MIRA INFORM REPORT

Report No. :	322393
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	COGNE ACCIAI SPECIALI S.P.A. IN FORMA AB BREVIATA: C.A.S. S.P.A. O COGNE S.P.A

Registered Office :	Via Paravera,16, 11100 – Aosta (AO)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	24.10.1991

Legal Form :	Joint stock company

Line of Business :	Iron metallurgy - Manufacture of iron, steel and ferro-alloys Foundries Forging, drawing, stamping and roll-forming of metal; powder metallurgy

No. of Employee :	from 750 to 1000

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Italy

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

COGNE ACCIAI SPECIALI S.P.A. IN FORMA AB BREVIATA: C.A.S. S.P.A. O COGNE S.P.A

Via Paravera,16

11100 – Aosta (AO) -IT-

Summary

Fiscal Code	:	02187360967
Legal Form	:	Joint stock company
start of Activities	:	31/12/1992
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 750 to 1000

Activity

Iron metallurgy - Manufacture of iron, steel and ferro-alloys Foundries

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

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02187360967

Foreign Trade Reg. no. : AO001422 since 15/07/1993

Chamber of Commerce no. : 50474 of Aosta since 19/02/1993

Chamber of Commerce no. : 1380298 of Milano since 13/01/1992 until 05/10/1992

Chamber of Commerce no. : 1441545 of Milano

Chamber of Commerce no. : 709495 of Napoli

Chamber of Commerce no. : 301676 of Padova

Chamber of Commerce no. : 944172 of Torino

Chamber of Commerce no. : 1072386 of Torino

Firms' Register : AO003-7234 of Aosta since 19/02/1996

V.A.T. Code : 00571320076

Foundation date	: 24/10/1991
Establishment date	: 24/10/1991
Start of Activities	: 31/12/1992
Legal duration	: 31/12/2050
Nominal Capital	: 100.000.000
Subscribed Capital	: 100.000.000
Paid up Capital	: 100.000.000

Legal mail :

COGNEACCIAISPECIALI@LEGALMAIL.IT

Members

Langella

Rosario

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Napoli

(NA)

on 13/01/1958

- Fiscal Code : LNGRSR58A13F839A

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	26/01/2015

Arrigo

Bruno

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Cernobbio

(CO)

on 06/11/1954

- Fiscal Code : RRGBRN54S06C520U

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Des Seigneurs De Quart

, 45

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	25/01/2007

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Giacomazzi

Emilio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Genova

(GE)

on 30/08/1948

- Fiscal Code : GCMMLE48M30D969P

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Arezzo

, 5C/5

- 16100

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	02/12/1997

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Pirovano

Monica

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 19/11/1963

- Fiscal Code : PRVMNC63S59F205N

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	02/12/1997
Director	06/05/2013
Managing Director	06/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Marzorati

Giuseppe

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 13/06/1933

- Fiscal Code : MRZGPP33H13F205K

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2013
Board Chairman	06/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Marzorati

Roberto

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 08/10/1960

- Fiscal Code : MRZRRT60R08F205L

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Cas Borri

, SNC

Novazzano

- CH -

Position	Since	Shares Amount	% Ownership
Director	06/05/2013
Assistant board Chairman	06/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Marzorati

Eugenio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 18/03/1962

- Fiscal Code : MRZGNE62C18F205X

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2013

MEG SA

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Sampierdarena

( )

- Fiscal Code : 97173080157

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

S.Andrea

, 19

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Bego

Flavio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 18/08/1972

- Fiscal Code : BGEFLV72M18F205V

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

La Plantaz

, 20

- 11020

Quart

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	02/02/2012

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Trombini

Ferruccio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Prestine

(BS)

on 27/12/1968

- Fiscal Code : TRMFRC68T27H050E

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Lemeryaz

, 7

- 11020

Saint Christophe

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	02/02/2012

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Muraro

Paola

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Ivrea

(TO)

on 24/04/1972

- Fiscal Code : MRRPLA72D64E379M

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Torredaniele

, 64

- 10010

Settimo Vittone

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	10/02/2011

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Anino

Claudio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Cigliano

(VC)

on 06/11/1968

- Fiscal Code : NNACLD68S06C680P

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Torino

, 4 BIS

- 13043

Cigliano

(VC)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	10/03/2011

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Guarino

Mario

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Verona

(VR)

on 21/07/1971

- Fiscal Code : GRNMRA71L21L781C

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

La Crete

, 75

- 11018

Villeneuve

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/07/2011

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Andrianopoli

Chiara Maria

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Torino

(TO)

on 23/04/1967

- Fiscal Code : NDRCRM67D63L219D

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Xavier De Maistre

, 14

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/07/2011

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Bova

Roberto

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Melito Di Porto Salvo

(RC)

on 04/03/1970

- Fiscal Code : BVORRT70C04F112O

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Pont D'avisod

, 24

- 11010

Sarre

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/07/2011

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Alcamo

Alessandro

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Piombino

(LI)

on 04/01/1969

- Fiscal Code : LCMLSN69A04G687K

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

De Sanctis

, 123

- 57025

Piombino

(LI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	07/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Bordon

Ettore

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Torino

(TO)

on 24/02/1970

- Fiscal Code : BRDTTR70B24L219K

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Clou De Seran

, 6

- 11020

Quart

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	17/12/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Sacchetto

Claudia

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 09/08/1970

- Fiscal Code : SCCCLD70M49A326I

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Binel

, 23

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	17/12/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Marten Perolino

Matteo

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 11/02/1972

- Fiscal Code : MRTMTT72B11A326I

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Moulins

, 35

- 11010

Aymavilles

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	17/12/2013

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Gyppaz

Fabio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 20/09/1969

- Fiscal Code : GYPFBA69P20A326X

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Conoz

, 19

- 11024

Chatillon

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	11/12/2014

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Viotto

Lorenzo

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Cuneo

(CN)

on 25/05/1977

- Fiscal Code : VTTLNZ77E25D205M

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Conoz

, 23/B

- 11024

Chatillon

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	12/02/2015

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

No Protests registered

Minuzzo

Pier Maria

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 11/09/1969

- Fiscal Code : MNZPMR69P11A326A

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Sant'orso

, 2

- 11100

Aosta

(AO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/03/2015

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

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.

Pirovano

Monica

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Novacciai S.p.a.	San Pietro Mosezzo (NO) - IT -	07535870153	Managing Director	Withdrawn	Registered
Novacciai S.p.a.	San Pietro Mosezzo (NO) - IT -	07535870153	Director	Withdrawn	Registered
Novacciai S.p.a.	San Pietro Mosezzo (NO) - IT -	07535870153	Managing Director	Withdrawn	Registered
Novacciai S.p.a.	San Pietro Mosezzo (NO) - IT -	07535870153	Board Chairman	Withdrawn	Registered
Babi S.r.l.	Milano (MI) - IT -	10040330150	Sole Director	Withdrawn	Ceased
A.v.i. Servizi S.r.l.	Aosta (AO) - IT -	00124820077	Director	Active	Registered
Cogne Technologies S.r.l.	Aosta (AO) - IT -	00617190079	Director	Withdrawn	Ceased
Mecano Srl	Milano (MI) - IT -	12530920151	Sole Director	Withdrawn	Ceased
Aosta S.r.l.	Aosta (AO) - IT -	00531850071	Procurator	Withdrawn	Ceased
Cogne Distribuzione Italia S.r.l. Siglabile Cdi S.r.l.	Cornaredo (MI) - IT -	12631400152	Managing Director	Active	Registered
Cogne Distribuzione Italia S.r.l. Siglabile Cdi S.r.l.	Cornaredo (MI) - IT -	12631400152	Director	Active	Registered
Cogne Distribuzione Italia S.r.l. Siglabile Cdi S.r.l.	Cornaredo (MI) - IT -	12631400152	Board Chairman	Active	Registered
Cogne Service S.r.l.	Aosta (AO) - IT -	00672340072	Director	Withdrawn	Ceased
Agenzia Per Il Trasferimento TecnologicoE L'internazionalizzazione In Valle D'a	Aosta (AO) - IT -	01101530077	Director	Withdrawn	Registered
Valle D'aosta Energie S.r.l. - In Liquidazione	Aosta (AO) - IT -	01104170079	Managing Director	Withdrawn	Registered
Valle D'aosta Energie S.r.l. - In Liquidazione	Aosta (AO) - IT -	01104170079	Director	Withdrawn	Registered
Valle D'aosta Energie S.r.l. - In Liquidazione	Aosta (AO) - IT -	01104170079	Liquidator	Withdrawn	Registered
Energiaalternativa S.r.l	Narni (TR) - IT -	06168250964	Director	Withdrawn	Registered
Energiaalternativa S.r.l	Narni (TR) - IT -	06168250964	Assistant board Chairman	Withdrawn	Registered
COGNE U.K. LIMITED	SHEFFIELD - GB -	03298004	Director	Active	Registered

Marzorati

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cogne Technologies S.r.l.	Aosta (AO) - IT -	00617190079	Director	Withdrawn	Ceased
Cogne Technologies S.r.l.	Aosta (AO) - IT -	00617190079	Board Chairman	Withdrawn	Ceased
Lingotti Certosa - S.p.a. In Liquidazione	Milano (MI) - IT -		Liquidator	Withdrawn	Registered
NOVAMETAL S.A.	Rancate - DE -		Chairman	Active	Registered

Marzorati

Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Valle D'aosta Energie S.r.l. - In Liquidazione	Aosta (AO) - IT -	01104170079	Director	Withdrawn	Registered
Valle D'aosta Energie S.r.l. - In Liquidazione	Aosta (AO) - IT -	01104170079	Board Chairman	Withdrawn	Registered
NOVAMETAL S.A.	Rancate - DE -		Director	Active	Registered
Consorzio Geostorage	San Zeno Naviglio (BS) - IT -	03317350985	Baord of Directors' member	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
MEG SA	Milano - IT -	97173080157	137.975.450 .Eur	96,11
Stainless Bars Sa		97621360151	5.574.550 .Eur	3,88

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
Immobiliare Siderurgica S.r.l.	Milano - IT -	12243660151	44 .Eur	0,04			Active
Cogne Distribuzione Italia S.r.l. Siglab ile Cdi S.r.l.	Cornaredo - IT -	12631400152	3.700.000 .Eur	100,00			Active
Gas Intensive Soc. Consortile A Responsa bilita' Limitata	Milano - IT -	03305420964	1.000 .Eur	0,36			Active
Confidi Finance Societa' Consortile Per Azioni	Spoleto - IT -	03124790548	250 .Eur	0,08			Active
Metal Interconnector Societa' Consortile Per Azioni	Milano - IT -	08837170961	15.854 .Eur	2,04			Active

Firm's location and structure

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

Legal and operative seat

since 29/12/1992

Paravera

, 16

- 11100

- Aosta

(AO)

- IT -

PHONE

: 01653021

FAX

: 016543833 - 302394

Website

: www.cogne.com

Legal mail

: COGNEACCIAISPECIALI@LEGALMAIL.IT

Branch

(Warehouse)

since 20/09/2007

Foglizzo S.n.

- 10090

- San Giorgio Canavese

(TO)

- IT -

Branch

(Warehouse)

Nazionale delle Puglie

- 80013

- Casalnuovo di Napoli

(NA)

- IT -

Employees

: 996

Fittings and Equipment for a value of 24.870.000

Eur

Stocks for a value of 126.220.000

Eur

Trade organization: direct or by agents.

Sales are on an international scale.

Transports are mainly done using own vehicles and third parties ones

The firm operates abroad as exporter..

Subject generally proposes terms of sale between 30 and 60 days.

Financial means used for sale: bank transfers and bank orders.

Purchase terms: 60-90-120 days.

Main used payment modalities are by cash orders and bank transfers.

Export is mainly towards:

- TUTTO IL CONTINENTE

The subject firm uses the following own selling brands:

- Cogne Powder

- Vergella INOX

- serie IMCO

- Concrinox

- IMLO

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	14/01/2004

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Robles Srl		29/12/1992

EX-MEMBERS / EX-POSITIONS:

Platini

Franco

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Gignese

(NO)

on 07/09/1951

- Fiscal Code : PLTFNC51P07E028L

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

De Tillier

, 3/A

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Attorney with special power

Procurator

Farinet

Marco

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Torino

(TO)

on 04/02/1958

- Fiscal Code : FRNMRC58B04L219K

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

, 11

- 11020

Saint Christophe

(AO)

- IT -

Ex-Postions

Attorney with special power

Micheletti

Luca Maria

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Torino

(TO)

on 25/10/1963

- Fiscal Code : MCHLMR63R25L219G

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Peravere

, 23

- 11010

Sarre

(AO)

- IT -

Ex-Postions

Attorney with special power

Procurator

Arrigo

Bruno

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Cernobbio

(CO)

on 06/11/1954

- Fiscal Code : RRGBRN54S06C520U

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Des Seigneurs De Quart

, 45

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Procurator

Attorney with special power

Poli

Armando

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 26/03/1951

- Fiscal Code : PLORND51C26A326V

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Merlin

, 36

- 11024

Chatillon

(AO)

- IT -

Ex-Postions

Attorney with special power

Procurator

Mencarelli

Giulio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Blera

(VT)

on 09/05/1949

- Fiscal Code : MNCGLI49E09A857N

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Cap. Chamonin

, 40

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Attorney with special power

Rosset

Giorgio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 02/03/1950

- Fiscal Code : RSSGRG50C02A326B

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Clou

, 9

- 11010

Sarre

(AO)

- IT -

Ex-Postions

Attorney with special power

Procurator

Olivotto

Paolo Attilio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Genova

(GE)

on 21/12/1965

- Fiscal Code : LVTPTT65T21D969S

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Vallerod

, 22

- 11020

Quart

(AO)

- IT -

Ex-Postions

Attorney with special power

Pirovano

Monica

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 19/11/1963

- Fiscal Code : PRVMNC63S59F205N

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Managing Director

Savoye

Albino

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Gressan

(AO)

on 23/08/1950

- Fiscal Code : SVYLBN50M23E165O

Ex-Postions

Attorney with special power

Lazzarotto

Giannantonio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Valstagna

(VI)

on 04/11/1939

- Fiscal Code : LZZGNN39S04L650E

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Urbains

, 36

- 11010

Aymavilles

(AO)

- IT -

Ex-Postions

Attorney with special power

Marzorati

Eugenio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Milano

(MI)

on 18/03/1962

- Fiscal Code : MRZGNE62C18F205X

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Managing Director

Borri

Egidio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Parma

(PR)

on 19/11/1938

- Fiscal Code : BRRGDE38S19G337U

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Xxv Aprile

, 20/A

- 43022

Montechiarugolo

(PR)

- IT -

Ex-Postions

Director

Noseda

Vittorio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Como

(CO)

on 27/11/1962

- Fiscal Code : NSDVTR62S27C933W

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Director

Mantegazza

Paolo

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Como

(CO)

on 01/05/1937

- Fiscal Code : MNTPLA37E01C933Q

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Director

Grassi

Ismaele

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Serravalle Pistoiese

(PT)

on 29/11/1956

- Fiscal Code : GRSSML56S29I660T

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Blassinod

, 13

- 11010

Sarre

(AO)

- IT -

Ex-Postions

Procurator

Attorney with special power

Landini

Andrea

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Genova

(GE)

on 14/03/1973

- Fiscal Code : LNDNDR73C14D969R

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

J. B. Tillier

, 48

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Attorney with special power

Battistini

Pablo Ignacio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Mendoza

( )

on 12/01/1975

- Fiscal Code : BTTPLG75A12Z600Y

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Via Tadini

, 2

- 28100

Novara

(NO)

- IT -

Ex-Postions

Attorney with special power

Martini

Emilio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 06/07/1966

- Fiscal Code : MRTMLE66L06A326D

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Saint Benin

, 32

- 11020

Pollein

(AO)

- IT -

Ex-Postions

Attorney with special power

Meg Sa

- Fiscal Code : 97173080157

Ex-Postions

Partner

Criscolo

Manuela

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Lecce

(LE)

on 06/06/1964

- Fiscal Code : CRSMNL64H46E506I

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Hotel Des Etats

, 7

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Procurator

OLIVOTTO

PAOLO

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in GENOVA

(GE)

on 21/12/1965

- Fiscal Code : LVTPLA65T21D969P

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

VALLEROD

, 22

- 11020

Quart

(AO)

- IT -

Ex-Postions

Attorney with special power

Morlotti

Mariano

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Bergamo

(BG)

on 31/07/1968

- Fiscal Code : MRLMRN68L31A794H

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Quarenghi

, 42

- 24100

Bergamo

(BG)

- IT -

Ex-Postions

Attorney with special power

Tani

Marco

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Monza

(MB)

on 09/04/1963

- Fiscal Code : TNAMRC63D09F704X

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Carrel

, 19

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Attorney with special power

Ceccarelli

Marco

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 10/04/1951

- Fiscal Code : CCCMRC51D10A326D

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

St. Martin De Corleans

, 106

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Attorney with special power

Colombo

Franco

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Palermo

(PA)

on 09/08/1945

- Fiscal Code : CLMFNC45M09G273J

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Tissoret

, 55

- 11010

Sarre

(AO)

- IT -

Ex-Postions

Temporary Auditor

Gioanetti

Gian Piero

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Torino

(TO)

on 14/07/1960

- Fiscal Code : GNTGPR60L14L219F

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Cellini

, 34

- 10100

Torino

(TO)

- IT -

Ex-Postions

Procurator

Borghesi

Mauro

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Roma

(RM)

on 21/01/1943

- Fiscal Code : BRGMRA43A21H501J

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Director

Viglietti

Massimo

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Cairo Montenotte

(SV)

on 22/10/1957

- Fiscal Code : VGLMSM57R22B369W

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Praie'

, 11

- 17057

Calizzano

(SV)

- IT -

Ex-Postions

Director

General Director

Managing Director

Sole Director

Rossini

Antonio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Mola Di Bari

(BA)

on 27/10/1948

- Fiscal Code : RSSNTN48R27F280L

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Procurator

Prunotto

Claudio

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Costigliole d'Asti

(AT)

on 24/03/1951

- Fiscal Code : PRNCLD51C24D119A

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Venoir

, 22

- 11010

Aymavilles

(AO)

- IT -

Ex-Postions

Attorney with special power

Procurator

Lisa

Alberto

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Torino

(TO)

on 08/06/1970

- Fiscal Code : LSILRT70H08L219O

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Villair - Vianoz

, 5/A

- 11020

Quart

(AO)

- IT -

Ex-Postions

Procurator

Marin

Mauro

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Aosta

(AO)

on 23/03/1952

- Fiscal Code : MRNMRA52C23A326Y

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Paravera

, 16

- 11100

Aosta

(AO)

- IT -

Ex-Postions

Attorney with special power

Falcone

Roberto

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Born in Cesena

(FO)

on 24/08/1936

- Fiscal Code : FLCRRT36M24C573O

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Residence:

Mario Fusetti

, 13

- 20143

Milano

(MI)

- IT -

Ex-Postions

Vice-Chairman

Sole Director

CEASINGS/INCORPORATIONS/MERGES:

The firm took over the activity of

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$ Cogne S.p.A. in liquidazione

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Date

29/12/1992

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$ Cogne Service S.r.l.

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Paravera

, 16

, 11100

, Aosta

(AO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Fiscal Code: 00672340072

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Date

Merging/splitting-up project:

09/12/2002

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$ Cogne Service S.r.l.

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Paravera

, 16

, 11100

, Aosta

(AO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Fiscal Code: 00672340072

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Date

16/05/2003

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$ Cogne Technologies S.r.l.

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Paravera

, 16

, 11100

, Aosta

(AO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Fiscal Code: 00617190079

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Date

Merging/splitting-up project:

12/10/2005

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$ Cogne Technologies S.r.l.

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Paravera

, 16

, 11100

, Aosta

(AO)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Fiscal Code: 00617190079

$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Vuoto.gif$

Date

31/12/2005

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result:

Prejudicial Events found with cancellations*

Legal Mortgage on 06/12/2007. for an amount of 225.684 Euro. Event writing-off

 EQUITALIA NOMOS SPA

Legal Mortgage on 25/01/2006. for an amount of 5.738 Euro. Event writing-off

 EQUITALIA NOMOS SPA

Legal Mortgage on 30/08/2007. for an amount of 1.396.305 Euro. Event writing-off

 EQUITALIA NOMOS SPA

Legal Mortgage on 17/06/2008. for an amount of 13.117.139 Euro. Event writing-off

 EQUITALIA NOMOS SPA

Search performed on a specialized data base.

*Concerns also partially erased events.

Legal Procedures

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

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
INTESA SANPAOLO SPA					3069	0
MONTE DEI PASCHI DI SIENA SPA					1030	0
BANCA DI ROMA SPA					3002	0
UNICREDIT BANCA SPA					2008	0

Financial and Economical Analysis

Subject is active since 1992

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

During the last years the subject suffered net losses and in 2013 r.o.e. is -2,2%.

The return on Investment in the last financial year was positive (2,85%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 10.153.612 rising (+more then 100%) in relation to the previous year.

During the latest financial year the gross operating margin amounted to Eur. 19.691.618 showing an upward trend if compared to 2012.

The financial status of the company is fairly balanced with an indebtedness level of 2,06 with an improving trend as on the decrease.

It's shareholders funds amount to Eur. 96.152.461 , unchanged if compared to 2012.

Total debts recorded amounted to Eur. 251.506.162 (Eur. 51.095.359 of which were m/l term debts) with no important change.

Both financial indebtedness and suppliers exposure are rather high besides being higher than sector's average.

The available funds are good.

Trade credits average terms are 63,81 days. , shorter than the sector's average.

During financial year 2013 the cash flow amounted to Eur. 7.420.986

During 2013 financial year labour costs amounted to Eur. 47.965.477, with a 10,8% incidence on production costs. , whereas the incidence on sales revenues is of 10,44%.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-1,69%).

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	459.392.635
Profit (Loss) for the period	-2.117.020

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	463.966.642
Profit (Loss) for the period	-15.846.198

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	528.086.187
Profit (Loss) for the period	-1.274.533

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	484.416.506
Profit (Loss) for the period	855.050

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.	201.764	72.964	37.500
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	317.407	408.080	528.848
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	5.670.796	5.240.955	3.849.619
. Total Intangible Fixed Assets	6.189.967	5.721.999	4.415.967
. TANGIBLE FIXED ASSETS
. . Real estate	2.280.074	2.439.745	2.628.116
. . Plant and machinery	22.912.918	17.751.816	18.883.600
. . Industrial and commercial equipment	1.956.675	2.190.313	2.990.554
. . Other assets	130.663	121.605	154.728
. . Assets under construction and advances	5.551.024	6.519.505	2.665.116
. Total Tangible fixed assets	32.831.354	29.022.984	27.322.114
. FINANCIAL FIXED ASSETS
. . Equity investments	23.822.919	21.746.846	35.806.080
. . . Equity invest. in subsidiary companies	23.814.850	21.738.777	35.798.261
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	8.069	8.069	7.819
. . Financial receivables	1.239.558	1.171.692	1.265.477
. . . . Within 12 months	1.239.558	1.171.692	1.265.477
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	1.130.000	1.055.000	1.055.000
. . . . Within 12 months	1.130.000	1.055.000	1.055.000
. . . . 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	109.558	116.692	210.477
. . . . Within 12 months	109.558	116.692	210.477
. . . . Beyond 12 months
. . Other securities	2.537.795	2.530.250	2.500.278
. . Own shares
. . . Total nominal value
. Total financial fixed assets	27.600.272	25.448.788	39.571.835
Total fixed assets	66.621.593	60.193.771	71.309.916
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	37.598.340	37.860.253	41.286.779
. . Work in progress and semimanufactured	60.375.595	66.306.581	68.894.596
. . Work in progress on order
. . Finished goods	28.250.904	31.245.074	33.811.654
. . Advance payments
. Total Inventories	126.224.839	135.411.908	143.993.029
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	160.434.855	193.237.264	185.868.271
. . Beyond 12 months	538.645	1.038.924	1.554.613
. . Trade receivables	81.426.185	96.707.948	96.471.999
. . . . Within 12 months	81.426.185	96.707.948	96.471.999
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	61.587.299	65.542.436	64.429.075
. . . . Within 12 months	61.067.975	64.523.112	62.909.751
. . . . Beyond 12 months	519.324	1.019.324	1.519.324
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	2.101.921	14.248.906	12.234.759
. . . . Within 12 months	2.101.921	14.248.906	12.234.759
. . . . Beyond 12 months
. . Receivables for anticipated taxes	11.293.067	11.711.517	11.555.166
. . . . Within 12 months	11.293.067	11.711.517	11.555.166
. . . . Beyond 12 months
. . Receivables due from third parties	4.565.028	6.065.381	2.731.885
. . . . Within 12 months	4.545.707	6.045.781	2.696.596
. . . . Beyond 12 months	19.321	19.600	35.289
. Total Credits not held as fixed assets	160.973.500	194.276.188	187.422.884
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits	2.274.367	2.257.444	7.348.799
. . Checks
. . Banknotes and coins
. Total Liquid funds	2.274.367	2.257.444	7.348.799
Total current assets	289.472.706	331.945.540	338.764.712
ADJUSTMENT ACCOUNTS
. Discount on loans	205.732	352.928	1.276.542
. Other adjustment accounts
Total adjustments accounts	205.732	352.928	1.276.542
TOTAL ASSETS	356.300.031	392.492.239	411.351.170

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	143.550.000	143.550.000	130.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	4.460.753	4.460.753	4.460.753
. Reserve for Own shares
. Statute reserves
. Other reserves	2.430.435	2.430.435	2.871.795
. Accumulated Profits (Losses)	-52.171.707	-36.325.509	-35.050.977
. Profit( loss) of the year	-2.117.020	-15.846.198	-1.274.533
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	96.152.461	98.269.481	101.007.038
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	9.038	9.038	9.038
. . Other funds	501.789	45.776	955.489
Total Reserves for Risks and Charges	510.827	54.814	964.527
Employee termination indemnities	5.330.279	5.823.718	6.327.078
ACCOUNTS PAYABLE
. . . . Within 12 months	200.410.803	228.694.128	258.364.306
. . . . Beyond 12 months	51.095.359	58.974.161	43.678.370
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable			5.000.000
. . . . Within 12 months
. . . . Beyond 12 months			5.000.000
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	107.672.954	145.479.423	139.728.744
. . . . Within 12 months	59.084.395	89.012.062	101.050.374
. . . . Beyond 12 months	48.588.559	56.467.361	38.678.370
. . Due to other providers of finance	3.816.649	5.048.701	14.609.903
. . . . Within 12 months	3.816.649	5.048.701	14.609.903
. . . . Beyond 12 months
. . Advances from customers			3.225.844
. . . . Within 12 months			3.225.844
. . . . Beyond 12 months
. . Trade payables	122.638.470	120.063.063	123.431.247
. . . . Within 12 months	122.638.470	120.063.063	123.431.247
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	1.952.810	1.583.312	1.206.564
. . . . Within 12 months	1.952.810	1.583.312	1.206.564
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies			1.209.637
. . . . Within 12 months			1.209.637
. . . . Beyond 12 months
. . Due to the tax authorities	3.474.248	3.241.170	2.863.006
. . . . Within 12 months	3.474.248	3.241.170	2.863.006
. . . . Beyond 12 months
. . Due to social security and welfare inst.	3.411.065	3.349.432	3.326.131
. . . . Within 12 months	3.411.065	3.349.432	3.326.131
. . . . Beyond 12 months
. . Other payables	8.539.966	8.903.188	7.441.600
. . . . Within 12 months	6.033.166	6.396.388	7.441.600
. . . . Beyond 12 months	2.506.800	2.506.800
Total accounts payable	251.506.162	287.668.289	302.042.676
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	2.800.302	675.937	1.009.851
Total adjustment accounts	2.800.302	675.937	1.009.851
TOTAL LIABILITIES	356.300.031	392.492.239	411.351.170

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	7.970.109	18.132.170	21.337.836
Risk accounts	68.487.894	62.453.804	71.425.571
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	459.392.635	463.966.642	528.086.187
. Changes in work in progress	-8.925.155	-5.273.639	3.827.335
. Changes in semi-manufact. products
. Capitalization of internal work	152.952	47.566	530.312
. Other income and revenues	3.559.322	7.145.118	6.367.243
. . Contributions for operating expenses
. . Different income and revenues	3.559.322	7.145.118	6.367.243
Total value of production	454.179.754	465.885.687	538.811.077
PRODUCTION COSTS
. Raw material,other materials and consum.	338.339.252	368.760.995	409.930.894
. Services received			42.031.496
. Leases and rentals	46.896.859	43.334.552	5.888.937
. Payroll and related costs	47.965.477	46.567.236	48.571.567
. . Wages and salaries	33.566.968	32.284.529	33.683.164
. . Social security contributions	11.712.426	11.577.490	12.278.132
. . Employee termination indemnities	106.332	229.013	235.465
. . Pension and similar
. . Other costs	2.579.751	2.476.204	2.374.806
. Amortization and depreciation	9.538.006	8.966.013	9.268.176
. . Amortization of intangible fixed assets	1.055.951	965.183	621.870
. . Amortization of tangible fixed assets	8.381.442	7.978.295	8.321.091
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	100.613	22.535	325.215
. Changes in raw materials	261.913	3.426.526	10.563.370
. Provisions to risk reserves		35.000	210.000
. Other provisions
. Other operating costs	1.024.635	1.333.143	3.256.223
Total production costs	444.026.142	472.423.465	529.720.663
Diff. between value and cost of product.	10.153.612	-6.537.778	9.090.414
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		600.000	1.079.725
. . In subsidiary companies
. . In associated companies
. . In other companies		600.000	1.079.725
. Other financial income	854.760	813.269	617.738
. . 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	854.760	813.269	617.738
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	854.760	813.269	617.738
. Interest and other financial expense	-8.613.324	-10.115.906	-9.872.183
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	8.613.324	10.115.906	9.872.183
Total financial income and expense	-7.758.564	-8.702.637	-8.174.720
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-1.300.000	-4.345.996	-500.000
. . Of equity investments	-1.300.000	-4.345.996	-500.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-1.300.000	-4.345.996	-500.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	56.846	6.317.314	419.920
. . Gains on disposals	10.361	4.675.701
. . Other extraordinary income	46.485	1.641.613	419.920
. Extraordinary expense	-1.208.667	-2.010.472	-167.383
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-1.208.667	-2.010.472	-167.383
Total extraordinary income and expense	-1.151.821	4.306.842	252.537
Results before income taxes	-56.773	-15.279.569	668.231
. Taxes on current income	2.060.247	566.629	1.942.764
. . current taxes	1.641.797	646.696	1.581.665
. . differed taxes(anticip.)	418.450	-80.067	361.099
. Net income for the period	-2.117.020	-15.846.198	-1.274.533
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-2.117.020	-15.846.198	-1.274.533

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	0,19	0,15	0,17	0,30
Elasticity Ratio	Units	0,81	0,85	0,82	0,68
Availability of stock	Units	0,35	0,35	0,35	0,21
Total Liquidity Ratio	Units	0,46	0,50	0,47	0,42
Quick Ratio	Units	0,01	0,01	0,02	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,06	2,30	2,49	2,31
Self Financing Ratio	Units	0,27	0,25	0,25	0,21
Capital protection Ratio	Units	-0,47	-0,30	-0,27	0,61
Liabilities consolidation quotient	Units	0,28	0,28	0,19	0,17
Financing	Units	2,62	2,93	2,99	3,62
Permanent Indebtedness Ratio	Units	0,43	0,42	0,37	0,36
M/L term Debts Ratio	Units	0,16	0,17	0,12	0,10
Net Financial Indebtedness Ratio	Units	1,14	1,51	1,50	1,42
CORRELATION
Fixed assets ratio	Units	2,29	2,71	2,12	1,11
Current ratio	Units	1,44	1,45	1,31	1,10
Acid Test Ratio-Liquidity Ratio	Units	0,81	0,86	0,75	0,72
Structure's primary quotient	Units	1,44	1,63	1,42	0,81
Treasury's primary quotient	Units	0,01	0,01	0,03	0,02
Rate of indebtedness ( Leverage )	%	370,56	399,40	407,25	468,75
Current Capital ( net )	Value	89.061.903	103.251.412	80.400.406	525.922
RETURN
Return on Sales	%	1,62	-1,48	1,51	2,32
Return on Equity - Net- ( R.O.E. )	%	-2,20	-16,13	-1,26	3,79
Return on Equity - Gross - ( R.O.E. )	%	-0,06	-15,55	0,66	10,56
Return on Investment ( R.O.I. )	%	2,85	-1,67	2,21	3,84
Return/ Sales	%	2,21	-1,41	1,72	3,06
Extra Management revenues/charges incid.	%	-20,85	n.c.	-14,02	32,18
Cash Flow	Value	7.420.986	-6.880.185	7.993.643	1.200.022
Operating Profit	Value	10.153.612	-6.537.778	9.090.414	1.374.962
Gross Operating Margin	Value	19.691.618	2.463.235	18.568.590	2.131.798
MANAGEMENT
Credits to clients average term	Days	63,81	75,04	65,77	85,05
Debts to suppliers average term	Days	116,43	106,27	98,95	89,46
Average stock waiting period	Days	98,92	105,07	98,16	47,61
Rate of capital employed return ( Turnover )	Units	1,29	1,18	1,28	1,45
Rate of stock return	Units	3,64	3,43	3,67	7,34
Labour cost incidence	%	10,44	10,04	9,20	5,48
Net financial revenues/ charges incidence	%	-1,69	-1,88	-1,55	-1,06
Labour cost on purchasing expenses	%	10,80	9,86	9,17	5,52
Short-term financing charges	%	3,42	3,52	3,27	2,49
Capital on hand	%	77,56	84,59	77,89	68,88
Sales pro employee	Value	306.670	318.877	348.112	796.124
Labour cost pro employee	Value	32.019	32.004	32.018	44.281

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	:	$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Spazio.gif$ 122.868
Population living in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Spazio.gif$ 122.868
Number of families in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Spazio.gif$ 54.335

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

- per food products	:	$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Spazio.gif$ 426
- per non food products	:	$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Spazio.gif$ 1.784
- per energy consume	:	$Description: \\VIVEK\Foreign Report Raw2\Cogne Acciai Speciali S._files\Spazio.gif$ 134

Sector Data

The values are calculated on a base of 377 significant companies.

The companies cash their credits on an average of 85 dd.

The average duration of suppliers debts is about 89 dd.

The sector's profitability is on an average of 2,32%.

The labour cost affects the turnover in the measure of 5,48%.

Goods are held in stock in a range of 48 dd.

The difference between the sales volume and the resources used to realize it is about 1,45.

The employees costs represent the 5,52% 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 363 protested subjects are found; in the province they count to 363.

The insolvency index for the region is 0,30, , while for the province it is 0,30.

Total Bankrupt companies in the province : 450.

Total Bankrupt companies in the region : 450.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

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%)

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

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit