MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	GAUDI TRADE S.P.A.
Registered Office :	Via Nuova Ponente, 29 41012 – Carpi (MO)
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	01.07.1995
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of knitted and crocheted apparel Retail sale of shirts, underwear and knitwear
No. of Employees	From 176 to 200

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 :	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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Italy	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 and address

GAUDI' TRADE S.P.A.

ViaNuova Ponente, 29

41012 - Carpi (MO) -IT-

Summary

Fiscal Code	:	02292170368
Legal Form	:	Joint stock company
start of Activities	:	01/07/1995
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 176 to 200

Activity

Manufacture of other knitted and crocheted apparel

Retail sale of clothing in specialised stores

Retail sale of shirts, underwear and knitwear

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02292170368

Foreign Trade Reg. no. : MO025039 since 09/04/1996

Chamber of Commerce no. : 154096 of Arezzo

Chamber of Commerce no. : 480342 of Bari

Chamber of Commerce no. : 386650 of Bologna

Chamber of Commerce no. : 490205 of Bologna

Chamber of Commerce no. : 523360 of Brescia

Chamber of Commerce no. : 285227 of Caserta

Chamber of Commerce no. : 283465 of Cuneo

Chamber of Commerce no. : 334202 of Catania

Chamber of Commerce no. : 66331 of Enna

Chamber of Commerce no. : 591766 of Firenze

Chamber of Commerce no. : 1660620 of Milano

Chamber of Commerce no. : 1778744 of Milano

Chamber of Commerce no. : 220317 of Mantova

Chamber of Commerce no. : 233839 of Mantova

Chamber of Commerce no. : 280039 of Modena since 11/07/1995

Chamber of Commerce no. : 224791 of Novara

Chamber of Commerce no. : 298002 of Palermo

Chamber of Commerce no. : 138568 of Pescara

Chamber of Commerce no. : 224522 of Parma

Chamber of Commerce no. : 263482 of Reggio Emilia

Chamber of Commerce no. : 1056746 of Roma

Chamber of Commerce no. : 1248559 of Roma

Chamber of Commerce no. : 318515 of Rimini

Chamber of Commerce no. : 1128473 of Torino

Chamber of Commerce no. : 332795 of Varese

Chamber of Commerce no. : 392968 of Verona

Firms' Register : MO023-42035 of Modena since 19/02/1996

V.A.T. Code : 02292170368

Foundation date	: 21/03/1995
Establishment date	: 21/03/1995
Start of Activities	: 01/07/1995
Legal duration	: 31/12/2050
Nominal Capital	: 400.000
Subscribed Capital	: 400.000
Paid up Capital	: 400.000

Members

Marani

Roberto

Born in Carpi

(MO)

on 16/07/1963

- Fiscal Code : MRNRRT63L16B819X

Residence:

Berengario

, 160

- 41012

Carpi

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/11/2012
Partner

No Prejudicial events are reported

No Protests registered

Bonacini

Stefano

Born in Carpi

(MO)

on 15/08/1964

- Fiscal Code : BNCSFN64M15B819Z

Residence:

Della Costituzione

, 10

- 41012

Carpi

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/11/2012
Board Chairman	15/11/2012

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.

Bonacini

Stefano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Gaudi' Uomo Di Marani Roberto E C. S.n.c.	Carpi (MO) - IT -	01864490360	Partner	Withdrawn	Ceased
Gaudi' Uomo Di Marani Roberto E C. S.n.c.	Carpi (MO) - IT -	01864490360	Partner	Withdrawn	Ceased
New Parking Srl In Liquidazione	Carpi (MO) - IT -	02157140365	Sole Director	Withdrawn	Bankrupt
La Quercia S.r.l.	Carpi (MO) - IT -	01288700360	Sole Director	Active	Registered
La Quercia S.r.l.	Carpi (MO) - IT -	01288700360	Director	Withdrawn	Registered
Cinquecentodue Srl In Liquidazione	Carpi (MO) - IT -	02433970361	Sole Director	Withdrawn	Registered
Cinquecentodue Srl In Liquidazione	Carpi (MO) - IT -	02433970361	Liquidator	Withdrawn	Registered
Immobiliare M.b. Srl	Carpi (MO) - IT -	01975800366	Director	Withdrawn	Ceased
Immobiliare M.b. Srl	Carpi (MO) - IT -	01975800366	Liquidator	Withdrawn	Ceased
T.s. S.r.l.	Carpi (MO) - IT -	02633630369	Sole Director	Active	Registered
Bonacini Stefano	Rio Saliceto (RE) - IT -	BNCSFN64M15B819Z	Proprietor	Withdrawn	Ceased
Bonacini Stefano	Rio Saliceto (RE) - IT -	BNCSFN64M15B819Z	Proprietor	Withdrawn	Ceased
D.n.a. Di Marani E C. S.a.s.	Carpi (MO) - IT -	02377840364	Limited Partner	Withdrawn	Ceased
D.n.a. Di Marani E C. S.a.s.	Carpi (MO) - IT -	02377840364	Liquidator	Withdrawn	Ceased
Carpi F.c. 1909 S.r.l.	Carpi (MO) - IT -	02757250366	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
Marani Roberto	Carpi - IT -	MRNRRT63L16B819X	200.000 .Eur	50,00
Bonacini Stefano	Carpi - IT -	BNCSFN64M15B819Z	200.000 .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
Consorzio Acque Castel Guelfo Ii		02868531209					Active

Firm's location and structure

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

-

Legal and operative seat

since 21/03/1995

Nuova Ponente

, 29

- 41012

- Carpi

(MO)

- IT -

PHONE

: 059691277

-

Branch

(office)

since 01/07/2008

Nobel

, 10/12

- 41012

- Carpi

(MO)

- IT -

-

Branch

(Exhibition)

since 01/09/2008

C. Marx

, 84

- 41012

- Carpi

(MO)

- IT -

Trading Style: GAUDI' TRADE

-

Branch

(Warehouse)

since 08/02/2013

Nobel

, 10/12

- 41012

- Carpi

(MO)

- IT -

-

Branch

(Shop)

since 13/03/2009

E. Ferrari (locale E 11)

, 5

- 52045

- Foiano della Chiana

(AR)

- IT -

Trading Style: GAUDI' TRADE

Total Surface: 135 Sq.mt.

-

Branch

(Shop)

since 13/09/2005

Statale 16

- 70056

- Molfetta

(BA)

- IT -

Total Surface: 116 Sq.mt.

-

Branch

(Shop)

since 03/12/2010

Del Commercio

, 6/B

- 40023

- Castel Guelfo di Bologna

(BO)

- IT -

Total Surface: 181 Sq.mt.

-

Branch

(Shop)

since 20/12/2012

Cascina Moie

, 11

- 25050

- Rodengo-Saiano

(BS)

- IT -

Total Surface: 104 Sq.mt.

-

Branch

(Shop)

since 29/11/2013

Provinciale 336

, SNC

- 81025

- Marcianise

(CE)

- IT -

Total Surface: 139 Sq.mt.

-

Branch

(Shop)

since 07/09/2010

Mondovicino

, 130

- 12084

- Mondovi'

(CN)

- IT -

Trading Style: GAUDI TRADE

Total Surface: 105 Sq.mt.

-

Branch

(Shop)

since 08/03/2012

Mandre Bianche

, SNC

- 94011

- Agira

(EN)

- IT -

Total Surface: 120 Sq.mt.

-

Branch

(Shop)

since 16/10/2009

Dei Pecori

, 13R/15R

- 50100

- Firenze

(FI)

- IT -

Trading Style: GAUDI' TRADE

Total Surface: 196 Sq.mt.

-

Branch

(Shop)

since 09/10/2008

Buenos Aires

, 52

- 20100

- Milano

(MI)

- IT -

Trading Style: GAUDI' TRADE

-

Branch

(Shop)

since 22/11/2007

Marco Biagi

, SNC

- 46031

- Bagnolo San Vito

(MN)

- IT -

Total Surface: 155 Sq.mt.

-

Branch

(Shop)

since 04/09/2010

S. Martino Di Zusiagna

, 115

- 28060

- Vicolungo

(NO)

- IT -

Trading Style: GAUDI TRADE

Total Surface: 128 Sq.mt.

-

Branch

(Shop)

since 08/03/2012

Pecoraino Loc.roccella

, SNC

- 90100

- Palermo

(PA)

- IT -

Total Surface: 178 Sq.mt.

-

Branch

(Shop)

since 24/09/2009

Moscarola

- 65013

- Citta' Sant'Angelo

(PE)

- IT -

Trading Style: GAUDI' TRADE

Total Surface: 136 Sq.mt.

-

Branch

(Shop)

since 30/10/2009

Del Corso

, 59/60

- 00100

- Roma

(RM)

- IT -

Trading Style: GAUDI' TRADE

Total Surface: 85 Sq.mt.

-

Branch

(Shop)

since 10/06/2011

Ceccarini

, 96

- 47036

- Riccione

(RN)

- IT -

Trading Style: GAUDI' TRADE

Total Surface: 89 Sq.mt.

-

Branch

(Shop)

since 02/09/2010

Lagrange

, 35

- 10100

- Torino

(TO)

- IT -

Trading Style: GAUDI TRADE

Total Surface: 110 Sq.mt.

-

Branch

(Warehouse)

since 01/05/2012

Castagne

, 4

- 37060

- Sona

(VR)

- IT -

Employees

: 178

Fittings and Equipment for a value of 720.000

Eur

Stocks for a value of 12.850.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Baldecchi

Renzo

Born in Firenze

(FI)

on 27/12/1932

- Fiscal Code : BLDRNZ32T27D612Q

Residence:

Pallanza

, 21

- 41100

Modena

(MO)

- IT -

Ex-Postions

Temporary Auditor

Bonacini

Stefano

Born in Carpi

(MO)

on 15/08/1964

- Fiscal Code : BNCSFN64M15B819Z

Residence:

Della Costituzione

, 10

- 41012

Carpi

(MO)

- IT -

Ex-Postions

Person in charge

Bertolucci

Stella

Born in Novi di Modena

(MO)

on 01/04/1958

- Fiscal Code : BRTSLL58D41F966N

Residence:

Giotto

, 12/C

- 41016

Novi di Modena

(MO)

- IT -

Ex-Postions

Permanent Auditor

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

Company's starting of activities dates back to 1995.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 5,32% in 2012 but without a significant increase in the turnover.

The operating result was positive in the last financial year (0,48%) and in line with the sector's average.

The amount of the operating result for the year 2012 is of Eur. 209.767 with a -88,98% fall as against the year 2011.

The economic management produced a gross operating margin of Eur. 2.295.978 recording a -34,1% decrease.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,65) even though on the increase if compared to 2011.

It's shareholders funds amount to Eur. 8.850.929 , unchanged if compared to 2011.

During the last financial year debts totalled Eur. 33.500.789 (Eur. 40.500 of which were m/l term debts) with no important change.

Financial debts as well as debts to suppliers are rather high and higher than sector's average.

It shows a good range of liquidity.

As far as the collection of credit goes, the average is high (123,17 days). but on the same levels as the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 2.257.167

Labour cost expenses amount to Eur. 6.140.625 , representing 11,15% on the total of production costs. and a 11,55% incidence on sales volumes.

The financial charges do not negatively affect the management, as they are covered by the incomes.

Financial Data

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	53.163.575
Profit (Loss) for the period	470.956

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	54.924.709
Profit (Loss) for the period	613.389

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	48.344.167
Profit (Loss) for the period	1.159.555

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	45.060.244
Profit (Loss) for the period	698.980

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	41.091.883
Profit (Loss) for the period	2.009.519

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.	241.391	274.250	327.337
. . Goodwill	947.800	1.061.200	1.123.800
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	3.287.729	2.452.223	1.772.294
. Total Intangible Fixed Assets	4.476.920	3.787.673	3.223.431
. TANGIBLE FIXED ASSETS
. . Real estate	604.538	604.538	604.538
. . Plant and machinery	541.517	490.684	481.150
. . Industrial and commercial equipment	175.382	129.132	132.279
. . Other assets	1.028.345	925.670	852.162
. . Assets under construction and advances	245.700	245.700	245.700
. Total Tangible fixed assets	2.595.482	2.395.724	2.315.829
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets
Total fixed assets	7.072.402	6.183.397	5.539.260
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.039.474	722.920	900.792
. . Work in progress and semimanufactured	8.405
. . Work in progress on order
. . Finished goods	11.801.929	10.895.492	6.438.108
. . Advance payments
. Total Inventories	12.849.808	11.618.412	7.338.900
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	20.374.056	19.384.411	15.793.656
. . Beyond 12 months	149.495	62.757	3.753
. . Trade receivables	18.189.271	17.777.133	14.386.558
. . . . Within 12 months	18.189.271	17.777.133	14.386.558
. . . . 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	1.304.958	1.026.898	928.163
. . . . Within 12 months	1.207.838	1.026.898	928.163
. . . . Beyond 12 months	97.120
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	1.029.322	643.137	482.688
. . . . Within 12 months	976.947	580.380	478.935
. . . . Beyond 12 months	52.375	62.757	3.753
. Total Credits not held as fixed assets	20.523.551	19.447.168	15.797.409
. 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	1.040.578	753.968	1.277.300
. . Checks
. . Banknotes and coins	140.663	56.347	39.832
. Total Liquid funds	1.181.241	810.315	1.317.132
Total current assets	34.554.600	31.875.895	24.453.441
ADJUSTMENT ACCOUNTS
. Discount on loans	1.753.779	1.229.039
. Other adjustment accounts			1.357.095
Total adjustments accounts	1.753.779	1.229.039	1.357.095
TOTAL ASSETS	43.380.781	39.288.331	31.349.796
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	400.000	400.000	400.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	80.000	80.000	80.000
. Reserve for Own shares
. Statute reserves
. Other reserves	1	-2
. Accumulated Profits (Losses)	7.899.972	7.286.583	6.127.028
. Profit( loss) of the year	470.956	613.389	1.159.555
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	8.850.929	8.379.970	7.766.583
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds		85.000	80.000
Total Reserves for Risks and Charges	300.000	85.000	80.000
Employee termination indemnities	684.411	559.580	411.099
ACCOUNTS PAYABLE
. . . . Within 12 months	33.460.289	30.216.538	23.083.378
. . . . Beyond 12 months	40.500	40.500
. . 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	16.158.621	12.179.707	9.107.929
. . . . Within 12 months	16.158.621	12.179.707	9.107.929
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	28.379	26.702	31.488
. . . . Within 12 months	28.379	26.702	31.488
. . . . Beyond 12 months
. . Trade payables	15.610.798	16.642.383	12.703.446
. . . . Within 12 months	15.610.798	16.642.383	12.703.446
. . . . 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	283.742	284.527	385.930
. . . . Within 12 months	283.742	284.527	385.930
. . . . Beyond 12 months
. . Due to social security and welfare inst.	373.907	288.739	206.597
. . . . Within 12 months	373.907	288.739	206.597
. . . . Beyond 12 months
. . Other payables	1.045.342	834.980	647.988
. . . . Within 12 months	1.004.842	794.480	647.988
. . . . Beyond 12 months	40.500	40.500
Total accounts payable	33.500.789	30.257.038	23.083.378
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	44.652	6.743	8.736
Total adjustment accounts	44.652	6.743	8.736
TOTAL LIABILITIES	43.380.781	39.288.331	31.349.796

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	53.163.575	54.924.709	48.344.167
. Changes in work in progress	914.842	4.457.384	5.023.918
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.203.249	2.103.223	861.819
. . Contributions for operating expenses
. . Different income and revenues	1.203.249	2.103.223	861.819
Total value of production	55.281.666	61.485.316	54.229.904
PRODUCTION COSTS
. Raw material,other materials and consum.	26.872.325	32.276.001	32.511.633
. Services received	16.727.805	17.313.999	13.925.376
. Leases and rentals	2.915.847	2.856.051	1.859.972
. Payroll and related costs	6.140.625	4.726.181	3.202.310
. . Wages and salaries	4.471.994	3.401.233	2.279.064
. . Social security contributions	1.257.066	995.541	701.163
. . Employee termination indemnities	295.529	236.004	159.278
. . Pension and similar
. . Other costs	116.036	93.403	62.805
. Amortization and depreciation	1.786.211	1.495.168	1.279.543
. . Amortization of intangible fixed assets	1.593.316	1.176.326	968.668
. . Amortization of tangible fixed assets	192.895	318.842	310.875
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-316.554	177.872	-699.906
. Provisions to risk reserves	300.000	85.000	69.684
. Other provisions
. Other operating costs	645.640	651.037	392.760
Total production costs	55.071.899	59.581.309	52.541.372
Diff. between value and cost of product.	209.767	1.904.007	1.688.532
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	3.772	998	939
. . 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	709
. . Financ.income other than the above	3.063	998	939
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	3.063	998
. Interest and other financial expense	587.318	-518.713	382.488
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-587.318	518.713
Total financial income and expense	591.090	-517.715	383.427
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	246.840	61.196	35.757
. . Gains on disposals
. . Other extraordinary income	246.840	61.196	35.757
. Extraordinary expense	-22.094	-9.402	-108.237
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-22.094	-9.402	-108.237
Total extraordinary income and expense	224.746	51.794	-72.480
Results before income taxes	1.025.603	1.438.086	1.999.479
. Taxes on current income	554.647	824.697	839.924
. . current taxes	554.647	824.697	839.924
. . differed taxes(anticip.)
. Net income for the period	470.956	613.389	1.159.555
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	470.956	613.389	1.159.555

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	0,16	0,16	0,18	0,21
Elasticity Ratio	Units	0,80	0,81	0,78	0,74
Availability of stock	Units	0,30	0,30	0,23	0,22
Total Liquidity Ratio	Units	0,50	0,52	0,55	0,47
Quick Ratio	Units	0,03	0,02	0,04	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,65	3,51	2,80	1,63
Self Financing Ratio	Units	0,20	0,21	0,25	0,27
Capital protection Ratio	Units	0,90	0,88	0,80	0,76
Liabilities consolidation quotient	Units	0,02	0,02	0,02	0,17
Financing	Units	3,79	3,61	2,97	2,41
Permanent Indebtedness Ratio	Units	0,22	0,23	0,26	0,42
M/L term Debts Ratio	Units	0,02	0,02	0,01	0,12
Net Financial Indebtedness Ratio	Units	1,69	1,36	1,00	1,01
CORRELATION
Fixed assets ratio	Units	1,35	1,45	1,48	1,89
Current ratio	Units	1,03	1,05	1,06	1,23
Acid Test Ratio-Liquidity Ratio	Units	0,65	0,67	0,74	0,87
Structure's primary quotient	Units	1,25	1,36	1,40	1,14
Treasury's primary quotient	Units	0,04	0,03	0,06	0,03
Rate of indebtedness ( Leverage )	%	490,13	468,84	403,65	363,43
Current Capital ( net )	Value	1.094.311	1.659.357	1.370.063	516.008
RETURN
Return on Sales	%	4,25	3,84	5,05	2,65
Return on Equity - Net- ( R.O.E. )	%	5,32	7,32	14,93	3,99
Return on Equity - Gross - ( R.O.E. )	%	11,59	17,16	25,74	8,24
Return on Investment ( R.O.I. )	%	0,48	4,85	5,39	3,98
Return/ Sales	%	0,39	3,47	3,49	4,06
Extra Management revenues/charges incid.	%	224,51	32,22	68,67	22,26
Cash Flow	Value	2.257.167	2.108.557	2.439.098	131.616
Operating Profit	Value	209.767	1.904.007	1.688.532	171.264
Gross Operating Margin	Value	2.295.978	3.484.175	3.037.759	292.452
MANAGEMENT
Credits to clients average term	Days	123,17	116,52	107,13	125,56
Debts to suppliers average term	Days	120,82	114,24	94,69	100,12
Average stock waiting period	Days	87,01	76,15	54,65	71,59
Rate of capital employed return ( Turnover )	Units	1,23	1,40	1,54	1,04
Rate of stock return	Units	4,14	4,73	6,59	5,02
Labour cost incidence	%	11,55	8,60	6,62	13,02
Net financial revenues/ charges incidence	%	1,11	-0,94	0,79	-2,14
Labour cost on purchasing expenses	%	11,15	7,93	6,09	13,65
Short-term financing charges	%	n.c.	1,71	n.c.	3,52
Capital on hand	%	81,60	71,53	64,85	95,65
Sales pro employee	Value	278.343	373.637	402.868	210.489
Labour cost pro employee	Value	32.149	32.150	26.685	29.351

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	:	659.925
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

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

Sector Data

The values are calculated on a base of 249 significant companies.

The companies cash their credits on an average of 126 dd.

The average duration of suppliers debts is about 100 dd.

The sector's profitability is on an average of 2,65%.

The labour cost affects the turnover in the measure of 13,02%.

Goods are held in stock in a range of 72 dd.

The difference between the sales volume and the resources used to realize it is about 1,04.

The employees costs represent the 13,65% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.