MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	ANTOLINI LUIGI E C. S.P.A.
Registered Office :	Via Napoleone, 6 Ponton, 37015 - Sant'Ambrogio di Valpolicella (VR) -IT-
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	02.01.1967
Legal Form :	Joint Stock Company
Line of Business :	· Cutting, shaping and finishing of stone · Cutting and carving of stone and marble
No of Employees :	From 201 to 250

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 – 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 & address

ANTOLINI LUIGI E C. S.P.A.

Via Napoleone, 6 Ponton

37015 - Sant'Ambrogio di Valpolicella (VR) -IT-

Summary

Fiscal Code	:	00448090233
Legal Form	:	Joint stock company
start of Activities	:	02/01/1967
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 201 to 250

Activity

Cutting, shaping and finishing of stone

Cutting and carving of stone and marble

LegalData

Legal Form : Joint stock company

Fiscal Code : 00448090233

Foreign Trade Reg. no. : VR035018 since 02/01/1997

Chamber of Commerce no. : 192283 of Ancona

Chamber of Commerce no. : 125074 of Massa

Chamber of Commerce no. : 174708 of Sassari

Chamber of Commerce no. : 139580 of Verona since 10/07/1974

Firms' Register : VR091-8045 of Verona since 19/02/1996

V.A.T. Code : 00448090233

Foundation date	: 07/06/1974
Establishment date	: 07/06/1974
Start of Activities	: 02/01/1967
Legal duration	: 31/12/2050
Nominal Capital	: 6.565.260
Subscribed Capital	: 6.565.260
Paid up Capital	: 6.565.260

Members

Antolini

Francesco

Born in Verona

(VR)

on 27/01/1960

- Fiscal Code : NTLFNC60A27L781L

Residence:

Emilio Salgari

, 180

- 37015

Sant'Ambrogio di Valpolicella

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/07/2012
Board Chairman	06/07/2012

No Prejudicial events are reported

No Protests registered

Antolini

Alessandra

Born in Verona

(VR)

on 21/05/1962

- Fiscal Code : NTLLSN62E61L781R

Residence:

Crocioni

, 2/A

- 37121

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/07/2012
Assistant board Chairman	06/07/2012
Managing Director	21/01/2013

No Prejudicial events are reported

No Protests registered

Antolini

Alberto

Born in Verona

(VR)

on 06/03/1965

- Fiscal Code : NTLLRT65C06L781B

Residence:

Adua

, 3

- 37121

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/07/2012
Managing Director	21/01/2013

Prejudicial Events found with cancellations*

Legal Mortgage - 23/02/2009. - 282.845 Euro. Event writing-off

 RISCOSSIONE UNO SPA ( ORA EQUITALIA SPA)

No Protests registered

Fraccaroli

Daniele

Born in San Pietro in Cariano

(VR)

on 09/08/1959

- Fiscal Code : FRCDNL59M09I109D

Residence:

Fiorani

, 11

- 37029

San Pietro in Cariano

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	08/02/2008

No Prejudicial events are reported

No Protests registered

Benciolini

Chiara

Born in Negrar

(VR)

on 09/08/1972

- Fiscal Code : BNCCHR72M49F861Q

Residence:

Pieve Di Cadore

, 5

- 37124

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	06/07/2012

*Concerns also partially erased events.

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.

Antolini

Francesco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Director	Withdrawn	Merged
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Attorney General	Withdrawn	Merged
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Managing Director	Withdrawn	Merged
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Board Chairman	Withdrawn	Merged
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Director	Withdrawn	Registered
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Assistant board Chairman	Withdrawn	Registered
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Managing Director	Withdrawn	Registered
As.ma.ve. - Consorzio Marmisti Veronesi	Dolce' (VR) - IT -	93009070231	Director	Active	Registered
As.ma.ve. - Consorzio Marmisti Veronesi	Dolce' (VR) - IT -	93009070231	Board Chairman	Withdrawn	Registered
La Margherita S.r.l.	Cavaion Veronese (VR) - IT -	02819840238	Director	Active	Registered
La Margherita S.r.l.	Cavaion Veronese (VR) - IT -	02819840238	Assistant board Chairman	Active	Registered
Centro Servizi Marmo Societa' ConsortileA Responsabilita' Limitata Per Brevita'	Verona (VR) - IT -	03048110237	Director	Withdrawn	Registered
Centro Servizi Marmo Societa' ConsortileA Responsabilita' Limitata Per Brevita'	Verona (VR) - IT -	03048110237	Assistant board Chairman	Withdrawn	Registered
Consorzio A.q.m. Energia	Verona (VR) - IT -	02987900236	Director	Active	Registered
Consorzio A.q.m. Energia	Verona (VR) - IT -	02987900236	Board Chairman	Active	Registered

Antolini

Alessandra

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Director	Withdrawn	Merged
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Assistant board Chairman	Withdrawn	Merged
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Managing Director	Withdrawn	Merged
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Director	Withdrawn	Registered
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Managing Director	Withdrawn	Registered
Immobiliare Alma S.r.l.	Sant'Ambrogio di Valpolicella (VR) - IT -	02162770230	Sole Director	Active	Registered
Immobiliare Alma S.r.l.	Sant'Ambrogio di Valpolicella (VR) - IT -	02162770230	Sole partner	Active	Registered
La Margherita S.r.l.	Cavaion Veronese (VR) - IT -	02819840238	Director	Active	Registered
La Margherita S.r.l.	Cavaion Veronese (VR) - IT -	02819840238	Managing Director	Active	Registered
La Margherita S.r.l.	Cavaion Veronese (VR) - IT -	02819840238	Board Chairman	Active	Registered

Antolini

Alberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Director	Withdrawn	Merged
Antolini Luigi E C. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	00225880236	Managing Director	Withdrawn	Merged
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Director	Withdrawn	Registered
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Managing Director	Withdrawn	Registered
Eurotrading S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02066380235	Board Chairman	Withdrawn	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Antolini Francesco	Sant'Ambrogio di Valpolicella - IT -	NTLFNC60A27L781L	2.188.420 .Eur	33,32
Antolini Alessandra	Verona - IT -	NTLLSN62E61L781R	2.188.420 .Eur	33,32
Antolini Alberto	Verona - IT -	NTLLRT65C06L781B	2.188.420 .Eur	33,32

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
Terminale Ferroviario Valpolicella S.p.a . Per Brevita' T.f.v. S.p.a.	Sant'Ambrogio di Valpolicella - IT -	02037360233	225.000 .Eur	12,33			Active
Simplon Granit S.R.L.	Domodossola - IT -	00254940034	10.400 .Eur	50,00			Active

Firm's location and structure

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

-

Legal and operative seat

since 23/09/1999

Napoleone

, 6

- 37010

- Sant'Ambrogio di Valpolicella

(VR)

- IT -

PHONE

: 0456836611

FAX	: 0456836666

-	Forwarding office

P. O. Box 78

- 37010

- Sant'Ambrogio di Valpolicella

(VR)

- IT -

-

Branch

(Factory)

since 23/09/1999

Marconi

, 101

- 37010

- Cavaion Veronese

(VR)

- IT -

PHONE

: 0456836611

-

Branch

(Warehouse)

since 01/03/2006

Napoleone

, 11

- 37010

- Sant'Ambrogio di Valpolicella

(VR)

- IT -

-

Branch

(Factory)

since 01/12/2010

Menego

, 134/A

- 37020

- Dolce'

(VR)

- IT -

-

Branch

(Warehouse)

since 01/02/2011

Strada Arceviese Km 3300

, SNC

- 60019

- Senigallia

(AN)

- IT -

-

Branch

(Workshop)

since 01/12/2010

Dorsale

, SNC

- 54100

- Massa

(MS)

- IT -

-

Branch

(Quarry)

since 01/12/2010

Stazzo San Salvatore

, SNC

- 07020

- Luogosanto

(SS)

- IT -

-

Branch

(Quarry)

since 01/12/2010

Stazzu L'alcu

, SNC

- 07020

- Luogosanto

(SS)

- IT -

Employees

: 208

Fittings and Equipment for a value of 6.460.000

Eur

Stocks for a value of 52.950.000

Eur

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Societa'Finanziaria per l'Industria delMarmo e Affini SpA	Antolini Luigi e C. SpA	23/09/1999

EX-MEMBERS / EX-POSITIONS:

Antolini

Francesco

Born in Verona

(VR)

on 27/01/1960

- Fiscal Code : NTLFNC60A27L781L

Residence:

Emilio Salgari

, 180

- 37015

Sant'Ambrogio di Valpolicella

(VR)

- IT -

Ex-Postions

Managing Director

Antolini

Margherita

Born in Sant'Ambrogio di Valpolicella

(VR)

on 17/12/1927

- Fiscal Code : NTLMGH27T57I259I

Residence:

Cesare Battisti

- 37010

Sant'Ambrogio di Valpolicella

(VR)

- IT -

Ex-Postions

Director

Zanarotto

Lucio

Born in Legnago

(VR)

on 18/12/1974

- Fiscal Code : ZNRLCU74T18E512C

Residence:

Roma

, 93

- 37044

Cologna Veneta

(VR)

- IT -

Ex-Postions

Temporary Auditor

Ferlini

Fosca

Born in Povegliano Veronese

(VR)

on 09/07/1928

- Fiscal Code : FRLFSC28L49G945J

Residence:

Battisti

, 48

- 37010

Sant'Ambrogio di Valpolicella

(VR)

- IT -

Ex-Postions

Director

Antolini

Luigi

Born in Sant'Ambrogio di Valpolicella

(VR)

on 22/06/1929

- Fiscal Code : NTLLGU29H22I259K

Residence:

Cesare Battisti

, 48

- 37010

Sant'Ambrogio di Valpolicella

(VR)

- IT -

Ex-Postions

Director

CEASINGS/INCORPORATIONS/MERGES:

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

09/04/1997

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

30/04/1997

Splitting-up and setting-up of a new company

LA MARGHERITA S.R.L.

, Cavaion Veronese - Sega

- IT -

Date

Splitting-up:

23/12/1997

Project of merging into

Antolini Luigi E C. S.p.a.

Napoleone

, 37010

, Sant'Ambrogio di Valpolicella

(VR)

- IT -

Fiscal Code: 00225880236

Date

Merging/splitting-up project:

19/10/1998

Project of merging by taking over of

Antolini Luigi E C. S.p.a.

Napoleone

, 37010

, Sant'Ambrogio di Valpolicella

(VR)

- IT -

Fiscal Code: 00225880236

Date

Merging/splitting-up project:

25/03/1999

The firm absorbed by merging of

Antolini Luigi E C. S.p.a.

Napoleone

, 37010

, Sant'Ambrogio di Valpolicella

(VR)

- IT -

Fiscal Code: 00225880236

Date

:

23/09/1999

Project of splitting-up and tranfer into

La Margherita S.r.l.

Marconi

, 105

, 37010

, Cavaion Veronese

(VR)

- IT -

Fiscal Code: 02819840238

Date

Merging/splitting-up project:

26/07/2007

Splitting-up and transfer of assets to

La Margherita S.r.l.

Marconi

, 105

, 37010

, Cavaion Veronese

(VR)

- IT -

Fiscal Code: 02819840238

Date

Splitting-up:

12/12/2007

Project of merging by taking over of

LICCI ALTI SOCIETA' A RESPONSABILITA' LIMITATA

BRIGATA SASSARI, CONDOMINIO I

, PINI

, 07028

, Santa Teresa Gallura

(SS)

- IT -

Fiscal Code: 00365450907

Date

Merging/splitting-up project:

22/06/2010

Resolution of merging of

LICCI ALTI SOCIETA' A RESPONSABILITA' LIMITATA

BRIGATA SASSARI, CONDOMINIO I

, PINI

, 07028

, Santa Teresa Gallura

(SS)

- IT -

Fiscal Code: 00365450907

Date

:

06/07/2010

The firm absorbed by merging of

LICCI ALTI SOCIETA' A RESPONSABILITA' LIMITATA

BRIGATA SASSARI, CONDOMINIO I

, PINI

, 07028

, Santa Teresa Gallura

(SS)

- IT -

Fiscal Code: 00365450907

Date

:

17/11/2010

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 1967.

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 4,1% on 2013) but without a significant increase in the turnover.

The operating result in 2013 was positive (5,43%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 7.401.374 showing an upward trend more then 100% compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 10.691.131 growing by 60,84% if compared to the year before.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,29

The equity capital is equal to Eur. 80.915.977 , stable in comparison with the value of the previous year.

During the last financial year debts totalled Eur. 52.242.243 (Eur. 27.363.741 of which were m/l term debts) with no important change.

The company does not exceed in bank credits; payments average period is instead slightly high (93,91 gg.) however still within the sector's average.

Liquidity is good (3,47)

Trade credits are collected slowly, average term is 119,16 days. but in line with the sector.

The financial management generated a cash flow of Eur. 6.608.018.

Labour cost amounts to Eur. 10.374.222, with a 12,43% incidence on production costs. and a 11,63% incidence on sales volumes.

Financial charges have a high incidence (-2,24%) on turnover figures.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	89.209.509
Profit (Loss) for the period	3.318.261

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	83.675.511
Profit (Loss) for the period	1.510.281

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	79.907.124
Profit (Loss) for the period	681.648

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	75.297.972
Profit (Loss) for the period	3.213.142

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	55.287.282
Profit (Loss) for the period	-908.070

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.
. . Industrial patent rights	10.910	6.508	2.475
. . Concessions,licenses,trademarks,etc.	39.676	32.082	26.862
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	1.630.818	1.101.061	402.818
. Total Intangible Fixed Assets	1.681.404	1.139.651	432.155
. TANGIBLE FIXED ASSETS
. . Real estate	4.854.904	4.845.766	4.804.440
. . Plant and machinery	5.194.473	6.293.014	7.978.259
. . Industrial and commercial equipment	1.268.017	1.693.899	1.983.811
. . Other assets	38.320
. . Assets under construction and advances		30.000	68.737
. Total Tangible fixed assets	11.355.714	12.862.679	14.835.247
. FINANCIAL FIXED ASSETS
. . Equity investments	17.319.214	16.951.766	15.041.693
. . . Equity invest. in subsidiary companies	17.014.389	16.646.941	14.736.868
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	304.825	304.825	304.825
. . Financial receivables	18.955.328	20.277.856	22.884.318
. . . . Within 12 months	18.955.328	20.277.856
. . . . Beyond 12 months			22.884.318
. . . Receivab due from subsidiaries	18.879.064	20.201.592	22.808.054
. . . . Within 12 months	18.879.064	20.201.592
. . . . Beyond 12 months			22.808.054
. . . 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	76.264	76.264	76.264
. . . . Within 12 months	76.264	76.264
. . . . Beyond 12 months			76.264
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	36.274.542	37.229.622	37.926.011
Total fixed assets	49.311.660	51.231.952	53.193.413
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	22.098.159	22.635.401	24.501.480
. . Work in progress and semimanufactured	23.821.768	24.507.029	24.018.136
. . Work in progress on order
. . Finished goods	3.642.215	2.921.804	2.860.015
. . Advance payments	3.386.848	2.921.247	2.797.953
. Total Inventories	52.948.990	52.985.481	54.177.584
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	32.077.008	30.974.864	29.833.562
. . Beyond 12 months
. . Trade receivables	29.528.657	27.157.615	23.837.711
. . . . Within 12 months	29.528.657	27.157.615	23.837.711
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	297.468	605.601	906.070
. . . . Within 12 months	297.468	605.601	906.070
. . . . 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	348.403	588.102	1.664.462
. . . . Within 12 months	348.403	588.102	1.664.462
. . . . Beyond 12 months
. . Receivables for anticipated taxes	850.388	1.279.638	766.981
. . . . Within 12 months	850.388	1.279.638	766.981
. . . . Beyond 12 months
. . Receivables due from third parties	1.052.092	1.343.908	2.658.338
. . . . Within 12 months	1.052.092	1.343.908	2.658.338
. . . . Beyond 12 months
. Total Credits not held as fixed assets	32.077.008	30.974.864	29.833.562
. 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	1.319.408	1.122.964	552.436
. . Checks
. . Banknotes and coins	36.913	23.914	38.722
. Total Liquid funds	1.356.321	1.146.878	591.158
Total current assets	86.382.319	85.107.223	84.602.304
ADJUSTMENT ACCOUNTS
. Discount on loans	44.796	449.791	509.613
. Other adjustment accounts	510.949	54.835
Total adjustments accounts	555.745	504.626	509.613
TOTAL ASSETS	136.249.724	136.843.801	138.305.330
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	6.565.260	6.565.260	6.565.260
. Additional paid-in capital
. Revaluation reserves	4.159.400	4.159.400	4.159.400
. Legal reserve	1.315.796	1.240.282	1.206.200
. Reserve for Own shares
. Statute reserves
. Other reserves	65.557.260	64.122.493	63.474.927
. Accumulated Profits (Losses)
. Profit( loss) of the year	3.318.261	1.510.281	681.648
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	80.915.977	77.597.716	76.087.435
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	354.337	982.263	1.248.536
. . Other funds	23.258	50.000
Total Reserves for Risks and Charges	377.595	1.032.263	1.248.536
Employee termination indemnities	1.655.550	1.696.202	1.747.185
ACCOUNTS PAYABLE
. . . . Within 12 months	24.878.502	23.796.912	22.073.539
. . . . Beyond 12 months	27.363.741	31.680.857	36.139.861
. . Bonds	7.850.000	7.850.000	8.348.000
. . . . Within 12 months
. . . . Beyond 12 months	7.850.000	7.850.000	8.348.000
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	21.609.326	27.359.680	31.822.244
. . . . Within 12 months	2.095.585	3.528.823	4.030.383
. . . . Beyond 12 months	19.513.741	23.830.857	27.791.861
. . Due to other providers of finance			1.511.121
. . . . Within 12 months			1.511.121
. . . . Beyond 12 months
. . Advances from customers	2.292.201	1.680.079
. . . . Within 12 months	2.292.201	1.680.079
. . . . Beyond 12 months
. . Trade payables	11.426.099	11.031.533	10.260.052
. . . . Within 12 months	11.426.099	11.031.533	10.260.052
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	6.444.158	5.265.693	4.662.040
. . . . Within 12 months	6.444.158	5.265.693	4.662.040
. . . . 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	1.470.856	1.088.885	332.817
. . . . Within 12 months	1.470.856	1.088.885	332.817
. . . . Beyond 12 months
. . Due to social security and welfare inst.	501.475	450.526	415.274
. . . . Within 12 months	501.475	450.526	415.274
. . . . Beyond 12 months
. . Other payables	648.128	751.373	861.852
. . . . Within 12 months	648.128	751.373	861.852
. . . . Beyond 12 months
Total accounts payable	52.242.243	55.477.769	58.213.400
ADJUSTMENT ACCOUNTS
. Agio on loans	101.787	154.371
. Other adjustment accounts	956.572	885.480	1.008.774
Total adjustment accounts	1.058.359	1.039.851	1.008.774
TOTAL LIABILITIES	136.249.724	136.843.801	138.305.330

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	10.932.890	6.031.550
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	89.209.509	83.675.511	79.907.124
. Changes in work in progress	35.150	550.682	2.298.247
. Changes in semi-manufact. products
. Capitalization of internal work	80.040	268.509	202.694
. Other income and revenues	1.515.646	935.505	1.005.009
. . Contributions for operating expenses
. . Different income and revenues	1.515.646	935.505	1.005.009
Total value of production	90.840.345	85.430.207	83.413.074
PRODUCTION COSTS
. Raw material,other materials and consum.	44.284.758	42.831.198	43.741.169
. Services received		21.209.792	23.584.566
. Leases and rentals	24.216.824	2.001.939	2.011.807
. Payroll and related costs	10.374.222	9.893.658	9.993.414
. . Wages and salaries	7.359.010	7.002.554	7.073.476
. . Social security contributions	2.514.101	2.422.669	2.466.826
. . Employee termination indemnities	501.111	468.435	453.112
. . Pension and similar
. . Other costs
. Amortization and depreciation	3.289.757	3.348.505	3.277.904
. . Amortization of intangible fixed assets	225.000	196.448	105.113
. . Amortization of tangible fixed assets	3.009.327	3.033.219	3.119.993
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	55.430	118.838	52.798
. Changes in raw materials	537.242	1.866.079	-1.139.352
. Provisions to risk reserves		50.000
. Other provisions
. Other operating costs	736.168	980.622	687.334
Total production costs	83.438.971	82.181.793	82.156.842
Diff. between value and cost of product.	7.401.374	3.248.414	1.256.232
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	177.129	266.258	305.607
. . Financ.income from receivables	158.270		298.853
. . . Towards subsidiary companies	158.270
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies			298.853
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	18.859		6.754
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	18.859		6.754
. Interest and other financial expense	-2.178.450	-1.609.641	26.290
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	2.178.450		-26.290
Total financial income and expense	-2.001.321	-1.343.383	331.897
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-300.000
. . Of equity investments		-300.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets		-300.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	19.672	286.148
. . Gains on disposals
. . Other extraordinary income	19.672	286.148
. Extraordinary expense	-67.388	-28.704	-58.264
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-67.388	-28.704	-58.264
Total extraordinary income and expense	-47.716	257.444	-58.264
Results before income taxes	5.352.337	1.862.475	1.529.865
. Taxes on current income	2.034.076	352.194	848.217
. . current taxes	2.232.752	1.131.124	476.196
. . differed taxes(anticip.)	-198.676	-778.930	372.021
. Net income for the period	3.318.261	1.510.281	681.648
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	3.318.261	1.510.281	681.648

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	0,36	0,37	0,38	0,29
Elasticity Ratio	Units	0,63	0,62	0,61	0,69
Availability of stock	Units	0,39	0,39	0,39	0,23
Total Liquidity Ratio	Units	0,25	0,23	0,22	0,41
Quick Ratio	Units	0,01	0,01	0,00	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,29	0,29	0,28	1,78
Self Financing Ratio	Units	0,59	0,57	0,55	0,27
Capital protection Ratio	Units	0,88	0,90	0,90	0,69
Liabilities consolidation quotient	Units	1,17	1,40	1,72	0,23
Financing	Units	0,65	0,71	0,77	2,41
Permanent Indebtedness Ratio	Units	0,81	0,81	0,82	0,46
M/L term Debts Ratio	Units	0,21	0,24	0,27	0,13
Net Financial Indebtedness Ratio	Units	0,35	0,44	0,54	0,98
CORRELATION
Fixed assets ratio	Units	2,23	2,17	2,14	1,51
Current ratio	Units	3,47	3,58	3,83	1,20
Acid Test Ratio-Liquidity Ratio	Units	1,34	1,35	1,38	0,75
Structure's primary quotient	Units	1,64	1,51	1,43	0,83
Treasury's primary quotient	Units	0,05	0,05	0,03	0,02
Rate of indebtedness ( Leverage )	%	168,38	176,35	181,77	366,48
Current Capital ( net )	Value	61.503.817	61.310.311	62.528.765	233.017
RETURN
Return on Sales	%	7,41	5,81	4,96	3,37
Return on Equity - Net- ( R.O.E. )	%	4,10	1,95	0,90	3,34
Return on Equity - Gross - ( R.O.E. )	%	6,61	2,40	2,01	11,22
Return on Investment ( R.O.I. )	%	5,43	2,37	0,91	4,00
Return/ Sales	%	8,30	3,88	1,57	4,88
Extra Management revenues/charges incid.	%	44,83	46,49	54,26	19,82
Cash Flow	Value	6.608.018	4.858.786	3.959.552	65.183
Operating Profit	Value	7.401.374	3.248.414	1.256.232	108.595
Gross Operating Margin	Value	10.691.131	6.646.919	4.534.136	167.146
MANAGEMENT
Credits to clients average term	Days	119,16	116,84	107,39	131,41
Debts to suppliers average term	Days	93,91	88,84	77,48	111,40
Average stock waiting period	Days	213,67	227,96	244,08	96,30
Rate of capital employed return ( Turnover )	Units	0,65	0,61	0,58	0,84
Rate of stock return	Units	1,68	1,58	1,47	3,72
Labour cost incidence	%	11,63	11,82	12,51	14,94
Net financial revenues/ charges incidence	%	-2,24	-1,61	0,42	-2,29
Labour cost on purchasing expenses	%	12,43	12,04	12,16	14,35
Short-term financing charges	%	4,17	2,90	n.c.	3,61
Capital on hand	%	152,73	163,54	173,08	118,11
Sales pro employee	Value	275.337	412.194	256.112	209.056
Labour cost pro employee	Value	32.019	48.737	32.030	33.287

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.

SOURCES

Our Company collects data from public registers, lists, archives or contained in Acts and/or documents (held by the National Chamber of Commerce or Immovables Territorial Agency), users, reporters or however generally accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection internet sites).

The present report is supplied for Your exclusive use and is bond to the general conditions of the contract. Personal Data collection and treatment, reported, are conform to our company's activities and to Your mandate conferred to us by Your request, for the purposes in relation to Marketing Management, Sales and Monetary Administration. It does not contain, nor could contain, information cancelled by a justified opposition right.

Market / Territory Data

Population living in the province	:	860.796
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 588 significant companies.

The companies cash their credits on an average of 131 dd.

The average duration of suppliers debts is about 111 dd.

The sector's profitability is on an average of 3,37%.

The labour cost affects the turnover in the measure of 14,94%.

Goods are held in stock in a range of 96 dd.

The difference between the sales volume and the resources used to realize it is about 0,84.

The employees costs represent the 14,35% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.673.

The insolvency index for the region is 0,30, , while for the province it is 0,31.

Total Bankrupt companies in the province : 2.982.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.53
Euro	1	Rs76.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.