MIRA INFORM REPORT

Report No. :	308930
Report Date :	03.03.2015

IDENTIFICATION DETAILS

Name :	INTER-KOM S.P.A.
Registered Office :	Via Bernini 20 80129 - Napoli (NA)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	02.05.1978
Legal Form :	Joint stock company
Line of Business :	Wholesale of sugar and chocolate and sugar confectionery Wholesale of coffee, tea, cocoa and spices Retail sale of cakes, sweets and confectionery
No. of Employee :	From 6 to 10

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Italy	A2	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 industrial 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 133% of GDP in 2013, 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 widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

Source : CIA

Company name and address

INTER-KOM S.P.A.

Via

Bernini,

20

80129

- Napoli

(NA)

-IT-

Summary

Fiscal Code	:	01347530634
Legal Form	:	Joint stock company
start of Activities	:	02/05/1978
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	fom 6 to 10

Activity

Wholesale of sugar and chocolate and sugar confectionery

Wholesale of coffee, tea, cocoa and spices

Retail sale of cakes, sweets and confectionery

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01347530634

Foreign Trade Reg. no. : NA002611 since 23/01/1992

Chamber of Commerce no. : 331355 of Genova

Chamber of Commerce no. : 306075 of Napoli since 19/05/1977

Firms' Register : NA049-1977-883 of Napoli since 19/02/1996

V.A.T. Code : 01347530634

Foundation date	: 26/04/1977
Establishment date	: 26/04/1977
Start of Activities	: 02/05/1978
Legal duration	: 31/12/2100
Nominal Capital	: 108.465
Subscribed Capital	: 108.465
Paid up Capital	: 108.465

Members

Delehaye

Alfredo

Born in Napoli

(NA)

on 08/05/1949

- Fiscal Code : DLHLRD49E08F839V

Residence:

Suarez

, 38

- 80129

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	30/05/2013

No Prejudicial events are reported

No Protests registered

Presta

Anna

Position	Since	Shares Amount	% Ownership
Partner

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.

Delehaye

Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Racam Srl	Gragnano (NA) - IT -	03303970630	Chairman of the Board of Aud.	Active	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Director	Withdrawn	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Permanent Auditor	Withdrawn	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Board Chairman	Withdrawn	Registered
* Ceccarelli Legnami S.r.l.	Cervinara (AV) - IT -	01595050640	Temporary Auditor	Active	Registered
Fonderie Pisano E C. - S.p.a.	Salerno (SA) - IT -	00181930652	Chairman of the Board of Aud.	Active	Registered
S. Passalacqua S.p.a.	Casavatore (NA) - IT -	00267980639	Permanent Auditor	Withdrawn	Registered
Kimbo S.p.a.	Napoli (NA) - IT -	00275560639	Permanent Auditor	Withdrawn	Registered
Tarquinio Vessa - S.r.l.	Salerno (SA) - IT -	00071620652	Permanent Auditor	Withdrawn	In liquidation
Carlo Gallinoro E Figli S.r.l.	Napoli (NA) - IT -	04194210631	Chairman of the Board of Aud.	Active	Registered
Carlo Gallinoro E Figli S.r.l.	Napoli (NA) - IT -	04194210631	Permanent Auditor	Active	Registered
Burrificio La Goccia Bianca S.r.l. InSigla La Goccia Bianca S .r.l.	Agerola (NA) - IT -	05491210638	Chairman of the Board of Aud.	Active	Registered
Ga. Fi. S.r.l. In Liquidazione	Casalnuovo di Napoli (NA) - IT -	05779460632	Chairman of the Board of Aud.	Withdrawn	Bankrupt
Ecopolimeri S.r.l.	Napoli (NA) - IT -	06176740634	Temporary Auditor	Withdrawn	Registered
Liguori Editore S.r.l.	Napoli (NA) - IT -	00273040634	Permanent Auditor	Withdrawn	Registered
Tim S.r.l.	Benevento (BN) - IT -	00607220621	Chairman of the Board of Aud.	Withdrawn	Registered
Antonio Amato E C.molini E Pastifici InSalerno S.p.a. In Liquida Zione	Salerno (SA) - IT -	00170860654	Permanent Auditor	-	Bankrupt
Antonio Amato E C.molini E Pastifici InSalerno S.p.a. In Liquida Zione	Salerno (SA) - IT -	00170860654	Temporary Auditor	Withdrawn	Bankrupt
Societa' Industriale Prefabbricati Armati-sipa S.p.a.	Benevento (BN) - IT -	00040740623	Permanent Auditor	Active	Registered
Del Bo S.p.a.	Napoli (NA) - IT -	00507550630	Chairman of the Board of Aud.	Withdrawn	Registered
DUILIO MORI S.A.S. DI ANNA AMBROSIO	Napoli (NA) - IT -	03337260636	Chairman of the Board of Aud.	Withdrawn	Ceased
La Cartotecnica Meridionale S.r.l.	Torre del Greco (NA) - IT -	03266130636	Chairman of the Board of Aud.	Withdrawn	Registered
SOGEFA S.R.L.	Napoli (NA) - IT -	03459880633	Chairman of the Board of Aud.	Withdrawn	Registered
Industria Lattiero Casearia La Mediterranea S.p.a.	Napoli (NA) - IT -	04022900635	Chairman of the Board of Aud.	Active	Registered
Arredo Sud S.r.l.	Sant'Antimo (NA) - IT -	05773420632	Chairman of the Board of Aud.	-	Bankrupt
Del Bo Impianti S.r.l.	Napoli (NA) - IT -	06224510633	Temporary Auditor	Withdrawn	Registered
D'amato Di Navigazione S.p.a.	Napoli (NA) - IT -	06294230633	Temporary Auditor	Withdrawn	Registered
Pastificio Lucio Garofalo S.p.a	Gragnano (NA) - IT -	03320410651	Chairman of the Board of Aud.	Withdrawn	Registered
Pastificio Lucio Garofalo S.p.a	Gragnano (NA) - IT -	03320410651	Temporary Auditor	Withdrawn	Registered
Plus Societa' Agricola S.r.l.	Sessa Aurunca (CE) - IT -	01578900613	Permanent Auditor	Withdrawn	Registered
Impresit S.p.a.	Casoria (NA) - IT -	03372951214	Chairman of the Board of Aud.	Active	Registered
Sideralba S.p.a	Acerra (NA) - IT -	02731591216	Chairman of the Board of Aud.	Active	Registered
I.s.o. - S.r.l.	Napoli (NA) - IT -	03312121217	Chairman of the Board of Aud.	Withdrawn	Registered
N.e.m.-nuova Edilizia Monumentale Srl	Napoli (NA) - IT -	01421160639	Chairman of the Board of Aud.	Withdrawn	Registered
A.c.m. S.p.a. - Azienda Commerciale Meridionale.	Torre del Greco (NA) - IT -	05122940637	Chairman of the Board of Aud.	Active	Registered
Immobiliare Campania - I.cam. S.r.l. InLiquidazione	Napoli (NA) - IT -	01262170630	Permanent Auditor	Withdrawn	Ceased
Del Bo Servizi S.p.a.	Milano (MI) - IT -	06271420637	Permanent Auditor	Withdrawn	Registered
Curat Et Sanat S.r.l.	Telese Terme (BN) - IT -	00077310621	Chairman of the Board of Aud.	Active	Registered
Curat Et Sanat S.r.l.	Telese Terme (BN) - IT -	00077310621	Permanent Auditor	Withdrawn	Registered
Percorsi - S.p.a.	Roma (RM) - IT -	06026441003	Chairman of the Board of Aud.	Withdrawn	Registered
Mandara Group S.p.a.	Napoli (NA) - IT -	03893791214	Chairman of the Board of Aud.	Active	Registered
Expom S.r.l.	Scafati (SA) - IT -	04472660655	Chairman of the Board of Aud.	Withdrawn	Registered
Imperati Group Srl	Agerola (NA) - IT -	05419570964	Permanent Auditor	Active	Registered
Gommisti E Gommisti S.p.a	Casoria (NA) - IT -	05001631216	Chairman of the Board of Aud.	Active	Registered
Starcom Veicoli Industriali S.r.l.	Afragola (NA) - IT -	04837151218	Chairman of the Board of Aud.	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
Rubino Michele	Napoli - IT -	RBNMHL49C04F839T	18.077 .Eur	16,66
Presta Anna		PRSNNA32P48F839S	36.155 .Eur	33,33
Rubino Paola	Napoli - IT -	RBNPLA64M61F839J	12.085 .Eur	11,13
Rubino Maria	Napoli - IT -	RBNMRA61E55F839K	18.077 .Eur	16,66
Evangelista Gerardo		VNGGRD78C24F839O	6.093 .Eur	5,60
Evangelista Luigi		VNGLGU73E30F839J	6.093 .Eur	5,60
Amabile Luca		MBLLCU83E19F839E	6.093 .Eur	5,60
Amabile Roberto		MBLRRT85L23F839W	6.093 .Eur	5,60

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-	Legal and operative seat

Bernini

, 20

- 80100

- Napoli

(NA)

- IT -

PHONE

: 0815780079

FAX	: 0815564504

Email

: info@interkom.it

Website

: www.interkom.it

-

Branch

since 13/02/1992

until 31/12/2009

Peschiera

, 4-2

- 16100

- Genova

(GE)

- IT -

PHONE

: 0108399090

-

Branch

(Representative office)

since 11/08/2011

Strada Le Thanh Ton

, 2BIS 4-6

- Ho Chi Minh

- IT -

-

Branch

(Warehouse)

since 30/11/2011

Bosco Fangone Lotto D

, 201-202

- 80035

- Nola

(NA)

- IT -

Employees

: 7

Fittings and Equipment for a value of 41.000

Eur

Stocks for a value of 1.920.000

Eur

for a value of 77.000

Eur

Vehicles for a value of 10.000

Eur

for a value of 26.000

Eur

Trade organization: direct or by agents.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

- Holland

- Germany

- Great Britain

- Poland

- France

- Cyprus

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Mannato

Fabrizio

Born in Pozzuoli

(NA)

on 09/09/1957

- Fiscal Code : MNNFRZ57P09G964T

Residence:

Francesco Caracciolo

, 15

- 80122

Napoli

(NA)

- IT -

Ex-Postions

Director

Managing Director

Delehaye

Alfredo

Born in Napoli

(NA)

on 08/05/1949

- Fiscal Code : DLHLRD49E08F839V

Residence:

Suarez

, 38

- 80129

Napoli

(NA)

- IT -

Ex-Postions

Board Chairman

Managing Director

Rubino

Michele

Born in Napoli

(NA)

on 04/03/1949

- Fiscal Code : RBNMHL49C04F839T

Residence:

Luigia Sanfelice

, 16

- 80127

Napoli

(NA)

- IT -

Ex-Postions

Sole Director

Rubino

Maria

Born in Napoli

(NA)

on 15/05/1961

- Fiscal Code : RBNMRA61E55F839K

Residence:

Stazio

, 15

- 80127

Napoli

(NA)

- IT -

Ex-Postions

Attorney with special power

Della Santina

Stefano

Born in Carrara

(MS)

on 16/01/1960

- Fiscal Code : DLLSFN60A16B832W

Residence:

Vanvitelli

, 2

- 80129

Napoli

(NA)

- IT -

Ex-Postions

Director

Gorgoglione

Domenico

Born in Albano di Lucania

(PZ)

on 17/05/1964

- Fiscal Code : GRGDNC64E17A131R

Residence:

Donica

, 54

- 84084

Fisciano

(SA)

- IT -

Ex-Postions

Director

Board Chairman

Managing Director

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:

Prejudicial Events found with cancellations*

Legal Mortgage on 22/05/2007. for an amount of 46.340 Euro. Event writing-off

EQUITALIA POLIS S. P. A.

Search performed on a specialized data base.

*Concerns also partially erased events.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 1978

An eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012 and 2013.

In the economic management , good and bad results followed on by turns. with a negative economic result in the last financial year. In the last financial year a drop in sales has been registered (-27,46%).

The operating result in 2013 was positive (1,71%) falling within the field's average.

The operating result is positive and amounts to Eur. 149.932 on stable levels if compared to the previous year.

The economic management produced a gross operating margin of Eur. 277.436 recording a -40,09% decrease.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,16 lower than in 2012.

Subject can manage an equity capital funds for an amount of Eur. 5.727.103 on stable levels.

Total indebtedness amounts to Eur. 2.777.211, as opposed to Eur. 5.820.042 in 2012, with a decrease equal to -52,28%.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited which is also lower than the sector average.

The management determines a good range of liquidity.

Accounts receivable average term is 28,12 days. , shorter than the sector's average.

The financial management generated a cash flow of Eur. 67.810.

Subordinate employment cost is of Eur. 467.719, i.e. 0,82% on total production costs. and a 1,49% incidence on sales volumes.

The financial management has a limited economic impact, equal to -0,52% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	31.343.648
Profit (Loss) for the period	-12.915

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	43.210.900
Profit (Loss) for the period	111.863

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	26.942.594
Profit (Loss) for the period	430.971

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	23.036.125
Profit (Loss) for the period	359.952

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	38.152.261
Profit (Loss) for the period	254.523

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	2.148	3.222	4.297
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	4.409	4.764	5.118
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	6.557	7.986	9.415
. TANGIBLE FIXED ASSETS
. . Real estate	2.154.302	2.206.589	2.258.877
. . Plant and machinery	25.380	33.595	28.759
. . Industrial and commercial equipment	15.768	7.844
. . Other assets	7.354	24.233	46.429
. . Assets under construction and advances
. Total Tangible fixed assets	2.202.804	2.272.261	2.334.065
. FINANCIAL FIXED ASSETS
. . Equity investments	79	79
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	79	79
. . Financial receivables	19.395	19.395	18.334
. . . . Within 12 months	19.395	19.395	18.334
. . . . 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	19.395	19.395	18.334
. . . . Within 12 months	19.395	19.395	18.334
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	19.474	19.474	18.334
Total fixed assets	2.228.835	2.299.721	2.361.814
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	1.922.595	4.406.882	1.364.964
. . Advance payments
. Total Inventories	1.922.595	4.406.882	1.364.964
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.711.895	4.325.663	3.736.787
. . Beyond 12 months			24.423
. . Trade receivables	2.448.071	3.938.974	3.588.990
. . . . Within 12 months	2.448.071	3.938.974	3.588.990
. . . . 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	197.776	253.437	120.101
. . . . Within 12 months	197.776	253.437	120.101
. . . . Beyond 12 months
. . Receivables for anticipated taxes	35.524	33.920	51.918
. . . . Within 12 months	35.524	33.920	27.495
. . . . Beyond 12 months			24.423
. . Receivables due from third parties	30.524	99.332	201
. . . . Within 12 months	30.524	99.332	201
. . . . Beyond 12 months
. Total Credits not held as fixed assets	2.711.895	4.325.663	3.761.210
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.			49.500
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets			49.500
. LIQUID FUNDS
. . Bank and post office deposits	1.883.517	809.948	562.189
. . Checks
. . Banknotes and coins	7	954	203
. Total Liquid funds	1.883.524	810.902	562.392
Total current assets	6.518.014	9.543.447	5.738.066
ADJUSTMENT ACCOUNTS
. Discount on loans	27.567	15.557
. Other adjustment accounts			5.223
Total adjustments accounts	27.567	15.557	5.223
TOTAL ASSETS	8.774.416	11.858.725	8.105.103
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	108.465	108.465	108.465
. Additional paid-in capital
. Revaluation reserves	1.378.562	1.378.562	1.378.562
. Legal reserve	23.309	23.309	23.309
. Reserve for Own shares
. Statute reserves
. Other reserves	4.229.682	4.191.320	3.910.351
. Accumulated Profits (Losses)
. Profit( loss) of the year	-12.915	111.863	430.971
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	5.727.103	5.813.519	5.851.658
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	22.282	33.000
. . Taxation fund, also differed	46.779		183.552
. . Other funds
Total Reserves for Risks and Charges	69.061	33.000	183.552
Employee termination indemnities	188.537	173.773	157.486
ACCOUNTS PAYABLE
. . . . Within 12 months	2.777.211	5.820.042	1.900.989
. . . . Beyond 12 months
. . 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	2.428.663	5.430.105	1.408.501
. . . . Within 12 months	2.428.663	5.430.105	1.408.501
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	197.078	146.893	251.351
. . . . Within 12 months	197.078	146.893	251.351
. . . . 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	14.740	14.319	12.183
. . . . Within 12 months	14.740	14.319	12.183
. . . . Beyond 12 months
. . Due to social security and welfare inst.	36.613	37.311	29.065
. . . . Within 12 months	36.613	37.311	29.065
. . . . Beyond 12 months
. . Other payables	100.117	191.414	199.889
. . . . Within 12 months	100.117	191.414	199.889
. . . . Beyond 12 months
Total accounts payable	2.777.211	5.820.042	1.900.989
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	12.504	18.391	11.418
Total adjustment accounts	12.504	18.391	11.418
TOTAL LIABILITIES	8.774.416	11.858.725	8.105.103

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	382.163	2.866.977
Risk accounts	1.142.830	1.166.946
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	31.343.648	43.210.900	26.942.594
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	26.086.898	27.411.385	10.135.345
. . Contributions for operating expenses
. . Different income and revenues	26.086.898	27.411.385	10.135.345
Total value of production	57.430.546	70.622.285	37.077.939
PRODUCTION COSTS
. Raw material,other materials and consum.	52.525.141	70.441.607	35.179.807
. Services received			1.148.359
. Leases and rentals	1.643.515	2.288.264	13.957
. Payroll and related costs	467.719	446.344	385.441
. . Wages and salaries	325.508	311.712	277.097
. . Social security contributions	116.823	107.726	85.570
. . Employee termination indemnities	22.845	24.287	22.774
. . Pension and similar
. . Other costs	2.543	2.619
. Amortization and depreciation	80.725	280.247	216.853
. . Amortization of intangible fixed assets	1.429	1.429	1.429
. . Amortization of tangible fixed assets	79.296	94.778	96.148
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid		184.040	119.276
. Changes in raw materials	2.484.287	-3.041.918	-461.899
. Provisions to risk reserves	46.779
. Other provisions
. Other operating costs	32.448	24.877	13.764
Total production costs	57.280.614	70.439.421	36.496.282
Diff. between value and cost of product.	149.932	182.864	581.657
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		50.873
. . In subsidiary companies
. . In associated companies
. . In other companies		50.873
. Other financial income	5.012	7.248	5.810
. . 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	5.012	7.248
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	5.012	7.248
. Interest and other financial expense	-167.295	-44.659	54.107
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	167.295	44.659
Total financial income and expense	-162.283	13.462	59.917
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	20.777	32.929	3.569
. . Gains on disposals
. . Other extraordinary income	20.777	32.929	3.569
. Extraordinary expense	-913	-1.679	-1.494
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-913	-1.679	-1.494
Total extraordinary income and expense	19.864	31.250	2.075
Results before income taxes	7.513	227.576	643.649
. Taxes on current income	20.428	115.713	212.678
. . current taxes	22.032	125.210	212.678
. . differed taxes(anticip.)	-1.604	-9.497
. Net income for the period	-12.915	111.863	430.971
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-12.915	111.863	430.971

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	0,25	0,19	0,29	0,13
Elasticity Ratio	Units	0,74	0,80	0,71	0,85
Availability of stock	Units	0,22	0,37	0,17	0,16
Total Liquidity Ratio	Units	0,52	0,43	0,54	0,62
Quick Ratio	Units	0,21	0,07	0,08	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,16	0,86	0,23	5,02
Self Financing Ratio	Units	0,65	0,49	0,72	0,13
Capital protection Ratio	Units	0,98	0,96	0,91	0,58
Liabilities consolidation quotient	Units	0,07	0,03	0,08	0,10
Financing	Units	0,48	1,00	0,32	6,17
Permanent Indebtedness Ratio	Units	0,67	0,50	0,74	0,25
M/L term Debts Ratio	Units	0,02	0,01	0,02	0,07
Net Financial Indebtedness Ratio	Units	0,10	0,79	0,14	1,16
CORRELATION
Fixed assets ratio	Units	2,65	2,60	2,54	1,57
Current ratio	Units	2,35	1,64	3,02	1,09
Acid Test Ratio-Liquidity Ratio	Units	1,65	0,88	2,30	0,85
Structure's primary quotient	Units	2,57	2,53	2,48	0,96
Treasury's primary quotient	Units	0,68	0,14	0,32	0,05
Rate of indebtedness ( Leverage )	%	153,21	203,99	138,51	743,68
Current Capital ( net )	Value	3.740.803	3.723.405	3.837.077	70.465
RETURN
Return on Sales	%	0,22	0,91	2,40	1,66
Return on Equity - Net- ( R.O.E. )	%	-0,23	1,92	7,36	6,68
Return on Equity - Gross - ( R.O.E. )	%	0,13	3,91	11,00	19,39
Return on Investment ( R.O.I. )	%	1,71	1,54	7,18	3,84
Return/ Sales	%	0,48	0,42	2,16	2,16
Extra Management revenues/charges incid.	%	-8,61	61,17	74,09	28,56
Cash Flow	Value	67.810	392.110	647.824	48.046
Operating Profit	Value	149.932	182.864	581.657	59.910
Gross Operating Margin	Value	277.436	463.111	798.510	99.701
MANAGEMENT
Credits to clients average term	Days	28,12	32,82	47,96	86,56
Debts to suppliers average term	Days	1,31	0,73	2,49	100,32
Average stock waiting period	Days	22,08	36,71	18,24	31,97
Rate of capital employed return ( Turnover )	Units	3,57	3,64	3,32	1,82
Rate of stock return	Units	16,30	9,81	19,74	11,18
Labour cost incidence	%	1,49	1,03	1,43	5,95
Net financial revenues/ charges incidence	%	-0,52	0,03	0,22	-0,81
Labour cost on purchasing expenses	%	0,82	0,63	1,06	5,95
Short-term financing charges	%	6,02	0,77	n.c.	2,18
Capital on hand	%	27,99	27,44	30,08	54,67
Sales pro employee	Value	2.238.832	3.323.915	3.716.219	507.074
Labour cost pro employee	Value	33.408	34.334	53.164	32.650

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	:	3.092.859
Population living in the region	:	5.788.986
Number of families in the region	:	1.966.064

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

- per food products	:	475
- per non food products	:	1.304
- per energy consume	:	79

Sector Data

The values are calculated on a base of 5.101 significant companies.

The companies cash their credits on an average of 87 dd.

The average duration of suppliers debts is about 100 dd.

The sector's profitability is on an average of 1,66%.

The labour cost affects the turnover in the measure of 5,95%.

Goods are held in stock in a range of 32 dd.

The difference between the sales volume and the resources used to realize it is about 1,82.

The employees costs represent the 5,95% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered remarkably risky.

In the region 80.616 protested subjects are found; in the province they count to 41.815.

The insolvency index for the region is 1,40, , while for the province it is 1,36.

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.82
UK Pound	1	Rs.95.27
Euro	1	Rs.69.14

INFORMATION DETAILS

Analysis Done by :	RAS
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%)

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