MIRA INFORM REPORT

Report No. :	333433
Report Date :	23.07.2015

IDENTIFICATION DETAILS

Name :	FREDDITALIA INTERNATIONAL SPA
Registered Office :	Via Dei Rigattieri, S.C. LOC. LA Valle 58043 - Castiglione della Pescaia (GR)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	31.12.1980
Legal Form :	Joint stock company
Line of Business :	Wholesale of food, beverages and tobacco Non-specialised wholesale of deep-frozen products Retail sale of deep-frozen products
No. of Employee :	From 51 to 70

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 153,075
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	A1	A1

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

ITALY ECONOMIC OVERVIEW

Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

FREDDITALIA INTERNATIONAL SPA

Via Dei Rigattieri, S.C. LOC. LA VALLE 58043 - Castiglione della Pescaia (GR) -IT-

Summary

Fiscal Code	:	00640480539
Legal Form	:	Joint stock company
start of Activities	:	31/12/1980
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 51 to 70

Credit Analysis

Credit Opinion

:

140.000 -

Activity

Wholesale of food, beverages and tobacco

Non-specialised wholesale of deep-frozen products

Retail sale of deep-frozen products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00640480539

Foreign Trade Reg. no. : GR001167 since 06/03/1992

Chamber of Commerce no. : 64599 of Grosseto since 02/10/1981

Chamber of Commerce no. : 121040 of Livorno

Firms' Register : GR011-3683 of Grosseto since 19/02/1996

V.A.T. Code : 00640480539

Foundation date	: 17/09/1981
Establishment date	: 17/09/1981
Start of Activities	: 31/12/1980
Legal duration	: 31/12/2050
Nominal Capital	: 1.300.000
Subscribed Capital	: 1.300.000
Paid up Capital	: 1.300.000

Legal mail :

FREDDITALIA@PEC.IT

Members

Armellini

Marcello

Born in Castiglione della Pescaia

(GR)

on 03/12/1940

- Fiscal Code : RMLMCL40T03C310P

Residence:

Adamello

, 6

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/10/2014
Assistant board Chairman	29/10/2014

No Prejudicial events are reported

No Protests registered

Iacobbe

Bruno

Born in Francia

( )

on 29/06/1950

- Fiscal Code : CBBBRN50H29Z110E

Residence:

La Santa

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/10/2014

No Prejudicial events are reported

Armellini

Andrea

Born in Piombino

(LI)

on 20/12/1965

- Fiscal Code : RMLNDR65T20G687O

Residence:

Le Vigne

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director
Director	29/10/2014
Board Chairman	29/10/2014

No Prejudicial events are reported

No Protests registered

Armellini

Andrea

Born in Piombino

(LI)

on 20/12/1965

- Fiscal Code : RMLNDR65T20G687O

Residence:

Le Vigne

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

Armellini

Marcello

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Scandinavian Brokerage Italia Srl	Castiglione della Pescaia (GR) - IT -	01080870536	Managing Director	Withdrawn	Registered
Hockey Club Castiglione S.r.l.	Castiglione della Pescaia (GR) - IT -	00937560530	Managing Director	Withdrawn	Ceased
Hockey Club Castiglione S.r.l.	Castiglione della Pescaia (GR) - IT -	00937560530	Director	Withdrawn	Ceased
Castiglione Isolabella S.r.l.	Castiglione della Pescaia (GR) - IT -	01199140532	Liquidator	Active	Registered
Castiglione Isolabella S.r.l.	Castiglione della Pescaia (GR) - IT -	01199140532	Board Chairman	Withdrawn	Registered
Fredditalia Di Armellini E C. S.n.c.	Castiglione della Pescaia (GR) - IT -	00080620537	Director	Withdrawn	Ceased
Fredditalia Di Armellini E C. S.n.c.	Castiglione della Pescaia (GR) - IT -	00080620537	Partner	Withdrawn	Ceased
Ares Di Trapani Giancarlo E C. Sas	Monteroni d'Arbia (SI) - IT -	00214750523	Limited Partner	Withdrawn	Ceased

Armellini

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cosfer Srl	Collesalvetti (LI) - IT -	00380470492	Sole Director	Withdrawn	Registered
Se.com. S.r.l.	Castiglione della Pescaia (GR) - IT -	00942690538	Sole Director	Withdrawn	Registered
Se.com. S.r.l.	Castiglione della Pescaia (GR) - IT -	00942690538	Liquidator	Withdrawn	Registered
La Nuova Primizia Srl	Sutri (VT) - IT -	01377540560	Liquidator	Withdrawn	Ceased
Fred S.r.l.	Castiglione della Pescaia (GR) - IT -	01073000539	Sole Director	Withdrawn	Registered
Fred S.r.l.	Castiglione della Pescaia (GR) - IT -	01073000539	Liquidator	Withdrawn	Registered
Castiglione Isolabella S.r.l.	Castiglione della Pescaia (GR) - IT -	01199140532	Assistant board Chairman	Withdrawn	Registered
Fredditalia Di Armellini E C. S.n.c.	Castiglione della Pescaia (GR) - IT -	00080620537	Partner	Withdrawn	Ceased
Iacobbe Bruno	Castiglione della Pescaia (GR) - IT -	CBBBRN50H29Z110E	Proprietor	Withdrawn	Ceased

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
Armellini Andrea	Castiglione della Pescaia - IT -	RMLNDR65T20G687O	1.222.000 .Eur	94,00
Miranda Salvatore		MRNSVT68S25F839S	78.000 .Eur	6,00

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
Cosfer Srl	Collesalvetti - IT -	00380470492	97.812 .Eur	99,00			Active
Castiglione Isolabella S.r.l.	Castiglione della Pescaia - IT -	01199140532	50.000 .Eur	50,00			Active
Consorzio Grosseto Energia - Societa' Co nsortile R.l. In Breve Co.gr.e. S.c.r.	Grosseto - IT -	01251730535	800 .Eur	1,96			Active

Firm's location and structure

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

-

Legal and operative seat

(Point of sale)

since 17/09/1981

Dei Rigattieri

, S.C.

- 58043

- Castiglione della Pescaia

(GR)

- IT -

Total Surface: 20 Sq.mt.

Legal mail

: FREDDITALIA@PEC.IT

-

Branch

(office)

since 01/02/2002

Dei Vasai

, SNC

- 58043

- Castiglione della Pescaia

(GR)

- IT -

PHONE

: 0564933666

PHONE

: 0564937229

FAX	: 0564953314

-

Branch

(Warehouse)

since 15/02/2001

Sacco E Vanzetti

, 1/B

- 57014

- Collesalvetti

(LI)

- IT -

Employees

: 51

Fittings and Equipment for a value of 290.000

Eur

Stocks for a value of 8.200.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

Import comes generally from the following nations:

- Greece

- Spain

- Germany

- France

- Norway

- Belgium

- Denmark

- Holland

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 1980

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

During the last years, it achieved profits (r.o.e. 1,82% on 2013) with a stable trend in the turnover.

The operating result was positive in the last financial year (4,51%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 1.016.162 with no increase in relation to the financial year 2012.

A gross operating margine for a value of Eur. 1.155.462 was reached. , stable if compared to the year before.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 4,38 which is decreasing.

Subject can manage an equity capital funds for an amount of Eur. 3.948.193 , unchanged if compared to 2012.

Total debts (both short and M/L term) equals Eur. 17.552.273, showing a stable trend as opposed to 2012 (Eur. 17.773.187).

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 66,12 gg. is the payments' average time which is also lower than the sector average.

Liquidity is not at its best.

On average trade credits are collected in 85,28 days. , longer than the sector's average.

Eur. 211.046 is the value of cash flow during the year 2013

During 2013 financial year labour costs amounted to Eur. 2.175.680, with a 6,86% incidence on production costs. and a 6,68% incidence on sales volumes.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-1,98%).

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	32.586.959
Profit (Loss) for the period	71.746

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	31.394.538
Profit (Loss) for the period	68.444

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	31.866.963
Profit (Loss) for the period	59.107

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	30.371.047
Profit (Loss) for the period	34.160

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	31.250.490
Profit (Loss) for the period	-409.051

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,etc.	11.003	12.431	13.860
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	13.861	20.994	28.953
. Total Intangible Fixed Assets	24.864	33.425	42.813
. TANGIBLE FIXED ASSETS
. . Real estate	3.911.093	3.692.032	3.674.773
. . Plant and machinery	171.847	195.809	217.514
. . Industrial and commercial equipment	119.880	83.701	97.477
. . Other assets	317.800	277.582	265.586
. . Assets under construction and advances
. Total Tangible fixed assets	4.520.620	4.249.124	4.255.350
. FINANCIAL FIXED ASSETS
. . Equity investments	950.253	950.253	950.253
. . . Equity invest. in subsidiary companies	918.536	918.536	918.536
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	31.717	31.717	31.717
. . Financial receivables	87.346	85.482	80.482
. . . . Within 12 months
. . . . Beyond 12 months	87.346	85.482	80.482
. . . 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	87.346	85.482	80.482
. . . . Within 12 months
. . . . Beyond 12 months	87.346	85.482	80.482
. . Other securities	33.284	32.298	31.738
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.070.883	1.068.033	1.062.473
Total fixed assets	5.616.367	5.350.582	5.360.636
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	8.199.600	8.077.000	9.655.200
. . Advance payments
. Total Inventories	8.199.600	8.077.000	9.655.200
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	8.295.565	8.854.430	8.607.071
. . Beyond 12 months			30.646
. . Trade receivables	7.719.297	8.145.120	7.937.565
. . . . Within 12 months	7.719.297	8.145.120	7.937.565
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.411	29
. . . . Within 12 months	1.411	29
. . . . 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	418.705	437.433	510.228
. . . . Within 12 months	418.705	437.433	510.228
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	156.152	271.848	189.924
. . . . Within 12 months	156.152	271.848	159.278
. . . . Beyond 12 months			30.646
. Total Credits not held as fixed assets	8.295.565	8.854.430	8.637.717
. 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	191.703	5.692	299.228
. . Checks
. . Banknotes and coins	51.045	80.145	81.028
. Total Liquid funds	242.748	85.837	380.256
Total current assets	16.737.913	17.017.267	18.673.173
ADJUSTMENT ACCOUNTS
. Discount on loans	153.500	149.458	142.663
. Other adjustment accounts
Total adjustments accounts	153.500	149.458	142.663
TOTAL ASSETS	22.507.780	22.517.307	24.176.472
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.300.000	1.300.000	1.300.000
. Additional paid-in capital
. Revaluation reserves	2.245.733	2.180.712	2.124.560
. Legal reserve	196.314	192.892	189.937
. Reserve for Own shares
. Statute reserves
. Other reserves	62.654	62.654	62.654
. Accumulated Profits (Losses)
. Profit( loss) of the year	143.492	136.888	59.107
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	3.948.193	3.873.146	3.736.258
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	944.539	864.669	801.162
ACCOUNTS PAYABLE
. . . . Within 12 months	17.552.273	17.773.187	15.759.349
. . . . Beyond 12 months			3.814.144
. . 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	11.710.272	10.673.246	11.347.624
. . . . Within 12 months	11.710.272	10.673.246	7.533.480
. . . . Beyond 12 months			3.814.144
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	1.612.646	1.599.696	1.795.810
. . . . Within 12 months	1.612.646	1.599.696	1.795.810
. . . . Beyond 12 months
. . Securities issued	1.100.000	1.950.000	1.600.000
. . . . Within 12 months	1.100.000	1.950.000	1.600.000
. . . . Beyond 12 months
. . Due to subsidiary companies	2.505.995	2.904.645	4.248.819
. . . . Within 12 months	2.505.995	2.904.645	4.248.819
. . . . 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	362.944	327.259	312.526
. . . . Within 12 months	362.944	327.259	312.526
. . . . Beyond 12 months
. . Due to social security and welfare inst.	102.713	92.815	84.241
. . . . Within 12 months	102.713	92.815	84.241
. . . . Beyond 12 months
. . Other payables	157.703	225.526	184.473
. . . . Within 12 months	157.703	225.526	184.473
. . . . Beyond 12 months
Total accounts payable	17.552.273	17.773.187	19.573.493
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	134.521	74.749	65.559
Total adjustment accounts	134.521	74.749	65.559
TOTAL LIABILITIES	22.579.526	22.585.751	24.176.472

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	8.428.665	9.024.525	8.558.653
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	32.586.959	31.394.538	31.866.963
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	162.057	60.487	259.350
. . Contributions for operating expenses
. . Different income and revenues	162.057	60.487	259.350
Total value of production	32.749.016	31.455.025	32.126.313
PRODUCTION COSTS
. Raw material,other materials and consum.	24.396.572	22.334.513	26.649.704
. Services received			3.328.105
. Leases and rentals	4.018.389	3.690.009	319.581
. Payroll and related costs	2.175.680	2.021.588	1.884.902
. . Wages and salaries	1.587.807	1.480.404	1.374.742
. . Social security contributions	465.259	425.263	398.485
. . Employee termination indemnities	122.054	115.921	111.675
. . Pension and similar
. . Other costs	560
. Amortization and depreciation	139.300	135.347	133.714
. . Amortization of intangible fixed assets	12.061	11.636	12.283
. . Amortization of tangible fixed assets	107.513	100.975	99.745
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	19.726	22.736	21.686
. Changes in raw materials	-122.600	1.578.200	-1.939.193
. Provisions to risk reserves
. Other provisions
. Other operating costs	1.125.513	813.105	1.020.670
Total production costs	31.732.854	30.572.762	31.397.483
Diff. between value and cost of product.	1.016.162	882.263	728.830
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	301		946
. . In subsidiary companies
. . In associated companies
. . In other companies	301		946
. Other financial income	9.484	7.705	5.445
. . 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	491	1.167	560
. . Financ.income other than the above	8.993	6.538	4.885
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	8.993	6.538	4.885
. Interest and other financial expense	-653.606	-616.447	-413.601
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	653.606	616.447	413.601
Total financial income and expense	-643.821	-608.742	-407.210
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	602	437	275
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.	602	437	275
. . 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	602	437	275
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	12.259	60.971
. . Gains on disposals
. . Other extraordinary income	12.259	60.971
. Extraordinary expense	-14.679		-2.450
. . Losses on disposals
. . Taxes relating to prior years	-13.382
. . Other extraordinary expense	-1.297		-2.450
Total extraordinary income and expense	-2.420	60.971	-2.450
Results before income taxes	370.523	334.929	319.445
. Taxes on current income	298.777	266.485	260.338
. . current taxes	298.777	266.485	260.283
. . differed taxes(anticip.)			55
. Net income for the period	71.746	68.444	59.107
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	71.746	68.444	59.107

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	0,25	0,24	0,22	0,21
Elasticity Ratio	Units	0,74	0,76	0,77	0,76
Availability of stock	Units	0,36	0,36	0,40	0,26
Total Liquidity Ratio	Units	0,38	0,40	0,37	0,38
Quick Ratio	Units	0,01	0,00	0,02	0,06
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	4,38	4,57	4,12	4,71
Self Financing Ratio	Units	0,18	0,17	0,15	0,13
Capital protection Ratio	Units	0,63	0,63	0,64	0,47
Liabilities consolidation quotient	Units	0,05	0,05	0,29	0,14
Financing	Units	4,45	4,59	5,24	6,18
Permanent Indebtedness Ratio	Units	0,22	0,21	0,35	0,28
M/L term Debts Ratio	Units	0,04	0,04	0,19	0,09
Net Financial Indebtedness Ratio	Units	2,90	2,73	2,94	0,38
CORRELATION
Fixed assets ratio	Units	0,87	0,89	1,56	1,19
Current ratio	Units	0,95	0,96	1,18	1,04
Acid Test Ratio-Liquidity Ratio	Units	0,49	0,50	0,57	0,57
Structure's primary quotient	Units	0,70	0,72	0,70	0,65
Treasury's primary quotient	Units	0,01	0,00	0,02	0,10
Rate of indebtedness ( Leverage )	%	570,08	581,37	647,08	753,97
Current Capital ( net )	Value	-814.360	-755.920	2.913.824	13.820
RETURN
Return on Sales	%	0,65	0,65	0,61	1,76
Return on Equity - Net- ( R.O.E. )	%	1,82	1,77	1,58	6,97
Return on Equity - Gross - ( R.O.E. )	%	9,38	8,65	8,55	19,32
Return on Investment ( R.O.I. )	%	4,51	3,92	3,01	3,36
Return/ Sales	%	3,12	2,81	2,29	1,67
Extra Management revenues/charges incid.	%	7,06	7,76	8,11	34,61
Cash Flow	Value	211.046	203.791	192.821	30.555
Operating Profit	Value	1.016.162	882.263	728.830	28.817
Gross Operating Margin	Value	1.155.462	1.017.610	862.544	58.450
MANAGEMENT
Credits to clients average term	Days	85,28	93,40	89,67	20,73
Debts to suppliers average term	Days	66,12	89,28	90,84	94,63
Average stock waiting period	Days	90,58	92,62	109,07	42,55
Rate of capital employed return ( Turnover )	Units	1,45	1,39	1,32	1,99
Rate of stock return	Units	3,97	3,89	3,30	8,40
Labour cost incidence	%	6,68	6,44	5,91	8,75
Net financial revenues/ charges incidence	%	-1,98	-1,94	-1,28	-0,46
Labour cost on purchasing expenses	%	6,86	6,61	6,00	8,71
Short-term financing charges	%	3,72	3,47	2,11	1,61
Capital on hand	%	69,07	71,72	75,87	50,33
Sales pro employee	Value	486.372	498.326	549.430	305.836
Labour cost pro employee	Value	32.472	32.088	32.498	30.467

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	:	218.159
Population living in the region	:	3.598.269
Number of families in the region	:	1.474.681

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

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

Sector Data

The values are calculated on a base of 3.366 significant companies.

The companies cash their credits on an average of 21 dd.

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 1,76%.

The labour cost affects the turnover in the measure of 8,75%.

Goods are held in stock in a range of 43 dd.

The difference between the sales volume and the resources used to realize it is about 1,99.

The employees costs represent the 8,71% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 24.960 protested subjects are found; in the province they count to 1.483.

The insolvency index for the region is 0,70, , while for the province it is 0,69.

Total Bankrupt companies in the province : 782.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.53
UK Pound	1	Rs.99.19
Euro	1	Rs.69.60

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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