MIRA INFORM REPORT

Report No. :	332789
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	CONCERIA PASUBIO S.P.A.

Registered Office :	Via Seconda Strada, 38, 36071 - Arzignano (VI) -IT-

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	15.02.1966

Legal Form :	Joint Stock Company With Sole Shareholder

Line of Business :	Manufacture of leather and related products Preparation and tanning of leather; dressing and dyeing of fur

No. of Employees :	From 201 to 250

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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

CONCERIA PASUBIO S.P.A.

Via

Seconda Strada,

36071

- Arzignano

(VI)

-IT-

Summary

Fiscal Code	:	00165480245
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	15/02/1966
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 201 to 250

Activity

MANUFACTURE OF LEATHER AND RELATED PRODUCTS

Preparation and tanning of leather; dressing and dyeing of fur

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 00165480245

Foreign Trade Reg. no. : VI000179 since 26/11/1991

Foreign Trade Reg. no. : 179 of Vicenza since 26/11/1991

Foreign Trade Reg. no. : 000179 of Vicenza since 26/11/1991

Chamber of Commerce no. : 95047 of Vicenza since 19/02/1996

Firms' Register : VI116-4325 of Vicenza since 19/02/1996

V.A.T. Code : 00165480245

Tribunal Co. Register : 4325 of

Foundation date	: 15/02/1966
Establishment date	: 15/02/1966
Start of Activities	: 15/02/1966
Legal duration	: 31/12/2050
Nominal Capital	: 6.800.000
Subscribed Capital	: 6.800.000
Paid up Capital	: 6.800.000

Legal mail :

CONCERIAPASUBIOSPA@CERT.ASSIND.VI.IT

Members

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Pretto

Alberto

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Born in Arzignano

(VI)

on 08/05/1962

- Fiscal Code : PRTLRT62E08A459W

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Residence:

Venezia

, 34/B

- 36071

Arzignano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/04/2014
Managing Director	29/04/2014
Assistant board Chairman	29/04/2014

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No Prejudicial events are reported

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No Protests registered

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Pretto

Luca

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Born in Arzignano

(VI)

on 14/06/1969

- Fiscal Code : PRTLCU69H14A459A

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Residence:

Venezia

, 34

- 36071

Arzignano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/04/2014
Board Chairman	29/04/2014
Managing Director	29/04/2014

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No Prejudicial events are reported

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No Protests registered

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Mario Pretto Finanziaria S.r.l.

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Born

on 01/00/1960

- Fiscal Code : 03030560241

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Residence:

Lavoro

, 14

- 36071

Arzignano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	13/04/2012

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No Prejudicial events are reported

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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.

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Pretto

Alberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Celme S.r.l.	Montebello Vicentino (VI) - IT -	00160430245	Sole Director	Active	Registered
Celme S.r.l.	Montebello Vicentino (VI) - IT -	00160430245	Director	Withdrawn	Registered
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Managing Director	Withdrawn	Registered
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Director	Withdrawn	Registered
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Sole Director	Active	Registered
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Chairman and Managing Director	Withdrawn	Registered
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Board Chairman	Withdrawn	Registered
Conciaria Arzignanese Di Pretto Mario-peretti Domenico E C. S.a.s In Liquidazion	Arzignano (VI) - IT -	00462010240	Limited Partner	Active	Registered
Acque Del Chiampo S.p.a.	Arzignano (VI) - IT -	81000070243	Director	Withdrawn	Registered
Utiac Spa	Arzignano (VI) - IT -	02934120243	Director	Active	Registered
Mario Pretto Finanziaria S.r.l.	Arzignano (VI) - IT -	03030560241	Director	Active	Registered
Mario Pretto Finanziaria S.r.l.	Arzignano (VI) - IT -	03030560241	Board Chairman	Active	Registered
Impas S.r.l.	Arzignano (VI) - IT -	02754190243	Managing Director	Withdrawn	Registered
Impas S.r.l.	Arzignano (VI) - IT -	02754190243	Director	Withdrawn	Registered
La Societa' Privata Di Alberto Pretto -Societa' Semplice	Arzignano (VI) - IT -	03883510244	Partner	Active	Registered

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Pretto

Luca

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Managing Director	Withdrawn	Registered
Arzignanese S.r.l.	Arzignano (VI) - IT -	02306830247	Director	Withdrawn	Registered
Conciaria Arzignanese Di Pretto Mario-peretti Domenico E C. S.a.s In Liquidazion	Arzignano (VI) - IT -	00462010240	Limited Partner	Active	Registered
ECOPADANA S.R.L.	Arzignano (VI) - IT -	02121670240	Sole Director	Withdrawn	Registered
Utiac Spa	Arzignano (VI) - IT -	02934120243	Director	Withdrawn	Registered
Distretto Conciario Vicentino	Arzignano (VI) - IT -	03523100240	Baord of Directors' member	Withdrawn	Registered
Mario Pretto Finanziaria S.r.l.	Arzignano (VI) - IT -	03030560241	Director	Active	Registered
Impas S.r.l.	Arzignano (VI) - IT -	02754190243	Managing Director	Withdrawn	Registered
Impas S.r.l.	Arzignano (VI) - IT -	02754190243	Director	Withdrawn	Registered
Impas S.r.l.	Arzignano (VI) - IT -	02754190243	Sole Director	Withdrawn	Registered
Impas S.r.l.	Arzignano (VI) - IT -	02754190243	Board Chairman	Withdrawn	Registered
Pretto Food E Retail S.r.l.	Vicenza (VI) - IT -	03644400248	Partner	Withdrawn	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive.

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
Mario Pretto Finanziaria S.r.l.	Arzignano - IT -	03030560241		100,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Intesa Holding S.p.a.	Chiampo - IT -	01905000244	85.207 .Eur	2,98			Active
Utiac Spa	Arzignano - IT -	02934120243	22.150 .Eur	1,29			Active

Firm's location and structure

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

Legal and operative seat

(Factory)

Seconda Strada

, 38

- 36071

- Arzignano

(VI)

- IT -

PHONE

: 0444472601

FAX

: 0444676921

Legal mail

: CONCERIAPASUBIOSPA@CERT.ASSIND.VI.IT

Branch

(Warehouse)

since 01/12/2008

Baracca

- 36071

- Arzignano

(VI)

- IT -

Branch

(Warehouse)

since 23/01/2013

		Sesta Strada	, 65 Z.I.	- 36071	- Arzignano	(VI)	- IT -
-	Branch	(Store)	since 01/09/2014

Casette

, 3

- 36045

- Lonigo

(VI)

- IT -

Branch

(Factory)

since 26/05/2015

Localita' Colombara

, 76

- 36070

- Trissino

(VI)

- IT -

Employees

: 232

Assistants

: 3

Fittings and Equipment for a value of 1.160.000

Eur

Stocks for a value of 43.520.000

Eur

Furniture and fittings for a value of 57.000

Eur

Vehicles for a value of 41.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- Poland

- Hungary

- France

- Great Britain

- Germany

- Belgium

- Sweden

- Holland

Export is mainly towards:

- Italy

- Austria

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited partnership	Joint stock company	15/12/1977

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA POPOLARE DI VICENZA SCPA	ARZIGNANO AG.1	VIALE DEL LAVORO	36071	Arzignano	5728	60121
UNICREDIT BANCA SPA					2008	0
INTESA SANPAOLO SPA					3069	0

Financial and Economical Analysis

Subject is active since 1966

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 21,16% on 2013) with a good increase in turnover (+18,45% in 2013 compared to 2012 and +5,44% in 2012 compared to 2011).

The operating result in 2013 was positive (18,61%) and reflects the field's average.

The amount of the operating result for the year 2013 is of Eur. 19.036.121 ,showing stability in respect to the value of 2012.

The G.O.M. amounted to Eur. 20.009.472 stable if compared to the financial year 2012.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,75 increasing compared to last year (0,74)

The management generated equity capital for an amount of Eur. 49.073.400 , increasing by 20,6% if compared to the year before.

In the year 2013 total debts amounted to Eur. 49.819.329 on the same levels as the year before.

Bank exsposure is limited and the suppliers' credit is modest too, 67,92 gg. is the payment average period which is within the sector's average.

The management determines a good range of liquidity.

Credits are collected in 69,73 days on the average. , a better value than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 11.356.015

During 2013 financial year labour costs amounted to Eur. 10.069.471, with a 5,48% incidence on production costs. , whereas the incidence on sales revenues is of 5,16%.

The incidence of the financial charges is of -0,58% on the sales amount.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	195.112.238
Profit (Loss) for the period	10.382.664

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	164.712.759
Profit (Loss) for the period	10.311.263

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	156.204.537
Profit (Loss) for the period	8.106.816

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	129.239.435
Profit (Loss) for the period	7.801.469

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Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	84.202.279
Profit (Loss) for the period	1.015.222

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.
. . Industrial patent rights
. . Concessions,licenses,trademarks.
. . Goodwill	170.400
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	20.500	7.550	3.621
. Total Intangible Fixed Assets	190.900	7.550	3.621
. TANGIBLE FIXED ASSETS
. . Real estate	13.655.544	13.844.617	14.190.927
. . Plant and machinery	594.494	580.050	606.234
. . Industrial and commercial equipment	568.797	382.658	313.986
. . Other assets	116.077	135.563	79.865
. . Assets under construction and advances
. Total Tangible fixed assets	14.934.912	14.942.888	15.191.012
. FINANCIAL FIXED ASSETS
. . Equity investments	126.924	126.924	126.924
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	126.924	126.924	126.924
. . 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	126.924	126.924	126.924
Total fixed assets	15.252.736	15.077.362	15.321.557
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	12.423.534	13.804.767	12.662.862
. . Work in progress and semimanufactured	27.197.896	19.857.846	18.049.256
. . Work in progress on order
. . Finished goods	3.902.548	4.503.467	4.686.430
. . Advance payments
. Total Inventories	43.523.978	38.166.080	35.398.548
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	38.573.821	34.000.352	39.523.138
. . Beyond 12 months	1.056.679	855.689	1.217.176
. . Trade receivables	37.792.821	33.593.861	39.427.776
. . . . Within 12 months	37.792.821	33.593.861	39.427.776
. . . . 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	934.596	412.227	408.770
. . . . Within 12 months	732.213	353.204	55.226
. . . . Beyond 12 months	202.383	59.023	353.544
. . Receivables for anticipated taxes	848.868	791.331	858.297
. . . . Within 12 months
. . . . Beyond 12 months	848.868	791.331	858.297
. . Receivables due from third parties	54.215	58.622	45.471
. . . . Within 12 months	48.787	53.287	40.136
. . . . Beyond 12 months	5.428	5.335	5.335
. Total Credits not held as fixed assets	39.630.500	34.856.041	40.740.314
. 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	3.713.991	3.034.161	2.498.588
. . Checks
. . Banknotes and coins	6.419	4.575	3.984
. Total Liquid funds	3.720.410	3.038.736	2.502.572
Total current assets	86.874.888	76.060.857	78.641.434
ADJUSTMENT ACCOUNTS
. Discount on loans	153.290	107.895	95.863
. Other adjustment accounts
Total adjustments accounts	153.290	107.895	95.863
TOTAL ASSETS	102.280.914	91.246.114	94.058.854

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	6.800.000	6.800.000	6.800.000
. Additional paid-in capital
. Revaluation reserves	10.290.247	10.290.247	10.290.247
. Legal reserve	1.446.523	1.446.523	1.041.182
. Reserve for Own shares
. Statute reserves
. Other reserves	20.153.966	11.842.701	14.741.224
. Accumulated Profits (Losses)
. Profit( loss) of the year	10.382.664	10.311.263	8.106.816
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	49.073.400	40.690.734	40.979.469
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	250.000	150.000	14.377
. . Taxation fund, also differed	1.275.102	4.558.415	7.275.102
. . Other funds	400.000
Total Reserves for Risks and Charges	1.925.102	4.708.415	7.289.479
Employee termination indemnities	1.206.916	1.265.063	1.313.448
ACCOUNTS PAYABLE
. . . . Within 12 months	40.297.597	33.182.431	40.953.262
. . . . Beyond 12 months	9.521.732	11.231.112	3.350.000
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	13.618.495	23.560.804	21.796.655
. . . . Within 12 months	4.096.763	12.329.692	18.446.655
. . . . Beyond 12 months	9.521.732	11.231.112	3.350.000
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	32.305.654	17.920.767	20.471.562
. . . . Within 12 months	32.305.654	17.920.767	20.471.562
. . . . 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	1.377.393	922.613	225.659
. . . . Within 12 months	1.377.393	922.613	225.659
. . . . Beyond 12 months
. . Due to social security and welfare inst.	915.493	777.656	709.944
. . . . Within 12 months	915.493	777.656	709.944
. . . . Beyond 12 months
. . Other payables	1.602.294	1.231.703	1.099.442
. . . . Within 12 months	1.602.294	1.231.703	1.099.442
. . . . Beyond 12 months
Total accounts payable	49.819.329	44.413.543	44.303.262
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	256.167	168.359	173.196
Total adjustment accounts	256.167	168.359	173.196
TOTAL LIABILITIES	102.280.914	91.246.114	94.058.854

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	12.000.000	12.000.000	12.000.000
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	195.112.238	164.712.759	156.204.537
. Changes in work in progress	6.739.131	1.625.627	1.375.198
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	974.799	1.475.949	2.947.636
. . Contributions for operating expenses
. . Different income and revenues	974.799	1.475.949	2.947.636
Total value of production	202.826.168	167.814.335	160.527.371
PRODUCTION COSTS
. Raw material,other materials and consum.	133.283.035	109.606.893	105.305.094
. Services received
. Leases and rentals	37.958.582	33.049.108	31.792.814
. Payroll and related costs	10.069.471	8.921.878	8.198.876
. . Wages and salaries	6.451.222	5.918.365	5.422.417
. . Social security contributions	2.616.641	2.321.433	2.210.345
. . Employee termination indemnities	23.005	39.904	44.557
. . Pension and similar
. . Other costs	978.603	642.176	521.557
. Amortization and depreciation	973.351	847.411	2.395.611
. . Amortization of intangible fixed assets	72.361	1.478	767
. . Amortization of tangible fixed assets	828.226	770.904	740.096
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	72.764	75.029	1.654.748
. Changes in raw materials	1.381.233	-1.141.905	466.047
. Provisions to risk reserves
. Other provisions
. Other operating costs	124.375	103.799	93.484
Total production costs	183.790.047	151.387.184	148.251.926
Diff. between value and cost of product.	19.036.121	16.427.151	12.275.445
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	24.579	24.579	19.530
. . In subsidiary companies
. . In associated companies
. . In other companies	24.579	24.579	19.530
. Other financial income	27.197	66.680	9.110
. . 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	27.197	66.680	9.110
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	27.197	66.680	9.110
. Interest and other financial expense	-1.184.277	-1.552.422	-335.872
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	1.184.277	1.552.422	335.872
Total financial income and expense	-1.132.501	-1.461.163	-307.232
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	485.573	594.001	85.556
. . Gains on disposals	4.810	7.413	3.846
. . Other extraordinary income	480.763	586.588	81.710
. Extraordinary expense	-2.461.714	-9.508	-14.604
. . Losses on disposals	-260	-7.378
. . Taxes relating to prior years
. . Other extraordinary expense	-2.461.454	-2.130	-14.604
Total extraordinary income and expense	-1.976.141	584.493	70.952
Results before income taxes	15.927.479	15.550.481	12.039.165
. Taxes on current income	5.544.815	5.239.218	3.932.349
. . current taxes	5.602.352	5.172.252	4.406.627
. . differed taxes(anticip.)	-57.537	66.966	-474.278
. Net income for the period	10.382.664	10.311.263	8.106.816
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	10.382.664	10.311.263	8.106.816

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	0,15	0,17	0,16	0,18
Elasticity Ratio	Units	0,85	0,83	0,84	0,64
Availability of stock	Units	0,43	0,42	0,38	0,21
Total Liquidity Ratio	Units	0,42	0,42	0,46	0,48
Quick Ratio	Units	0,04	0,03	0,03	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,75	0,74	0,94	2,42
Self Financing Ratio	Units	0,48	0,45	0,44	0,27
Capital protection Ratio	Units	0,65	0,58	0,64	0,76
Liabilities consolidation quotient	Units	0,27	0,38	0,11	0,14
Financing	Units	1,02	1,09	1,08	2,71
Permanent Indebtedness Ratio	Units	0,58	0,58	0,49	0,38
M/L term Debts Ratio	Units	0,10	0,14	0,05	0,11
Net Financial Indebtedness Ratio	Units	0,20	0,50	0,47	0,98
CORRELATION
Fixed assets ratio	Units	3,92	3,53	2,98	1,44
Current ratio	Units	2,16	2,29	1,92	1,50
Acid Test Ratio-Liquidity Ratio	Units	1,08	1,14	1,06	0,99
Structure's primary quotient	Units	3,22	2,70	2,67	0,85
Treasury's primary quotient	Units	0,09	0,09	0,06	0,02
Rate of indebtedness ( Leverage )	%	208,42	224,24	229,53	396,54
Current Capital ( net )	Value	46.577.291	42.878.426	37.688.172	284.305
RETURN
Return on Sales	%	5,82	6,77	6,72	2,67
Return on Equity - Net- ( R.O.E. )	%	21,16	25,34	19,78	2,91
Return on Equity - Gross - ( R.O.E. )	%	32,46	38,22	29,38	10,29
Return on Investment ( R.O.I. )	%	18,61	18,00	13,05	4,36
Return/ Sales	%	9,76	9,97	7,86	3,99
Extra Management revenues/charges incid.	%	54,54	62,77	66,04	26,62
Cash Flow	Value	11.356.015	11.158.674	10.502.427	129.500
Operating Profit	Value	19.036.121	16.427.151	12.275.445	136.579
Gross Operating Margin	Value	20.009.472	17.274.562	14.671.056	221.490
MANAGEMENT
Credits to clients average term	Days	69,73	73,42	90,87	100,44
Debts to suppliers average term	Days	67,92	45,22	53,76	83,30
Average stock waiting period	Days	80,31	83,42	81,58	47,88
Rate of capital employed return ( Turnover )	Units	1,91	1,81	1,66	1,27
Rate of stock return	Units	4,48	4,32	4,41	6,74
Labour cost incidence	%	5,16	5,42	5,25	13,93
Net financial revenues/ charges incidence	%	-0,58	-0,89	-0,20	-1,34
Labour cost on purchasing expenses	%	5,48	5,89	5,53	10,83
Short-term financing charges	%	2,38	3,50	0,76	3,90
Capital on hand	%	52,42	55,40	60,22	69,21
Sales pro employee	Value	621.376	592.491	610.173	258.533
Labour cost pro employee	Value	32.068	32.093	32.026	29.254

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	:	$Description: C:\Users\Tushar\AppData\Local\Temp\Rar$EXa0.952\Spazio.gif$ 831.356
Population living in the region	:	$Description: C:\Users\Tushar\AppData\Local\Temp\Rar$EXa0.952\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: C:\Users\Tushar\AppData\Local\Temp\Rar$EXa0.952\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: C:\Users\Tushar\AppData\Local\Temp\Rar$EXa0.952\Spazio.gif$ 456
- per non food products	:	$Description: C:\Users\Tushar\AppData\Local\Temp\Rar$EXa0.952\Spazio.gif$ 2.052
- per energy consume	:	$Description: C:\Users\Tushar\AppData\Local\Temp\Rar$EXa0.952\Spazio.gif$ 127

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.49
UK Pound	1	Rs.99.43
Euro	1	Rs.69.14

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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

Bankers

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Statistical Detrimental Data

Unit