MIRA INFORM REPORT

Report No. :	324529
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	TOSCHI VIGNOLA S.R.L.

Registered Office :	Via, Genova, 244, 41056- Savignano sul Panaro, (MO)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	12.03.1993

Legal Form :	Limited liability company

Line of Business :	Manufacture of fruit and vegetable juices Other processing and preserving of fruit and vegetables

No. of Employee :	from 51 to 70

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

TOSCHI VIGNOLA S.R.L.

Via, Genova, 244,

41056- Savignano sul Panaro, (MO), -IT-

Summary

Fiscal Code	:	02160850364
Legal Form	:	Limited liability company
start of Activities	:	12/03/1993
Equity	:	1.500.000
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of fruit and vegetable juices

Other processing and preserving of fruit and vegetables

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02160850364

Foreign Trade Reg. no. : MO020923 since 16/12/1993

Foreign Trade Reg. no. : 20923 of Modena since 16/12/1993

Chamber of Commerce no. : 269916 of Modena since 09/04/1993

Firms' Register : MO023-38238 of Modena since 19/02/1996

V.A.T. Code : 02160850364

Tribunal Co. Register : 38238 of since 06/04/1993

Foundation date	: 12/03/1993
Establishment date	: 12/03/1993
Start of Activities	: 12/03/1993
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

TOSCHI@PEC.CONFINDUSTRIAMODENA.COM

Members

Enalco S.r.l.

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Genova

, 244

- 41056

Savignano sul Panaro

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Protests registered

Volpi

Sergio

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Born in Maranello

(MO)

on 08/10/1941

- Fiscal Code : VLPSRG41R08E904X

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Residence:

Pascoli

, 11

- 41053

Maranello

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	02/12/2013

Montorsi

Giorgio

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Born in Formigine

(MO)

on 12/05/1947

- Fiscal Code : MNTGRG47E12D711N

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Residence:

De' Fogliani

, 32

- 41124

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Chairman
Managing Director

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Protests registered

Toschi

Massimo

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Born in Modena

(MO)

on 29/03/1947

- Fiscal Code : TSCMSM47C29F257T

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

Residence:

Borgo Castello

, 3

- 41058

Vignola

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director
Managing Director

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Protests registered

Oragis Ss A R.l.

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Vuoto.gif$

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.

Montorsi

Giorgio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Finterim S.p.a. In Liquidazione	Modena (MO) - IT -	00915820369	Director	Withdrawn	In liquidation
Finterim S.p.a. In Liquidazione	Modena (MO) - IT -	00915820369	Assistant board Chairman	Withdrawn	In liquidation
Finterim S.p.a. In Liquidazione	Modena (MO) - IT -	00915820369	Memb.of the Executive Committee	Withdrawn	In liquidation
Finterim S.p.a. In Liquidazione	Modena (MO) - IT -	00915820369	Board Chairman	Withdrawn	In liquidation
Neotron Societa' Per Azioni	Modena (MO) - IT -	00584110365	Managing Director	Withdrawn	Registered
Neotron Societa' Per Azioni	Modena (MO) - IT -	00584110365	Director	Active	Registered
Neotron Societa' Per Azioni	Modena (MO) - IT -	00584110365	Assistant board Chairman	Active	Registered
Colorificio Ceramico Mastro Giorgio - SoCieta' Per Azioni	Fiorano Modenese (MO) - IT -	00125500355	Chairman	Withdrawn	Ceased
Banca Crv Cassa Di Risparmio Di VignolaS.p.a.	Vignola (MO) - IT -	02073160364	Director	Withdrawn	Registered
Banca Crv Cassa Di Risparmio Di VignolaS.p.a.	Vignola (MO) - IT -	02073160364	Memb.of the Executive Committee	Withdrawn	Registered
Aciservice Modena S.r.l.	Modena (MO) - IT -	01327140362	Director	Active	Registered
Aciservice Modena S.r.l.	Modena (MO) - IT -	01327140362	Board Chairman	Active	Registered
Urania S.r.l.	Mantova (MN) - IT -	01918930361	Managing Director	Withdrawn	Ceased
Urania S.r.l.	Mantova (MN) - IT -	01918930361	Director	Withdrawn	Ceased
Urania S.r.l.	Mantova (MN) - IT -	01918930361	Assistant board Chairman	Withdrawn	Ceased
Gidoc S.n.c. Di Montorsi Giorgio, ClaudiO E Donatella	Modena (MO) - IT -	01960560363	Partner	Withdrawn	Ceased
Analysis S.r.l.	Todi (PG) - IT -	01903620548	Director	Withdrawn	Registered
Fidenza 2000 S.r.l.	Modena (MO) - IT -	02082050366	Managing Director	Active	Registered
Fidenza 2000 S.r.l.	Modena (MO) - IT -	02082050366	Director	Active	Registered
Fidenza 2000 S.r.l.	Modena (MO) - IT -	02082050366	Sole Director	Withdrawn	Registered
Fidenza 2000 S.r.l.	Modena (MO) - IT -	02082050366	Board Chairman	Active	Registered
Automobile Club - A.c. - Modena	Modena (MO) - IT -	00179340369	Board of Directors' chairman	Active	Registered
Link-biotech Di Marcello Gatti E C. S.a.S.	Modena (MO) - IT -	02725220368	Limited Partner	Withdrawn	Ceased
Cer-color - Societa Per Azioni	Fiorano Modenese (MO) - IT -	00182890368	Chairman	Withdrawn	Ceased
Gidoc S.n.c. Di Montorsi Giorgio, ClaudiO E Donatella	Modena (MO) - IT -	00720410364	Partner	Withdrawn	Ceased
Terfin S.a.s. Di Montorsi Ezechiello E C.	Modena (MO) - IT -	01504930361	General Partner	Withdrawn	Ceased
Neotron Italia S.r.l.	Vignola (MO) - IT -	01168990362	Director	Withdrawn	Ceased
Cisas S.a.s. Di Guazzi Franco, MontorsiGiorgio E Vandelli Giorgio	Modena (MO) - IT -	01851420362	Acting partner (in work)	Withdrawn	Ceased
Generon S.r.l.	Modena (MO) - IT -	02993600366	Director	Active	Registered
Generon S.r.l.	Modena (MO) - IT -	02993600366	Assistant board Chairman	Active	Registered
One S.p.a.	Modena (MO) - IT -	02903790364	Director	Withdrawn	Registered
Giemme Di Giorgio Montorsi E C. S.a.s.	Modena (MO) - IT -	02842400364	General Partner	Withdrawn	Registered
Neotron Etp S.r.l.	Modena (MO) - IT -	94122620365	Managing Director	Withdrawn	Registered
Neotron Etp S.r.l.	Modena (MO) - IT -	94122620365	Director	Active	Registered
Neotron Etp S.r.l.	Modena (MO) - IT -	94122620365	Board Chairman	Withdrawn	Registered
Terim S.p.a. In Liquidazione	Modena (MO) - IT -	03236390369	Director	Withdrawn	In liquidation
Terim S.p.a. In Liquidazione	Modena (MO) - IT -	03236390369	Memb.of the Executive Committee	Withdrawn	In liquidation

Toschi

Massimo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Enalco S.r.l.	Savignano sul Panaro (MO) - IT -	02012000366	Sole Director	Withdrawn	Registered
Enalco S.r.l.	Savignano sul Panaro (MO) - IT -	02012000366	Procurator	Withdrawn	Registered
Enalco S.r.l.	Savignano sul Panaro (MO) - IT -	02012000366	Sole partner	Active	Registered
Consorzio Della Ciliegia Della Susina EDella Frutta Tipica Di Vignola	Modena (MO) - IT -	80004030369	Vice-Chairman	Withdrawn	Registered
Fato S.r.l.	Savignano sul Panaro (MO) - IT -	02474980360	Chairman	Withdrawn	Registered
Modenafiere S.r.l.	Modena (MO) - IT -	02320040369	Director	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
Enalco S.r.l.	Savignano sul Panaro - IT -	02012000366	300.000 .Eur	30,00
Montorsi Giorgio	Modena - IT -	MNTGRG47E12D711N	100.000 .Eur	10,00
Toschi Massimo	Vignola - IT -	TSCMSM47C29F257T	67.556 .Eur	6,75
De Luca Silvana		DLCSVN51M71B180J	132.444 .Eur	13,24
Oragis Ss A R.l.		91357920379	400.000 .Eur	40,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Consorzio Tutela Aceto Balsamico Tradizi onale di Modena	Modena - IT -	94050570368					Active
Consorzio Aceto Balsamico Di Modena	Modena - IT -	02163700368					Active
Fato S.r.l.	Savignano sul Panaro - IT -	02474980360	100.000 .Eur	100,00			Active
Consorzio Produttori Di Amarene Brusche Di Modena		94151600361					Active

Firm's location and structure

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

Legal and operative seat

(Factory)

since 12/03/1993

Genova

, 244

- 41056

- Savignano sul Panaro

(MO)

- IT -

PHONE

: 059768711

FAX

: 059772591

Legal mail

: TOSCHI@PEC.CONFINDUSTRIAMODENA.COM

Employees

: 57

Assistants

: 2

Fittings and Equipment for a value of 1.220.000

Eur

Stocks for a value of 3.850.000

Eur

Vehicles: 1.

Sells by pluri-mandatory agents.

Sales area on a national scale.

Import comes generally from the following nations:

- Austria

- France

The subject firm uses the following own selling brands:

- Toschi

- Fragoli'

- Mirtilli'

- Nocino

- Nocello

- Lemoncello

- Gemma Nera

Traded Brands / Suppliers

- OROBIE GAS E POWER SRL

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 1993.

The analysis is based on the latest 3 balance sheets.

Unstable economic results mark the company's financial state of affairs. with a profit (r.o.e. 6,32%) in the last financial year

The operating result in 2013 was positive (0,41%) falling within the field's average.

The amount of the operating result for the year 2013 is of Eur. 67.107 recording a drop as opposed to the year before (-32,13%).

During the latest financial year the gross operating margin amounted to Eur. 939.178 with no sensible increase as against 2012.

Short-term debts volume if compared to net worth, as it comes out from the total indebtedness (9,55) which tends downward.

The management generated equity capital for an amount of Eur. 1.201.054 on the same levels as the year before.

In the year 2013 total debts amounted to Eur. 14.752.999 showing a stable trend as opposed to 2012 (Eur. 16.550.106).

If compared to the net worth, debts towards banks are remarkably high while the recourse to commercial credit is modest which is also lower than the sector average.

Payments are supported by good current assets.

Credits are collected in 76,25 days on the average. , within the sector's average.

Eur. 947.938 is the value of cash flow during the year 2013

Labour cost expenses amount to Eur. 2.555.270 , representing 8,59% on the total of production costs. , with a 8,68% incidence on turnover.

If compared to the sales volume (-1,1%), the impact of the financial charges is limited.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	29.421.879
Profit (Loss) for the period	75.867

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	29.908.219
Profit (Loss) for the period	-154.917

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	28.231.086
Profit (Loss) for the period	-143.557

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	29.035.215
Profit (Loss) for the period	3.884

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	27.551.380
Profit (Loss) for the period	9.891

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.	662.328	695.312	726.940
. . Industrial patent rights	45.969	66.710	82.781
. . Concessions,licenses,trademarks,etc.	105.824	63.420	48.920
. . Goodwill	40.000	45.000
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	766.072	772.914	807.548
. Total Intangible Fixed Assets	1.620.193	1.643.356	1.666.189
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	1.206.092	1.367.147	1.382.049
. . Industrial and commercial equipment	16.510	73.400	90.678
. . Other assets	27.994	32.225	48.970
. . Assets under construction and advances		144.769	144.769
. Total Tangible fixed assets	1.250.596	1.617.541	1.666.466
. FINANCIAL FIXED ASSETS
. . Equity investments	909.195	3.137	13.137
. . . Equity invest. in subsidiary companies	904.161		10.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	5.034	3.137	3.137
. . Financial receivables	241.000	218.000	210.000
. . . . Within 12 months
. . . . Beyond 12 months	241.000	218.000	210.000
. . . Receivab due from subsidiaries	241.000	218.000	210.000
. . . . Within 12 months
. . . . Beyond 12 months	241.000	218.000	210.000
. . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.150.195	221.137	223.137
Total fixed assets	4.020.984	3.482.034	3.555.792
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.546.711	1.975.442	1.480.271
. . Work in progress and semimanufactured	777.702	1.358.370	1.276.923
. . Work in progress on order
. . Finished goods	1.521.850	1.571.993	1.466.997
. . Advance payments
. Total Inventories	3.846.263	4.905.805	4.224.191
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	7.292.943	7.915.770	8.343.716
. . Beyond 12 months	535.820	702.546	512.120
. . Trade receivables	6.231.469	7.462.429	7.631.840
. . . . Within 12 months	5.845.964	6.884.154	7.163.690
. . . . Beyond 12 months	385.505	578.275	468.150
. . Receivables due from subsid. comp.	511.858
. . . . Within 12 months	511.858
. . . . 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	236.343	298.968	161.718
. . . . Within 12 months	111.576	193.222	142.697
. . . . Beyond 12 months	124.767	105.746	19.021
. . Receivables for anticipated taxes	9.891	7.206	6.893
. . . . Within 12 months	2.150	615	251
. . . . Beyond 12 months	7.741	6.591	6.642
. . Receivables due from third parties	839.202	849.713	1.055.385
. . . . Within 12 months	821.395	837.779	1.037.078
. . . . Beyond 12 months	17.807	11.934	18.307
. Total Credits not held as fixed assets	7.828.763	8.618.316	8.855.836
. 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	632.842	751.417	589.910
. . Checks
. . Banknotes and coins	5.722	3.780	3.919
. Total Liquid funds	638.564	755.197	593.829
Total current assets	12.313.590	14.279.318	13.673.856
ADJUSTMENT ACCOUNTS
. Discount on loans		485.155	375.514
. Other adjustment accounts	187.783
Total adjustments accounts	187.783	485.155	375.514
TOTAL ASSETS	16.522.357	18.246.507	17.605.162

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	157.040
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	44.226	44.226	44.226
. Reserve for Own shares
. Statute reserves
. Other reserves	77.892	232.813	619.327
. Accumulated Profits (Losses)	3.069	3.069	3.069
. Profit( loss) of the year	75.867	-154.917	-143.557
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.201.054	1.125.191	680.105
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	19.925
Total Reserves for Risks and Charges	19.925
Employee termination indemnities	538.881	558.604	567.211
ACCOUNTS PAYABLE
. . . . Within 12 months	12.107.316	14.573.006	14.156.037
. . . . Beyond 12 months	2.645.683	1.977.100	2.188.498
. . 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	8.565.652	8.595.573	8.674.542
. . . . Within 12 months	5.919.969	6.618.473	6.486.044
. . . . Beyond 12 months	2.645.683	1.977.100	2.188.498
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	4.190.920	5.874.571	5.480.201
. . . . Within 12 months	4.190.920	5.874.571	5.480.201
. . . . 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	313.628	238.081	248.825
. . . . Within 12 months	313.628	238.081	248.825
. . . . Beyond 12 months
. . Due to social security and welfare inst.	180.055	187.535	181.784
. . . . Within 12 months	180.055	187.535	181.784
. . . . Beyond 12 months
. . Other payables	1.502.744	1.654.346	1.759.183
. . . . Within 12 months	1.502.744	1.654.346	1.759.183
. . . . Beyond 12 months
Total accounts payable	14.752.999	16.550.106	16.344.535
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	9.498	12.606	13.311
Total adjustment accounts	9.498	12.606	13.311
TOTAL LIABILITIES	16.522.357	18.246.507	17.605.162

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	29.421.879	29.908.220	28.231.087
. Changes in work in progress	164.999	186.443	430.753
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	226.695	245.884	389.449
. . Contributions for operating expenses
. . Different income and revenues	226.695	245.884	389.449
Total value of production	29.813.573	30.340.547	29.051.289
PRODUCTION COSTS
. Raw material,other materials and consum.	19.022.089	20.053.022	17.893.924
. Services received	5.356.021	5.540.262	5.568.467
. Leases and rentals	667.991	654.662	721.655
. Payroll and related costs	2.555.270	2.765.287	2.926.433
. . Wages and salaries	1.783.257	1.930.614	2.048.960
. . Social security contributions	602.799	653.129	681.222
. . Employee termination indemnities	135.289	152.754	160.353
. . Pension and similar
. . Other costs	33.925	28.790	35.898
. Amortization and depreciation	872.071	827.541	758.329
. . Amortization of intangible fixed assets	513.145	444.866	365.855
. . Amortization of tangible fixed assets	328.926	343.675	353.474
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	30.000	39.000	39.000
. Changes in raw materials	295.494	-495.171	7.272
. Provisions to risk reserves
. Other provisions
. Other operating costs	977.530	896.061	965.263
Total production costs	29.746.466	30.241.664	28.841.343
Diff. between value and cost of product.	67.107	98.883	209.946
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	952	1.120	443
. . 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		1.120	443
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies		1.120	443
. Interest and other financial expense	-325.243	-325.657	-263.623
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		325.657	263.623
Total financial income and expense	-324.291	-324.537	-263.180
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-235.653
. . Of equity investments	-235.653
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-235.653
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	967.470	146.392	11.792
. . Gains on disposals	954.472	20.000
. . Other extraordinary income	12.998	126.392	11.792
. Extraordinary expense	-319.995	-2.358	-2.981
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-319.995	-2.358	-2.981
Total extraordinary income and expense	647.475	144.034	8.811
Results before income taxes	154.638	-81.620	-44.423
. Taxes on current income	78.771	73.297	99.134
. . current taxes	81.456	73.610	99.322
. . differed taxes(anticip.)	-2.685	-313	-188
. Net income for the period	75.867	-154.917	-143.557
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	75.867	-154.917	-143.557

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	0,24	0,19	0,20	0,31
Elasticity Ratio	Units	0,75	0,78	0,78	0,67
Availability of stock	Units	0,23	0,27	0,24	0,21
Total Liquidity Ratio	Units	0,51	0,51	0,54	0,40
Quick Ratio	Units	0,04	0,04	0,03	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	9,55	12,28	19,94	2,93
Self Financing Ratio	Units	0,07	0,06	0,04	0,20
Capital protection Ratio	Units	0,10	0,25	0,98	0,69
Liabilities consolidation quotient	Units	0,26	0,17	0,19	0,21
Financing	Units	12,28	14,71	24,03	3,78
Permanent Indebtedness Ratio	Units	0,27	0,20	0,20	0,37
M/L term Debts Ratio	Units	0,19	0,14	0,16	0,11
Net Financial Indebtedness Ratio	Units	6,60	6,97	11,88	1,33
CORRELATION
Fixed assets ratio	Units	1,09	1,05	0,97	1,11
Current ratio	Units	1,02	0,98	0,97	1,07
Acid Test Ratio-Liquidity Ratio	Units	0,70	0,64	0,67	0,71
Structure's primary quotient	Units	0,30	0,32	0,19	0,73
Treasury's primary quotient	Units	0,05	0,05	0,04	0,04
Rate of indebtedness ( Leverage )	%	1375,65	1621,64	2588,59	493,00
Current Capital ( net )	Value	206.274	-293.688	-482.181	288.842
RETURN
Return on Sales	%	3,22	2,25	2,18	3,41
Return on Equity - Net- ( R.O.E. )	%	6,32	-13,77	-21,11	1,33
Return on Equity - Gross - ( R.O.E. )	%	12,88	-7,25	-6,53	7,79
Return on Investment ( R.O.I. )	%	0,41	0,54	1,19	3,40
Return/ Sales	%	0,23	0,33	0,74	3,23
Extra Management revenues/charges incid.	%	113,05	-156,67	-68,38	13,18
Cash Flow	Value	947.938	672.624	614.772	304.136
Operating Profit	Value	67.107	98.883	209.946	287.471
Gross Operating Margin	Value	939.178	926.424	968.275	536.448
MANAGEMENT
Credits to clients average term	Days	76,25	89,82	97,32	91,38
Debts to suppliers average term	Days	60,24	80,57	81,58	113,57
Average stock waiting period	Days	47,06	59,05	53,87	72,17
Rate of capital employed return ( Turnover )	Units	1,78	1,64	1,60	1,09
Rate of stock return	Units	7,65	6,10	6,68	4,87
Labour cost incidence	%	8,68	9,25	10,37	9,61
Net financial revenues/ charges incidence	%	-1,10	-1,09	-0,93	-1,81
Labour cost on purchasing expenses	%	8,59	9,14	10,15	9,80
Short-term financing charges	%	2,20	1,97	1,61	2,88
Capital on hand	%	56,16	61,01	62,36	91,70
Sales pro employee	Value	507.273	347.769	310.231	331.418
Labour cost pro employee	Value	44.056	32.154	32.158	32.136

Reliability Score

Considering also subject's structural and behavioural characteristics its credit margin rate (from 0 to 100%) is equal to 52%, in respect of a sector average of 47%.

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	:	$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Spazio.gif$ 659.925
Population living in the region	:	$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Spazio.gif$ 425
- per non food products	:	$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\vivek\Foreign Report Raw2\Toschi Vignola_files\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 288 significant companies.

The companies cash their credits on an average of 91 dd.

The average duration of suppliers debts is about 114 dd.

The sector's profitability is on an average of 3,41%.

The labour cost affects the turnover in the measure of 9,61%.

Goods are held in stock in a range of 72 dd.

The difference between the sales volume and the resources used to realize it is about 1,09.

The employees costs represent the 9,80% 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 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

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 and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Traded Brands / Suppliers

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Reliability Score

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit