MIRA INFORM REPORT

Report Date :

28.05.2014

IDENTIFICATION DETAILS

Name :	INOX MARE SRL
Registered Office :	Via Pomposa, 51/I 47924 – Rimini (RN) – IT -
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	13.12.1999
Legal Form :	Sole-Member Limited Liability Company
Line of Business :	Retail sale of household utensils, crystal and glassware
No. of Employees	71 to 90

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 – 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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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

Inox Mare Srl

Via

Pomposa,

51/I

47924

- Rimini

(RN)

-IT-

Summary

Fiscal Code	:	02980000232
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	13/12/1999
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 71 to 90

Activity

Retail sale of household utensils, crystal and glassware

Retail sale of games and toys in specialised stores

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 02980000232

Foreign Trade Reg. no. : 043632 of Verona since 30/05/2000

Chamber of Commerce no. : 465405 of Bologna

Chamber of Commerce no. : 277754 of Rimini since 05/11/1999

Chamber of Commerce no. : 299505 of Verona since 05/11/1999

Firms' Register : RN-2000-22683 of Rimini since 02/10/2000

Firms' Register : VR-1999-62074 of Verona since 19/11/1999

V.A.T. Code : 03155230406

Establishment date	: 27/09/1999
Start of Activities	: 13/12/1999
Legal duration	: 31/12/2100
Nominal Capital	: 26.000
Subscribed Capital	: 26.000
Paid up Capital	: 26.000

Members

S.c.a.r. Srl

Residence:

Caduti Sul Lavoro

, 25

- 37012

Bussolengo

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	27/09/1999

No Prejudicial events are reported

No Protests registered

Reconta Ernst E Young S.p.a.

Residence:

Po

, 32

- 00198

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	30/04/2011

Gschnell

Helmut

Born in Caldaro sulla Strada del Vino

(BZ)

on 05/07/1944

- Fiscal Code : GSCHMT44L05B397Q

Residence:

Tiro A Segno

, 31

- 39040

Termeno sulla Strada del Vino

(BZ)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	27/09/1999
Director	27/09/1999
Managing Director	25/10/2002

No Prejudicial events are reported

No Protests registered

Steiner

Ulrich

Born in Bolzano

(BZ)

on 06/02/1965

- Fiscal Code : STNLCH65B06A952K

Residence:

Tiro A Segno

, 31

- 39040

Termeno sulla Strada del Vino

(BZ)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/09/1999
Managing Director	25/10/2002

No Prejudicial events are reported

No Protests registered

Tait

Luigi

Born in Bolzano

(BZ)

on 11/07/1957

- Fiscal Code : TTALGU57L11A952G

Residence:

Don G.verita'

, 37

- 47039

Savignano sul Rubicone

(FO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney General	05/11/2002
Director	14/12/2006

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.

S.c.a.r. Srl

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Hsr Italia S.r.l.	Verona (VR) - IT -	03315430235	Sole partner	Active	Registered

Gschnell

Helmut

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Masidef Srl	Caronno Pertusella (VA) - IT -	00819130154	Managing Director	Active	Registered
Masidef Srl	Caronno Pertusella (VA) - IT -	00819130154	Director	Active	Registered
Masidef Srl	Caronno Pertusella (VA) - IT -	00819130154	Board Chairman	Active	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Managing Director	Withdrawn	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Director	Withdrawn	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Managing Director	Withdrawn	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Board Chairman	Withdrawn	Registered
F.i.m.e. S.r.l.	Belfiore (VR) - IT -	00799140231	Managing Director	Active	Registered
F.i.m.e. S.r.l.	Belfiore (VR) - IT -	00799140231	Board Chairman	Active	Registered
GEIER - GABALIN SRL	Termeno sulla Strada del Vino (BZ) - IT -	00121050215	Board Chairman	Withdrawn	Registered
Wuerth S.r.l. - G.m.b.h.	Egna (BZ) - IT -	00125230219	Managing Director	Withdrawn	Registered
Wuerth S.r.l. - G.m.b.h.	Egna (BZ) - IT -	00125230219	Director	Active	Registered
Reca Italia S.r.l.	Arcole (VR) - IT -	02065460236	Managing Director	Active	Registered
Reca Italia S.r.l.	Arcole (VR) - IT -	02065460236	Board Chairman	Withdrawn	Registered
Unifix Swg Srl	Terlano (BZ) - IT -	00605470210	Managing Director	Active	Registered
Unifix Swg Srl	Terlano (BZ) - IT -	00605470210	Board Chairman	Active	Registered
S.c.a.r. Srl	Bussolengo (VR) - IT -	00353240237	Director	Active	Registered
S.c.a.r. Srl	Bussolengo (VR) - IT -	00353240237	Managing Director	Active	Registered
S.c.a.r. Srl	Bussolengo (VR) - IT -	00353240237	Board Chairman	Withdrawn	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Director	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Powers by soc.contr.and by-laws	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Legal Owners' representative	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Board Chairman	Active	Registered
Wuerth Phoenix Srl	Bolzano (BZ) - IT -	01054690217	Director	Active	Registered
Fink S.r.l. - G.m.b.h.	Termeno sulla Strada del Vino (BZ) - IT -	01954940233	Director	Withdrawn	Registered
Fink S.r.l. - G.m.b.h.	Termeno sulla Strada del Vino (BZ) - IT -	01954940233	Powers by soc.contr.and by-laws	Withdrawn	Registered
Baier E Michels S.r.l.	Padova (PD) - IT -	02480890280	Director	Active	Registered
Baier E Michels S.r.l.	Padova (PD) - IT -	02480890280	Managing Director	Active	Registered
Baier E Michels S.r.l.	Padova (PD) - IT -	02480890280	Board Chairman	Active	Registered
Cassa Di Risparmio Di Bolzano S.p.a.	Bolzano (BZ) - IT -	00152980215	Director	Active	Registered
Modyf Srl	Termeno sulla Strada del Vino (BZ) - IT -	01652980218	Board Chairman	Withdrawn	Registered
Gschnell Helmut	Termeno sulla Strada del Vino (BZ) - IT -		Proprietor	Withdrawn	Registered
Gpa Wide Group S.r.l.	Milano (MI) - IT -	03214330106	Director	Active	Registered
Tunap Italia Srl	Terlano (BZ) - IT -	01666530215	Managing Director	Withdrawn	Registered
Tunap Italia Srl	Terlano (BZ) - IT -	01666530215	Director	Active	Registered
Gpa Wide Technology S.p.a.	Milano (MI) - IT -	03201670100	Director	Withdrawn	Registered
Sidercres S.r.l.	Bologna (BO) - IT -	01827291202	Director	Withdrawn	Ceased
Sidercres S.r.l.	Bologna (BO) - IT -	01827291202	Board Chairman	Withdrawn	Ceased
Gschnell Helmut	Termeno sulla Strada del Vino (BZ) - IT -	GSCHMT44L05B397Q	Proprietor	Active	Registered
Pianeta S S.r.l. In Liquidazione	Bussolengo (VR) - IT -	03114870235	Director	Withdrawn	Registered
Pianeta S S.r.l. In Liquidazione	Bussolengo (VR) - IT -	03114870235	Board Chairman	Withdrawn	Registered
Wuerth Elektronik Italia S.r.l.	Cormano (MI) - IT -	01257400992	Director	Withdrawn	Registered
Wuerth Elektronik Italia S.r.l.	Cormano (MI) - IT -	01257400992	Board Chairman	Active	Registered
Wuerth Solar Italia S.r.l.	Terlano (BZ) - IT -	04211200284	Director	Withdrawn	Registered
Glessdox Srl	Termeno sulla Strada del Vino (BZ) - IT -	02290660212	Managing Director	Active	Registered
Glessdox Srl	Termeno sulla Strada del Vino (BZ) - IT -	02290660212	Director	Active	Registered
Safepont Srl	Termeno sulla Strada del Vino (BZ) - IT -	02330080215	Managing Director	Withdrawn	Registered
Safepont Srl	Termeno sulla Strada del Vino (BZ) - IT -	02330080215	Board Chairman	Withdrawn	Registered
Marbet Marion E Bettina Wuerth Srl	Laives (BZ) - IT -	03274120231	Managing Director	Withdrawn	Registered
Marbet Marion E Bettina Wuerth Srl	Laives (BZ) - IT -	03274120231	Director	Withdrawn	Registered
Wuerth Leasing Italia Srl	Egna (BZ) - IT -	02368320210	Managing Director	Active	Registered
Wuerth Leasing Italia Srl	Egna (BZ) - IT -	02368320210	Director	Active	Registered
Hsr Italia S.r.l.	Verona (VR) - IT -	03315430235	Director	Active	Registered
Hsr Italia S.r.l.	Verona (VR) - IT -	03315430235	Board Chairman	Active	Registered
Wehr Srl	Bolzano (BZ) - IT -	02369140211	Director	Withdrawn	Ceased
Viterie Venete Srl	Monselice (PD) - IT -	04011730282	Director	Withdrawn	Registered
Viterie Venete Srl	Monselice (PD) - IT -	04011730282	Managing Director	Withdrawn	Registered
Viterie Venete Srl	Monselice (PD) - IT -	04011730282	Board Chairman	Withdrawn	Registered

Steiner

Ulrich

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Inox Tirrenica Srl	Fiumicino (RM) - IT -	03806611004	Managing Director	Active	Registered
Inox Tirrenica Srl	Fiumicino (RM) - IT -	03806611004	Assistant board Chairman	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Managing Director	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Director	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Legal Owners' representative	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
S.c.a.r. Srl	Bussolengo - IT -	00353240237		100,00

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
Inox Tirrenica Srl	Fiumicino - IT -	03806611004	52.000 .Eur	100,00			Active

Firm's location and structure

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

-	Legal and operative seat

Pomposa

, 51/I

- 47037

- Rimini

(RN)

- IT -

Total Surface: 22 Sq.mt.

PHONE

: 0541794317

-

Branch

(Warehouse)

since 01/07/2007

Cassoletta

, 20

- 40056

- Crespellano

(BO)

- IT -

Employees

: 84

Fittings and Equipment for a value of 390.000

Eur

Stocks for a value of 11.900.000

Eur

Trade organization: direct or by agents.

Sales converge to North and Central Italy.

Import comes generally from the following nations:

- Germany

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Gschnell

Helmut

Born in Caldaro sulla Strada del Vino

(BZ)

on 05/07/1944

- Fiscal Code : GSCHMT44L05B397Q

Residence:

Tiro A Segno

, 31

- 39040

Termeno sulla Strada del Vino

(BZ)

- IT -

Ex-Postions

Managing Director

Board Chairman

Managing Director

Hartmann

Karl

Born in Terlano

(BZ)

on 04/11/1927

- Fiscal Code : HRTKRL27S04L108K

Residence:

Roen

, 21

- 39100

Bolzano

(BZ)

- IT -

Ex-Postions

Permanent Auditor

Seebacher

Anton

Born in Terlano

(BZ)

on 16/04/1935

- Fiscal Code : SBCNTN35D16L108T

Residence:

Via Rio Molino

, 5

- 39100

Bolzano

(BZ)

- IT -

Ex-Postions

Permanent Auditor

Magnani

Roberto

Born in Reggio Emilia

(RE)

on 24/03/1943

- Fiscal Code : MGNRRT43C24H223H

Residence:

Casale

, 78/E

- 47826

Verucchio

(RN)

- IT -

Ex-Postions

Director

Managing Director

Sandrini

Stefan

Born in Bolzano

(BZ)

on 22/04/1959

- Fiscal Code : SNDSFN59D22A952N

Residence:

Silberleiten

, 30

- 39018

Terlano

(BZ)

- IT -

Ex-Postions

Temporary Auditor

Holzeisen

Renate

Born in Bolzano

(BZ)

on 10/09/1966

- Fiscal Code : HLZRNT66P50A952M

Residence:

Via Fago

, 23/5

- 39100

Bolzano

(BZ)

- IT -

Ex-Postions

Temporary Auditor

Steiner

Ulrich

Born in Bolzano

(BZ)

on 06/02/1965

- Fiscal Code : STNLCH65B06A952K

Residence:

Tiro A Segno

, 31

- 39040

Termeno sulla Strada del Vino

(BZ)

- IT -

Ex-Postions

Managing Director

SARACINO

PINUCCIO

Born in BOLZANO

(BZ)

on 12/02/1958

- Fiscal Code : SRCPCC58B12B397N

Residence:

CAPRI

, 32/20

- 39100

Bolzano

(BZ)

- IT -

Ex-Postions

Director

Managing Director

Person in charge

Institor

Managing Director

HORST

SEEBACHER

Born in BOLZANO

(BZ)

on 09/02/1965

- Fiscal Code : HRSSCH65B09A952S

Residence:

MOLINO

, 5

- 39100

Bolzano

(BZ)

- IT -

Ex-Postions

Director

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 1999

Balance sheets for the years 2010, 2011 and 2012 were analyzed.

During the last years, it achieved profits (r.o.e. 6,55% on 2012) but without a significant increase in the turnover.

The operating result was positive in the last financial year (4,66%) falling within the field's average.

An operating result of Eur. 1.087.778 has been registered. on stable levels if compared to the previous year.

During the latest financial year the gross operating margin amounted to Eur. 1.612.151 stable if compared to the financial year 2011.

Company's financial status is balanced since indebtedness is not high (1,1) yet on the increase as against the previous accounting period.

With regard to equity capital, an amount of Eur. 10.924.550 is registered. , stable in comparison with the value of the previous year.

Total indebtedness amounts to Eur. 12.067.128, with no important change.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below the sector's average.

Payments are supported by good current assets.

Credits are collected in 53,95 days on the average. , a value lower than the sector's average.

2012 financial year closed with a cash flow of Eur. 1.221.001

In the last financial year labour cost was of Eur. 2.919.926, with a 5,58% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 5,56%.

Limited financial charges in relation to sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	52.527.175
Profit (Loss) for the period	715.338

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	50.372.024
Profit (Loss) for the period	456.823

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	44.527.211
Profit (Loss) for the period	2.232.147

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	22.529.059
Profit (Loss) for the period	-46.270

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	32.057.932
Profit (Loss) for the period	982.385

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.	8.481	23.728	23.676
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	421.516	493.378	565.240
. Total Intangible Fixed Assets	429.997	517.106	588.916
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment	389.640	543.203	635.364
. . Other assets	238.713	228.179	258.583
. . Assets under construction and advances			4.008
. Total Tangible fixed assets	628.353	771.382	897.955
. FINANCIAL FIXED ASSETS
. . Equity investments	61.552	61.552	61.552
. . . Equity invest. in subsidiary companies	61.552	61.552	61.552
. . . 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	61.552	61.552	61.552
Total fixed assets	1.119.902	1.350.040	1.548.423
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	11.393.070	9.023.114	9.310.695
. . Advance payments	503.681	1.697.590	1.524.756
. Total Inventories	11.896.751	10.720.704	10.835.451
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	10.263.482	9.699.223	10.537.938
. . Beyond 12 months		38.267	136.260
. . Trade receivables	7.871.927	7.111.686	8.392.898
. . . . Within 12 months	7.871.927	7.111.686	8.392.898
. . . . Beyond 12 months
. . Receivables due from subsid. comp.		9.750	63.331
. . . . Within 12 months		9.750	63.331
. . . . Beyond 12 months
. . Receivables due from assoc. comp.			272.403
. . . . Within 12 months			272.403
. . . . Beyond 12 months
. . Receivables due from holding comp.	320.590	519.332
. . . . Within 12 months	320.590	519.332
. . . . Beyond 12 months
. . Fiscal Receivables	1.313.822	999.561	1.445.846
. . . . Within 12 months	1.313.822	999.561	1.445.846
. . . . Beyond 12 months
. . Receivables for anticipated taxes	448.933	597.109	419.615
. . . . Within 12 months	448.933	558.842	283.355
. . . . Beyond 12 months		38.267	136.260
. . Receivables due from third parties	308.210	500.052	80.105
. . . . Within 12 months	308.210	500.052	80.105
. . . . Beyond 12 months
. Total Credits not held as fixed assets	10.263.482	9.737.490	10.674.198
. 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	16.448	23.887	26.973
. . Checks
. . Banknotes and coins	1.054	1.269	819
. Total Liquid funds	17.502	25.156	27.792
Total current assets	22.177.735	20.483.350	21.537.441
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	35.208	17.193	27.001
Total adjustments accounts	35.208	17.193	27.001
TOTAL ASSETS	23.332.845	21.850.583	23.112.865
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	26.000	26.000	26.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	5.200	5.200	5.200
. Reserve for Own shares
. Statute reserves
. Other reserves	10.178.012	10.301.188	8.459.041
. Accumulated Profits (Losses)
. Profit( loss) of the year	715.338	456.823	2.232.147
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	10.924.550	10.789.211	10.722.388
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.			29.381
. . Taxation fund, also differed	73.916	73.916	80.000
. . Other funds	26.797	7.028	33.000
Total Reserves for Risks and Charges	100.713	80.944	142.381
Employee termination indemnities	134.201	144.437	141.677
ACCOUNTS PAYABLE
. . . . Within 12 months	12.067.128	10.737.959	12.023.722
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	3.362.793	2.513.406	3.935.931
. . . . Within 12 months	3.362.793	2.513.406	3.935.931
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	8.745
. . . . Within 12 months	8.745
. . . . Beyond 12 months
. . Due to associated companies		7.966.252	6.835.214
. . . . Within 12 months		7.966.252	6.835.214
. . . . Beyond 12 months
. . Due to holding companies			876.123
. . . . Within 12 months			876.123
. . . . Beyond 12 months
. . Due to the tax authorities	76.841	75.728	220.708
. . . . Within 12 months	76.841	75.728	220.708
. . . . Beyond 12 months
. . Due to social security and welfare inst.	133.512	148.805	122.567
. . . . Within 12 months	133.512	148.805	122.567
. . . . Beyond 12 months
. . Other payables	8.485.237	33.768	33.179
. . . . Within 12 months	8.485.237	33.768	33.179
. . . . Beyond 12 months
Total accounts payable	12.067.128	10.737.959	12.023.722
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	106.253	98.032	82.697
Total adjustment accounts	106.253	98.032	82.697
TOTAL LIABILITIES	23.332.845	21.850.583	23.112.865

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	52.527.175	50.372.024	44.527.211
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	844.830	484.614	609.211
. . Contributions for operating expenses	9.601	5.165	13.104
. . Different income and revenues	835.229	479.449	596.107
Total value of production	53.372.005	50.856.638	45.136.422
PRODUCTION COSTS
. Raw material,other materials and consum.	47.208.145	42.716.530	40.364.652
. Services received	3.599.246	3.116.718	2.456.589
. Leases and rentals	324.842	316.640	312.906
. Payroll and related costs	2.919.926	2.895.884	2.560.924
. . Wages and salaries	2.086.222	2.073.645	1.832.737
. . Social security contributions	689.205	664.322	577.498
. . Employee termination indemnities	144.499	157.917	150.689
. . Pension and similar
. . Other costs
. Amortization and depreciation	505.663	389.524	655.976
. . Amortization of intangible fixed assets	90.714	89.946	85.740
. . Amortization of tangible fixed assets	278.221	273.904	264.841
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	136.728	25.674	305.395
. Changes in raw materials	-2.369.956	287.582	-4.456.097
. Provisions to risk reserves	18.710
. Other provisions
. Other operating costs	77.651	144.816	111.662
Total production costs	52.284.227	49.867.694	42.006.612
Diff. between value and cost of product.	1.087.778	988.944	3.129.810
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	63.963	53.165	382.636
. . 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			382.636
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-210.390	-247.965	-155.440
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-146.427	-194.800	227.196
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	138.428
. . Gains on disposals
. . Other extraordinary income	138.428
. Extraordinary expense			-36.267
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-36.267
Total extraordinary income and expense	138.428		-36.267
Results before income taxes	1.079.779	794.144	3.320.739
. Taxes on current income	364.441	337.321	1.088.592
. . current taxes	216.266	514.814	1.071.415
. . differed taxes(anticip.)	148.175	-177.493	17.177
. Net income for the period	715.338	456.823	2.232.147
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	715.338	456.823	2.232.147

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	0,05	0,06	0,07	0,09
Elasticity Ratio	Units	0,95	0,94	0,93	0,89
Availability of stock	Units	0,51	0,49	0,47	0,26
Total Liquidity Ratio	Units	0,44	0,45	0,46	0,54
Quick Ratio	Units	0,00	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,10	0,99	1,12	3,95
Self Financing Ratio	Units	0,47	0,49	0,46	0,17
Capital protection Ratio	Units	0,93	0,96	0,79	0,62
Liabilities consolidation quotient	Units	0,01	0,01	0,01	0,10
Financing	Units	1,10	1,00	1,12	4,85
Permanent Indebtedness Ratio	Units	0,47	0,50	0,47	0,29
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,07
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,04
CORRELATION
Fixed assets ratio	Units	9,87	8,10	7,02	2,37
Current ratio	Units	1,84	1,91	1,79	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,85	0,91	0,89	0,80
Structure's primary quotient	Units	9,75	7,99	6,92	1,48
Treasury's primary quotient	Units	0,00	0,00	0,00	0,04
Rate of indebtedness ( Leverage )	%	213,58	202,52	215,56	602,26
Current Capital ( net )	Value	10.110.607	9.745.391	9.513.719	191.984
RETURN
Return on Sales	%	2,32	1,68	6,49	2,03
Return on Equity - Net- ( R.O.E. )	%	6,55	4,23	20,82	6,31
Return on Equity - Gross - ( R.O.E. )	%	9,88	7,36	30,97	17,00
Return on Investment ( R.O.I. )	%	4,66	4,53	13,54	4,18
Return/ Sales	%	2,07	1,96	7,03	3,46
Extra Management revenues/charges incid.	%	65,76	46,19	71,32	27,96
Cash Flow	Value	1.221.001	846.347	2.888.123	44.823
Operating Profit	Value	1.087.778	988.944	3.129.810	74.603
Gross Operating Margin	Value	1.612.151	1.378.468	3.785.786	111.383
MANAGEMENT
Credits to clients average term	Days	53,95	50,83	67,86	113,70
Debts to suppliers average term	Days	23,74	81,75	97,21	118,14
Average stock waiting period	Days	81,54	76,62	87,60	72,90
Rate of capital employed return ( Turnover )	Units	2,25	2,31	1,93	1,25
Rate of stock return	Units	4,42	4,70	4,11	4,88
Labour cost incidence	%	5,56	5,75	5,75	8,14
Net financial revenues/ charges incidence	%	-0,28	-0,39	0,51	-1,38
Labour cost on purchasing expenses	%	5,58	5,81	6,10	8,25
Short-term financing charges	%	1,74	2,31	1,29	2,76
Capital on hand	%	44,42	43,38	51,91	79,85
Sales pro employee	Value	640.575	649.961	636.103	397.742
Labour cost pro employee	Value	35.608	37.366	36.584	33.267

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	:	286.796
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 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 18.860 protested subjects are found; in the province they count to 2.270.

The insolvency index for the region is 0,46, , while for the province it is 0,81.

Total Bankrupt companies in the province : 749.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.05
UK Pound	1	Rs.99.61
Euro	1	Rs.80.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	PDT

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.