MIRA INFORM REPORT

Report Date :

09.10.2014

IDENTIFICATION DETAILS

Name :	FABBRICA ITALIANA POMPE S.R.L.
Registered Office :	Viale Fratelli Casiraghi, 0241, 20099 – Sesto San Giovanni (MI) -IT-
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	20.09.1928
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of Other Pump and Compressors
No of Employees :	From 26 to 35

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

FABBRICA ITALIANA POMPE S.R.L.

Viale Fratelli Casiraghi, 0241

20099 – Sesto San Giovanni (MI) -IT-

Summary

Fiscal Code	:	00764670154
Legal Form	:	Limited liability company
start of Activities	:	20/09/1928
Equity	:	Over 2.582.254
Turnover Range	:	6.500.000/7.750.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of other pumps and compressors

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00764670154

Foreign Trade Reg. no. : 122842 of Milano since 04/02/1992

Foreign Trade Reg. no. : 0002131 of Milano

Chamber of Commerce no. : 146642 of Milano since 25/09/1928

Firms' Register : MI149-197 of Milano since 19/02/1996

V.A.T. Code : 00691460968

Establishment date	: 20/09/1928
Start of Activities	: 20/09/1928
Legal duration	: 31/12/2050
Nominal Capital	: 51.480
Subscribed Capital	: 51.480
Paid up Capital	: 51.480

Members

Cambiaghi

Gabriele

Born in Milano

(MI)

on 05/06/1970

- Fiscal Code : CMBGRL70H05F205I

Residence:

Pedonale Liborio Baldanza

, 13

- 20099

Sesto San Giovanni

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014
Board Chairman	30/04/2014
Managing Director	30/04/2014

No Prejudicial events are reported

No Protests registered

Cambiaghi

Andrea Francesco

Born in Milano

(MI)

on 01/11/1968

- Fiscal Code : CMBNRF68S01F205X

Residence:

Abramo Oldrini

, 100

- 20099

Sesto San Giovanni

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014
Managing Director	30/04/2014

No Prejudicial events are reported

No Protests registered

Cambiaghi

Marco

Born in Milano

(MI)

on 29/06/1979

- Fiscal Code : CMBMRC79H29F205Y

Residence:

Oldrini

, 100

- 20099

Sesto San Giovanni

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014
Managing Director	30/04/2014

No Prejudicial events are reported

No Protests registered

Cambiaghi

Giorgio Cesare Giovanni

Born in Sesto San Giovanni

(MI)

on 06/01/1949

- Fiscal Code : CMBGGC49A06I690D

Residence:

Davide Campari

, 3/B

- 20099

Sesto San Giovanni

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2014
Managing Director	30/04/2014

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Cambiaghi

Gabriele

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tecnopompe Immobiliare Srl	Seregno (MB) - IT -	09593300156	Attorney General	Active	Registered
Cooperativa Per L'insediamento Produttivo Ex Area Falck-concordia Sud A R.l. In	Sesto San Giovanni (MI) - IT -	02819110962	Permanent Auditor	Active	Registered

Cambiaghi

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
SENNINA S.R.L.	Monza (MB) - IT -	04945500967	Sole Director	Withdrawn	Registered
Immobiliare Elisa S.r.l.	Meda (MB) - IT -	05659830961	Sole Director	Active	Registered
Ad Maiora S.r.l.	Sesto San Giovanni (MI) - IT -	08658230969	Director	Active	Registered
Ad Maiora S.r.l.	Sesto San Giovanni (MI) - IT -	08658230969	Board Chairman	Active	Registered

Cambiaghi

Giorgio Cesare Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Alcea S.r.l.	Milano (MI) - IT -	03727320966	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
Cambiaghi Gabriele	Sesto San Giovanni - IT -	CMBGRL70H05F205I	10.296 .Eur	19,99
Cambiaghi Andrea Francesco	Sesto San Giovanni - IT -	CMBNRF68S01F205X	10.295 .Eur	19,99
CAMBIAGHI VALERIA	Sesto San Giovanni - IT -	CMBVLR70H45F205D	10.297 .Eur	19,99
Cambiaghi Marco	Sesto San Giovanni - IT -	CMBMRC79H29F205Y	20.592 .Eur	39,99

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-	Legal and operative seat

Fratelli Casiraghi

, 0241

- 20099

- Sesto San Giovanni

(MI)

- IT -

PHONE

: 0222478374

-

Branch

(Factory)

since 03/03/2009

Edison

, 621

- 20099

- Sesto San Giovanni

(MI)

- IT -

Employees

: 35

Fittings and Equipment for a value of 370.000

Eur

Stocks for a value of 600.000

Eur

The firm operates abroad as exporter..

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

Export is mainly towards:

- Ireland

- Great Britain

- Italy

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Other forms	Limited liability company	31/05/1978

EX-MEMBERS / EX-POSITIONS:

CAMBIAGHI

MARIA LUISA

Born in MILANO

(MI)

on 02/07/1939

- Fiscal Code : CMBMLS39L42F205Z

Residence:

F.LLI BANDIERA

, 48

- 20099

Sesto San Giovanni

(MI)

- IT -

Ex-Postions

Director

Managing Director

CAMBIAGHI

VALERIA

Born in MILANO

(MI)

on 05/06/1970

- Fiscal Code : CMBVLR70H45F205D

Residence:

CASIRAGHI

, 241

- 20099

Sesto San Giovanni

(MI)

- IT -

Ex-Postions

Director

Managing Director

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 1928

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

During the last years, it achieved profits (r.o.e. 10,73% on 2013) and during the last financial year an increase in sales volume was registered (+27,36% in 2013).

The operating result in 2013 was positive (10,23%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 659.575 rising (+more then 100%) in relation to the previous year.

The G.O.M. amounted to Eur. 814.684 showing an upward trend if compared to 2012.

Indebtedness is scanty since debts are lower than liquidity.

The equity capital is equal to Eur. 3.808.997 , unchanged if compared to 2012.

Total debts (both short and M/L term) equals Eur. 1.446.329, while during the financial year 2012 the amount was equal to Eur. 951.091.

The company does not exceed in bank credits; payments average period is instead slightly high (97,71 gg.) but lined up with the field's average.

Liquidity is good (3,9)

Accounts receivable average term is high (91,94 days). , as it normally happens in the sector.

2013 financial year closed with a cash flow of Eur. 563.645

In the last financial year labour cost was of Eur. 1.798.793, with a 29,32% incidence on total costs of production. , whereas 26,8% is the incidence on sales revenues.

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

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	6.713.050
Profit (Loss) for the period	408.536

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	5.270.803
Profit (Loss) for the period	106.827

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	5.784.784
Profit (Loss) for the period	312.198

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	5.667.821
Profit (Loss) for the period	424.520

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
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	135.511	57.530	64.126
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	622.123	628.235	587.475
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	25.155	32.433	40.096
Total fixed assets	782.789	718.198	691.697
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	603.351	583.750	284.068
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.222.883	2.405.887	2.188.921
. . Beyond 12 months
. . Trade receivables	1.714.438
. . . . Within 12 months	1.714.438
. . . . 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	196.531
. . . . Within 12 months	196.531
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	311.914
. . . . Within 12 months	311.914
. . . . Beyond 12 months
. Total Credits not held as fixed assets	2.222.883	2.405.887	2.188.921
. 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	809.610	792.292	741.582
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	2.004.486	1.094.203	1.695.239
Total current assets	5.640.330	4.876.132	4.909.810
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	26.016	23.452	18.216
Total adjustments accounts	26.016	23.452	18.216
TOTAL ASSETS	6.449.135	5.617.782	5.619.723
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	51.480	51.480	51.480
. Additional paid-in capital
. Revaluation reserves	215.137	215.137	215.137
. Legal reserve	10.296	10.296	10.296
. Reserve for Own shares
. Statute reserves
. Other reserves		-1	-1
. Accumulated Profits (Losses)	3.123.548	3.216.722	3.104.523
. Profit( loss) of the year	408.536	106.827	312.198
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	3.808.997	3.600.461	3.693.633
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	235.000	175.000	130.000
Employee termination indemnities	750.911	698.770	642.805
ACCOUNTS PAYABLE
. . . . Within 12 months	1.446.329	951.091	951.936
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	13.845
. . . . Within 12 months	13.845
. . . . Beyond 12 months
. . Trade payables	1.108.047
. . . . Within 12 months	1.108.047
. . . . 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	234.513
. . . . Within 12 months	234.513
. . . . Beyond 12 months
. . Due to social security and welfare inst.	87.861
. . . . Within 12 months	87.861
. . . . Beyond 12 months
. . Other payables	2.063
. . . . Within 12 months	2.063
. . . . Beyond 12 months
Total accounts payable	1.446.329	951.091	951.936
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	207.898	192.460	201.349
Total adjustment accounts	207.898	192.460	201.349
TOTAL LIABILITIES	6.449.135	5.617.782	5.619.723

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	6.713.050	5.270.803	5.784.784
. Changes in work in progress	6.960	56.954	-157
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	75.599	8.901	26.022
. . Contributions for operating expenses
. . Different income and revenues	75.599	8.901	26.022
Total value of production	6.795.609	5.336.658	5.810.649
PRODUCTION COSTS
. Raw material,other materials and consum.	2.798.948	2.209.391	2.052.257
. Services received	1.113.413
. Leases and rentals	169.925	1.196.363	1.140.022
. Payroll and related costs	1.798.793	1.861.027	1.788.417
. . Wages and salaries	1.170.129	1.219.253	1.156.768
. . Social security contributions	527.134	534.393	523.010
. . Employee termination indemnities	96.324	104.176	102.558
. . Pension and similar
. . Other costs	5.206	3.205	6.081
. Amortization and depreciation	155.109	137.420	177.716
. . Amortization of intangible fixed assets	24.153	13.027	13.559
. . Amortization of tangible fixed assets	122.341	113.553	153.831
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	8.615	10.840	10.326
. Changes in raw materials	-12.641	-242.728	-7.078
. Provisions to risk reserves
. Other provisions
. Other operating costs	112.487	61.997	99.624
Total production costs	6.136.034	5.223.470	5.250.958
Diff. between value and cost of product.	659.575	113.188	559.691
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	23.554	4.966	15.650
. . 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		4.966	15.650
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies		4.966	15.650
. Interest and other financial expense	-143	-171	-1.316
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		171	1.316
Total financial income and expense	23.411	4.795	14.334
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	7.412	92.217	2.572
. . Gains on disposals
. . Other extraordinary income	7.412	92.217	2.572
. Extraordinary expense	-224	-3.889	-40
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-224	-3.889	-40
Total extraordinary income and expense	7.188	88.328	2.532
Results before income taxes	690.174	206.311	576.557
. Taxes on current income	281.638	99.484	264.359
. . current taxes	281.638	99.484	264.359
. . differed taxes(anticip.)
. Net income for the period	408.536	106.827	312.198
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	408.536	106.827	312.198

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	0,12	0,13	0,12	0,26
Elasticity Ratio	Units	0,87	0,87	0,87	0,73
Availability of stock	Units	0,09	0,10	0,05	0,23
Total Liquidity Ratio	Units	0,78	0,76	0,82	0,44
Quick Ratio	Units	0,44	0,34	0,43	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	n.c.	1,74
Self Financing Ratio	Units	0,59	0,64	0,66	0,29
Capital protection Ratio	Units	0,88	0,96	0,90	0,64
Liabilities consolidation quotient	Units	0,52	0,73	0,68	0,22
Financing	Units	0,38	0,26	0,26	2,30
Permanent Indebtedness Ratio	Units	0,71	0,77	0,77	0,46
M/L term Debts Ratio	Units	0,12	0,12	0,11	0,11
Net Financial Indebtedness Ratio	Units	0,00	n.c.	n.c.	0,49
CORRELATION
Fixed assets ratio	Units	5,83	5,99	6,27	1,63
Current ratio	Units	3,90	5,13	5,16	1,32
Acid Test Ratio-Liquidity Ratio	Units	3,48	4,51	4,86	0,86
Structure's primary quotient	Units	4,87	5,01	5,34	1,05
Treasury's primary quotient	Units	1,95	1,98	2,56	0,04
Rate of indebtedness ( Leverage )	%	169,31	156,03	152,15	349,01
Current Capital ( net )	Value	4.194.001	3.925.041	3.957.874	753.266
RETURN
Return on Sales	%	8,40	4,63	8,47	5,13
Return on Equity - Net- ( R.O.E. )	%	10,73	2,97	8,45	7,27
Return on Equity - Gross - ( R.O.E. )	%	18,12	5,73	15,61	15,95
Return on Investment ( R.O.I. )	%	10,23	2,01	9,96	5,36
Return/ Sales	%	9,83	2,15	9,68	5,57
Extra Management revenues/charges incid.	%	61,94	94,38	55,78	42,11
Cash Flow	Value	563.645	244.247	489.914	344.143
Operating Profit	Value	659.575	113.188	559.691	359.008
Gross Operating Margin	Value	814.684	250.608	737.407	705.726
MANAGEMENT
Credits to clients average term	Days	91,94	n.c.	n.c.	101,37
Debts to suppliers average term	Days	97,71	n.c.	n.c.	115,52
Average stock waiting period	Days	32,36	39,87	17,68	80,62
Rate of capital employed return ( Turnover )	Units	1,04	0,94	1,03	1,07
Rate of stock return	Units	11,13	9,03	20,36	4,40
Labour cost incidence	%	26,80	35,31	30,92	16,91
Net financial revenues/ charges incidence	%	0,35	0,09	0,25	-1,19
Labour cost on purchasing expenses	%	29,32	35,63	34,06	17,25
Short-term financing charges	%	0,01	0,02	0,14	2,71
Capital on hand	%	96,07	106,58	97,15	93,00
Sales pro employee	Value	189.100	90.875	105.177	223.920
Labour cost pro employee	Value	50.670	32.086	32.516	35.625

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	:	3.839.216
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 918 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 5,13%.

The labour cost affects the turnover in the measure of 16,91%.

Goods are held in stock in a range of 81 dd.

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 17,25% 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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.35
UK Pound	1	Rs.98.71
Euro	1	Rs.77.47

INFORMATION DETAILS

Analysis Done by :	RAS
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.