MIRA INFORM REPORT

Report No. :	344590
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	FPT INDUSTRIAL S.P.A. O, PER ESTESO, FIA T POWERTRAIN TECHNOLOGIES INDUSTRIAL S.P
Registered Office :	Via Puglia, 15 10156 - Torino (TO) -IT-
Country :	Italy
Financials (as on) :	31.12.2014
Date of Incorporation :	20.06.2006
Legal Form :	Joint Stock Company With Sole Shareholder
Line of Business :	Manufacture of motor vehicles.
No. of Employees :	More than 1500

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Italy	A1	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

FPT INDUSTRIAL S.P.A. O, PER ESTESO, FIA T POWERTRAIN TECHNOLOGIES INDUSTRIAL S.P

Via

Puglia,

15

10156

- Torino

(TO)

-IT-

Summary

Fiscal Code	:	09397710014
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	01/12/2010
Number of Employees	:	more than 1500

Activity

Manufacture of motor vehicles

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 09397710014

Chamber of Commerce no. : 124033 of Asti

Chamber of Commerce no. : 271351 of Foggia

Chamber of Commerce no. : 1945111 of Milano

Chamber of Commerce no. : 392705 of Modena

Chamber of Commerce no. : 1048700 of Torino since 30/06/2006

Chamber of Commerce no. : 192182 of Vercelli

Firms' Register : TO-2006-108362 of Torino

V.A.T. Code : 09397710014

Establishment date	: 20/06/2006
Start of Activities	: 01/12/2010
Legal duration	: 31/12/2100
Nominal Capital	: 100.000.000
Subscribed Capital	: 100.000.000
Paid up Capital	: 100.000.000
Legal mail :	FPTINDUSTRIAL@PEC.CNHIND.COM

Members

Servizi E Attivita' Doganali Per L'indus

tria S.p.a., Piu' Brevemente Sadi S.p.a.

Residence:

Plava

, 86

- 10135

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	03/12/2010

No Prejudicial events are reported

No Protests registered

Marchionne

Sergio

Born in Chieti

(CH)

on 17/06/1952

- Fiscal Code : MRCSRG52H17C632R

Residence:

25 St. James's Street Sw1a1ha

, .

Londra

- GB -

Position	Since	Shares Amount	% Ownership
Director	25/03/2013
Board Chairman	25/03/2013

No Prejudicial events are reported

No Protests registered

Salvoni

Alberto

Born in Roma

(RM)

on 16/01/1960

- Fiscal Code : SLVLRT60A16H501T

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/07/2012

No Prejudicial events are reported

No Protests registered

Moscheni

Guido

Born in Torino

(TO)

on 09/11/1963

- Fiscal Code : MSCGDU63S09L219H

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/02/2011

No Prejudicial events are reported

No Protests registered

Bondone

Carlo

Born in Tortona

(AL)

on 14/02/1958

- Fiscal Code : BNDCRL58B14L304V

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	07/10/2010

No Prejudicial events are reported

No Protests registered

Fca Services S.p.a.

Residence:

Plava

, 86

- 10100

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	07/10/2010

No Prejudicial events are reported

No Protests registered

Retus

Vincenzo

Born in Torre Annunziata

(NA)

on 21/10/1954

- Fiscal Code : RTSVCN54R21L245I

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/03/2012

No Prejudicial events are reported

No Protests registered

Figlios

Mauro

Born in Borgonovo Val Tidone

(PC)

on 14/05/1966

- Fiscal Code : FGLMRA66E14B025W

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	16/05/2013

No Protests registered

Pelizzari

Giorgio Giuseppe

Born in Torino

(TO)

on 11/03/1955

- Fiscal Code : PLZGGG55C11L219W

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/05/2011

No Protests registered

Chiarelli

Serena

Born in Torino

(TO)

on 21/06/1972

- Fiscal Code : CHRSRN72H61L219J

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/07/2011

No Protests registered

Marchesi

Rodolfo Mario

Born in Torino

(TO)

on 03/04/1981

- Fiscal Code : MRCRLF81D03L219I

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/11/2014

No Protests registered

Balderi

Massimo

Born in Novara

(NO)

on 24/03/1960

- Fiscal Code : BLDMSM60C24F952R

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/07/2015

No Protests registered

Alfarano

Vito

Born in Brindisi

(BR)

on 18/08/1967

- Fiscal Code : LFRVTI67M18B180A

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	06/05/2015

No Protests registered

Scalenghe

Ernesto

Born in Torino

(TO)

on 09/09/1962

- Fiscal Code : SCLRST62P09L219P

Residence:

Puglia

, 35

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	23/07/2010

No Prejudicial events are reported

No Protests registered

Casiraghi

Gianluca

Born in Torino

(TO)

on 23/07/1971

- Fiscal Code : CSRGLC71L23L219I

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/02/2011

No Protests registered

Rubatto

Massimo

Born in Torino

(TO)

on 28/05/1960

- Fiscal Code : RBTMSM60E28L219M

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	03/12/2010

No Protests registered

Bertero

Marco

Born in Torino

(TO)

on 15/10/1962

- Fiscal Code : BRTMRC62R15L219A

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/02/2011

No Protests registered

Bernardon

Marco

Born in Torino

(TO)

on 05/05/1966

- Fiscal Code : BRNMRC66E05L219K

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	15/05/2015

No Prejudicial events are reported

No Protests registered

Pisaturo

Michele

Born in San Cipriano Picentino

(SA)

on 17/12/1972

- Fiscal Code : PSTMHL72T17H800X

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/03/2014

No Protests registered

Suriano

Antonio

Born in Bari

(BA)

on 23/11/1965

- Fiscal Code : SRNNTN65S23A662A

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/03/2014

No Prejudicial events are reported

No Protests registered

Borrione

Andrea

Born in Milano

(MI)

on 09/03/1968

- Fiscal Code : BRRNDR68C09F205E

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/07/2011

No Prejudicial events are reported

No Protests registered

Demichelis

Giorgio

Born in Torino

(TO)

on 01/09/1954

- Fiscal Code : DMCGRG54P01L219Y

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	30/11/2012

No Prejudicial events are reported

No Protests registered

Stupenengo

Annalisa

Born in Biella

(VC)

on 30/05/1971

- Fiscal Code : STPNLS71E70A859T

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/07/2015
Managing Director	02/07/2015

No Prejudicial events are reported

No Protests registered

Maccalli

Luca

Born in Bollate

(MI)

on 29/07/1967

- Fiscal Code : MCCLCU67L29A940G

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/05/2011

No Protests registered

Candellone

Claudio

Born in Torino

(TO)

on 23/05/1966

- Fiscal Code : CNDCLD66E23L219H

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/02/2011

No Prejudicial events are reported

No Protests registered

Siracusa

Massimo

Born in Catania

(CT)

on 13/12/1965

- Fiscal Code : SRCMSM65T13C351W

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	16/09/2015
Director	31/03/2015

No Protests registered

Garlando

Marco

Born in Torino

(TO)

on 04/08/1965

- Fiscal Code : GRLMRC65M04L219N

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/02/2011

No Protests registered

Cisotto

Domenico

Born in Torino

(TO)

on 23/10/1959

- Fiscal Code : CSTDNC59R23L219J

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/05/2011

No Protests registered

Bogetti

Federico

Born in Saluzzo

(CN)

on 29/02/1980

- Fiscal Code : BGTFRC80B29H727Q

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/11/2014

No Prejudicial events are reported

No Protests registered

Soriente

Carlo

Born in Salerno

(SA)

on 17/07/1974

- Fiscal Code : SRNCRL74L17H703O

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/05/2015

No Prejudicial events are reported

No Protests registered

Gaiazzi

Federico

Born in Varese

(VA)

on 26/09/1971

- Fiscal Code : GZZFRC71P26L682Z

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	15/07/2014

No Prejudicial events are reported

No Protests registered

Noach

Dror

Born in Patach Tikva (israele)

( )

on 12/04/1962

- Fiscal Code : NCHDRR62D12Z226O

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	30/06/2015

No Prejudicial events are reported

No Protests registered

Donato

Francesco

Born in Marcellinara

(CZ)

on 17/10/1967

- Fiscal Code : DNTFNC67R17E925T

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	31/01/2014

No Prejudicial events are reported

No Protests registered

Ortesta

Massimo

Born in Torino

(TO)

on 12/08/1962

- Fiscal Code : RTSMSM62M12L219Y

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/07/2011

No Protests registered

Chianale

Claudio

Born in Torino

(TO)

on 02/07/1977

- Fiscal Code : CHNCLD77L02L219I

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/07/2011

No Protests registered

Otello

Filippo

Born in Bressanone

(BZ)

on 14/01/1971

- Fiscal Code : TLLFPP71A14B160L

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	21/11/2014

No Protests registered

Matteoda

Alice

Born in Saluzzo

(CN)

on 12/10/1982

- Fiscal Code : MTTLCA82R52H727T

Residence:

Puglia

, 35

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	06/07/2012

No Protests registered

De Maria

Andrea

Born in Roma

(RM)

on 13/01/1961

- Fiscal Code : DMRNDR61A13H501F

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	30/11/2012

No Protests registered

Buccoliero

Giovanni

Born in Chivasso

(TO)

on 13/07/1966

- Fiscal Code : BCCGNN66L13C665L

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/05/2015

No Protests registered

Patti

Paolo Giorgio

Born in Genova

(GE)

on 24/04/1952

- Fiscal Code : PTTPGR52D24D969L

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position		Since	Shares Amount	% Ownership
Procurator		18/12/2012
	No Protests registered

Piccioni

Mario

Born in Genova

(GE)

on 18/11/1965

- Fiscal Code : PCCMRA65S18D969D

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/02/2013

No Protests registered

Cnh Industrial N.v.

Position	Since	Shares Amount	% Ownership
Sole partner

No Protests registered

Rossi Sebastiano

Giovanni Maria

Born in Torino

(TO)

on 04/09/1962

- Fiscal Code : RSSGNN62P04L219O

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	06/06/2014

No Protests registered

Tortorici

Massimo

Born in Taranto

(TA)

on 09/11/1978

- Fiscal Code : TRTMSM78S09L049U

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	15/07/2014

No Protests registered

Berton

Fabio

Born in Milano

(MI)

on 06/07/1972

- Fiscal Code : BRTFBA72L06F205T

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

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

No Protests registered

Blume

Marcus

Born in Colonia (germania)

( )

on 08/10/1968

- Fiscal Code : BLMMCS68R08Z112P

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

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

No Protests registered

Rigon

Fabio

Born in Bergamo

(BG)

on 03/03/1969

- Fiscal Code : RGNFBA69C03A794G

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

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

No Protests registered

Nucera

Domenico

Born in Reggio Calabria

(RC)

on 30/01/1976

- Fiscal Code : NCRDNC76A30H224C

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/05/2015

No Protests registered

Casapulla

Ciro

Born in Caserta

(CE)

on 11/04/1973

- Fiscal Code : CSPCRI73D11B963D

Residence:

Puglia

, 15

- 10156

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/05/2015

No Protests registered

Cnh Industrial N.v.

Position	Since	Shares Amount	% Ownership
Partner

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.

Marchionne

Sergio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ferrari-societa'per Azioni Esercizio Fabbriche Automobili E Corse O Semplicement	Modena (MO) - IT -	00159560366	Director	Active	Registered
Ferrari-societa'per Azioni Esercizio Fabbriche Automobili E Corse O Semplicement	Modena (MO) - IT -	00159560366	Board Chairman	Active	Registered
Fca Partecipazioni S.p.a.	Torino (TO) - IT -	01053960017	Director	Withdrawn	Registered
Fca Partecipazioni S.p.a.	Torino (TO) - IT -	01053960017	Board Chairman	Withdrawn	Registered
Fiat S.p.a.	Torino (TO) - IT -	00469580013	Managing Director	Withdrawn	Ceased
Fiat S.p.a.	Torino (TO) - IT -	00469580013	Director	Withdrawn	Ceased
Fiat S.p.a.	Torino (TO) - IT -	00469580013	Director	Withdrawn	Ceased
Lonza Composites S.r.l.	Milano (MI) - IT -	04220310157	Director	Withdrawn	Ceased
Lonza Composites S.r.l.	Milano (MI) - IT -	04220310157	Board Chairman	Withdrawn	Ceased
Seleprint S.p.a.	Lainate (MI) - IT -	04337570156	Director	Withdrawn	Ceased
Lonza Compounds S.p.a.	Milano (MI) - IT -	01216310167	Director	Withdrawn	Ceased
Lonza Compounds S.p.a.	Milano (MI) - IT -	01216310167	Board Chairman	Withdrawn	Ceased
Lonza S.p.a.	Milano (MI) - IT -	00723030151	Managing Director	Withdrawn	Ceased
Lonza S.p.a.	Milano (MI) - IT -	00723030151	Director	Withdrawn	Ceased
Fca Group Marketing S.p.a. O In Forma Estesa Fiat Group Marketing E Corporate	Torino (TO) - IT -	02637030012	Director	Active	Registered
Fca Group Marketing S.p.a. O In Forma Estesa Fiat Group Marketing E Corporate	Torino (TO) - IT -	02637030012	Director	Withdrawn	Registered
Fca Group Marketing S.p.a. O In Forma Estesa Fiat Group Marketing E Corporate	Torino (TO) - IT -	02637030012	Board Chairman	Active	Registered
Elasis - Societa' Consortile Per Azioni	Pomigliano d'Arco (NA) - IT -	05696590636	Director	Withdrawn	Ceased
Elasis - Societa' Consortile Per Azioni	Pomigliano d'Arco (NA) - IT -	05696590636	Board Chairman	Withdrawn	Ceased
Business Solutions S.p.a.	Torino (TO) - IT -	05874660011	Director	Withdrawn	Ceased
Business Solutions S.p.a.	Torino (TO) - IT -	05874660011	Board Chairman	Withdrawn	Ceased
Lawson Mardon Star Ltd	Clifton Down/Bristol - GB -	279596	Director	Withdrawn	Registered
Amcor Flexibles Italia S.r.l.	Lugo di Vicenza (VI) - IT -	02190700969	Director	Withdrawn	Registered
Exor S.p.a.	Torino (TO) - IT -	00470400011	Director	Active	Registered
Exor S.p.a.	Torino (TO) - IT -	00470400011	Assistant board Chairman	Active	Registered
Comau S.p.a.	Grugliasco (TO) - IT -	00952120012	Director	Active	Registered
Comau S.p.a.	Grugliasco (TO) - IT -	00952120012	Director	Withdrawn	Registered
Comau S.p.a.	Grugliasco (TO) - IT -	00952120012	Board Chairman	Active	Registered
Isvor Fiat Societa' Consortile Di Sviluppo E Addestramento Industriale Per Azion	Torino (TO) - IT -	02284550015	Director	Withdrawn	Ceased
Isvor Fiat Societa' Consortile Di Sviluppo E Addestramento Industriale Per Azion	Torino (TO) - IT -	02284550015	Board Chairman	Withdrawn	Ceased
Crf Societa' Consortile Per Azioni O InForma Sviluppata Centro Ricerche Fiat	Orbassano (TO) - IT -	07084560015	Director	Active	Registered
Crf Societa' Consortile Per Azioni O InForma Sviluppata Centro Ricerche Fiat	Orbassano (TO) - IT -	07084560015	Director	Withdrawn	Registered
Crf Societa' Consortile Per Azioni O InForma Sviluppata Centro Ricerche Fiat	Orbassano (TO) - IT -	07084560015	Board Chairman	Active	Registered
Fabbrica Italia Pomigliano S.p.a.	Pomigliano d'Arco (NA) - IT -	07857410018	Director	Withdrawn	Not Operating
Fabbrica Italia Pomigliano S.p.a.	Pomigliano d'Arco (NA) - IT -	07857410018	Board Chairman	Withdrawn	Not Operating
Fca Group Purchasing S.r.l.	Torino (TO) - IT -	07882790012	Director	Active	Registered
Fca Group Purchasing S.r.l.	Torino (TO) - IT -	07882790012	Director	Withdrawn	Registered
Fca Group Purchasing S.r.l.	Torino (TO) - IT -	07882790012	Board Chairman	Active	Registered
Fca Italy Holdings S.p.a.	Torino (TO) - IT -	07979870016	Director	Withdrawn	Registered
Fca Italy Holdings S.p.a.	Torino (TO) - IT -	07979870016	Director	Withdrawn	Registered
Fca Italy Holdings S.p.a.	Torino (TO) - IT -	07979870016	Board Chairman	Withdrawn	Registered
Fca Italy S.p.a., In Forma Estesa Fiat Chrysler Automobiles Italy S.p.a., E In F	Torino (TO) - IT -	07973780013	Managing Director	Active	Registered
Fca Italy S.p.a., In Forma Estesa Fiat Chrysler Automobiles Italy S.p.a., E In F	Torino (TO) - IT -	07973780013	Director	Active	Registered
Fca Italy S.p.a., In Forma Estesa Fiat Chrysler Automobiles Italy S.p.a., E In F	Torino (TO) - IT -	07973780013	Director	Withdrawn	Registered
Fca Italy S.p.a., In Forma Estesa Fiat Chrysler Automobiles Italy S.p.a., E In F	Torino (TO) - IT -	07973780013	Board Chairman	Active	Registered
Magneti Marelli S.p.a.	Corbetta (MI) - IT -	08082990014	Director	Active	Registered
Magneti Marelli S.p.a.	Corbetta (MI) - IT -	08082990014	Director	Withdrawn	Registered
Magneti Marelli S.p.a.	Corbetta (MI) - IT -	08082990014	Board Chairman	Active	Registered
Fiat Powertrain Technologies S.p.a.	Orbassano (TO) - IT -	08206080015	Director	Withdrawn	Ceased
Fiat Powertrain Technologies S.p.a.	Orbassano (TO) - IT -	08206080015	Board Chairman	Withdrawn	Ceased
Lingotto Musica	Torino (TO) - IT -	07426830019	Director	Withdrawn	Registered
Lingotto Musica	Torino (TO) - IT -	07426830019	Assistant board Chairman	Active	Registered
Lingotto Musica	Torino (TO) - IT -	07426830019	Baord of Directors' member	Active	Registered
Maserati S.p.a.	Modena (MO) - IT -	08245890010	Director	Active	Registered
Maserati S.p.a.	Modena (MO) - IT -	08245890010	Board Chairman	Active	Registered
Teksid S.p.a.	Torino (TO) - IT -	08310210011	Director	Active	Registered
Teksid S.p.a.	Torino (TO) - IT -	08310210011	Director	Withdrawn	Registered
Teksid S.p.a.	Torino (TO) - IT -	08310210011	Board Chairman	Active	Registered
Abarth E C. S.p.a.	Torino (TO) - IT -	09201880011	Director	Active	Registered
Abarth E C. S.p.a.	Torino (TO) - IT -	09201880011	Director	Withdrawn	Registered
Abarth E C. S.p.a.	Torino (TO) - IT -	09201880011	Board Chairman	Active	Registered
Cnh Industrial N.v.	Torino (TO) - IT -	10992060011	Chairman	Withdrawn	Registered
Fiat Industrial S.p.a.	Torino (TO) - IT -	10352520018	Director	Withdrawn	Registered
Fiat Industrial S.p.a.	Torino (TO) - IT -	10352520018	Board Chairman	Withdrawn	Registered
Iveco S.p.a.	Torino (TO) - IT -	09709770011	Director	Active	Registered
Iveco S.p.a.	Torino (TO) - IT -	09709770011	Board Chairman	Active	Registered

Stupenengo

Annalisa

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fca Group Purchasing S.r.l.	Torino (TO) - IT -	07882790012	Procurator	Withdrawn	Registered
Fca Italy Holdings S.p.a.	Torino (TO) - IT -	07979870016	Procurator	Withdrawn	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive.

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
Cnh Industrial N.v.				100,00

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
Orione - Societa' Industriale Per La Sic urezza E La Vigilanza Consortile Per Azi	Torino - IT -	02394230011	264 .Eur	0,22			Active
Sirio - Sicurezza Industriale Societa' C onsortile Per Azioni O In Forma Abbrevia	Torino - IT -	05325740016	1.250 .Eur	1,04			Active
Distretto Meccatronico Regionale Della P uglia Societa' Consortile A Responsabili		06661690724	10.000 .Eur	6,66			Active
Anfia Automotive Societa' Consortile A R esponsabilita' Limitata	Torino - IT -	10486530016	1.000 .Eur	5,00			Active
Consorzio Fiat Energy	Torino - IT -	10951590016					Active

Firm's location and structure

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

-	Legal and operative seat

Puglia

, 15

- 10100

- Torino

(TO)

- IT -

Legal mail

: FPTINDUSTRIAL@PEC.CNHIND.COM

-

Branch

(Factory)

since 01/12/2010

Lungostura Lazio

, 53

- 10100

- Torino

(TO)

- IT -

-

Branch

(Factory)

since 01/12/2010

Delle Cascinette

, 424/34

- 10100

- Torino

(TO)

- IT -

-

Branch

(office)

since 01/12/2010

Luigi Settembrini

, 167

- 10100

- Torino

(TO)

- IT -

-

Branch

(Factory)

since 01/12/2010

Incoronata

, SNC

- 71100

- Foggia

(FG)

- IT -

-

Branch

(Factory)

since 01/12/2010

Vanzago

, 18/20B

- 20010

- Pregnana Milanese

(MI)

- IT -

-

Branch

(Store)

since 01/12/2010

Dell'industria

, 15/17

- 20010

- Pregnana Milanese

(MI)

- IT -

-

Branch

(Factory)

since 01/01/2012

Puglia

, 59

- 10100

- Torino

(TO)

- IT -

-

Branch

(office)

since 01/06/2015

Settimo

, 323

- 10099

- San Mauro Torinese

(TO)

- IT -

-

Branch

(office)

since 01/08/2015

Plava

, 80

- 10100

- Torino

(TO)

- IT -

-

Branch

(office)

since 01/04/2013

Localita' Casetto

, SNC

- 14019

- Villanova d'Asti

(AT)

- IT -

-

Branch

(office)

since 01/01/2013

Delle Nazioni

, 55

- 41100

- Modena

(MO)

- IT -

-

Branch

(office)

since 15/03/2011

Cascina Luigina

, SNC

- 13040

- Balocco

(VC)

- IT -

Employees

: 5.177

Fittings and Equipment for a value of 292.480.000

Eur

Stocks for a value of 130.320.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

European Engine Alliance S.c.r.l. O, InBreve, Eea S.c.r.l.

Puglia

, 35

, 10156

, Torino

(TO)

- IT -

Fiscal Code: 07613600019

Date

Merging/splitting-up project:

29/06/2011

The firm absorbed by merging of

European Engine Alliance S.c.r.l. O, InBreve, Eea S.c.r.l.

Puglia

, 35

, 10156

, Torino

(TO)

- IT -

Fiscal Code: 07613600019

Date

:

21/12/2011

Protests

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

Data Bse 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 (2010).

Balance sheets for the years 2012, 2013 and 2014 were analyzed.

During the last years, it achieved profits (r.o.e. 14,92% on 2014) with a good increase in turnover (+13,9% in 2014 compared to 2013 and +14,87% in 2013 compared to 2012).

The operating result was positive in the last financial year (11,66%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 164.264.792 increasing if compared to the yeart 2013.

The economic management produced a gross operating margin of Eur. 350.219.722 , stable if compared to the year before.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 4,83 falling if compared to 2013.

The equity capital is equal to Eur. 183.321.209 on the same levels as the year before.

Total indebtedness was equal to Eur. 989.848.864 (Eur. 104.670.441 was the value of m/l term debts) , decreasing if compared to 2013 (-20,17%).

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high and higher than sector's average.

Even liquidity range appears to be not completely sufficient.

Credits are collected in 3,97 days on the average. , that compared to the sector's average is shorter.

2014 financial year closed with a cash flow of Eur. 178.318.630

During 2014 financial year labour costs amounted to Eur. 271.018.109, with a 10,76% incidence on production costs. and a 10,34% incidence on sales volumes.

Financial charges have a limited incidence (-1,27%) on sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	2.622.324.435
Profit (Loss) for the period	27.343.689

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	2.302.182.641
Profit (Loss) for the period	52.743.153

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	2.004.080.679
Profit (Loss) for the period	17.872.704

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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

- 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

Years

2014

2013

2012

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	1.867.973	2.183.686	2.499.400
. . Research,develop. and advert.expens.
. . Industrial patent rights	8.982.527	8.384.913	8.101.867
. . Concessions,licenses,trademarks	277.362.434	316.847.158	337.035.834
. . Goodwill	41.083.479	48.023.781	54.964.083
. . Assets in formation and advance paymen.	1.617.584	1.191.624	712.608
. . Other intangible fixed assets	4.888.200	4.128.690	2.859.205
. Total Intangible Fixed Assets	335.802.197	380.759.852	406.172.997
. TANGIBLE FIXED ASSETS
. . Real estate	28.556.231	29.408.682	29.927.727
. . Plant and machinery	242.854.540	262.810.853	281.538.007
. . Industrial and commercial equipment	49.629.003	57.081.754	65.622.397
. . Other assets	4.061.471	3.701.984	3.259.213
. . Assets under construction and advances	2.770.073	2.250.973	1.006.473
. Total Tangible fixed assets	327.871.318	355.254.246	381.353.817
. FINANCIAL FIXED ASSETS
. . Equity investments	57.899.715	57.884.715	53.956.157
. . . Equity invest. in subsidiary companies	37.901.622	37.901.622	33.974.064
. . . Equity invest. in associated companies	19.976.579	19.976.579	19.976.579
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	21.514	6.514	5.514
. . Financial receivables	533.729
. . . . Within 12 months	533.729
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	533.729
. . . . Within 12 months	533.729
. . . . 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	58.433.444	57.884.715	53.956.157
Total fixed assets	722.106.959	793.898.813	841.482.971
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	76.609.453	90.028.943	84.867.558
. . Work in progress and semimanufactured	25.313.627	31.358.295	29.339.586
. . Work in progress on order
. . Finished goods	26.885.205	32.969.924	29.959.387
. . Advance payments	1.516.000	416.000	1.243.750
. Total Inventories	130.324.285	154.773.162	145.410.281
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	549.508.828	656.183.392	473.123.242
. . Beyond 12 months	4.307.796	16.301.843
. . Trade receivables	28.890.011	426.964.509	351.731.628
. . . . Within 12 months	28.890.011	426.964.509	351.731.628
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	78.847.940	74.031.541	21.812.376
. . . . Within 12 months	78.847.940	74.031.541	21.812.376
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	347.187.801	24.347.295	20.261.887
. . . . Within 12 months	347.187.801	24.347.295	20.261.887
. . . . Beyond 12 months
. . Receivables due from holding comp.	28.373.467	22.386.951	11.663.542
. . . . Within 12 months	28.373.467	22.386.951	11.663.542
. . . . Beyond 12 months
. . Fiscal Receivables	2.055.515	7.681.480	9.843.210
. . . . Within 12 months	2.055.515	7.681.480	9.843.210
. . . . Beyond 12 months
. . Receivables for anticipated taxes	61.528.807	57.605.989	46.636.219
. . . . Within 12 months	61.528.807	57.605.989	46.636.219
. . . . Beyond 12 months
. . Receivables due from third parties	6.933.083	59.467.470	11.174.380
. . . . Within 12 months	2.625.287	43.165.627	11.174.380
. . . . Beyond 12 months	4.307.796	16.301.843
. Total Credits not held as fixed assets	553.816.624	672.485.235	473.123.242
. 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	58.226		13.086
. LIQUID FUNDS
. . Bank and post office deposits	216.422		122.921
. . Checks		2.302
. . Banknotes and coins	2.502	10.436.641	2.995
. Total Liquid funds	218.924	10.438.943	125.916
Total current assets	684.418.059	837.697.340	618.672.525
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	1.934.437	1.459.306	1.454.022
Total adjustments accounts	1.934.437	1.459.306	1.454.022
TOTAL ASSETS	1.408.459.455	1.633.055.459	1.461.609.518
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000.000	100.000.000	100.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	3.681.723	1.044.565	150.930
. Reserve for Own shares
. Statute reserves
. Other reserves	520.222	520.222	520.222
. Accumulated Profits (Losses)	51.775.575	1.669.580	-15.309.489
. Profit( loss) of the year	27.343.689	52.743.153	17.872.704
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	183.321.209	155.977.520	103.234.367
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	20.958.776	20.204.800	20.227.806
. . Taxation fund, also differed	3.600.000
. . Other funds	120.583.806	120.314.264	113.798.259
Total Reserves for Risks and Charges	145.142.582	140.519.064	134.026.065
Employee termination indemnities	60.566.111	62.599.300	65.643.227
ACCOUNTS PAYABLE
. . . . Within 12 months	885.178.423	1.091.757.150	983.668.231
. . . . Beyond 12 months	104.670.441	148.234.982	150.981.142
. . 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	41.340.552	397.676.582	428.593.648
. . . . Within 12 months	38.340.212	270.522.709	299.938.643
. . . . Beyond 12 months	3.000.340	127.153.873	128.655.005
. . Advances from customers	435.949	23.835.969	8.836.587
. . . . Within 12 months	418.449	23.835.969	8.836.587
. . . . Beyond 12 months	17.500
. . Trade payables	632.771.316	699.585.473	605.483.164
. . . . Within 12 months	632.771.316	699.585.473	605.483.164
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	36.593.897	16.176.639	9.406.644
. . . . Within 12 months	36.593.897	16.176.639	9.406.644
. . . . Beyond 12 months
. . Due to associated companies	176.234.421	332.172
. . . . Within 12 months	94.434.421	332.172
. . . . Beyond 12 months	81.800.000
. . Due to holding companies	38.177.591	39.373.310	21.579.966
. . . . Within 12 months	38.177.591	39.373.310	21.579.966
. . . . Beyond 12 months
. . Due to the tax authorities	12.211.310	9.780.773	5.933.975
. . . . Within 12 months	12.211.310	9.780.773	5.933.975
. . . . Beyond 12 months
. . Due to social security and welfare inst.	36.989.950	38.296.758	40.333.400
. . . . Within 12 months	17.137.349	17.215.649	18.007.263
. . . . Beyond 12 months	19.852.601	19.852.601	22.326.137
. . Other payables	15.093.878	14.934.456	14.481.989
. . . . Within 12 months	15.093.878	14.934.456	14.481.989
. . . . Beyond 12 months
Total accounts payable	989.848.864	1.239.992.132	1.134.649.373
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	29.580.689	33.967.443	24.056.486
Total adjustment accounts	29.580.689	33.967.443	24.056.486
TOTAL LIABILITIES	1.408.459.455	1.633.055.459	1.461.609.518

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	2.622.324.435	2.302.182.641	2.004.080.679
. Changes in work in progress	-12.129.387	5.029.246	-5.093.889
. Changes in semi-manufact. products		29.859.284
. Capitalization of internal work	23.170.940		21.130.148
. Other income and revenues	48.842.121	62.971.388	48.631.817
. . Contributions for operating expenses	124.315
. . Different income and revenues	48.717.806	62.971.388	48.631.817
Total value of production	2.682.208.109	2.400.042.559	2.068.748.755
PRODUCTION COSTS
. Raw material,other materials and consum.	1.774.476.968	1.582.875.928	1.316.698.982
. Services received	253.097.330
. Leases and rentals	12.455.444	264.229.237	268.463.324
. Payroll and related costs	271.018.109	244.065.422	237.248.904
. . Wages and salaries	171.906.825	157.004.914	148.742.419
. . Social security contributions	54.150.411	51.479.568	48.355.835
. . Employee termination indemnities	12.700.604	12.867.941	13.433.192
. . Pension and similar	2.858.872	1.020.888	3.143.705
. . Other costs	29.401.397	21.692.111	23.573.753
. Amortization and depreciation	150.974.941	145.460.174	135.435.591
. . Amortization of intangible fixed assets	68.461.055	61.677.091	59.723.633
. . Amortization of tangible fixed assets	76.617.886	79.981.605	75.525.254
. . Depreciation of tangible fixed assets	5.419.789
. . Writedown of current receiv.and of liquid	476.211	3.801.478	186.704
. Changes in raw materials	13.419.490	-5.161.385	5.317.388
. Provisions to risk reserves	34.979.989	44.523.820	25.280.490
. Other provisions
. Other operating costs	7.521.046	5.282.046	7.599.438
Total production costs	2.517.943.317	2.281.275.242	1.996.044.117
Diff. between value and cost of product.	164.264.792	118.767.317	72.704.638
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	4.753.979	9.949.556	4.067.910
. . 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		9.949.556	4.067.910
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-38.061.686	-33.925.564	-32.435.813
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		1.739.088	310.902
Total financial income and expense	-33.307.707	-23.976.008	-28.367.903
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-52.226.980
. . Of equity investments	-52.226.980
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-52.226.980
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	6.426.295
. . Gains on disposals
. . Other extraordinary income	6.426.295
. Extraordinary expense	-13.991.590
. . Losses on disposals
. . Taxes relating to prior years	-4.110.902
. . Other extraordinary expense	-9.880.688
Total extraordinary income and expense	-7.565.295	-1.616.760	-7.960.337
Results before income taxes	71.164.810	93.174.549	36.376.398
. Taxes on current income	43.821.121	40.431.396	18.503.694
. . current taxes	47.743.739	51.401.166
. . differed taxes(anticip.)	-3.922.618	-10.969.770
. Net income for the period	27.343.689	52.743.153	17.872.704
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	27.343.689	52.743.153	17.872.704

RATIOS	Value Type	as at 31/12/2014	as at 31/12/2013	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,51	0,49	0,58	0,27
Elasticity Ratio	Units	0,49	0,51	0,42	0,59
Availability of stock	Units	0,09	0,09	0,10	0,17
Total Liquidity Ratio	Units	0,39	0,42	0,32	0,36
Quick Ratio	Units	0,00	0,01	0,00	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	4,83	6,93	9,53	3,42
Self Financing Ratio	Units	0,13	0,10	0,07	0,17
Capital protection Ratio	Units	0,31	0,02	-0,14	0,68
Liabilities consolidation quotient	Units	0,19	0,19	0,22	0,16
Financing	Units	5,40	7,95	10,99	5,58
Permanent Indebtedness Ratio	Units	0,25	0,22	0,22	0,24
M/L term Debts Ratio	Units	0,12	0,13	0,15	0,11
Net Financial Indebtedness Ratio	Units	0,22	2,48	4,15	1,02
CORRELATION
Fixed assets ratio	Units	0,48	0,46	0,38	1,19
Current ratio	Units	0,77	0,77	0,63	1,24
Acid Test Ratio-Liquidity Ratio	Units	0,63	0,63	0,48	0,82
Structure's primary quotient	Units	0,25	0,20	0,12	0,68
Treasury's primary quotient	Units	0,00	0,01	0,00	0,01
Rate of indebtedness ( Leverage )	%	768,30	1046,98	1415,82	568,80
Current Capital ( net )	Value	-200.760.364	-254.059.810	-364.995.706	95.700
RETURN
Return on Sales	%	6,80	8,61	7,65	2,07
Return on Equity - Net- ( R.O.E. )	%	14,92	33,81	17,31	5,84
Return on Equity - Gross - ( R.O.E. )	%	38,82	59,74	35,24	11,79
Return on Investment ( R.O.I. )	%	11,66	7,27	4,97	3,78
Return/ Sales	%	6,26	5,16	3,63	2,84
Extra Management revenues/charges incid.	%	16,65	44,41	24,58	18,34
Cash Flow	Value	178.318.630	198.203.327	153.308.295	112.127
Operating Profit	Value	164.264.792	118.767.317	72.704.638	119.829
Gross Operating Margin	Value	350.219.722	308.751.311	233.420.719	176.957
MANAGEMENT
Credits to clients average term	Days	3,97	66,77	63,18	109,81
Debts to suppliers average term	Days	155,96	147,24	144,55	117,92
Average stock waiting period	Days	17,89	24,20	26,12	58,14
Rate of capital employed return ( Turnover )	Units	1,86	1,41	1,37	1,22
Rate of stock return	Units	20,12	14,87	13,78	4,89
Labour cost incidence	%	10,34	10,60	11,84	18,45
Net financial revenues/ charges incidence	%	-1,27	-1,04	-1,42	-1,20
Labour cost on purchasing expenses	%	10,76	10,70	11,89	19,22
Short-term financing charges	%	3,85	2,74	2,86	2,62
Capital on hand	%	53,71	70,94	72,93	81,69
Sales pro employee	Value	502.649	301.846	270.310	192.505
Labour cost pro employee	Value	51.949	32.000	32.000	29.904

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	:	2.236.941
Population living in the region	:	4.330.172
Number of families in the region	:	1.889.207

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

- per food products	:	429
- per non food products	:	1.789
- per energy consume	:	135

Sector Data

The values are calculated on a base of 92 significant companies.

The companies cash their credits on an average of 110 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,07%.

The labour cost affects the turnover in the measure of 18,45%.

Goods are held in stock in a range of 58 dd.

The difference between the sales volume and the resources used to realize it is about 1,22.

The employees costs represent the 19,22% 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 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.11
UK Pound	1	Rs.99.50
Euro	1	Rs.74.24

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.