MIRA INFORM REPORT

Report No. :	325098
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	CANDIANI S.P.A.

Registered Office :	Via Arese, 0085, 20020, - Robecchetto Con Induno (MI)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	10.09.1967

Legal Form :	Joint stock company

Line of Business :	Preparation and spinning of textile fibres

No. of Employees :	From 500 to 750

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

CANDIANI S.P.A.

Via

Arese,

0085

20020

- Robecchetto Con Induno

(MI)

-IT-

Summary

Fiscal Code	:	01946550157
Legal Form	:	Joint stock company
start of Activities	:	10/09/1967
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 500 to 750

Activity

Preparation and spinning of textile fibres

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01946550157

Foreign Trade Reg. no. : MI079398 since 30/12/1991

Foreign Trade Reg. no. : 79398 of Milano since 30/12/1991

Foreign Trade Reg. no. : 079398 of Milano since 30/12/1991

Chamber of Commerce no. : 879119 of Milano since 20/06/1974

Firms' Register : MI146-161567 of Milano since 19/02/1996

V.A.T. Code : 01946550157

Tribunal Co. Register : 161567 of

Foundation date	: 10/09/1967
Establishment date	: 01/01/1984
Start of Activities	: 10/09/1967
Legal duration	: 31/12/2020
Nominal Capital	: 13.000.000
Subscribed Capital	: 13.000.000
Paid up Capital	: 13.000.000

Legal mail :

TRCCANDIANI@PEC.IT

Members

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Candiani

Gianluigi

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 24/12/1956

- Fiscal Code : CNDGLG56T24B300Q

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Cavour

, 4

- 20020

Robecchetto Con Induno

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner
Board Chairman	17/04/2013
Director	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Candiani

Gianluigi

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 24/12/1956

- Fiscal Code : CNDGLG56T24B300Q

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Cavour

, 4

- 20020

Robecchetto Con Induno

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/04/2013
Board Chairman	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Grimi

Roberto

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Inveruno

(MI)

on 16/02/1938

- Fiscal Code : GRMRRT38B16E313O

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Fleming

, 10

- 20010

Inveruno

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Austoni

David

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Alzano Lombardo

(BG)

on 24/03/1960

- Fiscal Code : STNDVD60C24A246S

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Fratelli Bonacina

, 1/A

- 24030

Mozzo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Candiani

Alberto

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Sorengo - Svizzera

( )

on 20/09/1982

- Fiscal Code : CNDLRT82P20Z133V

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

De Amicis

, 54

- 21015

Lonate Pozzolo

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Candiani

Nicoletta

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Soregno

( )

on 31/07/1987

- Fiscal Code : CNDNLT87L71Z133D

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Cavour

, 4

- 20020

Robecchetto Con Induno

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Castiello

Carmela

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Lusciano

(CE)

on 01/01/1961

- Fiscal Code : CSTCML61A41E754U

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Repubblica

, 16

- 20022

Castano Primo

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	25/11/2010
Procurator	20/01/2015

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Torno

Filippo

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Cuggiono

(MI)

on 02/09/1978

- Fiscal Code : TRNFPP78P02D198I

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Venezia Giulia

, 13

- 20022

Castano Primo

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2011

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Grimi

Luca Carlo

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Cuggiono

(MI)

on 26/10/1968

- Fiscal Code : GRMLCR68R26D198G

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Novara

, 15

- 20010

Inveruno

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2015

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Garberi

Fabrizio

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Robecchetto Con Induno

(MI)

on 06/03/1954

- Fiscal Code : GRBFRZ54C06H371Y

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Fiori

, 13

- 20020

Robecchetto Con Induno

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2015

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Macchi

Pier Luigi

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Somma Lombardo

(VA)

on 22/09/1951

- Fiscal Code : MCCPLG51P22I819T

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Marconi

, 41 B

- 21010

Vizzola Ticino

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2015
Director	17/04/2013

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Bregolato

Ilario

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 27/12/1970

- Fiscal Code : BRGLRI70T27B300O

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Dei Mille

, 5

- 21019

Somma Lombardo

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2015

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Cavaleri

Roberto

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Legnano

(MI)

on 03/04/1980

- Fiscal Code : CVLRRT80D03E514E

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Nazario Sauro

, 64

- 20025

Legnano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2015

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Macchi

Francesco

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 08/01/1979

- Fiscal Code : MCCFNC79A08B300D

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Residence:

Pola

, 15

- 21013

Gallarate

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/01/2015

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Protests registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Wex S.p.a.

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Villoresi

, 48

- 20022

Castano Primo

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

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.

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Candiani

Gianluigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ecologica Naviglio S.p.a.	Robecchetto Con Induno (MI) - IT -	05073410150	Director	Active	Registered
Ecologica Naviglio S.p.a.	Robecchetto Con Induno (MI) - IT -	05073410150	Assistant board Chairman	Active	Registered
Rondine S.r.l.	Robecchetto Con Induno (MI) - IT -	08462250153	Sole Director	Active	Registered
Il Vigneto S.r.l.	Robecchetto Con Induno (MI) - IT -	11991800159	Sole Director	Active	Registered
Il Vigneto S.r.l.	Robecchetto Con Induno (MI) - IT -	11991800159	Sole partner	Active	Registered
Consorzio Per Il Depuratore Di Robecchetto Con Induno	Robecchetto Con Induno (MI) - IT -	05016600156	Baord of Directors' member	Active	Registered
Fondazione Primo Candiani Onlus	Robecchetto Con Induno (MI) - IT -	03471440960	Board Chairman	Active	Registered
Trc Immobiliare S.p.a.	Castano Primo (MI) - IT -	05787970960	Director	Active	Registered
Wex S.p.a.	Castano Primo (MI) - IT -	07162100965	Director	Active	Registered

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Candiani

Gianluigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Saipel Di Ferri Luigi E C. -s.a.s.	Castano Primo (MI) - IT -	03935120158	Limited Partner	-	Ceased
Ecologica Naviglio S.p.a.	Robecchetto Con Induno (MI) - IT -	05073410150	Director	Active	Registered
Gi Pi Tannery S.r.l. In Liquidazione	Robecchetto Con Induno (MI) - IT -	08885890155	Director	-	Ceased
G.b. Skins S.r.l. In Liquidazione	Castano Primo (MI) - IT -	11349490158	Director	Active	Registered
Rondine S.r.l.	Robecchetto Con Induno (MI) - IT -	08462250153	Board Chairman	Active	Registered
Il Vigneto S.r.l.	Robecchetto Con Induno (MI) - IT -	11991800159	Board Chairman	Active	Registered
Consorzio Per Il Depuratore Di Robecchetto Con Induno	Robecchetto Con Induno (MI) - IT -	05016600156	Director	Withdrawn	Registered
Consorzio Per Il Depuratore Di Robecchetto Con Induno	Robecchetto Con Induno (MI) - IT -	05016600156	Baord of Directors' member	Active	Registered
Fondazione Primo Candiani Onlus	Robecchetto Con Induno (MI) - IT -	03471440960	Board Chairman	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
Candiani Gianluigi	Robecchetto Con Induno - IT -	CNDGLG56T24B300Q	4.680.000 .Eur	36,00
Wex S.p.a.	Castano Primo - IT -	07162100965	8.320.000 .Eur	64,00

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
Ticifin S.p.a.		08586610969	1.536.000 .Eur	64,00			Active

Firm's location and structure

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

Legal and operative seat

Arese

, 0085

- 20020

- Robecchetto Con Induno

(MI)

- IT -

PHONE

: 0331876220

FAX

: 0331876223

Legal mail

: TRCCANDIANI@PEC.IT

Branch

(Factory)

since 01/12/2003

Don L. Pozzi

- 20020

- Robecchetto Con Induno

(MI)

- IT -

Branch

(Shop)

since 23/10/2008

Arese

, 85

- 20020

- Robecchetto Con Induno

(MI)

- IT -

Employees

: 656

Assistants

: 6

Fittings and Equipment for a value of 8.410.000

Eur

Stocks for a value of 22.680.000

Eur

Vehicles for a value of 680.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- national or foreign important buyers

- distributors

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

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

Export is mainly towards:

- Italy

- Somalia

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
De facto company	Limited partnership	28/12/1979
Limited partnership	Joint stock company	01/01/1984
Other forms	Joint stock company	28/06/1984

CEASINGS/INCORPORATIONS/MERGES:

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Splitting-up project and setting-up of new co

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Date

Merging/Splitting-up Project-New Company:

27/11/2006

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Splitting-up and setting-up of a new company

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$ TRC IMMOBILIARE S.P.A.

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

, 20022

, Castano Primo

(MI)

- IT -

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Vuoto.gif$

Date

Splitting-up:

11/06/2007

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\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 1967.

The eonomic-financial analysis is based on the latest 3 b/s.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 0,75% in 2013 with a stable trend in the turnover.

The operating result was positive in the last financial year (1,16%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 882.829 showing a fall as opposed to the previous year (-29,68%).

A gross operating margine for a value of Eur. 3.872.859 was reached. , with a -21,26% decrease.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,13) and with an upward trend compared to the previous year.

It's shareholders funds amount to Eur. 39.055.642 , unchanged as opposed to the preceding year.

Total indebtedness was equal to Eur. 25.654.916 (Eur. 12.949.936 was the value of m/l term debts) on the same levels as the year before.

Bank and suppliers credit recourse is limited, 54,6 gg. is payment average period below the sector's average.

The liquidity level is positive (5,14).

As to due from customers, the average terms are 81,99 days. , lower than the sector's average.

During financial year 2013 the cash flow amounted to Eur. 3.284.299

Labour cost amounts to Eur. 21.286.826, with a 22,18% incidence on production costs. , whereas the incidence on sales revenues is of 21,73%.

The incidence of the financial charges is of -0,41% on the sales amount.

Financial Data

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	97.948.668
Profit (Loss) for the period	294.269

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	100.016.028
Profit (Loss) for the period	871.106

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	109.548.966
Profit (Loss) for the period	2.028.385

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	114.941.511
Profit (Loss) for the period	10.760.361

$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Verde.gif$

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	105.738.613
Profit (Loss) for the period	9.959.199

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	1.402	2.167	3.559
. . Research,develop. and advert.expens.
. . Industrial patent rights	54.891	91.372	145.256
. . Concessions,licenses,trademarks	73.493	40.252	10.850
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	80.761	54.300	28.012
. Total Intangible Fixed Assets	210.547	188.091	187.677
. TANGIBLE FIXED ASSETS
. . Real estate	69.572	84.241	98.911
. . Plant and machinery	7.644.368	8.936.350	8.875.151
. . Industrial and commercial equipment	763.428	783.716	915.070
. . Other assets	514.204	636.272	739.122
. . Assets under construction and advances	70.867	243.901	442.751
. Total Tangible fixed assets	9.062.439	10.684.480	11.071.005
. FINANCIAL FIXED ASSETS
. . Equity investments	418.190	418.190	420.190
. . . Equity invest. in subsidiary companies	418.190	418.190	418.190
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies			2.000
. . Financial receivables	771.885	771.885	771.885
. . . . Within 12 months
. . . . Beyond 12 months	771.885	771.885	771.885
. . . Receivab due from subsidiaries	771.885	771.885	771.885
. . . . Within 12 months
. . . . Beyond 12 months	771.885	771.885	771.885
. . . 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	1.190.075	1.190.075	1.192.075
Total fixed assets	10.463.061	12.062.646	12.450.757
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	4.386.612	5.476.306	5.895.156
. . Work in progress and semimanufactured	12.503.313	13.893.657	5.810.352
. . Work in progress on order
. . Finished goods	5.790.292	6.948.539	9.184.619
. . Advance payments
. Total Inventories	22.680.217	26.318.502	20.890.127
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	24.691.310	23.272.662	24.200.359
. . Beyond 12 months	10.218.515	9.263.792	6.464.409
. . Trade receivables	22.307.762	21.348.699	19.496.915
. . . . Within 12 months	21.746.282	21.065.313	18.956.538
. . . . Beyond 12 months	561.480	283.386	540.377
. . 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	732.248	2.309.372	1.676.604
. . . . Within 12 months	732.248	1.354.254	1.676.604
. . . . Beyond 12 months		955.118
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	11.869.815	8.878.383	9.491.249
. . . . Within 12 months	2.212.780	853.095	3.567.217
. . . . Beyond 12 months	9.657.035	8.025.288	5.924.032
. Total Credits not held as fixed assets	34.909.825	32.536.454	30.664.768
. 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	7.668.336	3.492.944	7.957.825
. . Checks
. . Banknotes and coins	7.278	4.770	8.065
. Total Liquid funds	7.675.614	3.497.714	7.965.890
Total current assets	65.265.656	62.352.670	59.520.785
ADJUSTMENT ACCOUNTS
. Discount on loans	231.969	324.441	112.721
. Other adjustment accounts
Total adjustments accounts	231.969	324.441	112.721
TOTAL ASSETS	75.960.686	74.739.757	72.084.263

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	13.000.000	13.000.000	13.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	2.709.067	2.709.067	2.709.067
. Reserve for Own shares
. Statute reserves
. Other reserves	334.516	334.511	334.515
. Accumulated Profits (Losses)	22.717.790	21.846.684	19.818.298
. Profit( loss) of the year	294.269	871.106	2.028.385
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	39.055.642	38.761.368	37.890.265
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	2.433.548	2.244.434	1.935.230
Total Reserves for Risks and Charges	2.433.548	2.244.434	1.935.230
Employee termination indemnities	8.522.741	8.128.564	7.906.322
ACCOUNTS PAYABLE
. . . . Within 12 months	12.704.980	12.529.767	10.673.632
. . . . Beyond 12 months	12.949.936	13.050.155	13.647.311
. . Bonds	12.957.483	12.957.483	12.957.483
. . . . Within 12 months
. . . . Beyond 12 months	12.957.483	12.957.483	12.957.483
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	207	3.031.134	41
. . . . Within 12 months	207	3.031.134	41
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		103.648	92.672
. . . . Within 12 months		10.976	92.672
. . . . Beyond 12 months		92.672
. . Trade payables	10.634.124	7.345.295	8.392.858
. . . . Within 12 months	10.641.671	7.345.295	8.392.858
. . . . Beyond 12 months	-7.547
. . 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	28.139
. . . . Within 12 months	28.139
. . . . Beyond 12 months
. . Due to social security and welfare inst.	860.994	872.845	681.347
. . . . Within 12 months	860.994	872.845	681.347
. . . . Beyond 12 months
. . Other payables	1.173.969	1.269.517	2.196.542
. . . . Within 12 months	1.173.969	1.269.517	1.506.714
. . . . Beyond 12 months			689.828
Total accounts payable	25.654.916	25.579.922	24.320.943
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	293.839	25.469	31.503
Total adjustment accounts	293.839	25.469	31.503
TOTAL LIABILITIES	75.960.686	74.739.757	72.084.263

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	7.442.924	316.205	606.183
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	97.948.668	100.016.027	109.548.965
. Changes in work in progress	-2.548.591	5.847.225	4.694.916
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.449.590	400.398	631.668
. . Contributions for operating expenses
. . Different income and revenues	1.449.590	400.398	631.668
Total value of production	96.849.667	106.263.650	114.875.549
PRODUCTION COSTS
. Raw material,other materials and consum.	34.877.811	45.204.299	56.296.378
. Services received
. Leases and rentals	35.233.916	34.499.482	32.643.962
. Payroll and related costs	21.286.826	20.439.704	20.942.002
. . Wages and salaries	15.009.464	17.839.911	14.761.892
. . Social security contributions	5.152.583	1.402.511	4.885.269
. . Employee termination indemnities	1.124.779	1.197.282	1.294.841
. . Pension and similar
. . Other costs
. Amortization and depreciation	2.990.030	3.663.463	4.748.290
. . Amortization of intangible fixed assets	61.480	76.083	77.274
. . Amortization of tangible fixed assets	2.892.447	3.554.511	4.647.569
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	36.103	32.869	23.447
. Changes in raw materials	1.089.694	418.850	-2.294.156
. Provisions to risk reserves
. Other provisions
. Other operating costs	488.561	782.259	858.078
Total production costs	95.966.838	105.008.057	113.194.554
Diff. between value and cost of product.	882.829	1.255.593	1.680.995
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	2.110	38.071	219.878
. . 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	2.110	38.071	219.878
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	2.110	38.071	219.878
. Interest and other financial expense	-406.508	-288.928	116.809
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	406.508	288.928	-116.809
Total financial income and expense	-404.398	-250.857	336.687
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	487.100	955.118	1.082.454
. . Gains on disposals
. . Other extraordinary income	487.100	955.118	1.082.454
. Extraordinary expense	-24.413	-436.251
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-24.413	-436.251
Total extraordinary income and expense	462.687	518.867	1.082.454
Results before income taxes	941.118	1.523.603	3.100.136
. Taxes on current income	646.849	652.497	1.071.751
. . current taxes	646.849	652.497	1.071.751
. . differed taxes(anticip.)
. Net income for the period	294.269	871.106	2.028.385
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	294.269	871.106	2.028.385

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	0,14	0,16	0,17	0,27
Elasticity Ratio	Units	0,86	0,83	0,83	0,71
Availability of stock	Units	0,30	0,35	0,29	0,20
Total Liquidity Ratio	Units	0,56	0,48	0,54	0,45
Quick Ratio	Units	0,10	0,05	0,11	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,13	0,23	0,07	2,05
Self Financing Ratio	Units	0,51	0,52	0,53	0,26
Capital protection Ratio	Units	0,66	0,64	0,60	0,77
Liabilities consolidation quotient	Units	1,69	1,69	2,02	0,17
Financing	Units	0,66	0,66	0,64	2,43
Permanent Indebtedness Ratio	Units	0,80	0,80	0,82	0,41
M/L term Debts Ratio	Units	0,28	0,28	0,30	0,08
Net Financial Indebtedness Ratio	Units	0,14	0,32	0,13	0,78
CORRELATION
Fixed assets ratio	Units	5,78	4,97	4,77	1,63
Current ratio	Units	5,14	4,98	5,58	1,27
Acid Test Ratio-Liquidity Ratio	Units	3,35	2,88	3,62	0,86
Structure's primary quotient	Units	3,73	3,21	3,04	1,07
Treasury's primary quotient	Units	0,60	0,28	0,75	0,02
Rate of indebtedness ( Leverage )	%	194,49	192,82	190,24	370,05
Current Capital ( net )	Value	52.560.676	49.822.903	48.847.153	571.296
RETURN
Return on Sales	%	3,35	4,53	6,19	1,30
Return on Equity - Net- ( R.O.E. )	%	0,75	2,25	5,35	-0,89
Return on Equity - Gross - ( R.O.E. )	%	2,41	3,93	8,18	2,00
Return on Investment ( R.O.I. )	%	1,16	1,68	2,33	1,87
Return/ Sales	%	0,90	1,26	1,53	1,81
Extra Management revenues/charges incid.	%	33,33	69,38	120,67	4,33
Cash Flow	Value	3.284.299	4.534.569	6.776.675	44.316
Operating Profit	Value	882.829	1.255.593	1.680.995	59.860
Gross Operating Margin	Value	3.872.859	4.919.056	6.429.285	144.930
MANAGEMENT
Credits to clients average term	Days	81,99	76,84	64,07	114,91
Debts to suppliers average term	Days	54,60	33,18	33,97	108,86
Average stock waiting period	Days	83,36	94,73	68,65	76,19
Rate of capital employed return ( Turnover )	Units	1,29	1,34	1,52	1,01
Rate of stock return	Units	4,32	3,80	5,24	4,72
Labour cost incidence	%	21,73	20,44	19,12	15,97
Net financial revenues/ charges incidence	%	-0,41	-0,25	0,31	-2,33
Labour cost on purchasing expenses	%	22,18	19,46	18,50	16,13
Short-term financing charges	%	1,58	1,13	n.c.	3,86
Capital on hand	%	77,55	74,73	65,80	98,78
Sales pro employee	Value	147.291	156.764	167.506	196.263
Labour cost pro employee	Value	32.010	32.037	32.021	32.990

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	:	$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\Shraddha\AppData\Local\Temp\Rar$EXa0.189\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 246 significant companies.

The companies cash their credits on an average of 115 dd.

The average duration of suppliers debts is about 109 dd.

The sector's profitability is on an average of 1,30%.

The labour cost affects the turnover in the measure of 15,97%.

Goods are held in stock in a range of 76 dd.

The difference between the sales volume and the resources used to realize it is about 1,01.

The employees costs represent the 16,13% 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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	DIV

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

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit