MIRA INFORM REPORT

Report No. :	329594
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	PARCHETTIFICIO GARBELOTTO S.R.L.
Registered Office :	Via Mescolino, 31012 - Cappella Maggiore(TV)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	01.08.1989
Legal Form :	Limited Liability Company
Line of Business :	Sawmilling and planing of wood Manufacture of assembled parquet floors
No. of Employee :	From 26 to 35

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

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

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

ITALY ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

PARCHETTIFICIO GARBELOTTO S.R.L.

Via Mescolino, 31012 - Cappella Maggiore(TV) -IT-

Summary

Fiscal Code	:	01615550264
Legal Form	:	Limited liability company
start of Activities	:	01/08/1989
Equity	:	750.000
Turnover Range	:	9.000.000/10.000.000
Number of Employees	:	from 26 to 35

Activity

Sawmilling and planing of wood

Manufacture of assembled parquet floors

Legal Data

Legal Form : Limited liability company

Fiscal Code : 01615550264

Foreign Trade Reg. no. : TV015016 since 24/12/1991

Foreign Trade Reg. no. : 15016 of Treviso since 24/12/1991

Foreign Trade Reg. no. : 015016 of Treviso since 24/12/1991

Chamber of Commerce no. : 159137 of Treviso since 10/06/1983

Firms' Register : TV086-16683 of Treviso since 19/02/1996

V.A.T. Code : 01615550264

Tribunal Co. Register : 16683 of

Foundation date	: 21/04/1983
Establishment date	: 21/04/1983
Start of Activities	: 01/08/1989
Legal duration	: 31/12/2030
Nominal Capital	: 46.800
Subscribed Capital	: 46.800
Paid up Capital	: 46.800

Legal mail :

POSTMASTER@PEC.GARBELOTTO.IT

Members

Altoe'

Renza

Born in Vittorio Veneto

(TV)

on 21/07/1961

- Fiscal Code : LTARNZ61L61M089Y

Residence:

Crispi

, 14

- 31012

Cappella Maggiore

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	30/05/2007
Director	30/05/2007

No Prejudicial events are reported

No Protests registered

Garbelotto

Luca

Born in Vittorio Veneto

(TV)

on 11/08/1969

- Fiscal Code : GRBLCU69M11M089X

Residence:

Fausto Braga

, 4

- 31014

Colle Umberto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2007
Managing Director	30/05/2007

No Prejudicial events are reported

No Protests registered

Garbelotto

Antonio

Born in Colle Umberto

(TV)

on 09/09/1958

- Fiscal Code : GRBNTN58P09C848F

Residence:

Crispi

, 14

- 31012

Cappella Maggiore

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2007
Managing Director	30/05/2007
Board Chairman	19/05/2014

No Prejudicial events are reported

No Protests registered

Citron

Monica

Born in Vittorio Veneto

(TV)

on 14/07/1974

- Fiscal Code : CTRMNC74L54M089R

Residence:

Fausto Braga

, 4

- 31014

Colle Umberto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2007

Garbelotto

Marco

Born in Sacile

(PN)

on 04/01/1987

- Fiscal Code : GRBMRC87A04H657E

Residence:

Crispi

, 14

- 31012

Cappella Maggiore

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/10/2008
Managing Director	28/06/2012

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

Altoe'

Renza

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Wooden Floor Di Garbelotto A. E C. S.a.s.	Cappella Maggiore (TV) - IT -	02435580267	Limited Partner	Active	Registered
Garfin S.n.c. Di Garbelotto Antonio E Altoe' Renza	Cappella Maggiore (TV) - IT -	03373510266	Partner	Active	Registered
Master Floor S.r.l.	Godega di Sant'Urbano (TV) - IT -	03791890266	Director	Active	Registered
Blu Indaco S.r.l.	Mareno di Piave (TV) - IT -	04412760268	Director	Active	Registered
Mar S.r.l.	Cappella Maggiore (TV) - IT -	04635030267	Director	Active	Registered

Garbelotto

Luca

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Wooden Floor Di Garbelotto A. E C. S.a.s.	Cappella Maggiore (TV) - IT -	02435580267	Limited Partner	Active	Registered

Garbelotto

Antonio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Wooden Floor Di Garbelotto A. E C. S.a.s.	Cappella Maggiore (TV) - IT -	02435580267	General Partner	Active	Registered
Garfin S.n.c. Di Garbelotto Antonio E Altoe' Renza	Cappella Maggiore (TV) - IT -	03373510266	Partner	Active	Registered
Master Floor S.r.l.	Godega di Sant'Urbano (TV) - IT -	03791890266	Director	Active	Registered
IMMOBILIARE ALPINA S.R.L.	San Fior (TV) - IT -	03867100269	Director	Withdrawn	Registered
Mar S.r.l.	Cappella Maggiore (TV) - IT -	04635030267	Director	Active	Registered

Garbelotto

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mar S.r.l.	Cappella Maggiore (TV) - IT -	04635030267	Director	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
Altoe' Renza	Cappella Maggiore - IT -	LTARNZ61L61M089Y	11.700 .Eur	25,00
Garbelotto Luca	Colle Umberto - IT -	GRBLCU69M11M089X	11.700 .Eur	25,00
Garbelotto Antonio	Cappella Maggiore - IT -	GRBNTN58P09C848F	23.400 .Eur	50,00

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
Consorzio Filiera Legno Veneto		01744840933					Active

Firm's location and structure

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

-

Legal and operative seat

since 23/07/1991

Mescolino

- 31012

- Cappella Maggiore

(TV)

- IT -

PHONE

: 0438580348

FAX	: 0438580350

Legal mail

: POSTMASTER@PEC.GARBELOTTO.IT

-

Branch

(office)

until 26/01/1987

Mattarella

, 27

- 31012

- Cappella Maggiore

(TV)

- IT -

Employees

: 21

Assistants

: 5

Fittings and Equipment for a value of 530.000

Eur

Stocks for a value of 990.000

Eur

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Export Corporation S.r.l.		12/05/1989

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 1989

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

During the last years, it recorded positive net results (r.o.e. 4,51% in 2013) and during the last financial year an increase in sales volume was registered (+12,87% in 2013).

The operating result in 2013 was positive (2,43%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 178.482 showing an upward trend 22,86% compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 370.935 stable if compared to the financial year 2012.

The ratio between shareholder's equity and borrowed capital is not well balanced, the indebtedness level is equal to 7,06 with an upward trend.

The management generated equity capital for an amount of Eur. 744.640 on the same levels as the year before.

During the last financial year debts totalled Eur. 6.427.554 (Eur. 1.000.204 of which were m/l term debts) , showing an upward trend if compared to 2012.

Financial debts as well as debts to suppliers are rather high however still within the sector's average.

Liquidity is rather modest.

Trade credits average terms are slow, on average 95,62 days. but on the same levels as the average of the sector.

During financial year 2013 the cash flow amounted to Eur. 226.050

Subordinate employment cost is of Eur. 699.566, i.e. 7,08% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 7,37%.

Financial charges have a limited incidence (-0,82%) on sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	9.487.298
Profit (Loss) for the period	33.597

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	8.405.228
Profit (Loss) for the period	45.329

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	9.141.012
Profit (Loss) for the period	35.245

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	8.802.735
Profit (Loss) for the period	87.338

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	8.108.101
Profit (Loss) for the period	22.577

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.	1.656	2.708	1.775
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	17.819	17.228	7.231
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	1.011		10.914
. Total Intangible Fixed Assets	20.486	19.936	19.920
. TANGIBLE FIXED ASSETS
. . Real estate	689.522	423.774	443.064
. . Plant and machinery	526.367	478.147	479.627
. . Industrial and commercial equipment	7.271	1.698	8.176
. . Other assets	127.413	122.483	46.824
. . Assets under construction and advances	2.041.440	1.388.724	616.638
. Total Tangible fixed assets	3.392.013	2.414.826	1.594.329
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets
Total fixed assets	3.412.499	2.434.762	1.614.249
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	753.076	858.148	231.339
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	237.814	293.674	774.414
. . Advance payments
. Total Inventories	990.890	1.151.822	1.005.753
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.755.613	1.809.717	3.175.169
. . Beyond 12 months	330	330	330
. . Trade receivables	2.520.039	1.653.653	3.050.553
. . . . Within 12 months	2.520.039	1.653.653	3.050.553
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	207.349	95.148	102.882
. . . . Within 12 months	207.349	95.148	102.882
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.443	2.885	4.328
. . . . Within 12 months	1.443	2.885	4.328
. . . . Beyond 12 months
. . Receivables due from third parties	27.112	58.361	17.736
. . . . Within 12 months	26.782	58.031	17.406
. . . . Beyond 12 months	330	330	330
. Total Credits not held as fixed assets	2.755.943	1.810.047	3.175.499
. 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	169.386	98.270	90.786
. . Checks
. . Banknotes and coins	808	1.503	1.896
. Total Liquid funds	170.194	99.773	92.682
Total current assets	3.917.027	3.061.642	4.273.934
ADJUSTMENT ACCOUNTS
. Discount on loans	1.706	1.099	8.899
. Other adjustment accounts
Total adjustments accounts	1.706	1.099	8.899
TOTAL ASSETS	7.331.232	5.497.503	5.897.082
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	46.800	46.800	46.800
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	18.246	18.246	18.246
. Reserve for Own shares
. Statute reserves	645.996	600.667	565.422
. Other reserves	1	1	-3
. Accumulated Profits (Losses)
. Profit( loss) of the year	33.597	45.329	35.245
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	744.640	711.043	665.710
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	153.309	144.578	119.886
ACCOUNTS PAYABLE
. . . . Within 12 months	5.427.350	3.562.322	4.547.545
. . . . Beyond 12 months	1.000.204	1.070.530	557.732
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	332.403	332.403	332.403
. . . . Within 12 months
. . . . Beyond 12 months	332.403	332.403	332.403
. . Due to banks	2.476.591	1.472.049	1.584.217
. . . . Within 12 months	1.808.790	733.922	1.358.888
. . . . Beyond 12 months	667.801	738.127	225.329
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	3.395.994	2.639.912	2.932.586
. . . . Within 12 months	3.395.994	2.639.912	2.932.586
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	52.401	46.765	57.515
. . . . Within 12 months	52.401	46.765	57.515
. . . . Beyond 12 months
. . Due to social security and welfare inst.	45.760	37.878	39.278
. . . . Within 12 months	45.760	37.878	39.278
. . . . Beyond 12 months
. . Other payables	124.405	103.845	159.278
. . . . Within 12 months	124.405	103.845	159.278
. . . . Beyond 12 months
Total accounts payable	6.427.554	4.632.852	5.105.277
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	5.729	9.030	6.209
Total adjustment accounts	5.729	9.030	6.209
TOTAL LIABILITIES	7.331.232	5.497.503	5.897.082

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	2.570.000	2.570.000	2.223.113
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	9.487.298	8.405.228	9.141.012
. Changes in work in progress	-55.861	-480.740	225.102
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	628.835	282.715	318.968
. . Contributions for operating expenses
. . Different income and revenues	628.835	282.715	318.968
Total value of production	10.060.272	8.207.203	9.685.082
PRODUCTION COSTS
. Raw material,other materials and consum.	5.992.310	5.091.064	5.535.809
. Services received
. Leases and rentals	2.688.759	2.568.790	2.891.176
. Payroll and related costs	699.566	622.667	630.265
. . Wages and salaries	497.969	439.834	452.426
. . Social security contributions	162.825	147.824	142.443
. . Employee termination indemnities	36.292	35.009	35.396
. . Pension and similar
. . Other costs	2.480
. Amortization and depreciation	192.453	178.194	158.447
. . Amortization of intangible fixed assets	16.387	24.847	16.929
. . Amortization of tangible fixed assets	165.066	145.035	126.394
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	11.000	8.312	15.124
. Changes in raw materials	105.072	-626.809	38.538
. Provisions to risk reserves
. Other provisions
. Other operating costs	203.630	228.032	258.905
Total production costs	9.881.790	8.061.938	9.513.140
Diff. between value and cost of product.	178.482	145.265	171.942
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	16.003	12.635	9.782
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	16.003	12.635	9.782
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	16.003	12.635	9.782
. Interest and other financial expense	-93.474	-78.382	-52.242
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	93.474	78.382	52.242
Total financial income and expense	-77.471	-65.747	-42.460
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	2	33.070	1.006
. . Gains on disposals
. . Other extraordinary income	2	33.070	1.006
. Extraordinary expense		-7.724	-5.516
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-7.724	-5.516
Total extraordinary income and expense	2	25.346	-4.510
Results before income taxes	101.013	104.864	124.972
. Taxes on current income	67.416	59.535	89.727
. . current taxes	67.416	59.535	89.727
. . differed taxes(anticip.)
. Net income for the period	33.597	45.329	35.245
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	33.597	45.329	35.245

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	0,47	0,44	0,27	0,23
Elasticity Ratio	Units	0,53	0,56	0,72	0,75
Availability of stock	Units	0,14	0,21	0,17	0,19
Total Liquidity Ratio	Units	0,40	0,35	0,55	0,46
Quick Ratio	Units	0,02	0,02	0,02	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	7,06	4,87	6,69	3,53
Self Financing Ratio	Units	0,10	0,13	0,11	0,18
Capital protection Ratio	Units	0,89	0,87	0,88	0,74
Liabilities consolidation quotient	Units	0,21	0,34	0,15	0,19
Financing	Units	8,63	6,52	7,67	4,24
Permanent Indebtedness Ratio	Units	0,26	0,35	0,23	0,33
M/L term Debts Ratio	Units	0,16	0,22	0,11	0,11
Net Financial Indebtedness Ratio	Units	3,54	2,40	2,74	1,11
CORRELATION
Fixed assets ratio	Units	0,56	0,79	0,83	1,20
Current ratio	Units	0,72	0,86	0,94	1,07
Acid Test Ratio-Liquidity Ratio	Units	0,54	0,54	0,72	0,76
Structure's primary quotient	Units	0,22	0,29	0,41	0,71
Treasury's primary quotient	Units	0,03	0,03	0,02	0,03
Rate of indebtedness ( Leverage )	%	984,53	773,16	885,83	570,55
Current Capital ( net )	Value	-1.510.323	-500.680	-273.611	75.064
RETURN
Return on Sales	%	2,38	2,66	2,12	3,19
Return on Equity - Net- ( R.O.E. )	%	4,51	6,38	5,29	3,20
Return on Equity - Gross - ( R.O.E. )	%	13,57	14,75	18,77	11,58
Return on Investment ( R.O.I. )	%	2,43	2,64	2,92	3,86
Return/ Sales	%	1,88	1,73	1,88	4,18
Extra Management revenues/charges incid.	%	18,82	31,20	20,50	18,85
Cash Flow	Value	226.050	223.523	193.692	63.415
Operating Profit	Value	178.482	145.265	171.942	78.946
Gross Operating Margin	Value	370.935	323.459	330.389	163.908
MANAGEMENT
Credits to clients average term	Days	95,62	70,83	120,14	110,14
Debts to suppliers average term	Days	140,83	124,07	125,28	125,02
Average stock waiting period	Days	37,60	49,33	39,61	68,56
Rate of capital employed return ( Turnover )	Units	1,29	1,53	1,55	1,00
Rate of stock return	Units	9,57	7,30	9,09	5,15
Labour cost incidence	%	7,37	7,41	6,89	16,61
Net financial revenues/ charges incidence	%	-0,82	-0,78	-0,46	-1,99
Labour cost on purchasing expenses	%	7,08	7,72	6,63	16,95
Short-term financing charges	%	1,45	1,69	1,02	2,95
Capital on hand	%	77,27	65,41	64,51	99,54
Sales pro employee	Value	451.776	442.380	481.105	179.348
Labour cost pro employee	Value	33.312	32.771	33.171	32.046

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	:	838.732
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

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

Sector Data

The values are calculated on a base of 1.333 significant companies.

The companies cash their credits on an average of 110 dd.

The average duration of suppliers debts is about 125 dd.

The sector's profitability is on an average of 3,19%.

The labour cost affects the turnover in the measure of 16,61%.

Goods are held in stock in a range of 69 dd.

The difference between the sales volume and the resources used to realize it is about 1,00.

The employees costs represent the 16,95% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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.