MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	TREVI GROUP S.R.L.

Registered Office :	VIA Vecchia Ferriera, 70, 36100 Vicenza (VI) – IT -

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	10.07.2007

Legal Form :	Limited liability company

Line of Business :	Wholesale of clocks, watches and jewellery

No. of Employees :	1 to 5

RATING & COMMENTS

MIRA’s Rating :

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Italy

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

Trevi Group S.r.l.

Via

Vecchia Ferriera,

36100

- Vicenza

(VI)

-IT-

Summary

Fiscal Code	:	03407770241
Legal Form	:	Limited liability company
start of Activities	:	27/11/2007
Equity	:	1.000.000
Turnover Range	:	2.250.000/3.000.000
Number of Employees	:	from 1 to 5

Activity

Wholesale of clocks, watches and jewellery

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03407770241

Chamber of Commerce no. : 323022 of Vicenza since 16/07/2007

V.A.T. Code : 03407770241

Establishment date	: 10/07/2007
Start of Activities	: 27/11/2007
Legal duration	: 31/12/2030
Nominal Capital	: 50.000
Subscribed Capital	: 50.000
Paid up Capital	: 50.000

Members

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Trevisan

Maurizio

$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Vuoto.gif$

Born in Verona

(VR)

on 01/01/1960

- Fiscal Code : TRVMRZ60A01L781I

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Residence:

Localita' Dossi

, 3

- 37036

San Martino Buon Albergo

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/07/2010
Managing Director	09/07/2010

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No Prejudicial events are reported

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No Protests registered

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Ambroso

Nicola

$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Vuoto.gif$

Born in Legnago

(VR)

on 03/12/1973

- Fiscal Code : MBRNCL73T03E512Q

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Residence:

Iv Novembre

, 84

- 37050

Angiari

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	09/07/2010
Managing Director	09/07/2010
Director	09/07/2010

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No Prejudicial events are reported

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No Protests registered

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Costola

Nicola

$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Vuoto.gif$

Born in Padova

(PD)

on 30/09/1967

- Fiscal Code : CSTNCL67P30G224N

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Residence:

Dei Bevilacqua

, 12

- 37134

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/07/2010

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.

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Trevisan

Maurizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Gandini E Trevisan S.n.c. Di Gandini G.E Trevisan M.	Verona (VR) - IT -	01888550231	Partner	Withdrawn	Ceased
Gandini E Trevisan S.n.c. Di Gandini G.E Trevisan M.	Verona (VR) - IT -	01888550231	Partner	Withdrawn	Ceased
D.g. S.r.l.	Vicenza (VI) - IT -	02986690234	Managing Director	Withdrawn	Ceased
D.g. S.r.l.	Vicenza (VI) - IT -	02986690234	Director	Withdrawn	Ceased
D.g. S.r.l.	Vicenza (VI) - IT -	02986690234	Assistant board Chairman	Withdrawn	Ceased
Gold Star Europe S.r.l.	Vicenza (VI) - IT -	03410450245	Director	Active	Registered
Gold Star Europe S.r.l.	Vicenza (VI) - IT -	03410450245	Board Chairman	Withdrawn	Registered
Trevisan Maurizio	San Martino Buon Albergo (VR) - IT -	TRVMRZ60A01L781I	Proprietor	Withdrawn	Ceased
G.t. Gold Star Jewellery S.r.l.	Verona (VR) - IT -	03562550230	Sole Director	Withdrawn	Registered
Progetto G.s.e. S.r.l.	Vicenza (VI) - IT -	03475350249	Managing Director	Active	Registered
Progetto G.s.e. S.r.l.	Vicenza (VI) - IT -	03475350249	Director	Active	Registered
Progetto G.s.e. S.r.l.	Vicenza (VI) - IT -	03475350249	Board Chairman	Active	Registered

$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Verde.gif$

Ambroso

Nicola

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ambroso Nicola	Angiari (VR) - IT -	MBRNCL73T03E512Q	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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Trevisan Maurizio	San Martino Buon Albergo - IT -	TRVMRZ60A01L781I	26.000 .Eur	52,00
Ambroso Nicola	Angiari - IT -	MBRNCL73T03E512Q	12.000 .Eur	24,00
Costola Nicola	Verona - IT -	CSTNCL67P30G224N	12.000 .Eur	24,00

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
Gruppo Formica S.r.l.	Vicenza - IT -	03272950241	20.000 .Eur	40,00			Active
Creativity Factory S.r.l.		02233660220	1.500 .Eur	15,00			Active
Progetto G.s.e. S.r.l.	Vicenza - IT -	03475350249	15.637 .Eur	52,12			Active
San Zeno S.r.l.		04113460234	12.500 .Eur	25,00			Active

Firm's location and structure

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

Legal and operative seat

Vecchia Ferriera

, 70

- 36100

- Vicenza

(VI)

- IT -

PHONE

: 0444961020

Employees

: 1

Active partners

: 3

Stocks for a value of 150.000

Eur

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 2007

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 6,81% in 2013 and with an upward trend in turnover trend during the last financial year (+38,07% in 2013).

The operating result in 2013 was positive (4,07%) falling within the field's average.

The operating result is positive and amounts to Eur. 78.928 on stable levels if compared to the previous year.

During the latest financial year the gross operating margin amounted to Eur. 109.224 stable if compared to the financial year 2012.

Company's financial status is balanced since indebtedness is not high (1,6) even though on the increase if compared to 2012.

The management generated equity capital for an amount of Eur. 761.009 , stable in comparison with the value of the previous year.

Total indebtedness amounts to Eur. 1.229.613, increasing if compared to the previous year, during which they were equal to Eur. 769.486 (59,79%).

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high besides being higher than sector's average.

Liquidity is however good.

As far as the collection of credit goes, the average is high (175,27 days). even higher than the average of the specific sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 82.104

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

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	2.291.977
Profit (Loss) for the period	51.808

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	1.659.977
Profit (Loss) for the period	29.666

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	2.995.640
Profit (Loss) for the period	40.505

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	2.056.227
Profit (Loss) for the period	85.879

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Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	1.412.641
Profit (Loss) for the period	50.531

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		3	90
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	204.298	229.284	197.044
. FINANCIAL FIXED ASSETS
. . Equity investments			45.061
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies			45.061
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	445.325		445.325
. . . . Within 12 months
. . . . Beyond 12 months	445.325		445.325
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.			445.325
. . . . Within 12 months
. . . . Beyond 12 months			445.325
. . . 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	445.325	502.886	490.386
Total fixed assets	649.623	732.173	687.520
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	150.681	143.995	362.049
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	1.115.865	588.149	430.467
. . Beyond 12 months
. . Trade receivables	1.115.860	551.293	408.528
. . . . Within 12 months	1.115.860	551.293	408.528
. . . . 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		36.856	12.262
. . . . Within 12 months		36.856	12.262
. . . . Beyond 12 months
. . Receivables for anticipated taxes			9.675
. . . . Within 12 months			9.675
. . . . Beyond 12 months
. . Receivables due from third parties	5		2
. . . . Within 12 months	5		2
. . . . Beyond 12 months
. Total Credits not held as fixed assets	1.115.865	588.149	430.467
. 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
. . Checks
. . Banknotes and coins
. Total Liquid funds	12.182	7.346	57.239
Total current assets	1.278.728	739.490	849.755
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	12.221	11.547	5.987
Total adjustments accounts	12.221	11.547	5.987
TOTAL ASSETS	1.940.572	1.483.210	1.543.262

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	50.000	50.000	50.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	10.000	10.000	10.000
. Reserve for Own shares
. Statute reserves
. Other reserves	649.201	619.535	629.032
. Accumulated Profits (Losses)
. Profit( loss) of the year	51.808	29.666	40.505
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	761.009	709.201	729.537
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	4.823	4.523
Employee termination indemnities			49
ACCOUNTS PAYABLE
. . . . Within 12 months	1.229.613	752.302	762.561
. . . . Beyond 12 months		17.184	51.115
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing		28.000
. . . . Within 12 months		28.000
. . . . Beyond 12 months
. . Due to banks	196.352	140.954	116.241
. . . . Within 12 months	196.352	123.770	65.126
. . . . Beyond 12 months		17.184	51.115
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	995.311	572.140	679.411
. . . . Within 12 months	995.311	572.140	679.411
. . . . 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		15.075	5.700
. . . . Within 12 months		15.075	5.700
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	31.426	6.549	5.600
. . . . Within 12 months	31.426	6.549	5.600
. . . . Beyond 12 months
. . Due to social security and welfare inst.	3.603	3.798	3.005
. . . . Within 12 months	3.603	3.798	3.005
. . . . Beyond 12 months
. . Other payables	2.921	2.970	3.719
. . . . Within 12 months	2.921	2.970	3.719
. . . . Beyond 12 months
Total accounts payable	1.229.613	769.486	813.676
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	1.995.445	1.483.210	1.543.262

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	2.291.977	1.659.977	2.995.640
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	8.468	96.223	34.688
. . Contributions for operating expenses
. . Different income and revenues	8.468	96.223	34.688
Total value of production	2.300.445	1.756.200	3.030.328
PRODUCTION COSTS
. Raw material,other materials and consum.	1.845.494	1.162.212	2.558.667
. Services received	339.284	258.462	278.999
. Leases and rentals	7.247	10.286	9.930
. Payroll and related costs		4.155	7.964
. . Wages and salaries		3.076	5.908
. . Social security contributions		879	1.692
. . Employee termination indemnities		200	364
. . Pension and similar
. . Other costs
. Amortization and depreciation	30.296	28.604	14.541
. . Amortization of intangible fixed assets		87	487
. . Amortization of tangible fixed assets	24.636	25.702	11.966
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	5.660	2.815	2.088
. Changes in raw materials	-6.686	218.053	31.306
. Provisions to risk reserves
. Other provisions
. Other operating costs	5.882	7.409	2.190
Total production costs	2.221.517	1.689.181	2.903.597
Diff. between value and cost of product.	78.928	67.019	126.731
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	3	15	22
. . 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
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	15.838	-7.201	-53.759
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	15.841	-7.186	-53.737
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	1	1
. . Gains on disposals
. . Other extraordinary income	1	1
. Extraordinary expense	-4.750
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-4.750
Total extraordinary income and expense	-4.749	1
Results before income taxes	90.020	59.834	72.994
. Taxes on current income	38.212	30.168	32.489
. . current taxes	37.912	15.970	41.581
. . differed taxes(anticip.)	300	14.198	-9.092
. Net income for the period	51.808	29.666	40.505
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	51.808	29.666	40.505

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	0,33	0,49	0,45	0,09
Elasticity Ratio	Units	0,66	0,50	0,55	0,89
Availability of stock	Units	0,08	0,10	0,23	0,26
Total Liquidity Ratio	Units	0,58	0,40	0,32	0,54
Quick Ratio	Units	0,01	0,00	0,04	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,60	1,05	0,97	3,95
Self Financing Ratio	Units	0,39	0,48	0,47	0,17
Capital protection Ratio	Units	0,87	0,89	0,88	0,62
Liabilities consolidation quotient	Units	n.c.	0,02	0,07	0,10
Financing	Units	1,62	1,09	1,12	4,85
Permanent Indebtedness Ratio	Units	0,39	0,49	0,51	0,29
M/L term Debts Ratio	Units	n.c.	0,01	0,03	0,07
Net Financial Indebtedness Ratio	Units	0,24	0,23	0,08	1,04
CORRELATION
Fixed assets ratio	Units	1,17	0,99	1,14	2,37
Current ratio	Units	1,04	0,98	1,11	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,92	0,79	0,64	0,80
Structure's primary quotient	Units	1,17	0,97	1,06	1,48
Treasury's primary quotient	Units	0,01	0,01	0,08	0,04
Rate of indebtedness ( Leverage )	%	255,00	209,14	211,54	602,26
Current Capital ( net )	Value	49.115	-12.812	87.194	191.984
RETURN
Return on Sales	%	3,58	3,51	1,84	2,03
Return on Equity - Net- ( R.O.E. )	%	6,81	4,18	5,55	6,31
Return on Equity - Gross - ( R.O.E. )	%	11,83	8,44	10,01	17,00
Return on Investment ( R.O.I. )	%	4,07	4,52	8,21	4,18
Return/ Sales	%	3,44	4,04	4,23	3,46
Extra Management revenues/charges incid.	%	65,64	44,27	31,96	27,96
Cash Flow	Value	82.104	58.270	55.046	44.823
Operating Profit	Value	78.928	67.019	126.731	74.603
Gross Operating Margin	Value	109.224	95.623	141.272	111.383
MANAGEMENT
Credits to clients average term	Days	175,27	119,56	49,09	113,70
Debts to suppliers average term	Days	163,46	147,73	86,61	118,14
Average stock waiting period	Days	23,67	31,23	43,51	72,90
Rate of capital employed return ( Turnover )	Units	1,18	1,12	1,94	1,25
Rate of stock return	Units	15,21	11,53	8,27	4,88
Labour cost incidence	%	n.c.	0,25	0,27	8,14
Net financial revenues/ charges incidence	%	0,69	-0,43	-1,79	-1,38
Labour cost on purchasing expenses	%	n.c.	0,25	0,27	8,25
Short-term financing charges	%	n.c.	0,94	6,61	2,76
Capital on hand	%	84,67	89,35	51,52	79,85
Sales pro employee	Value		331.995		397.742
Labour cost pro employee	Value		831		33.267

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	:	$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Spazio.gif$ 831.356
Population living in the region	:	$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Spazio.gif$ 456
- per non food products	:	$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Spazio.gif$ 2.052
- per energy consume	:	$Description: \\vivek\Foreign Report Raw\Trevi Group S.r.l._files\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% 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 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds. It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C. India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

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.

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit