MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	SITI – BET GROUP S.P.A.

Registered Office :	Via Prampolini, 18, 41043 - Formigine (MO) -IT-

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	01.01.1992

Legal Form :	Joint Stock Company With Sole Shareholder

Line of Business :	· Manufacture of lifting and handling equipment · Manufacture of machinery for mining, quarrying and construction

No of Employees :	From 201 to 250

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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Italy

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 & Address

SITI - BET GROUP S.P.A.

Via Prampolini, 18

41043 - Formigine (MO) -IT-

Summary

Fiscal Code	:	04070230372
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	01/01/1992
Equity	:	Over 2.582.254
Turnover Range	:	100.000.000/150.000.000
Number of Employees	:	from 201 to 250

Activity

Manufacture of lifting and handling equipment

Manufacture of machinery for mining, quarrying and construction

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 04070230372

Foreign Trade Reg. no. : MO018026 since 03/03/1992

Chamber of Commerce no. : 1637189 of Milano

Chamber of Commerce no. : 263705 of Modena since 30/01/1992

Chamber of Commerce no. : 215447 of Novara

Firms' Register : MO023-35768 of Modena since 19/02/1996

V.A.T. Code : 02071130369

Foundation date	: 19/06/1991
Establishment date	: 19/06/1991
Start of Activities	: 01/01/1992
Legal duration	: 31/12/2030
Nominal Capital	: 2.389.200
Subscribed Capital	: 2.389.200
Paid up Capital	: 2.389.200

Members

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Tarozzi

Fausto

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Formigine

(MO)

on 12/12/1936

- Fiscal Code : TRZFST36T12D711O

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Antonio Gramsci

, 15

- 41043

Formigine

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/05/2013
Board Chairman	10/05/2013

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Tarozzi

Fabio

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Formigine

(MO)

on 06/01/1965

- Fiscal Code : TRZFBA65A06D711M

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Antonio Gramsci

, 17

- 41043

Formigine

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/05/2013
Managing Director	10/05/2013

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Tarozzi

Marco

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Formigine

(MO)

on 22/04/1966

- Fiscal Code : TRZMRC66D22D711C

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

San Giorgio

, 89

- 41100

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/05/2013
Managing Director	10/05/2013

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Barbieri E Tarozzi Holding S.p.a.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Calzavecchio

, 23

- 40033

Casalecchio di Reno

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	21/03/2011

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Forlani

Claudio

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Bologna

(BO)

on 02/11/1963

- Fiscal Code : FRLCLD63S02A944I

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Alessandro Manzoni

, 16

- 42014

Castellarano

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	15/11/2004

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

No Protests registered

Barbieri E Tarozzi Holding S.p.a.

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

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.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Tarozzi

Fausto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
BARBIERI E TAROZZI - S.P.A.	Formigine (MO) - IT -	03017940374	Chairman	Active	Registered
S.i.t.i.-societa' Impianti Termoelettrici Industriali S.p.a.	Marano Ticino (NO) - IT -	00122720030	Director	Withdrawn	Ceased
La Ceramica Di Crotone S.p.a.	Crotone (KR) - IT -	02135640379	Director	Withdrawn	Ceased
SIR *SISTEMI INDUSTRIALI ROBOTIZZATI S.R.L.	Modena (MO) - IT -	01583980360	Director	Withdrawn	Merged
Societa' Agricola Portile Societa' Per Azioni Abbreviabile In Societa' Agricola	Formigine (MO) - IT -	00312530363	Director	Active	Registered
Azienda Agricola S.paolo S.r.l.	Casalecchio di Reno (BO) - IT -	09043140152	Sole Director	Active	Registered
Sir S.p.a.	Modena (MO) - IT -	03714800376	Director	Active	Registered
Sir S.p.a.	Modena (MO) - IT -	03714800376	Board Chairman	Active	Registered
Co.pro.in.	Formigine (MO) - IT -	02311410365	Board Chairman	Active	Registered
GRUPPO BARBIERI eamp; TAROZZI S.R.L.	Casalecchio di Reno (BO) - IT -	03460330370	Chairman	Withdrawn	Registered
GRUPPO BARBIERI eamp; TAROZZI S.R.L.	Casalecchio di Reno (BO) - IT -	03460330370	Director	Withdrawn	Registered
Santa Maria S.r.l.	Casalecchio di Reno (BO) - IT -	01697631206	Sole Director	Active	Registered
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno (BO) - IT -	00832011209	Director	Active	Registered
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno (BO) - IT -	00832011209	Board Chairman	Active	Registered
IMMOBILIARE *LE DUNE S.A.S. DI SPAGGIARIGIANVITTORIO eamp; C.	Guastalla (RE) - IT -	01484560360	Limited Partner	Withdrawn	Registered
BARBIERI eamp; TAROZZI DI BARBIERI EMER eamp; TAROZZI FAUSTO - SOCIETA' IN NOME COLLETTI	Casalecchio di Reno (BO) - IT -	00155950363	Partner	Withdrawn	Registered
BARBIERI eamp; TAROZZI DI BARBIERI EMER eamp; TAROZZI FAUSTO - SOCIETA' IN NOME COLLETTI	Casalecchio di Reno (BO) - IT -	00155950363	Managing Director	Withdrawn	Registered
INTERFIN S.R.L.	Casalecchio di Reno (BO) - IT -	02478570373	Sole Director	Withdrawn	Registered
Fata Finanziaria Di Tarozzi Fausto E C.S.a.s.	Casalecchio di Reno (BO) - IT -	03910210370	General Partner	Active	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	Director	Withdrawn	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	General Partner	Withdrawn	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	Partner	Withdrawn	Registered
OLD AMERICA - S.R.L.	Formigine (MO) - IT -	00378070361	Managing Director	Withdrawn	Registered
TECNOMETAL DI TARDINI GUIDO eamp; C. SOCIETA' IN NOME COLLETTIVO	Formigine (MO) - IT -	80002840363	Partner	Withdrawn	Registered
IMMOBILIARE S. GIUSEPPE S.A.S. DI BARBIERI EMER E C.	Formigine (MO) - IT -	02068250360	Limited Partner	Withdrawn	Registered
LA *GHIAROLA S.R.L.	Formigine (MO) - IT -	02105430363	Vice-Chairman	Withdrawn	Registered
B.t.p. Holding S.r.l.	Casalecchio di Reno (BO) - IT -	02212561209	Director	Active	Registered
B.t.p. Holding S.r.l.	Casalecchio di Reno (BO) - IT -	02212561209	Board Chairman	Active	Registered
Banca Interprovinciale Societa' Per Azioni	Modena (MO) - IT -	03192350365	Director	Active	Registered
Umbria Immobiliare Srl	Formigine (MO) - IT -	03008060364	Director	Withdrawn	Registered
P.B. eamp; T. AUTOMATION S.P.A.	Modena (MO) - IT -	03015220365	Director	Withdrawn	Registered
Griko Finance Srl In Liquidazione	Rimini (RN) - IT -	91064760407	Director	Withdrawn	Registered
Fata Investments S.r.l.	Casalecchio di Reno (BO) - IT -	02683251207	Director	Active	Registered
Fata Investments S.r.l.	Casalecchio di Reno (BO) - IT -	02683251207	General Partner	Withdrawn	Registered
Costruzioni Crevalcore 2002 S.r.l.	Formigine (MO) - IT -	02790800367	Director	Active	Registered
I Rustici S.r.l	Formigine (MO) - IT -	03162980365	Director	Active	Registered
Finceramic S.r.l. In Liquidazione	Bologna (BO) - IT -	02857691204	Liquidator	Active	Registered
Societa' Agricola Colombaro Societa' PerAzioni Abbreviabile In Societa' Agricol	Formigine (MO) - IT -	03097800365	Director	Active	Registered
Immobiliare S. Giorgio S.r.l.	Formigine (MO) - IT -	03063621209	Sole Director	Withdrawn	Registered
Immobiliare Gramsci S.r.l.	Casalecchio di Reno (BO) - IT -	03141421200	Sole Director	Active	Registered

Tarozzi

Fabio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
BARBIERI E TAROZZI - S.P.A.	Formigine (MO) - IT -	03017940374	Director	Active	Registered
S.i.t.i.-societa' Impianti Termoelettrici Industriali S.p.a.	Marano Ticino (NO) - IT -	00122720030	Director	Withdrawn	Ceased
SIR *SISTEMI INDUSTRIALI ROBOTIZZATI S.R.L.	Modena (MO) - IT -	01583980360	Director	Withdrawn	Merged
Sir S.p.a.	Modena (MO) - IT -	03714800376	Director	Active	Registered
Clinica Privata Villalba S.r.l.	Bologna (BO) - IT -	00316340371	Director	Withdrawn	Registered
Societa' Agricola Colombaro Due Societa'Semplice	Formigine (MO) - IT -	02151640360	Partner	Active	Registered
GRUPPO BARBIERI eamp; TAROZZI S.R.L.	Casalecchio di Reno (BO) - IT -	03460330370	Director	Withdrawn	Registered
Servizi Associativi Logistici Dell'acimac S.r.l. - Societa' A Responsabilita' Li	Modena (MO) - IT -	02016070365	Director	Active	Registered
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno (BO) - IT -	00832011209	Director	Active	Registered
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno (BO) - IT -	00832011209	Managing Director	Active	Registered
MACPAL S.R.L.	Casalecchio di Reno (BO) - IT -	01932571209	Director	Withdrawn	Registered
Fata Finanziaria Di Tarozzi Fausto E C.S.a.s.	Casalecchio di Reno (BO) - IT -	03910210370	Limited Partner	Active	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	Partner	Withdrawn	Registered
Rollerball S.a.s. Di Tarozzi Fabio E C.	Formigine (MO) - IT -	00642270367	General Partner	Active	Registered
MECCANICA TARDINI DI TARDINI GUIDO E C.S.N.C.	Formigine (MO) - IT -	01804210365	Partner	Withdrawn	Registered
Carimonte Banca S.p.a.	Bologna (BO) - IT -	04072760376	Director	Withdrawn	Ceased
B.t.p. Holding S.r.l.	Casalecchio di Reno (BO) - IT -	02212561209	Director	Active	Registered
B.t.p. Holding S.r.l.	Casalecchio di Reno (BO) - IT -	02212561209	Managing Director	Active	Registered
P.B. eamp; T. AUTOMATION S.P.A.	Modena (MO) - IT -	03015220365	Director	Withdrawn	Registered
Fata Investments S.r.l.	Casalecchio di Reno (BO) - IT -	02683251207	Director	Active	Registered
Fata Investments S.r.l.	Casalecchio di Reno (BO) - IT -	02683251207	General Partner	Withdrawn	Registered
Projecta Engineering Srl	Fiorano Modenese (MO) - IT -	02267550354	Director	Active	Registered
Projecta Engineering Srl	Fiorano Modenese (MO) - IT -	02267550354	Board Chairman	Active	Registered
Digital Design Srl	Fiorano Modenese (MO) - IT -	03392560367	Director	Active	Registered
Acimac - Associazione Costruttori Italiani Macchine, Attrezzature Per Ceramica	Modena (MO) - IT -	94020770361	Board Chairman	Active	Registered

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Tarozzi

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
SIGMAT S.R.L.	Formigine (MO) - IT -	01296730367	Sole Director	Withdrawn	Registered
SIGMAT S.R.L.	Formigine (MO) - IT -	01296730367	Liquidator	Withdrawn	Registered
BARBIERI E TAROZZI - S.P.A.	Formigine (MO) - IT -	03017940374	Director	Active	Registered
S.i.t.i.-societa' Impianti Termoelettrici Industriali S.p.a.	Marano Ticino (NO) - IT -	00122720030	Director	Withdrawn	Ceased
Sir S.p.a.	Modena (MO) - IT -	03714800376	Director	Active	Registered
Clinica Privata Villalba S.r.l.	Bologna (BO) - IT -	00316340371	Director	Withdrawn	Registered
Societa' Agricola Colombaro Due Societa'Semplice	Formigine (MO) - IT -	02151640360	Partner	Active	Registered
SOCIETA' DI COSTRUZIONI MODENA 2000 S.N.C. DI SPAGGIARI MARINA E C.	Formigine (MO) - IT -	02386980367	Partner	Withdrawn	Registered
GRUPPO BARBIERI eamp; TAROZZI S.R.L.	Casalecchio di Reno (BO) - IT -	03460330370	Director	Withdrawn	Registered
Santa Maria S.r.l.	Casalecchio di Reno (BO) - IT -	01697631206	Attorney with special power	Active	Registered
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno (BO) - IT -	00832011209	Director	Active	Registered
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno (BO) - IT -	00832011209	Managing Director	Active	Registered
IMMOBILIARE *LE DUNE S.A.S. DI SPAGGIARIGIANVITTORIO eamp; C.	Guastalla (RE) - IT -	01484560360	Limited Partner	Withdrawn	Registered
MACPAL S.R.L.	Casalecchio di Reno (BO) - IT -	01932571209	Director	Withdrawn	Registered
MACPAL S.R.L.	Casalecchio di Reno (BO) - IT -	01932571209	Liquidator	Withdrawn	Registered
Fata Finanziaria Di Tarozzi Fausto E C.S.a.s.	Casalecchio di Reno (BO) - IT -	03910210370	Attorney with special power	Active	Registered
Fata Finanziaria Di Tarozzi Fausto E C.S.a.s.	Casalecchio di Reno (BO) - IT -	03910210370	Limited Partner	Active	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	Partner	Withdrawn	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	Attorney with special power	Withdrawn	Registered
FINMEC S.N.C. DI FAUSTO TAROZZI eamp; C.	Casalecchio di Reno (BO) - IT -	01758081200	Limited Partner	Withdrawn	Registered
IMMOBILIARE CALZAVECCHIO S.A.S. DI TAROZZI FAUSTO eamp; C.	Casalecchio di Reno (BO) - IT -	03887920373	Temporary director	Withdrawn	Registered
NOVAFIN S.R.L.	Casalecchio di Reno (BO) - IT -	01603501204	Liquidator	Withdrawn	Registered
B eamp; T CERAMIC GROUP S.R.L.	Casalecchio di Reno (BO) - IT -	01956731200	Sole Director	Withdrawn	Registered
Rollerball S.a.s. Di Tarozzi Fabio E C.	Formigine (MO) - IT -	00642270367	Limited Partner	Active	Registered
MECCANICA TARDINI DI TARDINI GUIDO E C.S.N.C.	Formigine (MO) - IT -	01804210365	Partner	Withdrawn	Registered
B.t.p. Holding S.r.l.	Casalecchio di Reno (BO) - IT -	02212561209	Director	Active	Registered
B.t.p. Holding S.r.l.	Casalecchio di Reno (BO) - IT -	02212561209	Managing Director	Active	Registered
P.B. eamp; T. AUTOMATION S.P.A.	Modena (MO) - IT -	03015220365	Director	Withdrawn	Registered
Fata Investments S.r.l.	Casalecchio di Reno (BO) - IT -	02683251207	Director	Active	Registered
Fata Investments S.r.l.	Casalecchio di Reno (BO) - IT -	02683251207	General Partner	Withdrawn	Registered
Immobiliare S. Giorgio S.r.l.	Formigine (MO) - IT -	03063621209	Sole Director	Active	Registered
Projecta Engineering Srl	Fiorano Modenese (MO) - IT -	02267550354	Director	Active	Registered
San Girolamo S.r.l.	Milano (MI) - IT -	04587930878	Director	Withdrawn	Registered

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Barbieri E Tarozzi Holding S.p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Omec S.r.l. In Liquidazione	Casalecchio di Reno (BO) - IT -	02062810367	Sole partner	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
Barbieri E Tarozzi Holding S.p.a.	Casalecchio di Reno - IT -	00832011209		100,00

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
Caf Dell'industria Dell'emilia-romagna S .p.a. In Forma Abbreviata Cafindustria	Bologna - IT -	04165140379	2.600 .Eur	0,68			Active
Co.pro.in.	Formigine - IT -	02311410365	2.500.000 .Eur				Active

Firm's location and structure

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

Legal and operative seat

since 18/11/1991

Prampolini

, 18

- 41043

- Formigine

(MO)

- IT -

PHONE

: 059446111

FAX

: 059446555

Branch

(office)

since 01/01/1992

Prampolini

, 12

- 41043

- Formigine

(MO)

- IT -

PHONE

: 059446111

Branch

(Administrative office)

since 01/01/1992

Prampolini

, 14/16

- 41043

- Formigine

(MO)

- IT -

PHONE

: 059446111

Branch

(Workshop)

since 26/07/2001

Quattro Passi

, 88/90

- 41043

- Formigine

(MO)

- IT -

Branch

(Store)

since 15/05/2007

Salviola

, 11

- 41043

- Formigine

(MO)

- IT -

Branch

(Store)

since 24/11/2008

Quattro Passi

, 92

- 41043

- Formigine

(MO)

- IT -

Branch

(Store)

since 31/03/2007

Sempione

, 82

- 28040

- Marano Ticino

(NO)

- IT -

Employees

: 201

Fittings and Equipment for a value of 1.050.000

Eur

Stocks for a value of 25.960.000

Eur

Vehicles for a value of 460.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- Germany

- France

Export is mainly towards:

- Italy

- Ireland

- Austria

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

Barbieri

Elena

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Formigine

(MO)

on 18/08/1968

- Fiscal Code : BRBLNE68M58D711I

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Risorgimento

, 21

- 41043

Formigine

(MO)

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

ALVAREZ CIENFUEGOS

JAIME

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in MADRID

( )

on 13/03/1950

- Fiscal Code : LVRJMA50C

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

CORSO GENERAL PARDINAS

, 91 4 IZ

MADRID

- ES -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

Magnani

Roberto

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Ostiglia

(MN)

on 15/06/1968

- Fiscal Code : MGNRRT68H15G186P

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Monte Pizzicano

, 98

- 41028

Serramazzoni

(MO)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

ALVAREZ CIENFUEGOS

JAIME

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in MADRID

( )

on 13/03/1950

- Fiscal Code : LVRJMA50C

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

CORSO GENERAL PARDINAS

, 91 4 IZ

MADRID

- ES -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

Spaggiari

Cristina

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Lomas De Zamora

( )

on 19/12/1958

- Fiscal Code : SPGCST58T59Z600V

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Dello Sport

, 13

- 41043

Formigine

(MO)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

Mariani

Fosco

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Serramazzoni

(MO)

on 31/03/1957

- Fiscal Code : MRNFSC57C31F357G

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

24 Maggio

, 45/G

- 41028

Serramazzoni

(MO)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Rosso.gif$

Barbieri

Emer

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Born in Mirandola

(MO)

on 26/06/1939

- Fiscal Code : BRBMRE39H26F240C

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Residence:

Risorgimento

, 8

- 41043

Formigine

(MO)

- IT -

Ex-Postions

Director

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

The firm absorved

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ COGEPA S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 00814431201

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

13/12/2000

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

The firm absorved

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ B eamp; T CERAMIC GROUP S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 01956731200

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

20/12/2000

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ COGEPA S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 00814431201

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

03/06/1997

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ B eamp; T CERAMIC GROUP S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 01956731200

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

28/02/2000

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ COGEPA S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 00814431201

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

01/03/2000

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ COGEPA S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 00814431201

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

13/12/2000

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ B eamp; T CERAMIC GROUP S.R.L.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

, 40033

, Casalecchio di Reno

(BO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 01956731200

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

20/12/2000

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ S.i.t.i.-societa' Impianti Termoelettrici Industriali S.p.a.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Sempione

, 82

, 28040

, Marano Ticino

(NO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 00122720030

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

23/12/2006

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$ S.i.t.i.-societa' Impianti Termoelettrici Industriali S.p.a.

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Sempione

, 82

, 28040

, Marano Ticino

(NO)

- IT -

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Fiscal Code: 00122720030

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Vuoto.gif$

Date

22/03/2007

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

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 company is active since 1992

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. 8,2% on 2013) but without a significant increase in the turnover.

The operating result was positive in the last financial year (5,38%) and in line with the sector's average.

An operating result of Eur. 5.702.558 has been registered. ,showing stability in respect to the value of 2012.

The gross operating margin of the latest financial year is of Eur. 7.598.815 with no sensible increase as against 2012.

The financial status of the company is fairly balanced with an indebtedness level of 2,13 and decreasing as against 2012.

The equity capital is equal to Eur. 22.229.635 , unchanged if compared to 2012.

In the year 2013 total debts amounted to Eur. 65.692.972 showing a stable trend as opposed to 2012 (Eur. 72.299.398).

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

Liquidity is however good.

Trade credits average terms are slow, on average 132,25 days. but on the same levels as the average of the sector.

The financial management generated a cash flow of Eur. 3.699.496.

In the last financial year labour cost was of Eur. 12.421.498, with a 11,24% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 10,87%.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-1,53%).

Financial Data

$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	108.136.665
Profit (Loss) for the period	2.182.251

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

Years

2012

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.	85.362
. . Industrial patent rights	21.889
. . Concessions,licenses,trademarks,etc.	85.301
. . Goodwill	1.560.146
. . Assets in formation and advance paymen.	33.195
. . Other intangible fixed assets	138.767
. Total Intangible Fixed Assets	1.924.660
. TANGIBLE FIXED ASSETS
. . Real estate	95.348
. . Plant and machinery	317.462
. . Industrial and commercial equipment	462.500
. . Other assets	460.290
. . Assets under construction and advances	386.628
. Total Tangible fixed assets	1.722.228
. FINANCIAL FIXED ASSETS
. . Equity investments	836.338
. . . Equity invest. in subsidiary companies	578.709
. . . Equity invest. in associated companies	1.291
. . . Equity invest. in holding companies	256.338
. . . Equity invest. in other companies
. . Financial receivables	9.266.603
. . . . Within 12 months	2.410.760
. . . . Beyond 12 months	6.855.843
. . . Receivab due from subsidiaries	1.538.123
. . . . Within 12 months	760.760
. . . . Beyond 12 months	777.363
. . . Receivables due from assoc.comp.
. . . . . Within 12 months
. . . . . Beyond 12 months
. . . Receivables due from holding comp.	1.000.000
. . . . Within 12 months	1.000.000
. . . . Beyond 12 months
. . . Receivables due from third parties	6.728.480
. . . . Within 12 months	650.000
. . . . Beyond 12 months	6.078.480
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	10.102.941
Total fixed assets	13.749.829
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	18.821.353
. . Work in progress and semimanufactured	7.815.521
. . Work in progress on order
. . Finished goods	2.556.894
. . Advance payments	235.108
. Total Inventories	29.428.876
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	58.628.813
. . Beyond 12 months	6.228.450
. . Trade receivables	47.375.509
. . . . Within 12 months	44.050.593
. . . . Beyond 12 months	3.324.916
. . Receivables due from subsid. comp.	9.047.011
. . . . Within 12 months	9.047.011
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	672.786
. . . . Within 12 months	672.786
. . . . Beyond 12 months
. . Fiscal Receivables	237.782
. . . . Within 12 months	237.782
. . . . Beyond 12 months
. . Receivables for anticipated taxes	3.044.139
. . . . Within 12 months	140.605
. . . . Beyond 12 months	2.903.534
. . Receivables due from third parties	4.480.036
. . . . Within 12 months	4.480.036
. . . . Beyond 12 months
. Total Credits not held as fixed assets	64.857.263
. 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	2.572.551
. . Checks	10.795
. . Banknotes and coins	19.137
. Total Liquid funds	2.602.483
Total current assets	96.888.622
ADJUSTMENT ACCOUNTS
. Discount on loans	1.540.727
. Other adjustment accounts
Total adjustments accounts	1.540.727
TOTAL ASSETS	112.179.178

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.389.200
. Additional paid-in capital	18.927
. Revaluation reserves
. Legal reserve	352.685
. Reserve for Own shares
. Statute reserves
. Other reserves	15.464.382
. Accumulated Profits (Losses)
. Profit( loss) of the year	2.182.251
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	20.407.445
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	352.192
. . Taxation fund, also differed	958.315
. . Other funds	4.174.598
Total Reserves for Risks and Charges	5.485.105
Employee termination indemnities	2.930.469
ACCOUNTS PAYABLE
. . . . Within 12 months	70.246.742
. . . . Beyond 12 months	2.052.656
. . 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	27.779.452
. . . . Within 12 months	25.732.390
. . . . Beyond 12 months	2.047.062
. . Due to other providers of finance	2.383.524
. . . . Within 12 months	2.383.524
. . . . Beyond 12 months
. . Advances from customers	3.305.927
. . . . Within 12 months	3.305.927
. . . . Beyond 12 months
. . Trade payables	33.133.902
. . . . Within 12 months	33.133.902
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	2.051.517
. . . . Within 12 months	2.051.517
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	131.801
. . . . Within 12 months	131.801
. . . . Beyond 12 months
. . Due to the tax authorities	681.775
. . . . Within 12 months	681.775
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.071.576
. . . . Within 12 months	1.071.576
. . . . Beyond 12 months
. . Other payables	1.759.924
. . . . Within 12 months	1.754.330
. . . . Beyond 12 months	5.594
Total accounts payable	72.299.398
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	11.056.761
Total adjustment accounts	11.056.761
TOTAL LIABILITIES	112.179.178

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	10.427.000
Risk accounts	11.798.470
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	108.136.665
. Changes in work in progress	-1.649.197
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	3.447.939
. . Contributions for operating expenses	39.981
. . Different income and revenues	3.407.958
Total value of production	109.935.407
PRODUCTION COSTS
. Raw material,other materials and consum.	55.269.234
. Services received
. Leases and rentals	27.621.710
. Payroll and related costs	13.420.273
. . Wages and salaries	9.612.759
. . Social security contributions	3.060.307
. . Employee termination indemnities	665.237
. . Pension and similar	81.960
. . Other costs	10
. Amortization and depreciation	2.266.793
. . Amortization of intangible fixed assets	990.949
. . Amortization of tangible fixed assets	351.604
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	924.240
. Changes in raw materials	4.436.709
. Provisions to risk reserves	200.000
. Other provisions	140.170
. Other operating costs	872.733
Total production costs	104.227.622
Diff. between value and cost of product.	5.707.785
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	434.102
. . Financ.income from receivables	67.942
. . . Towards subsidiary companies	67.942
. . . 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	366.160
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	366.160
. Interest and other financial expense	-2.432.267
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	2.432.267
Total financial income and expense	-1.998.165
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-10.329
. . Of equity investments
. . Of financial fixed assets (no equity inv)	-10.329
. . Of securities included among current ass
Total adjustments to financial assets	-10.329
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	677.425
. . Gains on disposals
. . Other extraordinary income	677.425
. Extraordinary expense	-863.925
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-863.925
Total extraordinary income and expense	-186.500
Results before income taxes	3.512.791
. Taxes on current income	1.330.540
. . current taxes	668.119
. . differed taxes(anticip.)	-1.198.475
. Net income for the period	2.182.251
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	2.182.251

RATIOS	Value Type	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,12	0,18
Elasticity Ratio	Units	0,86	0,80
Availability of stock	Units	0,26	0,24
Total Liquidity Ratio	Units	0,60	0,48
Quick Ratio	Units	0,02	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,31	3,25
Self Financing Ratio	Units	0,18	0,19
Capital protection Ratio	Units	0,78	0,63
Liabilities consolidation quotient	Units	0,07	0,19
Financing	Units	3,54	3,80
Permanent Indebtedness Ratio	Units	0,23	0,36
M/L term Debts Ratio	Units	0,04	0,11
Net Financial Indebtedness Ratio	Units	1,35	0,63
CORRELATION
Fixed assets ratio	Units	1,85	1,75
Current ratio	Units	1,38	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,96	0,81
Structure's primary quotient	Units	1,48	1,03
Treasury's primary quotient	Units	0,04	0,06
Rate of indebtedness ( Leverage )	%	549,70	516,42
Current Capital ( net )	Value	26.641.880	422.465
RETURN
Return on Sales (R.O.S.)	%	4,11	3,35
Return on Equity - Net- ( R.O.E. )	%	10,69	5,13
Return on Equity - Gross - ( R.O.E. )	%	17,21	14,77
Return on Investment ( R.O.I. )	%	5,09	4,16
Return/ Sales	%	5,28	4,11
Extra Management revenues/charges incid.	%	38,23	28,57
Cash Flow	Value	4.449.044	122.482
Operating Profit	Value	5.707.785	144.752
Gross Operating Margin	Value	8.314.748	241.990
MANAGEMENT
Credits to clients average term	Days	157,72	111,85
Debts to suppliers average term	Days	153,38	128,30
Average stock waiting period	Days	97,97	80,43
Rate of capital employed return ( Turnover )	Units	0,96	1,08
Rate of stock return	Units	3,67	4,45
Labour cost incidence	%	12,41	19,12
Net financial revenues/charges incidence	%	-1,85	-1,08
Labour cost on purchasing expenses	%	12,88	19,02
Short-term financing charges	%	3,36	2,68
Capital on hand	%	103,74	91,91
Sales pro employee	Value	258.082	198.432
Labour cost pro employee	Value	32.029	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	:	$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Spazio.gif$ 659.925
Population living in the region	:	$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Spazio.gif$ 425
- per non food products	:	$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\vivek\Foreign Report Raw\Siti - Bet Group S.p.a._files\Spazio.gif$ 143

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 18.860 protested subjects are found; in the province they count to 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.87
UK Pound	1	Rs.99.63
Euro	1	Rs.78.23

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%)

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 & Address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit