MIRA INFORM REPORT

Report No. :	313022
Report Date :	25.03.2015

IDENTIFICATION DETAILS

Name :	AFROS S.P.A.

Registered Office :	Via Sella Quintino, 3, 20121 – Milano (MI)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	20.12.1966

Legal Form :	Joint Stock Company

Line of Business :	· Manufacture of Plastics Products. · Manufacture of Moulds, Mould-Holders, Profiles, Shapes for Machines.

No. of Employees :	From 150 to 175

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 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

AFROS S.P.A.

Via Sella Quintino, 3

20121 – Milano (MI) -IT-

Summary

Fiscal Code	:	00220520126
Legal Form	:	Joint stock company
start of Activities	:	20/12/1966
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 150 to 175

Activity

Manufacture of plastics products

Manufacture of moulds, mould-holders, profiles, shapes for machines

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00220520126

Foreign Trade Reg. no. : MI065272 since 23/12/1991

Foreign Trade Reg. no. : 65272 of Milano since 23/12/1991

Chamber of Commerce no. : 981448 of Milano since 23/03/1978

Chamber of Commerce no. : 149512 of Varese

Firms' Register : MI146-180153 of Milano since 19/02/1996

V.A.T. Code : 00816070122

Tribunal Co. Register : 180153 of

Foundation date	: 20/12/1966
Establishment date	: 20/12/1966
Start of Activities	: 20/12/1966
Legal duration	: 31/12/2050
Nominal Capital	: 1.768.000
Subscribed Capital	: 1.768.000
Paid up Capital	: 1.768.000
Legal mail :	afros@legalmail.it

Members

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Volpato

Marco

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Born in Verbania

(NO)

on 31/05/1945

- Fiscal Code : VLPMRC45E31L746P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Pagano

, 0061

- 20145

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney General	02/10/1978
Director	30/05/2014
Board Chairman	30/05/2014
Managing Director	03/06/2014

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No Prejudicial events are reported

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No Protests registered

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Ballarini

Fulvio Paolo

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Born in Milano

(MI)

on 10/07/1963

- Fiscal Code : BLLFVP63L10F205O

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Passeroni Gian Carlo

, 6

- 20135

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/10/2014

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No Prejudicial events are reported

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No Protests registered

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Rivolta

Stefano

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Milano

(MI)

on 10/08/1957

- Fiscal Code : RVLSFN57M10F205K

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Quintino Sella

, 3

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	02/08/2011

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No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Verde.gif$

Corradi

Piero

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Bologna

(BO)

on 22/12/1948

- Fiscal Code : CRRPRI48T22A944D

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

A. Stoppani

, 18

- 21047

Saronno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2014

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Verde.gif$

Villa

Paolo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Milano

(MI)

on 28/09/1957

- Fiscal Code : VLLPLA57P28F205H

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Quintino Sella

, 3

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	15/12/2009

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No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Verde.gif$

Cossolo

Antonio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Carmagnola

(TO)

on 08/08/1956

- Fiscal Code : CSSNTN56M08B791C

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Sardegna

, 46

- 20146

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2014

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Verde.gif$

Cannon Spa

Position	Since	Shares Amount	% Ownership
Partner

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Verde.gif$

Cusinato

Maurizio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Milano

(MI)

on 09/07/1958

- Fiscal Code : CSNMRZ58L09F20RW

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Toselli

, 40

- 20025

Legnano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/06/2013

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No Prejudicial events are reported

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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.

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Volpato

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Bono Energia S.p.a.	Peschiera Borromeo (MI) - IT -	00757520150	Managing Director	Withdrawn	Registered
Bono Energia S.p.a.	Peschiera Borromeo (MI) - IT -	00757520150	Director	Active	Registered
Bono Energia S.p.a.	Peschiera Borromeo (MI) - IT -	00757520150	Board Chairman	Active	Registered
Automata Spa	Milano (MI) - IT -	04706930155	Chairman	Withdrawn	Registered
Automata Spa	Milano (MI) - IT -	04706930155	Managing Director	Withdrawn	Registered
Automata Spa	Milano (MI) - IT -	04706930155	Director	Active	Registered
Automata Spa	Milano (MI) - IT -	04706930155	Board Chairman	Active	Registered
Tecnos Spa	Milano (MI) - IT -	04706920156	Managing Director	Withdrawn	Registered
Tecnos Spa	Milano (MI) - IT -	04706920156	Director	Withdrawn	Registered
Tecnos Spa	Milano (MI) - IT -	04706920156	Board Chairman	Withdrawn	Registered
Cannon Spa	Milano (MI) - IT -	06223850154	Managing Director	Active	Registered
Cannon Spa	Milano (MI) - IT -	06223850154	Director	Active	Registered
Cannon Spa	Milano (MI) - IT -	06223850154	Board Chairman	Active	Registered
T.c.s.molding Systems Spa	Milano (MI) - IT -	09370010150	Managing Director	Withdrawn	Registered
T.c.s.molding Systems Spa	Milano (MI) - IT -	09370010150	Director	Withdrawn	Registered
Sandretto Industrie S.p.a.	Grugliasco (TO) - IT -	05038680012	Managing Director	Withdrawn	Merged
Sandretto Industrie S.p.a.	Grugliasco (TO) - IT -	05038680012	Director	Withdrawn	Merged
Sandretto Industrie S.p.a.	Grugliasco (TO) - IT -	05038680012	Board Chairman	Withdrawn	Merged
Componenti Presse S.p.a.	Grugliasco (TO) - IT -	05474940011	Managing Director	Withdrawn	Ceased
Componenti Presse S.p.a.	Grugliasco (TO) - IT -	05474940011	Director	Withdrawn	Ceased
Componenti Presse S.p.a.	Grugliasco (TO) - IT -	05474940011	Board Chairman	Withdrawn	Ceased
Tecninox Srl	Origgio (VA) - IT -	03752180152	Board Chairman	Withdrawn	Registered
Cannon Ergos S.p.a.	Milano (MI) - IT -	06816000159	Managing Director	Active	Registered
Cannon Ergos S.p.a.	Milano (MI) - IT -	06816000159	Director	Active	Registered
Cannon Ergos S.p.a.	Milano (MI) - IT -	06816000159	Board Chairman	Active	Registered
Artes Ingegneria - S.p.a.	Oliveto Citra (SA) - IT -	01526990633	Director	Active	Registered
Artes Ingegneria - S.p.a.	Oliveto Citra (SA) - IT -	01526990633	Board Chairman	Active	Registered
Norditalia Resine - Industria Lavorazione Resine E Gomme Sintetiche Naturali E A	Campodarsego (PD) - IT -	00217590124	Director	Withdrawn	Registered
Bono Netro S.p.a.	Milano (MI) - IT -	10186650155	Director	Active	Registered
Bono Netro S.p.a.	Milano (MI) - IT -	10186650155	Board Chairman	Active	Registered
Bono Sistemi S.p.a.	Milano (MI) - IT -	10467110150	Director	Active	Registered
Bono Sistemi S.p.a.	Milano (MI) - IT -	10467110150	Board Chairman	Active	Registered
Sirio Sistemi Spa	Milano (MI) - IT -	07272520151	Director	Withdrawn	Registered
Mizar Informatica S.p.a.	Sesto San Giovanni (MI) - IT -	02105480178	Chairman	Withdrawn	Registered
Mizar Informatica S.p.a.	Sesto San Giovanni (MI) - IT -	02105480178	Director	Withdrawn	Registered
Mizar Informatica S.p.a.	Sesto San Giovanni (MI) - IT -	02105480178	Board Chairman	Withdrawn	Registered
Bono Exacta S.p.a.	Milano (MI) - IT -	10467120159	Director	Withdrawn	Ceased
Bono Exacta S.p.a.	Milano (MI) - IT -	10467120159	Board Chairman	Withdrawn	Ceased
Sandretto Industrie S.r.l. Siglabile SanDretto S.r.l.	Grugliasco (TO) - IT -	03134350010	Director	Withdrawn	Controlled administration
Sandretto Industrie S.r.l. Siglabile SanDretto S.r.l.	Grugliasco (TO) - IT -	03134350010	Board Chairman	Withdrawn	Controlled administration
La Meridiana Societa' Semplice	Milano (MI) - IT -	04788060152	Partner	Active	Registered
Dna Srl	Milano (MI) - IT -	08901480155	Sole Director	Withdrawn	Ceased
Comi Immobiliare S.r.l. - In LiquidazionE	Ciserano (BG) - IT -	02856810169	Director	Withdrawn	Registered
Micromec S.r.l. Con Socio Unico	Milano (MI) - IT -	02935690129	Director	Active	Registered
Micromec S.r.l. Con Socio Unico	Milano (MI) - IT -	02935690129	Board Chairman	Active	Registered
Forma S.r.l.	Milano (MI) - IT -	05086080966	Sole Director	Withdrawn	Registered
Forma S.r.l.	Milano (MI) - IT -	05086080966	Board Chairman	Withdrawn	Registered
Dmc Srl	Milano (MI) - IT -	07194150962	Director	Active	Registered
Dmc Srl	Milano (MI) - IT -	07194150962	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
Volpato Marco	Milano - IT -	VLPMRC45E31L746P	70.720 .Eur	4,00
Fiorentini Carlo	Saronno - IT -	FRNCRL30T27A944P	70.720 .Eur	4,00
Cannon Spa		06223850154	1.626.560 .Eur	92,00

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 Assoutility	Milano - IT -	13286960151		0,40			Active
Micromec S.r.l. Con Socio Unico	Milano - IT -	02935690129	570.000 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

Sella Quintino

, 3

- 20100

- Milano

(MI)

- IT -

PHONE

: 029658804

PHONE

: 0296531

FAX

: 029656897

Legal mail

: AFROS@LEGALMAIL.IT

Branch

(Factory)

since 03/01/1967

Galileo Ferraris

, 65

- 21042

- Caronno Pertusella

(VA)

- IT -

Branch

(Warehouse)

since 01/12/1993

Enrico Fermi

, 355

- 21042

- Caronno Pertusella

(VA)

- IT -

Branch

since 01/08/2011

Archimede

, 325

- 21047

- Saronno

(VA)

- IT -

Employees

: 172

Fittings and Equipment for a value of 790.000

Eur

Stocks for a value of 11.710.000

Eur

Furniture and fittings for a value of 520.000

Eur

Vehicles for a value of 36.000

Eur

Work in progress for a value of 4.230.000

Eur

The firm operates abroad as importer / exporter..

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own foreign branches

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Other forms	Joint stock company	11/09/1980

EX-MEMBERS / EX-POSITIONS:

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Volpato

Marco

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Verbania

(NO)

on 31/05/1945

- Fiscal Code : VLPMRC45E31L746P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Pagano

, 0061

- 20145

Milano

(MI)

- IT -

Ex-Postions

Managing Director

Board Chairman

Managing Director

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Fiorentini

Carlo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Bologna

(BO)

on 27/12/1930

- Fiscal Code : FRNCRL30T27A944P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Volontario

, 21

- 21047

Saronno

(VA)

- IT -

Ex-Postions

Chairman

Board Chairman

Director

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Meloth

Heinz Hermann Josef

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Worms

( )

on 09/02/1951

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Zukunftstrasse

, 42

Mainz

- DE -

Ex-Postions

Director

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Zarantonello

Alberto

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Gallarate

(VA)

on 28/06/1959

- Fiscal Code : ZRNLRT59H28D869Z

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Ariosto

, 17

- 21054

Fagnano Olona

(VA)

- IT -

Ex-Postions

Procurator

General Director

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Meloth

Heinz Hermann Josef

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Worms

( )

on 09/02/1951

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Zukunftstrasse

, 42

Mainz

- DE -

Ex-Postions

Director

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Villa

Piero Angelo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Milano

(MI)

on 08/08/1942

- Fiscal Code : VLLPNG42M08F205H

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Concordia

, 10

- 20129

Milano

(MI)

- IT -

Ex-Postions

Permanent Auditor

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Corradi

Piero

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Bologna

(BO)

on 22/12/1948

- Fiscal Code : CRRPRI48T22A944D

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

A. Stoppani

, 18

- 21047

Saronno

(VA)

- IT -

Ex-Postions

Procurator

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Villa

Paolo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Milano

(MI)

on 28/09/1957

- Fiscal Code : VLLPLA57P28F205H

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Quintino Sella

, 3

- 20100

Milano

(MI)

- IT -

Ex-Postions

Procurator

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MELOTH

HEINZ HERMANN JOSEF

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in WORMS

( )

on 09/02/1951

- Fiscal Code : MLTNRM51B

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

ZUKUNFTSTRASSE

, 42

MAINZ

- DE -

Ex-Postions

Director

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Corti

Maurizio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Como

(CO)

on 29/03/1954

- Fiscal Code : CRTMRZ54C29C933D

Ex-Postions

Procurator

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Cannon Spa

- Fiscal Code : 06223850154

Ex-Postions

Partner

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Fiorentini

Carlo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Bologna

(BO)

on 27/12/1930

- Fiscal Code : FRNCRL30T27A944P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Volontario

, 21

- 21047

Saronno

(VA)

- IT -

Ex-Postions

Director

Board Chairman

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Gualandris

Enio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Bergamo

(BG)

on 29/12/1965

- Fiscal Code : GLNNEI65T29A794M

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Quintino Sella

, 3

- 20121

Milano

(MI)

- IT -

Ex-Postions

Attorney with special power

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Rosso.gif$

Citterio

Massimo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Born in Milano

(MI)

on 22/01/1961

- Fiscal Code : CTTMSM61A22F205R

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$

Residence:

Caprilli

, 13

- 20100

Milano

(MI)

- IT -

Ex-Postions

Temporary Auditor

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Negri

Pierangelo

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Born in Casorate Primo

(PV)

on 07/07/1938

- Fiscal Code : NGRPNG38L07B988E

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Residence:

Tosi

, 60

- 27022

Casorate Primo

(PV)

- IT -

Ex-Postions

Director

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Manzillo

Alfonso

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Born in Napoli

(NA)

on 22/08/1927

- Fiscal Code : MNZLNS27M22F839G

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Residence:

Boulevard Suchet

- 75016

Parigi

- FR -

Ex-Postions

Director

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VOLPATO

MARCO

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Born in VERBANIA

(NO)

on 31/05/1945

- Fiscal Code : VLPMRC45E31L746P

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Residence:

M. PAGANO

, 61

- 20100

MILANO

(MI)

- IT -

Ex-Postions

Attorney General

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Zoppi

Andrea

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Born in Milano

(MI)

on 15/02/1966

- Fiscal Code : ZPPNDR66B15F205G

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Residence:

Guardi Francesco

, 15

- 20133

Milano

(MI)

- IT -

Ex-Postions

Temporary Auditor

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Negri

Pierangelo

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Born in Casorate Primo

(PV)

on 07/07/1938

- Fiscal Code : NGRPNG38L07B988E

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Residence:

Tosi

, 60

- 27022

Casorate Primo

(PV)

- IT -

Ex-Postions

Director

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Boschetti

Giuseppe

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Born in Pavia

(PV)

on 24/07/1949

- Fiscal Code : BSCGPP49L24G388Q

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Residence:

Montemaino

, 2/A

- 27100

Pavia

(PV)

- IT -

Ex-Postions

Board Chairman

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Soglia

Antonio

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Born in Ferrara

(FE)

on 21/02/1947

- Fiscal Code : SGLNTN47B21D548P

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Residence:

Sella Quintino

, 3

- 20121

Milano

(MI)

- IT -

Ex-Postions

Attorney with special power

CEASINGS/INCORPORATIONS/MERGES:

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Project of merging by taking over of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$ Micromec S.r.l. Con Socio Unico

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Sella Quintino

, 3

, 20121

, Milano

(MI)

- IT -

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Fiscal Code: 02935690129

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Date

Merging/splitting-up project:

26/06/2009

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Resolution of merging of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Vuoto.gif$ Micromec S.r.l. Con Socio Unico

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Sella Quintino

, 3

, 20121

, Milano

(MI)

- IT -

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Fiscal Code: 02935690129

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Date

08/10/2009

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 1966.

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

During the last years, it achieved profits (r.o.e. 19,21% on 2013) thanks to a progressive increase in turnover (+11,37% in 2013 compared to 2012 and +4,96% in 2012 compared to 2011).

The operating result was positive in the last financial year (8,23%) and in line with the sector's average.

An operating result of Eur. 3.416.746 has been registered. increasing if compared to the yeart 2012.

The gross operating margin of the latest financial year is of Eur. 4.269.756 showing a 40,91% growth.

The financial status of the company is fairly balanced with an indebtedness level of 2,02 with an improving trend as on the decrease.

It's shareholders funds amount to Eur. 10.758.282 on stable levels.

During the last financial year total debts volume reached Eur. 26.369.467 (Eur. 1.212.495 were m/l term ones) , a more or less stable value.

Financial indebdtedness is under control whereas debts to suppliers are frequent and higher than sector's average.

Liquid assets are good.

Due from customers average term is high and equal to 93,07 days. within the standard level of the average of the sector.

Eur. 2.919.718 is the value of cash flow during the year 2013

Labour cost amounts to Eur. 10.495.281, with a 20,83% incidence on production costs. , whereas the incidence on sales revenues is of 19,72%.

If compared to the sales volume (-0,38%), the impact of the financial charges is limited.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	53.230.977
Profit (Loss) for the period	2.066.708

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	47.795.201
Profit (Loss) for the period	1.495.973

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	45.535.174
Profit (Loss) for the period	1.757.924

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	39.458.042
Profit (Loss) for the period	2.016.229

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.	563.109	368.776
. . Industrial patent rights	25.941	14.763	5.614
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	589.050	383.539	5.614
. TANGIBLE FIXED ASSETS
. . Real estate	7.378.533	7.666.606	7.822.016
. . Plant and machinery	570.100	686.573	509.717
. . Industrial and commercial equipment	215.914	255.750	301.987
. . Other assets	298.906	314.425	244.349
. . Assets under construction and advances
. Total Tangible fixed assets	8.463.453	8.923.354	8.878.069
. FINANCIAL FIXED ASSETS
. . Equity investments	711.000	527.700	227.700
. . . Equity invest. in subsidiary companies	711.000	527.700	227.700
. . . 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	711.000	527.700	227.700
Total fixed assets	9.763.503	9.834.593	9.111.383
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	6.945.553	7.282.263	5.990.750
. . Work in progress and semimanufactured
. . Work in progress on order	4.234.201	4.106.015	3.888.182
. . Finished goods
. . Advance payments	531.180	134.562	260.362
. Total Inventories	11.710.934	11.522.840	10.139.294
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	16.436.435	12.524.404	16.858.262
. . Beyond 12 months	10.729	238.430	10.729
. . Trade receivables	13.761.846	11.181.958	14.031.692
. . . . Within 12 months	13.761.846	11.181.958	14.031.692
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	374	231.501
. . . . Within 12 months	374	3.800
. . . . Beyond 12 months		227.701
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	2.240.455	1.163.192	2.696.654
. . . . Within 12 months	2.240.455	1.163.192	2.696.654
. . . . Beyond 12 months
. . Fiscal Receivables	344.918	39.130	13.984
. . . . Within 12 months	339.948	34.160	9.014
. . . . Beyond 12 months	4.970	4.970	4.970
. . Receivables for anticipated taxes		27.500	27.500
. . . . Within 12 months		27.500	27.500
. . . . Beyond 12 months
. . Receivables due from third parties	99.571	119.553	99.161
. . . . Within 12 months	93.812	113.794	93.402
. . . . Beyond 12 months	5.759	5.759	5.759
. Total Credits not held as fixed assets	16.447.164	12.762.834	16.868.991
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits	3.451.872	3.067.354	3.796.929
. . Checks
. . Banknotes and coins	11.955	7.282	8.252
. Total Liquid funds	3.463.827	3.074.636	3.805.181
Total current assets	31.621.925	27.360.310	30.813.466
ADJUSTMENT ACCOUNTS
. Discount on loans	105.956		177.873
. Other adjustment accounts		427.674
Total adjustments accounts	105.956	427.674	177.873
TOTAL ASSETS	41.491.384	37.622.577	40.102.722

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.768.000	1.768.000	1.768.000
. Additional paid-in capital
. Revaluation reserves	4.193.829	4.193.829	4.193.829
. Legal reserve	356.922	356.922	356.922
. Reserve for Own shares		1.784.851
. Statute reserves	2.273.065		1.034.687
. Other reserves	99.758	99.754	99.757
. Accumulated Profits (Losses)
. Profit( loss) of the year	2.066.708	1.495.973	1.757.924
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	10.758.282	9.699.329	9.211.119
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	124.502	119.497	115.683
. . Taxation fund, also differed
. . Other funds	350.000	350.000	350.000
Total Reserves for Risks and Charges	474.502	469.497	465.683
Employee termination indemnities	3.195.618	3.063.176	3.219.975
ACCOUNTS PAYABLE
. . . . Within 12 months	25.156.972	23.815.480	26.269.174
. . . . Beyond 12 months	1.212.495	118.118	808.730
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	314.675	409.625
. . . . Within 12 months	314.675	409.625
. . . . Beyond 12 months
. . Due to banks	4.298.925	5.926.271	5.425.486
. . . . Within 12 months	3.173.925	5.926.271	4.774.247
. . . . Beyond 12 months	1.125.000		651.239
. . Due to other providers of finance	131.242	157.490	157.491
. . . . Within 12 months	43.747	39.372
. . . . Beyond 12 months	87.495	118.118	157.491
. . Advances from customers	1.942.372	3.430.220	4.158.861
. . . . Within 12 months	1.942.372	3.430.220	4.158.861
. . . . Beyond 12 months
. . Trade payables	11.758.662	9.061.300	13.400.902
. . . . Within 12 months	11.758.662	9.061.300	13.400.902
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	450.306	502.421	395.012
. . . . Within 12 months	450.306	502.421	395.012
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	5.057.590	2.362.095	1.476.964
. . . . Within 12 months	5.057.590	2.362.095	1.476.964
. . . . Beyond 12 months
. . Due to the tax authorities	383.908	280.452	323.966
. . . . Within 12 months	383.908	280.452	323.966
. . . . Beyond 12 months
. . Due to social security and welfare inst.	566.346	546.148	525.368
. . . . Within 12 months	566.346	546.148	525.368
. . . . Beyond 12 months
. . Other payables	1.465.441	1.257.576	1.213.854
. . . . Within 12 months	1.465.441	1.257.576	1.213.854
. . . . Beyond 12 months
Total accounts payable	26.369.467	23.933.598	27.077.904
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	693.515	456.977	128.041
Total adjustment accounts	693.515	456.977	128.041
TOTAL LIABILITIES	41.491.384	37.622.577	40.102.722

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	53.230.977	47.795.201	45.535.174
. Changes in work in progress
. Changes in semi-manufact. products	128.186	217.833	880.453
. Capitalization of internal work	358.159	460.970
. Other income and revenues	94.563	656.631	190.678
. . Contributions for operating expenses	38.261	627.594	157.491
. . Different income and revenues	56.302	29.037	33.187
Total value of production	53.811.885	49.130.635	46.606.305
PRODUCTION COSTS
. Raw material,other materials and consum.	25.370.842	25.420.979	24.299.406
. Services received		10.703.531	9.318.572
. Leases and rentals	12.715.621	762.717	764.567
. Payroll and related costs	10.495.281	10.002.798	9.306.883
. . Wages and salaries	7.585.491	7.202.740	6.652.708
. . Social security contributions	2.404.107	2.282.094	2.133.253
. . Employee termination indemnities	505.683	517.964	520.922
. . Pension and similar
. . Other costs
. Amortization and depreciation	853.010	769.153	713.280
. . Amortization of intangible fixed assets	181.806	102.545	11.814
. . Amortization of tangible fixed assets	594.204	610.608	619.866
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	77.000	56.000	81.600
. Changes in raw materials	336.710	-1.291.513	-1.135.349
. Provisions to risk reserves
. Other provisions
. Other operating costs	623.675	502.156	537.103
Total production costs	50.395.139	46.869.821	43.804.462
Diff. between value and cost of product.	3.416.746	2.260.814	2.801.843
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		8.957
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	16.504	6.140	20.600
. . Financ.income from receivables	9.947		14.009
. . . Towards subsidiary companies	9.947
. . . Towards associated companies
. . . Towards holding companies			14.009
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	6.557		6.591
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	6.557		6.591
. Interest and other financial expense	-216.813	-233.940	-80.377
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies	-16.330
. . Towards other companies	216.813		80.377
Total financial income and expense	-200.309	-218.843	-59.777
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	173.807	470.778	251.816
. . Gains on disposals
. . Other extraordinary income	173.807	470.778	251.816
. Extraordinary expense	-39.753	-42.569	-23.810
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-39.753	-42.569	-23.810
Total extraordinary income and expense	134.054	428.209	228.006
Results before income taxes	3.350.491	2.470.180	2.970.072
. Taxes on current income	1.283.783	974.207	1.212.148
. . current taxes	1.283.783	974.207	1.212.148
. . differed taxes(anticip.)
. Net income for the period	2.066.708	1.495.973	1.757.924
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	2.066.708	1.495.973	1.757.924

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	0,24	0,26	0,23	0,25
Elasticity Ratio	Units	0,76	0,73	0,77	0,72
Availability of stock	Units	0,28	0,31	0,25	0,17
Total Liquidity Ratio	Units	0,48	0,42	0,52	0,50
Quick Ratio	Units	0,08	0,08	0,09	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,02	2,14	2,44	2,61
Self Financing Ratio	Units	0,26	0,26	0,23	0,21
Capital protection Ratio	Units	0,64	0,66	0,62	0,71
Liabilities consolidation quotient	Units	0,18	0,13	0,15	0,24
Financing	Units	2,45	2,47	2,94	3,54
Permanent Indebtedness Ratio	Units	0,37	0,34	0,33	0,40
M/L term Debts Ratio	Units	0,11	0,08	0,10	0,12
Net Financial Indebtedness Ratio	Units	0,12	0,35	0,19	0,84
CORRELATION
Fixed assets ratio	Units	1,55	1,31	1,45	1,46
Current ratio	Units	1,26	1,15	1,17	1,20
Acid Test Ratio-Liquidity Ratio	Units	0,79	0,67	0,79	0,85
Structure's primary quotient	Units	1,10	0,99	1,01	0,86
Treasury's primary quotient	Units	0,14	0,13	0,14	0,04
Rate of indebtedness ( Leverage )	%	385,67	387,89	435,37	477,50
Current Capital ( net )	Value	6.464.953	3.544.830	4.544.292	239.373
RETURN
Return on Sales	%	5,48	4,74	5,43	4,32
Return on Equity - Net- ( R.O.E. )	%	19,21	15,42	19,08	4,61
Return on Equity - Gross - ( R.O.E. )	%	31,14	25,47	32,24	17,61
Return on Investment ( R.O.I. )	%	8,23	6,01	6,99	4,75
Return/ Sales	%	6,42	4,73	6,15	4,25
Extra Management revenues/charges incid.	%	60,49	66,17	62,74	18,91
Cash Flow	Value	2.919.718	2.265.126	2.471.204	138.084
Operating Profit	Value	3.416.746	2.260.814	2.801.843	154.078
Gross Operating Margin	Value	4.269.756	3.029.967	3.515.123	301.188
MANAGEMENT
Credits to clients average term	Days	93,07	84,22	110,93	110,83
Debts to suppliers average term	Days	163,21	116,39	159,91	121,75
Average stock waiting period	Days	79,20	86,79	80,16	60,34
Rate of capital employed return ( Turnover )	Units	1,28	1,27	1,14	1,12
Rate of stock return	Units	4,55	4,15	4,49	5,95
Labour cost incidence	%	19,72	20,93	20,44	21,94
Net financial revenues/ charges incidence	%	-0,38	-0,46	-0,13	-1,47
Labour cost on purchasing expenses	%	20,83	21,34	21,25	22,33
Short-term financing charges	%	0,82	0,98	0,30	2,84
Capital on hand	%	77,95	78,72	88,07	89,18
Sales pro employee	Value	162.785	286.198	157.017	165.709
Labour cost pro employee	Value	32.095	59.896	32.092	32.656

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market/ Territory Data

Population living in the province	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.841\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 1.023 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 122 dd.

The sector's profitability is on an average of 4,32%.

The labour cost affects the turnover in the measure of 21,94%.

Goods are held in stock in a range of 60 dd.

The difference between the sales volume and the resources used to realize it is about 1,12.

The employees costs represent the 22,33% 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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.92.93
Euro	1	Rs.68.03

INFORMATION DETAILS

Analysis Done by :	SUB

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