MIRA INFORM REPORT

Report No. :	303075
Report Date :	13.01.2015

IDENTIFICATION DETAILS

Name :	SCOUT S.R.L

Registered Office :	Via Degli Scudai, FUNO 40050 – Argelato (BO)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	27.03.1990

Legal Form :	Limited Liability Company

Line of Business :	Wholesale of Clothing, Footwear and Accessories.

No. of Employees :	From 111 to 130

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

Source : CIA

Company Name and address

SCOUT S.R.L

Via Degli Scudai, FUNO

40050 - Argelato (BO) -IT-

Summary

Fiscal Code	:	03964120376
Legal Form	:	Limited liability company
start of Activities	:	08/11/1990
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 111 to 130

Activity

Wholesale of clothing and footwear

Wholesale of clothing and accessories

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03964120376

Chamber of Commerce no. : 329646 of Bologna since 24/07/1990

Chamber of Commerce no. : 172170 of Ferrara since 03/04/2000

Chamber of Commerce no. : 300679 of Forli'

Chamber of Commerce no. : 468978 of Genova

Chamber of Commerce no. : 1975153 of Milano

Chamber of Commerce no. : 217789 of Parma

Chamber of Commerce no. : 197058 of Ravenna

Chamber of Commerce no. : 1389669 of Roma

Chamber of Commerce no. : 157836 of Sassari

Chamber of Commerce no. : 1165389 of Torino

Firms' Register : BO006-54713 of Bologna since 19/02/1996

Firms' Register : BO006-54713 of Ferrara

V.A.T. Code : 00682671201

R. E. C. no. : 61662 of Bologna since 17/10/1990

Tribunal Co. Register : 54713 of since 07/07/1990

Foundation date	: 27/03/1990
Establishment date	: 27/03/1990
Start of Activities	: 08/11/1990
Legal duration	: 31/12/2040
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Members

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Poluzzi

Stefano

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 24/12/1958

- Fiscal Code : PLZSFN58T24A944F

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

Pradalbino

, 3

- 40050

Monte San Pietro

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	27/10/2008
Director	27/10/2008

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Prejudicial Events found with cancellations*

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ Legal Mortgage - 28/07/2006. - 34.603 Euro. Event writing-off

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

 EQUITALIA POLIS S. P. A.

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Atti

Susanna

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 05/02/1962

- Fiscal Code : TTASNN62B45A944X

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

Pradalbino

, 3

- 40050

Monte San Pietro

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/10/2008
Partner

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Poluzzi

Giulia

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 14/03/1988

- Fiscal Code : PLZGLI88C54A944F

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

San Mamolo

, 15

- 40136

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/10/2008

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Poluzzi

Michela

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 22/05/1991

- Fiscal Code : PLZMHL91E62A944X

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

Pradalbino

, 3

- 40050

Monte San Pietro

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/09/2010

*Concerns also partially erased events.

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Poluzzi

Stefano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Unic S.r.l.	Bologna (BO) - IT -	00864620372	Director	Active	Registered
NORD*AMERICA S.N.C. DI ANTHOINE DIETRICHMARCO eamp; C.	Argelato (BO) - IT -	04013470374	Partner	Withdrawn	Registered
Lindbergh S.r.l.	Vicenza (VI) - IT -	02612050241	Director	Active	Registered
Lindbergh S.r.l.	Vicenza (VI) - IT -	02612050241	Board Chairman	Active	Registered
Scout Bologna S.r.l.	Bologna (BO) - IT -	01864511207	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
Poluzzi Stefano	Monte San Pietro - IT -	PLZSFN58T24A944F	57.000 .Eur	57,00
Atti Susanna	Monte San Pietro - IT -	TTASNN62B45A944X	43.000 .Eur	43,00

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
Centergross - Centro Per Il Commercio Al l'ingrosso Di Bologna - S.r.l.	Argelato - IT -	00542790373	54.951 .Eur	1,11			Active
Scout Bologna S.r.l.	Bologna - IT -	01864511207	5.200 .Eur	50,00			Active

Firm's location and structure

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

Legal and operative seat

since 14/10/1991

Degli Scudai

, Loc: FUNO

- 40050

- Argelato

(BO)

- IT -

Branch

(Warehouse)

since 11/10/2004

38 Bis Centergross

- 40050

- Argelato

(BO)

- IT -

PHONE

: 0521281386

FAX

: 0521507753

Branch

(Shop)

since 26/03/2000

Mazzini

, 105/107

- 44100

- Ferrara

(FE)

- IT -

Total Surface: 113 Sq.mt.

Branch

(Shop)

since 10/05/2004

Duomo

, 3

- 47100

- Forli'

(FO)

- IT -

Total Surface: 383 Sq.mt.

Branch

(Shop)

since 01/10/2013

Xii Ottobre

, 16R

- 16100

- Genova

(GE)

- IT -

Total Surface: 248 Sq.mt.

Branch

(Shop)

since 01/01/2012

Di Porta Ticinese

, 12

- 20100

- Milano

(MI)

- IT -

Total Surface: 926 Sq.mt.

Branch

(Shop)

since 07/09/2001

D'azeglio

, 50

- 43100

- Parma

(PR)

- IT -

Total Surface: 186 Sq.mt.

Branch

(Shop)

since 12/10/2010

Degli Ariani

, 12

- 48100

- Ravenna

(RA)

- IT -

Total Surface: 338 Sq.mt.

Branch

(Shop)

since 03/01/2011

Della Legna

, 1

- 48018

- Faenza

(RA)

- IT -

Total Surface: 71 Sq.mt.

Branch

(Shop)

since 25/11/2013

Tomacelli

, 136

- 00100

- Roma

(RM)

- IT -

Total Surface: 27 Sq.mt.

Branch

(Shop)

since 25/11/2013

Tomacelli

, 137

- 00100

- Roma

(RM)

- IT -

Total Surface: 218 Sq.mt.

Branch

(Shop)

since 23/06/1999

Portisco Strada Panoramica

, KM.0,100

- 07026

- Olbia

(SS)

- IT -

Total Surface: 70 Sq.mt.

Branch

(Shop)

since 08/11/2012

Viotti

, 8G

- 10100

- Torino

(TO)

- IT -

Total Surface: 235 Sq.mt.

Branch

(Shop)

since 16/09/2014

Tomacelli

, 133-134

- 00100

- Roma

(RM)

- IT -

Total Surface: 89 Sq.mt.

Employees

: 111

Assistants

: 1

Fittings and Equipment for a value of 1.570.000

Eur

Stocks for a value of 3.830.000

Eur

Vehicles for a value of 62.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Rosso.gif$

Bollini

Bruno

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in BOLOGNA

(BO)

on 12/06/1936

- Fiscal Code : BLLBRN36H12A944D

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

DELLE FONTI

, 4

- 40100

Bologna

(BO)

- IT -

Ex-Postions

Managing Director

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Rosso.gif$

Poluzzi

Stefano

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 24/12/1958

- Fiscal Code : PLZSFN58T24A944F

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

Pradalbino

, 3

- 40050

Monte San Pietro

(BO)

- IT -

Ex-Postions

Chairman

Director

Board Chairman

Director

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Rosso.gif$

Stefanelli

Daniele

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 08/01/1970

- Fiscal Code : STFDNL70A08A944T

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

Casadio

, 42

- 40050

Argelato

(BO)

- IT -

Ex-Postions

Director

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Rosso.gif$

Atti

Susanna

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Born in Bologna

(BO)

on 05/02/1962

- Fiscal Code : TTASNN62B45A944X

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Residence:

Pradalbino

, 3

- 40050

Monte San Pietro

(BO)

- IT -

Ex-Postions

Director

Partner

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ RIALTO DI POLUZZI STEFANO E C. SAS

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

, Parma

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Fiscal Code: 01677480343

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Date

Merging/splitting-up project:

05/05/2010

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ EFFETTI DALL'INIZIO MESE SUCC. A QUELLOULTIMA ISCRIZIONE

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Date

13/09/2010

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ FULGEA S.R.L. UNIPERSONALE

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

, 48018

, Faenza

(RA)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Fiscal Code: 02344850397

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Date

Merging/splitting-up project:

30/07/2010

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ EFF.CIV. DA INIZIO MESE SUCC. A QUELLO ULTIMA ISCRIZ.

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Date

17/11/2010

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ SCOUT MILANO SRL U.S.

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

, Milano

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Fiscal Code: 06696570966

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Date

Merging/splitting-up project:

21/09/2011

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$ EFFETTI DALL'INIZIO DEL MESE SUCC. ALL'ULTIMA ISCRIZ.

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Vuoto.gif$

Date

30/11/2011

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

Company's starting of activities dates back to 1990.

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 26,09% in 2013 thanks to a progressive increase in turnover (+29,65% in 2013 compared to 2012 and +6,28% in 2012 compared to 2011).

The operating result was positive in the last financial year (25,81%) and even better than sector's average.

The amount of the operating result for the year 2013 is of Eur. 6.900.847 with a 57,09% growth.

The gross operating margin of the latest financial year is of Eur. 7.827.901 showing a 51,95% growth.

Equity is good since liquid assets exceed short term debts.

With regard to equity capital, an amount of Eur. 17.762.065 is registered. with a growth of 25,13% in 2013.

During the last financial year total debts volume reached Eur. 7.922.228 (Eur. 1.190.819 were m/l term ones) with a growth equal to 27,92%.

Bank exsposure is limited and the suppliers' credit is modest too, 58,4 gg. is the payment average period below the sector's average.

The liquidity level is positive (2,66).

Trade credits average terms are 27,03 days. , a value lower than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 5.561.094

Labour cost amounts to Eur. 3.444.967, with a 12,51% incidence on production costs. and a 10,11% incidence on sales volumes.

Financial incomes cover financial charges.

Financial Data

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	34.082.158
Profit (Loss) for the period	4.634.040

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	26.286.655
Profit (Loss) for the period	3.308.784

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	24.732.364
Profit (Loss) for the period	2.938.092

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	19.680.404
Profit (Loss) for the period	2.545.755

$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	15.308.844
Profit (Loss) for the period	1.746.968

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	7.412	13.815	20.218
. . Research,develop. and advert.expens.	1.812	3.624	5.435
. . Industrial patent rights	6.041	9.597	7.522
. . Concessions,licenses,trademarks,etc.	1.430	1.554	1.677
. . Goodwill	40.174	48.029	55.884
. . Assets in formation and advance paymen.	6.626	2.080
. . Other intangible fixed assets	1.445.602	1.550.540	1.339.540
. Total Intangible Fixed Assets	1.509.097	1.629.239	1.430.276
. TANGIBLE FIXED ASSETS
. . Real estate	1.879.430	1.759.493	1.772.421
. . Plant and machinery	66.268	71.970	68.938
. . Industrial and commercial equipment	1.501.084	1.068.316	705.345
. . Other assets
. . Assets under construction and advances	3.103.162	2.044.362	2.044.362
. Total Tangible fixed assets	6.549.944	4.944.141	4.591.066
. FINANCIAL FIXED ASSETS
. . Equity investments	8.822	8.822	8.822
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	7.947	7.947	7.947
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	875	875	875
. . 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	8.822	8.822	8.822
Total fixed assets	8.067.863	6.582.202	6.030.164
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	31.610		55.379
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	3.781.711	2.948.753	4.325.897
. . Advance payments	18.033
. Total Inventories	3.831.354	2.948.753	4.381.276
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.455.130	2.729.281	1.831.269
. . Beyond 12 months	77.345	77.345	617
. . Trade receivables	2.559.320	1.836.497	872.087
. . . . Within 12 months	2.559.320	1.836.497	872.087
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . 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
. . Fiscal Receivables	26.941	54.755	893
. . . . Within 12 months	26.941	54.755	893
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	1.946.214	915.374	958.906
. . . . Within 12 months	1.868.869	838.029	958.289
. . . . Beyond 12 months	77.345	77.345	617
. Total Credits not held as fixed assets	4.532.475	2.806.626	1.831.886
. 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	9.489.059	7.833.398	4.317.710
. . Checks			4.278
. . Banknotes and coins	43.043	40.687	29.691
. Total Liquid funds	9.532.102	7.874.085	4.351.679
Total current assets	17.895.931	13.629.464	10.564.841
ADJUSTMENT ACCOUNTS
. Discount on loans	770.011	1.076.329
. Other adjustment accounts			1.592.995
Total adjustments accounts	770.011	1.076.329	1.592.995
TOTAL ASSETS	26.733.805	21.287.995	18.188.000

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	22.080	22.080	22.080
. Reserve for Own shares
. Statute reserves
. Other reserves	13.005.945	10.763.829	8.554.278
. Accumulated Profits (Losses)			-28.543
. Profit( loss) of the year	4.634.040	3.308.784	2.938.092
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	17.762.065	14.194.693	11.585.907
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	486.904	418.904	350.904
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	486.904	418.904	350.904
Employee termination indemnities	561.117	479.924	393.587
ACCOUNTS PAYABLE
. . . . Within 12 months	6.731.409	4.458.998	3.869.186
. . . . Beyond 12 months	1.190.819	1.733.692	1.985.028
. . 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	1.733.702	2.231.311	2.615.608
. . . . Within 12 months	542.883	497.619	630.580
. . . . Beyond 12 months	1.190.819	1.733.692	1.985.028
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	3.865.443	2.786.376	2.107.794
. . . . Within 12 months	3.865.443	2.786.376	2.107.794
. . . . 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	1.065.911	256.856	388.621
. . . . Within 12 months	1.065.911	256.856	388.621
. . . . Beyond 12 months
. . Due to social security and welfare inst.	289.390	235.119	206.786
. . . . Within 12 months	289.390	235.119	206.786
. . . . Beyond 12 months
. . Other payables	967.782	683.028	535.405
. . . . Within 12 months	967.782	683.028	535.405
. . . . Beyond 12 months
Total accounts payable	7.922.228	6.192.690	5.854.214
ADJUSTMENT ACCOUNTS
. Agio on loans	1.491	1.784
. Other adjustment accounts			3.388
Total adjustment accounts	1.491	1.784	3.388
TOTAL LIABILITIES	26.733.805	21.287.995	18.188.000

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	34.082.158	26.286.655	24.732.364
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	354.289	305.241	275.731
. . Contributions for operating expenses	354.289	305.241	275.731
. . Different income and revenues
Total value of production	34.436.447	26.591.896	25.008.095
PRODUCTION COSTS
. Raw material,other materials and consum.	20.330.572	14.157.694	16.328.120
. Services received	2.055.397	1.605.985	1.495.095
. Leases and rentals	1.443.954	1.213.865	1.034.147
. Payroll and related costs	3.444.967	2.842.888	2.518.566
. . Wages and salaries	2.392.673	2.039.231	1.812.087
. . Social security contributions	853.639	621.857	549.815
. . Employee termination indemnities	176.512	150.831	133.688
. . Pension and similar
. . Other costs	22.143	30.969	22.976
. Amortization and depreciation	927.054	758.560	613.979
. . Amortization of intangible fixed assets	545.881	480.475	388.436
. . Amortization of tangible fixed assets	352.850	257.800	208.801
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	28.323	20.285	16.742
. Changes in raw materials	-864.567	1.432.522	-1.895.280
. Provisions to risk reserves
. Other provisions
. Other operating costs	198.223	187.486	171.804
Total production costs	27.535.600	22.199.000	20.266.431
Diff. between value and cost of product.	6.900.847	4.392.896	4.741.664
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	3	350.001	14
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	125.902	23.178	3.349
. . 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	-79.954	-79.107	-166.247
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	45.951	294.072	-162.884
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	36.736	170.873	16.428
. . Gains on disposals
. . Other extraordinary income	36.736	170.873	16.428
. Extraordinary expense	-11.262	-15.007	-72.039
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-11.262	-15.007	-72.039
Total extraordinary income and expense	25.474	155.866	-55.611
Results before income taxes	6.972.272	4.842.834	4.523.169
. Taxes on current income	2.338.232	1.534.050	1.585.077
. . current taxes	2.338.232	1.534.050	1.585.077
. . differed taxes(anticip.)
. Net income for the period	4.634.040	3.308.784	2.938.092
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	4.634.040	3.308.784	2.938.092

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	0,30	0,31	0,33	0,09
Elasticity Ratio	Units	0,67	0,64	0,58	0,89
Availability of stock	Units	0,14	0,14	0,24	0,26
Total Liquidity Ratio	Units	0,53	0,50	0,34	0,54
Quick Ratio	Units	0,36	0,37	0,24	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	n.c.	3,95
Self Financing Ratio	Units	0,66	0,67	0,64	0,17
Capital protection Ratio	Units	0,73	0,76	0,74	0,62
Liabilities consolidation quotient	Units	0,26	0,50	0,61	0,10
Financing	Units	0,45	0,44	0,51	4,85
Permanent Indebtedness Ratio	Units	0,73	0,77	0,77	0,29
M/L term Debts Ratio	Units	0,07	0,10	0,13	0,07
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,04
CORRELATION
Fixed assets ratio	Units	2,42	2,49	2,32	2,37
Current ratio	Units	2,66	3,06	2,73	1,18
Acid Test Ratio-Liquidity Ratio	Units	2,09	2,40	1,60	0,80
Structure's primary quotient	Units	2,20	2,16	1,92	1,48
Treasury's primary quotient	Units	1,42	1,77	1,12	0,04
Rate of indebtedness ( Leverage )	%	150,51	149,97	156,98	602,26
Current Capital ( net )	Value	11.164.522	9.170.466	6.695.655	191.984
RETURN
Return on Sales	%	16,32	15,47	14,36	2,03
Return on Equity - Net- ( R.O.E. )	%	26,09	23,31	25,36	6,31
Return on Equity - Gross - ( R.O.E. )	%	39,25	34,12	39,04	17,00
Return on Investment ( R.O.I. )	%	25,81	20,64	26,07	4,18
Return/ Sales	%	20,25	16,71	19,17	3,46
Extra Management revenues/charges incid.	%	67,15	75,32	61,96	27,96
Cash Flow	Value	5.561.094	4.067.344	3.552.071	44.823
Operating Profit	Value	6.900.847	4.392.896	4.741.664	74.603
Gross Operating Margin	Value	7.827.901	5.151.456	5.355.643	111.383
MANAGEMENT
Credits to clients average term	Days	27,03	25,15	12,69	113,70
Debts to suppliers average term	Days	58,40	59,08	40,24	118,14
Average stock waiting period	Days	40,47	40,38	63,77	72,90
Rate of capital employed return ( Turnover )	Units	1,27	1,23	1,36	1,25
Rate of stock return	Units	8,90	8,91	5,65	4,88
Labour cost incidence	%	10,11	10,81	10,18	8,14
Net financial revenues/ charges incidence	%	0,13	1,12	-0,66	-1,38
Labour cost on purchasing expenses	%	12,51	12,81	12,43	8,25
Short-term financing charges	%	1,01	1,28	2,84	2,76
Capital on hand	%	78,44	80,98	73,54	79,85
Sales pro employee	Value	274.856	262.866	380.497	397.742
Labour cost pro employee	Value	27.781	28.428	38.747	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	:	$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Spazio.gif$ 944.297
Population living in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Spazio.gif$ 425
- per non food products	:	$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\VIVEK\Foreign Report Raw2\Scout S.r.l_files\Spazio.gif$ 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

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.720.

The insolvency index for the region is 0,46, , while for the province it is 0,40.

Total Bankrupt companies in the province : 4.335.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.16
UK Pound	1	Rs.94.28
Euro	1	Rs.73.73

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

RATING EXPLANATIONS

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

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

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

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

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Company Name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit