MIRA INFORM REPORT

Report No. :	320434
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	DADA S.P.A.
Registered Office :	Strada, Provinciale, 0031, 20010-Mesero (MI)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	01.01.1926
Legal Form :	Joint stock company
Line of Business :	Manufacture of products in wood, cork, straw and plaiting materials Manufacture of other products of wood, cork, straw and plaiting materials
No. of Employee :	131 to 150

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 :	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	A1	A1

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

ITALY - ECONOMIC OVERVIEW

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

Source : CIA

Company name

DADA S.P.A.

Strada

Provinciale,

0031

20010

- Mesero

(MI)

-IT-

Summary

Fiscal Code	:	00791170152
Legal Form	:	Joint stock company
start of Activities	:	01/01/1926
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 131 to 150

Activity

Manufacture of products in wood, cork, straw and plaiting materials

Manufacture of other products of wood, cork, straw and plaiting materials

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00791170152

Foreign Trade Reg. no. : MI106993 since 20/01/1992

Foreign Trade Reg. no. : 106993 of Milano since 20/01/1992

Chamber of Commerce no. : 260972 of Milano since 18/11/1937

Firms' Register : MI146-173583 of Milano since 19/02/1996

V.A.T. Code : 00791170152

Tribunal Co. Register : 173583 of since 13/07/1982

Foundation date	: 01/01/1926
Establishment date	: 01/01/1926
Start of Activities	: 01/01/1926
Legal duration	: 31/12/2050
Nominal Capital	: 3.000.000
Subscribed Capital	: 3.000.000
Paid up Capital	: 3.000.000

Legal mail :

DADACOGE@LEGALMAIL.IT

Members

Molteni

Maria Angela

Born in Milano

(MI)

on 23/09/1957

- Fiscal Code : MLTMNG57P63F205K

Residence:

Lecco

, 29

- 20052

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2013

Molteni

Carlo

Born in Giussano

(MB)

on 03/03/1943

- Fiscal Code : MLTCRL43C03E063C

Residence:

Privata Del Ronco

, 26

- 22060

Carimate

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	30/04/2013
Director	30/04/2013

No Prejudicial events are reported

No Protests registered

Molteni

Piero

Born in Giussano

(MB)

on 12/05/1945

- Fiscal Code : MLTPRI45E12E063R

Residence:

Visconti Di Modrone Uberto

, 38

- 20122

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2013

Bonacorsi

Angelo

Born in Modena

(MO)

on 26/11/1961

- Fiscal Code : BNCNGL61S26F257E

Residence:

11 Febbraio

, 5/A

- 43010

Trecasali

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
General Director	14/07/2008

No Prejudicial events are reported

No Protests registered

Vanzati

Antonio

Born in Nova Milanese

(MB)

on 18/07/1956

- Fiscal Code : VNZNTN56L18F944M

Residence:

Pasubio

, 26

- 20054

Nova Milanese

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	02/03/2015

No Prejudicial events are reported

No Protests registered

Molteni

Andrea Angelo Mario

Born in Milano

(MI)

on 07/12/1977

- Fiscal Code : MLTNRN77T07F205Z

Residence:

Brera

, 9

- 20121

Milano

(MI)

- IT -

Position		Since	Shares Amount	% Ownership
Director		30/04/2013
	Molteni S.p.a.

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.

Molteni

Carlo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Molteni E C.- S.p.a.	Giussano (MB) - IT -	00809720154	Director	Active	Registered
Molteni E C.- S.p.a.	Giussano (MB) - IT -	00809720154	Managing Director	Active	Registered
Molteni E C.- S.p.a.	Giussano (MB) - IT -	00809720154	Board Chairman	Active	Registered
Unifor S.p.a.	Turate (CO) - IT -	00387130131	Director	Active	Registered
Unifor S.p.a.	Turate (CO) - IT -	00387130131	Managing Director	Active	Registered
S.p.a. Citterio	Sirone (CO) - IT -	00221440134	Chairman	Withdrawn	Ceased
Citterio S.p.a.	Milano (MI) - IT -	09754660158	Director	Active	Registered
Mobilrama S.p.a.	Milano (MI) - IT -	00492510581	Director	Active	Registered
Mobilrama S.p.a.	Milano (MI) - IT -	00492510581	Board Chairman	Active	Registered
Molteni S.p.a.	Milano (MI) - IT -	05856280150	Director	Active	Registered
Molteni S.p.a.	Milano (MI) - IT -	05856280150	Board Chairman	Active	Registered
Iscon S.a.s. Di Giuseppina Ballabio E C.	Carate Brianza (MB) - IT -	01556520151	Limited Partner	Withdrawn	Ceased
S.martino S.a.s. Di Dr. Luigi Molteni EC.	Milano (MI) - IT -	01338650151	Limited Partner	Withdrawn	Ceased
Mobilrama Societa' Per Azioni	Milano (MI) - IT -		Managing Director	Active	Registered
I.m.a. Srl	Milano (MI) - IT -	01551810151	Sole Director	Withdrawn	Ceased

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
Molteni Maria Angela	Monza - IT -	MLTMNG57P63F205K	1 .Eur
MOLTENI CARLO	CARIMATE - IT -	MLTCRL43C03E063C	1 .Eur
Molteni Andrea Angelo Mario	Milano - IT -	MLTNRN77T07F205Z	1 .Eur
MOLTENI PIERO	Monza - IT -	MLTPRI45E12E063R	1 .Eur
Molteni S.p.a.		05856280150	2.999.996 .Eur	99,99

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

Provinciale

, 0031

- 20010

- Mesero

(MI)

- IT -

PHONE

: 029720791

Legal mail

: DADACOGE@LEGALMAIL.IT

Employees

: 141

Fittings and Equipment for a value of 8.560.000

Eur

Stocks for a value of 7.960.000

Eur

Furniture and fittings for a value of 57.000

Eur

Vehicles for a value of 77.000

Eur

Work in progress for a value of 1.190.000

Eur

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	24/05/1982
Joint stock company	Limited liability company	16/10/1989

EX-MEMBERS / EX-POSITIONS:

Tagliabue

Maria Carla

Born in Como

(CO)

on 19/05/1943

- Fiscal Code : TGLMCR43E59C933I

Residence:

San Vittore

, 45

- 20123

Milano

(MI)

- IT -

Ex-Postions

Permanent Auditor

Vanzati

Antonio

Born in Nova Milanese

(MB)

on 18/07/1956

- Fiscal Code : VNZNTN56L18F944M

Residence:

Pasubio

, 26

- 20054

Nova Milanese

(MB)

- IT -

Ex-Postions

Attorney with special power

Bronzino

Marco

Born in Biassono

(MB)

on 01/01/1965

- Fiscal Code : BRNMRC65A01A849U

Residence:

Cesana E Villa

, 150

- 20046

Biassono

(MB)

- IT -

Ex-Postions

Temporary Auditor

Molteni

Carlo

Born in Giussano

(MB)

on 03/03/1943

- Fiscal Code : MLTCRL43C03E063C

Residence:

Del Ronco

, 26

- 22060

Carimate

(CO)

- IT -

Ex-Postions

Board Chairman

Molteni

Carlo

Born in GIUSSANO

(MB)

on 03/03/1943

- Fiscal Code : MLTCRL43C03E063C

Residence:

PRIVATA DEL RONCO

, 26

- 22060

Carimate

(CO)

- IT -

Ex-Postions

Board Chairman

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 1926

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

Unstable economic results mark the company's financial state of affairs. anyway in 2013 a positive result was achieved (r.o.e. 0,09%).

The operating result was positive in the last financial year (1,22%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 532.789 with a 31% growth.

During the latest financial year the gross operating margin amounted to Eur. 3.040.563 , stable if compared to the year before.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,83 and with an upward trend compared to the previous year.

It's shareholders funds amount to Eur. 19.507.943 , unchanged as opposed to the preceding year.

During the last financial year total debts volume reached Eur. 22.510.528 (Eur. 5.746.747 were m/l term ones) showing a stable trend as opposed to 2012 (Eur. 20.424.721).

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high even in comparison with the sector's.

Even liquidity range appears to be not completely sufficient.

Credits are collected in 69,68 days on the average. , a value lower than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 2.526.118

Labour cost amounts to Eur. 5.915.027, with a 28,45% incidence on production costs. and a 28,16% incidence on sales volumes.

Financial charges have a high incidence (-1,54%) on turnover figures.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	21.004.959
Profit (Loss) for the period	18.344

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	21.425.974
Profit (Loss) for the period	74.632

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	20.356.363
Profit (Loss) for the period	-368.007

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	20.544.828
Profit (Loss) for the period	186.277

Balance Sheets

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

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

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

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

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.	1.815.704	1.305.736	639.336
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	57.046	66.858	70.405
. . Goodwill
. . Assets in formation and advance paymen.			935.480
. . Other intangible fixed assets	1.840.548	1.321.865	919.886
. Total Intangible Fixed Assets	3.713.298	2.694.459	2.565.107
. TANGIBLE FIXED ASSETS
. . Real estate	17.662.837	17.088.316	17.202.264
. . Plant and machinery	8.186.653	8.581.272	8.597.710
. . Industrial and commercial equipment	377.922	418.069	360.745
. . Other assets	338.970	354.406	284.698
. . Assets under construction and advances			248.435
. Total Tangible fixed assets	26.566.382	26.442.063	26.693.852
. FINANCIAL FIXED ASSETS
. . Equity investments	35	35	35
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	35	35	35
. . 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	35	35	35
Total fixed assets	30.279.715	29.136.557	29.258.994
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.513.544	2.266.342	1.886.287
. . Work in progress and semimanufactured	2.155.609	2.089.577	2.073.102
. . Work in progress on order	1.191.568	1.237.670	1.194.095
. . Finished goods	2.095.248	1.727.961	2.201.240
. . Advance payments
. Total Inventories	7.955.969	7.321.550	7.354.724
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.787.321	4.732.634	2.961.650
. . Beyond 12 months	217	217	217
. . Trade receivables	4.065.917	3.925.723	2.467.451
. . . . Within 12 months	4.065.917	3.925.723	2.467.451
. . . . 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	215.470	283.142	63.880
. . . . Within 12 months	215.470	283.142	63.880
. . . . Beyond 12 months
. . Receivables for anticipated taxes	491.166	512.000	426.053
. . . . Within 12 months	491.166	512.000	426.053
. . . . Beyond 12 months
. . Receivables due from third parties	14.985	11.986	4.483
. . . . Within 12 months	14.768	11.769	4.266
. . . . Beyond 12 months	217	217	217
. Total Credits not held as fixed assets	4.787.538	4.732.851	2.961.867
. 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	536.215	286.224	494.293
. . Checks
. . Banknotes and coins	3.394	3.221	3.874
. Total Liquid funds	539.609	289.445	498.167
Total current assets	13.283.116	12.343.846	10.814.758
ADJUSTMENT ACCOUNTS
. Discount on loans	235.962	248.394	383.077
. Other adjustment accounts
Total adjustments accounts	235.962	248.394	383.077
TOTAL ASSETS	43.798.793	41.728.797	40.456.829
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	3.000.000	3.000.000	3.000.000
. Additional paid-in capital
. Revaluation reserves	9.700.000	9.700.000	9.700.000
. Legal reserve	600.000	600.000	600.000
. Reserve for Own shares
. Statute reserves
. Other reserves	6.189.599	6.114.967	6.732.974
. Accumulated Profits (Losses)
. Profit( loss) of the year	18.344	74.632	-368.007
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	19.507.943	19.489.599	19.664.967
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	196.286	211.625	222.063
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	196.286	211.625	222.063
Employee termination indemnities	1.546.718	1.580.699	1.601.720
ACCOUNTS PAYABLE
. . . . Within 12 months	16.763.781	17.802.715	14.458.807
. . . . Beyond 12 months	5.746.747	2.622.006	4.460.242
. . 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	15.141.921	13.283.522	13.055.886
. . . . Within 12 months	9.395.174	10.661.516	8.595.644
. . . . Beyond 12 months	5.746.747	2.622.006	4.460.242
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	317.750	230.988	127.106
. . . . Within 12 months	317.750	230.988	127.106
. . . . Beyond 12 months
. . Trade payables	5.834.038	5.847.667	4.582.406
. . . . Within 12 months	5.834.038	5.847.667	4.582.406
. . . . 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	215.231	205.993	307.442
. . . . Within 12 months	215.231	205.993	307.442
. . . . Beyond 12 months
. . Due to social security and welfare inst.	491.279	433.832	415.854
. . . . Within 12 months	491.279	433.832	415.854
. . . . Beyond 12 months
. . Other payables	510.309	422.719	430.355
. . . . Within 12 months	510.309	422.719	430.355
. . . . Beyond 12 months
Total accounts payable	22.510.528	20.424.721	18.919.049
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	37.318	22.153	49.030
Total adjustment accounts	37.318	22.153	49.030
TOTAL LIABILITIES	43.798.793	41.728.797	40.456.829

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	4.393.777	3.184.068
Risk accounts	2.928.482	3.628.735
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	21.004.959	21.425.974	20.356.363
. Changes in work in progress	195.945	-480.766	380.549
. Changes in semi-manufact. products	-46.102	43.575	152.000
. Capitalization of internal work
. Other income and revenues	172.580	202.738	235.186
. . Contributions for operating expenses
. . Different income and revenues	172.580	202.738	235.186
Total value of production	21.327.382	21.191.521	21.124.098
PRODUCTION COSTS
. Raw material,other materials and consum.	8.982.664	9.051.909	8.510.667
. Services received
. Leases and rentals	3.737.153	3.816.137	4.762.811
. Payroll and related costs	5.915.027	5.832.953	5.466.642
. . Wages and salaries	4.131.990	4.095.895	3.805.930
. . Social security contributions	1.416.701	1.374.166	1.308.270
. . Employee termination indemnities	366.336	362.892	352.442
. . Pension and similar
. . Other costs
. Amortization and depreciation	2.507.774	2.348.593	2.015.034
. . Amortization of intangible fixed assets	1.105.207	959.185	627.002
. . Amortization of tangible fixed assets	1.382.104	1.376.994	1.375.560
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	20.463	12.414	12.472
. Changes in raw materials	-484.576	-404.017	165.143
. Provisions to risk reserves
. Other provisions
. Other operating costs	136.551	139.253	127.249
Total production costs	20.794.593	20.784.828	21.047.546
Diff. between value and cost of product.	532.789	406.693	76.552
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	8.528	28.192	13.332
. . 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	8.528	28.192	13.332
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	8.528	28.192	13.332
. Interest and other financial expense	-331.451	-385.445	-370.027
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	331.451	385.445	370.027
Total financial income and expense	-322.923	-357.253	-356.695
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		100.929
. . Gains on disposals
. . Other extraordinary income		100.929
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		100.929
Results before income taxes	209.866	150.369	-280.143
. Taxes on current income	191.522	75.737	87.864
. . current taxes	170.688	161.684	143.275
. . differed taxes(anticip.)	20.834	-85.947	-55.411
. Net income for the period	18.344	74.632	-368.007
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	18.344	74.632	-368.007

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	0,69	0,70	0,72	0,23
Elasticity Ratio	Units	0,30	0,30	0,27	0,75
Availability of stock	Units	0,18	0,18	0,18	0,19
Total Liquidity Ratio	Units	0,12	0,12	0,09	0,46
Quick Ratio	Units	0,01	0,01	0,01	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,83	0,90	0,71	3,53
Self Financing Ratio	Units	0,45	0,47	0,49	0,18
Capital protection Ratio	Units	0,85	0,84	0,87	0,74
Liabilities consolidation quotient	Units	0,44	0,24	0,42	0,19
Financing	Units	1,15	1,05	0,96	4,24
Permanent Indebtedness Ratio	Units	0,61	0,57	0,64	0,33
M/L term Debts Ratio	Units	0,17	0,10	0,15	0,11
Net Financial Indebtedness Ratio	Units	0,75	0,67	0,64	1,11
CORRELATION
Fixed assets ratio	Units	0,89	0,81	0,88	1,20
Current ratio	Units	0,79	0,69	0,75	1,07
Acid Test Ratio-Liquidity Ratio	Units	0,32	0,28	0,24	0,76
Structure's primary quotient	Units	0,64	0,67	0,67	0,71
Treasury's primary quotient	Units	0,03	0,02	0,03	0,03
Rate of indebtedness ( Leverage )	%	224,52	214,11	205,73	570,55
Current Capital ( net )	Value	-3.480.665	-5.458.869	-3.644.049	75.064
RETURN
Return on Sales	%	12,03	11,31	8,09	3,19
Return on Equity - Net- ( R.O.E. )	%	0,09	0,38	-1,87	3,20
Return on Equity - Gross - ( R.O.E. )	%	1,08	0,77	-1,42	11,58
Return on Investment ( R.O.I. )	%	1,22	0,97	0,19	3,86
Return/ Sales	%	2,54	1,90	0,38	4,18
Extra Management revenues/charges incid.	%	3,44	18,35	-480,73	18,85
Cash Flow	Value	2.526.118	2.423.225	1.647.027	63.415
Operating Profit	Value	532.789	406.693	76.552	78.946
Gross Operating Margin	Value	3.040.563	2.755.286	2.091.586	163.908
MANAGEMENT
Credits to clients average term	Days	69,68	65,96	43,64	110,14
Debts to suppliers average term	Days	165,12	163,60	124,28	125,02
Average stock waiting period	Days	136,36	123,02	130,07	68,56
Rate of capital employed return ( Turnover )	Units	0,48	0,51	0,50	1,00
Rate of stock return	Units	2,64	2,93	2,77	5,15
Labour cost incidence	%	28,16	27,22	26,85	16,61
Net financial revenues/ charges incidence	%	-1,54	-1,67	-1,75	-1,99
Labour cost on purchasing expenses	%	28,45	28,06	25,97	16,95
Short-term financing charges	%	1,47	1,89	1,96	2,95
Capital on hand	%	208,52	194,76	198,74	99,54
Sales pro employee	Value	114.157	117.725	119.743	179.348
Labour cost pro employee	Value	32.146	32.049	32.156	32.046

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

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

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

The average duration of suppliers debts is about 125 dd.

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

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

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

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

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

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	RAS
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.