MIRA INFORM REPORT

Report No. :	325908
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	SYSTEM S.P.A.

Registered Office :	Via Ghiarola Vecchia, 73, 41042 - Fiorano Modenese (MO)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	06.09.1994

Legal Form :	Joint Stock Company

Line of Business :	· Manufacture of broadcasting equipment · Manufacture of industrial robots for multiple usage (including spare parts and accessories)

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

SYSTEM S.P.A.

Via Ghiarola Vecchia, 73

41042 - Fiorano Modenese (MO) -IT-

Summary

Fiscal Code	:	02438830362
Legal Form	:	Joint stock company
start of Activities	:	31/12/1994
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 500 to 750

Activity

Manufacture of broadcasting equipment

Manufacture of industrial robots for multiple usage (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02438830362

Foreign Trade Reg. no. : MO030120 since 08/01/1998

Foreign Trade Reg. no. : 030120 of Modena since 08/01/1998

Chamber of Commerce no. : 1861676 of Milano

Chamber of Commerce no. : 302455 of Modena since 30/06/1997

Chamber of Commerce no. : 273856 of Reggio Emilia

Chamber of Commerce no. : 297341 of Reggio Emilia

Firms' Register : MO-1997-175139 of Modena since 10/10/1997

V.A.T. Code : 02438830362

Foundation date	: 06/09/1994
Establishment date	: 06/09/1994
Start of Activities	: 31/12/1994
Legal duration	: 31/12/2050
Nominal Capital	: 23.000.000
Subscribed Capital	: 23.000.000
Paid up Capital	: 23.000.000

Legal mail :

system-group@legalmail.it

Legal mail :

SYSTEM@LEGALMAIL.IT

Members

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Timone Fiduciaria S.p.a.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Sant'andrea

, 10/A

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Selmi

Alberto

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Sassuolo

(MO)

on 14/11/1970

- Fiscal Code : SLMLRT70S14I462Q

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Monte Croce

, 7

- 42014

Castellarano

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Stefani

Franco

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Prignano sulla Secchia

(MO)

on 05/02/1945

- Fiscal Code : STFFNC45B05H061I

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Giacobazzi

, 25

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015
Board Chairman	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Catellani

Alfredo

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Casalgrande

(RE)

on 25/11/1948

- Fiscal Code : CTLLRD48S25B893A

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Statutaria

, 83

- 42013

Casalgrande

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	25/06/2014

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Panzetti

Luigi

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Melzo

(MI)

on 16/04/1962

- Fiscal Code : PNZLGU62D16F119W

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Santa Eurosia

, 53

- 43100

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Stefani

Fabrizia

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Sassuolo

(MO)

on 01/12/1972

- Fiscal Code : STFFRZ72T41I462R

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Di Riola

, 28

- 41042

Fiorano Modenese

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Gozzi

Andrea

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Modena

(MO)

on 05/09/1974

- Fiscal Code : GZZNDR74P05F257N

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

San'onofrio

, 31/E

- 41043

Formigine

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	29/09/2008

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Cassia

Bernardo

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Parma

(PR)

on 01/09/1967

- Fiscal Code : CSSBNR67P01G337B

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

E. Comparoni

, 2

- 42027

Montecchio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/01/2010

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Muratori

Luigi

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Vignola

(TN)

on 09/02/1959

- Fiscal Code : MRTLGU59B09L885H

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Monte Vesuvio

, 1

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/01/2010

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Pincelli

Vittorio

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Frassinoro

(MO)

on 03/08/1943

- Fiscal Code : PNCVTR43M03D783P

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Roma

, 21

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Bellentani

Orianna

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Formigine

(MO)

on 19/11/1948

- Fiscal Code : BLLRNN48S59D711L

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Giacobazzi

, 25

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015
Assistant board Chairman	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Ferrari

Massimo

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Formigine

(MO)

on 05/12/1962

- Fiscal Code : FRRMSM62T05D711J

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Cesare Battisti

, 8

- 41043

Formigine

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	22/04/2009

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Stefani

Alessandra

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Scandiano

(RE)

on 17/03/1977

- Fiscal Code : STFLSN77C57I496Q

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Chopin

, 2/A

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Barozzi

Nicoletta

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Modena

(MO)

on 20/11/1980

- Fiscal Code : BRZNLT80S60F257Q

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Marzabotto

, 4

- 41043

Formigine

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/04/2011

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Tomasini

Maurizio

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Sassuolo

(MO)

on 09/10/1965

- Fiscal Code : TMSMRZ65R09I462E

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Xx Settembre

, 89

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	15/01/2013

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Cuoghi

Ermanno

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Fiorano Modenese

(MO)

on 31/01/1950

- Fiscal Code : CGHRNN50A31D607A

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

San Domenico

, 12

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/01/2015

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Annovi

Andrea

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Born in Modena

(MO)

on 15/02/1971

- Fiscal Code : NNVNDR71B15F257O

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Residence:

Viazzoletto

, 7

- 41043

Formigine

(MO)

- IT -

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

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

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.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Stefani

Franco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Syfal S.p.a.	Casalgrande (RE) - IT -	02001330360	Managing Director	Withdrawn	Registered
Syfal S.p.a.	Casalgrande (RE) - IT -	02001330360	Director	Withdrawn	Registered
Syfal S.p.a.	Casalgrande (RE) - IT -	02001330360	Board Chairman	Withdrawn	Registered
Immobiltec S.p.a.	Fiorano Modenese (MO) - IT -	02606280366	Director	Active	Registered
Immobiltec S.p.a.	Fiorano Modenese (MO) - IT -	02606280366	Assistant board Chairman	Active	Registered
Crit- Centro Di Ricerca E Innovazione Tecnologica S.r.l. Abbreviabile In Crit S.	Vignola (MO) - IT -	02648490361	Director	Withdrawn	Registered
Laminam S.p.a.	Fiorano Modenese (MO) - IT -	01969990355	Director	Active	Registered
Laminam S.p.a.	Fiorano Modenese (MO) - IT -	01969990355	Board Chairman	Active	Registered
Societa' Agricola Riola Valley Societa'Semplice Di Stefani Franco	Sassuolo (MO) - IT -	03163320363	Partner	Active	Registered
System Logistics S.p.a.	Fiorano Modenese (MO) - IT -	03197890365	Director	Active	Registered
System Logistics S.p.a.	Fiorano Modenese (MO) - IT -	03197890365	Board Chairman	Active	Registered
System Photonics S.p.a.	Fiorano Modenese (MO) - IT -	03252770361	Director	Withdrawn	Registered
System Photonics S.p.a.	Fiorano Modenese (MO) - IT -	03252770361	Board Chairman	Withdrawn	Registered

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Bellentani

Orianna

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
System S.p.a.	Fiorano Modenese (MO) - IT -	01615720362	Director	Withdrawn	Merged
Sigmat S.r.l.	Formigine (MO) - IT -	12974690153	Sole Director	Withdrawn	Merged
Immobiltec S.p.a.	Fiorano Modenese (MO) - IT -	02606280366	Managing Director	Active	Registered
Immobiltec S.p.a.	Fiorano Modenese (MO) - IT -	02606280366	Director	Active	Registered
Immobiltec S.p.a.	Fiorano Modenese (MO) - IT -	02606280366	Sole Director	Withdrawn	Registered
Immobiltec S.p.a.	Fiorano Modenese (MO) - IT -	02606280366	Board Chairman	Active	Registered
Cascina Malatesta - S.r.l.	Rubiera (RE) - IT -	02686360369	Sole Director	Active	Registered
Fin-system - S.p.a.	Formigine (MO) - IT -	00129110367	Chairman	Withdrawn	Ceased
Il Borgo S.a.s. Di Stefani Franco E C.	Formigine (MO) - IT -	03770610370	Limited Partner	Withdrawn	Ceased
Societa' Agricola Riola Valley Societa'Semplice Di Stefani Franco	Sassuolo (MO) - IT -	03163320363	Partner	Active	Registered
System Holding S.p.a.	Fiorano Modenese (MO) - IT -	06872610966	Director	Active	Registered
System Holding S.p.a.	Fiorano Modenese (MO) - IT -	06872610966	Board Chairman	Active	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
Cofircont - Compagnia Fiduciaria S.p.A.	Milano - IT -	02589350152	1.150.000 .Eur	5,00
Timone Fiduciaria S.p.a.	Milano - IT -	05103510151	21.850.000 .Eur	95,00

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
Caf Dell'industria Dell'emilia-romagna S .p.a. In Forma Abbreviata Cafindustria	Bologna - IT -	04165140379	3.120 .Eur	0,82			Active
Laminam S.p.a.	Fiorano Modenese - IT -	01969990355	6.120.000 .Eur	85,00			Active
Crit- Centro Di Ricerca E Innovazione Te cnologica S.r.l. Abbreviabile In Crit S.	Vignola - IT -	02648490361	30.800 .Eur	7,44			Active
Consorzio Sviluppoenergia 1	Modena - IT -	02644600369					Active
Consorzio Ecor'it - Sistema Collettivo P er La Gestione Dei Raee D I Nuclei Domes	Milano - IT -	05083280965					Active
Sicurezza System	Fiorano Modenese - IT -	03345360360					Active
Tosilab S.p.a.	Fiorano Modenese - IT -	01850660364	499.200 .Eur	100,00			Active
System Logistics S.p.a.	Fiorano Modenese - IT -	03197890365	5.000.000 .Eur	100,00			Active
System Sicurezza S.r.l.	Fiorano Modenese - IT -	03390790362	45.000 .Eur	90,00			Active
Premium Care S.r.l.		03531040362	25.000 .Eur	50,00			Active

Firm's location and structure

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

Legal and operative seat

Ghiarola Vecchia

, 73

- 41042

- Fiorano Modenese

(MO)

- IT -

PHONE

: 0536836111

FAX

: 0536830606

Legal mail

: system-group@legalmail.it

Legal mail

: SYSTEM@LEGALMAIL.IT

Branch

(Factory)

since 01/09/2001

Sacco E Vanzetti

, 10/14

- 41042

- Fiorano Modenese

(MO)

- IT -

Branch

(Warehouse)

since 01/08/2011

Ghiarola Nuova

, 85

- 41042

- Fiorano Modenese

(MO)

- IT -

Branch

(Factory)

since 30/12/2013

Ca' Del Miele

, 8/1

- 42013

- Casalgrande

(RE)

- IT -

Branch

(Factory)

since 30/12/2013

Ca' Del Miele

, 8/H

- 42013

- Casalgrande

(RE)

- IT -

Branch

(Factory)

since 30/12/2013

Ca' Del Miele

, 12

- 42013

- Casalgrande

(RE)

- IT -

Branch

(Factory)

since 01/02/2015

Ca' Del Miele

, 8/C

- 42013

- Casalgrande

(RE)

- IT -

Employees

: 514

Fittings and Equipment for a value of 4.570.000

Eur

Stocks for a value of 39.230.000

Eur

Work in progress for a value of 4.730.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Company not provided for by Italian law	Joint stock company	03/09/1997

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Acacia Investments SpA	System SpA	15/12/1997

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ System S.p.a.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Ghiarola Vecchia

, 73

, 41042

, Fiorano Modenese

(MO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01615720362

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

Merging/splitting-up project:

10/10/1997

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ System S.p.a.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Ghiarola Vecchia

, 73

, 41042

, Fiorano Modenese

(MO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01615720362

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

04/12/1997

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Splitting-up project and setting-up of new co

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

Merging/Splitting-up Project-New Company:

13/05/1999

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Splitting-up and setting-up of a new company

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ IMMOBILTEC S.P.A.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

, Fiorano Modenese (mo)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

Splitting-up:

11/10/1999

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ GOMES TECHNOLOGY S.P.A.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

SACCO E VANZETTI

, 10/14

, 41042

, Fiorano Modenese

(MO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01985350360

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

Merging/splitting-up project:

25/05/2007

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ F.t.p. Automazioni S.p.a.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Ghiarola Vecchia

, 73

, 41042

, Fiorano Modenese

(MO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01996520365

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

07/11/2007

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ GOMES TECHNOLOGY S.P.A.

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

SACCO E VANZETTI

, 10/14

, 41042

, Fiorano Modenese

(MO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01985350360

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

09/10/2007

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ Nuova Era - S.r.l.-

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Ca' Del Miele

, 8/1

, 42013

, Casalgrande

(RE)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01208430353

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

Merging/splitting-up project:

10/06/2013

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Resolution of merging of

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$ Nuova Era - S.r.l.-

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Ca' Del Miele

, 8/1

, 42013

, Casalgrande

(RE)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Fiscal Code: 01208430353

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Vuoto.gif$

Date

10/07/2013

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

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 1994.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 12,2% in 2013 and during the last financial year an increase in sales volume was registered (+32,01% in 2013).

The operating result was positive in the last financial year (4,58%) falling within the field's average.

The amount of the operating result for the year 2013 is of Eur. 12.020.454 increasing if compared to the yeart 2012.

The economic management produced a gross operating margin of Eur. 17.618.404 , stable if compared to the year before.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,64) with an improving trend as on the decrease.

The management generated equity capital for an amount of Eur. 63.206.840 on the same levels as the year before.

In the year 2013 total debts amounted to Eur. 189.664.662 on the same levels as the year before.

Both financial indebtedness as well as exsposure to suplliers are rated as fairly high besides being higher than sector's average.

Liquid assets are good.

Trade credits average terms are slow, on average 124,5 days. but in line with the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 12.744.527

Labour cost expenses amount to Eur. 31.463.793 , representing 20,44% on the total of production costs. , with a 20,2% incidence on turnover.

No incidence of financial charges as lower than the incomes.

Financial Data

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	155.765.841
Profit (Loss) for the period	7.709.737

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	117.988.125
Profit (Loss) for the period	3.835.781

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	121.717.088
Profit (Loss) for the period	81.409

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	94.713.339
Profit (Loss) for the period	615.489

$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	89.409.636
Profit (Loss) for the period	-13.834.370

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	8.548	512	1.600
. . Research,develop. and advert.expens.	2.535.364	1.548.503
. . Industrial patent rights	10.860.870	12.410.125	14.697.617
. . Concessions,licenses,trademarks,etc.	2.674	5.199	8.042
. . Goodwill			2.123.189
. . Assets in formation and advance paymen.	572.221	875.580
. . Other intangible fixed assets	1.014.035	1.038.094	1.258.948
. Total Intangible Fixed Assets	14.993.712	15.878.013	18.089.396
. TANGIBLE FIXED ASSETS
. . Real estate	780.420	22.428	32.716
. . Plant and machinery	4.129.074	3.705.125	1.657.827
. . Industrial and commercial equipment	440.693	281.084	346.841
. . Other assets	1.198.631	1.009.225	1.308.264
. . Assets under construction and advances	73.048	15.494	1.420.667
. Total Tangible fixed assets	6.621.866	5.033.356	4.766.315
. FINANCIAL FIXED ASSETS
. . Equity investments	46.855.555	42.696.513	43.754.102
. . . Equity invest. in subsidiary companies	46.796.675	42.637.633	43.691.865
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	58.880	58.880	62.237
. . Financial receivables	214.751	200.449	200.449
. . . . Within 12 months
. . . . Beyond 12 months	214.751	200.449	200.449
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	214.751	200.449	200.449
. . . . Within 12 months
. . . . Beyond 12 months	214.751	200.449	200.449
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	47.070.306	42.896.962	43.954.551
Total fixed assets	68.685.884	63.808.331	66.810.262
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	14.155.556	9.165.205	11.407.005
. . Work in progress and semimanufactured	15.693.581	12.721.203	13.605.682
. . Work in progress on order	4.725.426	2.817.384	-442.390
. . Finished goods	4.295.716	7.020.813	6.309.053
. . Advance payments	359.239	496.571	1.933.852
. Total Inventories	39.229.518	32.221.176	32.813.202
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	144.113.415	141.209.269	131.332.130
. . Beyond 12 months	3.404.449		8.280.162
. . Trade receivables	53.867.323	56.782.787	62.499.629
. . . . Within 12 months	50.462.874	56.782.787	54.372.817
. . . . Beyond 12 months	3.404.449		8.126.812
. . Receivables due from subsid. comp.	80.666.794	72.984.232	67.301.863
. . . . Within 12 months	80.666.794	72.984.232	67.148.513
. . . . Beyond 12 months			153.350
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	4.512.265	2.624.349	2.334.906
. . . . Within 12 months	4.512.265	2.624.349	2.334.906
. . . . Beyond 12 months
. . Receivables for anticipated taxes	8.017.186	8.702.429	7.259.368
. . . . Within 12 months	8.017.186	8.702.429	7.259.368
. . . . Beyond 12 months
. . Receivables due from third parties	454.296	115.472	216.526
. . . . Within 12 months	454.296	115.472	216.526
. . . . Beyond 12 months
. Total Credits not held as fixed assets	147.517.864	141.209.269	139.612.292
. 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	5.114.503	11.272.920	9.497.833
. . Checks
. . Banknotes and coins	31.711	19.837	42.519
. Total Liquid funds	5.146.214	11.292.757	9.540.352
Total current assets	191.893.596	184.723.202	181.965.846
ADJUSTMENT ACCOUNTS
. Discount on loans	1.699.422		1.164.982
. Other adjustment accounts		1.463.854
Total adjustments accounts	1.699.422	1.463.854	1.164.982
TOTAL ASSETS	262.278.902	249.995.387	249.941.090

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	23.000.000	23.000.000	23.000.000
. Additional paid-in capital			2.029.091
. Revaluation reserves	1.676.158	1.676.158	1.676.158
. Legal reserve	1.966.265	1.774.476	1.770.406
. Reserve for Own shares		2.029.091
. Statute reserves	2.029.091
. Other reserves	26.825.589	23.181.598	23.104.258
. Accumulated Profits (Losses)
. Profit( loss) of the year	7.709.737	3.835.781	81.409
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	63.206.840	55.497.104	51.661.322
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	484.734	501.804	469.877
. . Taxation fund, also differed	329.877	275.996	448.762
. . Other funds	2.298.938	4.011.442	1.387.335
Total Reserves for Risks and Charges	3.113.549	4.789.242	2.305.974
Employee termination indemnities	4.818.734	4.377.043	4.716.472
ACCOUNTS PAYABLE
. . . . Within 12 months	108.859.039	137.768.940	88.104.708
. . . . Beyond 12 months	80.805.623	46.573.352	101.928.292
. . Bonds	7.606.378	7.606.378	7.641.625
. . . . Within 12 months	375.981	375.981	411.228
. . . . Beyond 12 months	7.230.397	7.230.397	7.230.397
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	54.520.125	64.373.297	89.785.802
. . . . Within 12 months	19.444.899	63.619.754	33.587.907
. . . . Beyond 12 months	35.075.226	753.543	56.197.895
. . Due to other providers of finance	38.514.198	38.589.412	38.675.693
. . . . Within 12 months	14.198		175.693
. . . . Beyond 12 months	38.500.000	38.589.412	38.500.000
. . Advances from customers	8.563.366	9.614.269	4.836.663
. . . . Within 12 months	8.563.366	9.614.269	4.836.663
. . . . Beyond 12 months
. . Trade payables	42.943.418	29.440.611	31.545.208
. . . . Within 12 months	42.943.418	29.440.611	31.545.208
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	30.139.673	29.927.105	12.452.947
. . . . Within 12 months	30.139.673	29.927.105	12.452.947
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	1.720.125	830.429	671.120
. . . . Within 12 months	1.720.125	830.429	671.120
. . . . Beyond 12 months
. . Due to social security and welfare inst.	2.226.376	1.681.592	1.818.126
. . . . Within 12 months	2.226.376	1.681.592	1.818.126
. . . . Beyond 12 months
. . Other payables	3.431.003	2.279.199	2.605.816
. . . . Within 12 months	3.431.003	2.279.199	2.605.816
. . . . Beyond 12 months
Total accounts payable	189.664.662	184.342.292	190.033.000
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	1.475.117	989.706	1.224.322
Total adjustment accounts	1.475.117	989.706	1.224.322
TOTAL LIABILITIES	262.278.902	249.995.387	249.941.090

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	2.114.174	12.145.000
Risk accounts	24.187.000	12.082.000
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	155.765.841	117.988.125	121.717.088
. Changes in work in progress	-80.007	-172.719	5.050.620
. Changes in semi-manufact. products	1.473.789	3.259.774	-410.927
. Capitalization of internal work	1.839.449	1.987.324	90.088
. Other income and revenues	6.988.211	7.830.294	7.854.461
. . Contributions for operating expenses	132.643	862.304	108.041
. . Different income and revenues	6.855.568	6.967.990	7.746.420
Total value of production	165.987.283	130.892.798	134.301.330
PRODUCTION COSTS
. Raw material,other materials and consum.	77.513.869	54.207.891	60.219.202
. Services received		25.738.300	25.990.499
. Leases and rentals	39.348.054	5.883.006	5.651.145
. Payroll and related costs	31.463.793	25.111.563	25.969.256
. . Wages and salaries	22.136.309	17.727.129	18.215.208
. . Social security contributions	6.942.645	5.419.136	5.621.417
. . Employee termination indemnities	1.541.996	1.322.675	1.306.750
. . Pension and similar
. . Other costs	842.843	642.623	825.881
. Amortization and depreciation	5.034.790	7.150.527	6.776.471
. . Amortization of intangible fixed assets	3.255.357	5.123.532	4.802.710
. . Amortization of tangible fixed assets	1.374.895	1.366.828	1.530.081
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	404.538	660.167	443.680
. Changes in raw materials	-1.543.404	2.241.800	-360.831
. Provisions to risk reserves	563.160	2.860.871	44.601
. Other provisions		100.000
. Other operating costs	1.586.567	1.565.470	2.060.861
Total production costs	153.966.829	124.859.428	126.351.204
Diff. between value and cost of product.	12.020.454	6.033.370	7.950.126
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	2.461.394	4.131.672	184.863
. . In subsidiary companies	2.461.394		184.863
. . In associated companies
. . In other companies
. Other financial income	1.575.355	1.920.602	2.342.386
. . Financ.income from receivables			2.342.386
. . . Towards subsidiary companies			1.567.708
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies			774.678
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	1.575.355
. . . - Subsidiary companies	1.234.396
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	340.959
. Interest and other financial expense	-3.863.708	-4.918.840	-4.884.184
. . Towards subsidiary companies	-35.304
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	3.863.708		4.884.184
Total financial income and expense	173.041	1.133.434	-2.356.935
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-2.004.002	-2.002.629	-2.300.000
. . Of equity investments	-2.004.002	-2.002.629	-2.300.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-2.004.002	-2.002.629	-2.300.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	2.000.000	1
. . Gains on disposals	2.000.000
. . Other extraordinary income		1
. Extraordinary expense	-92.701
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-92.701
Total extraordinary income and expense	1.907.299	1
Results before income taxes	12.096.792	5.164.176	3.293.191
. Taxes on current income	4.387.055	1.328.395	3.211.782
. . current taxes	2.251.259	1.158.903	1.061.769
. . differed taxes(anticip.)	2.135.796	-908.501	702.213
. Net income for the period	7.709.737	3.835.781	81.409
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	7.709.737	3.835.781	81.409

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	0,26	0,26	0,27	0,22
Elasticity Ratio	Units	0,73	0,74	0,73	0,77
Availability of stock	Units	0,15	0,13	0,13	0,19
Total Liquidity Ratio	Units	0,58	0,61	0,60	0,54
Quick Ratio	Units	0,02	0,05	0,04	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,64	2,28	1,52	2,61
Self Financing Ratio	Units	0,24	0,22	0,21	0,21
Capital protection Ratio	Units	0,51	0,52	0,55	0,63
Liabilities consolidation quotient	Units	0,79	0,37	1,21	0,19
Financing	Units	3,00	3,32	3,68	3,38
Permanent Indebtedness Ratio	Units	0,57	0,43	0,63	0,38
M/L term Debts Ratio	Units	0,33	0,20	0,43	0,10
Net Financial Indebtedness Ratio	Units	1,51	1,79	2,45	0,68
CORRELATION
Fixed assets ratio	Units	2,17	1,67	2,37	1,72
Current ratio	Units	1,76	1,34	2,07	1,22
Acid Test Ratio-Liquidity Ratio	Units	1,40	1,11	1,69	0,94
Structure's primary quotient	Units	0,92	0,87	0,77	1,11
Treasury's primary quotient	Units	0,05	0,08	0,11	0,05
Rate of indebtedness ( Leverage )	%	414,95	450,47	483,81	481,59
Current Capital ( net )	Value	83.034.557	46.954.262	93.861.138	782.643
RETURN
Return on Sales	%	8,18	9,31	5,63	3,73
Return on Equity - Net- ( R.O.E. )	%	12,20	6,91	0,16	3,77
Return on Equity - Gross - ( R.O.E. )	%	19,14	9,31	6,37	12,35
Return on Investment ( R.O.I. )	%	4,58	2,41	3,18	4,22
Return/ Sales	%	7,72	5,11	6,53	4,96
Extra Management revenues/charges incid.	%	64,14	63,58	1,02	22,37
Cash Flow	Value	12.744.527	10.986.308	6.857.880	214.298
Operating Profit	Value	12.020.454	6.033.370	7.950.126	222.750
Gross Operating Margin	Value	17.618.404	16.144.768	14.771.198	533.748
MANAGEMENT
Credits to clients average term	Days	124,50	173,25	184,85	136,77
Debts to suppliers average term	Days	225,14	249,01	172,43	148,40
Average stock waiting period	Days	90,67	98,31	97,05	60,75
Rate of capital employed return ( Turnover )	Units	0,59	0,47	0,49	1,02
Rate of stock return	Units	3,97	3,66	3,71	5,89
Labour cost incidence	%	20,20	21,28	21,34	20,31
Net financial revenues/ charges incidence	%	0,11	0,96	-1,94	-1,36
Labour cost on purchasing expenses	%	20,44	20,11	20,55	19,93
Short-term financing charges	%	2,04	2,67	2,57	3,07
Capital on hand	%	168,38	211,88	205,35	97,57
Sales pro employee	Value	158.459	287.775	150.082	192.305
Labour cost pro employee	Value	32.007	61.247	32.021	34.434

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	:	$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Spazio.gif$ 659.925
Population living in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Spazio.gif$ 425
- per non food products	:	$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\VIVEK\Foreign Report Raw2\Folders\System S_files\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 739 significant companies.

The companies cash their credits on an average of 137 dd.

The average duration of suppliers debts is about 148 dd.

The sector's profitability is on an average of 3,73%.

The labour cost affects the turnover in the measure of 20,31%.

Goods are held in stock in a range of 61 dd.

The difference between the sales volume and the resources used to realize it is about 1,02.

The employees costs represent the 19,93% 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 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.94
UK Pound	1	Rs.98.27
Euro	1	Rs.72.37

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

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