MIRA INFORM REPORT

Report No. :	346475
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	R C 18 IMPORT-EXPORT GIANNI CACACE S.P. A.
Registered Office :	Interporto Lotto H Blocco D, 8/12 Boscofangone 80035 – Nola (NA) – IT
Country :	Italy
Financials (as on) :	31.12.2012
Date of Incorporation :	05.02.1982
Legal Form :	Joint stock company
Line of Business :	Wholesale of textile products Wholesale of shirts, underwear and similars
No. of Employees :	From 16 to 25

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
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 & address

R C 18 Import-export Gianni Cacace S.p. A.

Interporto Lotto H Blocco D,

8/12 Boscofangone

80035

- Nola

(NA)

-IT-

Summary

Fiscal Code	:	00703780635
Legal Form	:	Joint stock company
start of Activities	:	05/02/1982
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 16 to 25

Activity

Wholesale of textile products

Wholesale of shirts, underwear and similars

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00703780635

Foreign Trade Reg. no. : NA005549 since 19/02/1992

Foreign Trade Reg. no. : 5549 of Napoli since 19/02/1992

Chamber of Commerce no. : 153317 of Ancona

Chamber of Commerce no. : 117532 of L'Aquila

Chamber of Commerce no. : 416853 of Bari

Chamber of Commerce no. : 390139 of Bergamo

Chamber of Commerce no. : 188274 of Biella

Chamber of Commerce no. : 113595 of Benevento

Chamber of Commerce no. : 448024 of Bologna

Chamber of Commerce no. : 116052 of Brindisi

Chamber of Commerce no. : 111367 of Campobasso

Chamber of Commerce no. : 202917 of Caserta

Chamber of Commerce no. : 319864 of Catania

Chamber of Commerce no. : 205907 of Foggia

Chamber of Commerce no. : 303473 of Forli'

Chamber of Commerce no. : 126236 of Frosinone

Chamber of Commerce no. : 379228 of Genova

Chamber of Commerce no. : 289857 of Lecco

Chamber of Commerce no. : 1464312 of Lodi

Chamber of Commerce no. : 152239 of Latina

Chamber of Commerce no. : 1552586 of Monza e Brianza

Chamber of Commerce no. : 1552586 of Milano

Chamber of Commerce no. : 286984 of Modena

Chamber of Commerce no. : 295564 of Napoli since 22/05/1976

Chamber of Commerce no. : 282576 of Palermo

Chamber of Commerce no. : 388401 of Padova

Chamber of Commerce no. : 91892 of Pescara

Chamber of Commerce no. : 133055 of Pisa

Chamber of Commerce no. : 91348 of Pordenone

Chamber of Commerce no. : 164999 of Pistoia

Chamber of Commerce no. : 59647 of Rieti

Chamber of Commerce no. : 806561 of Roma

Chamber of Commerce no. : 141399 of Rovigo

Chamber of Commerce no. : 338830 of Salerno

Chamber of Commerce no. : 165444 of Taranto

Chamber of Commerce no. : 95344 of Terni

Chamber of Commerce no. : 129236 of Trieste

Chamber of Commerce no. : 265352 of Udine

Chamber of Commerce no. : 273787 of Udine

Chamber of Commerce no. : 351144 of Venezia

Chamber of Commerce no. : 256608 of Vicenza

Chamber of Commerce no. : 114718 of Viterbo

Firms' Register : NA049-1974-1961B of Napoli since 14/02/1996

V.A.T. Code : 03190251219

R. E. C. no. : D070960 of Napoli since 05/02/1982

Tribunal Co. Register : 196174 of

Foundation date	: 02/10/1974
Establishment date	: 02/10/1974
Start of Activities	: 05/02/1982
Legal duration	: 31/12/2050
Nominal Capital	: 4.530.713
Subscribed Capital	: 4.530.713
Paid up Capital	: 4.530.713

Legal mail :

INFO@PEC.RC18.IT

Members

Cacace

Giovanni

Born in Napoli

(NA)

on 16/01/1932

- Fiscal Code : CCCGNN32A16F839V

Residence:

Francesco Petrarca

, 205

- 80122

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2011
Sole Director	29/04/2014

No Prejudicial events are reported

No Protests registered

Cacace

Raffaele

Born in Napoli

(NA)

on 25/06/1959

- Fiscal Code : CCCRFL59H25F839Z

Residence:

Nevio

, 102/C

- 80122

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

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.

Cacace

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
INDUSTRIA TESSILE C 40 MODA CASA GIANNICACACE SPA	Napoli - IT -	01813660634	Sole Director	Active	Registered
C C P - 90 S.R.L.	Napoli (NA) - IT -	05966580630	Partner	Withdrawn	Registered
C C P - 90 S.R.L.	Napoli (NA) - IT -	05966580630	Liquidator	Withdrawn	Registered
Cis Shopping S.r.l.	Napoli (NA) - IT -	06359220636	Managing Director	Active	Registered
Cis Shopping S.r.l.	Napoli (NA) - IT -	06359220636	Board Chairman	Active	Registered
Cis - Centro Ingrosso Sviluppo CampaniaGianni Nappi - S.p.a. In Forma Abbreviat	Napoli (NA) - IT -	01316130630	Director	Withdrawn	Registered
Cisfi S.p.a.	Napoli (NA) - IT -	05425180634	Director	Withdrawn	Registered
Cisfi S.p.a.	Napoli (NA) - IT -	05425180634	Board Chairman	Withdrawn	Registered
Interporto Campano S.p.a.	Napoli (NA) - IT -	05463270636	Director	Active	Registered
Interporto Campano S.p.a.	Napoli (NA) - IT -	05463270636	Assistant board Chairman	Active	Registered
Interporto Campano S.p.a.	Napoli (NA) - IT -	05463270636	Memb.of the Executive Committee	Withdrawn	Registered
Netlog S.r.l.	Napoli (NA) - IT -	07608970633	Director	Withdrawn	Ceased
Banca Popolare Di Sviluppo - Societa' Cooperativa Per Azioni In Forma Abbrevia	Napoli (NA) - IT -	07634270636	Director	Withdrawn	Registered
G.C.E.D. S.A.S. DI RAFFAELE CACACE eamp; C.	NAPOLI - IT -	01811240637	Limited Partner	Active	Registered
Vulcano S.p.a.	Napoli (NA) - IT -	07774460633	Director	Active	Registered
Vulcano S.p.a.	Napoli (NA) - IT -	07774460633	Assistant board Chairman	Active	Registered
Vulcano S.p.a.	Napoli (NA) - IT -	07774460633	Memb.of the Executive Committee	Withdrawn	Registered
Nola Reefer Terminal S.r.l.	Nola (NA) - IT -	05168211216	Board Chairman	Withdrawn	Registered
Interporto Servizi Cargo S.p.a.	Napoli (NA) - IT -	06285251218	Director	Withdrawn	Registered
T.i.n. - Terminal Intermodale Nola S.p.a.	Napoli (NA) - IT -	07489470638	Director	Active	Registered
T.i.n. - Terminal Intermodale Nola S.p.a.	Napoli (NA) - IT -	07489470638	Board Chairman	Active	Registered
IMPORT EXPORT R C 18 GIANNI CACACE S.P.A.	Napoli (NA) - IT -	01813680632	Liquidator	Withdrawn	Registered
"HOLDINGS CORPORATION ITAL-CHINA S.R.L.	Napoli (NA) - IT -	05546680637	Liquidator	Withdrawn	Registered
Interporto Communications S.r.l.	Napoli (NA) - IT -	05483491212	Director	Withdrawn	Registered
Isc Intermodal S.r.l.	Napoli (NA) - IT -	06784951219	Director	Withdrawn	Registered

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

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Cacace Patrizia	Napoli - IT -	CCCPRZ60R41F839F	724.908 .Eur	15,99
Cacace Antonella	Napoli - IT -	CCCNNL62M70F839R	724.908 .Eur	15,99
Cacace Carmen	Napoli - IT -	CCCCMN57L58F839L	724.908 .Eur	15,99
Cacace Raffaele	Napoli - IT -	CCCRFL59H25F839Z	2.355.983 .Eur	51,99

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
Cis - Centro Ingrosso Sviluppo Campania Gianni Nappi - S.p.a. In Forma Abbreviat	Napoli - IT -	01316130630	163.238 .Eur	0,62			Active
Cisfi S.p.a.	Napoli - IT -	05425180634	46.485 .Eur	0,08			Active
Consorzio Del Centro Commerciale Collefe Rro	Colleferro - IT -	04724011004					Active
Consorzio Degli Operatori Del Centro Com Merciale Roma Est	Roma - IT -	09022701008					Active
Consorzio Operatori Bari San Paolo		06229510729					Active
Consorzio Operatori Centro Commerciale T Orrenova - Dima Shopping Torrenova, Od A	Roma - IT -	09239101000					Active
Consorzio Operatori Centro Commerciale B Ufalotta - Dima Shopping Bufalotta, O An	Roma - IT -	08760761000					Active
Consorzio Centro Commerciale Buonvento	Benevento - IT -	01351060627					Active

Firm's location and structure

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

-

Legal and operative seat

since 05/02/1982

Interporto Lotto H Blocco D

, 8/12

- 80035

- Nola

(NA)

- IT -

PHONE

: 081/5108005

Legal mail

: INFO@PEC.RC18.IT

-

Branch

since 08/11/2001

Cis Nola Is1

, 156

- 80035

- Nola

(NA)

- IT -

-

Branch

(Warehouse)

since 10/05/2007

Interporto Di Nola

- 80035

- Nola

(NA)

- IT -

-

Branch

(Wholesale store)

since 05/02/1982

Ludovico Bianchini

, 31

- 80100

- Napoli

(NA)

- IT -

-

Branch

(Shop)

since 12/05/1998

Dell'asse Attrezzato - Le Lame

, SNC

- 03100

- Frosinone

(FR)

- IT -

Trading Style: RE SOLE

Total Surface: 244 Sq.mt.

Employees

: 18

Fittings and Equipment for a value of 240.000

Eur

Stocks for a value of 2.950.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own sales net-work

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Import comes generally from the following nations:

- Italy

Export is mainly towards:

- Italy

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Joint stock company	Limited liability company
Limited liability company	Joint stock company	18/10/1990

CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

Industria Tessile C40 Moda Casa Gianni S

, NAPOLI

- IT -

Date

:

11/12/1995

The firm absorved

G.C.E.D. S.A.S. DI RAFFAELE CACACE eamp; C.

, NAPOLI

- IT -

Fiscal Code: 01811240637

Date

:

11/12/1995

The firm absorbed by merging of

G.C.E.D. S.A.S. DI RAFFAELE CACACE eamp; C.

, NAPOLI

- IT -

Fiscal Code: 01811240637

Date

:

11/12/1995

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result:

Prejudicial Events found with cancellations*

Legal Mortgage on 19/06/2009. for an amount of 167.476 Euro. Event writing-off

 GEST LINE S. P. A.

Search performed on a specialized data base.

*Concerns also partially erased events.

Legal Procedures

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

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA MONTE DEI PASCHI DI SIENA S.P.A.	NOLA	C/O CENTRO INGROSSO SVILUPPO CAMPAN	80035	Nola (NA)	1030	40021

Financial Data

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	14.506.244
Profit (Loss) for the period	-4.207.369

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	15.667.204
Profit (Loss) for the period	-2.457.727

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	17.300.136
Profit (Loss) for the period	-1.516.910

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	18.141.426
Profit (Loss) for the period	-1.229.547

Complete balance-sheet for the year

al 31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	16.589.254
Profit (Loss) for the period	-1.077.352

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 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

Years

2012

2011

2010

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	304.860	418.476	506.389
. . Research,develop. and advert.expens.	21.197	38.202	51.708
. . Industrial patent rights	4.799	2	714
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	253.480	279.667	277.719
. Total Intangible Fixed Assets	584.336	736.347	836.530
. TANGIBLE FIXED ASSETS
. . Real estate	10.615	12.402	14.189
. . Plant and machinery	239.300	364.025	487.960
. . Industrial and commercial equipment
. . Other assets	138.571	198.616	276.601
. . Assets under construction and advances
. Total Tangible fixed assets	388.486	575.043	778.750
. FINANCIAL FIXED ASSETS
. . Equity investments	358.472	358.472	358.472
. . . Equity invest. in subsidiary companies	269.062	269.062	269.062
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	89.410	89.410	89.410
. . Financial receivables	55.694	55.694	55.694
. . . . Within 12 months
. . . . Beyond 12 months	55.694	55.694	55.694
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	55.694	55.694	55.694
. . . . Within 12 months
. . . . Beyond 12 months	55.694	55.694	55.694
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	414.166	414.166	414.166
Total fixed assets	1.386.988	1.725.556	2.029.446
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	2.949.808	3.801.575	3.427.849
. . Advance payments
. Total Inventories	2.949.808	3.801.575	3.427.849
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	375.853	116.481	393.801
. . Beyond 12 months
. . Trade receivables	81.042	1.630	64.050
. . . . Within 12 months	81.042	1.630	64.050
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	130.201	98.739	226.293
. . . . Within 12 months	130.201	98.739	226.293
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	164.610	16.112	103.458
. . . . Within 12 months	164.610	16.112	103.458
. . . . Beyond 12 months
. Total Credits not held as fixed assets	375.853	116.481	393.801
. 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	1.719.678	2.112.484	3.428.255
. . Checks
. . Banknotes and coins	647.381	253.374	233.808
. Total Liquid funds	2.367.059	2.365.858	3.662.063
Total current assets	5.692.720	6.283.914	7.483.713
ADJUSTMENT ACCOUNTS
. Discount on loans	4.597.085	5.120.396	5.662.017
. Other adjustment accounts
Total adjustments accounts	4.597.085	5.120.396	5.662.017
TOTAL ASSETS	11.676.793	13.129.866	15.175.176
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	7.148.716	7.148.716	7.148.716
. Additional paid-in capital
. Revaluation reserves
. Legal reserve			298.032
. Reserve for Own shares
. Statute reserves
. Other reserves	9.500.000
. Accumulated Profits (Losses)	-3.133.373	-675.646	543.232
. Profit( loss) of the year	-4.207.369	-2.457.727	-1.516.910
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	9.307.974	4.015.343	6.473.070
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed			333.638
. . Other funds
Total Reserves for Risks and Charges			333.638
Employee termination indemnities	425.881	377.680	342.658
ACCOUNTS PAYABLE
. . . . Within 12 months	1.866.308	2.001.333	2.871.102
. . . . Beyond 12 months	48.739	6.702.830	5.117.240
. . 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	52.491	6.556.115	5.059.542
. . . . Within 12 months	3.752		3.422
. . . . Beyond 12 months	48.739	6.556.115	5.056.120
. . Advances from customers	4.547	2.876	3.304
. . . . Within 12 months	4.547	2.876	3.304
. . . . Beyond 12 months
. . Trade payables	1.064.111	1.673.923	2.261.808
. . . . Within 12 months	1.064.111	1.673.923	2.261.808
. . . . 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	231.794	86.174	265.832
. . . . Within 12 months	231.794	86.174	265.832
. . . . Beyond 12 months
. . Due to social security and welfare inst.	133.299	160.997	166.753
. . . . Within 12 months	133.299	160.997	166.753
. . . . Beyond 12 months
. . Other payables	428.805	224.078	231.103
. . . . Within 12 months	428.805	77.363	169.983
. . . . Beyond 12 months		146.715	61.120
Total accounts payable	1.915.047	8.704.163	7.988.342
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	27.891	32.680	37.468
Total adjustment accounts	27.891	32.680	37.468
TOTAL LIABILITIES	11.676.793	13.129.866	15.175.176

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	1.194.255	1.692.256
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	14.506.244	15.667.204	17.300.136
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	105.500	74.451	130.788
. . Contributions for operating expenses
. . Different income and revenues	105.500	74.451	130.788
Total value of production	14.611.744	15.741.655	17.430.924
PRODUCTION COSTS
. Raw material,other materials and consum.	4.563.737	5.918.708	6.016.291
. Services received
. Leases and rentals	9.214.085	10.745.495	10.859.972
. Payroll and related costs	3.369.813	1.382.554	1.425.938
. . Wages and salaries	2.305.920	667.848	675.409
. . Social security contributions	889.137	639.570	674.112
. . Employee termination indemnities	162.931	59.369	62.608
. . Pension and similar
. . Other costs	11.825	15.767	13.809
. Amortization and depreciation	403.026	412.741	463.084
. . Amortization of intangible fixed assets	161.808	154.908	153.599
. . Amortization of tangible fixed assets	241.218	257.833	309.485
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	851.767	-373.726	-324.117
. Provisions to risk reserves
. Other provisions
. Other operating costs	321.769	282.719	425.026
Total production costs	18.724.197	18.368.491	18.866.194
Diff. between value and cost of product.	-4.112.453	-2.626.836	-1.435.270
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	50.855	22.594	12.718
. . 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	50.855	22.594	12.718
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	50.855	22.594	12.718
. Interest and other financial expense	-8.281	-10.963	-22.880
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	8.281	10.963	22.880
Total financial income and expense	42.574	11.631	-10.162
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	115.730	334.611	321.296
. . Gains on disposals
. . Other extraordinary income	115.730	334.611	321.296
. Extraordinary expense	-253.220	-131.017	-271.634
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-253.220	-131.017	-271.634
Total extraordinary income and expense	-137.490	203.594	49.662
Results before income taxes	-4.207.369	-2.411.611	-1.395.770
. Taxes on current income		46.116	121.140
. . current taxes		46.116	121.140
. . differed taxes(anticip.)
. Net income for the period	-4.207.369	-2.457.727	-1.516.910
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-4.207.369	-2.457.727	-1.516.910

Ratios

RATIOS	Value Type	as at 31/12/2012	as at 31/12/2011	as at 31/12/2010	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,12	0,13	0,13	0,09
Elasticity Ratio	Units	0,49	0,48	0,49	0,89
Availability of stock	Units	0,25	0,29	0,23	0,26
Total Liquidity Ratio	Units	0,23	0,19	0,27	0,54
Quick Ratio	Units	0,20	0,18	0,24	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	n.c.	3,95
Self Financing Ratio	Units	0,80	0,31	0,43	0,17
Capital protection Ratio	Units	0,68	-0,17	0,13	0,62
Liabilities consolidation quotient	Units	0,25	3,54	1,90	0,10
Financing	Units	0,21	2,17	1,23	4,85
Permanent Indebtedness Ratio	Units	0,84	0,85	0,79	0,29
M/L term Debts Ratio	Units	0,04	0,54	0,36	0,07
Net Financial Indebtedness Ratio	Units	0,00	1,04	0,22	1,04
CORRELATION
Fixed assets ratio	Units	7,05	6,43	5,88	2,37
Current ratio	Units	3,05	3,14	2,61	1,18
Acid Test Ratio-Liquidity Ratio	Units	1,47	1,24	1,41	0,80
Structure's primary quotient	Units	6,71	2,33	3,19	1,48
Treasury's primary quotient	Units	1,27	1,18	1,28	0,04
Rate of indebtedness ( Leverage )	%	125,45	326,99	234,44	602,26
Current Capital ( net )	Value	3.826.412	4.282.581	4.612.611	191.984
RETURN
Return on Sales	%	-26,23	-13,05	-6,09	2,03
Return on Equity - Net- ( R.O.E. )	%	-45,20	-61,21	-23,43	6,31
Return on Equity - Gross - ( R.O.E. )	%	-45,20	-60,06	-21,56	17,00
Return on Investment ( R.O.I. )	%	-35,22	-20,01	-9,46	4,18
Return/ Sales	%	-28,35	-16,77	-8,30	3,46
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	27,96
Cash Flow	Value	-3.804.343	-2.044.986	-1.053.826	44.823
Operating Profit	Value	-4.112.453	-2.626.836	-1.435.270	74.603
Gross Operating Margin	Value	-3.709.427	-2.214.095	-972.186	111.383
MANAGEMENT
Credits to clients average term	Days	2,01	0,04	1,33	113,70
Debts to suppliers average term	Days	27,80	36,16	48,25	118,14
Average stock waiting period	Days	73,21	87,35	71,33	72,90
Rate of capital employed return ( Turnover )	Units	1,24	1,19	1,14	1,25
Rate of stock return	Units	4,92	4,12	5,05	4,88
Labour cost incidence	%	23,23	8,82	8,24	8,14
Net financial revenues/ charges incidence	%	0,29	0,07	-0,06	-1,38
Labour cost on purchasing expenses	%	18,00	7,53	7,56	8,25
Short-term financing charges	%	0,43	0,13	0,29	2,76
Capital on hand	%	80,49	83,80	87,72	79,85
Sales pro employee	Value	138.154	364.353	393.184	397.742
Labour cost pro employee	Value	32.093	32.152	32.407	33.267

Market / Territory Data

Population living in the province	:	3.092.859
Population living in the region	:	5.788.986
Number of families in the region	:	1.966.064

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

- per food products	:	475
- per non food products	:	1.304
- per energy consume	:	79

Sector Data

The values are calculated on a base of 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered remarkably risky.

In the region 80.616 protested subjects are found; in the province they count to 41.815.

The insolvency index for the region is 1,40, , while for the province it is 1,36.

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.88
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	DPT

RATING EXPLANATIONS

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

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

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

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

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