MIRA INFORM REPORT

Report No. :	323462
Report Date :	04.06.2015

IDENTIFICATION DETAILS

Name :	BREVINI POWER TRANSMISSION S.P.A.

Registered Office :	Via Luciano Brevini, 1/A 42124 - Reggio Emilia (RE)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	01.01.1960

Legal Form :	Joint Stock Company with Sole Shareholder

Line of Business :	· Manufacture of Machinery and Equipment n.e.c. · Manufacture of internal combustion engines (including separate parts and accessories and excluding engines destined to road and air transport means) · Manufacture of bearings, gears, gearing and driving elements (except hydraulics)

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 :	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 – 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

Brevini Power Transmission S.p.a.

Via Luciano Brevini, 1/A

42124 - Reggio Emilia (RE) -IT-

Summary

Fiscal Code	:	00262750359
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	01/01/1960
Equity	:	Over 2.582.254
Turnover Range	:	100.000.000/150.000.000
Number of Employees	:	from 500 to 750
Group	:	Brevini

Activity

Manufacture of Machinery and Equipment n.e.c.

Manufacture of internal combustion engines (including seperate parts and accessories and excluding engines destined to road and air tran sport means)

Manufacture of bearings, gears, gearing and driving elements (except hydraulics)

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 00262750359

Foreign Trade Reg. no. : RE000443 since 05/12/1991

Chamber of Commerce no. : 402071 of Bergamo

Chamber of Commerce no. : 75379 of Reggio Emilia since 27/01/1960

Chamber of Commerce no. : 154628 of Rovigo

Firms' Register : RE033-5457 of Reggio Emilia since 19/02/1996

V.A.T. Code : 00262750359

Foundation date	: 01/01/1960
Establishment date	: 01/01/1960
Start of Activities	: 01/01/1960
Legal duration	: 31/12/2050
Nominal Capital	: 5.000.000
Subscribed Capital	: 5.000.000
Paid up Capital	: 5.000.000

Legal mail :

brevini@pec.brevini.com

Members

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Brevini

Renato

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 03/01/1943

- Fiscal Code : BRVRNT43A03H223U

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

San Domenico

, 4

- 42121

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/06/2014
Board Chairman	12/06/2014
Managing Director	08/09/2014

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No Prejudicial events are reported

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No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Brevini

Corrado

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Cadelbosco di Sopra

(RE)

on 14/12/1932

- Fiscal Code : BRVCRD32T14B328Y

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Giuseppe Labellarte

, 4

- 42123

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/06/2014
Assistant board Chairman	12/06/2014
Managing Director	08/09/2014

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Brevini

Paolo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 06/04/1959

- Fiscal Code : BRVPLA59D06H223H

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Caprera

, 4

- 42123

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/06/2014
Managing Director	08/09/2014

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Prejudicial Events found with cancellations*

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ Legal Mortgage - 24/02/2009. - 7.323 Euro. Event writing-off

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

 EQUITALIA EMILIA NORD S. P. A.

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Brevini Group S.p.a.

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Degola

, 19

- 42124

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	03/05/2010

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Borgatti

Andrea

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Ferrara

(FE)

on 20/05/1964

- Fiscal Code : BRGNDR64E20D548J

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

L. Brevini

, 1/A

- 42124

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Spaggiari

Giuliano

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in San Martino in Rio

(RE)

on 11/01/1957

- Fiscal Code : SPGGLN57A11I011T

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Saltini V.

, 83/C I 1

- 42015

Correggio

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/09/2014
Managing Director	08/09/2014

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Brevini

Stefano

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Parma

(PR)

on 10/07/1969

- Fiscal Code : BRVSFN69L10G337E

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Martiri Del 7 Luglio 1960

, 6

- 42020

Quattro Castella

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Fracchioni

Claudio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Anzio

(RM)

on 05/09/1969

- Fiscal Code : FRCCLD69P05A323W

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

San Petronio Vecchio

, 42/3

- 40125

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	14/05/2014

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Galassi

Armida

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Castelnovo Ne' Monti

(RE)

on 30/12/1966

- Fiscal Code : GLSRMD66T70C219S

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Bismantova

, 1

- 42019

Scandiano

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Casarotto

Marco

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Legnago

(VR)

on 22/11/1973

- Fiscal Code : CSRMRC73S22E512L

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Marco Gerra

, 4/1

- 42124

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Leonardi

Elisa

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Correggio

(RE)

on 03/11/1975

- Fiscal Code : LNRLSE75S43D037R

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Fernando Croci

, 22/1

- 42015

Correggio

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Fila

Matilde

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Parma

(PR)

on 22/08/1967

- Fiscal Code : FLIMLD67M62G337Q

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

C. Pavese

, 27

- 42027

Montecchio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Tinterri

Mauro

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 26/03/1968

- Fiscal Code : TNTMRA68C26H223X

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Di Nanni

, 11

- 42027

Montecchio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Conti

Paolo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Modena

(MO)

on 10/12/1966

- Fiscal Code : CNTPLA66T10F257Q

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

L. Brevini

, 1/A

- 42124

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Arduini

Matteo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 22/04/1973

- Fiscal Code : RDNMTT73D22H223B

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Caramaschi

, 3

- 42025

Cavriago

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Roberti

Cristian

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Bologna

(BO)

on 01/02/1970

- Fiscal Code : RBRCST70B01A944X

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Pascoli

, 49

- 41014

Castelvetro di Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Vighi

Alessandro

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Salsomaggiore Terme

(PR)

on 19/10/1965

- Fiscal Code : VGHLSN65R19H720Q

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Micheli

, 3

- 43039

Salsomaggiore Terme

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Acerbi

Massimo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 07/01/1967

- Fiscal Code : CRBMSM67A07H223P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Giacomo Devoto

, 3

- 42124

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Pancaldi

Claudio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Bologna

(BO)

on 24/07/1965

- Fiscal Code : PNCCLD65L24A944V

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Della Meridiana

, 1

- 40023

Castel Guelfo di Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	26/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Poli

Marco

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Born in Castagnaro

(VR)

on 23/08/1963

- Fiscal Code : PLOMRC63M23C041V

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Residence:

Vittorio Benato

, 45

- 45021

Badia Polesine

(RO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	30/01/2015

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

No Protests registered

*Concerns also partially erased events.

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Brevini

Renato

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Immobiliare Crostolo S.r.l.	Reggio Emilia (RE) - IT -	00127480358	Director	Withdrawn	Ceased
Aron S.p.a.	Reggio Emilia (RE) - IT -	00497830356	Director	Withdrawn	Registered
Aron S.p.a.	Reggio Emilia (RE) - IT -	00497830356	Managing Director	Withdrawn	Registered
Aron S.p.a.	Reggio Emilia (RE) - IT -	00497830356	Board Chairman	Withdrawn	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Director	Active	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Managing Director	Active	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Board Chairman	Active	Registered
Sam Hydraulik - S.p.a.	Reggio Emilia (RE) - IT -	00232980359	Vice-Chairman	Withdrawn	Registered
Sam Hydraulik - S.p.a.	Reggio Emilia (RE) - IT -	00232980359	Director	Withdrawn	Registered
Sam Hydraulik - S.p.a.	Reggio Emilia (RE) - IT -	00232980359	Assistant board Chairman	Withdrawn	Registered
Brevini Fluid Power Veneto S.r.l.	Mestrino (PD) - IT -	01966790287	Director	Active	Registered
Brevini Fluid Power Veneto S.r.l.	Mestrino (PD) - IT -	01966790287	Managing Director	Active	Registered
Brevini Fluid Power Veneto S.r.l.	Mestrino (PD) - IT -	01966790287	Board Chairman	Active	Registered
"edifici Industriali Bbs - S.r.l."	Reggio Emilia (RE) - IT -	00126190354	Director	Active	Registered
O.m.c.s. S.r.l.	Reggio Emilia (RE) - IT -	01049620352	Director	Withdrawn	Registered
O.m.c.s. S.r.l.	Reggio Emilia (RE) - IT -	01049620352	Board Chairman	Withdrawn	Registered
B.p.e. - S.r.l.	Novellara (RE) - IT -	01300540356	Director	Active	Registered
B.p.e. - S.r.l.	Novellara (RE) - IT -	01300540356	Board Chairman	Active	Registered
Brevini Veneta S.r.l.	Badia Polesine (RO) - IT -	00218950293	Director	Withdrawn	Registered
Brevini Veneta S.r.l.	Badia Polesine (RO) - IT -	00218950293	Board Chairman	Withdrawn	Registered
Cooperbanca Spa	Reggio Emilia (RE) - IT -	00127300358	Director	Withdrawn	Ceased
Brevini Group S.p.a.	Reggio Emilia (RE) - IT -	01297280354	Director	Active	Registered
Brevini Group S.p.a.	Reggio Emilia (RE) - IT -	01297280354	Board Chairman	Active	Registered
Check - Up Service S.r.l.	Reggio Emilia (RE) - IT -	01468750359	Director	Active	Registered
"brevini Hydraulics Spa"	Reggio Emilia (RE) - IT -	01634290355	Director	Withdrawn	Ceased
"brevini Hydraulics Spa"	Reggio Emilia (RE) - IT -	01634290355	Board Chairman	Withdrawn	Ceased
Brevini Lombarda S.p.a.	Lurano (BG) - IT -	01585690355	Director	Withdrawn	Registered
Brevini Lombarda S.p.a.	Lurano (BG) - IT -	01585690355	Board Chairman	Withdrawn	Registered
Brevini Winches Spa	Reggio Emilia (RE) - IT -	00720830355	Director	Withdrawn	Registered
Brevini Centrosud S.r.l.	Guidonia Montecelio (RM) - IT -	06085960588	Chairman	Active	Registered
Brevini Centrosud S.r.l.	Guidonia Montecelio (RM) - IT -	06085960588	Director	Active	Registered
Brevini Fluid Power Distribution S.r.l.	Villasanta (MB) - IT -	02914110966	Director	Active	Registered
Brevini Fluid Power Distribution S.r.l.	Villasanta (MB) - IT -	02914110966	Board Chairman	Active	Registered
Brevini Posiplan S.r.l.	Castelguglielmo (RO) - IT -	01167530292	Director	Active	Registered
Brevini Posiplan S.r.l.	Castelguglielmo (RO) - IT -	01167530292	Board Chairman	Active	Registered
Istituto Formazione Operatori Aziendali(i.f.o.a.)	Reggio Emilia (RE) - IT -	00453310351	Chairman	Withdrawn	Registered
Italfluid-export - Consorzio Per L'esportazione	Reggio Emilia (RE) - IT -	01095800353	Vice-Chairman	Active	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	02065000354	Director	Withdrawn	Merged
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	02065000354	Managing Director	Withdrawn	Merged
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	02065000354	Board Chairman	Withdrawn	Merged
O.t. Oil Technology S.r.l.	Fontevivo (PR) - IT -	02221941202	Managing Director	Active	Registered
O.t. Oil Technology S.r.l.	Fontevivo (PR) - IT -	02221941202	Director	Active	Registered
O.t. Oil Technology S.r.l.	Fontevivo (PR) - IT -	02221941202	Board Chairman	Active	Registered
Brevini Wind Societa' A Responsabilita'Limitata	Reggio Emilia (RE) - IT -	02393010356	Director	Active	Registered
Brevini Wind Societa' A Responsabilita'Limitata	Reggio Emilia (RE) - IT -	02393010356	Board Chairman	Active	Registered
Azienda Agricola Brevini Di Brevini Renato	Bibbiano (RE) - IT -	BRVRNT43A03H223U	Proprietor	Active	Registered

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Brevini

Corrado

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Immobiliare Crostolo S.r.l.	Reggio Emilia (RE) - IT -	00127480358	Director	Withdrawn	Ceased
Immobiliare Crostolo S.r.l.	Reggio Emilia (RE) - IT -	00127480358	Assistant board Chairman	Withdrawn	Ceased
Aron S.p.a.	Reggio Emilia (RE) - IT -	00497830356	Director	Withdrawn	Registered
"oleodinamica Reggiana Spa "	Reggio Emilia (RE) - IT -	01174210359	Director	Withdrawn	Registered
"oleodinamica Reggiana Spa "	Reggio Emilia (RE) - IT -	01174210359	Board Chairman	Withdrawn	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Director	Withdrawn	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Managing Director	Withdrawn	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Board Chairman	Withdrawn	Registered
Sam Hydraulik - S.p.a.	Reggio Emilia (RE) - IT -	00232980359	Director	Withdrawn	Registered
Sam Hydraulik - S.p.a.	Reggio Emilia (RE) - IT -	00232980359	Board Chairman	Withdrawn	Registered
"edifici Industriali Bbs - S.r.l."	Reggio Emilia (RE) - IT -	00126190354	Director	Active	Registered
"edifici Industriali Bbs - S.r.l."	Reggio Emilia (RE) - IT -	00126190354	Assistant board Chairman	Active	Registered
O.m.c.s. S.r.l.	Reggio Emilia (RE) - IT -	01049620352	Director	Withdrawn	Registered
O.m.c.s. S.r.l.	Reggio Emilia (RE) - IT -	01049620352	Assistant board Chairman	Withdrawn	Registered
Impregnatura Crostolo S.r.l.	Reggio Emilia (RE) - IT -	01114930355	Director	Active	Registered
Impregnatura Crostolo S.r.l.	Reggio Emilia (RE) - IT -	01114930355	Board Chairman	Active	Registered
Finaron S.p.a.	Reggio Emilia (RE) - IT -	01429810359	Director	Withdrawn	Ceased
Finaron S.p.a.	Reggio Emilia (RE) - IT -	01429810359	Board Chairman	Withdrawn	Ceased
Brevini Piemonte S.r.l.	Torino (TO) - IT -	00470460064	Director	Withdrawn	Registered
Brevini Group S.p.a.	Reggio Emilia (RE) - IT -	01297280354	Director	Active	Registered
Brevini Group S.p.a.	Reggio Emilia (RE) - IT -	01297280354	Assistant board Chairman	Active	Registered
"brevini Hydraulics Spa"	Reggio Emilia (RE) - IT -	01634290355	Director	Withdrawn	Ceased
"brevini Hydraulics Spa"	Reggio Emilia (RE) - IT -	01634290355	Assistant board Chairman	Withdrawn	Ceased
Phoenix S.r.l.	Sala Bolognese (BO) - IT -	01513381200	Sole Director	Withdrawn	Registered
Brevini Winches Spa	Reggio Emilia (RE) - IT -	00720830355	Director	Withdrawn	Registered
Brevini Winches Spa	Reggio Emilia (RE) - IT -	00720830355	Assistant board Chairman	Withdrawn	Registered
Brevini Corrado	Reggio Emilia (RE) - IT -	BRVCRD32T14B328Y	Proprietor	Withdrawn	Ceased
Brevini Posiplan S.r.l.	Castelguglielmo (RO) - IT -	01167530292	Director	Active	Registered
Brevini Posiplan S.r.l.	Castelguglielmo (RO) - IT -	01167530292	Assistant board Chairman	Active	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	02065000354	Director	Withdrawn	Merged
Brevini Wind Societa' A Responsabilita'Limitata	Reggio Emilia (RE) - IT -	02393010356	Director	Active	Registered

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Brevini

Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	00283380350	Director	Active	Registered
Sam Hydraulik - S.p.a.	Reggio Emilia (RE) - IT -	00232980359	Director	Withdrawn	Registered
"edifici Industriali Bbs - S.r.l."	Reggio Emilia (RE) - IT -	00126190354	Director	Active	Registered
"edifici Industriali Bbs - S.r.l."	Reggio Emilia (RE) - IT -	00126190354	Board Chairman	Active	Registered
Impregnatura Crostolo S.r.l.	Reggio Emilia (RE) - IT -	01114930355	Director	Active	Registered
Impregnatura Crostolo S.r.l.	Reggio Emilia (RE) - IT -	01114930355	Assistant board Chairman	Active	Registered
V.p.s. Brevini S.r.l.	Ozzano dell'Emilia (BO) - IT -	01634531204	Director	Active	Registered
Brevini Group S.p.a.	Reggio Emilia (RE) - IT -	01297280354	Director	Active	Registered
Brevini Centrosud S.r.l.	Guidonia Montecelio (RM) - IT -	06085960588	Vice-Chairman	Active	Registered
Brevini Centrosud S.r.l.	Guidonia Montecelio (RM) - IT -	06085960588	Director	Active	Registered
Brevini Posiplan S.r.l.	Castelguglielmo (RO) - IT -	01167530292	Director	Active	Registered
Brevini Fluid Power S.p.a.	Reggio Emilia (RE) - IT -	02065000354	Director	Withdrawn	Merged
F.b. Immobiliare S.r.l.	Reggio Emilia (RE) - IT -	02945300362	Sole Director	Active	Registered
Brevini Wind Societa' A Responsabilita'Limitata	Reggio Emilia (RE) - IT -	02393010356	Director	Active	Registered
Ory Costruzioni S.r.l.	Reggio Emilia (RE) - IT -	03216610364	Director	Active	Registered
Ory Costruzioni S.r.l.	Reggio Emilia (RE) - IT -	03216610364	Board Chairman	Active	Registered

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Spaggiari

Giuliano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Blackhawk Italia S.r.l. In Liquidazione	Sommacampagna (VR) - IT -	07372520150	Liquidator	Withdrawn	Ceased
"g.s. S.r.l."	Correggio (RE) - IT -	00145770350	Managing Director	Withdrawn	Ceased
"g.s. S.r.l."	Correggio (RE) - IT -	00145770350	Director	Withdrawn	Ceased
Comer Industries S.p.a.	Milano (MI) - IT -	07210440157	Managing Director	Withdrawn	Registered
Comer Industries S.p.a.	Milano (MI) - IT -	07210440157	Director	Withdrawn	Registered
"fontec S.r.l."	Correggio (RE) - IT -	00366670354	Sole Director	Withdrawn	Merged
Bonfiglioli Consulting S.r.l.	Casalecchio di Reno (BO) - IT -	02646871208	Director	Withdrawn	Registered
Ambiente Qualita' S.r.l. , AbbreviabileOve Consentito In Aq S. R.l.	Correggio (RE) - IT -	01987670351	Director	Withdrawn	Registered

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

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Brevini Group S.p.a.	Reggio Emilia - IT -	01297280354		100,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Matilde Di Canossa Golf - S.p.a.	Reggio Emilia - IT -	01278170350	1.240 .Eur	0,03			Active
"edifici Industriali Bbs - S.r.l."	Reggio Emilia - IT -	00126190354	100 .Eur	0,45			Active
Quadrifoglio - S.r.l.	Reggio Emilia - IT -	00695420356	22.947 .Eur	2,90			Active
Brevini Centrosud S.r.l.	Guidonia Montecelio - IT -	06085960588	23.750 .Eur	95,00			Active
Brevini Posiplan S.r.l.	Castelguglielmo - IT -	01167530292	100.000 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

since 01/01/1960

Luciano Brevini

, 1/A

- 42100

- Reggio Emilia

(RE)

- IT -

PHONE

: 05229281

Legal mail

: BREVINI@PEC.BREVINI.COM

Branch

(Store)

since 20/10/2003

Masaccio

, 3

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(office)

since 20/09/1991

Pietro Colletta

, 19-21

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Store)

since 20/12/1996

Pietro Colletta

, 20

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Factory)

since 01/12/1999

Umberto Degola

, 19-19/A

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Operating branch)

since 10/10/2003

Pietro Colletta

, 2

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Store)

since 01/09/2006

Umberto Degola

, 9

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Store)

since 01/07/2009

Carlo Cafiero

, 20/A

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Store)

since 01/06/2010

Umberto Degola

, 17- 17/A

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(office)

since 01/06/2010

Umberto Degola

, 1

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Store)

since 02/02/2013

Umberto Degola

, 14

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(office)

since 01/01/2011

Primo Maggio

, 5

- 24050

- Lurano

(BG)

- IT -

Branch

(Store)

since 01/01/2011

Del Laghetto

, 431/A

- 45021

- Badia Polesine

(RO)

- IT -

Employees

: 627

Fittings and Equipment for a value of 12.970.000

Eur

Stocks for a value of 37.330.000

Eur

Furniture and fittings for a value of 310.000

Eur

Vehicles for a value of 350.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
De facto company	General partnership	06/05/1971
General partnership	Joint stock company	29/12/1973

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
BREVINI RIDUTTORI SPA	BREVINI POWER TRASMISSION SPA	29/01/2007

CEASINGS/INCORPORATIONS/MERGES:

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Project of splitting-up and tranfer into

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ "edifici Industriali Bbs - S.r.l."

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Degola

, 19

, 42124

, Reggio Emilia

(RE)

- IT -

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Fiscal Code: 00126190354

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Date

Merging/splitting-up project:

19/10/2006

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Splitting-up and transfer of assets to

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ "edifici Industriali Bbs - S.r.l."

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Degola

, 19

, 42124

, Reggio Emilia

(RE)

- IT -

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Fiscal Code: 00126190354

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Date

Splitting-up:

28/12/2006

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Project of merging by taking over of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ Brevini Winches Spa

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Degola

, 1

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Fiscal Code: 00720830355

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Date

Merging/splitting-up project:

23/06/2008

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ Brevini Winches Spa

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Degola

, 1

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Fiscal Code: 00720830355

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Date

31/10/2008

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Project of merging by taking over of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ O.m.c.s. S.r.l.

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Degola

, 1

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Fiscal Code: 01049620352

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Date

Merging/splitting-up project:

23/06/2010

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$ O.m.c.s. S.r.l.

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Degola

, 1

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Fiscal Code: 01049620352

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Vuoto.gif$

Date

02/12/2010

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA NAZIONALE DEL LAVORO SPA					1005	0

Financial and Economical Analysis

Company's starting of activities dates back to 1960.

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

During the last years, it achieved profits (r.o.e. 34,27% on 2013) with a stable trend in the turnover.

The operating result in 2013 was positive (2,3%) and in line with the sector's average.

An operating result of Eur. 4.472.047 has been registered. with an increase of more then 100% if the compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 8.228.846 showing an upward trend if compared to 2012.

The financial status of the company is fairly balanced with an indebtedness level of 1,83 with an improving trend as on the decrease.

With regard to equity capital, an amount of Eur. 55.322.171 is registered. , increasing by 39,47% if compared to the year before.

During the last financial year total debts volume reached Eur. 132.196.432 (Eur. 27.385.698 were m/l term ones) on the same levels as the year before.

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average payment period equal to 104 gg. but lined up with the field's average.

It shows a good range of liquidity.

Accounts receivable average term is 49,68 days. , shorter than the sector's average.

Eur. 22.713.715 is the value of cash flow during the year 2013

During 2013 financial year labour costs amounted to Eur. 38.499.214, with a 26,12% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 26,76%.

No incidence of financial charges as lower than the incomes.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	143.870.957
Profit (Loss) for the period	18.956.916

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	143.501.002
Profit (Loss) for the period	290.449

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	160.694.596
Profit (Loss) for the period	1.291.045

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	118.560.846
Profit (Loss) for the period	3.173.548

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Verde.gif$

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	113.437.355
Profit (Loss) for the period	207.470

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	326.637	489.955	653.273
. . Research,develop. and advert.expens.	2.000	21.275	12.397
. . Industrial patent rights	3.118.378	3.428.879	194.923
. . Concessions,licenses,trademarks,etc.	559.119	605.768	652.417
. . Goodwill	1.896.568	2.069.053	2.249.608
. . Assets in formation and advance paymen.	898.061	677.804	3.108.142
. . Other intangible fixed assets	1.126.429	1.363.323	84.677
. Total Intangible Fixed Assets	7.927.192	8.656.057	6.955.437
. TANGIBLE FIXED ASSETS
. . Real estate	999.169	1.035.151	731.538
. . Plant and machinery	10.723.221	9.758.565	8.543.666
. . Industrial and commercial equipment	2.247.331	2.337.547	2.725.966
. . Other assets	438.159	504.588	743.619
. . Assets under construction and advances	1.716.630	647.050	616.624
. Total Tangible fixed assets	16.124.510	14.282.901	13.361.413
. FINANCIAL FIXED ASSETS
. . Equity investments	20.908.052	20.513.232	20.079.255
. . . Equity invest. in subsidiary companies	18.267.162	18.099.142	17.953.165
. . . Equity invest. in associated companies	2.530.800	2.304.000	2.016.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	110.090	110.090	110.090
. . Financial receivables	15.020.251	15.054.024	15.075.409
. . . . Within 12 months	4.800.000
. . . . Beyond 12 months	10.220.251	15.054.024	15.075.409
. . . Receivab due from subsidiaries	14.205.002	14.205.002	14.205.002
. . . . Within 12 months	4.800.000
. . . . Beyond 12 months	9.405.002	14.205.002	14.205.002
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.	694.590	694.590	694.590
. . . . Within 12 months
. . . . Beyond 12 months	694.590	694.590	694.590
. . . Receivables due from third parties	120.659	154.432	175.817
. . . . Within 12 months
. . . . Beyond 12 months	120.659	154.432	175.817
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	35.928.303	35.567.256	35.154.664
Total fixed assets	59.980.005	58.506.214	55.471.514
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	4.969.733	4.206.245	3.492.371
. . Work in progress and semimanufactured	25.395.002	19.526.948	23.480.445
. . Work in progress on order
. . Finished goods	4.048.608	7.135.214	9.093.613
. . Advance payments	2.919.751	2.962.690	3.217.191
. Total Inventories	37.333.094	33.831.097	39.283.620
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	90.900.498	68.838.977	102.421.761
. . Beyond 12 months	1.685.734	22.437.181	386.429
. . Trade receivables	19.855.626	20.779.534	26.137.932
. . . . Within 12 months	19.855.626		26.137.932
. . . . Beyond 12 months		20.779.534
. . Receivables due from subsid. comp.	33.130.866	38.263.067	47.721.568
. . . . Within 12 months	33.130.866	38.263.067	47.335.139
. . . . Beyond 12 months			386.429
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	36.639.258	28.183.246	21.646.799
. . . . Within 12 months	35.408.582	26.983.598	21.646.799
. . . . Beyond 12 months	1.230.676	1.199.648
. . Fiscal Receivables	1.841.770	3.142.449	3.397.906
. . . . Within 12 months	1.841.770	3.111.421	3.397.906
. . . . Beyond 12 months		31.028
. . Receivables for anticipated taxes	800.410	569.351	750.380
. . . . Within 12 months	345.352	142.380	750.380
. . . . Beyond 12 months	455.058	426.971
. . Receivables due from third parties	318.302	338.511	3.153.605
. . . . Within 12 months	318.302	338.511	3.153.605
. . . . Beyond 12 months
. Total Credits not held as fixed assets	92.586.232	91.276.158	102.808.190
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits	3.831.154	1.225.422	1.431.616
. . Checks
. . Banknotes and coins	6.384	6.344	4.154
. Total Liquid funds	3.837.538	1.231.766	1.435.770
Total current assets	133.756.864	126.339.021	143.527.580
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	395.987	252.655	379.068
Total adjustments accounts	395.987	252.655	379.068
TOTAL ASSETS	194.132.856	185.097.890	199.378.162

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.000.000	5.000.000	5.000.000
. Additional paid-in capital
. Revaluation reserves	4.983.513	4.983.513	4.983.513
. Legal reserve	1.000.000	1.000.000	1.000.000
. Reserve for Own shares
. Statute reserves
. Other reserves	25.381.742	28.391.295	29.100.246
. Accumulated Profits (Losses)
. Profit( loss) of the year	18.956.916	290.449	1.291.045
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	55.322.171	39.665.257	41.374.804
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	64.499	15.814	110.481
. . Taxation fund, also differed	32.520	64.588	308.240
. . Other funds	466.732	451.664	1.147.507
Total Reserves for Risks and Charges	563.751	532.066	1.566.228
Employee termination indemnities	5.663.811	6.002.345	6.190.025
ACCOUNTS PAYABLE
. . . . Within 12 months	104.810.734	122.087.522	129.497.840
. . . . Beyond 12 months	27.385.698	16.648.171	20.614.311
. . 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	91.003.975	74.567.290	71.444.798
. . . . Within 12 months	65.540.419	59.834.922	52.803.027
. . . . Beyond 12 months	25.463.556	14.732.368	18.641.771
. . Due to other providers of finance	1.945.157	1.937.283	2.034.812
. . . . Within 12 months	23.015	62.283	62.272
. . . . Beyond 12 months	1.922.142	1.875.000	1.972.540
. . Advances from customers	1.352.094	2.785.272	3.535.513
. . . . Within 12 months	1.352.094	2.785.272	3.535.513
. . . . Beyond 12 months
. . Trade payables	21.529.544	24.780.149	35.477.431
. . . . Within 12 months	21.529.544	24.780.149	35.477.431
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	7.775.756	27.149.240	28.354.293
. . . . Within 12 months	7.775.756	27.149.240	28.354.293
. . . . Beyond 12 months
. . Due to associated companies			331.227
. . . . Within 12 months			331.227
. . . . Beyond 12 months
. . Due to holding companies	784.854	341.383	1.749.541
. . . . Within 12 months	784.854	341.383	1.749.541
. . . . Beyond 12 months
. . Due to the tax authorities	1.619.571	1.399.657	1.014.099
. . . . Within 12 months	1.619.571	1.399.657	1.014.099
. . . . Beyond 12 months
. . Due to social security and welfare inst.	2.240.177	2.250.412	2.330.976
. . . . Within 12 months	2.240.177	2.250.412	2.330.976
. . . . Beyond 12 months
. . Other payables	3.945.304	3.525.007	3.839.461
. . . . Within 12 months	3.945.304	3.484.204	3.839.461
. . . . Beyond 12 months		40.803
Total accounts payable	132.196.432	138.735.693	150.112.151
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	386.691	162.529	134.954
Total adjustment accounts	386.691	162.529	134.954
TOTAL LIABILITIES	194.132.856	185.097.890	199.378.162

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	28.750.246	30.659.029
Risk accounts	781.389	6.819.090
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	143.870.957	143.501.002	160.694.597
. Changes in work in progress	2.781.449	-5.911.897	5.837.319
. Changes in semi-manufact. products
. Capitalization of internal work	92.644	743.355	409.048
. Other income and revenues	5.114.474	4.837.694	5.248.912
. . Contributions for operating expenses	5.028.809		7.399
. . Different income and revenues	85.665	4.837.694	5.241.513
Total value of production	151.859.524	143.170.154	172.189.876
PRODUCTION COSTS
. Raw material,other materials and consum.	70.213.986	67.718.128	88.591.302
. Services received		27.742.916	32.370.199
. Leases and rentals	33.940.554	7.717.623	7.540.898
. Payroll and related costs	38.499.214	36.049.467	37.185.332
. . Wages and salaries	26.095.901	24.872.110	25.093.905
. . Social security contributions	8.351.446	8.068.182	7.968.037
. . Employee termination indemnities	1.753.090	1.803.061	1.854.316
. . Pension and similar
. . Other costs	2.298.777	1.306.114	2.269.074
. Amortization and depreciation	3.756.799	3.714.684	3.690.839
. . Amortization of intangible fixed assets	1.230.105	904.715	629.256
. . Amortization of tangible fixed assets	2.440.194	2.722.969	2.951.583
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	86.500	87.000	110.000
. Changes in raw materials	-763.489	-713.874	-678.731
. Provisions to risk reserves			56.198
. Other provisions
. Other operating costs	1.740.413	1.308.888	1.348.542
Total production costs	147.387.477	143.537.832	170.104.579
Diff. between value and cost of product.	4.472.047	-367.678	2.085.297
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	19.610.900	2.500.093	2.500.155
. . In subsidiary companies	19.610.000		2.500.000
. . In associated companies
. . In other companies	900		155
. Other financial income	1.307.858	1.390.786	967.775
. . Financ.income from receivables	542.936		967.775
. . . Towards subsidiary companies	542.936		298.284
. . . Towards associated companies			180.433
. . . Towards holding companies			477.496
. . . Towards other companies			11.562
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	764.922
. . . - Subsidiary companies	104.393
. . . - Associated companies
. . . - Holding companies	652.060
. . . - Other companies	8.469
. Interest and other financial expense	-4.416.878	-4.437.136	-3.116.207
. . Towards subsidiary companies	-287.426		-437.377
. . Towards associated companies
. . Towards holding companies			-77.972
. . Towards other companies	4.416.878		3.116.207
Total financial income and expense	16.501.880	-546.257	351.723
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	584.669	1.784.739	452.975
. . Gains on disposals	584.668
. . Other extraordinary income	1	1.784.739	452.975
. Extraordinary expense	-836.643	-496.037	-283.698
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-836.643	-496.037	-283.698
Total extraordinary income and expense	-251.974	1.288.702	169.277
Results before income taxes	20.721.953	374.767	2.606.297
. Taxes on current income	1.765.037	84.318	1.315.252
. . current taxes	2.028.164	948.096	1.570.240
. . differed taxes(anticip.)	-263.127	-863.778	-254.988
. Net income for the period	18.956.916	290.449	1.291.045
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	18.956.916	290.449	1.291.045

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	0,31	0,32	0,28	0,26
Elasticity Ratio	Units	0,69	0,68	0,72	0,73
Availability of stock	Units	0,19	0,18	0,20	0,23
Total Liquidity Ratio	Units	0,50	0,50	0,52	0,44
Quick Ratio	Units	0,02	0,01	0,01	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,83	3,05	3,10	1,74
Self Financing Ratio	Units	0,28	0,21	0,21	0,29
Capital protection Ratio	Units	0,57	0,87	0,85	0,64
Liabilities consolidation quotient	Units	0,32	0,19	0,21	0,22
Financing	Units	2,39	3,50	3,63	2,30
Permanent Indebtedness Ratio	Units	0,46	0,34	0,34	0,46
M/L term Debts Ratio	Units	0,17	0,12	0,13	0,11
Net Financial Indebtedness Ratio	Units	1,61	1,90	1,74	0,49
CORRELATION
Fixed assets ratio	Units	1,47	1,07	1,23	1,63
Current ratio	Units	1,28	1,03	1,11	1,32
Acid Test Ratio-Liquidity Ratio	Units	0,92	0,76	0,80	0,86
Structure's primary quotient	Units	0,92	0,68	0,75	1,05
Treasury's primary quotient	Units	0,04	0,01	0,01	0,04
Rate of indebtedness ( Leverage )	%	350,91	466,65	481,88	349,01
Current Capital ( net )	Value	28.946.130	4.251.499	14.029.740	753.266
RETURN
Return on Sales	%	15,79	2,79	3,10	5,13
Return on Equity - Net- ( R.O.E. )	%	34,27	0,73	3,12	7,27
Return on Equity - Gross - ( R.O.E. )	%	37,46	0,94	6,30	15,95
Return on Investment ( R.O.I. )	%	2,30	-0,20	1,05	5,36
Return/ Sales	%	3,11	-0,26	1,30	5,57
Extra Management revenues/charges incid.	%	423,90	n.c.	61,91	42,11
Cash Flow	Value	22.713.715	4.005.133	4.981.884	344.143
Operating Profit	Value	4.472.047	-367.678	2.085.297	359.008
Gross Operating Margin	Value	8.228.846	3.347.006	5.832.334	705.726
MANAGEMENT
Credits to clients average term	Days	49,68	52,13	58,56	101,37
Debts to suppliers average term	Days	104,00	182,38	184,65	115,52
Average stock waiting period	Days	93,42	84,87	88,01	80,62
Rate of capital employed return ( Turnover )	Units	0,74	0,78	0,81	1,07
Rate of stock return	Units	3,85	4,24	4,09	4,40
Labour cost incidence	%	26,76	25,12	23,14	16,91
Net financial revenues/ charges incidence	%	11,47	-0,38	0,22	-1,19
Labour cost on purchasing expenses	%	26,12	25,11	21,86	17,25
Short-term financing charges	%	3,34	3,20	2,08	2,71
Capital on hand	%	134,94	128,99	124,07	93,00
Sales pro employee	Value	119.593	236.800	138.291	223.920
Labour cost pro employee	Value	32.002	59.487	32.001	35.625

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	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Spazio.gif$ 487.003
Population living in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Spazio.gif$ 425
- per non food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Spazio.gif$ 2.063
- per energy consume	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.644\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 918 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 5,13%.

The labour cost affects the turnover in the measure of 16,91%.

Goods are held in stock in a range of 81 dd.

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

The employees costs represent the 17,25% 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 18.860 protested subjects are found; in the province they count to 1.775.

The insolvency index for the region is 0,46, , while for the province it is 0,38.

Total Bankrupt companies in the province : 1.365.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.98.12
Euro	1	Rs.71.28

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

Company Name and address

Summary

Activity

Legal Data

Members

*Concerns also partially erased events.

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Bankers

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit