MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	GUERCI S.R.L.
Registered Office :	Localita Molinello, 22020 - Drezzo (CO) – IT -
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	13.03.1997
Legal Form :	Limited liability company
Line of Business :	Processing and preserving of fish, crustaceans and molluscs Wholesale of food, beverages and tobacco Wholesale of freshly fished products Non-specialised wholesale of deep-frozen products Retail sale of fish, crustaceans and molluscs in specialised stores
No. of Employees :	36 to 50

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 :	Slow but correct
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

Guerci S.r.l.

Localita'

Molinello,

22020

- Drezzo

(CO)

-IT-

Summary

Fiscal Code	:	12112940155
Legal Form	:	Limited liability company
start of Activities	:	01/11/2000
Equity	:	1.500.000
Turnover Range	:	18.000.000/20.000.000
Number of Employees	:	from 36 to 50

Activity

Processing and preserving of fish, crustaceans and molluscs

Wholesale of food, beverages and tobacco

Wholesale of freshly fished products

Non-specialised wholesale of deep-frozen products

Retail sale of fish, crustaceans and molluscs in specialised stores

Legal Data

Legal Form : Limited liability company

Fiscal Code : 12112940155

Chamber of Commerce no. : 254281 of Como since 24/03/2000

Chamber of Commerce no. : 274140 of Catania

Chamber of Commerce no. : 389854 of Genova

Chamber of Commerce no. : 1874990 of Monza e Brianza

Chamber of Commerce no. : 146635 of Sassari since 05/11/2003

Firms' Register : CO-2000-10996 of Como since 24/03/2000

V.A.T. Code : 02488810132

Foundation date	: 13/03/1997
Establishment date	: 13/03/1997
Start of Activities	: 01/11/2000
Legal duration	: 31/12/2050
Nominal Capital	: 325.000
Subscribed Capital	: 325.000
Paid up Capital	: 325.000

Members

Soracco

Antonio

Born in Milano

(MI)

on 07/11/1957

- Fiscal Code : SRCNTN57S07F205Q

Residence:

Liberta'

, 29

- 22012

Cernobbio

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	16/10/2003
Procurator	31/03/2005
Managing Director	20/12/2010

No Prejudicial events are reported

No Protests registered

Soracco

Giovanni

Born in Como

(CO)

on 02/06/1952

- Fiscal Code : SRCGNN52H02C933N

Residence:

Cesare Poggi

, 18

- 22020

Torno

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	20/12/2010
Board Chairman	20/12/2010

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.

Soracco

Antonio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Guerci Di Soracco Antonio, Giovanni E C.- S.a.s. In Liquidazione	Drezzo (CO) - IT -	01852860137	General Partner	Withdrawn	Ceased
Guerci Di Soracco Antonio, Giovanni E C.- S.a.s. In Liquidazione	Drezzo (CO) - IT -	01852860137	Liquidator	Withdrawn	Ceased
S.g. Alimentari - S.r.l. In Liquidazione	Como (CO) - IT -	01911680138	Managing Director	Withdrawn	Ceased
S.g. Alimentari - S.r.l. In Liquidazione	Como (CO) - IT -	01911680138	Liquidator	Withdrawn	Ceased
Forcing - Societa' A Responsabilita' Limitata	Como (CO) - IT -	00682000138	Sole Director	Active	Registered
Guerci - Central Catering S.r.l.	Drezzo (CO) - IT -	00573040136	Director	Withdrawn	Ceased
Sorfin S.r.l.	Drezzo (CO) - IT -	01517660138	Chairman	Withdrawn	Ceased
Sorfin - S.n.c. Di Soracco Giovanni E C.In Liquidazione	Drezzo (CO) - IT -	01852850138	Partner	Withdrawn	Ceased
Sorfin - S.n.c. Di Soracco Giovanni E C.In Liquidazione	Drezzo (CO) - IT -	01852850138	Liquidator	Withdrawn	Ceased
Global Food Sud S.r.l. In Liquidazione	San Giorgio Ionico (TA) - IT -	02372070736	Liquidator	Withdrawn	Ceased

Soracco

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Guerci Di Soracco Antonio, Giovanni E C.- S.a.s. In Liquidazione	Drezzo (CO) - IT -	01852860137	General Partner	Withdrawn	Ceased
S.g. Alimentari - S.r.l. In Liquidazione	Como (CO) - IT -	01911680138	Managing Director	Withdrawn	Ceased
S.g. Alimentari - S.r.l. In Liquidazione	Como (CO) - IT -	01911680138	Liquidator	Withdrawn	Ceased
Guerci - Central Catering S.r.l.	Drezzo (CO) - IT -	00573040136	Director	Withdrawn	Ceased
Sorfin S.r.l.	Drezzo (CO) - IT -	01517660138	Director	Withdrawn	Ceased
Sorfin - S.n.c. Di Soracco Giovanni E C.In Liquidazione	Drezzo (CO) - IT -	01852850138	Partner	Withdrawn	Ceased
Ma.gi. S.r.l.	Como (CO) - IT -	03217480130	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
Soracco Antonio	Cernobbio - IT -	SRCNTN57S07F205Q	162.500 .Eur	50,00
Soracco Giovanni	Torno - IT -	SRCGNN52H02C933N	162.500 .Eur	50,00

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
Sv.im. Consortium Consorzio Per Lo Svilu Ppo Delle Imprese Societa ' Consortile P	Bari - IT -	06868030724	250 .Eur	0,04			Active

Firm's location and structure

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

-

Legal and operative seat

since 15/12/1999

Molinello

- 22020

- Drezzo

(CO)

- IT -

Total Surface: 320 Sq.mt.

PHONE

: 0315510011

-

Branch

(Shop)

since 01/11/2000

Roma

, 155/C

- 22077

- Olgiate Comasco

(CO)

- IT -

Trading Style: ALISUR

Total Surface: 320 Sq.mt.

PHONE

: 031802039

FAX	: 031802038

-

Branch

(Shop)

since 02/05/2001

Auguadri

, 20

- 22100

- Como

(CO)

- IT -

Trading Style: ALISUR - MERCATO DEL SURGELATO

Total Surface: 245 Sq.mt.

PHONE

: 031262699

FAX	: 031262535

-

Branch

(office)

since 12/05/1997

until 01/08/2000

Trento

, 7

- 22074

- Lomazzo

(CO)

- IT -

-

Branch

(Administrative office)

since 18/02/2013

Valtellina

, 6

- 22070

- Montano Lucino

(CO)

- IT -

Employees

: 37

Fittings and Equipment for a value of 830.000

Eur

Stocks for a value of 3.380.000

Eur

Vehicles: 4.

Trade organization: direct or by agents.

Sales area on a regional scale.

Import comes generally from the following nations:

- Greece

- Germany

- Spain

- Ireland

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	15/12/1999
Joint stock company	Limited liability company	20/12/2010

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Ristofood Srl	Guerci SpA	15/12/1999

EX-MEMBERS / EX-POSITIONS:

Soracco

Giovanni

Born in Como

(CO)

on 02/06/1952

- Fiscal Code : SRCGNN52H02C933N

Residence:

Cesare Poggi

, 18

- 22020

Torno

(CO)

- IT -

Ex-Postions

Sole Director

Lolli

Lino

Born in Marzabotto

(BO)

on 30/08/1930

- Fiscal Code : LLLLNI30M30B689C

Residence:

Muggio'

, 23/A

- 22100

Como

(CO)

- IT -

Ex-Postions

Temporary Auditor

Parrinello

Mauro

Born in Como

(CO)

on 01/12/1962

- Fiscal Code : PRRMRA62T01C933I

Residence:

Valleggio

, 2/BIS

- 22100

Como

(CO)

- IT -

Ex-Postions

Chairman of the Board of Aud.

Benedini

Ernesto

Born in La Spezia

(SP)

on 09/09/1934

- Fiscal Code : BNDRST34P09E463Z

Residence:

Via Doufour

, 4

Lugano

- CH -

Ex-Postions

Permanent Auditor

Pozzolini

Renato

Born in Pisa

(PI)

on 22/09/1930

- Fiscal Code : PZZRNT30P22G702W

Residence:

Valleggio

, 2/BIS

- 22100

Como

(CO)

- IT -

Ex-Postions

Permanent Auditor

Pozzolini

Andrea

Born in Vercelli

(VC)

on 18/09/1959

- Fiscal Code : PZZNDR59P18L750L

Residence:

Valleggio

, 2/BIS

- 22100

Como

(CO)

- IT -

Ex-Postions

Temporary Auditor

CEASINGS/INCORPORATIONS/MERGES:

The firm took over the activity of

Guerci Di Soracco Antonio, Giovanni E C.- S.a.s. In Liquidazione

Molinello

, 22020

, Drezzo

(CO)

- IT -

Fiscal Code: 01852860137

Date

:

15/12/1997

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 2000.

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

During the last years, it recorded positive net results (r.o.e. 11,92% in 2013)

The operating result in 2013 was positive (6,5%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 780.347 with a 50,35% growth.

The economic management produced a gross operating margin of Eur. 1.097.511 with a 25,3% increase as opposed to the preceding year.

Short-term debts volume if compared to net worth, as it comes out from the total indebtedness (9,32) which is anyway decreasing.

Subject can manage an equity capital funds for an amount of Eur. 1.018.117 , rising by 126,61%.

During the last financial year debts totalled Eur. 10.461.697 (Eur. 760.906 of which were m/l term debts) on the same levels as the year before.

Remarkable financial indebtedness specially if compared to equity capital, the exposure to suppliers is moderate (67,83 gg. is the average payment period) which is also lower than the sector average.

Liquidity is not positive.

On average trade credits are collected in 89,62 days. , more or less in line with the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 438.528

In the last financial year labour cost was of Eur. 1.212.664, with a 6,76% incidence on total costs of production. , whereas 6,53% is the incidence on sales revenues.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-2,59%).

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	18.583.777
Profit (Loss) for the period	121.364

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	21.696.187
Profit (Loss) for the period	11.494

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	26.878.931
Profit (Loss) for the period	56.136

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	26.713.596
Profit (Loss) for the period	-738.213

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	25.805.298
Profit (Loss) for the period	94.355

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	1.195	2.975
. . Research,develop. and advert.expens.	46.059	53.684	52.789
. . Industrial patent rights	56.947	64.539	56.257
. . Concessions,licenses,trademarks,etc.
. . Goodwill		27.654	55.308
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	44.749	16.965	27.880
. Total Intangible Fixed Assets	148.950	165.817	192.234
. TANGIBLE FIXED ASSETS
. . Real estate	1.990.447	2.045.810	2.115.744
. . Plant and machinery	812.317	375.235	468.020
. . Industrial and commercial equipment	20.034	24.876	35.990
. . Other assets	119.057	148.028	137.119
. . Assets under construction and advances		950	950
. Total Tangible fixed assets	2.941.855	2.594.899	2.757.823
. FINANCIAL FIXED ASSETS
. . Equity investments	150	150	150
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	150	150	150
. . Financial receivables	25.945	28.045	44.336
. . . . Within 12 months	25.945	28.045	44.336
. . . . 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	25.945	28.045	44.336
. . . . Within 12 months	25.945	28.045	44.336
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	26.095	28.195	44.486
Total fixed assets	3.116.900	2.788.911	2.994.543
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	76.027	68.666	112.099
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	3.306.450	3.706.318	5.039.087
. . Advance payments	885	31.302	26.078
. Total Inventories	3.383.362	3.806.286	5.177.264
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	5.218.299	6.075.057	6.404.601
. . Beyond 12 months
. . Trade receivables	4.626.420	5.178.043	5.809.726
. . . . Within 12 months	4.626.420	5.178.043	5.809.726
. . . . 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	191.295	284.420	188.559
. . . . Within 12 months	191.295	284.420	188.559
. . . . Beyond 12 months
. . Receivables for anticipated taxes	80.263	73.992	67.720
. . . . Within 12 months	80.263	73.992	67.720
. . . . Beyond 12 months
. . Receivables due from third parties	320.321	538.602	338.596
. . . . Within 12 months	320.321	538.602	338.596
. . . . Beyond 12 months
. Total Credits not held as fixed assets	5.218.299	6.075.057	6.404.601
. 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	154.921	88.169	55.242
. . Checks
. . Banknotes and coins	56.127	77.325	69.761
. Total Liquid funds	211.048	165.494	125.003
Total current assets	8.812.709	10.046.837	11.706.868
ADJUSTMENT ACCOUNTS
. Discount on loans	71.828
. Other adjustment accounts		56.341	77.902
Total adjustments accounts	71.828	56.341	77.902
TOTAL ASSETS	12.001.437	12.892.089	14.779.313
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	325.000	325.000	325.000
. Additional paid-in capital
. Revaluation reserves	500.807	53.326
. Legal reserve	3.385	2.810
. Reserve for Own shares
. Statute reserves
. Other reserves	56.642	56.642	56.644
. Accumulated Profits (Losses)	10.919
. Profit( loss) of the year	121.364	11.494	56.136
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.018.117	449.272	437.780
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	521.623	580.327	600.502
ACCOUNTS PAYABLE
. . . . Within 12 months	9.700.791	10.988.844	12.458.970
. . . . Beyond 12 months	760.906	873.100	1.282.061
. . 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	6.793.740	7.928.056	8.510.430
. . . . Within 12 months	6.089.657	7.054.956	7.228.369
. . . . Beyond 12 months	704.083	873.100	1.282.061
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		13.722	5.615
. . . . Within 12 months		13.722	5.615
. . . . Beyond 12 months
. . Trade payables	2.989.885	3.385.237	4.130.211
. . . . Within 12 months	2.989.885	3.385.237	4.130.211
. . . . 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	406.054	224.908	474.072
. . . . Within 12 months	349.231	224.908	474.072
. . . . Beyond 12 months	56.823
. . Due to social security and welfare inst.	56.783	85.307	109.213
. . . . Within 12 months	56.783	85.307	109.213
. . . . Beyond 12 months
. . Other payables	215.235	224.714	511.490
. . . . Within 12 months	215.235	224.714	511.490
. . . . Beyond 12 months
Total accounts payable	10.461.697	11.861.944	13.741.031
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts		546
Total adjustment accounts		546
TOTAL LIABILITIES	12.001.437	12.892.089	14.779.313

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	62.972
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	18.583.777	21.696.187	26.878.931
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	143.700	23.336	265.294
. . Contributions for operating expenses
. . Different income and revenues	143.700	23.336	265.294
Total value of production	18.727.477	21.719.523	27.144.225
PRODUCTION COSTS
. Raw material,other materials and consum.	12.980.210	15.065.066	21.425.686
. Services received		2.671.713	3.192.789
. Leases and rentals	2.887.873	227.946	258.734
. Payroll and related costs	1.212.664	1.416.618	1.438.473
. . Wages and salaries	903.710	1.030.289	1.083.651
. . Social security contributions	234.117	282.452	261.216
. . Employee termination indemnities	74.837	103.877	93.606
. . Pension and similar
. . Other costs
. Amortization and depreciation	317.164	356.853	335.150
. . Amortization of intangible fixed assets	86.835	85.502	88.964
. . Amortization of tangible fixed assets	218.329	244.726	227.404
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	12.000	26.625	18.782
. Changes in raw materials	392.507	1.376.202	-744.873
. Provisions to risk reserves
. Other provisions
. Other operating costs	156.712	86.131	508.533
Total production costs	17.947.130	21.200.529	26.414.492
Diff. between value and cost of product.	780.347	518.994	729.733
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	7.207	11.633	7.172
. . 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	7.207
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	7.207
. Interest and other financial expense	-487.599	-473.710	-511.972
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	487.599
Total financial income and expense	-480.392	-462.077	-504.800
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		73.910
. . Gains on disposals
. . Other extraordinary income		73.910
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		73.910
Results before income taxes	299.955	130.827	224.933
. Taxes on current income	178.591	119.333	168.797
. . current taxes	184.862	125.604	180.865
. . differed taxes(anticip.)	-6.271	-6.271	-12.068
. Net income for the period	121.364	11.494	56.136
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	121.364	11.494	56.136

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	0,26	0,22	0,20	0,13
Elasticity Ratio	Units	0,73	0,78	0,79	0,85
Availability of stock	Units	0,28	0,30	0,35	0,16
Total Liquidity Ratio	Units	0,45	0,48	0,44	0,62
Quick Ratio	Units	0,02	0,01	0,01	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	9,32	24,09	28,17	5,02
Self Financing Ratio	Units	0,08	0,03	0,03	0,13
Capital protection Ratio	Units	0,56	0,25	0,13	0,58
Liabilities consolidation quotient	Units	0,13	0,13	0,15	0,10
Financing	Units	10,28	26,40	31,39	6,17
Permanent Indebtedness Ratio	Units	0,19	0,15	0,16	0,25
M/L term Debts Ratio	Units	0,11	0,11	0,13	0,07
Net Financial Indebtedness Ratio	Units	6,47	17,28	19,15	1,16
CORRELATION
Fixed assets ratio	Units	0,74	0,68	0,77	1,57
Current ratio	Units	0,91	0,91	0,94	1,09
Acid Test Ratio-Liquidity Ratio	Units	0,56	0,57	0,52	0,85
Structure's primary quotient	Units	0,33	0,16	0,15	0,96
Treasury's primary quotient	Units	0,02	0,02	0,01	0,05
Rate of indebtedness ( Leverage )	%	1178,79	2869,55	3375,97	743,68
Current Capital ( net )	Value	-888.082	-942.007	-752.102	70.465
RETURN
Return on Sales	%	2,36	1,70	1,46	1,66
Return on Equity - Net- ( R.O.E. )	%	11,92	2,56	12,82	6,68
Return on Equity - Gross - ( R.O.E. )	%	29,46	29,12	51,38	19,39
Return on Investment ( R.O.I. )	%	6,50	4,03	4,94	3,84
Return/ Sales	%	4,20	2,39	2,71	2,16
Extra Management revenues/charges incid.	%	15,55	2,21	7,69	28,56
Cash Flow	Value	438.528	368.347	391.286	48.046
Operating Profit	Value	780.347	518.994	729.733	59.910
Gross Operating Margin	Value	1.097.511	875.847	1.064.883	99.701
MANAGEMENT
Credits to clients average term	Days	89,62	85,92	77,81	86,56
Debts to suppliers average term	Days	67,83	67,84	59,77	100,32
Average stock waiting period	Days	65,54	63,16	69,34	31,97
Rate of capital employed return ( Turnover )	Units	1,55	1,68	1,82	1,82
Rate of stock return	Units	5,49	5,70	5,19	11,18
Labour cost incidence	%	6,53	6,53	5,35	5,95
Net financial revenues/ charges incidence	%	-2,59	-2,13	-1,88	-0,81
Labour cost on purchasing expenses	%	6,76	6,68	5,45	5,95
Short-term financing charges	%	4,66	3,99	3,73	2,18
Capital on hand	%	64,58	59,42	54,98	54,67
Sales pro employee	Value	502.264	542.404	671.973	507.074
Labour cost pro employee	Value	32.774	35.415	35.961	32.650

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	:	560.941
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 5.101 significant companies.

The companies cash their credits on an average of 87 dd.

The average duration of suppliers debts is about 100 dd.

The sector's profitability is on an average of 1,66%.

The labour cost affects the turnover in the measure of 5,95%.

Goods are held in stock in a range of 32 dd.

The difference between the sales volume and the resources used to realize it is about 1,82.

The employees costs represent the 5,95% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 3.842.

The insolvency index for the region is 0,55, , while for the province it is 0,70.

Total Bankrupt companies in the province : 2.010.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.48
UK Pound	1	Rs.98.24
Euro	1	Rs.78.66

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%)

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