MIRA INFORM REPORT

Report No. :	324568
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	MAIRE TECNIMONT S.P.A.

Registered Office :	Viale, Castello Della, Magliana, 75, 00148, Roma, (RM)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	09.10.2003

Legal Form :	Joint stock company

Line of Business :	Activities of holding companies

No. of Employee :	from 91 to 110

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Holding Company
Payment Behaviour :	Unknown
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

MAIRE TECNIMONT S.P.A.

Viale

Castello Della Magliana,

00148

- Roma

(RM)

-IT-

Summary

Fiscal Code	:	07673571001
Legal Form	:	Joint stock company
start of Activities	:	09/10/2003
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 91 to 110

Activity

Activities of holding companies

Legal Data

Legal Form : Joint stock company

Fiscal Code : 07673571001

Chamber of Commerce no. : 1878466 of Milano

Chamber of Commerce no. : 1048169 of Roma since 10/10/2003

Firms' Register : RM-2003-215856 of Roma since 10/10/2003

V.A.T. Code : 07673571001

Establishment date	: 09/10/2003
Start of Activities	: 09/10/2003
Legal duration	: 31/12/2060
Nominal Capital	: 20.054.880
Subscribed Capital	: 19.689.550
Paid up Capital	: 19.689.550

The Company is registered at the Stock Exchange of:

- Milano

dal 27/11/2007

Legal mail :

UFFICIO.PERSONALE@PEC.MAIRETECNIMONT.IT

Members

Di Amato

Fabrizio

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 19/10/1963

- Fiscal Code : DMTFRZ63R19H501J

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Flaminio

, 9

- 00196

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2010
Board Chairman	30/04/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Dubini

Nicolo'

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 28/05/1948

- Fiscal Code : DBNNCL48E28F205X

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

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

Bernini

Alessandro

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Borgonovo Val Tidone

(PC)

on 08/08/1960

- Fiscal Code : BRNLSN60M08B025M

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	04/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Riva

Patrizia

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 10/07/1970

- Fiscal Code : RVIPRZ70L50F205Q

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

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

Fiorini

Stefano

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 31/10/1962

- Fiscal Code : FRNSFN62R31H501M

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 78

- 00148

Roma

(RM)

- IT -

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

Mannheimer

Laura Michela

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 15/01/1969

- Fiscal Code : MNNLMC69A55F205S

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Giustiniani

Vittoria

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Ferrara

(FE)

on 08/10/1964

- Fiscal Code : GSTVTR64R48D548G

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

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

Pelizza

Alberto

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 06/05/1967

- Fiscal Code : PLZLRT67E06F205O

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Polimeni

Stefano

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Bergamo

(BG)

on 07/10/1966

- Fiscal Code : PLMSFN66R07A794B

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	04/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Ghiringhelli

Franco

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Varese

(VA)

on 14/10/1966

- Fiscal Code : GHRFNC66R14L682F

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/08/2012

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Dolce

Simona Roberta Maria

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 27/11/1968

- Fiscal Code : DLCSNR68S67F205D

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Pellegrini

Andrea Giovanni Francesco

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 10/10/1964

- Fiscal Code : PLLNRG64R10F205T

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/02/2015

Gaggiotti

Serena

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 08/06/1974

- Fiscal Code : GGGSRN74H48H501A

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/06/2009

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Folgiero

Pierroberto

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 09/06/1972

- Fiscal Code : FLGPRB72H09H501K

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/08/2012
Director	30/04/2013
Managing Director	02/05/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Michelangeli

Dario

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Rieti

(RI)

on 01/05/1980

- Fiscal Code : MCHDRA80E01H282X

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/08/2012

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Sorbara

Barbara

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 24/03/1970

- Fiscal Code : SRBBBR70C64H501A

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Mondo

Paolo

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Torino

(TO)

on 19/07/1958

- Fiscal Code : MNDPLA58L19L219M

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/02/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Fagioli

Fabio

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 26/06/1976

- Fiscal Code : FGLFBA76H26H501B

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	31/05/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Alfieri

Luigi

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Amalfi

(SA)

on 09/03/1952

- Fiscal Code : LFRLGU52C09A251K

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

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

Nicolais

Carlo

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 02/10/1973

- Fiscal Code : NCLCRL73R02H501W

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	17/09/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Maggioni

Maurizio Carlo

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Monza

(MB)

on 26/04/1969

- Fiscal Code : MGGMZC69D26F704Z

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Cannas

Maristella

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Brindisi

(BR)

on 10/05/1968

- Fiscal Code : CNNMST68E50B180Z

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/10/2013

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Fritelli

Fabio

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 07/06/1968

- Fiscal Code : FRTFBA68H07H501W

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	17/09/2014

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

No Protests registered

Chersicla

Gabriella

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Born in Trieste

(TS)

on 02/05/1962

- Fiscal Code : CHRGRL62E42L424H

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Residence:

Castello Della Magliana

, 75

- 00148

Roma

(RM)

- IT -

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

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.

Di Amato

Fabrizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tecnimont S.p.a.	Milano (MI) - IT -	01628410159	Director	Withdrawn	Registered
Tecnimont S.p.a.	Milano (MI) - IT -	01628410159	Board Chairman	Withdrawn	Registered
Calosi E Del Mastio - Societa' Per Azioni	Firenze (FI) - IT -	01697790481	Person in charge	Withdrawn	Ceased
Calosi E Del Mastio - Societa' Per Azioni	Firenze (FI) - IT -	01697790481	Board Chairman	Withdrawn	Ceased
Tecno Impianti Di Di Amato E Orlandi - Societa' Per Azioni	Roma (RM) - IT -	05945060589	Sole Director	Withdrawn	Ceased
Tecno Impianti Di Di Amato E Orlandi - Societa' Per Azioni	Roma (RM) - IT -	05945060589	Responsible technician	Withdrawn	Ceased
Tecno Impianti Di Di Amato E Orlandi - Societa' Per Azioni	Roma (RM) - IT -	05945060589	Technical Manager	Withdrawn	Ceased
Tecno Impianti Di Di Amato E Orlandi - Societa' Per Azioni	Roma (RM) - IT -	05945060589	Board Chairman	Withdrawn	Ceased
Maire Engineering S.p.a.	Torino (TO) - IT -	04956170155	Managing Director	Withdrawn	Merged
Maire Engineering S.p.a.	Torino (TO) - IT -	04956170155	Director	Withdrawn	Merged
I.t.a.r.p. Impianti Tecnologici Arredamenti Restauri Personalizzati S.r.l.	Roma (RM) - IT -	07110350589	Liquidator	Withdrawn	Ceased
Calosi E Del Mastio - Societa' Per Azioni	Roma (RM) - IT -	01229271000	Director	Withdrawn	Ceased
Calosi E Del Mastio - Societa' Per Azioni	Roma (RM) - IT -	01229271000	Board Chairman	Withdrawn	Ceased
Esperia Aviation Services S.p.a.	Roma (RM) - IT -	05119920584	Sole Director	Withdrawn	Registered
Seleco S.r.l.	Milano (MI) - IT -	06149470152	Liquidator	Withdrawn	Ceased
"MAIRE SVILUPPO - SOCIETA' A RESPONSABILITA' LIMITATA"	Roma (RM) - IT -	04585981006	Sole Director	Withdrawn	Registered
Transfima Societa' Per Azioni SiglabileTransfima S.p.a.	Milano (MI) - IT -	09399760157	Director	Withdrawn	Registered
Transfima Societa' Per Azioni SiglabileTransfima S.p.a.	Milano (MI) - IT -	09399760157	Board Chairman	Withdrawn	Registered
S.i.l. Societa' Italiana Lavori - S.p.a.	Roma (RM) - IT -	03788291007	Director	Withdrawn	Ceased
S.i.l. Societa' Italiana Lavori - S.p.a.	Roma (RM) - IT -	03788291007	Board Chairman	Withdrawn	Ceased
Del Mastio Partecipazioni - Societa' A Responsabilita' Limitata	Roma (RM) - IT -	05215881003	Director	Withdrawn	Ceased
"MEDITERRANEA PARTECIPAZIONI - SOCIETA'PER AZIONI" IN BREVE "MEDITERRANEA PARTE	Roma (RM) - IT -	05677290586	Managing Director	Withdrawn	Registered
MAIRE IMPRESE - SOCIETA' PER AZIONI	Roma (RM) - IT -	04465911008	Sole Director	Withdrawn	Registered
Impretecnica - Societa' Per Azioni	Roma (RM) - IT -	05322811000	Sole Director	Withdrawn	Ceased
Impretecnica - Societa' Per Azioni	Roma (RM) - IT -	05322811000	Responsible technician	Withdrawn	Ceased
Consorzio Gruppo Finicam	Roma (RM) - IT -	04375511005	Chairman	Withdrawn	Ceased
Par.ge.so. Partecipazioni E Gestioni Societarie Societa' A Responsabilit	Roma (RM) - IT -	05816791007	Director	Withdrawn	Ceased
Par.ge.so. Partecipazioni E Gestioni Societarie Societa' A Responsabilit	Roma (RM) - IT -	05816791007	Board Chairman	Withdrawn	Ceased
Liquigas Italiana S.r.l.	Milano (MI) - IT -	00810260158	Director	Withdrawn	Registered
Societa' Consortile Ara Pacis 2000 A Responsabilita' Limitata	Roma (RM) - IT -	06301441009	Sole Director	Withdrawn	Ceased
IMMOBILIARE SAN PAOLO - SOCIETA' A RESPONSABILITA' LIMITATA	- -	06581451009	Managing Director	Withdrawn	Registered
Di Amato Fabrizio	Roma (RM) - IT -	DMTFRZ63R19H501J	Proprietor	Withdrawn	Ceased
Fin.immobiliare -s.a.s. Di Di Amato E C.	Roma (RM) - IT -	03907531002	General Partner	Withdrawn	Ceased
Maire Tecnimont S.p.a.	Roma (RM) - IT -	03654710288	Managing Director	Withdrawn	Ceased
Maire Tecnimont S.p.a.	Roma (RM) - IT -	03654710288	Director	Withdrawn	Ceased
Maire Tecnimont S.p.a.	Roma (RM) - IT -	03654710288	Board Chairman	Withdrawn	Ceased
"IMMOBILIARE TEVERE - SOCIETA' A RESPONSABILITA' LIMITATA"	- -	06741421009	Sole Director	Withdrawn	Registered
Tecnimont Civil Construction S.p.a.	Milano (MI) - IT -	09589391003	Board Chairman	Withdrawn	Registered
Maire Investments S.p.a.	Roma (RM) - IT -	09666371001	Director	-	Ceased
Maire Investments S.p.a.	Roma (RM) - IT -	09666371001	Board Chairman	-	Ceased
Partners Group (italy) Societa' Di Gestione Del Risparmio Per Azi Oni O In Forma	Milano (MI) - IT -	05834820960	Director	Withdrawn	Registered
Maire Finance E Partecipazioni S.p.a.	Roma (RM) - IT -	09723091006	Board Chairman	Withdrawn	Registered
Maire Industrie S.p.a.	Roma (RM) - IT -	09832991005	Director	Withdrawn	Registered
Maire Industrie S.p.a.	Roma (RM) - IT -	09832991005	Board Chairman	Withdrawn	Registered
Cons.p.i. Periferie - Consorzio PiccoleImprese Per Le Periferie	Roma (RM) - IT -	06911621008	Director	Active	Registered
"ATRIUM SVILUPPO - SOCIETA' PER AZIONI"	- -	06933631001	Managing Director	Withdrawn	Registered
"ORION AIR - SOCIETA' PER AZIONI"	- -	06960651005	Director	Withdrawn	Registered
Sorgenti San Paolo S.r.l.	Roma (RM) - IT -	07311171008	Managing Director	Withdrawn	Registered
Sorgenti Holding - Societa' A Responsabilita' Limitata In Liquida Zione	Roma (RM) - IT -	07436531003	Managing Director	Withdrawn	Ceased
Consorzio Orion Per Lo Spegnimento DegliIncendi Boschivi Mediant E Impiego Di M	Roma (RM) - IT -	07413881009	Baord of Directors' member	-	Ceased
Maire Lavori S.c.a.r.l.	Roma (RM) - IT -	07537961000	Board Chairman	Withdrawn	Ceased
Maire Engineering S.p.a.	Roma (RM) - IT -	07702351003	Director	Withdrawn	Merged
Maire Engineering S.p.a.	Roma (RM) - IT -	07702351003	Board Chairman	Withdrawn	Merged
Glv Capital S.p.a.	Roma (RM) - IT -	07690471003	Director	Active	Registered
Glv Capital S.p.a.	Roma (RM) - IT -	07690471003	Sole Director	Withdrawn	Registered
Glv Capital S.p.a.	Roma (RM) - IT -	07690471003	Board Chairman	Active	Registered
VIVI CITTA' SVILUPPO S.R.L.	Roma (RM) - IT -	07722571002	Sole Director	Withdrawn	Registered
Maire Partecipazioni S.p.a.	Roma (RM) - IT -	07733261007	Sole Director	Withdrawn	Ceased
Mdg Real Estate S.r.l.	Roma (RM) - IT -	07942331005	Director	Withdrawn	Ceased
Mdg Real Estate S.r.l.	Roma (RM) - IT -	07942331005	Board Chairman	Withdrawn	Ceased

Folgiero

Pierroberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tirrenia Di Navigazione S.p.a.	Roma (RM) - IT -	00832450639	Assistant General Manager	Active	The company is insolvent.
Kt - Kinetics Technology S.p.a. In BreveKt S.p.a	Roma (RM) - IT -	00431450584	Managing Director	Active	Registered
Kt - Kinetics Technology S.p.a. In BreveKt S.p.a	Roma (RM) - IT -	00431450584	Director	Active	Registered
Tecnimont S.p.a.	Milano (MI) - IT -	01628410159	Managing Director	Active	Registered
Tecnimont S.p.a.	Milano (MI) - IT -	01628410159	Director	Active	Registered
Kt Immobiliare S.r.l.	Roma (RM) - IT -	05914541007	Director	Withdrawn	Registered
Processi Innovativi - Societa' A Responsabilita' Limitata	L'Aquila (AQ) - IT -	01668910662	Procurator	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
Glv Capital S.p.a.	Roma - IT -	07690471003
Arab Development Establishment
Vanguard International Explorer Fund

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
Met Newen S.p.a.	Milano - IT -	06648240965	3.769.473 .Eur	98,99			Active
Kt - Kinetics Technology S.p.a. In Breve Kt S.p.a	Roma - IT -	00431450584	6.000.000 .Eur	100,00			Active
Tecnimont S.p.a.	Milano - IT -	01628410159	1.000.000 .Eur	100,00			Active
Tecnimont Civil Construction S.p.a.	Milano - IT -	09589391003	6.000.000 .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

Castello Della Magliana

, 75

- 00100

- Roma

(RM)

- IT -

PHONE

: 064122351

Legal mail

: UFFICIO.PERSONALE@PEC.MAIRETECNIMONT.IT

Branch

(office)

since 01/01/2010

Flaminio

, 9

- 00100

- Roma

(RM)

- IT -

Branch

since 01/01/2011

De Castillia Gaetano

, 6/A

- 20100

- Milano

(MI)

- IT -

Employees

: 95

Fittings and Equipment for a value of 210.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$ Maire Tecnimont S.p.a.

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Di Vannina

, 88/94

, 00156

, Roma

(RM)

- IT -

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Fiscal Code: 03654710288

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

18/04/2007

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$ Maire Tecnimont S.p.a.

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Di Vannina

, 88/94

, 00156

, Roma

(RM)

- IT -

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Fiscal Code: 03654710288

$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Vuoto.gif$

Date

25/06/2007

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 2003

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

Under the financial profile unstable results are noted. ; in the last financial year a loss was registered (r.o.e. -1,36%) In the last financial year a drop in sales has been registered (-13,4%).

A loss is registered as to the operating result (-1,8%).

The operating result is negative (Eur. -15.094.000).

At the end of the latest financial year, a negative gross operating margin of Eur. -12.233.000 was registered.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,38) lower than in 2012.

It's shareholders funds amount to Eur. 393.099.000 , increasing by 55,43% if compared to the year before.

In the year 2013 total debts amounted to Eur. 443.965.000 , rising as opposed to the previous year (+more then 100%).

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

Liquid assets are not adequatel to subject's needs.

Accounts receivable average term is 28,17 days. , value within the sector's average.

Managerial cash flow has a minus sign and is equal to Eur. -2.500.000.

Labour cost expenses amount to Eur. 13.975.000 , representing 44,77% on the total of production costs. , whereas the incidence on sales revenues is of 98,86%.

The financial charges are lower than the financial incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	14.136.000
Profit (Loss) for the period	-5.361.000

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	16.325.000
Profit (Loss) for the period	-16.583.000

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	14.574.000
Profit (Loss) for the period	18.156.000

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	37.069.000
Profit (Loss) for the period	17.456.000

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	52.889.000
Profit (Loss) for the period	31.284.000

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.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	3.438.000	3.627.000	3.648.000
. . Goodwill
. . Assets in formation and advance paymen.		723.000
. . Other intangible fixed assets	271.000	534.000	1.406.000
. Total Intangible Fixed Assets	3.709.000	4.884.000	5.054.000
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets	108.000	156.000	213.000
. . Assets under construction and advances
. Total Tangible fixed assets	108.000	156.000	213.000
. FINANCIAL FIXED ASSETS
. . Equity investments	714.651.000	347.670.000	357.390.000
. . . Equity invest. in subsidiary companies	714.651.000	347.670.000	357.390.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	41.696.000
. . . . Within 12 months
. . . . Beyond 12 months	41.696.000
. . . Receivab due from subsidiaries	41.289.000
. . . . Within 12 months
. . . . Beyond 12 months	41.289.000
. . . 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	407.000
. . . . Within 12 months
. . . . Beyond 12 months	407.000
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	756.347.000	347.670.000	357.390.000
Total fixed assets	760.164.000	352.710.000	362.657.000
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	74.079.000	102.528.000	97.832.000
. . Beyond 12 months	5.121.000	5.933.000	6.496.000
. . Trade receivables	1.106.000	1.163.000	1.145.000
. . . . Within 12 months	6.000	63.000	45.000
. . . . Beyond 12 months	1.100.000	1.100.000	1.100.000
. . Receivables due from subsid. comp.		21.591.000	21.232.000
. . . . Within 12 months		21.591.000	21.232.000
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	22.202.000	19.792.000	27.719.000
. . . . Within 12 months	22.202.000	19.792.000	27.719.000
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	27.769.000	37.520.000	48.796.000
. . . . Within 12 months	27.769.000	37.520.000	48.796.000
. . . . Beyond 12 months
. . Receivables for anticipated taxes	4.021.000	4.833.000	5.396.000
. . . . Within 12 months
. . . . Beyond 12 months	4.021.000	4.833.000	5.396.000
. . Receivables due from third parties	24.102.000	23.562.000	40.000
. . . . Within 12 months	24.102.000	23.562.000	40.000
. . . . Beyond 12 months
. Total Credits not held as fixed assets	79.200.000	108.461.000	104.328.000
. 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	612.000	440.000	1.012.000
. . Checks
. . Banknotes and coins	7.000	4.000	8.000
. Total Liquid funds	619.000	444.000	1.020.000
Total current assets	79.819.000	108.905.000	105.348.000
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	224.000	200.000	378.000
Total adjustments accounts	224.000	200.000	378.000
TOTAL ASSETS	840.207.000	461.815.000	468.383.000

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	19.690.000	16.125.000	16.125.000
. Additional paid-in capital	224.698.000	83.045.000	83.045.000
. Revaluation reserves
. Legal reserve	5.328.000	5.828.000	5.328.000
. Reserve for Own shares
. Statute reserves
. Other reserves	147.171.000	146.331.000	146.829.000
. Accumulated Profits (Losses)	1.573.000	18.156.000
. Profit( loss) of the year	-5.361.000	-16.583.000	18.156.000
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	393.099.000	252.902.000	269.483.000
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	252.000	237.000	175.000
. . Other funds	2.357.000	1.211.000	1.311.000
Total Reserves for Risks and Charges	2.609.000	1.448.000	1.486.000
Employee termination indemnities	534.000	521.000	229.000
ACCOUNTS PAYABLE
. . . . Within 12 months	150.287.000	103.017.000	81.305.000
. . . . Beyond 12 months	293.678.000	103.927.000	115.880.000
. . 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	93.950.000	59.027.000	72.438.000
. . . . Within 12 months	17.886.000
. . . . Beyond 12 months	76.064.000	59.027.000	72.438.000
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	11.333.000	7.151.000	5.112.000
. . . . Within 12 months	11.333.000	7.151.000	5.112.000
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	217.614.000	44.900.000	43.442.000
. . . . Within 12 months
. . . . Beyond 12 months	217.614.000	44.900.000	43.442.000
. . Due to associated companies	75.681.000	45.114.000	75.353.000
. . . . Within 12 months	75.681.000	45.114.000	75.353.000
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	1.135.000	891.000	272.000
. . . . Within 12 months	1.135.000	891.000	272.000
. . . . Beyond 12 months
. . Due to social security and welfare inst.	534.000	499.000	353.000
. . . . Within 12 months	534.000	499.000	353.000
. . . . Beyond 12 months
. . Other payables	43.718.000	49.362.000	215.000
. . . . Within 12 months	43.718.000	49.362.000	215.000
. . . . Beyond 12 months
Total accounts payable	443.965.000	206.944.000	197.185.000
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	840.207.000	461.815.000	468.383.000

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	14.136.000	16.325.000	14.574.000
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.984.000	2.079.000	257.000
. . Contributions for operating expenses
. . Different income and revenues	1.984.000	2.079.000	257.000
Total value of production	16.120.000	18.404.000	14.831.000
PRODUCTION COSTS
. Raw material,other materials and consum.	41.000	49.000	35.000
. Services received	9.932.000	8.176.000	10.078.000
. Leases and rentals	1.938.000	1.760.000	3.813.000
. Payroll and related costs	13.975.000	8.399.000	10.029.000
. . Wages and salaries	10.786.000	6.082.000	7.827.000
. . Social security contributions	2.626.000	1.856.000	1.660.000
. . Employee termination indemnities
. . Pension and similar
. . Other costs	563.000	461.000	542.000
. Amortization and depreciation	2.861.000	1.093.000	1.313.000
. . Amortization of intangible fixed assets	463.000	1.029.000	1.189.000
. . Amortization of tangible fixed assets	48.000	64.000	88.000
. . Depreciation of tangible fixed assets			36.000
. . Writedown of current receiv.and of liquid	2.350.000
. Changes in raw materials
. Provisions to risk reserves			1.311.000
. Other provisions
. Other operating costs	2.467.000	2.175.000	2.429.000
Total production costs	31.214.000	21.652.000	29.008.000
Diff. between value and cost of product.	-15.094.000	-3.248.000	-14.177.000
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	28.198.000	24.468.000	29.278.000
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.602.000	354.000	274.000
. . 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
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-4.746.000	-3.983.000	-3.812.000
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	25.054.000	20.839.000	25.740.000
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-20.300.000	-37.500.000
. . Of equity investments	-20.300.000	-37.500.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-20.300.000	-37.500.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	567.000	10.000	25.000
. . Gains on disposals
. . Other extraordinary income	567.000	10.000	25.000
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	567.000	10.000	25.000
Results before income taxes	-9.773.000	-19.899.000	11.588.000
. Taxes on current income	-4.412.000	-3.316.000	-6.568.000
. . current taxes		78.000	-7.129.000
. . differed taxes(anticip.)	7.691.000	-3.394.000	561.000
. Net income for the period	-5.361.000	-16.583.000	18.156.000
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-5.361.000	-16.583.000	18.156.000

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	0,90	0,76	0,77	0,81
Elasticity Ratio	Units	0,09	0,24	0,22	0,20
Availability of stock	Units	n.c.	n.c.	n.c.	0,04
Total Liquidity Ratio	Units	0,09	0,24	0,22	0,19
Quick Ratio	Units	0,00	0,00	0,00	0,00
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,38	0,41	0,30	0,52
Self Financing Ratio	Units	0,47	0,55	0,58	0,57
Capital protection Ratio	Units	0,96	1,00	0,87	0,61
Liabilities consolidation quotient	Units	1,96	1,01	1,43	0,58
Financing	Units	1,13	0,82	0,73	0,80
Permanent Indebtedness Ratio	Units	0,82	0,77	0,82	0,77
M/L term Debts Ratio	Units	0,35	0,23	0,25	0,10
Net Financial Indebtedness Ratio	Units	0,24	0,23	0,27	0,20
CORRELATION
Fixed assets ratio	Units	0,90	1,01	1,06	0,99
Current ratio	Units	0,53	1,06	1,30	0,94
Acid Test Ratio-Liquidity Ratio	Units	0,53	1,06	1,30	0,89
Structure's primary quotient	Units	0,52	0,72	0,74	0,73
Treasury's primary quotient	Units	0,00	0,00	0,01	0,02
Rate of indebtedness ( Leverage )	%	213,74	182,61	173,81	174,62
Current Capital ( net )	Value	-70.468.000	5.888.000	24.043.000	-22.843
RETURN
Return on Sales	%	-17,69	-94,89	133,59	9,67
Return on Equity - Net- ( R.O.E. )	%	-1,36	-6,56	6,74	0,05
Return on Equity - Gross - ( R.O.E. )	%	-2,49	-7,87	4,30	0,30
Return on Investment ( R.O.I. )	%	-1,80	-0,70	-3,03	-0,11
Return/ Sales	%	-106,78	-19,90	-97,28	1,19
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	61,44
Cash Flow	Value	-2.500.000	-15.490.000	19.469.000	21.248
Operating Profit	Value	-15.094.000	-3.248.000	-14.177.000	-29.284
Gross Operating Margin	Value	-12.233.000	-2.155.000	-11.553.000	-751
MANAGEMENT
Credits to clients average term	Days	28,17	25,65	28,28	26,32
Debts to suppliers average term	Days	9207,13	3503,19	3203,11	119,44
Average stock waiting period	Days	n.c.	n.c.	n.c.	52,98
Rate of capital employed return ( Turnover )	Units	0,02	0,04	0,03	0,05
Rate of stock return	Units	n.c.	n.c.	n.c.	4,45
Labour cost incidence	%	98,86	51,45	68,81	29,73
Net financial revenues/ charges incidence	%	177,24	127,65	176,62	-1,20
Labour cost on purchasing expenses	%	44,77	38,79	34,57	20,95
Short-term financing charges	%	1,07	1,92	1,93	3,44
Capital on hand	%	5943,74	2828,88	3213,83	1641,34
Sales pro employee	Value	168.285	214.802	235.064	147.827
Labour cost pro employee	Value	166.369	110.513	161.758	34.326

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	:	$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Spazio.gif$ 3.807.992
Population living in the region	:	$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Spazio.gif$ 5.269.972
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Spazio.gif$ 2.091.220

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

- per food products	:	$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Spazio.gif$ 472
- per non food products	:	$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Spazio.gif$ 1.832
- per energy consume	:	$Description: \\vivek\Foreign Report Raw2\Maire Tecnimont S.p.a._files\Spazio.gif$ 102

Sector Data

The values are calculated on a base of 264 significant companies.

The companies cash their credits on an average of 26 dd.

The average duration of suppliers debts is about 119 dd.

The sector's profitability is on an average of 9,67%.

The labour cost affects the turnover in the measure of 29,73%.

Goods are held in stock in a range of 53 dd.

The difference between the sales volume and the resources used to realize it is about 0,05.

The employees costs represent the 20,95% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 53.924 protested subjects are found; in the province they count to 34.465.

The insolvency index for the region is 1,04, , while for the province it is 0,92.

Total Bankrupt companies in the province : 31.914.

Total Bankrupt companies in the region : 37.442.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.98.38
Euro	1	Rs.69.64

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

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

BALANCE SHEET ACCOUNTS

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit