MIRA INFORM REPORT

Report No. :	333280
Report Date :	25.07.2015

IDENTIFICATION DETAILS

Name :	LAMACART S.P.A.
Registered Office :	Via I Maggio, 14 37069 - Villafranca di Verona (VR)-IT
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	28.12.1978
Legal Form :	Joint stock company
Line of Business :	Manufacture of articles of paper and cardboard recovery and preparation for recycling of solid urban, industrial and biomasses waste
No. of Employees :	From 51 to 70

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Italy	A1	A1

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

ITALY - ECONOMIC OVERVIEW

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

Source : CIA

Company Name and address

Lamacart S.p.a.

Via

I Maggio,

14

37069

- Villafranca di Verona

(VR)

-IT-

Summary

Fiscal Code	00803800234
Legal Form	Joint stock company
start of Activities	23/04/1980
Equity	Over 2.582.254
Turnover Range	75.000.000/100.000.000
Number of Employees	from 51 to 70

Activity

Manufacture of articles of paper and cardboard

Recovery and preparation for recycling of solid urban, industrial and biomasses waste

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00803800234

Foreign Trade Reg. no. : VR025043 since 23/02/1994

Foreign Trade Reg. no. : 025043 of Verona since 23/02/1994

Chamber of Commerce no. : 160065 of Verona since 27/02/1979

Firms' Register : VR091-11340 of Verona since 19/02/1996

V.A.T. Code : 00803800234

R. E. C. no. : 30963 of Verona since 23/04/1980

R. E. C. no. : 0030963 of Verona since 23/04/1980

Tribunal Co. Register : 11340 of

Foundation date	: 28/12/1978
Establishment date	: 28/12/1978
Start of Activities	: 23/04/1980
Legal duration	: 31/12/2024
Nominal Capital	: 4.000.000
Subscribed Capital	: 4.000.000
Paid up Capital	: 4.000.000

Legal mail :

LAMACART@PECSICURA.IT

Members

Nicolis

Thomas

Born in Villafranca di Verona

(VR)

on 24/12/1971

- Fiscal Code : NCLTMS71T24L949Z

Residence:

Garibaldi

, 33

- 37069

Villafranca di Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2015
Board Chairman	08/05/2015

No Prejudicial events are reported

No Protests registered

Nicolis

Silvia

Born in Villafranca di Verona

(VR)

on 08/08/1973

- Fiscal Code : NCLSLV73M48L949F

Residence:

E. De Nicolis

, 6

- 37121

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2015

No Prejudicial events are reported

Merlo

Andrea

Born in Milano

(MI)

on 27/12/1956

- Fiscal Code : MRLNDR56T27F205V

Residence:

Marsala

, 17

- 37128

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	08/05/2015

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.

Nicolis

Thomas

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Trade-car S.r.l. In Liquidazione	Villafranca di Verona (VR) - IT -	00848530234	Chairman	Withdrawn	Registered
Nicar S.r.l.	Villafranca di Verona (VR) - IT -	02037200231	Director	Active	Registered
Boninsegna S.r.l.	Oppeano (VR) - IT -	02829180237	Sole Director	Active	Registered
Sterl S.a.s. Di Thomas Nicolis E C.	Villafranca di Verona (VR) - IT -	03087210237	General Partner	Active	Registered
Sterl S.a.s. Di Thomas Nicolis E C.	Villafranca di Verona (VR) - IT -	03087210237	Limited Partner	Withdrawn	Registered
Globeco S.r.l. In Liquidazione	Verona (VR) - IT -	03220070233	Board Chairman	Withdrawn	Registered
Nova Papyra S.r.l.	Villafranca di Verona (VR) - IT -	03438340238	Director	Active	Registered
Luciano Nicolis Collection S.a.s., Di Silvia Nicolis E C.	Villafranca di Verona (VR) - IT -	03861700239	Limited Partner	Active	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
Lamacart S.p.a.	Villafranca di Verona - IT -	00803800234	300.000 .Eur	7,50
Nicolis Thomas	Villafranca di Verona - IT -	NCLTMS71T24L949Z	3.500.000 .Eur	87,50
MORANDINI CAMILLO		MRNCLL38L25L949H	100.000 .Eur	2,50
Nicolis Silvia	Verona - IT -	NCLSLV73M48L949F	3.500.000 .Eur	87,50

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
Lamacart S.p.a.	Villafranca di Verona - IT -	00803800234	300.000 .Eur	7,50			Active
Compagnia Investimenti E Sviluppo - C.i. s. S.p.a. In Sigla Cis Spa	Villafranca di Verona - IT -	02465570238	443.625 .Eur	0,58			Active
Nicar S.r.l.	Villafranca di Verona - IT -	02037200231	18.200 .Eur	2,27			Active
Boninsegna S.r.l.	Oppeano - IT -	02829180237	20.384 .Eur	49,00			Active
Apicaf S.p.a.	Varese - IT -	02522640123	1 .Eur				Active
Nova Papyra S.r.l.	Villafranca di Verona - IT -	03438340238	34.000 .Eur	34,00			Active

Firm's location and structure

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

-	Legal and operative seat

I Maggio

, 14

- 37069

- Villafranca di Verona

(VR)

- IT -

TELEX

: 431129

PHONE

: 0457900677

FAX	: 0457900106

Legal mail

: LAMACART@PECSICURA.IT

-

Branch

(Store)

since 15/01/2003

Austria

, 1

- 37069

- Villafranca di Verona

(VR)

- IT -

-

Branch

(Store)

since 09/04/2008

Francia

, 45

- 37069

- Villafranca di Verona

(VR)

- IT -

-

Branch

(Warehouse)

since 14/11/2011

Spagna

, 12

- 37069

- Villafranca di Verona

(VR)

- IT -

-

Branch

(Warehouse)

since 16/12/2011

Primo Maggio

, 3

- 37069

- Villafranca di Verona

(VR)

- IT -

-

Branch

(Warehouse)

since 01/11/2012

Austria

, 2

- 37069

- Villafranca di Verona

(VR)

- IT -

Employees

: 59

Assistants

: 1

Fittings and Equipment for a value of 2.370.000

Eur

Stocks for a value of 7.830.000

Eur

Vehicles for a value of 440.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Fover Alluminio S.p.a.

Francia

, 45

, 37069

, Villafranca di Verona

(VR)

- IT -

Fiscal Code: 01683680233

Date

Merging/splitting-up project:

01/10/2009

The firm absorbed by merging of

Fover Alluminio S.p.a.

Francia

, 45

, 37069

, Villafranca di Verona

(VR)

- IT -

Fiscal Code: 01683680233

Date

:

18/12/2009

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

The company is active since 1980

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 1,2% in 2013

The operating result in 2013 was positive (1,9%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 1.161.209 showing a fall as opposed to the previous year (-36,5%).

During the latest financial year the gross operating margin amounted to Eur. 2.547.870 showing a downward trend as opposed to the previous year.

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 5,89 falling if compared to 2012.

It's shareholders funds amount to Eur. 6.425.388 , stable in comparison with the value of the previous year.

Total indebtedness was equal to Eur. 54.041.422 (Eur. 14.529.633 was the value of m/l term debts) showing a stable trend as opposed to 2012 (Eur. 53.125.788).

Both financial indebtedness and suppliers exposure are rather high even if it still falls within the sector's average.

Liquidity is not excellent.

Trade credits are collected slowly, average term is 90,03 days. , but lower if compared to the sector's average.

Eur. 1.363.889 is the value of cash flow during the year 2013

In the last financial year labour cost was of Eur. 2.491.081, with a 2,89% incidence on total costs of production. and a 2,86% incidence on sales volumes.

Financial charges have a limited incidence (-0,91%) on sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	86.971.461
Profit (Loss) for the period	77.228

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	95.694.065
Profit (Loss) for the period	781.926

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	88.593.512
Profit (Loss) for the period	469.298

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	80.526.649
Profit (Loss) for the period	1.447.295

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	40.296.163
Profit (Loss) for the period	38.785

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.	8.108	531	170
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	514	6.435	50.276
. Total Intangible Fixed Assets	8.622	6.966	50.446
. TANGIBLE FIXED ASSETS
. . Real estate	17.509.148	17.766.233	8.833.051
. . Plant and machinery	898.345	910.367	918.255
. . Industrial and commercial equipment	1.473.902	1.371.881	1.567.121
. . Other assets	276.994	276.994	276.994
. . Assets under construction and advances	20.000		31.117
. Total Tangible fixed assets	20.178.389	20.325.475	11.626.538
. FINANCIAL FIXED ASSETS
. . Equity investments	2.535.035	2.327.216	1.991.074
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	1.961.090	1.961.090	1.625.090
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	573.945	366.126	365.984
. . 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	554.500	109.500	109.500
. . . Total nominal value	554.500		109.500
. Total financial fixed assets	3.089.535	2.436.716	2.100.574
Total fixed assets	23.276.546	22.769.157	13.777.558
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	7.825.951	6.829.451	4.835.915
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	7.825.951	6.829.451	4.835.915
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	25.725.808	24.169.287	25.015.753
. . Beyond 12 months	2.185.493	5.664.823	2.455.493
. . Trade receivables	21.750.859	21.551.710	22.361.455
. . . . Within 12 months	21.750.859	21.551.710	22.361.455
. . . . 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	1.085.734	1.608.656	1.650.899
. . . . Within 12 months	1.085.734	1.608.656	1.650.899
. . . . Beyond 12 months
. . Receivables for anticipated taxes	109.221	126.817	87.948
. . . . Within 12 months	109.221	126.817	87.948
. . . . Beyond 12 months
. . Receivables due from third parties	4.965.487	6.546.927	3.370.944
. . . . Within 12 months	2.779.994	882.104	915.451
. . . . Beyond 12 months	2.185.493	5.664.823	2.455.493
. Total Credits not held as fixed assets	27.911.301	29.834.110	27.471.246
. 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	1.681.898	99.986	959.586
. . Checks
. . Banknotes and coins	877	2.475	2.461
. Total Liquid funds	1.682.775	102.461	962.047
Total current assets	37.420.027	36.766.022	33.269.208
ADJUSTMENT ACCOUNTS
. Discount on loans		337.289
. Other adjustment accounts	268.366		560.369
Total adjustments accounts	268.366	337.289	560.369
TOTAL ASSETS	60.964.939	59.872.468	47.607.135
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	4.000.000	4.000.000	4.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	287.865	248.769	225.269
. Reserve for Own shares		109.500
. Statute reserves	554.500		109.500
. Other reserves	1.505.795	1.207.963	762.167
. Accumulated Profits (Losses)
. Profit( loss) of the year	77.228	781.926	469.298
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	6.425.388	6.348.158	5.566.234
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	100.000
Total Reserves for Risks and Charges	100.000
Employee termination indemnities	398.129	398.522	401.605
ACCOUNTS PAYABLE
. . . . Within 12 months	39.511.789	48.919.429	30.972.254
. . . . Beyond 12 months	14.529.633	4.206.359	10.630.685
. . 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	19.049.297	13.742.733	16.077.242
. . . . Within 12 months	11.833.898	9.536.374	5.455.557
. . . . Beyond 12 months	7.215.399	4.206.359	10.621.685
. . Due to other providers of finance	2.766.171	1.629.996	1.007.723
. . . . Within 12 months	2.766.171	1.629.996	1.007.723
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	31.096.159	36.507.576	23.391.830
. . . . Within 12 months	23.865.925	36.507.576	23.391.830
. . . . Beyond 12 months	7.230.234
. . 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	358.406	613.655	558.562
. . . . Within 12 months	358.406	613.655	558.562
. . . . Beyond 12 months
. . Due to social security and welfare inst.	124.914	116.715	115.695
. . . . Within 12 months	124.914	116.715	115.695
. . . . Beyond 12 months
. . Other payables	646.475	515.113	451.887
. . . . Within 12 months	562.475	515.113	442.887
. . . . Beyond 12 months	84.000		9.000
Total accounts payable	54.041.422	53.125.788	41.602.939
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts			36.357
Total adjustment accounts			36.357
TOTAL LIABILITIES	60.964.939	59.872.468	47.607.135

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	86.971.461	95.694.065	88.593.512
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	478.269	401.798	161.729
. . Contributions for operating expenses
. . Different income and revenues	478.269	401.798	161.729
Total value of production	87.449.730	96.095.863	88.755.241
PRODUCTION COSTS
. Raw material,other materials and consum.	60.783.339	68.316.663	71.234.448
. Services received	21.023.680		13.092.550
. Leases and rentals	1.066.596	23.256.378	1.810.679
. Payroll and related costs	2.491.081	2.420.847	2.299.776
. . Wages and salaries	1.852.763	1.810.119	1.702.612
. . Social security contributions	501.131	480.024	470.921
. . Employee termination indemnities	132.073	129.659	124.037
. . Pension and similar
. . Other costs	5.114	1.045	2.206
. Amortization and depreciation	1.286.661	1.394.595	1.407.613
. . Amortization of intangible fixed assets	6.894	29.712	61.226
. . Amortization of tangible fixed assets	1.208.199	1.237.459	1.233.666
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	71.568	127.424	112.721
. Changes in raw materials	-996.500	-1.993.536	-3.089.365
. Provisions to risk reserves	100.000
. Other provisions
. Other operating costs	533.664	872.138	282.797
Total production costs	86.288.521	94.267.085	87.038.498
Diff. between value and cost of product.	1.161.209	1.828.778	1.716.743
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	52.580	55.713	49.057
. . 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		55.713
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies		55.713
. Interest and other financial expense	-842.187	-713.817	-848.955
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		713.817
Total financial income and expense	-789.607	-658.104	-799.898
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	1	112.698
. . Gains on disposals		112.695
. . Other extraordinary income	1	3
. Extraordinary expense			-1
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-1
Total extraordinary income and expense	1	112.698	-1
Results before income taxes	371.603	1.283.372	916.844
. Taxes on current income	294.375	501.446	447.546
. . current taxes	276.779	540.315	474.831
. . differed taxes(anticip.)	17.596	-38.869	-27.285
. Net income for the period	77.228	781.926	469.298
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	77.228	781.926	469.298

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	0,38	0,38	0,29	0,29
Elasticity Ratio	Units	0,61	0,61	0,70	0,68
Availability of stock	Units	0,13	0,11	0,10	0,14
Total Liquidity Ratio	Units	0,49	0,50	0,60	0,49
Quick Ratio	Units	0,03	0,00	0,02	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	5,89	7,69	5,39	2,67
Self Financing Ratio	Units	0,11	0,11	0,12	0,21
Capital protection Ratio	Units	0,37	0,25	0,20	0,71
Liabilities consolidation quotient	Units	0,38	0,09	0,36	0,21
Financing	Units	8,41	8,37	7,47	3,37
Permanent Indebtedness Ratio	Units	0,35	0,18	0,35	0,38
M/L term Debts Ratio	Units	0,24	0,08	0,23	0,11
Net Financial Indebtedness Ratio	Units	3,13	2,41	2,90	0,98
CORRELATION
Fixed assets ratio	Units	0,92	0,48	1,20	1,17
Current ratio	Units	0,95	0,75	1,07	1,08
Acid Test Ratio-Liquidity Ratio	Units	0,75	0,61	0,92	0,81
Structure's primary quotient	Units	0,28	0,28	0,40	0,75
Treasury's primary quotient	Units	0,04	0,00	0,03	0,03
Rate of indebtedness ( Leverage )	%	948,81	943,15	855,28	475,85
Current Capital ( net )	Value	-2.091.762	-12.153.407	2.296.954	80.404
RETURN
Return on Sales	%	1,57	2,27	2,12	3,80
Return on Equity - Net- ( R.O.E. )	%	1,20	12,32	8,43	3,44
Return on Equity - Gross - ( R.O.E. )	%	5,78	20,22	16,47	10,68
Return on Investment ( R.O.I. )	%	1,90	3,05	3,61	3,61
Return/ Sales	%	1,34	1,91	1,94	3,57
Extra Management revenues/charges incid.	%	6,65	42,76	27,34	24,44
Cash Flow	Value	1.363.889	2.176.521	1.876.911	130.774
Operating Profit	Value	1.161.209	1.828.778	1.716.743	126.714
Gross Operating Margin	Value	2.547.870	3.223.373	3.124.356	254.724
MANAGEMENT
Credits to clients average term	Days	90,03	81,08	90,87	123,61
Debts to suppliers average term	Days	135,08	143,52	97,76	132,06
Average stock waiting period	Days	32,39	25,69	19,65	47,79
Rate of capital employed return ( Turnover )	Units	1,43	1,60	1,86	1,07
Rate of stock return	Units	11,11	14,01	18,32	7,50
Labour cost incidence	%	2,86	2,53	2,60	14,15
Net financial revenues/ charges incidence	%	-0,91	-0,69	-0,90	-1,60
Labour cost on purchasing expenses	%	2,89	2,57	2,64	14,43
Short-term financing charges	%	1,56	1,34	2,04	3,01
Capital on hand	%	70,10	62,57	53,74	92,45
Sales pro employee	Value	1.474.092	1.275.920	1.554.272	227.260
Labour cost pro employee	Value	42.221	32.277	40.346	32.365

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	:	860.796
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 877 significant companies.

The companies cash their credits on an average of 124 dd.

The average duration of suppliers debts is about 132 dd.

The sector's profitability is on an average of 3,80%.

The labour cost affects the turnover in the measure of 14,15%.

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

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 14,43% 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 13.782 protested subjects are found; in the province they count to 2.673.

The insolvency index for the region is 0,30, , while for the province it is 0,31.

Total Bankrupt companies in the province : 2.982.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.89
UK Pound	1	Rs.99.10
Euro	1	Rs.70.12

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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.