MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	TURBOCARE S.P.A.

Registered Office :	Corso Romania, 661, 10156 – Torino (TO) -IT-

Country :	Italy

Financials (as on) :	30.09.2013

Date of Incorporation :	15.06.2000

Legal Form :	Joint Stock Company With Sole Shareholder

Line of Business :	Manufacture of electric motors, generators and transformers

No of Employees :	From 201 to 250

RATING & COMMENTS

MIRA’s Rating :

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 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

TURBOCARE S.P.A.

Corso Romania, 661

10156 - Torino (TO) -IT-

Summary

Fiscal Code	:	07882770014
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	15/06/2000
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 201 to 250
Group	:	SIEMENS

Activity

Manufacture of electric motors, generators and transformers

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 07882770014

Foreign Trade Reg. no. : TO085398 since 26/07/2000

Chamber of Commerce no. : 929521 of Torino since 07/02/2000

Chamber of Commerce no. : 333722 of Varese

Firms' Register : TO-2000-21702 of Torino

V.A.T. Code : 07882770014

Establishment date	: 21/12/1999
Start of Activities	: 15/06/2000
Legal duration	: 31/12/2100
Nominal Capital	: 5.000.000
Subscribed Capital	: 5.000.000
Paid up Capital	: 5.000.000

Members

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Servizi E Attivita' Doganali Per L'indus

tria S.p.a., Piu' Brevemente Sadi S.p.a.

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Ferrucci

, 112/A

- 10138

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/11/2010

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Di Giampietro

Massimo

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Giulianova

(TE)

on 07/04/1958

- Fiscal Code : DGMMSM58D07E058L

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/10/2012

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Sigmund

Neil Thomas

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Pittsburgh

( )

on 04/10/1958

- Fiscal Code : SGMNTH58R04Z404V

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/01/2012

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Malandra

Alberto

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Torino

(TO)

on 30/08/1967

- Fiscal Code : MLNLRT67M30L219N

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	09/06/2004

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Vaccarino

Paola

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Torino

(TO)

on 17/04/1973

- Fiscal Code : VCCPLA73D57L219T

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/09/2006

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Caudana

Massimo

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Torino

(TO)

on 21/08/1965

- Fiscal Code : CDNMSM65M21L219M

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	15/10/2012

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

No Protests registered

Merlo

Franco

Born in Forno Canavese

(TO)

on 26/10/1961

- Fiscal Code : MRLFNC61R26D725M

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/05/2014
Managing Director	20/01/2012
Board Chairman	09/05/2014

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Massfelder

Frank Wigand

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Saarbrucken

( )

on 02/11/1967

- Fiscal Code : MSSFNK67S02Z112X

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/01/2012

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Basano

Mauro

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Uccle (belgio)

( )

on 14/10/1964

- Fiscal Code : BSNMRA64R14Z103X

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	31/08/2004

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

No Protests registered

Tavella

Patrizia

Born in Roma

(RM)

on 23/06/1962

- Fiscal Code : TVLPRZ62H63H501Y

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/10/2012

No Prejudicial events are reported

No Protests registered

Minotti

Paolo

Born in Milano

(MI)

on 09/02/1959

- Fiscal Code : MNTPLA59B09F205A

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	23/06/2010

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Coatti

Gianfranco Sinode

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Solothurn

( )

on 22/01/1956

- Fiscal Code : CTTGFR56A22Z133G

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/05/2009
Director	09/05/2014
Managing Director	09/05/2014

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

Di Giampaolo

Gianmarco

Born in San Remo

(IM)

on 01/02/1968

- Fiscal Code : DGMGMR68B01I138V

Residence:

Romania

, 661

- 10158

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/03/2010

No Protests registered

Muffone

Paola

Born in Torino

(TO)

on 22/02/1969

- Fiscal Code : MFFPLA69B62L219Y

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	17/01/2012

No Protests registered

Vaccarezza

Nicola

Born in Genova

(GE)

on 01/12/1976

- Fiscal Code : VCCNCL76T01D969E

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/10/2012

No Protests registered

Alessi

Giorgio

Born in Torino

(TO)

on 28/06/1964

- Fiscal Code : LSSGRG64H28L219T

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/10/2012

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Oldrini

Luigi

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Legnano

(MI)

on 13/03/1953

- Fiscal Code : LDRLGU53C13E514N

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	15/10/2012

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Ethos Energy Group Limited

Position	Since	Shares Amount	% Ownership
Sole partner

No Protests registered

Ethos Energy Group Limited

Position	Since	Shares Amount	% Ownership
Partner

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.

Merlo

Franco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Gardetto Teresa E Figli S.n.c.	Moncalvo (AT) - IT -	00642680052	Partner	Withdrawn	Ceased
Turbo Service Torino S.p.a.	Torino (TO) - IT -	08879490012	Director	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
Ethos Energy Group Limited				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
Turbo Service Torino S.p.a.	Torino - IT -	08879490012	250.000 .Eur	50,00			Active

Firm's location and structure

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

Legal and operative seat

Romania

, 661

- 10100

- Torino

(TO)

- IT -

Branch

(office)

since 01/05/2011

Luigi Pomini

, 92

- 21050

- Marnate

(VA)

- IT -

Employees

: 233

Fittings and Equipment for a value of 11.330.000

Eur

Stocks for a value of 73.360.000

Eur

Work in progress for a value of 180.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Kpmg S.p.a.

- Fiscal Code : 00709600159

Residence:

Vittor Pisani

, 25

- 20124

Milano

(MI)

- IT -

Ex-Postions

Auditor

Goldshtein

Moshe

Born in Lagniza

( )

on 15/03/1955

Elterwater Driv

, 60

Gamston (nottingham)

- GB -

Ex-Postions

Director

Hoth

Torsten Norbert Martin

Born in Pasewalk

( )

on 14/04/1965

- Fiscal Code : HTHTST65D14Z112P

Romania

, 661

- 10100

Torino

(TO)

- IT -

Ex-Postions

Director

Howard

Peter

Born in Gran Bretagna

( )

on 19/10/1959

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Zukowski Drive - Thiells

, 16

New York

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Rosso.gif$

Paulillo

Leonardo

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Andria

(BA)

on 13/07/1949

- Fiscal Code : PLLLRD49L13A285S

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Traiano

, 82/A

- 10135

Torino

(TO)

- IT -

Ex-Postions

Procurator

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Rosso.gif$

Sotti

Massimo

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Limbiate

(MB)

on 14/10/1968

- Fiscal Code : STTMSM68R14E591S

Residence:

Piero E Alberto Pirelli

, 10

- 20126

Milano

(MI)

- IT -

Ex-Postions

Procurator

Brahmam

Vempati Venkata Nagesware

Born in Dulla

( )

on 27/06/1960

Krishna Nivas

, 1-8-2

Kakinada

- IN -

Ex-Postions

Procurator

Goldshtein

Moshe

Born in Lagniza

( )

on 15/03/1955

Residence:

Elterwater Driv

, 60

Gamston (nottingham)

- GB -

Ex-Postions

Director

Howard

Peter

Born in Liverpool

( )

on 19/10/1959

Residence:

Zukowski Drive - Thiells

, 16

New York

- IT -

Ex-Postions

Director

Brahmam

Vempati Venkata Nagesware

Born in Dulla

( )

on 27/06/1960

Residence:

Krishna Nivas

, 1-8-2

Kakinada

- IN -

Ex-Postions

Procurator

Reuter

Hannes

Born in Frankfurt Am Main

( )

on 15/02/1971

- Fiscal Code : RTRHNS71B15Z112N

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Gualtino

, 27

- 21100

Varese

(VA)

- IT -

Ex-Postions

Director

Board Chairman

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Rosso.gif$

Merlo

Franco

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Forno Canavese

(TO)

on 26/10/1961

- Fiscal Code : MRLFNC61R26D725M

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Ex-Postions

Procurator

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Rosso.gif$

Massfelder

Frank Wigand

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Saarbrucken

( )

on 02/11/1967

- Fiscal Code : MSSFNK67S02Z112X

Residence:

Romania

, 661

- 10156

Torino

(TO)

- IT -

Ex-Postions

Procurator

Goldshtein

Moshe

Born in Lagniza

( )

on 15/03/1955

Residence:

Elterwater Driv

, 60

Gamston (nottingham)

- GB -

Ex-Postions

Director

Howard

Peter

Born in Liverpool

( )

on 19/10/1959

Residence:

Zukowski Drive - Thiells

, 16

New York

- IT -

Ex-Postions

Director

Brahmam

Vempati Venkata Nagesware

Born in Dulla

( )

on 27/06/1960

Residence:

Krishna Nivas

, 1-8-2

Kakinada

- IN -

Ex-Postions

Procurator

Brahmam

Vempati Venkata Nagesware

Born in Dulla

( )

on 27/06/1960

Residence:

Krishna Nivas

, 1-8-2

Kakinada

- IN -

Ex-Postions

Procurator

Brahmam

Vempati Venkata Nagesware

Born in Dulla

( )

on 27/06/1960

Residence:

Krishna Nivas

, 1-8-2

Kakinada

- IN -

Ex-Postions

Procurator

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Rosso.gif$

TONEGUTTI

MARCO

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in TORINO

(TO)

on 19/05/1965

- Fiscal Code : TNGMRC65E19L219X

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

LUINI

, 7

- 10100

Torino

(TO)

- IT -

Ex-Postions

Procurator

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Rosso.gif$

Plebani

Andrea

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Born in Gorgonzola

(MI)

on 14/06/1970

- Fiscal Code : PLBNDR70H14E094O

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Vuoto.gif$

Residence:

Piero E Alberto Pirelli

, 10

- 20100

Milano

(MI)

- IT -

Ex-Postions

Procurator

Golla

Federico Vilfredo

Born in Torino

(TO)

on 30/07/1955

- Fiscal Code : GLLFRC55L30L219F

Residence:

Marzabotto

, 8

- 20028

San Vittore Olona

(MI)

- IT -

Ex-Postions

Board Chairman

Director

Giori

Vincenzo

Born in Genova

(GE)

on 23/09/1950

- Fiscal Code : GRIVCN50P23D969K

Residence:

A. Volta

, 21

- 23883

Brivio

(LC)

- IT -

Ex-Postions

Board Chairman

Director

Balossi Restelli

Francesco

Born in Milano

(MI)

on 24/07/1965

- Fiscal Code : BLSFNC65L24F205E

Residence:

Maddalena

, 9

- 20100

Milano

(MI)

- IT -

Ex-Postions

Temporary Auditor

Siemens Holding S.p.a.

- Fiscal Code : 01104820616

Residence:

Piero E Alberto Pirelli

, 10

- 20126

Milano

(MI)

- IT -

Ex-Postions

Sole partner

Rezzonico

Roberto

Born in Milano

(MI)

on 24/01/1941

- Fiscal Code : RZZRRT41A24F205P

Residence:

Borgogna

, 5

- 20122

Milano

(MI)

- IT -

Ex-Postions

Temporary Auditor

Lamanna

Alfio

Born in Genova

(GE)

on 07/01/1939

- Fiscal Code : LMNLFA39A07D969P

Residence:

Spinata Di Castelletto

, 19

- 16100

Genova

(GE)

- IT -

Ex-Postions

Permanent Auditor

Pagani

Sergio

Born in Torino

(TO)

on 09/08/1958

- Fiscal Code : PGNSRG58M09L219D

Residence:

Romania

, 661

- 10100

Torino

(TO)

- IT -

Ex-Postions

Procurator

Civili

Piero

Born in Livorno

(LI)

on 30/06/1929

- Fiscal Code : CVLPRI29H30E625A

Residence:

Pergolesi

, 29

- 20124

Milano

(MI)

- IT -

Ex-Postions

Temporary Auditor

Brignola

Domenico

Born in Milano

(MI)

on 25/02/1938

- Fiscal Code : BRGDNC38B25F205G

Residence:

Piero E Alberto Pirelli

, 10

- 20126

Milano

(MI)

- IT -

Ex-Postions

Permanent Auditor

Temporary Auditor

Tarricone

Luigi

Born in San Gimignano

(SI)

on 01/08/1945

- Fiscal Code : TRRLGU45M01H875H

Residence:

Romania

, 661

- 10100

Torino

(TO)

- IT -

Ex-Postions

Assistant board Chairman

Managing Director

Director

General Director

Vella

Giuseppe

Born in Giovinazzo

(BA)

on 29/11/1957

- Fiscal Code : VLLGPP57S29E047A

Residence:

San Giovanni

, 16

- 10088

Volpiano

(TO)

- IT -

Ex-Postions

Procurator

Ghiggini

Antonio

Born in Bastida Pancarana

(PV)

on 12/04/1946

- Fiscal Code : GHGNTN46D12A712Y

Residence:

Zavattari Fratelli

, 12

- 20100

Milano

(MI)

- IT -

Ex-Postions

Procurator

Massarotto

Mauro

Born in Torino

(TO)

on 04/04/1959

- Fiscal Code : MSSMRA59D04L219O

Residence:

Piero E Alberto Pirelli

, 10

- 20126

Milano

(MI)

- IT -

Ex-Postions

Procurator

Cavalluzzo

Nicolino

Born in Benevento

(BN)

on 01/01/1958

- Fiscal Code : CVLNLN58A01A783K

Residence:

Teodosio

, 37

- 20131

Milano

(MI)

- IT -

Ex-Postions

Chairman of the Board of Aud.

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Turbo Service Torino S.p.a.

Romania

, 661

, 10156

, Torino

(TO)

- IT -

Fiscal Code: 08879490012

Date

Merging/splitting-up project:

21/01/2014

The firm absorbed by merging of

Turbo Service Torino S.p.a.

Romania

, 661

, 10156

, Torino

(TO)

- IT -

Fiscal Code: 08879490012

Date

08/04/2014

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 2000

The analysis is based on the latest 3 balance sheets.

Unstable economic results mark the company's financial state of affairs. ; in the last financial year a loss was registered (r.o.e. -3,37%) The turnover is falling if compared with the previous financial year (eamp;FAT1eamp;%).

The operating result in 2013 was positive (0,22%) and reflects the field's average.

The operating result is positive and amounts to Eur. 361.587 showing a fall as opposed to the previous year (-94,69%).

The economic management produced a gross operating margin of Eur. 5.580.470 showing a downward trend as opposed to the previous year.

The financial status of the company is fairly balanced with an indebtedness level of 2,24 yet on the increase as against the previous accounting period.

Subject can manage an equity capital funds for an amount of Eur. 46.871.484 , unchanged as opposed to the preceding year.

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high even in comparison with the sector's.

Neverthless available funds are good.

Accounts receivable average term is high (303,45 days). also in relation to the average of the sector.

The financial management generated a cash flow of Eur. 1.887.997.

Labour cost expenses amount to Eur. 14.418.756 , representing 18,45% on the total of production costs. , with a 23,08% incidence on turnover.

High incidence of financial charges on turnover.

Financial Data

Complete balance-sheet for the year

al 30/09/2013

(in Eur

x 1)

Item Type	Value
Sales	62.462.265
Profit (Loss) for the period	-1.578.777

Complete balance-sheet for the year

al 30/09/2012

(in Eur

x 1)

Item Type	Value
Sales	101.142.791
Profit (Loss) for the period	2.241.489

Complete balance-sheet for the year

al 30/09/2011

(in Eur

x 1)

Item Type	Value
Sales	97.620.749
Profit (Loss) for the period	-726.700

Complete balance-sheet for the year

al 30/09/2010

(in Eur

x 1)

Item Type	Value
Sales	89.033.243
Profit (Loss) for the period	1.985.314

$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Verde.gif$

Complete balance-sheet for the year

al 30/09/2009

(in Eur

x 1)

Item Type	Value
Sales	141.193.838
Profit (Loss) for the period	8.008.566

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 30/09/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 30/09/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 30/09/2011 - 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.	16.925	20.958	73.983
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	24.641	45.587	66.533
. Total Intangible Fixed Assets	41.566	66.545	140.516
. TANGIBLE FIXED ASSETS
. . Real estate	5.566.970	5.718.485	5.681.743
. . Plant and machinery	8.531.676	7.608.839	8.258.787
. . Industrial and commercial equipment	2.797.180	2.251.558	1.724.561
. . Other assets	321.659	460.668	452.245
. . Assets under construction and advances	188.399	765.871	851.285
. Total Tangible fixed assets	17.405.884	16.805.421	16.968.621
. FINANCIAL FIXED ASSETS
. . Equity investments	500.000	250.000	250.000
. . . Equity invest. in subsidiary companies	500.000	250.000
. . . Equity invest. in associated companies			250.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . 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	500.000	250.000	250.000
Total fixed assets	17.947.450	17.121.966	17.359.137
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	4.015.516	2.763.855	2.597.717
. . Work in progress and semimanufactured	18.425.983	13.364.643	19.859.780
. . Work in progress on order	181.877		7.019.564
. . Finished goods	49.877.712	46.210.892	39.004.988
. . Advance payments	857.174	874.031	970.265
. Total Inventories	73.358.262	63.213.421	69.452.314
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	67.923.913	74.687.214	105.640.296
. . Beyond 12 months	68	68	68
. . Trade receivables	52.650.980	64.672.511	95.480.976
. . . . Within 12 months	52.650.980	64.672.511	95.480.976
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	2.088.180	1.391.980
. . . . Within 12 months	2.088.180	1.391.980
. . . . Beyond 12 months
. . Receivables due from assoc. comp.			373.795
. . . . Within 12 months			373.795
. . . . Beyond 12 months
. . Receivables due from holding comp.	3.830.755	617.771	762.384
. . . . Within 12 months	3.830.755	617.771	762.384
. . . . Beyond 12 months
. . Fiscal Receivables	420.900	39.036	31.528
. . . . Within 12 months	420.832	38.968	31.460
. . . . Beyond 12 months	68	68	68
. . Receivables for anticipated taxes	6.685.988	7.426.544	8.450.050
. . . . Within 12 months	6.685.988	7.426.544	8.450.050
. . . . Beyond 12 months
. . Receivables due from third parties	2.247.178	539.440	541.631
. . . . Within 12 months	2.247.178	539.440	541.631
. . . . Beyond 12 months
. Total Credits not held as fixed assets	67.923.981	74.687.282	105.640.364
. 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	47.609	29.041	74.634
. . Checks
. . Banknotes and coins	127	260	345
. Total Liquid funds	47.736	29.301	74.979
Total current assets	141.329.979	137.930.004	175.167.657
ADJUSTMENT ACCOUNTS
. Discount on loans	1.717.599	1.639.524	2.278.331
. Other adjustment accounts
Total adjustments accounts	1.717.599	1.639.524	2.278.331
TOTAL ASSETS	160.995.028	156.691.494	194.805.125

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.000.000	5.000.000	5.000.000
. Additional paid-in capital	35.659.000	35.659.000	35.659.000
. Revaluation reserves
. Legal reserve	1.000.000	1.094.825	1.094.825
. Reserve for Own shares
. Statute reserves
. Other reserves	179.166	181.127	312.440
. Accumulated Profits (Losses)	6.612.095	6.612.095	7.338.795
. Profit( loss) of the year	-1.578.777	2.241.489	-726.700
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	46.871.484	50.788.536	48.678.360
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	680.333	797.864	863.670
. . Taxation fund, also differed	180.111	201.250	176.222
. . Other funds	5.938.762	6.189.350	8.251.887
Total Reserves for Risks and Charges	6.799.206	7.188.464	9.291.779
Employee termination indemnities	2.221.852	2.338.693	2.397.150
ACCOUNTS PAYABLE
. . . . Within 12 months	105.040.410	96.313.509	134.363.833
. . . . Beyond 12 months
. . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	90.817	2.140.449	30.363.137
. . . . Within 12 months	90.817	2.140.449	30.363.137
. . . . Beyond 12 months
. . Trade payables	16.390.770	17.868.685	18.937.625
. . . . Within 12 months	16.390.770	17.868.685	18.937.625
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	807.985	518.368
. . . . Within 12 months	807.985	518.368
. . . . Beyond 12 months
. . Due to associated companies			206.302
. . . . Within 12 months			206.302
. . . . Beyond 12 months
. . Due to holding companies	85.087.656	73.007.770	81.415.619
. . . . Within 12 months	85.087.656	73.007.770	81.415.619
. . . . Beyond 12 months
. . Due to the tax authorities	247.304	210.072	259.858
. . . . Within 12 months	247.304	210.072	259.858
. . . . Beyond 12 months
. . Due to social security and welfare inst.	672.548	764.664	1.080.799
. . . . Within 12 months	672.548	764.664	1.080.799
. . . . Beyond 12 months
. . Other payables	1.743.330	1.803.501	2.100.493
. . . . Within 12 months	1.743.330	1.803.501	2.100.493
. . . . Beyond 12 months
Total accounts payable	105.040.410	96.313.509	134.363.833
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	62.076	62.292	74.003
Total adjustment accounts	62.076	62.292	74.003
TOTAL LIABILITIES	160.995.028	156.691.494	194.805.125

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	10.863.157	10.765.437
Risk accounts	45.420.411	53.233.914	72.194.699
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	62.462.261	101.142.792	97.620.749
. Changes in work in progress	8.728.161	710.766	-5.244.497
. Changes in semi-manufact. products	940.120	-7.777.807	12.588.640
. Capitalization of internal work	444.432
. Other income and revenues	5.951.984	12.489.381	4.256.530
. . Contributions for operating expenses
. . Different income and revenues	5.951.984	12.489.381	4.256.530
Total value of production	78.526.958	106.565.132	109.221.422
PRODUCTION COSTS
. Raw material,other materials and consum.	38.510.731	48.098.488	55.467.528
. Services received
. Leases and rentals	19.782.434	21.060.468	22.195.791
. Payroll and related costs	14.418.756	15.526.179	14.997.020
. . Wages and salaries	10.141.175	11.343.955	10.810.082
. . Social security contributions	4.221.599	4.049.278	3.941.162
. . Employee termination indemnities	54.562	89.101	88.528
. . Pension and similar	1.420	29.238	157.145
. . Other costs		14.607	103
. Amortization and depreciation	3.466.774	5.480.924	3.215.115
. . Amortization of intangible fixed assets	46.596	81.511	102.780
. . Amortization of tangible fixed assets	3.183.080	3.260.450	3.112.335
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	237.098	2.138.963
. Changes in raw materials	-1.251.661	-166.138	1.353.616
. Provisions to risk reserves	1.752.109	3.745.063	7.001.658
. Other provisions
. Other operating costs	1.486.228	5.999.033	2.222.122
Total production costs	78.165.371	99.744.017	106.452.850
Diff. between value and cost of product.	361.587	6.821.115	2.768.572
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	2.867	12.298	302.552
. . 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	2.867	12.298	302.552
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies	2.867	12.298	4.119
. . . - Other companies			298.433
. Interest and other financial expense	-2.249.447	-1.908.991	-2.335.672
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies	-1.414.096	-1.066.778	-1.012.124
. . Towards other companies	2.249.447	1.908.991	2.335.672
Total financial income and expense	-2.246.580	-1.896.693	-2.033.120
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	535.381	16.560
. . Gains on disposals
. . Other extraordinary income	535.381	16.560
. Extraordinary expense			541
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			541
Total extraordinary income and expense	535.381	16.560	541
Results before income taxes	-1.349.612	4.940.982	735.993
. Taxes on current income	229.165	2.699.493	1.462.693
. . current taxes	-490.252	1.650.960	1.742.145
. . differed taxes(anticip.)	719.417	1.048.533	-279.452
. Net income for the period	-1.578.777	2.241.489	-726.700
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-1.578.777	2.241.489	-726.700

RATIOS	Value Type	as at 30/09/2013	as at 30/09/2012	as at 30/09/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,11	0,11	0,09	0,18
Elasticity Ratio	Units	0,88	0,88	0,90	0,78
Availability of stock	Units	0,46	0,40	0,36	0,23
Total Liquidity Ratio	Units	0,42	0,48	0,54	0,50
Quick Ratio	Units	0,00	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,24	1,90	2,76	2,78
Self Financing Ratio	Units	0,29	0,32	0,25	0,22
Capital protection Ratio	Units	0,93	0,86	0,91	0,48
Liabilities consolidation quotient	Units	0,02	0,02	0,02	0,17
Financing	Units	2,24	1,90	2,76	3,30
Permanent Indebtedness Ratio	Units	0,30	0,34	0,26	0,40
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,09
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,69
CORRELATION
Fixed assets ratio	Units	2,74	3,10	2,94	1,79
Current ratio	Units	1,35	1,43	1,30	1,17
Acid Test Ratio-Liquidity Ratio	Units	0,65	0,78	0,79	0,80
Structure's primary quotient	Units	2,61	2,97	2,80	1,40
Treasury's primary quotient	Units	0,00	0,00	0,00	0,03
Rate of indebtedness ( Leverage )	%	343,48	308,52	400,19	445,68
Current Capital ( net )	Value	36.289.567	41.616.495	40.803.824	86.022
RETURN
Return on Sales	%	3,02	7,64	2,55	2,66
Return on Equity - Net- ( R.O.E. )	%	-3,37	4,41	-1,49	3,16
Return on Equity - Gross - ( R.O.E. )	%	-2,88	9,73	1,51	7,02
Return on Investment ( R.O.I. )	%	0,22	4,35	1,42	2,87
Return/ Sales	%	0,58	6,74	2,84	3,95
Extra Management revenues/charges incid.	%	-436,62	32,86	-26,25	43,33
Cash Flow	Value	1.887.997	7.722.413	2.488.415	36.837
Operating Profit	Value	361.587	6.821.115	2.768.572	45.533
Gross Operating Margin	Value	5.580.470	16.047.102	12.985.345	76.896
MANAGEMENT
Credits to clients average term	Days	303,45	230,19	352,11	118,46
Debts to suppliers average term	Days	631,69	475,75	466,13	135,44
Average stock waiting period	Days	422,80	225,00	256,12	65,94
Rate of capital employed return ( Turnover )	Units	0,39	0,65	0,50	0,94
Rate of stock return	Units	0,85	1,60	1,41	4,76
Labour cost incidence	%	23,08	15,35	15,36	17,89
Net financial revenues/ charges incidence	%	-3,60	-1,88	-2,08	-1,68
Labour cost on purchasing expenses	%	18,45	15,57	14,09	15,64
Short-term financing charges	%	2,14	1,98	1,74	2,37
Capital on hand	%	257,75	154,92	199,55	106,28
Sales pro employee	Value	138.805	208.541	208.591	177.048
Labour cost pro employee	Value	32.041	32.012	32.044	33.022

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	:	$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Spazio.gif$ 2.236.941
Population living in the region	:	$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Spazio.gif$ 4.330.172
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Spazio.gif$ 1.889.207

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

- per food products	:	$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Spazio.gif$ 429
- per non food products	:	$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Spazio.gif$ 1.789
- per energy consume	:	$Description: \\vivek\Foreign Report Raw\Turbocare S.p.a._files\Spazio.gif$ 135

Sector Data

The values are calculated on a base of 32 significant companies.

The companies cash their credits on an average of 118 dd.

The average duration of suppliers debts is about 135 dd.

The sector's profitability is on an average of 2,66%.

The labour cost affects the turnover in the measure of 17,89%.

Goods are held in stock in a range of 66 dd.

The difference between the sales volume and the resources used to realize it is about 0,94.

The employees costs represent the 15,64% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

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

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit