MIRA INFORM REPORT

Report No. :	310241
Report Date :	05.03.2015

IDENTIFICATION DETAILS

Name :	OIKI - ACCIAI INOSSIDABILI S.P.A.
Registered Office :	Via Paradigna, 95/A, 43122 – Parma (PR)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	10.05.1990
Legal Form :	Joint stock company
Line of Business :	Manufacture of other products from the first processing of steel Forging, drawing, stamping and roll-forming of metal; powder metallurgy Wholesale of metalliferous minerals, ferrous metals and semi-finished products
No. of Employee :	from 36 to 50

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 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

Euroanalysis Full

As for Your mandate, we report on :

OIKI - ACCIAI INOSSIDABILI S.P.A.

Via Paradigna, 95/A

43122 – Parma (PR)

-IT-

Summary

Fiscal Code	:	01720330347
Legal Form	:	Joint stock company
start of Activities	:	25/07/1990
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of other products from the first processing of steel

Forging, drawing, stamping and roll-forming of metal; powder metallurgy

Wholesale of metalliferous minerals, ferrous metals and semi-finished products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01720330347

Municipal Licence : 177 of since 22/05/1991

Foreign Trade Reg. no. : PR009110 since 02/03/1992

Foreign Trade Reg. no. : 9110 of Parma since 02/03/1992

Foreign Trade Reg. no. : 009110 of Parma since 02/03/1992

Chamber of Commerce no. : 173593 of Parma since 25/05/1990

Firms' Register : PR027-20757 of Parma since 19/02/1996

V.A.T. Code : 01720330347

R. E. C. no. : 28032 of Parma since 28/02/1991

R. E. C. no. : 0028032 of Parma since 28/02/1991

Tribunal Co. Register : 20757 of since 25/05/1990

Foundation date	: 10/05/1990
Establishment date	: 10/05/1990
Start of Activities	: 25/07/1990
Legal duration	: 31/12/2030
Nominal Capital	: 9.000.000
Subscribed Capital	: 9.000.000
Paid up Capital	: 9.000.000

Members

Bettuzzi

Emidio

Born in Parma

(PR)

on 19/04/1946

- Fiscal Code : BTTMDE46D19G337D

Residence:

Paradigna

, 95

- 43122

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2014
Managing Director	30/12/2014

No Prejudicial events are reported

No Protests registered

Bettuzzi

Enrico

Born in Parma

(PR)

on 28/06/1952

- Fiscal Code : BTTNRC52H28G337M

Residence:

Paradigna

, 95

- 43122

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2014
Board Chairman	16/05/2014
Managing Director	30/12/2014

No Prejudicial events are reported

No Protests registered

Bettuzzi

Alessandro

Born in Parma

(PR)

on 18/02/1967

- Fiscal Code : BTTLSN67B18G337O

Residence:

Paradigna

, 95/A

- 43122

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/05/2014
Assistant board Chairman	16/05/2014
Managing Director	30/12/2014

No Prejudicial events are reported

No Protests registered

Bettuzzi

Giovanni

Born in Parma

(PR)

on 23/06/1980

- Fiscal Code : BTTGNN80H23G337U

Residence:

Paradigna

, 95/A

- 43122

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Assistant board Chairman	16/05/2014
Director	16/05/2014
Managing Director	30/12/2014

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.

Bettuzzi

Emidio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Board Chairman	Withdrawn	Registered
Impresa Costruzioni Naviglio - S.p.a.	Parma (PR) - IT -	01609450349	Director	Active	Registered
Impresa Costruzioni Naviglio - S.p.a.	Parma (PR) - IT -	01609450349	Board Chairman	Active	Registered
Sobefin - S.r.l.	Parma (PR) - IT -	01718510348	Liquidator	Withdrawn	Registered
Azienda Agricola La Marchesa - Societa'Semplice Agricola	Parma (PR) - IT -	02578030344	Partner	Active	Registered

Bettuzzi

Enrico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Salumificio Monica E Grossi - S.p.a.	Langhirano (PR) - IT -	00238300347	Director	Active	Registered
Ghezzi S.p.a.	Parma (PR) - IT -	00427460340	Director	Withdrawn	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Managing Director	Active	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Director	Active	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Director	Withdrawn	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Assistant board Chairman	Withdrawn	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Board Chairman	Active	Registered
Impresa Costruzioni Naviglio - S.p.a.	Parma (PR) - IT -	01609450349	Director	Active	Registered
Impresa Costruzioni Naviglio - S.p.a.	Parma (PR) - IT -	01609450349	Assistant board Chairman	Active	Registered
La Rocca Golf - Societa' Per Azioni	Sala Baganza (PR) - IT -	00926030347	Director	Active	Registered
La Rocca Golf - Societa' Per Azioni	Sala Baganza (PR) - IT -	00926030347	Assistant board Chairman	Active	Registered
La Rocca Golf - Societa' Per Azioni	Sala Baganza (PR) - IT -	00926030347	Board Chairman	Withdrawn	Registered
Impresa Costruzioni Bemo S.p.a.	Parma (PR) - IT -	02158480349	Director	Active	Registered
Impresa Costruzioni Bemo S.p.a.	Parma (PR) - IT -	02158480349	Board Chairman	Active	Registered

Bettuzzi

Alessandro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ghezzi S.p.a.	Parma (PR) - IT -	00427460340	Director	Active	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Director	Active	Registered
Impresa Costruzioni Naviglio - S.p.a.	Parma (PR) - IT -	01609450349	Director	Active	Registered

Bettuzzi

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ghezzi S.p.a.	Parma (PR) - IT -	00427460340	Director	Active	Registered
S.i.p.i. - Societa' Italiana Profilati Inossidabili - S.p.a.	Parma (PR) - IT -	01783550344	Director	Active	Registered
Impresa Costruzioni Naviglio - S.p.a.	Parma (PR) - IT -	01609450349	Director	Active	Registered
Impresa Costruzioni Bemo S.p.a.	Parma (PR) - IT -	02158480349	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
Bettuzzi Emidio	Parma - IT -	BTTMDE46D19G337D	3.600.000 .Eur	40,00
Bettuzzi Enrico	Parma - IT -	BTTNRC52H28G337M	3.600.000 .Eur	40,00
Impresa Costruzioni Naviglio - S.p.a.		01609450349	1.800.000 .Eur	20,00

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

since 10/05/1990

Paradigna

, 95/A

- 43100

- Parma

(PR)

- IT -

PHONE

: 0521774421

FAX	: 0521271930

Employees

: 45

Fittings and Equipment for a value of 2.150.000

Eur

Stocks for a value of 22.190.000

Eur

Vehicles: 1.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own sales net-work

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

Products abroad are placed by :

- its own sales net-work

- direct orders from foreign companies

Import comes generally from the following nations:

- Austria

- France

- Italy

- Belgium

Export is mainly towards:

- Italy

- Austria

- Belgium

- France

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Bettuzzi Giovanni

Born in Scandiano

(RE)

on 27/07/1921

- Fiscal Code : BTTGNN21L27I496M

Fiscal residence:

Trieste

, 62

- 43100

Parma

(PR)

- IT -

Ex-Postions

Chairman

Bettuzzi

Emidio

Born in Parma

(PR)

on 19/04/1946

- Fiscal Code : BTTMDE46D19G337D

Residence:

Paradigna

, 95

- 43122

Parma

(PR)

- IT -

Ex-Postions

Vice-Chairman

Board Chairman

Managing Director

Melli

Ernestina

Born in Parma

(PR)

on 11/10/1952

- Fiscal Code : MLLRST52R51H948E

Residence:

Vittorio Bottego

, 3

- 43100

Parma

(PR)

- IT -

Ex-Postions

Permanent Auditor

Bettuzzi

Andrea

Born in Parma

(PR)

on 27/07/1962

- Fiscal Code : BTTNDR62L27G337N

Residence:

Badalocchio

, 3/A

- 43126

Parma

(PR)

- IT -

Ex-Postions

Director

Bassi

Luigi

Born in Parma

(PR)

on 10/06/1940

- Fiscal Code : BSSLGU40H10G337H

Residence:

Donatello

, 3

- 43100

Parma

(PR)

- IT -

Ex-Postions

Permanent Auditor

Bettuzzi

Enrico

Born in Parma

(PR)

on 28/06/1952

- Fiscal Code : BTTNRC52H28G337M

Residence:

Paradigna

, 95

- 43122

Parma

(PR)

- IT -

Ex-Postions

Assistant board Chairman

Managing Director

Valenti

Marco Alberto

Born in Parma

(PR)

on 25/06/1965

- Fiscal Code : VLNMCL65H25G337Y

Residence:

Badalocchio

, 3/A

- 43100

Parma

(PR)

- IT -

Ex-Postions

Temporary Auditor

Ferrari

David John

Born in Cardiff

( )

on 16/11/1966

- Fiscal Code : FRRDDJ66S16Z114L

Residence:

Mentana

, 150

- 43121

Parma

(PR)

- IT -

Ex-Postions

Chairman of the Board of Aud.

Bassi

Chiara

Born in Parma

(PR)

on 13/01/1979

- Fiscal Code : BSSCHR79A53G337I

Residence:

Bacchini

, 3

- 43123

Parma

(PR)

- IT -

Ex-Postions

Permanent Auditor

Ferrari

David

Born in Estero

( )

on 16/11/1966

- Fiscal Code : FRRDVD66S16Z114I

Residence:

Mentana

, 150

- 43121

Parma

(PR)

- IT -

Ex-Postions

Chairman of the Board of Aud.

CEASINGS/INCORPORATIONS/MERGES:

The firm absorbed by merging of

Date

:

24/07/1990

The firm absorved

O.I.K.I. ITALIANA S.P.A.

, PARMA

- IT -

Date

:

24/07/1990

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

Company's starting of activities dates back to 1990.

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

During the last years, it recorded positive net results (r.o.e. 2,78% in 2013)

The return on Investment in the last financial year was positive (2,29%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 1.144.067 with a 51,9% growth.

The economic management produced a gross operating margin of Eur. 2.546.153 showing a 22,96% growth.

The financial status of the company is fairly balanced with an indebtedness level of 1,35 with an improving trend as on the decrease.

The management generated equity capital for an amount of Eur. 19.116.682 on the same levels as the year before.

During the last financial year total debts volume reached Eur. 29.477.825 (Eur. 1.000.000 were m/l term ones) with no important change.

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

Payments are supported by good current assets.

Trade credits are collected slowly, average term is 116,76 days. but in line with the sector.

The financial management generated a cash flow of Eur. 1.933.652.

Labour cost amounts to Eur. 2.678.472, with a 4,03% incidence on production costs. , whereas 3,98% is the incidence on sales revenues.

If compared to the sales volume (-0,39%), the impact of the financial charges is limited.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	67.237.885
Profit (Loss) for the period	531.566

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	73.504.375
Profit (Loss) for the period	314.255

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	82.030.964
Profit (Loss) for the period	222.017

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	80.601.155
Profit (Loss) for the period	498.155

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	57.503.720
Profit (Loss) for the period	117.202

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.
. . Industrial patent rights	68.577	21.428	29.683
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	68.577	21.428	29.683
. TANGIBLE FIXED ASSETS
. . Real estate	1.091	1.429	1.766
. . Plant and machinery	2.128.998	2.469.650	3.426.186
. . Industrial and commercial equipment	24.752	35.402	44.332
. . Other assets	70.545	112.341	171.527
. . Assets under construction and advances	56.967	140.000
. Total Tangible fixed assets	2.282.353	2.758.822	3.643.811
. FINANCIAL FIXED ASSETS
. . Equity investments	101	101	101
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	101	101	101
. . Financial receivables	1.103	1.103	1.103
. . . . Within 12 months
. . . . Beyond 12 months	1.103	1.103	1.103
. . . 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	1.103	1.103	1.103
. . . . Within 12 months
. . . . Beyond 12 months	1.103	1.103	1.103
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.204	1.204	1.204
Total fixed assets	2.352.134	2.781.454	3.674.698
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	22.193.206	22.743.873	21.720.584
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	22.193.206	22.743.873	21.720.584
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	22.492.731	25.301.975	25.455.326
. . Beyond 12 months	147.561	147.561
. . Trade receivables	21.808.110	24.732.480	24.442.822
. . . . Within 12 months	21.808.110	24.732.480	24.442.822
. . . . 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	633.894	522.399	837.854
. . . . Within 12 months	486.333	374.838	837.854
. . . . Beyond 12 months	147.561	147.561
. . Receivables for anticipated taxes	194.929	183.051	160.104
. . . . Within 12 months	194.929	183.051	160.104
. . . . Beyond 12 months
. . Receivables due from third parties	3.359	11.606	14.546
. . . . Within 12 months	3.359	11.606	14.546
. . . . Beyond 12 months
. Total Credits not held as fixed assets	22.640.292	25.449.536	25.455.326
. 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	2.643.612	2.193.535	2.491.148
. . Checks
. . Banknotes and coins	185	350	1.080
. Total Liquid funds	2.643.797	2.193.885	2.492.228
Total current assets	47.477.295	50.387.294	49.668.138
ADJUSTMENT ACCOUNTS
. Discount on loans	38.199	65.763
. Other adjustment accounts			84.642
Total adjustments accounts	38.199	65.763	84.642
TOTAL ASSETS	49.867.628	53.234.511	53.427.478
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	9.000.000	9.000.000	9.000.000
. Additional paid-in capital
. Revaluation reserves	710.120	710.120	710.120
. Legal reserve	564.905	549.192	538.092
. Reserve for Own shares
. Statute reserves
. Other reserves	8.310.091	8.011.551	7.800.633
. Accumulated Profits (Losses)
. Profit( loss) of the year	531.566	314.255	222.017
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	19.116.682	18.585.118	18.270.862
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	263.537	249.641	221.521
. . Taxation fund, also differed	28.632	41.039	23.884
. . Other funds
Total Reserves for Risks and Charges	292.169	290.680	245.405
Employee termination indemnities	866.746	947.989	822.633
ACCOUNTS PAYABLE
. . . . Within 12 months	28.477.825	30.401.428	30.643.418
. . . . Beyond 12 months	1.000.000	2.900.000	3.238.630
. . Bonds	1.600.000	2.900.000	2.900.000
. . . . Within 12 months	600.000
. . . . Beyond 12 months	1.000.000	2.900.000	2.900.000
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	13.200.323	8.379.315	12.596.635
. . . . Within 12 months	13.200.323	8.379.315	12.258.005
. . . . Beyond 12 months			338.630
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	1.497	10.306	95.642
. . . . Within 12 months	1.497	10.306	95.642
. . . . Beyond 12 months
. . Trade payables	12.632.140	21.247.801	16.549.985
. . . . Within 12 months	12.632.140	21.247.801	16.549.985
. . . . 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	529.624	385.485	462.667
. . . . Within 12 months	529.624	385.485	462.667
. . . . Beyond 12 months
. . Due to social security and welfare inst.	152.030	154.313	147.445
. . . . Within 12 months	152.030	154.313	147.445
. . . . Beyond 12 months
. . Other payables	1.362.211	224.208	1.129.674
. . . . Within 12 months	1.362.211	224.208	1.129.674
. . . . Beyond 12 months
Total accounts payable	29.477.825	33.301.428	33.882.048
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	114.206	109.296	206.530
Total adjustment accounts	114.206	109.296	206.530
TOTAL LIABILITIES	49.867.628	53.234.511	53.427.478

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	67.237.884	73.504.375	82.030.964
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	377.834	398.273	266.811
. . Contributions for operating expenses
. . Different income and revenues	377.834	398.273	266.811
Total value of production	67.615.718	73.902.648	82.297.775
PRODUCTION COSTS
. Raw material,other materials and consum.	55.997.636	63.019.405	73.369.731
. Services received			5.233.501
. Leases and rentals	5.736.933	6.950.868	1.723.528
. Payroll and related costs	2.678.472	2.849.245	2.586.535
. . Wages and salaries	1.948.545	2.078.311	1.861.926
. . Social security contributions	582.708	604.162	572.846
. . Employee termination indemnities	147.219	166.772	151.643
. . Pension and similar
. . Other costs			120
. Amortization and depreciation	1.402.086	1.317.560	1.430.650
. . Amortization of intangible fixed assets	22.819	14.787	17.590
. . Amortization of tangible fixed assets	1.179.267	1.102.773	1.163.060
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	200.000	200.000	250.000
. Changes in raw materials	550.666	-1.023.289	-3.183.856
. Provisions to risk reserves
. Other provisions
. Other operating costs	105.858	35.720	38.867
Total production costs	66.471.651	73.149.509	81.198.956
Diff. between value and cost of product.	1.144.067	753.139	1.098.819
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	57.625	65.293	47.302
. . 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	57.625	65.293
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	57.625	65.293
. Interest and other financial expense	-322.000	-385.620	-486.742
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	322.000	385.620
Total financial income and expense	-264.375	-320.327	-439.440
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	101.835	174.804	51.320
. . Gains on disposals
. . Other extraordinary income	101.835	174.804	51.320
. Extraordinary expense	-41.592	-37.458	-168.624
. . Losses on disposals
. . Taxes relating to prior years	-33.234
. . Other extraordinary expense	-8.358	-37.458	-168.624
Total extraordinary income and expense	60.243	137.346	-117.304
Results before income taxes	939.935	570.158	542.075
. Taxes on current income	408.369	255.903	320.058
. . current taxes	432.654	261.695	366.522
. . differed taxes(anticip.)	-24.285	-5.792	-46.464
. Net income for the period	531.566	314.255	222.017
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	531.566	314.255	222.017

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	0,05	0,05	0,07	0,29
Elasticity Ratio	Units	0,95	0,95	0,93	0,68
Availability of stock	Units	0,45	0,43	0,41	0,17
Total Liquidity Ratio	Units	0,51	0,52	0,52	0,46
Quick Ratio	Units	0,05	0,04	0,05	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,35	1,52	1,54	2,76
Self Financing Ratio	Units	0,38	0,35	0,34	0,19
Capital protection Ratio	Units	0,50	0,50	0,50	0,73
Liabilities consolidation quotient	Units	0,07	0,13	0,13	0,26
Financing	Units	1,54	1,79	1,85	3,72
Permanent Indebtedness Ratio	Units	0,42	0,42	0,42	0,40
M/L term Debts Ratio	Units	0,04	0,07	0,08	0,14
Net Financial Indebtedness Ratio	Units	0,64	0,49	0,71	1,43
CORRELATION
Fixed assets ratio	Units	8,92	8,07	6,08	1,26
Current ratio	Units	1,67	1,66	1,62	1,17
Acid Test Ratio-Liquidity Ratio	Units	0,89	0,91	0,91	0,82
Structure's primary quotient	Units	8,13	6,68	4,97	0,66
Treasury's primary quotient	Units	0,09	0,07	0,08	0,03
Rate of indebtedness ( Leverage )	%	260,86	286,44	292,42	525,76
Current Capital ( net )	Value	18.999.470	19.985.866	19.024.720	298.138
RETURN
Return on Sales	%	2,88	2,22	2,01	4,68
Return on Equity - Net- ( R.O.E. )	%	2,78	1,69	1,22	3,71
Return on Equity - Gross - ( R.O.E. )	%	4,92	3,07	2,97	13,44
Return on Investment ( R.O.I. )	%	2,29	1,41	2,06	4,74
Return/ Sales	%	1,70	1,02	1,34	4,15
Extra Management revenues/charges incid.	%	46,46	41,73	20,21	21,51
Cash Flow	Value	1.933.652	1.631.815	1.652.667	185.471
Operating Profit	Value	1.144.067	753.139	1.098.819	194.639
Gross Operating Margin	Value	2.546.153	2.070.699	2.529.469	390.334
MANAGEMENT
Credits to clients average term	Days	116,76	121,13	107,27	101,01
Debts to suppliers average term	Days	73,66	109,32	74,17	120,12
Average stock waiting period	Days	118,83	111,39	95,32	52,84
Rate of capital employed return ( Turnover )	Units	1,35	1,38	1,54	1,16
Rate of stock return	Units	3,03	3,23	3,78	6,79
Labour cost incidence	%	3,98	3,88	3,15	15,66
Net financial revenues/ charges incidence	%	-0,39	-0,44	-0,54	-1,77
Labour cost on purchasing expenses	%	4,03	3,90	3,19	16,92
Short-term financing charges	%	1,09	1,16	1,44	3,19
Capital on hand	%	74,17	72,42	65,13	85,76
Sales pro employee	Value	810.095	825.891	1.674.101	226.946
Labour cost pro employee	Value	32.270	32.013	52.786	33.958

Market / Territory Data

Population living in the province	:	413.198
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 680 significant companies.

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

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 4,68%.

The labour cost affects the turnover in the measure of 15,66%.

Goods are held in stock in a range of 53 dd.

The difference between the sales volume and the resources used to realize it is about 1,16.

The employees costs represent the 16,92% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.231.

The insolvency index for the region is 0,46, , while for the province it is 0,31.

Total Bankrupt companies in the province : 1.624.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.94.96
Euro	1	Rs.69.10

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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.