MIRA INFORM REPORT

Report Date :

03.11.2014

IDENTIFICATION DETAILS

Name :	FADIS - S.P.A.
Registered Office :	Via Colombera, 70 21048 - Solbiate Arno (VA)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	07.09.1990
Legal Form :	Joint stock company
Line of Business :	Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)
No. of Employees :	From 131 to 150

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 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

FADIS - S.P.A.

Via Colombera, 70

21048 - Solbiate Arno (VA) -IT-

Summary

Fiscal Code	:	00216410126
Legal Form	:	Joint stock company
start of Activities	:	07/09/1990
Equity	:	Over 2.582.254
Turnover Range	:	15.500.000/18.000.000
Number of Employees	:	from 131 to 150

Activity

Manufacture of machinery for textile, apparel and leather industries

(including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00216410126

Foreign Trade Reg. no. : VA007396 since 16/12/1991

Chamber of Commerce no. : 81343 of Varese since 16/11/1960

Firms' Register : VA026-5713B of Varese

V.A.T. Code : 00216410126

Foundation date	: 01/01/1960
Establishment date	: 17/10/1960
Start of Activities	: 07/09/1990
Legal duration	: 31/12/2050
Nominal Capital	: 4.510.000
Subscribed Capital	: 4.510.000
Paid up Capital	: 4.510.000

Members

Carabelli

Danilo

Born in Solbiate Arno

(VA)

on 18/03/1931

- Fiscal Code : CRBDNL31C18I793A

Residence:

Colombera

, 17

- 21048

Solbiate Arno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	01/07/2013
Director	22/05/2013
Managing Director	01/07/2013

No Prejudicial events are reported

No Protests registered

Canton

Armando

Born in Vas

(BL)

on 18/02/1926

- Fiscal Code : CNTRND26B18L692N

Residence:

Carnago

, 13

- 21048

Solbiate Arno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/05/2013
Managing Director	01/07/2013

No Prejudicial events are reported

No Protests registered

Carabelli

Giuseppe

Born in Svizzera

( )

on 23/11/1964

- Fiscal Code : CRBGPP64S23Z133R

Residence:

Colombera

, 25

- 21048

Solbiate Arno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/05/2013
Managing Director	01/07/2013

No Prejudicial events are reported

No Protests registered

Carabelli

Debora Franca

Born in Sorengo

( )

on 08/05/1966

- Fiscal Code : CRBDRF66E48Z133W

Residence:

Roma

, 5

- 21048

Solbiate Arno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/05/2013
Managing Director	01/07/2013

No Prejudicial events are reported

No Protests registered

Societa' Fiduciaria E Consulenza S.a.

Position	Since	Shares Amount	% Ownership
Partner

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.

Carabelli

Danilo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Chairman	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Vice-Chairman	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Liquidator	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Board Chairman	Withdrawn	Ceased
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Sole Director	Withdrawn	Registered
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Liquidator	Active	Registered
Industria E Universita' S.r.l.	Varese (VA) - IT -	01930490121	Director	Active	Registered
Industria E Universita' S.r.l.	Varese (VA) - IT -	01930490121	Director	Withdrawn	Registered
Iniziativa Universitaria 1991 S.p.a.	Varese (VA) - IT -	08526620151	Director	Active	Registered
Iniziativa Universitaria 1991 S.p.a.	Varese (VA) - IT -	08526620151	Director	Withdrawn	Registered
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Director	Active	Registered
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Managing Director	Active	Registered
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Board Chairman	Active	Registered
Sirtex S.p.a.	Rozzano (MI) - IT -	05936140150	Liquidator	Withdrawn	Ceased
Agatex S.r.l. - In Liquidazione	Varese (VA) - IT -	02561590122	Board Chairman	Withdrawn	Ceased
Maxit Srl	Rozzano (MI) - IT -	06356820156	Liquidator	Withdrawn	Ceased
Iniziativa Universitaria 1991 Srl	Milano (MI) - IT -	08526620151	Director	Withdrawn	Ceased
Iniziativa Universitaria 1991 Srl	Milano (MI) - IT -	08526620151	Director	Withdrawn	Ceased

Canton

Armando

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Director	Withdrawn	Registered
Montex Montaggi Tecnici S.r.l.	Sumirago (VA) - IT -	00240270124	Director	Active	Registered
Contess Di A. Canton E C. S.n.c.	Sumirago (VA) - IT -	00788310126	Partner	Withdrawn	Ceased

Carabelli

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Director	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Director	Withdrawn	Ceased
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Director	Withdrawn	Registered
X 14 S.r.l. - In Liquidazione	Gallarate (VA) - IT -	02234780126	Sole partner	Withdrawn	Ceased
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Director	Active	Registered
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Managing Director	Active	Registered
Rpd Srl - In Liquidazione	Varese (VA) - IT -	02376340127	Sole Director	Withdrawn	Bankrupt
Agatex S.r.l. - In Liquidazione	Varese (VA) - IT -	02561590122	Director	Withdrawn	Ceased

Carabelli

Debora Franca

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Director	Active	Registered
Mandricardo S.r.l.	Solbiate Arno (VA) - IT -	00589950120	Managing Director	Active	Registered
Immobiliare Jana Di Marco Riganti E C.S.a.s.	Gallarate (VA) - IT -	00259640126	Limited Partner	Active	Registered
Marianna Societa' Semplice	Varese (VA) - IT -	02246530121	Partner	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
Carabelli Danilo	Solbiate Arno - IT -	CRBDNL31C18I793A	328.000 .Eur	7,27
Canton Armando	Solbiate Arno - IT -	CNTRND26B18L692N	902.000 .Eur	20,00
Carabelli Giuseppe	Solbiate Arno - IT -	CRBGPP64S23Z133R	246.000 .Eur	5,45
Lavelli Eliane Jessie		LVLLJS39A58Z133Z	246.000 .Eur	5,45
Carabelli Debora Franca	Solbiate Arno - IT -	CRBDRF66E48Z133W	246.000 .Eur	5,45
Carabelli Raffaella		CRBRFL63L50Z133W	246.000 .Eur	5,45
Carabelli Elena Dora Maria		CRBLDR69C58Z133P	246.000 .Eur	5,45
Societa' Fiduciaria E Consulenza S.a.			2.050.000 .Eur	45,45

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
Industria E Universita' S.r.l.	Varese - IT -	01930490121	255.000 .Eur	1,96			Active
Carabelli S.r.l. - In Liquidazione	Solbiate Arno - IT -	00216070128	13.494 .Eur	65,26			Active

Firm's location and structure

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

-	Legal and operative seat

Colombera

, 70

- 21048

- Solbiate Arno

(VA)

- IT -

PHONE

: 0331994444

PHONE

: 0331989511

FAX	: 0331989532

Employees

: 132

Fittings and Equipment for a value of 1.710.000

Eur

Stocks for a value of 1.870.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Gilardi

Aldo

Born in Varese

(VA)

on 18/03/1949

- Fiscal Code : GLRLDA49C18L682E

Residence:

Cascina Bella

, 25

- 22077

Olgiate Comasco

(CO)

- IT -

Ex-Postions

Temporary Auditor

Carabelli

Giuseppe

Born in Svizzera

( )

on 23/11/1964

- Fiscal Code : CRBGPP64S23Z133R

Residence:

Colombera

, 25

- 21048

Solbiate Arno

(VA)

- IT -

Ex-Postions

Director

Bisiach

Massimo

Born in Venegono Superiore

(VA)

on 01/09/1942

- Fiscal Code : BSCMSM42P01L734J

Residence:

Del Fante

, 22

- 21040

Venegono Superiore

(VA)

- IT -

Ex-Postions

Permanent Auditor

Caravati

Franco

Born in Varese

(VA)

on 10/03/1934

- Fiscal Code : CRVFNC34C10L682M

Residence:

Doniga

, 18

- 21100

Varese

(VA)

- IT -

Ex-Postions

Chairman of the Board of Aud.

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Carabelli S.r.l. - In Liquidazione

Colombera

, 70

, 21048

, Solbiate Arno

(VA)

- IT -

Fiscal Code: 00216070128

Date

Merging/splitting-up project:

30/07/1998

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:

Legal Mortgage on 03/06/2010. for an amount of 3.502.950 Euro.

 ESATRI ESAZIONE TRIBUTI S.P.A.

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 1990.

An eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012 and 2013.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 11,56% in 2013 with a good increase in turnover (+24,48% in 2013 compared to 2012 and +18,9% in 2012 compared to 2011).

The operating result was positive in the last financial year (9,71%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 1.737.756 increasing if compared to the yeart 2012.

A gross operating margine for a value of Eur. 2.564.451 was reached. showing an upward trend if compared to 2012.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2013 is in fact 0,43 improved in comparison with the year before (0,61.).

It's shareholders funds amount to Eur. 8.107.166 on stable levels.

During the last financial year debts totalled Eur. 8.431.402 (Eur. 2.507.907 of which were m/l term debts) on the same levels as the year before.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lower than the field average.

Liquidity is good (1,03)

As to due from customers, the average terms are 18,12 days. , shorter than the sector's average.

During financial year 2013 the cash flow amounted to Eur. 1.764.215

Labour cost expenses amount to Eur. 4.246.305 , representing 27,08% on the total of production costs. , whereas the incidence on sales revenues is of 24,11%.

The incidence of the financial charges is of -0,41% on the sales amount.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	17.612.706
Profit (Loss) for the period	937.520

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	14.147.944
Profit (Loss) for the period	379.208

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	11.898.219
Profit (Loss) for the period	86.807

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	12.945.546
Profit (Loss) for the period	8.123

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	6.879.956
Profit (Loss) for the period	-326.837

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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- 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

Years

2013

2012

2011

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.	305.329	491.476	603.902
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	55.311	75.348	4.100
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	360.640	566.824	608.002
. TANGIBLE FIXED ASSETS
. . Real estate	9.625.538	9.914.203	10.168.369
. . Plant and machinery	1.697.295	1.935.732	2.171.337
. . Industrial and commercial equipment	17.676	9.719	12.340
. . Other assets	76.580	103.795	61.503
. . Assets under construction and advances
. Total Tangible fixed assets	11.417.089	11.963.449	12.413.549
. FINANCIAL FIXED ASSETS
. . Equity investments		10	10
. . . Equity invest. in subsidiary companies		10	10
. . . 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		10	10
Total fixed assets	11.777.729	12.530.283	13.021.561
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.744.000	1.555.026	866.909
. . Work in progress and semimanufactured			887.943
. . Work in progress on order
. . Finished goods	128.700	570.550	378.200
. . Advance payments
. Total Inventories	1.872.700	2.125.576	2.133.052
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	1.662.306	1.291.509	1.179.252
. . Beyond 12 months		34.664	24.073
. . Trade receivables	886.558	703.799	756.923
. . . . Within 12 months	886.558	703.799	756.923
. . . . 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	696.363	554.178	388.091
. . . . Within 12 months	696.363	554.178	388.091
. . . . Beyond 12 months
. . Receivables for anticipated taxes	13.200	13.200	34.238
. . . . Within 12 months	13.200	13.200	34.238
. . . . Beyond 12 months
. . Receivables due from third parties	66.185	54.996	24.073
. . . . Within 12 months	66.185	20.332
. . . . Beyond 12 months		34.664	24.073
. Total Credits not held as fixed assets	1.662.306	1.326.173	1.203.325
. 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	103.516	101.619	87.007
. Total Financial Assets	103.516	101.619	87.007
. LIQUID FUNDS
. . Bank and post office deposits	2.439.239	1.094.558	151.022
. . Checks
. . Banknotes and coins	5.000	5.000	5.000
. Total Liquid funds	2.444.239	1.099.558	156.022
Total current assets	6.082.761	4.652.926	3.579.406
ADJUSTMENT ACCOUNTS
. Discount on loans	41.663	17.758	25.525
. Other adjustment accounts
Total adjustments accounts	41.663	17.758	25.525
TOTAL ASSETS	17.902.153	17.200.967	16.626.492
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	4.510.000	4.510.000	4.510.000
. Additional paid-in capital
. Revaluation reserves	1.543.137	1.543.137	1.543.137
. Legal reserve	256.071	237.111	232.771
. Reserve for Own shares
. Statute reserves
. Other reserves	860.438	500.187	417.721
. Accumulated Profits (Losses)
. Profit( loss) of the year	937.520	379.208	86.807
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	8.107.166	7.169.643	6.790.436
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	533.129	821.569	1.099.925
. . Other funds
Total Reserves for Risks and Charges	533.129	821.569	1.099.925
Employee termination indemnities	830.456	822.000	849.559
ACCOUNTS PAYABLE
. . . . Within 12 months	5.923.495	5.479.009	4.478.240
. . . . Beyond 12 months	2.507.907	2.908.746	3.408.332
. . 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	1.682.205	2.069.703	2.449.880
. . . . Within 12 months	318.569	433.354	382.163
. . . . Beyond 12 months	1.363.636	1.636.349	2.067.717
. . Due to other providers of finance	1.376.567	1.466.615	1.471.319
. . . . Within 12 months	232.296	194.218	130.704
. . . . Beyond 12 months	1.144.271	1.272.397	1.340.615
. . Advances from customers	938.019	1.005.010	717.415
. . . . Within 12 months	938.019	1.005.010	717.415
. . . . Beyond 12 months
. . Trade payables	3.008.645	2.886.031	2.399.070
. . . . Within 12 months	3.008.645	2.886.031	2.399.070
. . . . 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	902.875	567.597	382.035
. . . . Within 12 months	902.875	567.597	382.035
. . . . Beyond 12 months
. . Due to social security and welfare inst.	262.531	226.295	191.134
. . . . Within 12 months	262.531	226.295	191.134
. . . . Beyond 12 months
. . Other payables	260.560	166.504	275.719
. . . . Within 12 months	260.560	166.504	275.719
. . . . Beyond 12 months
Total accounts payable	8.431.402	8.387.755	7.886.572
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	17.902.153	17.200.967	16.626.492

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	17.612.706	14.147.944	11.898.219
. Changes in work in progress	-441.850	-695.593	85.253
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	250.167	485.459	33.446
. . Contributions for operating expenses	40.963	268.625	13.441
. . Different income and revenues	209.204	216.834	20.005
Total value of production	17.421.023	13.937.810	12.016.918
PRODUCTION COSTS
. Raw material,other materials and consum.	6.244.888	5.731.473	4.345.655
. Services received
. Leases and rentals	4.459.675	3.384.230	2.800.454
. Payroll and related costs	4.246.305	3.739.497	3.446.965
. . Wages and salaries	2.868.469	2.655.196	2.395.982
. . Social security contributions	881.372	817.605	744.121
. . Employee termination indemnities	183.160	191.419	181.904
. . Pension and similar
. . Other costs	313.304	75.277	124.958
. Amortization and depreciation	826.695	943.342	650.251
. . Amortization of intangible fixed assets	240.511	358.010	373.654
. . Amortization of tangible fixed assets	586.184	585.332	276.597
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-188.974	-688.117	119.576
. Provisions to risk reserves
. Other provisions
. Other operating costs	94.678	106.884	100.675
Total production costs	15.683.267	13.217.309	11.463.576
Diff. between value and cost of product.	1.737.756	720.501	553.342
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	22.229	3.326	7.509
. . 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	22.229	3.326	7.509
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	22.229	3.326	7.509
. Interest and other financial expense	-94.465	-131.438	-140.268
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	94.465	131.438	140.268
Total financial income and expense	-72.236	-128.112	-132.759
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-10
. . Of equity investments	-10
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-10
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	52.454	302.170	83.864
. . Gains on disposals
. . Other extraordinary income	52.454	302.170	83.864
. Extraordinary expense	-116.004	-109.764	-157.166
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-116.004	-109.764	-157.166
Total extraordinary income and expense	-63.550	192.406	-73.302
Results before income taxes	1.601.960	784.795	347.281
. Taxes on current income	664.440	405.587	260.474
. . current taxes	664.440	384.549	245.212
. . differed taxes(anticip.)		21.038	15.262
. Net income for the period	937.520	379.208	86.807
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	937.520	379.208	86.807

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,66	0,73	0,78	0,18
Elasticity Ratio	Units	0,34	0,27	0,22	0,80
Availability of stock	Units	0,10	0,12	0,13	0,24
Total Liquidity Ratio	Units	0,24	0,15	0,09	0,48
Quick Ratio	Units	0,14	0,07	0,01	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,43	0,61	0,64	3,25
Self Financing Ratio	Units	0,45	0,42	0,41	0,19
Capital protection Ratio	Units	0,33	0,32	0,32	0,63
Liabilities consolidation quotient	Units	0,56	0,68	0,95	0,19
Financing	Units	1,04	1,17	1,16	3,80
Permanent Indebtedness Ratio	Units	0,64	0,63	0,66	0,36
M/L term Debts Ratio	Units	0,19	0,22	0,26	0,11
Net Financial Indebtedness Ratio	Units	0,08	0,34	0,55	0,63
CORRELATION
Fixed assets ratio	Units	0,97	0,87	0,85	1,75
Current ratio	Units	1,03	0,85	0,80	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,71	0,46	0,32	0,81
Structure's primary quotient	Units	0,69	0,57	0,52	1,03
Treasury's primary quotient	Units	0,43	0,22	0,05	0,06
Rate of indebtedness ( Leverage )	%	220,82	239,91	244,85	516,42
Current Capital ( net )	Value	159.266	-826.083	-898.834	422.465
RETURN
Return on Sales	%	10,02	9,35	6,19	3,35
Return on Equity - Net- ( R.O.E. )	%	11,56	5,29	1,28	5,13
Return on Equity - Gross - ( R.O.E. )	%	19,76	10,95	5,11	14,77
Return on Investment ( R.O.I. )	%	9,71	4,19	3,33	4,16
Return/ Sales	%	9,87	5,09	4,65	4,11
Extra Management revenues/charges incid.	%	53,95	52,63	15,69	28,57
Cash Flow	Value	1.764.215	1.322.550	737.058	122.482
Operating Profit	Value	1.737.756	720.501	553.342	144.752
Gross Operating Margin	Value	2.564.451	1.663.843	1.203.593	241.990
MANAGEMENT
Credits to clients average term	Days	18,12	17,91	22,90	111,85
Debts to suppliers average term	Days	101,18	113,98	120,86	128,30
Average stock waiting period	Days	38,28	54,09	64,54	80,43
Rate of capital employed return ( Turnover )	Units	0,98	0,82	0,72	1,08
Rate of stock return	Units	9,40	6,66	5,58	4,45
Labour cost incidence	%	24,11	26,43	28,97	19,12
Net financial revenues/ charges incidence	%	-0,41	-0,91	-1,12	-1,08
Labour cost on purchasing expenses	%	27,08	28,29	30,07	19,02
Short-term financing charges	%	1,12	1,57	1,78	2,68
Capital on hand	%	101,64	121,58	139,74	91,91
Sales pro employee	Value	133.429	121.965	111.198	198.432
Labour cost pro employee	Value	32.168	32.237	32.214	35.779

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	:	843.250
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% 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 50.886 protested subjects are found; in the province they count to 4.597.

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

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.06
Euro	1	Rs.77.19

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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