MIRA INFORM REPORT

Report No. :	309604
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	METALLEGHE S.P.A.
Registered Office :	Via E. Fermi, 12, 25020 – Flero (BS) -IT-
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	21.03.2008
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in Iron Metallurgy – Manufacture of Iron, Steel and Ferro-Alloys.
No of Employees :	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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Italy	A2	A2

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

METALLEGHE S.P.A.

Via E. Fermi, 12, 25020 – Flero (BS) -IT-

Summary

Fiscal Code	:	02711250981
Legal Form	:	Joint stock company
start of Activities	:	21/03/2008
Equity	:	Over 2.582.254
Turnover Range	:	100.000.000/150.000.000
Number of Employees	:	from 51 to 70

Activity

Iron metallurgy - Manufacture of iron, steel and ferro-alloys

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02711250981

Chamber of Commerce no. : 472782 of Brescia since 14/01/2006

Chamber of Commerce no. : 1885568 of Monza e Brianza

V.A.T. Code : 02711250981

Establishment date	: 29/12/2005
Start of Activities	: 21/03/2008
Legal duration	: 31/12/2050
Nominal Capital	: 3.200.000
Subscribed Capital	: 3.200.000
Paid up Capital	: 3.200.000

Members

Dusi

Guido

Born in Brescia

(BS)

on 04/06/1945

- Fiscal Code : DSUGDU45H04B157H

Residence:

Cave

, 5

- 25100

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	16/05/2014
Director	16/05/2014
Board Chairman	16/05/2014

No Prejudicial events are reported

No Protests registered

Fedrigolli

Maria Teresa

Born in Lodi

(MI)

on 20/08/1950

- Fiscal Code : FDRMTR50M60E648R

Residence:

Cave

, 5

- 25100

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	16/05/2014
Director	16/05/2014

No Prejudicial events are reported

No Protests registered

Dusi

Silvia

Born in Desenzano del Garda

(BS)

on 04/02/1974

- Fiscal Code : DSUSLV74B44D284N

Residence:

Cave

, 17

- 25133

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	16/05/2014
Director	16/05/2014

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.

Fedrigolli

Maria Teresa

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Director	Active	Registered
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Sole Director	Withdrawn	Registered
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Managing Director	Active	Registered
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Board Chairman	Active	Registered
Metalleghe S.p.a.	Flero (BS) - IT -	02959120177	Director	Withdrawn	Merged

Dusi

Guido

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Director	Active	Registered
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Managing Director	Active	Registered
Euroleghe S.r.l.	Flero (BS) - IT -	02822110173	Chairman	Withdrawn	Ceased
Euroleghe S.r.l.	Flero (BS) - IT -	02822110173	Managing Director	Withdrawn	Ceased
Metalleghe S.p.a.	Flero (BS) - IT -	02959120177	Chairman	Withdrawn	Merged
Metalleghe S.p.a.	Flero (BS) - IT -	02959120177	Managing Director	Withdrawn	Merged
Metalleghe S.p.a.	Flero (BS) - IT -	02959120177	Director	Withdrawn	Merged
Metalleghe S.p.a.	Flero (BS) - IT -	02959120177	Managing Director	Withdrawn	Merged
F.m.c. Maranta S.r.l.	Concesio (BS) - IT -	03282380173	Director	Withdrawn	Registered
F.m.c. Maranta S.r.l.	Concesio (BS) - IT -	03282380173	Board Chairman	Withdrawn	Registered
Gefimet S.r.l.	Flero (BS) - IT -	02141320172	Sole Director	Withdrawn	Registered
Metalleghe S.p.a.	Flero (BS) - IT -	01502460171	Chairman	Withdrawn	Ceased
Metalleghe S.p.a.	Flero (BS) - IT -	01502460171	Managing Director	Withdrawn	Ceased
Eurometa SA	Chambery - FR -	91B434	Chairman	Withdrawn	Registered
Metalco Di Dusi Guido	Bovezzo (BS) - IT -	DSUGDU45H04B157H	Proprietor	Withdrawn	Ceased
Ingegno 2008 S.r.l.	Castel Mella (BS) - IT -	03093970980	Director	Active	Registered
Gisatec S.r.l.	Castel Mella (BS) - IT -	02544880988	Director	Active	Registered
Gisatec S.r.l.	Castel Mella (BS) - IT -	02544880988	Assistant board Chairman	Active	Registered
Gisatec S.r.l.	Castel Mella (BS) - IT -	02544880988	Managing Director	Active	Registered

Dusi

Silvia

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Director	Active	Registered
Esart Fonderie S.r.l.	Flero (BS) - IT -	02818610178	Managing Director	Active	Registered
Gisatec S.r.l.	Castel Mella (BS) - IT -	02544880988	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
Fedrigolli Maria Teresa	Brescia - IT -	FDRMTR50M60E648R	960.000 .Eur	30,00
Dusi Guido	Brescia - IT -	DSUGDU45H04B157H	2.240.000 .Eur	70,00

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
Gisatec S.r.l.	Castel Mella - IT -	02544880988	45.000 .Eur	50,00			Active
Effedue S.r.l.	Gavardo - IT -	02754120984	6.000 .Eur	50,00			Active
Esart Fonderie S.r.l.	Flero - IT -	02818610178	41.184 .Eur	80,00			Active
Effedue S.r.l.	Gavardo - IT -	02754120984	8.400 .Eur	70,00			Active

Firm's location and structure

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

-

Legal and operative seat

(Factory)

E. Fermi

, 12

- 25020

- Flero

(BS)

- IT -

PHONE

: 0302680261

Employees

: 53

Fittings and Equipment for a value of 450.000

Eur

Stocks for a value of 8.020.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Sole-Member Limited Liability Company	Joint stock company with sole shareholder	14/07/2008

EX-MEMBERS / EX-POSITIONS:

Gefimet S.r.l.

- Fiscal Code : 02141320172

:

E. Fermi

, 16

- 25020

Flero

(BS)

- IT -

Ex-Postions

Sole partner

Migliarini

Cristina

Born in Brescia

(BS)

on 08/02/1975

- Fiscal Code : MGLCST75B48B157Z

Residence:

Bonomelli

, 34

- 25100

Brescia

(BS)

- IT -

Ex-Postions

Permanent Auditor

Vavassori

Paolo

Born in Bergamo

(BG)

on 23/05/1956

- Fiscal Code : VVSPLA56E23A794E

Residence:

Giovanni Randaccio

, 30

- 25128

Brescia

(BS)

- IT -

Ex-Postions

Permanent Auditor

Rivetti

Diego

Born in Rovato

(BS)

on 30/09/1957

- Fiscal Code : RVTDGI57P30H598O

Residence:

Della Loggia

, 5

- 25100

Brescia

(BS)

- IT -

Ex-Postions

Temporary Auditor

Bondioni

Massimo

Born in Darfo Boario Terme

(BS)

on 18/12/1961

- Fiscal Code : BNDMSM61T18D251P

Residence:

E. Fermi

, 7

- 25047

Darfo Boario Terme

(BS)

- IT -

Ex-Postions

Permanent Auditor

Pernigotto

Enrico

Born in Iseo

(BS)

on 10/06/1945

- Fiscal Code : PRNNRC45H10E333N

Residence:

Cavone

, 81

- 25049

Iseo

(BS)

- IT -

Ex-Postions

Chairman of the Board of Aud.

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Metalleghe S.p.a.

E. Fermi

, 12/14

, 25020

, Flero

(BS)

- IT -

Fiscal Code: 02959120177

Date

Merging/splitting-up project:

21/03/2008

The firm absorbed by merging of

Metalleghe S.p.a.

E. Fermi

, 12/14

, 25020

, Flero

(BS)

- IT -

Fiscal Code: 02959120177

Date

:

14/07/2008

Project of merging by taking over of

Gefimet S.r.l.

E. Fermi

, 16

, 25020

, Flero

(BS)

- IT -

Fiscal Code: 02141320172

Date

Merging/splitting-up project:

31/08/2011

The firm absorbed by merging of

Gefimet S.r.l.

E. Fermi

, 16

, 25020

, Flero

(BS)

- IT -

Fiscal Code: 02141320172

Date

:

06/12/2011

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 2008

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

During the last years, it recorded positive net results (r.o.e. 18,88% in 2013)

The operating result in 2013 was positive (0,74%) falling within the field's average.

An operating result of Eur. 607.291 has been registered. with a -59,25% fall as against the year 2012.

The gross operating margin of the latest financial year is of Eur. 1.293.685 recording a -42,4% decrease.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,29) and falling as against the previous year (2,53).

With regard to equity capital, an amount of Eur. 21.056.038 is registered. with a growth of 23,27% in 2013.

During the last financial year total debts volume reached Eur. 60.404.434 (Eur. 11.335.158 were m/l term ones) with a growth equal to 24,95%.

The exposure towards banks is slightly high, the recourse to suppliers' credit is limited below the sector's average.

The management determines a good range of liquidity.

Accounts receivable average term is high (120,96 days). even higher than the average of the specific sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 4.662.088

Subordinate employment cost is of Eur. 3.373.940, i.e. 2,97% on total production costs. and a 2,99% incidence on sales volumes.

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

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	112.836.539
Profit (Loss) for the period	3.975.694

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	126.052.585
Profit (Loss) for the period	4.144.986

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	140.173.394
Profit (Loss) for the period	2.632.142

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	123.110.294
Profit (Loss) for the period	3.087.388

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	65.718.888
Profit (Loss) for the period	-419.167

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.		3.121	6.240
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	88.873	100.067	185.193
. Total Intangible Fixed Assets	88.873	103.188	191.433
. TANGIBLE FIXED ASSETS
. . Real estate	7.931.657	6.518.213	4.670.295
. . Plant and machinery	443.957	509.400	456.746
. . Industrial and commercial equipment	6.752	7.130	907
. . Other assets	439.492	382.908	349.774
. . Assets under construction and advances			988.556
. Total Tangible fixed assets	8.821.858	7.417.651	6.466.278
. FINANCIAL FIXED ASSETS
. . Equity investments	9.007.914	9.178.406	2.989.709
. . . Equity invest. in subsidiary companies	8.967.978	9.138.470	2.968.523
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	39.936	39.936	21.186
. . Financial receivables	8.874.201	949.366	227.251
. . . . Within 12 months	468.950	7.366	7.178
. . . . Beyond 12 months	8.405.251	942.000	220.073
. . . Receivab due from subsidiaries	8.405.251	942.000	220.073
. . . . Within 12 months
. . . . Beyond 12 months	8.405.251	942.000	220.073
. . . 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	468.950	7.366	7.178
. . . . Within 12 months	468.950	7.366	7.178
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	17.882.115	10.127.772	3.216.960
Total fixed assets	26.792.846	17.648.611	9.874.671
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.994.552	3.443.273	2.815.086
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	4.022.489	3.233.433	5.385.752
. . Advance payments
. Total Inventories	8.017.041	6.676.706	8.200.838
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	46.732.970	41.403.315	53.469.757
. . Beyond 12 months	27.163	36.221	45.278
. . Trade receivables	37.912.178	35.709.789	40.370.239
. . . . Within 12 months	37.912.178	35.709.789	40.370.239
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.695.681	922.034	8.973.193
. . . . Within 12 months	1.695.681	922.034	8.973.193
. . . . 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	4.866.087	943.298	891.867
. . . . Within 12 months	4.838.924	907.077	846.589
. . . . Beyond 12 months	27.163	36.221	45.278
. . Receivables for anticipated taxes	954.645	1.079.786	1.020.903
. . . . Within 12 months	954.645	1.079.786	1.020.903
. . . . Beyond 12 months
. . Receivables due from third parties	1.331.542	2.784.629	2.258.833
. . . . Within 12 months	1.331.542	2.784.629	2.258.833
. . . . Beyond 12 months
. Total Credits not held as fixed assets	46.760.133	41.439.536	53.515.035
. 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	17.171	155.062	199.156
. Total Financial Assets	17.171	155.062	199.156
. LIQUID FUNDS
. . Bank and post office deposits	854.073	337.395	131.873
. . Checks
. . Banknotes and coins	2.478	2.578	1.326
. Total Liquid funds	856.551	339.973	133.199
Total current assets	55.650.896	48.611.277	62.048.228
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	130.831	136.589	148.113
Total adjustments accounts	130.831	136.589	148.113
TOTAL ASSETS	82.574.573	66.396.477	72.071.012
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	3.200.000	3.200.000	3.200.000
. Additional paid-in capital
. Revaluation reserves	2.998.081	2.998.081	2.998.081
. Legal reserve	485.851	278.602	146.995
. Reserve for Own shares
. Statute reserves
. Other reserves	10.396.412	6.458.675	3.958.140
. Accumulated Profits (Losses)
. Profit( loss) of the year	3.975.694	4.144.986	2.632.142
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	21.056.038	17.080.344	12.935.358
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	31.689	35.370	29.405
. . Other funds	7.449	22.961	4.155
Total Reserves for Risks and Charges	39.138	58.331	33.560
Employee termination indemnities	1.069.377	917.764	799.034
ACCOUNTS PAYABLE
. . . . Within 12 months	49.069.276	43.499.067	52.723.582
. . . . Beyond 12 months	11.335.158	4.840.971	5.579.478
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing			922.793
. . . . Within 12 months			922.793
. . . . Beyond 12 months
. . Due to banks	48.727.093	34.452.995	43.336.553
. . . . Within 12 months	37.861.157	30.644.312	39.404.792
. . . . Beyond 12 months	10.865.936	3.808.683	3.931.761
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	8.201	8.259	7.251
. . . . Within 12 months	8.201	8.259	7.251
. . . . Beyond 12 months
. . Trade payables	8.376.294	7.881.816	5.974.795
. . . . Within 12 months	7.907.072	6.849.528	4.379.441
. . . . Beyond 12 months	469.222	1.032.288	1.595.354
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	2.351.458	4.767.510	7.219.479
. . . . Within 12 months	2.351.458	4.767.510	7.167.116
. . . . Beyond 12 months			52.363
. . 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	202.683	618.332	212.455
. . . . Within 12 months	202.683	618.332	212.455
. . . . Beyond 12 months
. . Due to social security and welfare inst.	214.205	186.870	187.852
. . . . Within 12 months	214.205	186.870	187.852
. . . . Beyond 12 months
. . Other payables	524.500	424.256	441.882
. . . . Within 12 months	524.500	424.256	441.882
. . . . Beyond 12 months
Total accounts payable	60.404.434	48.340.038	58.303.060
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	5.586
Total adjustment accounts	5.586
TOTAL LIABILITIES	82.574.573	66.396.477	72.071.012

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	112.836.539	126.052.585	140.173.394
. Changes in work in progress	789.055	-2.152.319	-421.142
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	700.372	814.820	713.430
. . Contributions for operating expenses
. . Different income and revenues	700.372	814.820	713.430
Total value of production	114.325.966	124.715.086	140.465.682
PRODUCTION COSTS
. Raw material,other materials and consum.	98.915.559	108.315.797	122.880.035
. Services received	9.990.086	9.605.822	10.481.456
. Leases and rentals	1.005.215	1.314.512	1.540.867
. Payroll and related costs	3.373.940	2.993.974	2.822.665
. . Wages and salaries	2.432.776	2.148.989	2.017.542
. . Social security contributions	763.108	674.669	642.185
. . Employee termination indemnities	178.056	170.316	162.938
. . Pension and similar
. . Other costs
. Amortization and depreciation	686.394	755.572	752.012
. . Amortization of intangible fixed assets	14.314	88.246	88.231
. . Amortization of tangible fixed assets	599.632	618.957	591.193
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	72.448	48.369	72.588
. Changes in raw materials	-551.278	-628.187	1.215.465
. Provisions to risk reserves
. Other provisions
. Other operating costs	298.759	867.156	223.656
Total production costs	113.718.675	123.224.646	139.916.156
Diff. between value and cost of product.	607.291	1.490.440	549.526
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	4.773.667	4.408.880	3.601.422
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	68.182	136.518	150.821
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets	841	1.219	1.796
. . 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	-1.415.993	-1.356.062	-1.433.532
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	3.425.856	3.189.336	2.318.711
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-44.094	-296.768
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass		-44.094	-296.768
Total adjustments to financial assets		-44.094	-296.768
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	113.234	192.396	648.458
. . Gains on disposals
. . Other extraordinary income	113.234	192.396	648.458
. Extraordinary expense	-10.231	-15.573	-220.993
. . Losses on disposals			-162.461
. . Taxes relating to prior years
. . Other extraordinary expense	-10.231	-15.573	-58.532
Total extraordinary income and expense	103.003	176.823	427.465
Results before income taxes	4.136.150	4.812.505	2.998.934
. Taxes on current income	160.456	667.519	366.792
. . current taxes	136.172	734.237	503.461
. . differed taxes(anticip.)	121.461	-66.718	-150.253
. Net income for the period	3.975.694	4.144.986	2.632.142
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	3.975.694	4.144.986	2.632.142

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,32	0,27	0,14	0,30
Elasticity Ratio	Units	0,67	0,73	0,86	0,68
Availability of stock	Units	0,10	0,10	0,11	0,21
Total Liquidity Ratio	Units	0,58	0,63	0,75	0,42
Quick Ratio	Units	0,01	0,01	0,00	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,29	2,53	4,07	2,31
Self Financing Ratio	Units	0,25	0,26	0,18	0,21
Capital protection Ratio	Units	0,66	0,57	0,55	0,61
Liabilities consolidation quotient	Units	0,25	0,13	0,12	0,17
Financing	Units	2,87	2,83	4,51	3,62
Permanent Indebtedness Ratio	Units	0,41	0,34	0,27	0,36
M/L term Debts Ratio	Units	0,15	0,09	0,09	0,10
Net Financial Indebtedness Ratio	Units	2,27	2,00	3,41	1,42
CORRELATION
Fixed assets ratio	Units	1,25	1,29	1,96	1,11
Current ratio	Units	1,13	1,12	1,18	1,10
Acid Test Ratio-Liquidity Ratio	Units	0,97	0,96	1,02	0,72
Structure's primary quotient	Units	0,79	0,97	1,31	0,81
Treasury's primary quotient	Units	0,02	0,01	0,01	0,02
Rate of indebtedness ( Leverage )	%	392,17	388,73	557,16	468,75
Current Capital ( net )	Value	6.581.620	5.112.210	9.324.646	525.922
RETURN
Return on Sales	%	4,13	3,89	2,41	2,32
Return on Equity - Net- ( R.O.E. )	%	18,88	24,27	20,35	3,79
Return on Equity - Gross - ( R.O.E. )	%	19,64	28,18	23,18	10,56
Return on Investment ( R.O.I. )	%	0,74	2,24	0,76	3,84
Return/ Sales	%	0,54	1,18	0,39	3,06
Extra Management revenues/charges incid.	%	654,66	278,10	478,98	32,18
Cash Flow	Value	4.662.088	4.900.558	3.384.154	1.200.022
Operating Profit	Value	607.291	1.490.440	549.526	1.374.962
Gross Operating Margin	Value	1.293.685	2.246.012	1.301.538	2.131.798
MANAGEMENT
Credits to clients average term	Days	120,96	101,99	103,68	85,05
Debts to suppliers average term	Days	35,14	38,19	35,21	89,46
Average stock waiting period	Days	25,58	19,07	21,06	47,61
Rate of capital employed return ( Turnover )	Units	1,37	1,90	1,94	1,45
Rate of stock return	Units	14,07	18,88	17,09	7,34
Labour cost incidence	%	2,99	2,38	2,01	5,48
Net financial revenues/ charges incidence	%	3,04	2,53	1,65	-1,06
Labour cost on purchasing expenses	%	2,97	2,43	2,02	5,52
Short-term financing charges	%	2,34	2,81	2,46	2,49
Capital on hand	%	73,18	52,67	51,42	68,88
Sales pro employee	Value	2.089.565	2.471.619	2.982.412	796.124
Labour cost pro employee	Value	62.480	58.705	60.056	44.281

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	:	1.169.259
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 377 significant companies.

The companies cash their credits on an average of 85 dd.

The average duration of suppliers debts is about 89 dd.

The sector's profitability is on an average of 2,32%.

The labour cost affects the turnover in the measure of 5,48%.

Goods are held in stock in a range of 48 dd.

The difference between the sales volume and the resources used to realize it is about 1,45.

The employees costs represent the 5,52% 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 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

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.