MIRA INFORM REPORT

Report No. :	355502
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	INOX MARE SRL
Registered Office :	Via Pomposa, 51/I, 47924 – Rimini (RN)
Country :	Italy
Financials (as on) :	31.12.2014
Date of Incorporation :	27.09.1999
Legal Form :	Sole-Member Limited Liability Company
Line of Business :	· Retail sale of household utensils, crystal and glassware · Retail sale of games and toys in specialised stores
No. of Employee :	From 71 to 90

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Slow but correct
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Italy	A1	A1

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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

INOX MARE SRL

Via Pomposa, 51/I,

47924 – Rimini (RN) -IT-

Summary

Fiscal Code	:	02980000232
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	13/12/1999
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 71 to 90

Activity

Retail sale of household utensils, crystal and glassware

Retail sale of games and toys in specialised stores

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 02980000232

Foreign Trade Reg. no. : 043632 of Verona since 30/05/2000

Chamber of Commerce no. : 465405 of Bologna

Chamber of Commerce no. : 277754 of Rimini since 02/10/2000

Chamber of Commerce no. : 299505 of Verona since 05/11/1999

Firms' Register : RN-2000-22683 of Rimini since 02/10/2000

Firms' Register : VR-1999-62074 of Verona since 19/11/1999

V.A.T. Code : 03155230406

Establishment date	: 27/09/1999
Start of Activities	: 13/12/1999
Legal duration	: 31/12/2100
Nominal Capital	: 26.000
Subscribed Capital	: 26.000
Paid up Capital	: 26.000

Legal mail :

INOXMARE@POSTECERT.IT

Members

S.c.a.r. Srl

Residence:

Caduti Sul Lavoro

, 25

- 37012

Bussolengo

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	27/09/1999

No Prejudicial events are reported

No Protests registered

Reconta Ernst E Young S.p.a.

Residence:

Po

, 32

- 00198

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	25/07/2014

Gschnell

Helmut

Born in Caldaro sulla Strada del Vino

(BZ)

on 05/07/1944

- Fiscal Code : GSCHMT44L05B397Q

Residence:

Via Tiro A Segno

, 31

- 39040

Termeno sulla Strada del Vino

(BZ)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	27/09/1999
Director	27/09/1999
Managing Director	25/10/2002

No Prejudicial events are reported

No Protests registered

Steiner

Ulrich

Born in Bolzano

(BZ)

on 06/02/1965

- Fiscal Code : STNLCH65B06A952K

Residence:

Tiro A Segno

, 31

- 39040

Termeno sulla Strada del Vino

(BZ)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/09/1999
Managing Director	25/10/2002

No Prejudicial events are reported

No Protests registered

Tait

Luigi

Born in Bolzano

(BZ)

on 11/07/1957

- Fiscal Code : TTALGU57L11A952G

Residence:

Don G.verita'

, 37

- 47039

Savignano sul Rubicone

(FO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney General	05/11/2002
Director	14/12/2006

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

S.c.a.r. Srl

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Hsr Italia S.r.l.	Verona (VR) - IT -	03315430235	Sole partner	Active	Registered

Gschnell

Helmut

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Masidef Srl	Caronno Pertusella (VA) - IT -	00819130154	Managing Director	Active	Registered
Masidef Srl	Caronno Pertusella (VA) - IT -	00819130154	Director	Active	Registered
Masidef Srl	Caronno Pertusella (VA) - IT -	00819130154	Board Chairman	Active	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Managing Director	Withdrawn	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Director	Withdrawn	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Managing Director	Withdrawn	Registered
Recabe Srl	Egna (BZ) - IT -	00126720218	Board Chairman	Withdrawn	Registered
F.i.m.e. S.r.l.	Belfiore (VR) - IT -	00799140231	Managing Director	Active	Registered
F.i.m.e. S.r.l.	Belfiore (VR) - IT -	00799140231	Board Chairman	Active	Registered
GEIER - GABALIN SRL	Termeno sulla Strada del Vino (BZ) - IT -	00121050215	Board Chairman	Withdrawn	Registered
Wuerth S.r.l. - G.m.b.h.	Egna (BZ) - IT -	00125230219	Managing Director	Withdrawn	Registered
Wuerth S.r.l. - G.m.b.h.	Egna (BZ) - IT -	00125230219	Director	Active	Registered
Reca Italia S.r.l.	Arcole (VR) - IT -	02065460236	Managing Director	Active	Registered
Reca Italia S.r.l.	Arcole (VR) - IT -	02065460236	Board Chairman	Withdrawn	Registered
Unifix Swg Srl	Terlano (BZ) - IT -	00605470210	Managing Director	Active	Registered
Unifix Swg Srl	Terlano (BZ) - IT -	00605470210	Board Chairman	Active	Registered
S.c.a.r. Srl	Bussolengo (VR) - IT -	00353240237	Director	Active	Registered
S.c.a.r. Srl	Bussolengo (VR) - IT -	00353240237	Managing Director	Active	Registered
S.c.a.r. Srl	Bussolengo (VR) - IT -	00353240237	Board Chairman	Withdrawn	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Director	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Powers by soc.contr.and by-laws	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Legal Owners' representative	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Board Chairman	Active	Registered
Wuerth Phoenix Srl	Bolzano (BZ) - IT -	01054690217	Director	Active	Registered
Fink S.r.l. - G.m.b.h.	Termeno sulla Strada del Vino (BZ) - IT -	01954940233	Director	Withdrawn	Registered
Fink S.r.l. - G.m.b.h.	Termeno sulla Strada del Vino (BZ) - IT -	01954940233	Powers by soc.contr.and by-laws	Withdrawn	Registered
Baier E Michels S.r.l.	Padova (PD) - IT -	02480890280	Director	Withdrawn	Registered
Baier E Michels S.r.l.	Padova (PD) - IT -	02480890280	Managing Director	Withdrawn	Registered
Baier E Michels S.r.l.	Padova (PD) - IT -	02480890280	Board Chairman	Withdrawn	Registered
Cassa Di Risparmio Di Bolzano S.p.a.	Bolzano (BZ) - IT -	00152980215	Director	Withdrawn	Registered
Modyf Srl	Termeno sulla Strada del Vino (BZ) - IT -	01652980218	Board Chairman	Withdrawn	Registered
Gschnell Helmut	Termeno sulla Strada del Vino (BZ) - IT -		Proprietor	Withdrawn	Registered
Gpa Wide Group S.r.l.	Milano (MI) - IT -	03214330106	Director	Withdrawn	Registered
Tunap Italia Srl	Terlano (BZ) - IT -	01666530215	Managing Director	Withdrawn	Registered
Tunap Italia Srl	Terlano (BZ) - IT -	01666530215	Director	Active	Registered
Gpa Wide Technology S.p.a.	Milano (MI) - IT -	03201670100	Director	Withdrawn	Registered
Sidercres S.r.l.	Bologna (BO) - IT -	01827291202	Director	Withdrawn	Ceased
Sidercres S.r.l.	Bologna (BO) - IT -	01827291202	Board Chairman	Withdrawn	Ceased
Gschnell Helmut	Termeno sulla Strada del Vino (BZ) - IT -	GSCHMT44L05B397Q	Proprietor	Active	Registered
Pianeta S S.r.l. In Liquidazione	Bussolengo (VR) - IT -	03114870235	Director	Withdrawn	Registered
Pianeta S S.r.l. In Liquidazione	Bussolengo (VR) - IT -	03114870235	Board Chairman	Withdrawn	Registered
Wuerth Elektronik Italia S.r.l.	Cormano (MI) - IT -	01257400992	Director	Withdrawn	Registered
Wuerth Elektronik Italia S.r.l.	Cormano (MI) - IT -	01257400992	Board Chairman	Active	Registered
Wuerth Solar Italia S.r.l.	Terlano (BZ) - IT -	04211200284	Director	Withdrawn	Registered
Glessdox Srl	Termeno sulla Strada del Vino (BZ) - IT -	02290660212	Managing Director	Withdrawn	Registered
Glessdox Srl	Termeno sulla Strada del Vino (BZ) - IT -	02290660212	Director	Withdrawn	Registered
Safepont Srl	Termeno sulla Strada del Vino (BZ) - IT -	02330080215	Managing Director	Withdrawn	Registered
Safepont Srl	Termeno sulla Strada del Vino (BZ) - IT -	02330080215	Board Chairman	Withdrawn	Registered
Marbet Marion E Bettina Wuerth Srl In LiQuidazione	Egna (BZ) - IT -	03274120231	Managing Director	Withdrawn	Registered
Marbet Marion E Bettina Wuerth Srl In LiQuidazione	Egna (BZ) - IT -	03274120231	Director	Withdrawn	Registered
Wuerth Leasing Italia Srl	Egna (BZ) - IT -	02368320210	Managing Director	Active	Registered
Wuerth Leasing Italia Srl	Egna (BZ) - IT -	02368320210	Director	Active	Registered
Hsr Italia S.r.l.	Verona (VR) - IT -	03315430235	Director	Active	Registered
Hsr Italia S.r.l.	Verona (VR) - IT -	03315430235	Board Chairman	Active	Registered
Wehr Srl	Bolzano (BZ) - IT -	02369140211	Director	Withdrawn	Ceased
Viterie Venete Srl	Monselice (PD) - IT -	04011730282	Director	Withdrawn	Registered
Viterie Venete Srl	Monselice (PD) - IT -	04011730282	Managing Director	Withdrawn	Registered
Viterie Venete Srl	Monselice (PD) - IT -	04011730282	Board Chairman	Withdrawn	Registered

Steiner

Ulrich

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Inox Tirrenica Srl	Fiumicino (RM) - IT -	03806611004	Managing Director	Active	Registered
Inox Tirrenica Srl	Fiumicino (RM) - IT -	03806611004	Assistant board Chairman	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Managing Director	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Director	Active	Registered
Spinelli Srl	Terlano (BZ) - IT -	00610540213	Legal Owners' representative	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
S.c.a.r. Srl	Bussolengo - IT -	00353240237		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
Inox Tirrenica Srl	Fiumicino - IT -	03806611004	52.000 .Eur	100,00			Active

Firm's location and structure

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

-	Legal and operative seat

Pomposa

, 51/I

- 47037

- Rimini

(RN)

- IT -

Total Surface: 22 Sq.mt.

PHONE

: 0541794317

Legal mail

: INOXMARE@POSTECERT.IT

-

Branch

(Warehouse)

since 01/07/2007

Cassoletta

, 20

- 40053

- Valsamoggia

(BO)

- IT -

Employees

: 89

Fittings and Equipment for a value of 250.000

Eur

Stocks for a value of 17.900.000

Eur

Trade organization: direct or by agents.

Sales converge to North and Central Italy.

Import comes generally from the following nations:

- Germany

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

Company's starting of activities dates back to 1999.

Balance sheets for the years 2012, 2013 and 2014 were analyzed.

Unstable economic results mark the company's financial state of affairs. anyway in 2014 a positive result was achieved (r.o.e. 16,98%). The turnover is growing in the last financial year (+10,28%).

The operating result was positive in the last financial year (9,18%) and in line with the sector's average.

The amount of the operating result for the year 2014 is of Eur. 2.815.940 with a more then 100% growth.

During the latest financial year the gross operating margin amounted to Eur. 3.145.621 showing an upward trend if compared to 2013.

The financial status of the company is fairly balanced with an indebtedness level of 1,18 yet on the increase as against the previous accounting period.

The equity capital is equal to Eur. 10.194.805 , with an upward trend.

Total indebtedness was equal to Eur. 16.015.832 (Eur. 4.000.000 was the value of m/l term debts) with a growth equal to 88,57%.

The company does not exceed in bank credits; payments average period is instead slightly high (103,9 gg.) however still within the sector's average.

It shows a good range of liquidity.

On average trade credits are collected in 55,17 days. , that compared to the sector's average is shorter.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 2.061.135

During 2014 financial year labour costs amounted to Eur. 3.606.264, with a 7,02% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 6,72%.

Limited financial charges in relation to sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	53.631.102
Profit (Loss) for the period	1.731.454

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	48.628.660
Profit (Loss) for the period	-2.161.199

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	52.527.175
Profit (Loss) for the period	715.338

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	50.372.024
Profit (Loss) for the period	456.823

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	44.527.211
Profit (Loss) for the period	2.232.147

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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

- 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

Years

2014

2013

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.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	47.948	51.453	8.481
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	284.445	349.655	421.516
. Total Intangible Fixed Assets	332.393	401.108	429.997
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment	248.166	228.493	389.640
. . Other assets	181.722	213.540	238.713
. . Assets under construction and advances	46.450
. Total Tangible fixed assets	476.338	442.033	628.353
. FINANCIAL FIXED ASSETS
. . Equity investments	61.552	61.551	61.552
. . . Equity invest. in subsidiary companies	61.552	61.551	61.552
. . . Equity invest. in associated companies
. . . 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	61.552	61.551	61.552
Total fixed assets	870.283	904.692	1.119.902
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	15.635.582	9.136.532	11.393.070
. . Advance payments	2.265.467	1.470.304	503.681
. Total Inventories	17.901.049	10.606.836	11.896.751
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	11.831.071	10.025.536	10.263.482
. . Beyond 12 months
. . Trade receivables	8.218.784	7.530.758	7.871.927
. . . . Within 12 months	8.218.784	7.530.758	7.871.927
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	4.022	11.390
. . . . Within 12 months	4.022	11.390
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	233.658
. . . . Within 12 months	233.658
. . . . Beyond 12 months
. . Receivables due from holding comp.		159.141	320.590
. . . . Within 12 months		159.141	320.590
. . . . Beyond 12 months
. . Fiscal Receivables	1.703.412	276.254	1.313.822
. . . . Within 12 months	1.703.412	276.254	1.313.822
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.485.169	1.592.724	448.933
. . . . Within 12 months	1.485.169	1.592.724	448.933
. . . . Beyond 12 months
. . Receivables due from third parties	186.026	455.269	308.210
. . . . Within 12 months	186.026	455.269	308.210
. . . . Beyond 12 months
. Total Credits not held as fixed assets	11.831.071	10.025.536	10.263.482
. 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	16.207	21.248	16.448
. . Checks
. . Banknotes and coins	3.593	546	1.054
. Total Liquid funds	19.800	21.794	17.502
Total current assets	29.751.920	20.654.166	22.177.735
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	53.680	32.662	35.208
Total adjustments accounts	53.680	32.662	35.208
TOTAL ASSETS	30.675.883	21.591.520	23.332.845
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	26.000	26.000	26.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	5.200	5.200	5.200
. Reserve for Own shares
. Statute reserves
. Other reserves	8.432.151	10.593.350	10.178.012
. Accumulated Profits (Losses)
. Profit( loss) of the year	1.731.454	-2.161.199	715.338
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	10.194.805	8.463.351	10.924.550
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	4.128.274	4.363.516	73.916
. . Other funds	25.969	27.499	26.797
Total Reserves for Risks and Charges	4.154.243	4.391.015	100.713
Employee termination indemnities	142.587	135.156	134.201
ACCOUNTS PAYABLE
. . . . Within 12 months	12.015.832	5.493.293	12.067.128
. . . . Beyond 12 months	4.000.000	3.000.000
. . 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	8.213
. . . . Within 12 months	8.213
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	2.957.400	2.126.646	3.362.793
. . . . Within 12 months	2.957.400	2.126.646	3.362.793
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies			8.745
. . . . Within 12 months			8.745
. . . . Beyond 12 months
. . Due to associated companies	12.060.741
. . . . Within 12 months	8.060.741
. . . . Beyond 12 months	4.000.000
. . Due to holding companies	492.358
. . . . Within 12 months	492.358
. . . . Beyond 12 months
. . Due to the tax authorities	195.826	74.835	76.841
. . . . Within 12 months	195.826	74.835	76.841
. . . . Beyond 12 months
. . Due to social security and welfare inst.	199.340	146.701	133.512
. . . . Within 12 months	199.340	146.701	133.512
. . . . Beyond 12 months
. . Other payables	101.954	6.145.111	8.485.237
. . . . Within 12 months	101.954	3.145.111	8.485.237
. . . . Beyond 12 months		3.000.000
Total accounts payable	16.015.832	8.493.293	12.067.128
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	168.416	108.705	106.253
Total adjustment accounts	168.416	108.705	106.253
TOTAL LIABILITIES	30.675.883	21.591.520	23.332.845

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	53.631.102	48.628.660	52.527.175
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	521.229	538.359	844.830
. . Contributions for operating expenses	9.666	10.192	9.601
. . Different income and revenues	511.563	528.167	835.229
Total value of production	54.152.331	49.167.019	53.372.005
PRODUCTION COSTS
. Raw material,other materials and consum.	49.885.351	38.687.165	47.208.145
. Services received	3.509.009	3.160.530	3.599.246
. Leases and rentals	346.186	333.221	324.842
. Payroll and related costs	3.606.264	3.152.777	2.919.926
. . Wages and salaries	2.619.663	2.270.007	2.086.222
. . Social security contributions	806.113	723.185	689.205
. . Employee termination indemnities	180.488	159.585	144.499
. . Pension and similar
. . Other costs
. Amortization and depreciation	329.681	415.262	505.663
. . Amortization of intangible fixed assets	102.971	104.217	90.714
. . Amortization of tangible fixed assets	177.666	256.331	278.221
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	49.044	54.714	136.728
. Changes in raw materials	-6.499.049	2.256.537	-2.369.956
. Provisions to risk reserves		4.300.000	18.710
. Other provisions
. Other operating costs	158.949	124.850	77.651
Total production costs	51.336.391	52.430.342	52.284.227
Diff. between value and cost of product.	2.815.940	-3.263.323	1.087.778
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		300.000
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	65.629	18.166	63.963
. . 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	-273.379	-228.616	-210.390
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-207.750	89.550	-146.427
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	16.646		138.428
. . Gains on disposals
. . Other extraordinary income	16.646		138.428
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	16.646		138.428
Results before income taxes	2.624.836	-3.173.773	1.079.779
. Taxes on current income	893.382	-1.012.574	364.441
. . current taxes	785.827	131.217	216.266
. . differed taxes(anticip.)	107.555	-1.143.791	148.175
. Net income for the period	1.731.454	-2.161.199	715.338
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.731.454	-2.161.199	715.338

RATIOS	Value Type	as at 31/12/2014	as at 31/12/2013	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,03	0,04	0,05	0,09
Elasticity Ratio	Units	0,97	0,96	0,95	0,89
Availability of stock	Units	0,58	0,49	0,51	0,26
Total Liquidity Ratio	Units	0,39	0,47	0,44	0,54
Quick Ratio	Units	0,00	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,18	0,65	1,10	3,95
Self Financing Ratio	Units	0,33	0,39	0,47	0,17
Capital protection Ratio	Units	0,83	1,25	0,93	0,62
Liabilities consolidation quotient	Units	0,34	0,57	0,01	0,10
Financing	Units	1,57	1,00	1,10	4,85
Permanent Indebtedness Ratio	Units	0,47	0,54	0,47	0,29
M/L term Debts Ratio	Units	0,14	0,15	0,01	0,07
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,04
CORRELATION
Fixed assets ratio	Units	16,47	12,82	9,87	2,37
Current ratio	Units	2,48	3,76	1,84	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,99	1,83	0,85	0,80
Structure's primary quotient	Units	11,71	9,35	9,75	1,48
Treasury's primary quotient	Units	0,00	0,00	0,00	0,04
Rate of indebtedness ( Leverage )	%	300,90	255,12	213,58	602,26
Current Capital ( net )	Value	17.736.088	15.160.873	10.110.607	191.984
RETURN
Return on Sales	%	3,84	-3,59	2,32	2,03
Return on Equity - Net- ( R.O.E. )	%	16,98	-25,54	6,55	6,31
Return on Equity - Gross - ( R.O.E. )	%	25,75	-37,50	9,88	17,00
Return on Investment ( R.O.I. )	%	9,18	-15,11	4,66	4,18
Return/ Sales	%	5,25	-6,71	2,07	3,46
Extra Management revenues/charges incid.	%	61,49	n.c.	65,76	27,96
Cash Flow	Value	2.061.135	-1.745.937	1.221.001	44.823
Operating Profit	Value	2.815.940	-3.263.323	1.087.778	74.603
Gross Operating Margin	Value	3.145.621	1.451.939	1.612.151	111.383
MANAGEMENT
Credits to clients average term	Days	55,17	55,75	53,95	113,70
Debts to suppliers average term	Days	103,90	18,15	23,74	118,14
Average stock waiting period	Days	120,16	78,52	81,54	72,90
Rate of capital employed return ( Turnover )	Units	1,75	2,25	2,25	1,25
Rate of stock return	Units	3,00	4,58	4,42	4,88
Labour cost incidence	%	6,72	6,48	5,56	8,14
Net financial revenues/ charges incidence	%	-0,39	0,18	-0,28	-1,38
Labour cost on purchasing expenses	%	7,02	6,01	5,58	8,25
Short-term financing charges	%	1,71	2,69	1,74	2,76
Capital on hand	%	57,20	44,40	44,42	79,85
Sales pro employee	Value	599.230	578.912	640.575	397.742
Labour cost pro employee	Value	40.293	37.533	35.608	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	:	286.796
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

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 moderately risky.

In the region 18.860 protested subjects are found; in the province they count to 2.270.

The insolvency index for the region is 0,46, , while for the province it is 0,81.

Total Bankrupt companies in the province : 749.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
EURO	1	Rs. 72.08

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ASH

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.