MIRA INFORM REPORT

Report Date :

21.11.2014

IDENTIFICATION DETAILS

Name :	CHATEAU D'AX S.P.A.

Registered Office :	Via Nazionale Dei Giovi, 0159, 20823 - Lentate sul Seveso (MB)-IT-

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	13.03.1974

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of household furniture Manufacture of armchairs and sofas

No of Employees :	From 91 to 110

RATING & COMMENTS

MIRA’s Rating :

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

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

CHATEAU D'AX S.P.A.

Via Nazionale Dei Giovi, 0159

20823 - Lentate sul Seveso (MB) -IT-

Summary

Fiscal Code	:	00368100152
Legal Form	:	Joint stock company
Start of Activities	:	13/03/1974
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	From 91 to 110

Activity

Manufacture of household furniture

Manufacture of armchairs and sofas

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00368100152

Foreign Trade Reg. no. : MB047327 since 17/06/2010

Foreign Trade Reg. no. : MI039186 since 13/12/1991

Foreign Trade Reg. no. : 39186 of Milano since 13/12/1991

Chamber of Commerce no. : 181634 of Como

Chamber of Commerce no. : 1868022 of Monza e Brianza since 26/03/2010

Chamber of Commerce no. : 890441 of Milano since 14/11/1974

Chamber of Commerce no. : 66926 of Matera

Firms' Register : MI149-10830 of Milano since 19/02/1996

V.A.T. Code : 00682600960

Tribunal Co. Register : 10830 of

Foundation date	: 28/10/1974
Establishment date	: 28/10/1974
Start of Activities	: 13/03/1974
Legal duration	: 31/12/2030
Nominal Capital	: 5.000.000
Subscribed Capital	: 5.000.000
Paid up Capital	: 5.000.000

Members

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Cordusio Societa' Fiduciaria Per Azioni

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Gabaglio

Venanzio

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Born in Como

(CO)

on 07/02/1944

- Fiscal Code : GBGVNZ44B07C933E

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Residence:

S. Martino

, 3

- 22079

Villa Guardia

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	22/07/2009

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No Prejudicial events are reported

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No Protests registered

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Colombo

Antonio

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Born in Lentate Sul Seveso

(MI)

on 23/11/1947

- Fiscal Code : CLMNTN47S23E530C

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Residence:

F. Filzi

, 25

Lentate Sul Seveso

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	30/06/2014

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No Prejudicial events are reported

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No Protests registered

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Colombo

Tiziano Walter

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Born in Como

(CO)

on 06/10/1952

- Fiscal Code : CLMTNW52R06C933K

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Residence:

Nazionale Giovi

, 176

- 20030

Lentate sul Seveso

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney General	10/12/2002

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No Prejudicial events are reported

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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.

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Colombo

Antonio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Winning S.r.l.	Lentate sul Seveso (MI) - IT -	07488590154	Sole Director	Withdrawn	Ceased
Immobiliare Sandi - S.r.l.	Biella (BI) - IT -	81066610023	Sole Director	Withdrawn	Ceased
Axco S.r.l.	Lentate sul Seveso (MB) - IT -	01160250138	Attorney General	Active	Registered
Elma Sport S.r.l.	Cermenate (CO) - IT -	01649570130	Sole Director	Withdrawn	Merged
Montalbano S.p.a.	Giussano (MB) - IT -	03530010150	Attorney General	Active	Registered
Colwa S.a.s. Di Colombo Antonio E C.	Lentate sul Seveso (MB) - IT -	04552360150	General Partner	Active	Registered
Armonia S.r.l.	Lentate sul Seveso (MB) - IT -	04608420966	Sole Director	Active	Registered

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

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

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Colombo Antonio	Lentate Sul Seveso - IT -	CLMNTN47S23E530C	1.043.450 .Eur	20,86
Colombo Tiziano Walter	Lentate sul Seveso - IT -	CLMTNW52R06C933K	1.043.450 .Eur	20,86
Cordusio Societa' Fiduciaria Per Azioni		01855720155	2.913.100 .Eur	58,26

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
Ma.Tra.X S.R.L.	Altamura - IT -	03848650721	4.080 .Eur	40,00			Active
Sofa' 3000 - Societa' Per Azioni	Fiano Romano - IT -	04914221009	24.000 .Eur	48,00			Active
Errecidue S.r.l.	Corsico - IT -	11243180152	93.174 .Eur	18,63			Active
Sofaland S.R.L.		04292050723	23.256 .Eur	24,00			Active
Cinquecir S.r.l.	Corsico - IT -	05436420961	28.000 .Eur	28,00			Active
Progim S.r.l.	Torgiano - IT -	03003570540	37.800 .Eur	42,00			Active
Sofa' 3000 - Societa' A Responsabilita' Limitata		12408611007	23.000 .Eur	46,00			Active

Firm's location and structure

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

Legal and operative seat

since 01/01/1974

Nazionale Dei Giovi

, 0159

- 20030

- Lentate sul Seveso

(MB)

- IT -

PHONE

: 03625301

Branch

(Warehouse)

Industria

, 9

- 20030

- Lentate sul Seveso

(MB)

- IT -

Branch

(Workshop)

since 15/07/1981

Pozzo

, 6

- 22069

- Rovellasca

(CO)

- IT -

Branch

(Warehouse)

since 27/02/2003

Pip La Martella Lotto

, D10-D23

- 75100

- Matera

(MT)

- IT -

Employees

: 98

Fittings and Equipment for a value of 900.000

Eur

Stocks for a value of 16.970.000

Eur

Vehicles for a value of 390.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

Transports are usually done by own vehicles.

The company sells mainly to retailers and local consumers

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

- its own agents

Company generally accepts payments with terms of 60/90 days.

Main sales modalities: issue cheques and bank transfers.

Purchase terms: 60-90-120 days.

Subject company generally settles its engagements by issueing of

cheques and cash orders.

Import comes generally from the following nations:

- Italy

- Austria

- France

- Belgium

- Great Britain

- Hungary

Export is mainly towards:

- Italy

- Austria

- Belgium

- France

- Germany

- Great Britain

- Greece

- Ireland

- Hungary

- Bulgaria

- Stati Uniti

- GIAMAICA

- Somalia

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Other forms	Joint stock company	07/12/1979

EX-MEMBERS / EX-POSITIONS:

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CAVENAGHI

GIULIO

on 22/06/1946

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Residence:

MIGLIOLI

, 18

- 20045

Besana in Brianza

(MB)

- IT -

Ex-Postions

Permanent Auditor

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Curioni

Stefano

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Born in Mariano Comense

(CO)

on 16/09/1967

- Fiscal Code : CRNSFN67P16E951B

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Residence:

Monte Nero

, 4

- 22044

Inverigo

(CO)

- IT -

Ex-Postions

Temporary Auditor

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Cordusio Societa' Fiduciaria Per Azioni

- Fiscal Code : 01855720155

Ex-Postions

Partner

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Colombo

Antonio

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Born in Lentate Sul Seveso

(MI)

on 23/11/1947

- Fiscal Code : CLMNTN47S23E530C

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Residence:

F. Filzi

, 25

Lentate Sul Seveso

(MI)

- IT -

Ex-Postions

Procurator

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Colombo

Pierangela

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Born in CARATE BRIANZA

(MB)

on 05/12/1959

- Fiscal Code : CLMPNG59T45B729N

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Residence:

BRUNO BUOZZI

, 11

- 20045

Besana in Brianza

(MB)

- IT -

Ex-Postions

Temporary Auditor

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Fusetti

Antonio

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Born in Seregno

(MB)

on 05/08/1941

- Fiscal Code : FSTNTN41M05I625I

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Residence:

Indipendenza

, 44

- 20036

Meda

(MB)

- IT -

Ex-Postions

Temporary Auditor

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Cavenaghi

Marta

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Born in Giussano

(MB)

on 12/07/1974

- Fiscal Code : CVNMRT74L52E063I

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Residence:

Del Castano

, 6

- 20842

Besana in Brianza

(MB)

- IT -

Ex-Postions

Temporary Auditor

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Sagliaschi

Donato

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Born in Lecco

(CO)

on 31/01/1957

- Fiscal Code : SGLDNT57A31E507S

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Residence:

Belvedere

, 36

- 22063

Cantu'

(CO)

- IT -

Ex-Postions

Chairman of the Board of Aud.

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Cavenaghi

Giulio

on 22/06/1946

Ex-Postions

Temporary Auditor

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Galliani

Franco

on 20/03/1947

Ex-Postions

Permanent Auditor

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Fusetti

Antonio

on 05/06/1941

Ex-Postions

Permanent Auditor

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Colombo

Tiziano Walter

on 06/10/1952

Ex-Postions

Attorney General

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Cavenaghi

Giulio

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Born in Besana in Brianza

(MB)

on 22/06/1946

- Fiscal Code : CVNGLI46H22A818M

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Residence:

Del Castano

, 4

- 20842

Besana in Brianza

(MB)

- IT -

Ex-Postions

Permanent Auditor

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Benzoni

Domenico

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Born in Cermenate

(CO)

on 19/06/1946

- Fiscal Code : BNZDNC46H19C516Q

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Residence:

Kennedy

, 2

- 22072

Cermenate

(CO)

- IT -

Ex-Postions

Temporary Auditor

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Mariani

Umberto

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Born in Meda

(MB)

on 22/01/1951

- Fiscal Code : MRNMRT51A22F078S

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Residence:

Farga

, 13

- 20036

Meda

(MI)

- IT -

Ex-Postions

Permanent Auditor

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Molteni

Giuseppe

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Born in Como

(CO)

on 21/04/1973

- Fiscal Code : MLTGPP73D21C933Z

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Residence:

Xxv Aprile

, 1

- 22063

Cantu'

(CO)

- IT -

Ex-Postions

Temporary Auditor

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 1974

The analysis is based on the latest 3 balance sheets.

Under the financial profile unstable results are noted. yet with a positive result in the 2013 (r.o.e. 0,59%).

The return on Investment in the last financial year was positive (2,14%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 3.109.313 with a more then 100% growth.

The gross operating margin of the latest financial year is of Eur. 4.657.678 with a 62,88% increase as opposed to the preceding year.

Company's financial status is balanced since indebtedness is not high (1,5)

It's shareholders funds amount to Eur. 47.325.438 on the same levels as the year before.

During the last financial year total debts volume reached Eur. 93.431.337 (Eur. 14.462.661 were m/l term ones) , with no sensible variation.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest which is also lower than the sector average.

Payments are supported by good current assets.

Accounts receivable average term is high (96,58 days). within the average values of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 1.827.379

In the last financial year labour cost was of Eur. 5.899.641, with a 2,86% incidence on total costs of production. , whereas the incidence on sales revenues is of 2,85%.

Financial charges have a limited incidence (-1,09%) on sales volume.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	206.767.499
Profit (Loss) for the period	279.014

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	206.788.638
Profit (Loss) for the period	-284.462

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	237.510.658
Profit (Loss) for the period	959.881

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	242.402.832
Profit (Loss) for the period	1.003.373

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Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	213.057.501
Profit (Loss) for the period	1.264.250

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	13.860
. . Research,develop. and advert.expens.
. . Industrial patent rights	5.248	7.664	8.000
. . Concessions,licenses,trademarks,etc.	295.456	315.812	302.442
. . Goodwill	148.134
. . Assets in formation and advance paymen.		1.872
. . Other intangible fixed assets	632.026	881.295	1.368.177
. Total Intangible Fixed Assets	1.094.724	1.206.643	1.678.619
. TANGIBLE FIXED ASSETS
. . Real estate	30.726.381	31.111.633	28.153.830
. . Plant and machinery	902.052	942.182	630.382
. . Industrial and commercial equipment	755	1.214	1.837
. . Other assets	196.086	168.046	245.042
. . Assets under construction and advances	1.530.025	1.589.575	3.399.549
. Total Tangible fixed assets	33.355.299	33.812.650	32.430.640
. FINANCIAL FIXED ASSETS
. . Equity investments	2.521.957	2.024.648	1.994.993
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	2.433.903	1.936.903	1.907.377
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	88.054	87.745	87.616
. . Financial receivables	5.214.717	1.027.421	1.486.764
. . . . Within 12 months	507.440		1.050.000
. . . . Beyond 12 months	4.707.277	1.027.421	436.764
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.	1.684.986	298.319	291.822
. . . . Within 12 months
. . . . Beyond 12 months	1.684.986	298.319	291.822
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	3.529.731	729.102	1.194.942
. . . . Within 12 months	507.440		1.050.000
. . . . Beyond 12 months	3.022.291	729.102	144.942
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	7.736.674	3.052.069	3.481.757
Total fixed assets	42.186.697	38.071.362	37.591.016
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	9.388.880	8.921.621	7.354.796
. . Work in progress and semimanufactured	1.563.881	2.104.520	3.186.138
. . Work in progress on order
. . Finished goods	5.057.414	4.379.170	4.002.918
. . Advance payments	957.869	532.886	303.369
. Total Inventories	16.968.044	15.938.197	14.847.221
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	75.615.816	78.423.941	78.841.231
. . Beyond 12 months	1.650.729	1.507.087	1.030.456
. . Trade receivables	55.473.388	61.846.578	65.278.585
. . . . Within 12 months	55.473.388	61.846.578	65.278.585
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	17.667.552	13.366.264	10.195.094
. . . . Within 12 months	17.667.552	13.366.264	10.195.094
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	1.081.001	1.853.029	1.448.361
. . . . Within 12 months	672.310	1.444.338	1.379.006
. . . . Beyond 12 months	408.691	408.691	69.355
. . Receivables for anticipated taxes	533.891	547.481	569.130
. . . . Within 12 months	29.570	45.800	55.935
. . . . Beyond 12 months	504.321	501.681	513.195
. . Receivables due from third parties	2.510.713	2.317.676	2.380.517
. . . . Within 12 months	1.772.996	1.720.961	1.932.611
. . . . Beyond 12 months	737.717	596.715	447.906
. Total Credits not held as fixed assets	77.266.545	79.931.028	79.871.687
. 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	8.111.203	6.279.462	10.711.233
. . Checks
. . Banknotes and coins	1.473	851	1.818
. Total Liquid funds	8.112.676	6.280.313	10.713.051
Total current assets	102.347.265	102.149.538	105.431.959
ADJUSTMENT ACCOUNTS
. Discount on loans	830.945	661.857
. Other adjustment accounts			533.787
Total adjustments accounts	830.945	661.857	533.787
TOTAL ASSETS	145.364.907	140.882.757	143.556.762

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.000.000	5.000.000	5.000.000
. Additional paid-in capital
. Revaluation reserves	11.576.559	11.576.559	11.576.559
. Legal reserve	1.000.000	1.000.000	1.000.000
. Reserve for Own shares
. Statute reserves
. Other reserves	24.385.995	26.349.254	25.389.369
. Accumulated Profits (Losses)	5.083.870	4.973.065	4.973.065
. Profit( loss) of the year	279.014	-284.462	959.881
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	47.325.438	48.614.416	48.898.874
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	729.911	588.908	447.906
. . Taxation fund, also differed	208.530	399.910	2.632.382
. . Other funds	1.567.989	118.000	118.000
Total Reserves for Risks and Charges	2.506.430	1.106.818	3.198.288
Employee termination indemnities	1.344.564	1.411.806	1.524.091
ACCOUNTS PAYABLE
. . . . Within 12 months	78.968.676	79.010.521	74.653.894
. . . . Beyond 12 months	14.462.661	10.074.856	14.683.658
. . 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	55.765.837	49.506.333	48.713.224
. . . . Within 12 months	41.541.897	40.258.372	34.029.566
. . . . Beyond 12 months	14.223.940	9.247.961	14.683.658
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	215.415	206.844	81.532
. . . . Within 12 months	208.136	199.565	81.532
. . . . Beyond 12 months	7.279	7.279
. . Trade payables	34.494.106	36.416.342	38.761.424
. . . . Within 12 months	34.494.106	36.416.342	38.761.424
. . . . 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	500.035	376.761	330.823
. . . . Within 12 months	500.035	376.761	330.823
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	1.720.314	1.894.330	490.524
. . . . Within 12 months	1.492.172	1.078.014	490.524
. . . . Beyond 12 months	228.142	816.316
. . Due to social security and welfare inst.	292.792	278.800	276.966
. . . . Within 12 months	292.792	278.800	276.966
. . . . Beyond 12 months
. . Other payables	442.838	405.967	683.059
. . . . Within 12 months	439.538	402.667	683.059
. . . . Beyond 12 months	3.300	3.300
Total accounts payable	93.431.337	89.085.377	89.337.552
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	757.138	664.340	597.957
Total adjustment accounts	757.138	664.340	597.957
TOTAL LIABILITIES	145.364.907	140.882.757	143.556.762

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	10.558.058
Risk accounts	175.496
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	206.767.499	206.788.638	237.510.658
. Changes in work in progress	137.604	-705.365	93.093
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	2.722.357	2.341.241	2.404.174
. . Contributions for operating expenses
. . Different income and revenues	2.722.357	2.341.241	2.404.174
Total value of production	209.627.460	208.424.514	240.007.925
PRODUCTION COSTS
. Raw material,other materials and consum.	116.479.023	111.694.791	129.105.805
. Services received			97.386.169
. Leases and rentals	81.322.139	88.573.671	2.475.134
. Payroll and related costs	5.899.641	5.674.128	5.570.647
. . Wages and salaries	4.232.384	4.059.529	3.973.305
. . Social security contributions	1.326.973	1.272.301	1.251.150
. . Employee termination indemnities	340.284	342.298	346.192
. . Pension and similar
. . Other costs
. Amortization and depreciation	1.548.365	1.394.739	1.644.532
. . Amortization of intangible fixed assets	422.781	619.482	724.135
. . Amortization of tangible fixed assets	825.584	775.257	920.397
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	300.000
. Changes in raw materials	-217.260	-1.566.825	-1.149.435
. Provisions to risk reserves
. Other provisions
. Other operating costs	1.486.239	1.189.180	1.108.933
Total production costs	206.518.147	206.959.684	236.141.785
Diff. between value and cost of product.	3.109.313	1.464.830	3.866.140
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	33	36	25.222
. . In subsidiary companies
. . In associated companies
. . In other companies	33	36
. Other financial income	3.826	164.467	35.591
. . 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	3.826	164.467
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	3.826	164.467
. Interest and other financial expense	-2.258.168	-2.143.194	-643.020
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	2.258.168	2.143.194
Total financial income and expense	-2.254.309	-1.978.691	-582.207
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-3.360	-19.978	-30.817
. . Of equity investments	-3.360	-19.978	-30.817
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-3.360	-19.978	-30.817
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	250.001	977.044	245.435
. . Gains on disposals
. . Other extraordinary income	250.001	977.044	245.435
. Extraordinary expense	-135.926	-414.181	-1.132.444
. . Losses on disposals
. . Taxes relating to prior years	-135.926		-875.000
. . Other extraordinary expense		-414.181	-257.444
Total extraordinary income and expense	114.075	562.863	-887.009
Results before income taxes	965.719	29.024	2.366.107
. Taxes on current income	686.705	313.486	1.406.226
. . current taxes	720.687	461.298	1.390.970
. . differed taxes(anticip.)	-33.982	-147.812	15.256
. Net income for the period	279.014	-284.462	959.881
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	279.014	-284.462	959.881

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	0,29	0,27	0,26	0,25
Elasticity Ratio	Units	0,70	0,73	0,73	0,72
Availability of stock	Units	0,12	0,11	0,10	0,20
Total Liquidity Ratio	Units	0,59	0,61	0,63	0,45
Quick Ratio	Units	0,06	0,04	0,07	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,50	1,50	1,31	2,92
Self Financing Ratio	Units	0,33	0,35	0,34	0,19
Capital protection Ratio	Units	0,89	0,90	0,88	0,71
Liabilities consolidation quotient	Units	0,20	0,15	0,22	0,22
Financing	Units	1,97	1,83	1,83	3,80
Permanent Indebtedness Ratio	Units	0,43	0,43	0,45	0,38
M/L term Debts Ratio	Units	0,11	0,08	0,11	0,12
Net Financial Indebtedness Ratio	Units	1,01	0,89	0,78	0,97
CORRELATION
Fixed assets ratio	Units	1,50	1,58	1,73	1,26
Current ratio	Units	1,30	1,29	1,41	1,13
Acid Test Ratio-Liquidity Ratio	Units	1,08	1,09	1,21	0,75
Structure's primary quotient	Units	1,12	1,28	1,30	0,76
Treasury's primary quotient	Units	0,10	0,08	0,14	0,04
Rate of indebtedness ( Leverage )	%	307,16	289,80	293,58	515,14
Current Capital ( net )	Value	23.378.589	23.139.017	30.778.065	177.926
RETURN
Return on Sales	%	0,88	0,54	1,10	2,74
Return on Equity - Net- ( R.O.E. )	%	0,59	-0,59	1,96	1,67
Return on Equity - Gross - ( R.O.E. )	%	2,04	0,06	4,84	8,36
Return on Investment ( R.O.I. )	%	2,14	1,04	2,69	3,41
Return/ Sales	%	1,50	0,71	1,63	3,12
Extra Management revenues/charges incid.	%	8,97	-19,42	24,83	15,78
Cash Flow	Value	1.827.379	1.110.277	2.604.413	76.501
Operating Profit	Value	3.109.313	1.464.830	3.866.140	88.970
Gross Operating Margin	Value	4.657.678	2.859.569	5.510.672	173.361
MANAGEMENT
Credits to clients average term	Days	96,58	107,67	98,94	100,31
Debts to suppliers average term	Days	63,69	66,14	61,46	115,26
Average stock waiting period	Days	29,54	27,75	22,50	67,16
Rate of capital employed return ( Turnover )	Units	1,42	1,47	1,65	1,08
Rate of stock return	Units	12,19	12,97	16,00	5,32
Labour cost incidence	%	2,85	2,74	2,35	17,27
Net financial revenues/ charges incidence	%	-1,09	-0,96	-0,25	-1,88
Labour cost on purchasing expenses	%	2,86	2,74	2,36	16,89
Short-term financing charges	%	2,42	2,41	0,72	3,16
Capital on hand	%	70,30	68,13	60,44	92,21
Sales pro employee	Value	1.123.736	1.168.297	2.484.940	183.224
Labour cost pro employee	Value	32.063	32.057	58.282	32.179

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	:	$mhtml:file://\\vivek\Foreign%20Report%20Raw\Chateau%20D'ax%20S.p.a..mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.249\Spazio.gif$ 9.393.092
Population living in the region	:	$mhtml:file://\\vivek\Foreign%20Report%20Raw\Chateau%20D'ax%20S.p.a..mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.249\Spazio.gif$ 0
Number of families in the region	:	$mhtml:file://\\vivek\Foreign%20Report%20Raw\Chateau%20D'ax%20S.p.a..mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.249\Spazio.gif$ 0

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

- per food products	:	$mhtml:file://\\vivek\Foreign%20Report%20Raw\Chateau%20D'ax%20S.p.a..mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.249\Spazio.gif$ 0
- per non food products	:	$mhtml:file://\\vivek\Foreign%20Report%20Raw\Chateau%20D'ax%20S.p.a..mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.249\Spazio.gif$ 0
- per energy consume	:	$mhtml:file://\\vivek\Foreign%20Report%20Raw\Chateau%20D'ax%20S.p.a..mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.249\Spazio.gif$ 0

Sector Data

The values are calculated on a base of 2.257 significant companies.

The companies cash their credits on an average of 100 dd.

The average duration of suppliers debts is about 115 dd.

The sector's profitability is on an average of 2,74%.

The labour cost affects the turnover in the measure of 17,27%.

Goods are held in stock in a range of 67 dd.

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

The employees costs represent the 16,89% of the production costs.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.97.32
Euro	1	Rs.77.91

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SMN

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.