MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	REGGIANI MACCHINE S.P.A.
Registered Office :	Via ZXanica, 17/O, 24050-Grassobbio (BG)
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	29.04.1995
Legal Form :	Joint Stock Company
Line of Business :	Manufacture of Machinery for Textile, Apparel and Leather Industries (Including Spare Parts and Accessories)
No of Employees :	From 176 to 200

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 :	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 and Address

Reggiani Macchine S.p.a.

Via Zanica, 17/O

24050 - Grassobbio (BG) -IT-

Summary

Fiscal Code	:	02349480166
Legal Form	:	Joint stock company
start of Activities	:	29/04/1995
Equity	:	Over 2.582.254
Turnover Range	:	35.000.000/50.000.000
Number of Employees	:	from 176 to 200

Activity

Manufacture of machinery for textile, apparel and leather industries (Including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02349480166

Foreign Trade Reg. no. : BG038928 since 08/05/1995

Chamber of Commerce no. : 282228 of Bergamo since 20/12/1994

Chamber of Commerce no. : 245835 of Como

Chamber of Commerce no. : 313795 of Como

Chamber of Commerce no. : 125921 of Trieste

Chamber of Commerce no. : 262381 of Udine

Firms' Register : BG024-49183 of Bergamo since 19/02/1996

V.A.T. Code : 02349480166

Foundation date	: 06/12/1994
Establishment date	: 06/12/1994
Start of Activities	: 29/04/1995
Legal duration	: 31/12/2050
Nominal Capital	: 6.741.733
Subscribed Capital	: 6.741.733
Paid up Capital	: 6.741.733

Members

Gianetti

Alfredo

Born in Milano

(MI)

on 22/01/1934

- Fiscal Code : GNTLRD34A22F205C

Residence:

Beato Angelico

, 3

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	15/04/2014
Director	15/04/2014

No Prejudicial events are reported

No Protests registered

Moggi

Giuseppe

Born in Milano

(MI)

on 06/05/1945

- Fiscal Code : MGGGPP45E06F205U

Residence:

Zanica

, 17/O

- 24050

Grassobbio

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/04/2014
Assistant board Chairman	15/04/2014

No Prejudicial events are reported

No Protests registered

Brignoli

Alfredo

Born in Ponteranica

(BG)

on 10/12/1920

- Fiscal Code : BRGLRD20T10G853I

Residence:

Bonomini

, 26

- 24100

Bergamo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/04/2014
Procurator	04/06/1999
Assistant board Chairman	15/04/2014

No Prejudicial events are reported

No Protests registered

Caccia Dominioni

Ambrogio

Born in Morbegno

(SO)

on 27/08/1946

- Fiscal Code : CCCMRG46M27F712O

Residence:

Privata A. Caccia Dominoni

, 10

- 23017

Morbegno

(SO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/04/2014

Tricomi

Antonino

Born in Castelleone

(CR)

on 02/09/1948

- Fiscal Code : TRCNNN48P02C153R

Residence:

Viviani

, 20/A

- 26013

Crema

(CR)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	23/11/2004

No Prejudicial events are reported

No Protests registered

Villa

Oreste

Born in Bonate Sotto

(BG)

on 16/06/1963

- Fiscal Code : VLLRST63H16A962A

Residence:

Vittorio Emanuele Ii

, 76

- 24036

Ponte San Pietro

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	23/10/2007

No Prejudicial events are reported

No Protests registered

Moggi

Jacopo

Born in Milano

(MI)

on 20/04/1976

- Fiscal Code : MGGJCP76D20F205U

Residence:

Zanica

, 17/O

- 24050

Grassobbio

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/04/2014

Riva

Michele

Born in Lecco

(CO)

on 21/01/1969

- Fiscal Code : RVIMHL69A21E507T

Residence:

Al Maglio

, 3/A

- 23848

Oggiono

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/02/2012

No Prejudicial events are reported

No Protests registered

Papa

Massimiliano

Born in Alessandria

(AL)

on 15/05/1967

- Fiscal Code : PPAMSM67E15A182J

Residence:

Fubine

, 1

- 15023

Felizzano

(AL)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/02/2012

No Prejudicial events are reported

No Protests registered

Fi. Ind Spa

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.

Gianetti

Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Bellco S.r.l.	Milano (MI) - IT -	02120780156	Chairman	Withdrawn	Ceased
Industria Tessile Di Vercelli S.p.a.	Milano (MI) - IT -	00227640133	Director	Withdrawn	Ceased
Sim Assicurazioni S.p.a.	Milano (MI) - IT -	03357760150	Director	Withdrawn	Ceased
Societa' Per Azioni Esercizi Aeroportuali S.e.a.	Segrate (MI) - IT -	00826040156	Chairman	Withdrawn	Registered
Societa' Per Azioni Esercizi Aeroportuali S.e.a.	Segrate (MI) - IT -	00826040156	Managing Director	Withdrawn	Registered
Societa' Per Azioni Esercizi Aeroportuali S.e.a.	Segrate (MI) - IT -	00826040156	Director	Withdrawn	Registered
Societa' Per Azioni Esercizi Aeroportuali S.e.a.	Segrate (MI) - IT -	00826040156	Assistant board Chairman	Withdrawn	Registered
Cantamessa S.e. - S.p.a.	Endine Gaiano (BG) - IT -	00824090237	Director	Withdrawn	Merged
Nuova Torcitura Di Sagrado S.p.a. - In Liquidazione	Sagrado (GO) - IT -	07659520154	Chairman	Withdrawn	Ceased
Nuova Torcitura Di Sagrado S.p.a. - In Liquidazione	Sagrado (GO) - IT -	07659520154	Director	Withdrawn	Ceased
Nuova Torcitura Di Sagrado S.p.a. - In Liquidazione	Sagrado (GO) - IT -	07659520154	Board Chairman	Withdrawn	Ceased
Dufrital S.p.a.	Milano (MI) - IT -	04484650157	Director	Withdrawn	Registered
Separem S.p.a.	Bergamo (BG) - IT -	01733120164	Director	Withdrawn	Ceased
Nuova Torcitura Di Vittorio Veneto S.p.a.	Sagrado (GO) - IT -	06645630150	Director	Withdrawn	Ceased
Nuova Torcitura Di Vittorio Veneto S.p.a.	Sagrado (GO) - IT -	06645630150	Board Chairman	Withdrawn	Ceased
M.v.v. Meccanico Vittorio Veneto S.r.l.in Liquidazione	Milano (MI) - IT -	05010640158	Chairman	Withdrawn	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Director	Withdrawn	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Board Chairman	Withdrawn	Registered
Novaceta S.p.a.	Milano (MI) - IT -	04787970153	Managing Director	Withdrawn	Ceased
Nilit Plastics Europe S.r.l.	Rho (MI) - IT -	11408800156	Director	Withdrawn	Registered
Italviscosa Trading S.p.a.	Cinisello Balsamo (MI) - IT -	00737750158	Board Chairman	Withdrawn	Ceased
JAEGGLI S.P.A. IN LIQUIDAZIONE	Milano (MI) - IT -	06507070156	Director	Withdrawn	In liquidation
Jaeggli Meccanotessile S.r.l.	Milano (MI) - IT -	01915760134	Managing Director	Withdrawn	Registered
Jaeggli Meccanotessile S.r.l.	Milano (MI) - IT -	01915760134	Director	Withdrawn	Registered
Jaeggli Meccanotessile S.r.l.	Milano (MI) - IT -	01915760134	Board Chairman	Withdrawn	Registered
Fi. Ind Spa	Milano (MI) - IT -	05965220014	Director	Active	Registered
Fi. Ind Spa	Milano (MI) - IT -	05965220014	Board Chairman	Active	Registered
NORDEF S.R.L.	Milano (MI) - IT -	12336100156	Director	Withdrawn	Registered
Tecnonylon S.p.a.	Roma (RM) - IT -	05010660156	Chairman	Withdrawn	Ceased
Tecnonylon Spa	Milano (MI) - IT -	06280871582	Board Chairman	Withdrawn	Ceased
Gianetti S.n.c. Di Alfredo E Roberto Massimo Gino Gianetti	Milano (MI) - IT -	10623650156	Partner	Active	Registered
Cbf S.r.l.	Grassobbio (BG) - IT -	03082490164	Director	Active	Registered

Brignoli

Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
M.t.s. - Officine Meccaniche Di Precisione - S.p.a.	Sirone (LC) - IT -	00229290135	Director	Active	Registered
M.t.s. - Officine Meccaniche Di Precisione - S.p.a.	Sirone (LC) - IT -	00229290135	Board Chairman	Active	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Managing Director	Withdrawn	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Director	Active	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Person in charge	Withdrawn	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Assistant board Chairman	Active	Registered
Tesmec Spa	Milano (MI) - IT -	10227100152	Board Chairman	Withdrawn	Registered
Fi. Ind Spa	Milano (MI) - IT -	05965220014	Director	Active	Registered
Consorzio Ilexport Anche Brevemente Ilexport	Lecco (CO) - IT -	00296430135	Memb. of the Steering Committee	Withdrawn	Ceased
F.i.r.t. Imm. Srl	Grassobbio (BG) - IT -	02875680163	Sole Director	Withdrawn	Ceased
Briace.fin S.r.l.	Bergamo (BG) - IT -	03165320163	Sole Director	Active	Registered
Cbf S.r.l.	Grassobbio (BG) - IT -	03082490164	Director	Active	Registered
Cbf S.r.l.	Grassobbio (BG) - IT -	03082490164	Sole Director	Withdrawn	Registered
Cbf S.r.l.	Grassobbio (BG) - IT -	03082490164	Board Chairman	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
Moggi Giuseppe	Grassobbio - IT -	MGGGPP45E06F205U	1.280.929 .Eur	19,00
Moggi Jacopo	Grassobbio - IT -	MGGJCP76D20F205U	67.417 .Eur	1,00
Franceschetti Adriana		FRNDRN45T69F205W	1.280.929 .Eur	18,99
Moggi Alessandro		MGGLSN73M05F205T	67.417 .Eur	1,00
Fi. Ind Spa		05965220014	2.803.149 .Eur	41,57
M.t.s. - Officine Meccaniche Di Precisio ne - S.p.a.		00229290135	1.241.890 .Eur	18,42

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
Machwork S.r.l.		07994190960	9.900 .Eur	99,00			Active

Firm's location and structure

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

-	Legal and operative seat

Zanica

, 17/O

- 24050

- Grassobbio

(BG)

- IT -

PHONE

: 0353844511

FAX	: 035526952

-

Branch

(office)

since 08/10/2012

Dante

, 33

- 22070

- Luisago

(CO)

- IT -

Employees

: 178

Fittings and Equipment for a value of 3.900.000

Eur

Stocks for a value of 14.970.000

Eur

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Tessilmec SpA	Reggiana Macchina Spa	29/04/1995

EX-MEMBERS / EX-POSITIONS:

Bertacchi

Sergio

Born in Bergamo

(BG)

on 28/10/1949

- Fiscal Code : BRTSRG49R28A794P

Residence:

Lombardia

, 3

- 24020

Ranica

(BG)

- IT -

Ex-Postions

Attorney with special power

Tampalini

Giuseppe

Born in Brescia

(BS)

on 22/12/1936

- Fiscal Code : TMPGPP36T22B157G

Residence:

Aldo Moro

, 5

- 25124

Brescia

(BS)

- IT -

Ex-Postions

Permanent Auditor

Galli

Francesco

Born in Lecco

(CO)

on 07/08/1961

- Fiscal Code : GLLFNC61M07E507M

Residence:

Dei Partigiani

, 73/A

- 23900

Lecco

(LC)

- IT -

Ex-Postions

Temporary Auditor

Tampalini

Giuseppe

Born in Brescia

(BS)

on 22/12/1936

- Fiscal Code : TMPGPP36T22B157G

Residence:

Aldo Moro

, 5

- 25124

Brescia

(BS)

- IT -

Ex-Postions

Permanent Auditor

Vitrano

Mario

Born in Brescia

(BS)

on 15/10/1967

- Fiscal Code : VTRMRA67R15B157U

Residence:

Giuseppe Zola

, 35

- 25100

Brescia

(BS)

- IT -

Ex-Postions

Attorney with special power

Gheza

Antonio

Born in Lecco

(CO)

on 21/02/1937

- Fiscal Code : GHZNTN37B21E507F

Residence:

Balicco

, 63

- 23900

Lecco

(LC)

- IT -

Ex-Postions

Temporary Auditor

CEASINGS/INCORPORATIONS/MERGES:

The firm absorbed by merging of

REGGIANI MACCHINE S.P.A.

Giulio Cesare

, 33

, 24100

, Bergamo

(BG)

- IT -

Date

:

29/04/1995

The firm absorbed by merging of

Jaeggli Meccanotessile S.r.l.

S. Ambrogio

, 16

, 20100

, Milano

(MI)

- IT -

Fiscal Code: 01915760134

Date

:

26/09/2012

Resolution of merging of

D.t.c. - Digital Technological Center -S.r.l.

Zanica

, 17/O

, 24050

, Grassobbio

(BG)

- IT -

Fiscal Code: 03117400162

Date

:

19/06/2013

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 1995

The economic-financial analysis has been made on the base of the b/s of the latests three years.

During the last years, it achieved profits (r.o.e. 2,07% on 2012) and with an upward trend in turnover trend during the last financial year (+40,41% in 2012).

The operating result was positive in the last financial year (6,32%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 3.406.469 showing an upward trend 72,73% compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 6.671.269 with a 57,92% growth.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 4,65 increasing as against 2011.

The management generated equity capital for an amount of Eur. 7.827.811 on the same levels as the year before.

Total indebtedness was equal to Eur. 44.359.558 (Eur. 7.210.819 was the value of m/l term debts) on the same levels as the year before.

Financial debts as well as debts to suppliers are rather high even if it still falls within the sector's average.

It shows a not very good liquidity level.

Trade credits average terms are slow, on average 107,29 days. but on the same levels as the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 3.426.742

Labour cost amounts to Eur. 9.666.849, with a 20,66% incidence on production costs. , whereas the incidence on sales revenues is of 23,22%.

Finacial chareges are high: the incidence on sales volume amounts to -4,48%

Financial Data

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	41.629.236
Profit (Loss) for the period	161.942

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	29.646.325
Profit (Loss) for the period	131.375

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	29.909.015
Profit (Loss) for the period	118.939

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	17.206.655
Profit (Loss) for the period	11.323

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	20.979.251
Profit (Loss) for the period	9.002

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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

Years

2012

2011

2010

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.	4.391.752	3.130.745	2.532.560
. . Industrial patent rights	273.371	78.283	144.415
. . Concessions,licenses,trademarks,etc.	1.036.399	53.130	60.353
. . Goodwill	302.054
. . Assets in formation and advance paymen.	5.574.999	3.782.591	3.466.566
. . Other intangible fixed assets	689.402	762.336	469.508
. Total Intangible Fixed Assets	12.267.977	7.807.085	6.673.402
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	3.830.063	4.393.258	2.619.716
. . Industrial and commercial equipment	65.089	94.895	132.110
. . Other assets	272.520	279.380	325.934
. . Assets under construction and advances	659.733	1.141.388	877.000
. Total Tangible fixed assets	4.827.405	5.908.921	3.954.760
. FINANCIAL FIXED ASSETS
. . Equity investments	29.900	1.745.977	1.745.977
. . . Equity invest. in subsidiary companies	29.900	1.730.977	1.725.977
. . . Equity invest. in associated companies			5.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies		15.000	15.000
. . 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	29.900	1.745.977	1.745.977
Total fixed assets	17.125.282	15.461.983	12.374.139
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.931.863	1.893.259	1.901.753
. . Work in progress and semimanufactured	8.750.234	5.560.215	4.691.632
. . Work in progress on order
. . Finished goods	3.290.671
. . Advance payments
. Total Inventories	14.972.768	7.453.474	6.593.385
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	20.063.686	22.228.694	22.306.156
. . Beyond 12 months	12.500	267.088	219.050
. . Trade receivables	12.406.234	12.292.754	9.771.881
. . . . Within 12 months	12.406.234	12.025.666	9.552.831
. . . . Beyond 12 months		267.088	219.050
. . Receivables due from subsid. comp.	500.938	3.790.795	5.126.608
. . . . Within 12 months	500.938	3.790.795	5.126.608
. . . . Beyond 12 months
. . Receivables due from assoc. comp.			132.712
. . . . Within 12 months			132.712
. . . . Beyond 12 months
. . Receivables due from holding comp.	1.658.127	1.785.920	907.535
. . . . Within 12 months	1.658.127	1.785.920	907.535
. . . . Beyond 12 months
. . Fiscal Receivables	245.210	349.544	1.043.963
. . . . Within 12 months	245.210	349.544	1.043.963
. . . . Beyond 12 months
. . Receivables for anticipated taxes	88.636	44.086	642.053
. . . . Within 12 months	88.636	44.086	642.053
. . . . Beyond 12 months
. . Receivables due from third parties	5.177.041	4.232.683	4.900.454
. . . . Within 12 months	5.164.541	4.232.683	4.900.454
. . . . Beyond 12 months	12.500
. Total Credits not held as fixed assets	20.076.186	22.495.782	22.525.206
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	404.331	93.518	92.780
. . Own shares
. . . Total nominale value
. . Other securities	250.000	250.000
. Total Financial Assets	654.331	343.518	92.780
. LIQUID FUNDS
. . Bank and post office deposits	692.619	297.229	1.136.484
. . Checks
. . Banknotes and coins	20.985	3.611	2.856
. Total Liquid funds	713.604	300.840	1.139.340
Total current assets	36.416.889	30.593.614	30.350.711
ADJUSTMENT ACCOUNTS
. Discount on loans			164.904
. Other adjustment accounts	336.096	196.996
Total adjustments accounts	336.096	196.996	164.904
TOTAL ASSETS	53.878.267	46.252.593	42.889.754
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	6.741.733	6.741.733	6.741.733
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	87.327	80.758	74.811
. Reserve for Own shares
. Statute reserves
. Other reserves	194.940	194.940	194.940
. Accumulated Profits (Losses)	641.869	517.063	404.071
. Profit( loss) of the year	161.942	131.375	118.939
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	7.827.811	7.665.869	7.534.494
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed		20.705	20.705
. . Other funds
Total Reserves for Risks and Charges		20.705	20.705
Employee termination indemnities	1.609.408	1.275.207	1.284.081
ACCOUNTS PAYABLE
. . . . Within 12 months	37.148.739	28.828.567	27.593.966
. . . . Beyond 12 months	7.210.819	8.311.749	6.320.330
. . Bonds	320.558	738.063	1.121.998
. . . . Within 12 months	320.558	413.063	471.998
. . . . Beyond 12 months		325.000	650.000
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	300.000	470.000	300.000
. . . . Within 12 months	300.000	470.000	300.000
. . . . Beyond 12 months
. . Due to banks	17.112.313	13.650.612	11.270.008
. . . . Within 12 months	13.280.884	10.400.612	10.550.008
. . . . Beyond 12 months	3.831.429	3.250.000	720.000
. . Due to other providers of finance	3.910.626	2.663.634	1.486.156
. . . . Within 12 months	2.756.131	1.014.222	353.397
. . . . Beyond 12 months	1.154.495	1.649.412	1.132.759
. . Advances from customers	2.400.649	2.409.346	1.594.106
. . . . Within 12 months	2.400.649	2.409.346	1.594.106
. . . . Beyond 12 months
. . Trade payables	12.207.078	8.276.916	11.688.951
. . . . Within 12 months	12.207.078	8.276.916	11.688.951
. . . . Beyond 12 months
. . Securities issued		1.728.552
. . . . Within 12 months		1.728.552
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies	63.133	7.158
. . . . Within 12 months	63.133	7.158
. . . . Beyond 12 months
. . Due to holding companies	303.670	720.416	1.000.000
. . . . Within 12 months	33.670
. . . . Beyond 12 months	270.000	720.416	1.000.000
. . Due to the tax authorities	3.421.905	2.997.604	2.598.596
. . . . Within 12 months	2.630.790	1.860.612	1.206.601
. . . . Beyond 12 months	791.115	1.136.992	1.391.995
. . Due to social security and welfare inst.	3.494.181	2.849.802	2.352.696
. . . . Within 12 months	2.330.401	1.619.873	927.120
. . . . Beyond 12 months	1.163.780	1.163.780	1.425.576
. . Other payables	825.445	628.213	501.785
. . . . Within 12 months	825.445	628.213	501.785
. . . . Beyond 12 months
Total accounts payable	44.359.558	37.140.316	33.914.296
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	81.490	150.496	136.178
Total adjustment accounts	81.490	150.496	136.178
TOTAL LIABILITIES	53.878.267	46.252.593	42.889.754

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	150.525
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	41.629.236	29.646.325	29.909.015
. Changes in work in progress	3.190.019	868.583	-227.357
. Changes in semi-manufact. products
. Capitalization of internal work	3.980.733	3.638.650	4.159.850
. Other income and revenues	1.400.331	1.380.612	727.405
. . Contributions for operating expenses		50.000	150.000
. . Different income and revenues	1.400.331	1.330.612	577.405
Total value of production	50.200.319	35.534.170	34.568.913
PRODUCTION COSTS
. Raw material,other materials and consum.	26.759.381	18.000.519	17.734.876
. Services received	4.902.800	3.553.849
. Leases and rentals	1.208.245	1.144.316	5.425.034
. Payroll and related costs	9.666.849	7.561.723	6.410.310
. . Wages and salaries	7.140.106	5.532.371	4.728.061
. . Social security contributions	2.088.993	1.649.087	1.392.063
. . Employee termination indemnities	415.864	344.402	272.365
. . Pension and similar
. . Other costs	21.886	35.863	17.821
. Amortization and depreciation	3.264.800	2.252.330	1.884.347
. . Amortization of intangible fixed assets	2.169.663	1.451.832	1.390.155
. . Amortization of tangible fixed assets	933.137	800.498	494.192
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	162.000
. Changes in raw materials	-359.681	8.494	-358.253
. Provisions to risk reserves
. Other provisions			20.705
. Other operating costs	1.351.456	1.040.892	1.097.018
Total production costs	46.793.850	33.562.123	32.214.037
Diff. between value and cost of product.	3.406.469	1.972.047	2.354.876
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	1.810	750
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	269.841	366.203	142.083
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets	6.875	4.663
. . Financ.income from secur. cur.assets
. . Financ.income other than the above			142.083
. . . - Subsidiary companies			43.427
. . . - Associated companies
. . . - Holding companies			24.384
. . . - Other companies			74.272
. Interest and other financial expense	-2.138.636	-1.337.237	-995.219
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies			-22.743
. . Towards other companies			995.219
Total financial income and expense	-1.866.985	-970.284	-853.136
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	408.115	322.660	266.255
. . Gains on disposals
. . Other extraordinary income	408.115	322.660	266.255
. Extraordinary expense	-1.250.297	-684.668	-1.125.267
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-1.250.297	-684.668	-1.125.267
Total extraordinary income and expense	-842.182	-362.008	-859.012
Results before income taxes	697.302	639.755	642.728
. Taxes on current income	535.360	508.380	523.789
. . current taxes	579.910	510.640	661.000
. . differed taxes(anticip.)	-44.550	-2.260	-137.211
. Net income for the period	161.942	131.375	118.939
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	161.942	131.375	118.939

RATIOS	Value Type	as at 31/12/2012	as at 31/12/2011	as at 31/12/2010	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,32	0,33	0,29	0,18
Elasticity Ratio	Units	0,68	0,66	0,71	0,80
Availability of stock	Units	0,28	0,16	0,15	0,24
Total Liquidity Ratio	Units	0,40	0,50	0,55	0,48
Quick Ratio	Units	0,03	0,01	0,03	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	4,65	3,72	3,51	3,25
Self Financing Ratio	Units	0,15	0,17	0,18	0,19
Capital protection Ratio	Units	0,12	0,10	0,09	0,63
Liabilities consolidation quotient	Units	0,24	0,33	0,28	0,19
Financing	Units	5,67	4,84	4,50	3,80
Permanent Indebtedness Ratio	Units	0,31	0,37	0,35	0,36
M/L term Debts Ratio	Units	0,16	0,21	0,18	0,11
Net Financial Indebtedness Ratio	Units	2,67	2,25	1,73	0,63
CORRELATION
Fixed assets ratio	Units	0,97	1,12	1,22	1,75
Current ratio	Units	0,98	1,06	1,10	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,58	0,80	0,86	0,81
Structure's primary quotient	Units	0,46	0,50	0,61	1,03
Treasury's primary quotient	Units	0,04	0,02	0,04	0,06
Rate of indebtedness ( Leverage )	%	688,29	603,36	569,25	516,42
Current Capital ( net )	Value	-731.850	1.765.047	2.756.745	422.465
RETURN
Return on Sales	%	8,23	8,04	6,70	3,35
Return on Equity - Net- ( R.O.E. )	%	2,07	1,71	1,58	5,13
Return on Equity - Gross - ( R.O.E. )	%	8,91	8,35	8,53	14,77
Return on Investment ( R.O.I. )	%	6,32	4,26	5,49	4,16
Return/ Sales	%	8,18	6,65	7,87	4,11
Extra Management revenues/charges incid.	%	4,75	6,66	5,05	28,57
Cash Flow	Value	3.426.742	2.383.705	2.003.286	122.482
Operating Profit	Value	3.406.469	1.972.047	2.354.876	144.752
Gross Operating Margin	Value	6.671.269	4.224.377	4.259.928	241.990
MANAGEMENT
Credits to clients average term	Days	107,29	149,27	117,62	111,85
Debts to suppliers average term	Days	137,71	170,23	197,24	128,30
Average stock waiting period	Days	129,48	90,51	79,36	80,43
Rate of capital employed return ( Turnover )	Units	0,77	0,64	0,70	1,08
Rate of stock return	Units	2,78	3,98	4,54	4,45
Labour cost incidence	%	23,22	25,51	21,43	19,12
Net financial revenues/ charges incidence	%	-4,48	-3,27	-2,85	-1,08
Labour cost on purchasing expenses	%	20,66	22,53	19,90	19,02
Short-term financing charges	%	4,82	3,60	2,93	2,68
Capital on hand	%	129,42	156,01	143,40	91,91
Sales pro employee	Value	282.232	248.086	149.545	198.432
Labour cost pro employee	Value	65.537	63.278	32.051	35.779

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	:	1.022.428
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 1.206 significant companies.

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

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

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

The employees costs represent the 19,02% 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 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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.