MIRA INFORM REPORT

Report Date :

10.10.2014

IDENTIFICATION DETAILS

Name :	CRIOFARMA DI MARIA FUSAI BRUTTINI E C. S .A.S.
Registered Office :	Strada Del Francese, 97/2/L 10156 – Torino (TO) – IT -
Country :	Italy
Date of Incorporation :	23.07.1985
Legal Form :	Limited partnership
Line of Business :	Manufacture of irradiation, electromedical and electrotherapeutic equipment
No. of Employees :	6 to 10

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Italy	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level

Source : CIA

Company name and address

Criofarma Di Maria Fusai Bruttini E C. S .a.s.

Strada

Del Francese,

97/2/L

10156

- Torino

(TO)

-IT-

Summary

Fiscal Code	:	04891840011
Legal Form	:	Limited partnership
start of Activities	:	23/07/1985
Turnover Range	:	750.000/1.000.000
Number of Employees	:	fom 6 to 10

Activity

Manufacture of irradiation, electromedical and electrotherapeutic equipment

Legal Data

Legal Form : Limited partnership

Fiscal Code : 04891840011

Foreign Trade Reg. no. : TO026350 since 14/01/1992

Foreign Trade Reg. no. : 026350 of Torino since 14/01/1992

Chamber of Commerce no. : 667954 of Torino since 04/09/1985

Firms' Register : TO272-1985-4467 of Torino since 19/02/1996

V.A.T. Code : 04891840011

Establishment date	: 23/07/1985
Start of Activities	: 23/07/1985
Legal duration	: 31/12/2020
Nominal Capital	: 390.441
Subscribed Capital	: 390.441
Paid up Capital	: 390.441

Members

Fusai

Maria

Born in Siena

(SI)

on 27/05/1936

- Fiscal Code : FSUMRA36E67I726Y

Residence:

Boccherini

, 6

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
General Partner	12/07/2000	130.147 -	33,33

No Prejudicial events are reported

No Protests registered

Bruttini

Lucia

Born in Torino

(TO)

on 04/01/1960

- Fiscal Code : BRTLCU60A44L219E

Residence:

Porpora

, 47

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Limited Partner	23/07/1985	130.147 -	33,33
Procurator	21/11/2000	130.147 -	33,33

No Prejudicial events are reported

No Protests registered

Bruttini

Roberto

Born in Torino

(TO)

on 12/09/1961

- Fiscal Code : BRTRRT61P12L219I

Residence:

Gottardo

, 103

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Limited Partner	23/07/1985	130.147 -	33,33
Procurator	21/11/2000	130.147 -	33,33

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.

Fusai

Maria

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
GI.EMME DI FUSAI MARIA E C. - S.A.S. CONSIGLA GI.EMME - S.A.S.	Torino (TO) - IT -	05944100014	General Partner	Withdrawn	Registered

Bruttini

Lucia

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Criofarma Strumentazione - S.a.s. Di Bruttini Roberto E C. Con Sigla Criofarma S	Torino (TO) - IT -	05853320017	Limited Partner	Active	Registered
GI.EMME DI FUSAI MARIA E C. - S.A.S. CONSIGLA GI.EMME - S.A.S.	Torino (TO) - IT -	05944100014	Limited Partner	Withdrawn	Registered

Bruttini

Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Criofarma Strumentazione - S.a.s. Di Bruttini Roberto E C. Con Sigla Criofarma S	Torino (TO) - IT -	05853320017	General Partner	Active	Registered
Criofarma Strumentazione - S.a.s. Di Bruttini Roberto E C. Con Sigla Criofarma S	Torino (TO) - IT -	05853320017	Responsible technician	Active	Registered
GI.EMME DI FUSAI MARIA E C. - S.A.S. CONSIGLA GI.EMME - S.A.S.	Torino (TO) - IT -	05944100014	Limited Partner	Withdrawn	Registered
CRIOFARMA*STRUMENTAZIONE DI ING. ROBERTOBRUTTINI	Torino (TO) - IT -	BRTRRT61P12L219I	Proprietor	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.

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

(Workshop)

Del Francese

, 97/2/L

- 10100

- Torino

(TO)

- IT -

Trading Style: Criofarma

PHONE

: 0114701769

Employees

: 9

Fittings and Equipment for a value of 75.000

Eur

Stocks for a value of 310.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Transports are usually done by own vehicles.

Purchase terms: 60-90-120 days.

Main used payment modalities are by cash orders and bank transfers.

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA NAZIONALE DEL LAVORO SPA					1005	0

Financial and Economical Analysis

The subject was set up many years ago and from a financial point

of view, it works in a satisfactory manner.

Concern's liquidity is adequate to allow a regular economical and

financial management.

Its current financial situation is adequate to real needs so that

payments are settled on agreed terms and means.

Debts towards banks and suppliers are kept to limited extent.

Current financial charges are limited.

No notable criticism is expressed by common suppliers at to the

firm's business conduct which is said to be honest enough.

Financial Data

Estimated Financial Data

Item Type	Value
Sales	900.000

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	:	2.236.941
Population living in the region	:	4.330.172
Number of families in the region	:	1.889.207

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

- per food products	:	429
- per non food products	:	1.789
- per energy consume	:	135

Sector Data

The values are calculated on a base of 564 significant companies.

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

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 3,67%.

The labour cost affects the turnover in the measure of 19,50%.

Goods are held in stock in a range of 64 dd.

The difference between the sales volume and the resources used to realize it is about 1,17.

The employees costs represent the 20,26% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.04
UK Pound	1	Rs.98.64
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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