts to suppliers average term	Days	125,38	107,52	136,23	107,64
Average stock waiting period	Days	38,57	35,84	35,48	64,91
Rate of capital employed return ( Turnover )	Units	1,03	1,11	1,01	1,09
Rate of stock return	Units	9,33	10,04	10,15	5,55
Labour cost incidence	%	2,48	2,08	1,71	10,69
Net financial revenues/ charges incidence	%	-0,08	0,00	0,24	-1,62
Labour cost on purchasing expenses	%	2,50	2,18	1,79	11,43
Short-term financing charges	%	1,59	0,96	0,26	3,56
Capital on hand	%	97,32	90,03	98,61	91,63
Sales pro employee	Value	1.778.053	2.259.228	2.358.574	358.274
Labour cost pro employee	Value	44.024	47.012	40.374	35.860

Market / Territory Data

Population living in the province	:	413.198
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

Monthly family expenses 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 185 significant companies.

The companies cash their credits on an average of 104 dd.

The average duration of suppliers debts is about 108 dd.

The sector's profitability is on an average of 4,21%.

The labour cost affects the turnover in the measure of 10,69%.

Goods are held in stock in a range of 65 dd.

The difference between the sales volume and the resources used to realize it is about 1,09.

The employees costs represent the 11,43% of the production costs.

Statistical Detrimental Data

Statistically 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 1.231.

The insolvency index for the region is 0,46, , while for the province it is 0,31.

Total Bankrupt companies in the province : 1.624.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Report Prepared by :

MNL

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.