MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	ITALIANA PRODOTTI MINERALI TRADING S.R.L.
Registered Office :	Piazza Santa Maria In Via Lata, 11/1B, 16128 - Genova (GE) -IT-
Country :	Italy
Date of Incorporation :	17.10.2006
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of metalliferous minerals, ferrous metals and semi-finished products
No of Employees :	From 1 to 5

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 :	Small Business
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 01, 2014

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

ITALIANA PRODOTTI MINERALI TRADING S.R.L.

Piazza Santa Maria In Via Lata, 11/1B

16128 - Genova (GE) -IT-

Summary

Fiscal Code	:	01661620995
Legal Form	:	Limited liability company
start of Activities	:	17/10/2006
Turnover Range	:	500.000/750.000
Number of Employees	:	from 1 to 5

Activity

Wholesale of metalliferous minerals, ferrous metals and semi-finished products

Legal Data

Legal Form : Limited liability company

Fiscal Code : 01661620995

Chamber of Commerce no. : 426166 of Genova since 02/08/2006

V.A.T. Code : 01661620995

Establishment date	: 17/07/2006
Start of Activities	: 17/10/2006
Legal duration	: 31/12/2030
Nominal Capital	: 100.000
Subscribed Capital	: 100.000

Members

Nicora

Graziella

Born in Corte Brugnatella

(PC)

on 30/08/1950

- Fiscal Code : NCRGZL50M70D054X

Residence:

Brigata Liguria

, 3

- 16121

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	17/07/2006
Director	17/07/2006

No Prejudicial events are reported

No Protests registered

Po

Luca

Born in Rapallo

(GE)

on 31/10/1964

- Fiscal Code : POXLCU64R31H183A

Residence:

, 27

- 16031

Bogliasco

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/07/2006

Banchieri

Riccardo

Born in Genova

(GE)

on 25/03/1960

- Fiscal Code : BNCRCR60C25D969N

Residence:

Guerrazzi Francesco Domenico

, 20/1

- 16146

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/07/2006
Managing Director	07/12/2012

No Prejudicial events are reported

No Protests registered

Italiana Prodotti Minerali I.p.m. Societ

a' A Responsabilita' Limitata

Position	Since	Shares Amount	% Ownership
Partner

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.

Nicora

Graziella

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Italiana Prodotti Minerali I.p.m. Societa' A Responsabilita' Limitata	Genova (GE) - IT -	00305240103	Managing Director	Active	Registered
Italiana Prodotti Minerali I.p.m. Societa' A Responsabilita' Limitata	Genova (GE) - IT -	00305240103	Director	Active	Registered
Italiana Prodotti Minerali I.p.m. Societa' A Responsabilita' Limitata	Genova (GE) - IT -	00305240103	Assistant board Chairman	Active	Registered

Banchieri

Riccardo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Italiana Prodotti Minerali I.p.m. Societa' A Responsabilita' Limitata	Genova (GE) - IT -	00305240103	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
Nicora Graziella	Genova - IT -	NCRGZL50M70D054X	4.000 .Eur	4,00
Po Luca	Bogliasco - IT -	POXLCU64R31H183A	4.000 .Eur	4,00
Banchieri Riccardo	Genova - IT -	BNCRCR60C25D969N	4.000 .Eur	4,00
Italiana Prodotti Minerali I.p.m. Societ a' A Responsabilita' Limitata		00305240103	84.000 .Eur	84,00
Cassine Marco		CSSMRC70S03L219B	4.000 .Eur	4,00

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

Santa Maria In Via Lata

, 11/1B

- 16100

- Genova

(GE)

- IT -

Employees

: 2

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

The subject has operated for along.

As regards liquid means, subject is able to face the necessary

management requirements.

Its current financial situation is adequate to real needs so that

payments are settled on agreed terms and means.

On the whole the indebtedness is normal. Moderate recourse to

supplier and bank credit.

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	600.000

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	:	875.732
Population living in the region	:	1.592.309
Number of families in the region	:	754.141

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

- per food products	:	463
- per non food products	:	1.607
- per energy consume	:	94

Sector Data

The values are calculated on a base of 6.137 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 2,22%.

The labour cost affects the turnover in the measure of 7,77%.

Goods are held in stock in a range of 62 dd.

The difference between the sales volume and the resources used to realize it is about 1,27.

The employees costs represent the 7,90% 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 7.546 protested subjects are found; in the province they count to 4.210.

The insolvency index for the region is 0,48, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.970.

Total Bankrupt companies in the region : 7.305.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.91
UK Pound	1	Rs.98.65
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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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.