MIRA INFORM REPORT

Report No. :	356383
Report Date :	23.12.2015

IDENTIFICATION DETAILS

Name :	ILCAT S.P.A.
Registered Office :	Via Piemonte, 2 59100 - Prato (PO)
Country :	Italy
Financials (as on) :	31.12.2014
Date of Incorporation :	15.12.2004
Legal Form :	Joint stock company
Line of Business :	Manufacture of textiles. Manufacture of man-made fibers. Wholesale of textiles.
No. of Employee :	From 51 to 70

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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

ILCAT S.P.A.

Via Piemonte, 2 59100 - Prato (PO) -IT-

Summary

Fiscal Code	:	00404540486
Legal Form	:	Joint stock company
start of Activities	:	15/12/2004
Equity	:	Over 2.582.254
Turnover Range	:	35.000.000/50.000.000
Number of Employees	:	from 51 to 70

Activity

MANUFACTURE OF TEXTILES

Manufacture of man-made fibres

Wholesale of textiles

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00404540486

Foreign Trade Reg. no. : PO003892 since 20/12/1991

Foreign Trade Reg. no. : 003892 of Prato since 20/12/1991

Chamber of Commerce no. : 1268006 of Milano

Chamber of Commerce no. : 145095 of Prato since 27/03/1956

Firms' Register : PO005-1298 of Prato since 19/02/1996

V.A.T. Code : 00232090977

Foundation date	: 21/02/1956
Establishment date	: 21/02/1956
Start of Activities	: 15/12/2004
Legal duration	: 31/12/2030
Nominal Capital	: 2.000.000
Subscribed Capital	: 2.000.000
Paid up Capital	: 2.000.000

Legal mail :

INFO@ILCAT-PEC.IT

Members

Bini

Paolo

Born in Prato

(FI)

on 21/02/1939

- Fiscal Code : BNIPLA39B21G999W

Residence:

Di Casellina

, 88

- 50018

Scandicci

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	27/06/2013

No Prejudicial events are reported

No Protests registered

Profeta

Marco

Born in Firenze

(FI)

on 28/08/1958

- Fiscal Code : PRFMRC58M28D612J

Residence:

Luigi Carlo Farini

, 5

- 50121

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	27/06/2013

No Prejudicial events are reported

No Protests registered

Bini

Maria Paola

Born in Prato

(FI)

on 03/01/1946

- Fiscal Code : BNIMPL46A43G999M

Residence:

Di Casellina

, 88

- 50018

Scandicci

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	17/03/1994

No Prejudicial events are reported

No Protests registered

Bruni

Ilaria

Born in Firenze

(FI)

on 19/02/1961

- Fiscal Code : BRNLRI61B59D612A

Residence:

Farini

, 5

- 50100

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	20/07/1995

No Protests registered

Sofinco Immobiliare E Agricola S.p.a.

:

Piemonte

, 2

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Crispo

Alberto

Born in Prato

(FI)

on 28/10/1960

- Fiscal Code : CRSLRT60R28G999R

Residence:

Piero Della Francesca

, 37

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/02/2005
Managing Director	27/06/2013

No Prejudicial events are reported

No Protests registered

Quagli

Federico

Born in Firenze

(FI)

on 03/05/1964

- Fiscal Code : QGLFRC64E03D612M

Residence:

Iacopone Da Todi

, 6

- 50100

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	27/06/2013

No Prejudicial events are reported

No Protests registered

Fioravanti

Lorenzo

Born in Prato

(FI)

on 09/09/1970

- Fiscal Code : FRVLNZ70P09G999M

Residence:

Di Faltugnano

, 47

- 59021

Vaiano

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	27/06/2013

No Prejudicial events are reported

No Protests registered

Quagli

Filippo

Born in Firenze

(FI)

on 02/01/1970

- Fiscal Code : QGLFPP70A02D612I

Residence:

Jacopone Da Todi

, 6

- 50133

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	27/06/2013

No Prejudicial events are reported

No Protests registered

Barni

Stefano

Born in Prato

(FI)

on 01/04/1959

- Fiscal Code : BRNSFN59D01G999L

Residence:

Brunelleschi

, 3

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	27/06/2013

I E Me S.r.l.

:

Giovanni Milton

, 27

- 50129

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

Bini

Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Filorama-spa	Prato (PO) - IT -	00432280485	Chairman	Withdrawn	Registered
Filorama-spa	Prato (PO) - IT -	00432280485	Sole Director	Withdrawn	Registered
Filorama-spa	Prato (PO) - IT -	00432280485	Board Chairman	Withdrawn	Registered
Ifitex - S.p.a.	Prato (FI) - IT -	00874410483	Sole Director	Withdrawn	Ceased
Ifitex - S.p.a.	Prato (FI) - IT -	00874410483	Liquidator	Withdrawn	Ceased
Pettinatura*lanfit S.r.l.	Prato (FI) - IT -	00432520484	Liquidator	Withdrawn	Ceased
Edilgest S.r.l.	Prato (PO) - IT -	00510050974	Managing Director	Withdrawn	Registered
Edilgest S.r.l.	Prato (PO) - IT -	00510050974	Managing Director	Active	Registered
Cooperativa*edificatrice*prato Mare Verde - Soc. Coop.a R.l.	Prato (FI) - IT -	01823880487	Vice-Chairman	Withdrawn	Ceased
Sofinco Immobiliare E Agricola S.p.a.	Prato (PO) - IT -	00912790482	Director	Active	Registered
Sporting Club Societa' Cooperativa	Prato (PO) - IT -	00788720480	Director	Withdrawn	Registered
Cooperativa Edificatrice Lungobisenzio 2000 Societa' Cooperativa In Liquidazion	Prato (PO) - IT -	01765660970	Director	Withdrawn	Ceased
Filatura *nuova Ficep - Societa' A Responsabilita' Limitata	Montemurlo (FI) - IT -	03096290485	Director	Withdrawn	Ceased
Cooperativa*edificatrice*prato 90 - Societa' Cooperativa A Responsabilita'	Prato (FI) - IT -	01530480977	Liquidator	Withdrawn	Ceased
Edilgest S.r.l.	Prato (FI) - IT -	00510050974	Managing Director	Withdrawn	Ceased
My Way International S.p.a.	Prato (PO) - IT -	92059480480	Managing Director	Active	Registered
I.p. Investments S.p.a.	Prato (PO) - IT -	01981150970	Managing Director	Active	Registered
I.p. Investments S.p.a.	Prato (PO) - IT -	01981150970	Board Chairman	Withdrawn	Registered
Cooperativa Edificatrice San Marco 2005- Societa' Cooperativa	Prato (PO) - IT -	01993340973	Managing Director	Withdrawn	Registered

Profeta

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Pettinatura*lanfit S.r.l.	Prato (FI) - IT -	00432520484	Liquidator	Withdrawn	Ceased
Filatura *nuova Ficep - Societa' A Responsabilita' Limitata	Montemurlo (FI) - IT -	03096290485	Director	Withdrawn	Ceased
My Way International S.p.a.	Prato (PO) - IT -	92059480480	Board Chairman	Active	Registered
I.p. Investments S.p.a.	Prato (PO) - IT -	01981150970	Managing Director	Active	Registered
I E Me S.r.l.	Firenze (FI) - IT -	05482230488	Sole Director	Active	Registered
I E Me S.r.l.	Firenze (FI) - IT -	05482230488	Director	Withdrawn	Registered
I E Me S.r.l.	Firenze (FI) - IT -	05482230488	Sole partner	Active	Registered

Crispo

Alberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Florence Sportswear S.r.l.	Firenze (FI) - IT -	00645340480	Procurator	-	In liquidation
Campaioli S.r.l.	Prato (PO) - IT -	01510010976	Permanent Auditor	Withdrawn	Registered
Sirio Sistemi Elettronici S.p.a. In SiglA Sse Spa	Prato (PO) - IT -	02013980483	Director	Active	Registered
Quagli E Fioravanti S.r.l.	Prato (PO) - IT -	00404560484	Managing Director	Active	Registered
Filo Invest S.r.l.	Prato (PO) - IT -	02037700974	Permanent Auditor	Active	Registered
G.m. Filati S.r.l.	Cantagallo (PO) - IT -	01923900979	Permanent Auditor	Active	Registered
Quagli E Fioravanti Trading S.p.a.	Prato (PO) - IT -	01907250979	Managing Director	Active	Registered

Quagli

Federico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
T.p.t. S.r.l.	Prato (PO) - IT -	01715140974	Managing Director	Withdrawn	Registered
Quagli E Fioravanti S.r.l.	Prato (PO) - IT -	00404560484	Managing Director	Active	Registered
I.p. Investments S.p.a.	Prato (PO) - IT -	01981150970	Managing Director	Active	Registered
Quagli E Fioravanti Trading S.p.a.	Prato (PO) - IT -	01907250979	Managing Director	Active	Registered
Effequeffe S.r.l.	Prato (PO) - IT -	02146270976	Managing Director	Active	Registered
Effequeffe S.r.l.	Prato (PO) - IT -	02146270976	Board Chairman	Active	Registered

Fioravanti

Lorenzo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
F 4 - S.r.l.	Prato (PO) - IT -	01685250977	Managing Director	Active	Registered
Quagli E Fioravanti S.r.l.	Prato (PO) - IT -	00404560484	Managing Director	Active	Registered
I.p. Investments S.p.a.	Prato (PO) - IT -	01981150970	Managing Director	Active	Registered
Quagli E Fioravanti Trading S.p.a.	Prato (PO) - IT -	01907250979	Managing Director	Active	Registered
Fi.lo. Immobiliare S.r.l.	Camaiore (LU) - IT -	02129100463	Liquidator	Active	Registered

Quagli

Filippo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
T.p.t. S.r.l.	Prato (PO) - IT -	01715140974	Board Chairman	Active	Registered
Quagli E Fioravanti S.r.l.	Prato (PO) - IT -	00404560484	Managing Director	Active	Registered
My Way International S.p.a.	Prato (PO) - IT -	92059480480	Managing Director	Active	Registered
I.p. Investments S.p.a.	Prato (PO) - IT -	01981150970	Managing Director	Active	Registered
Quagli E Fioravanti Trading S.p.a.	Prato (PO) - IT -	01907250979	Managing Director	Active	Registered
Effequeffe S.r.l.	Prato (PO) - IT -	02146270976	Managing Director	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
F 4 - S.r.l.	Prato - IT -	01685250977	440.000 .Eur	22,00
Sofinco Immobiliare E Agricola S.p.a.	Prato - IT -	00912790482	600.000 .Eur	30,00
I E Me S.r.l.	Firenze - IT -	05482230488	520.000 .Eur	26,00
Effequeffe S.r.l.	Prato - IT -	02146270976	440.000 .Eur	22,00

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
Lineapiu' - S.p.a.	Campi Bisenzio - IT -	03781100486	708.298 .Eur	5,34			Active
My Way International S.p.a.	Prato - IT -	92059480480	400.000 .Eur	80,00			Active
Consorzio Prato Energia	Prato - IT -	01812470977					Active
Prato Verde S.r.l.	Prato - IT -	02022170977	.Eur	50,00			Active
Quagli E Fioravanti Trading S.p.a.	Prato - IT -	01907250979	11.100 .Eur	2,00			Active

Firm's location and structure

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

-

Legal and operative seat

since 18/02/1999

Piemonte

, 2

- 50047

- Prato

(PO)

- IT -

PHONE

: 05745521

FAX	: 0574552404

Legal mail

: INFO@ILCAT-PEC.IT

-

Branch

(Sales office)

since 01/12/1985

Fornaroli

, 60/62

- 20013

- Magenta

(MI)

- IT -

Employees

: 60

Assistants

: 2

Fittings and Equipment for a value of 1.060.000

Eur

Stocks for a value of 20.230.000

Eur

Vehicles: 2.

The firm operates abroad as importer..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Import comes generally from the following nations:

- Belgium

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
General partnership	Limited liability company	19/01/1978
Limited liability company	Joint stock company	04/11/1983

CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

Ficep Srl

Ugo Foscolo

, 45/3

, 59013

, Montemurlo

(PO)

- IT -

Date

:

23/10/1990

The firm absorved

Filatura Nuova Ficep Srl

Ugo Foscolo

, 45/3

, 59013

, Montemurlo

(PO)

- IT -

Date

:

23/10/1990

The firm absorved

"FICEP S.R.L."

, MONTEMURLO VIA U. FOSCOLO 45/3

- IT -

Date

:

23/10/1990

The firm absorved

"FILATURA NUOVA FICEP S.R.L."

, MONTEMURLO VIA U. FOSCOLO 45/3

- IT -

Date

:

23/10/1990

The firm absorbed by merging of

"FILATURA NUOVA FICEP S.R.L."

, MONTEMURLO VIA U. FOSCOLO 45/3

- IT -

Date

:

23/10/1990

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

30/09/2004

Splitting-up and setting-up of a new company

I.P. INVESTMENTS S.P.A.

, Prato (po)

- IT -

Date

Splitting-up:

10/02/2005

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

The company is active since 2004

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

Under the financial profile unstable results are noted. with a loss in the last financial year.

The operating result was positive in the last financial year (1,22%) falling within the field's average.

The amount of the operating result is equal to Eur. 537.400 with a -33,71% fall as against the year 2013.

The gross operating margin of the latest financial year is of Eur. 900.242 recording a -27,54% decrease.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,01) and decreasing as against 2013.

Subject can manage an equity capital funds for an amount of Eur. 10.570.653 on the same levels as the year before.

Total debts recorded amounted to Eur. 32.305.111 (Eur. 159.864 of which were m/l term debts) , with no sensible variation.

Financial debts as well as debts to suppliers are rather high but lined up with the field's average.

It shows a good range of liquidity.

Accounts receivable average term is high (131,54 days). but in line with the sector.

Eur. 204.879 is the value of cash flow during the year 2014

Subordinate employment cost is of Eur. 1.934.056, i.e. 4,17% on total production costs. and a 4,14% incidence on sales volumes.

The incidence of the financial charges is of -1,15% on the sales amount.

Financial Data

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	46.691.813
Profit (Loss) for the period	-157.963

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	49.087.350
Profit (Loss) for the period	106.855

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	47.304.805
Profit (Loss) for the period	83.686

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	53.766.030
Profit (Loss) for the period	59.549

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	51.246.065
Profit (Loss) for the period	177.940

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.			796
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	76.075	89.746	89.419
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	37.898	55.127	66.103
. Total Intangible Fixed Assets	113.973	144.873	156.318
. TANGIBLE FIXED ASSETS
. . Real estate	25.075	30.598	36.121
. . Plant and machinery	1.055.327	1.181.034	1.338.507
. . Industrial and commercial equipment	1.004	2.686	4.755
. . Other assets	470.680	422.748	366.777
. . Assets under construction and advances
. Total Tangible fixed assets	1.552.086	1.637.066	1.746.160
. FINANCIAL FIXED ASSETS
. . Equity investments	474.250	468.000	468.000
. . . Equity invest. in subsidiary companies	392.000	392.000	392.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	82.250	76.000	76.000
. . Financial receivables		211.423	421.747
. . . . Within 12 months		211.423	208.838
. . . . Beyond 12 months			212.909
. . . Receivab due from subsidiaries		211.423	421.747
. . . . Within 12 months		211.423	208.838
. . . . Beyond 12 months			212.909
. . . 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		1.225.000	2.175.000
. . Own shares
. . . Total nominal value
. Total financial fixed assets	474.250	1.904.423	3.064.747
Total fixed assets	2.140.309	3.686.362	4.967.225
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	20.229.226	22.410.228	20.736.404
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	20.229.226	22.410.228	20.736.404
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	18.736.246	19.809.284	19.979.026
. . Beyond 12 months	2.439.888	1.240.147	289.646
. . Trade receivables	17.060.967	18.739.426	18.586.059
. . . . Within 12 months	17.060.967	18.739.426	18.586.059
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	296.371	244.837	419.522
. . . . Within 12 months	296.371	244.837	419.522
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	1.253.930	803.394	930.974
. . . . Within 12 months	1.253.930	803.394	930.974
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	2.564.866	1.261.774	332.117
. . . . Within 12 months	124.978	21.627	42.471
. . . . Beyond 12 months	2.439.888	1.240.147	289.646
. Total Credits not held as fixed assets	21.176.134	21.049.431	20.268.672
. 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	288.490	780.520	339.990
. . Checks
. . Banknotes and coins	437	5.121	3.728
. Total Liquid funds	288.927	785.641	343.718
Total current assets	41.694.287	44.245.300	41.348.794
ADJUSTMENT ACCOUNTS
. Discount on loans	136.092	344.514	41.349
. Other adjustment accounts
Total adjustments accounts	136.092	344.514	41.349
TOTAL ASSETS	43.970.688	48.276.176	46.357.368
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.000.000	2.000.000	2.000.000
. Additional paid-in capital
. Revaluation reserves	309.359	204.409	165.810
. Legal reserve	381.610	381.610	381.610
. Reserve for Own shares
. Statute reserves
. Other reserves	8.037.647	8.035.743	7.990.656
. Accumulated Profits (Losses)
. Profit( loss) of the year	-157.963	213.710	167.372
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	10.570.653	10.835.472	10.705.448
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	284.400	284.400	284.400
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	284.400	284.400	284.400
Employee termination indemnities	796.881	715.913	685.372
ACCOUNTS PAYABLE
. . . . Within 12 months	32.145.247	36.098.660	33.411.510
. . . . Beyond 12 months	159.864	343.034	1.292.416
. . Bonds			500.000
. . . . Within 12 months			500.000
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing		23.988.865	22.193.563
. . . . Within 12 months		23.645.831	20.901.147
. . . . Beyond 12 months		343.034	1.292.416
. . Due to banks	20.389.305
. . . . Within 12 months	20.229.441
. . . . Beyond 12 months	159.864
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	67.559	56.772	85.652
. . . . Within 12 months	67.559	56.772	85.652
. . . . Beyond 12 months
. . Trade payables	10.882.005	11.213.083	10.843.604
. . . . Within 12 months	10.882.005	11.213.083	10.843.604
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	148.478	321.631	179.636
. . . . Within 12 months	148.478	321.631	179.636
. . . . Beyond 12 months
. . Due to social security and welfare inst.	95.354	85.455	93.357
. . . . Within 12 months	95.354	85.455	93.357
. . . . Beyond 12 months
. . Other payables	722.410	775.888	808.114
. . . . Within 12 months	722.410	775.888	808.114
. . . . Beyond 12 months
Total accounts payable	32.305.111	36.441.694	34.703.926
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	13.643	105.552	61.908
Total adjustment accounts	13.643	105.552	61.908
TOTAL LIABILITIES	43.970.688	48.383.031	46.441.054

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	3.377.612	5.338.288	3.311.637
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	46.691.813	49.087.350	47.304.805
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	261.114	235.240	326.781
. . Contributions for operating expenses	115.165
. . Different income and revenues	145.949	235.240	326.781
Total value of production	46.952.927	49.322.590	47.631.586
PRODUCTION COSTS
. Raw material,other materials and consum.	33.869.818	39.355.078	38.021.108
. Services received
. Leases and rentals	7.794.029	8.215.541	7.669.335
. Payroll and related costs	1.934.056	1.856.330	2.025.038
. . Wages and salaries	1.355.996	1.298.241	1.411.706
. . Social security contributions	423.707	403.854	437.204
. . Employee termination indemnities	91.971	97.050	114.292
. . Pension and similar
. . Other costs	62.382	57.185	61.836
. Amortization and depreciation	362.842	431.708	410.674
. . Amortization of intangible fixed assets	61.173	74.879	76.599
. . Amortization of tangible fixed assets	239.369	286.029	259.075
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	62.300	70.800	75.000
. Changes in raw materials	2.181.002	-1.673.824	-1.329.300
. Provisions to risk reserves
. Other provisions
. Other operating costs	273.780	327.044	262.806
Total production costs	46.415.527	48.511.877	47.059.661
Diff. between value and cost of product.	537.400	810.713	571.925
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		51.456	87.965
. . In subsidiary companies		4.352	10.817
. . In associated companies
. . In other companies		47.104	77.148
. Other financial income	67.965
. . Financ.income from receivables	1.154
. . . Towards subsidiary companies	1.154
. . . 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	66.811
. . . - Subsidiary companies
. . . - Associated companies	62.122
. . . - Holding companies
. . . - Other companies	4.689
. Interest and other financial expense	-605.060	-482.035	-556.456
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-605.060	482.035	556.456
Total financial income and expense	-537.095	-430.579	-468.491
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	37.541	20.287	141.051
. . Gains on disposals	15.115	12.235
. . Other extraordinary income	22.426	8.052	141.051
. Extraordinary expense	-26.938	-12.955	-130
. . Losses on disposals		-110
. . Taxes relating to prior years
. . Other extraordinary expense	-26.938	-12.845	-130
Total extraordinary income and expense	10.603	7.332	140.921
Results before income taxes	10.908	387.466	244.355
. Taxes on current income	168.871	280.611	160.669
. . current taxes	168.871	280.611	122.324
. . differed taxes(anticip.)			38.345
. Net income for the period	-157.963	106.855	83.686
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-157.963	106.855	83.686

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	0,05	0,08	0,11	0,29
Elasticity Ratio	Units	0,95	0,92	0,89	0,70
Availability of stock	Units	0,46	0,46	0,45	0,26
Total Liquidity Ratio	Units	0,49	0,45	0,44	0,39
Quick Ratio	Units	0,01	0,02	0,01	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,01	3,26	3,09	1,69
Self Financing Ratio	Units	0,24	0,22	0,23	0,29
Capital protection Ratio	Units	0,83	0,80	0,80	0,71
Liabilities consolidation quotient	Units	0,03	0,03	0,06	0,26
Financing	Units	3,06	3,36	3,24	2,12
Permanent Indebtedness Ratio	Units	0,26	0,25	0,27	0,45
M/L term Debts Ratio	Units	0,02	0,02	0,04	0,13
Net Financial Indebtedness Ratio	Units	1,90	2,14	2,09	0,96
CORRELATION
Fixed assets ratio	Units	5,39	3,23	2,55	1,38
Current ratio	Units	1,30	1,23	1,24	1,25
Acid Test Ratio-Liquidity Ratio	Units	0,67	0,60	0,62	0,75
Structure's primary quotient	Units	4,94	2,94	2,16	0,90
Treasury's primary quotient	Units	0,01	0,02	0,01	0,03
Rate of indebtedness ( Leverage )	%	415,97	445,54	433,03	339,62
Current Capital ( net )	Value	9.549.040	8.146.640	7.937.284	1.615.606
RETURN
Return on Sales	%	0,44	1,10	1,05	1,74
Return on Equity - Net- ( R.O.E. )	%	-1,49	0,99	0,78	0,25
Return on Equity - Gross - ( R.O.E. )	%	0,10	3,58	2,28	2,94
Return on Investment ( R.O.I. )	%	1,22	1,68	1,23	2,31
Return/ Sales	%	1,15	1,65	1,21	2,50
Extra Management revenues/charges incid.	%	-29,39	13,18	14,63	8,02
Cash Flow	Value	204.879	538.563	494.360	210.372
Operating Profit	Value	537.400	810.713	571.925	359.192
Gross Operating Margin	Value	900.242	1.242.421	982.599	692.382
MANAGEMENT
Credits to clients average term	Days	131,54	137,43	141,44	111,18
Debts to suppliers average term	Days	94,03	84,86	85,44	104,44
Average stock waiting period	Days	155,97	164,35	157,81	86,89
Rate of capital employed return ( Turnover )	Units	1,06	1,02	1,02	1,04
Rate of stock return	Units	2,31	2,19	2,28	4,12
Labour cost incidence	%	4,14	3,78	4,28	15,12
Net financial revenues/ charges incidence	%	-1,15	-0,88	-0,99	-2,07
Labour cost on purchasing expenses	%	4,17	3,83	4,30	14,82
Short-term financing charges	%	1,87	1,32	1,60	3,48
Capital on hand	%	94,17	98,35	98,00	95,83
Sales pro employee	Value	778.196	846.333	750.869	237.592
Labour cost pro employee	Value	32.234	32.005	32.143	33.432

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	:	238.826
Population living in the region	:	3.598.269
Number of families in the region	:	1.474.681

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

- per food products	:	444
- per non food products	:	2.009
- per energy consume	:	122

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 24.960 protested subjects are found; in the province they count to 2.055.

The insolvency index for the region is 0,70, , while for the province it is 0,88.

Total Bankrupt companies in the province : 3.109.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.30
UK Pound	1	Rs.98.71
Euro	1	Rs.72.33
EUR	1	Rs.72.44

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

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ANK

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.