MIRA INFORM REPORT

Report No. :	321621
Report Date :	08.05.2015

IDENTIFICATION DETAILS

Name :	CROMATOS - S.R.L.

Registered Office :	Via Barsanti, 28 47122 - Forli' (FO)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	01.06.1991

Legal Form :	Limited liability company

Line of Business :	Manufacture of dyes and pigments

No. of Employees :	52

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 :	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

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

ITALY - ECONOMIC OVERVIEW

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

Source : CIA

Company name and address

CROMATOS - S.R.L.

Via

Barsanti,

47122

- Forli'

(FO)

-IT-

Summary

Fiscal Code	:	02130950401
Legal Form	:	Limited liability company
start of Activities	:	20/12/1991
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of dyes and pigments

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02130950401

Foreign Trade Reg. no. : FO008448 since 14/04/1992

Chamber of Commerce no. : 243207 of Forli' since 30/09/1991

Chamber of Commerce no. : 492347 of Prato

Firms' Register : FO012-17729 of Forli' since 19/02/1996

V.A.T. Code : 02130950401

Foundation date	: 01/06/1991
Establishment date	: 01/06/1991
Start of Activities	: 20/12/1991
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

CROMATOS@LEGALMAIL.IT

Members

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Casadio

Paolo

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Born in Forli'

(FO)

on 04/09/1963

- Fiscal Code : CSDPLA63P04D704E

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Residence:

Della Repubblica

, 42

- 47121

Forli'

(FO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	30/04/1998
Director	30/04/1998

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No Prejudicial events are reported

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No Protests registered

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Piancastelli

Luciano

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Born in Castel Bolognese

(RA)

on 07/06/1942

- Fiscal Code : PNCLCN42H07C065N

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Residence:

Biancanigo

, 264

- 48014

Castel Bolognese

(RA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/1998
Chairman	30/04/1998

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No Prejudicial events are reported

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No Protests registered

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Bosi

Alessandro

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Born in Milano

(MI)

on 18/03/1961

- Fiscal Code : BSOLSN61C18F205Z

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Residence:

Montanara Sud

, 127

- 40022

Castel del Rio

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	30/04/1998
Director	30/04/1998
General Director	04/04/2012

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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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Casadio

Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Giovedi' - S.r.l.	Forli' (FO) - IT -	02605050406	Liquidator	Withdrawn	Ceased
Ausicrom S.r.l.	Prato (PO) - IT -	02006550970	Sole Director	Withdrawn	Registered
Ausicrom S.r.l.	Prato (PO) - IT -	02006550970	Board Chairman	Active	Registered
Chimica Tessile S.r.l.	Prato (PO) - IT -	02090380979	Managing Director	Active	Registered
Chimica Tessile S.r.l.	Prato (PO) - IT -	02090380979	Assistant board Chairman	Active	Registered
Henkem Products S.r.l.	Prato (PO) - IT -	02191390976	Vice-Chairman	Active	Registered

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Piancastelli

Luciano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tema Sinergie Spa	Faenza (RA) - IT -	00970310397	Director	Active	Registered
Tema Sinergie Spa	Faenza (RA) - IT -	00970310397	Board Chairman	Active	Registered
Consorzio Si.pr.a - Consorzio SicurezzaE Protezione Ambientale	Forli' (FO) - IT -	07568490580	Director	Active	Registered
Consorzio Si.pr.a - Consorzio SicurezzaE Protezione Ambientale	Forli' (FO) - IT -	07568490580	Assistant board Chairman	Active	Registered
Podere Camerini Societa' Agricola	Castel Bolognese (RA) - IT -	02252540394	Partner	Active	Registered
Cer-domus Spa	Castel Bolognese (RA) - IT -	00084590397	Vice-Chairman	Withdrawn	Ceased
Cer-domus Spa	Castel Bolognese (RA) - IT -	00084590397	Legal Owners' representative	Withdrawn	Ceased

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Bosi

Alessandro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Giovedi' - S.r.l.	Forli' (FO) - IT -	02605050406	Sole Director	Withdrawn	Ceased
Salsedine Di Ricci Sandro E C. S.a.s.	Forli' (FO) - IT -	01184650396	Limited Partner	Active	Registered
Ausicrom S.r.l.	Prato (PO) - IT -	02006550970	Assistant board Chairman	Active	Registered
Chimica Tessile S.r.l.	Prato (PO) - IT -	02090380979	Board Chairman	Active	Registered
Belga Moto Di Philippaerts Frank E C. -S.a.s.	Borgo Tossignano (BO) - IT -	04001340373	Attorney with special power	Withdrawn	Ceased
Belga Moto Di Philippaerts Frank E C. -S.a.s.	Borgo Tossignano (BO) - IT -	04001340373	Limited Partner	Withdrawn	Ceased
Bosi Immobiliare S.r.l. - In LiquidazionE	Castel del Rio (BO) - IT -	02296811207	Sole Director	Withdrawn	Ceased
Bosi Immobiliare S.r.l. - In LiquidazionE	Castel del Rio (BO) - IT -	02296811207	Liquidator	Withdrawn	Ceased
Henkem Products S.r.l.	Prato (PO) - IT -	02191390976	Sole Director	Withdrawn	Registered
Henkem Products S.r.l.	Prato (PO) - IT -	02191390976	Board Chairman	Active	Registered
Movinvest S.r.l.	Castel San Pietro Terme (BO) - IT -	03157291208	Director	Active	Registered
Movinvest S.r.l.	Castel San Pietro Terme (BO) - IT -	03157291208	Board Chairman	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, InactiveFor 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
Casadio Paolo	Forli' - IT -	CSDPLA63P04D704E	100.000 .Eur	10,00
Piancastelli Luciano	Castel Bolognese - IT -	PNCLCN42H07C065N	150.000 .Eur	15,00
Bosi Alessandro	Castel del Rio - IT -	BSOLSN61C18F205Z	250.000 .Eur	25,00
RINALDI PIERO	Forli' - IT -	RNLPRI63M15D704F	50.000 .Eur	5,00
FONTANA PIER LUIGI	Castel del Rio - IT -	FNTPLG61T30D704Y	200.000 .Eur	20,00
TURRINI MONICA	Castel del Rio - IT -	TRRMNC58C66A944Y	100.000 .Eur	10,00
BOSI LUCIANA	Castel del Rio - IT -	BSOLCN52E50C065G	50.000 .Eur	5,00
TORRICELLI PIER PAOLO	Castel del Rio - IT -	TRRPPL62H24D704M	100.000 .Eur	10,00

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
Ausicrom S.r.l.	Prato - IT -	02006550970	75.000 .Eur	75,00			Active
Glycolor S.r.l.		06423150488	100 .Eur	1,00			Active
Chimica Tessile S.r.l.	Prato - IT -	02090380979	20.000 .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

since 26/11/1991

Barsanti

, 28

- 47100

- Forli'

(FO)

- IT -

PHONE

: 0543796191

FAX

: 0543796189

Legal mail

: CROMATOS@LEGALMAIL.IT

Branch

(Warehouse)

since 21/12/2011

Gerolamo Cardano

, 6

- 47100

- Forli'

(FO)

- IT -

Branch

(Store)

since 10/10/2014

Meucci

, 11/A

- 47100

- Forli'

(FO)

- IT -

Branch

(Warehouse)

since 06/03/2008

O. Vannucchi

, 29

- 50047

- Prato

(PO)

- IT -

Employees

: 52

Assistants

: 1

Fittings and Equipment for a value of 200.000

Eur

Stocks for a value of 4.490.000

Eur

Furniture and fittings for a value of 5.000

Eur

for a value of 5.000

Eur

Vehicles for a value of 21.000

Eur

for a value of 21.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own sales net-work

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own sales net-work

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

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Guardigli

Alberto

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Born in Forli'

(FO)

on 27/11/1956

- Fiscal Code : GRDLRT56S27D704A

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Residence:

Brosi

, 11

- 47100

Forli'

(FO)

- IT -

Ex-Postions

Chairman of the Board of Aud.

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Piancastelli Luciano

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Born in Castel Bolognese

(RA)

on 07/06/1942

- Fiscal Code : PNCLCN42H07C065N

Ex-Postions

Director

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Piancastelli

Luciano

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Born in Castel Bolognese

(RA)

on 07/06/1942

- Fiscal Code : PNCLCN42H07C065N

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Residence:

Biancanigo

, 264

- 48014

Castel Bolognese

(RA)

- IT -

Ex-Postions

Director

Chairman

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA COOPERATIVA DI IMOLA

Financial and Economical Analysis

Subject is active since 1991

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

During the last years, it achieved profits (r.o.e. 1,12% on 2013) with a stable trend in the turnover.

The operating result in 2013 was positive (2,17%) falling within the field's average.

The amount of the operating result for the year 2013 is of Eur. 348.691 with a -53,6% drop.

A gross operating margine for a value of Eur. 655.603 was reached. showing a drop (-36,74%).

The financial status of the company is fairly balanced with an indebtedness level of 1,17 and falling as against the previous year (1,31).

The equity capital is equal to Eur. 6.778.737 , stable in comparison with the value of the previous year.

Total debts recorded amounted to Eur. 8.750.201 (Eur. 718.802 of which were m/l term debts) showing a stable trend as opposed to 2012 (Eur. 10.531.001).

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

The management determines a good range of liquidity.

Credits are collected in 89,59 days on the average. , within the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 382.623

During 2013 financial year labour costs amounted to Eur. 3.012.763, with a 13,32% incidence on production costs. and a 13,06% incidence on sales volumes.

Limited financial charges in relation to sales volume.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	23.069.758
Profit (Loss) for the period	75.711

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	22.199.090
Profit (Loss) for the period	464.125

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	21.353.545
Profit (Loss) for the period	1.237.166

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	20.634.418
Profit (Loss) for the period	641.033

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Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	15.899.050
Profit (Loss) for the period	175.749

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		640	1.280
. . Research,develop. and advert.expens.
. . Industrial patent rights	3.839	5.044	2.266
. . Concessions,licenses,trademarks
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	15.836	20.141	21.759
. Total Intangible Fixed Assets	19.675	25.825	25.305
. TANGIBLE FIXED ASSETS
. . Real estate	1.195.887	1.305.087	1.399.287
. . Plant and machinery	144.537	186.123	92.847
. . Industrial and commercial equipment	50.825	67.413	48.919
. . Other assets	158.926	175.927	132.729
. . Assets under construction and advances	145.173	15.628
. Total Tangible fixed assets	1.695.348	1.750.178	1.673.782
. FINANCIAL FIXED ASSETS
. . Equity investments	1.441.706	1.441.706	1.441.706
. . . Equity invest. in subsidiary companies	1.441.436	1.441.436	1.441.436
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	270	270	270
. . Financial receivables	338	2.120	2.120
. . . . Within 12 months
. . . . Beyond 12 months	338	2.120	2.120
. . . 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	338	2.120	2.120
. . . . Within 12 months
. . . . Beyond 12 months	338	2.120	2.120
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.442.044	1.443.826	1.443.826
Total fixed assets	3.157.067	3.219.829	3.142.913
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.875.529	4.732.146	3.849.417
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	613.294	737.251	748.308
. . Advance payments
. Total Inventories	4.488.823	5.469.397	4.597.725
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	7.737.886	8.090.117	8.025.571
. . Beyond 12 months	194.789	194.789	80.886
. . Trade receivables	5.741.036	5.450.781	4.977.486
. . . . Within 12 months	5.741.036	5.450.781	4.977.486
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.693.540	1.861.356	2.052.546
. . . . Within 12 months	1.693.540	1.861.356	2.052.546
. . . . 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	335.018	812.492	930.600
. . . . Within 12 months	233.424	710.898	930.600
. . . . Beyond 12 months	101.594	101.594
. . Receivables for anticipated taxes	93.658	93.195	80.886
. . . . Within 12 months	463
. . . . Beyond 12 months	93.195	93.195	80.886
. . Receivables due from third parties	69.423	67.082	64.939
. . . . Within 12 months	69.423	67.082	64.939
. . . . Beyond 12 months
. Total Credits not held as fixed assets	7.932.675	8.284.906	8.106.457
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	2.937	2.634	2.054
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	2.937	2.634	2.054
. LIQUID FUNDS
. . Bank and post office deposits	118.980	354.601	312.668
. . Checks
. . Banknotes and coins	137	78	258
. Total Liquid funds	119.117	354.679	312.926
Total current assets	12.543.552	14.111.616	13.019.162
ADJUSTMENT ACCOUNTS
. Discount on loans	336.847	387.956
. Other adjustment accounts			379.908
Total adjustments accounts	336.847	387.956	379.908
TOTAL ASSETS	16.037.466	17.719.401	16.541.983

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	1.000.000
. Additional paid-in capital
. Revaluation reserves	1.659.600	1.659.600	1.659.600
. Legal reserve	200.000	185.897	124.039
. Reserve for Own shares
. Statute reserves
. Other reserves	3.843.426	3.393.403	2.218.099
. Accumulated Profits (Losses)
. Profit( loss) of the year	75.711	464.125	1.237.166
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	6.778.737	6.703.025	6.238.904
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	4.034	5.179	6.514
. . Other funds
Total Reserves for Risks and Charges	4.034	5.179	6.514
Employee termination indemnities	492.333	458.606	420.233
ACCOUNTS PAYABLE
. . . . Within 12 months	8.031.399	9.152.293	8.500.257
. . . . Beyond 12 months	718.802	1.378.708	1.350.780
. . 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	4.750.177	6.020.214	6.219.157
. . . . Within 12 months	4.031.375	4.641.506	4.868.377
. . . . Beyond 12 months	718.802	1.378.708	1.350.780
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	3.936	12.366	19.053
. . . . Within 12 months	3.936	12.366	19.053
. . . . Beyond 12 months
. . Trade payables	3.476.479	4.059.987	2.799.135
. . . . Within 12 months	3.476.479	4.059.987	2.799.135
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	10.851	20.768	3.793
. . . . Within 12 months	10.851	20.768	3.793
. . . . 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	194.802	145.563	462.238
. . . . Within 12 months	194.802	145.563	462.238
. . . . Beyond 12 months
. . Due to social security and welfare inst.	161.989	136.453	162.717
. . . . Within 12 months	161.989	136.453	162.717
. . . . Beyond 12 months
. . Other payables	151.967	135.650	184.944
. . . . Within 12 months	151.967	135.650	184.944
. . . . Beyond 12 months
Total accounts payable	8.750.201	10.531.001	9.851.037
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	12.161	21.590	25.295
Total adjustment accounts	12.161	21.590	25.295
TOTAL LIABILITIES	16.037.466	17.719.401	16.541.983

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	23.069.758	22.199.089	21.353.545
. Changes in work in progress	-123.958	-11.056	296.337
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	17.354	4.317	17.382
. . Contributions for operating expenses
. . Different income and revenues	17.354	4.317	17.382
Total value of production	22.963.154	22.192.350	21.667.264
PRODUCTION COSTS
. Raw material,other materials and consum.	15.182.252	16.137.455	14.728.234
. Services received			2.510.209
. Leases and rentals	3.161.685	3.142.769	36.789
. Payroll and related costs	3.012.763	2.643.398	2.788.801
. . Wages and salaries	2.202.710	1.932.682	2.056.287
. . Social security contributions	670.042	580.562	607.918
. . Employee termination indemnities	134.449	125.391	123.210
. . Pension and similar
. . Other costs	5.562	4.763	1.386
. Amortization and depreciation	306.912	284.967	232.999
. . Amortization of intangible fixed assets	13.599	13.810	12.216
. . Amortization of tangible fixed assets	264.449	243.612	195.736
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	28.864	27.545	25.047
. Changes in raw materials	856.617	-882.729	-164.219
. Provisions to risk reserves
. Other provisions
. Other operating costs	94.234	115.000	45.154
Total production costs	22.614.463	21.440.860	20.177.967
Diff. between value and cost of product.	348.691	751.490	1.489.297
FINANCIAL INCOME AND EXPENSE
. Income from equity investments			87.563
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	559	1.096	786
. . 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	559	1.096
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	559	1.096
. Interest and other financial expense	-104.079	-162.025	-147.116
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	104.079	162.025
Total financial income and expense	-103.520	-160.929	-58.767
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	303	580
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	303	580
. Devaluation			-3.198
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass			-3.198
Total adjustments to financial assets	303	580	-3.198
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	2	112.315	450.000
. . Gains on disposals
. . Other extraordinary income	2	112.315	450.000
. Extraordinary expense	-24
. . Losses on disposals
. . Taxes relating to prior years	-24
. . Other extraordinary expense
Total extraordinary income and expense	-22	112.315	450.000
Results before income taxes	245.452	703.456	1.877.332
. Taxes on current income	169.741	239.331	640.166
. . current taxes	171.349	252.975	651.070
. . differed taxes(anticip.)	-1.608	-13.644	-10.904
. Net income for the period	75.711	464.125	1.237.166
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	75.711	464.125	1.237.166

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	0,20	0,18	0,19	0,34
Elasticity Ratio	Units	0,78	0,80	0,79	0,64
Availability of stock	Units	0,28	0,31	0,28	0,15
Total Liquidity Ratio	Units	0,50	0,49	0,51	0,46
Quick Ratio	Units	0,01	0,02	0,02	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,17	1,31	1,31	1,80
Self Financing Ratio	Units	0,42	0,38	0,38	0,26
Capital protection Ratio	Units	0,84	0,78	0,64	0,75
Liabilities consolidation quotient	Units	0,15	0,20	0,21	0,23
Financing	Units	1,29	1,57	1,58	2,59
Permanent Indebtedness Ratio	Units	0,50	0,48	0,48	0,46
M/L term Debts Ratio	Units	0,08	0,10	0,11	0,12
Net Financial Indebtedness Ratio	Units	0,68	0,85	0,95	0,57
CORRELATION
Fixed assets ratio	Units	2,53	2,65	2,55	1,28
Current ratio	Units	1,56	1,54	1,53	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,00	0,94	0,99	0,84
Structure's primary quotient	Units	2,15	2,08	1,99	0,74
Treasury's primary quotient	Units	0,02	0,04	0,04	0,03
Rate of indebtedness ( Leverage )	%	236,58	264,35	265,14	381,85
Current Capital ( net )	Value	4.512.153	4.959.323	4.518.905	401.161
RETURN
Return on Sales	%	1,66	3,37	6,88	3,85
Return on Equity - Net- ( R.O.E. )	%	1,12	6,92	19,83	2,70
Return on Equity - Gross - ( R.O.E. )	%	3,62	10,49	30,09	8,97
Return on Investment ( R.O.I. )	%	2,17	4,24	9,00	4,02
Return/ Sales	%	1,51	3,39	6,97	3,73
Extra Management revenues/charges incid.	%	21,71	61,76	83,07	25,78
Cash Flow	Value	382.623	749.092	1.470.165	297.038
Operating Profit	Value	348.691	751.490	1.489.297	271.622
Gross Operating Margin	Value	655.603	1.036.457	1.722.296	541.113
MANAGEMENT
Credits to clients average term	Days	89,59	88,39	83,92	112,20
Debts to suppliers average term	Days	68,44	76,20	58,41	101,28
Average stock waiting period	Days	70,05	88,70	77,51	48,71
Rate of capital employed return ( Turnover )	Units	1,44	1,25	1,29	1,14
Rate of stock return	Units	5,14	4,06	4,64	7,38
Labour cost incidence	%	13,06	11,91	13,06	15,03
Net financial revenues/ charges incidence	%	-0,45	-0,72	-0,28	-1,41
Labour cost on purchasing expenses	%	13,32	12,33	13,82	14,64
Short-term financing charges	%	1,19	1,54	1,49	3,20
Capital on hand	%	69,52	79,82	77,47	86,99
Sales pro employee	Value	245.422	270.720	474.523	279.071
Labour cost pro employee	Value	32.050	32.236	61.973	38.958

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	:	$Description: C:\Users\new\AppData\Local\Temp\Rar$EXa0.726\Spazio.gif$ 371.318
Population living in the region	:	$Description: C:\Users\new\AppData\Local\Temp\Rar$EXa0.726\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: C:\Users\new\AppData\Local\Temp\Rar$EXa0.726\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: C:\Users\new\AppData\Local\Temp\Rar$EXa0.726\Spazio.gif$ 425
- per non food products	:	$Description: C:\Users\new\AppData\Local\Temp\Rar$EXa0.726\Spazio.gif$ 2.063
- per energy consume	:	$Description: C:\Users\new\AppData\Local\Temp\Rar$EXa0.726\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 805 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 101 dd.

The sector's profitability is on an average of 3,85%.

The labour cost affects the turnover in the measure of 15,03%.

Goods are held in stock in a range of 49 dd.

The difference between the sales volume and the resources used to realize it is about 1,14.

The employees costs represent the 14,64% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows trifling crises.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.674.

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

Total Bankrupt companies in the province : 607.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.88
UK Pound	1	Rs.97.21
Euro	1	Rs.72.51

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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

Bankers

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit