MIRA INFORM REPORT

Report No. :	323644
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	F B R - ELPO - SOCIETA' PER AZIONI
Registered Office :	Via Arnaldo Da Brescia, 12/A 43125 - Parma(PR)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	07.03.2013
Legal Form :	Joint stock company
Line of Business :	Manufacture of machinery for the food, beverage and tobacco industries.
No. of Employee :	From 51 to 70

RATING & COMMENTS

MIRA’s Rating :

B

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	A2	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 and address

F B R - ELPO - SOCIETA' PER AZIONI

Via Arnaldo Da Brescia, 12/A 43125 - Parma(PR) -IT-

Summary

Fiscal Code	:	02670070347
Legal Form	:	Joint stock company
start of Activities	:	07/03/2013
Equity	:	Over 2.582.254
Turnover Range	:	100.000/150.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of machinery for the food, beverage and tobacco industries

Activities of head offices

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02670070347

Chamber of Commerce no. : 257569 of Parma since 17/12/2012

V.A.T. Code : 02670070347

Establishment date	: 14/12/2012
Start of Activities	: 07/03/2013
Legal duration	: 31/12/2050
Nominal Capital	: 2.042.400
Subscribed Capital	: 2.042.400
Paid up Capital	: 2.042.400

Legal mail :

FBR-ELPO@PEC.IT

Members

Merusi

Pierluigi

Born in Parma

(PR)

on 12/09/1943

- Fiscal Code : MRSPLG43P12G337W

Residence:

Madre Anna Maria Adorni

, 2

- 43121

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/12/2013
Managing Director	07/01/2014

No Prejudicial events are reported

No Protests registered

Silvestri

Claudia

Born in Sissa

(PR)

on 13/01/1950

- Fiscal Code : SLVCLD50A53I763C

Residence:

Farnese

, 33

- 43125

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/12/2013
Managing Director	07/01/2014

No Prejudicial events are reported

No Protests registered

Giampellegrini

Giacomo

Born in Parma

(PR)

on 08/09/1980

- Fiscal Code : GMPGCM80P08G337X

Residence:

Traversetolo

, 82

- 43123

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/12/2013
Managing Director	07/01/2014

No Prejudicial events are reported

No Protests registered

Food Trading S.p.a.

Residence:

Mantova

, 67/A

- 43058

Sorbolo

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Solunto Fuschi

Ivor

Born in Fontevivo

(PR)

on 08/06/1945

- Fiscal Code : SLNVRI45H08D685N

Residence:

Arnaldo Da Brescia

, 12/A

- 43125

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	03/03/2014
Managing Director	03/03/2014

No Prejudicial events are reported

No Protests registered

Cecchi

Umberto

Born in Parma

(PR)

on 01/12/1958

- Fiscal Code : CCCMRT58T01G337P

Residence:

Belgrado

, 2

- 43123

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	11/12/2013
Director	11/12/2013

Prejudicial Events found with cancellations*

Legal Mortgage - 13/07/2007. - 1.730 Euro. Event writing-off

 EQUITALIA EMILIA NORD S. P. A.

No Protests registered

Faraj

Walid

Born in Libano

( )

on 10/02/1959

- Fiscal Code : FRJWLD59B10Z229B

Residence:

Farnese

, 3

- 43044

Collecchio

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/12/2013

*Concerns also partially erased events.

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.

Merusi

Pierluigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Nuova Fbr - S.p.a.	Parma (PR) - IT -	00760550343	Managing Director	Withdrawn	Ceased
B.f. - Bronzoni Costruzioni Meccaniche -S.p.a.	Montecchio Emilia (RE) - IT -	00131770356	Director	Withdrawn	Ceased
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Managing Director	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Director	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	General Director	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Assistant board Chairman	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Board Chairman	Withdrawn	Registered
Bronzoni - Societa' Per Azioni	Parma (PR) - IT -	01723860340	Director	Withdrawn	Ceased
El.po. - S.r.l.	Collecchio (PR) - IT -	00790880348	Director	Withdrawn	Ceased

Silvestri

Claudia

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Nuova Fbr - S.p.a.	Parma (PR) - IT -	00760550343	Managing Director	Withdrawn	Ceased
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Director	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Assistant board Chairman	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Managing Director	Withdrawn	Registered
El.po. - S.r.l.	Collecchio (PR) - IT -	00790880348	Director	Withdrawn	Ceased
Green S.r.l.	Fontevivo (PR) - IT -	02171240340	Sole Director	Active	Registered
Immobiliare Piazza Marconi - Societa' AResponsabilita' Limitata	Parma (PR) - IT -	02339060341	Sole Director	Active	Registered
Seneca S.r.l.	Parma (PR) - IT -	02213340348	Director	Withdrawn	Registered
Seneca S.r.l.	Parma (PR) - IT -	02213340348	Sole Director	Active	Registered
Socrate S.r.l.	Parma (PR) - IT -	02309700348	Sole Director	Active	Registered
Edilzero S.r.l.	Parma (PR) - IT -	02375860349	Sole Director	Active	Registered
Consorzio Pp1	Fontevivo (PR) - IT -	02458610348	Director	Active	Registered
Consorzio Pp1	Fontevivo (PR) - IT -	02458610348	Board Chairman	Active	Registered

Giampellegrini

Giacomo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Food Trading S.p.a.	Sorbolo (PR) - IT -	02193840341	Director	Active	Registered
Food Trading S.p.a.	Sorbolo (PR) - IT -	02193840341	Director	Withdrawn	Registered
A.l.a. S.p.a.	Quattro Castella (RE) - IT -	02216830345	Director	Active	Registered
Alfaseptika Societa' A Responsabilita' Limitata (in Liquidazione) In Breve Alfas	Parma (PR) - IT -	02332150347	Liquidator	Withdrawn	Registered

Solunto Fuschi

Ivor

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
B.f. - Bronzoni Costruzioni Meccaniche -S.p.a.	Montecchio Emilia (RE) - IT -	00131770356	Director	Withdrawn	Ceased
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Director	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Managing Director	Withdrawn	Registered
Altech Food Technologies - Societa' A Responsabilita' Limitata	Parma (PR) - IT -	01727880344	Managing Director	Withdrawn	Ceased
Bronzoni - Societa' Per Azioni	Parma (PR) - IT -	01723860340	Director	Withdrawn	Ceased
El.po. - S.r.l.	Collecchio (PR) - IT -	00790880348	Director	Withdrawn	Ceased

Cecchi

Umberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Director	Withdrawn	Registered
F B R - Elpo - Societa' Per Azioni	Parma (PR) - IT -	01659700346	Board Chairman	Withdrawn	Registered
Food Trading S.p.a.	Sorbolo (PR) - IT -	02193840341	Director	Active	Registered
Food Trading S.p.a.	Sorbolo (PR) - IT -	02193840341	Board Chairman	Active	Registered
A.l.a. S.p.a.	Quattro Castella (RE) - IT -	02216830345	Managing Director	Active	Registered
A.l.a. S.p.a.	Quattro Castella (RE) - IT -	02216830345	Director	Active	Registered
A.l.a. S.p.a.	Quattro Castella (RE) - IT -	02216830345	Assistant board Chairman	Withdrawn	Registered
A.l.a. S.p.a.	Quattro Castella (RE) - IT -	02216830345	Managing Director	Withdrawn	Registered
A.l.a. S.p.a.	Quattro Castella (RE) - IT -	02216830345	Board Chairman	Active	Registered
Immobiliare Quattro Castella - Societa'A Responsabilita' Limitata	Quattro Castella (RE) - IT -	02078050354	Director	Withdrawn	Registered
Immobiliare Quattro Castella - Societa'A Responsabilita' Limitata	Quattro Castella (RE) - IT -	02078050354	Assistant board Chairman	Withdrawn	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
Giampellegrini Giacomo	Parma - IT -	GMPGCM80P08G337X	240.000 .Eur	11,75
GIAMPELLEGRINI GIULIA	Parma - IT -	GMPGLI83R64G337W	240.000 .Eur	11,75
GIAMPELLEGRINI GUIDO	Parma - IT -	GMPGDU86A03G337Z	240.000 .Eur	11,75
Food Trading S.p.a.	Sorbolo - IT -	02193840341	602.352 .Eur	29,49
Cecchi Umberto	Parma - IT -	CCCMRT58T01G337P	720.000 .Eur	35,25
Faraj Walid	Collecchio - IT -	FRJWLD59B10Z229B	48 .Eur

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

Arnaldo Da Brescia

, 12/A

- 43100

- Parma

(PR)

- IT -

Legal mail

: FBR-ELPO@PEC.IT

-

Branch

(Factory)

since 07/03/2013

Arnaldo Da Brescia

, 12A

- 43100

- Parma

(PR)

- IT -

Employees

: 63

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Company's starting of activities dates back to some years ago (2013).

The analysis is based on the b/s relating to year 2013.

It suffered a loss in 2013.

The operating result is positive (1,08%). falling within the field's average.

The amount of operating result is equal to Eur. 84.529.

Relating to G.O.M. , the value amounted to Eur. 84.529.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,5

Subject's shareholder funds amounted to Eur. 3.634.576.

Liquidity is rather modest.

A negative cash flow marked the year 2013 totalling Eur. -10.424.

Finacial chareges are high: the incidence on sales volume amounts to -99,38%

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	110.000
Profit (Loss) for the period	-10.424

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

Years

2013

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	17.042
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	7.522.118
. . . . 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	7.522.118
Total fixed assets	7.539.160
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	143.835
. . Beyond 12 months
. . Trade receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	143.835
. 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
. . Checks
. . Banknotes and coins
. Total Liquid funds	163.758
Total current assets	307.593
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts
Total adjustments accounts
TOTAL ASSETS	7.846.753
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	42.550
. Additional paid-in capital	3.602.450
. Revaluation reserves
. Legal reserve
. Reserve for Own shares
. Statute reserves
. Other reserves
. Accumulated Profits (Losses)
. Profit( loss) of the year	-10.424
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	3.634.576
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities
ACCOUNTS PAYABLE
. . . . Within 12 months	1.978.805
. . . . Beyond 12 months	2.233.372
. . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables
. . . . Within 12 months
. . . . Beyond 12 months
Total accounts payable	4.212.177
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	7.846.753

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	105.739
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues
. . Contributions for operating expenses
. . Different income and revenues
Total value of production	105.739
PRODUCTION COSTS
. Raw material,other materials and consum.	137
. Services received
. Leases and rentals	13.611
. Payroll and related costs
. . Wages and salaries
. . Social security contributions
. . Employee termination indemnities
. . Pension and similar
. . Other costs
. Amortization and depreciation
. . Amortization of intangible fixed assets
. . Amortization of tangible fixed assets
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials
. Provisions to risk reserves
. Other provisions
. Other operating costs	7.462
Total production costs	21.210
Diff. between value and cost of product.	84.529
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	48
. . 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	48
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	48
. Interest and other financial expense	-109.363
. . Towards subsidiary companies	-24.692
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	84.671
Total financial income and expense	-109.315
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	-24.786
. Taxes on current income	-14.362
. . current taxes	8.374
. . differed taxes(anticip.)	-22.736
. Net income for the period	-10.424
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-10.424

RATIOS	Value Type	as at 31/12/2013	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,96	0,18
Elasticity Ratio	Units	0,04	0,80
Availability of stock	Units	n.c.	0,24
Total Liquidity Ratio	Units	0,04	0,48
Quick Ratio	Units	0,02	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,50	3,25
Self Financing Ratio	Units	0,46	0,19
Capital protection Ratio	Units	0,99	0,63
Liabilities consolidation quotient	Units	1,13	0,19
Financing	Units	1,16	3,80
Permanent Indebtedness Ratio	Units	0,75	0,36
M/L term Debts Ratio	Units	0,28	0,11
Net Financial Indebtedness Ratio	Units	n.c.	0,63
CORRELATION
Fixed assets ratio	Units	0,78	1,75
Current ratio	Units	0,16	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,16	0,81
Structure's primary quotient	Units	0,48	1,03
Treasury's primary quotient	Units	0,08	0,06
Rate of indebtedness ( Leverage )	%	215,89	516,42
Current Capital ( net )	Value	-1.671.212	422.465
RETURN
Return on Sales (R.O.S.)	%	-9,48	3,35
Return on Equity - Net- ( R.O.E. )	%	-0,29	5,13
Return on Equity - Gross - ( R.O.E. )	%	-0,68	14,77
Return on Investment ( R.O.I. )	%	1,08	4,16
Return/ Sales	%	76,84	4,11
Extra Management revenues/charges incid.	%	-12,33	28,57
Cash Flow	Value	-10.424	122.482
Operating Profit	Value	84.529	144.752
Gross Operating Margin	Value	84.529	241.990
MANAGEMENT
Credits to clients average term	Days	n.c.	111,85
Debts to suppliers average term	Days	n.c.	128,30
Average stock waiting period	Days	n.c.	80,43
Rate of capital employed return ( Turnover )	Units	0,01	1,08
Rate of stock return	Units	n.c.	4,45
Labour cost incidence	%	n.c.	19,12
Net financial revenues/charges incidence	%	-99,38	-1,08
Labour cost on purchasing expenses	%	n.c.	19,02
Short-term financing charges	%	2,60	2,68
Capital on hand	%	7133,41	91,91
Sales pro employee	Value		198.432
Labour cost pro employee	Value		35.779

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

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

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

Sector Data

The values are calculated on a base of 1.206 significant companies.

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

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

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

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

Total Bankrupt companies in the province : 1.624.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.86
UK Pound	1	Rs.98.89
Euro	1	Rs.70.73

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.

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