MIRA INFORM REPORT

Report No. :	339830
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	FEN - FOOD ENTERPRISE S.P.A.
Registered Office :	VIA ALFIERI, 1 31015 - CONEGLIANO (TV)
Country :	ITALY
Financials (as on) :	31.12.2014
Date of Incorporation :	15.03.1991
Legal Form :	Joint stock company
Line of Business :	Manufacture of machinery for the food, beverage and tobacco industries
No. of Employee :	from 51 to 70

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Company is Ceased
Payment Behaviour :	--
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

FEN - FOOD ENTERPRISE S.P.A.

VIA ALFIERI, 1

31015 - CONEGLIANO (TV) -IT-

Summary

Fiscal Code	:	02284770266
Legal Form	:	Joint stock company
start of Activities	:	15/03/1991
Equity	:	2.500.000
Turnover Range	:	15.500.000/18.000.000
Number of Employees	:	from 51 to 70
Firm's Status	:	Ceased

Activity

Manufacture of machinery for the food, beverage and tobacco industries

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02284770266

Foreign Trade Reg. no. : 14159 of Treviso since 23/12/1991

Foreign Trade Reg. no. : 014159 of Treviso since 23/12/1991

Chamber of Commerce no. : 230768 of Padova since 11/11/1996

Chamber of Commerce no. : 200228 of Treviso since 25/01/1991

Firms' Register : TV086-31274 of Treviso since 19/02/1996

V.A.T. Code : 02565420243

Tribunal Co. Register : 31274 of since 18/01/1991

Foundation date	: 23/11/1990
Establishment date	: 23/11/1990
Start of Activities	: 15/03/1991
Legal duration	: 31/12/2100
Nominal Capital	: 1.032.914
Subscribed Capital	: 189.049
Paid up Capital	: 189.049

Members

Papotto

Giuseppe

Born in Firenze

(FI)

on 15/07/1941

- Fiscal Code : PPTGPP41L15D612E

Position	Since	Shares Amount	% Ownership
Director	25/03/1996

Marchi

Enrico

Born in Sernaglia della Battaglia

(TV)

on 06/04/1956

- Fiscal Code : MRCNRC56D06I635N

Residence:

Alfieri

, 1

- 31015

Conegliano

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Assistant board Chairman	25/03/1996

No Prejudicial events are reported

No Protests registered

Baggio

Dario Giovanni

Born in Bassano del Grappa

(VI)

on 09/07/1970

- Fiscal Code : BGGDGV70L09A703W

Residence:

Ca' Diedo,

, 57

- 36027

Rosa'

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/03/1996

Baggio

Gianni

Born in Bassano del Grappa

(VI)

on 03/07/1972

- Fiscal Code : BGGGNN72L03A703K

Residence:

Ca' Diedo,

, 57

- 36027

Rosa'

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/03/1996

Ismec S.r.l.

:

Rossano

, 42

- 36056

Tezze sul Brenta

(VI)

- 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.

Marchi

Enrico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Finitalia Investimenti S.r.l.	Conegliano (TV) - IT -	00421850934	Sole Director	Withdrawn	Registered
Officine Meccaniche Specializzate GarbuiO- S.p.a.	Silea (TV) - IT -	01468000268	Chairman	Withdrawn	Registered
In Leasing S.p.a.	Conegliano (TV) - IT -	01544920265	Sole Director	Withdrawn	Ceased
In Leasing S.p.a.	Conegliano (TV) - IT -	01544920265	Person in charge	Withdrawn	Ceased
Societa' Agricola Ca' Bolzan A R.l.	Venezia (VE) - IT -	01882890260	Director	Withdrawn	Registered
Societa' Agricola Ca' Bolzan A R.l.	Venezia (VE) - IT -	01882890260	Board Chairman	Withdrawn	Registered
Garbuio S.p.a.	Paese (TV) - IT -	00873800262	Director	Withdrawn	Registered
Garbuio S.p.a.	Paese (TV) - IT -	00873800262	Director	Withdrawn	Registered
Incipit Holding S.r.l.	Milano (MI) - IT -	07916690154	Director	Withdrawn	Registered
Marchi Giovanni E C. - S.r.l.	Conegliano (TV) - IT -	00469210264	Sole Director	Active	Registered
Marchi Giovanni E C. - S.r.l.	Conegliano (TV) - IT -	00469210264	Sole partner	Withdrawn	Registered
Pineta Mare Lignano S.p.a.	Treviso (TV) - IT -	00643200272	Director	Active	Registered
Pineta Mare Lignano S.p.a.	Treviso (TV) - IT -	00643200272	Board Chairman	Active	Registered
Agricola Altinia S.r.l.	Venezia (VE) - IT -	00635850274	Sole Director	Withdrawn	Ceased
Aeroporto Di Treviso S.p.a. In Breve Aertre S.p.a.	Treviso (TV) - IT -	01899350266	Director	Withdrawn	Registered
Archimede 3 S.r.l.	Venezia (VE) - IT -	01904110267	Sole Director	Active	Registered
Societa' Delle Autostrade Serenissima S.p.a.	Venezia (VE) - IT -	00337020275	Director	Withdrawn	Registered
Societa' Delle Autostrade Serenissima S.p.a.	Venezia (VE) - IT -	00337020275	Director	Withdrawn	Registered
Abbacus - Commerciale Finanziaria - Societa' Per Azioni In Forma Abbreviata: Abb	Conegliano (TV) - IT -	01538540137	Director	Active	Registered
Abbacus - Commerciale Finanziaria - Societa' Per Azioni In Forma Abbreviata: Abb	Conegliano (TV) - IT -	01538540137	Managing Director	Active	Registered
Abbacus - Commerciale Finanziaria - Societa' Per Azioni In Forma Abbreviata: Abb	Conegliano (TV) - IT -	01538540137	Board Chairman	Active	Registered
Agenzia Italia S.p.a.	Conegliano (TV) - IT -	01932080268	Director	Withdrawn	Registered
Agenzia Italia S.p.a.	Conegliano (TV) - IT -	01932080268	Managing Director	Withdrawn	Registered
Eurholding S.p.a.	Conegliano (TV) - IT -	01967640267	Director	Withdrawn	Registered
Eurholding S.p.a.	Conegliano (TV) - IT -	01967640267	Managing Director	Withdrawn	Registered
Sipi Investimenti S.p.a.	Conegliano (TV) - IT -	00864080262	Director	Withdrawn	Registered
Aeroporto S.r.l.	Conegliano (TV) - IT -	03291090268	Director	Withdrawn	Ceased
Aeroporto S.r.l.	Conegliano (TV) - IT -	03291090268	Managing Director	Withdrawn	Ceased
Aeroporto S.r.l.	Conegliano (TV) - IT -	03291090268	Board Chairman	Withdrawn	Ceased
Marco Polo Holding S.r.l.	Conegliano (TV) - IT -	02189560275	Director	Active	Registered
Marco Polo Holding S.r.l.	Conegliano (TV) - IT -	02189560275	Managing Director	Withdrawn	Registered
Marco Polo Holding S.r.l.	Conegliano (TV) - IT -	02189560275	Board Chairman	Withdrawn	Registered
Save Engineering S.r.l.	Venezia (VE) - IT -	02462750270	Director	Withdrawn	Registered
Save Engineering S.r.l.	Venezia (VE) - IT -	02462750270	Board Chairman	Withdrawn	Registered
Sipi - Societa' Italiana PartecipazioneEd Investimenti S.r.l.	Conegliano (TV) - IT -	01760340263	Director	Withdrawn	Ceased
Sipi - Societa' Italiana PartecipazioneEd Investimenti S.r.l.	Conegliano (TV) - IT -	01760340263	Sole Director	Withdrawn	Ceased
Futura S.r.l.	Conegliano (TV) - IT -	02314200268	Sole Director	Withdrawn	Ceased
INIZIATIVE IMMOBILIARI - INIM. S.R.L.	Treviso (BO) - IT -	03820890378	Sole Director	Withdrawn	Registered
Finanziaria Internazionale Securitisation Group S.p.a.	Conegliano (TV) - IT -	00508480340	Director	Active	Registered
Finanziaria Internazionale Securitisation Group S.p.a.	Conegliano (TV) - IT -	00508480340	Managing Director	Withdrawn	Registered
COLLE LUNGO - S.R.L.	Monopoli (TV) - IT -	00147790539	Sole Director	Withdrawn	Registered
Venezia Terminal Passeggeri S.p.a.	Venezia (VE) - IT -	02983680279	Director	Withdrawn	Registered
Nordest Avio Spa	Roma (RM) - IT -	02186410276	Director	Withdrawn	Ceased
Agora' Investimenti S.p.a.	Conegliano (TV) - IT -	03411340262	Director	Active	Registered
Sipi Corporate Finance Srl	Conegliano (TV) - IT -	03491490268	Sole Director	Withdrawn	Registered
CERAMICA DELLE PUGLIE - S.R.L.	Monopoli (BA) - IT -	00260840723	Sole Director	Withdrawn	Registered
U.f.h. Partecipazioni Spa	Conegliano (TV) - IT -	03590750265	Director	Withdrawn	Ceased
U.f.h. Partecipazioni Spa	Conegliano (TV) - IT -	03590750265	Managing Director	Withdrawn	Ceased
In Leasing Partecipazioni Spa	Conegliano (TV) - IT -	03590760264	Director	Withdrawn	Ceased
In Leasing Partecipazioni Spa	Conegliano (TV) - IT -	03590760264	Managing Director	Withdrawn	Ceased
Finleasing Partecipazioni Spa	Conegliano (TV) - IT -	03590730267	Director	Withdrawn	Ceased
Airest S.r.l.	Marcon (VE) - IT -	03254780277	Director	Withdrawn	Merged
Airest S.r.l.	Marcon (VE) - IT -	03254780277	Director	Withdrawn	Merged
Airest S.r.l.	Marcon (VE) - IT -	03254780277	Board Chairman	Withdrawn	Merged
Generaleasing S.p.a.	Trento (TN) - IT -	00366880227	Board Chairman	Withdrawn	Ceased
V.i.s. - Veneta Investimenti Sviluppo -S.r.l.	Conegliano (TV) - IT -	00765890264	Sole Director	Withdrawn	Ceased
Sipi Servizi S.r.l.	Conegliano (TV) - IT -	01823860265	Managing Director	Withdrawn	Ceased
Centostazioni S.p.a.	Roma (RM) - IT -	06473791009	Director	Withdrawn	Registered
Triveneto Sicurezza S.r.l.	Venezia (VE) - IT -	03292850272	Procurator	Withdrawn	Registered
Save S.p.a.	Venezia (VE) - IT -	02193960271	Director	Active	Registered
Save S.p.a.	Venezia (VE) - IT -	02193960271	Managing Director	Withdrawn	Registered
Save S.p.a.	Venezia (VE) - IT -	02193960271	Board Chairman	Active	Registered
Archimede 1 S.p.a.	Venezia (VE) - IT -	03339740270	Director	Active	Registered
Archimede 1 S.p.a.	Venezia (VE) - IT -	03339740270	Board Chairman	Active	Registered
Blue Flame S.r.l.	Conegliano (TV) - IT -	04184510263	Director	Withdrawn	Registered
Banca Antonveneta S.p.a.	Padova (PD) - IT -	04300140284	Director	Withdrawn	Registered
Banca Antonveneta S.p.a.	Padova (PD) - IT -	04300140284	Assistant board Chairman	Withdrawn	Registered
Vin Veneto Di Toffolo Annibale E C. - S.a.s.	Treviso (TV) - IT -	00606400265	Limited Partner	Withdrawn	Registered
La Piazza Di Spagna S.r.l. In Liquidazione	Fiumicino (RM) - IT -	07754621006	Director	Withdrawn	Ceased
Sviluppo 49 S.r.l.	Conegliano (TV) - IT -	03758030260	Sole Director	Withdrawn	Ceased
Marco Polo Holding S.r.l.	Venezia (VE) - IT -	03573100272	Director	Withdrawn	Ceased
Ferak Spa	Vicenza (VI) - IT -	03833420262	Director	Active	Registered
Finanziaria Internazionale Holding S.p.a.	Conegliano (TV) - IT -	01130140260	Director	Active	Registered
Finanziaria Internazionale Holding S.p.a.	Conegliano (TV) - IT -	01130140260	Managing Director	Active	Registered
Finanziaria Internazionale Holding S.p.a.	Conegliano (TV) - IT -	01130140260	Board Chairman	Active	Registered
Finint S.p.a.	Conegliano (TV) - IT -	04310560265	Director	Active	Registered
Finint S.p.a.	Conegliano (TV) - IT -	04310560265	Managing Director	Active	Registered
Finint S.p.a.	Conegliano (TV) - IT -	04310560265	Board Chairman	Active	Registered
Neip Iii S.p.a.	Conegliano (TV) - IT -	04256590268	Director	Active	Registered
Neip Iii S.p.a.	Conegliano (TV) - IT -	04256590268	Board Chairman	Active	Registered
Banca Finanziaria Internazionale S.p.a.Breviter Banca Finint S.p.a.	Milano (MI) - IT -	04040580963	Director	Active	Registered
Banca Finanziaria Internazionale S.p.a.Breviter Banca Finint S.p.a.	Milano (MI) - IT -	04040580963	Board Chairman	Active	Registered
Airest S.p.a.	Marcon (VE) - IT -	04013810272	Director	Withdrawn	Registered
Airest S.p.a.	Marcon (VE) - IT -	04013810272	Board Chairman	Withdrawn	Registered
Venice Gateway S.r.l.	Venezia (VE) - IT -	04032300271	Director	Withdrawn	Registered
Venice Gateway S.r.l.	Venezia (VE) - IT -	04032300271	Board Chairman	Withdrawn	Registered
Maggio S.r.l.	Conegliano (TV) - IT -	04537740260	Sole Director	Active	Registered
Aprile S.r.l.	Conegliano (TV) - IT -	04454370265	Sole Director	Active	Registered
Societa' Agricola Save A R.l.	Venezia (VE) - IT -	04195300274	Director	Active	Registered
Societa' Agricola Save A R.l.	Venezia (VE) - IT -	04195300274	Board Chairman	Active	Registered
Demar S.r.l.	Conegliano (TV) - IT -	04669630263	Director	Active	Registered
Demar S.r.l.	Conegliano (TV) - IT -	04669630263	Managing 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
Baggio Gianni	Rosa' - IT -	BGGGNN72L03A703K	200 .Eur	0,20
Ismec S.r.l.	Tezze sul Brenta - IT -	01784810242	99.400 .Eur	99,40
Baggio Dario	Rosa' - IT -	BGGDRA70L09A703U	200 .Eur	0,20
Baggio Federica Irma	Bassano del Grappa - IT -	BGGFRC67A66A703A	200 .Eur	0,20

Firm's location and structure

-	Legal and operative seat

Alfieri

, 1

- 31015

- Conegliano

(TV)

- IT -

PHONE

: 0423755181

PHONE

: 04248687

FAX	: 0424868788

-

Branch

Alfieri

, 1

- 31015

- Conegliano

(TV)

- IT -

Employees

: 67

Assistants

: 3

Fittings and Equipment for a value of 190.000

Eur

Stocks for a value of 3.160.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	04/03/1991

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
F.E.N. Food Engineering Srl	FEN NEW FOOD ENGINEERING SpA	04/03/1991

CEASINGS/INCORPORATIONS/MERGES:

The firm is ceased.

Date

: 29/10/1996

The firm is ceased.

Date

: 11/11/1996

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 1991.

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 18,86% in 2014 and during the last financial year an increase in sales volume was registered (+21,29% in 2014).

The operating result in 2014 was positive (7,79%) and in line with the sector's average.

An operating result of Eur. 723.174 has been registered. rising (+63,52%) in relation to the previous year.

The G.O.M. amounted to Eur. 1.132.799 with a 51,35% increase as opposed to the preceding year.

The financial status of the company is fairly balanced with an indebtedness level of 2,58 with an improving trend as on the decrease.

The equity capital is equal to Eur. 2.188.795 , increasing by 34,95% if compared to the year before.

Total indebtedness totalled Eur. 6.876.670, , decreasing if compared to 2013 (-21,67%).

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lined up with the field's average.

It shows a good range of liquidity.

Credits are collected in 80,83 days on the average. , shorter than the sector's average.

Eur. 514.838 is the value of cash flow during the year 2014

Labour cost amounts to Eur. 2.163.465, with a 15,66% incidence on production costs. and a 13,52% incidence on sales volumes.

Limited financial charges in relation to sales volume.

The presence of detrimental items, apart from the financial-economic analysis, makes the company not suitable for business transactions on credit basis.

Financial Data

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	16.003.184
Profit (Loss) for the period	412.737

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	13.193.939
Profit (Loss) for the period	258.539

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	13.987.570
Profit (Loss) for the period	424.596

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	8.831.329
Profit (Loss) for the period	414.272

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	6.318.161
Profit (Loss) for the period	85.952

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
. . Research,develop. and advert.expens.
. . Industrial patent rights	31.869	14.137	11.602
. . Concessions,licenses,trademarks,etc.	8.671	9.878	11.084
. . Goodwill
. . Assets in formation and advance paymen.	157.912	101.574	54.336
. . Other intangible fixed assets	5.086	8.609	9.056
. Total Intangible Fixed Assets	203.538	134.198	86.078
. TANGIBLE FIXED ASSETS
. . Real estate	452.283	451.704	18.718
. . Plant and machinery	133.758	136.531	136.408
. . Industrial and commercial equipment	60.715	44.731	48.130
. . Other assets	103.362	111.613	124.161
. . Assets under construction and advances	15.858
. Total Tangible fixed assets	765.976	744.579	327.417
. FINANCIAL FIXED ASSETS
. . Equity investments	59	59	59
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	59	59	59
. . Financial receivables	8.126	7.691	7.236
. . . . Within 12 months
. . . . Beyond 12 months	8.126	7.691	7.236
. . . 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	8.126	7.691	7.236
. . . . Within 12 months
. . . . Beyond 12 months	8.126	7.691	7.236
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	8.185	7.750	7.295
Total fixed assets	977.699	886.527	420.790
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.039.032	1.024.098	734.356
. . Work in progress and semimanufactured	1.904.012	3.775.095	2.390.218
. . Work in progress on order
. . Finished goods	220.056	153.961	28.097
. . Advance payments
. Total Inventories	3.163.100	4.953.154	3.152.671
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.861.715	3.830.404	2.332.493
. . Beyond 12 months
. . Trade receivables	3.593.180	3.294.758	1.950.530
. . . . Within 12 months	3.593.180	3.294.758	1.950.530
. . . . 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.	113.587	309.185	45.796
. . . . Within 12 months	113.587	309.185	45.796
. . . . Beyond 12 months
. . Fiscal Receivables	56.165	125.768	79.464
. . . . Within 12 months	56.165	125.768	79.464
. . . . Beyond 12 months
. . Receivables for anticipated taxes	86.050	80.252	154.862
. . . . Within 12 months	86.050	80.252	154.862
. . . . Beyond 12 months
. . Receivables due from third parties	12.733	20.441	101.841
. . . . Within 12 months	12.733	20.441	101.841
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.861.715	3.830.404	2.332.493
. 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	1.214.832	871.982	2.725.075
. . Checks
. . Banknotes and coins	7.972	4.241	1.858
. Total Liquid funds	1.222.804	876.223	2.726.933
Total current assets	8.247.619	9.659.781	8.212.097
ADJUSTMENT ACCOUNTS
. Discount on loans	52.580	106.782	78.821
. Other adjustment accounts
Total adjustments accounts	52.580	106.782	78.821
TOTAL ASSETS	9.277.898	10.653.090	8.711.708
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	20.000	20.000	20.000
. Reserve for Own shares
. Statute reserves
. Other reserves	1.243.321	984.782	680.911
. Accumulated Profits (Losses)
. Profit( loss) of the year	825.474	517.078	849.192
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	2.188.795	1.621.860	1.650.103
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	312.909	242.533	513.841
Total Reserves for Risks and Charges	312.909	242.533	513.841
Employee termination indemnities	309.390	264.624	230.394
ACCOUNTS PAYABLE
. . . . Within 12 months	6.876.670	8.779.480	6.738.150
. . . . Beyond 12 months
. . 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	1.162.578	1.412.558	260.772
. . . . Within 12 months	1.162.578	1.412.558	260.772
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	1.838.260	2.795.744	1.783.887
. . . . Within 12 months	1.838.260	2.795.744	1.783.887
. . . . Beyond 12 months
. . Trade payables	3.100.689	3.854.359	3.642.919
. . . . Within 12 months	3.100.689	3.854.359	3.642.919
. . . . 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	204.568	203.921	403.489
. . . . Within 12 months	204.568	203.921	403.489
. . . . Beyond 12 months
. . Due to the tax authorities	117.177	99.404	268.919
. . . . Within 12 months	117.177	99.404	268.919
. . . . Beyond 12 months
. . Due to social security and welfare inst.	161.561	137.674	131.020
. . . . Within 12 months	161.561	137.674	131.020
. . . . Beyond 12 months
. . Other payables	291.837	275.820	247.144
. . . . Within 12 months	291.837	275.820	247.144
. . . . Beyond 12 months
Total accounts payable	6.876.670	8.779.480	6.738.150
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	2.871	3.132	3.816
Total adjustment accounts	2.871	3.132	3.816
TOTAL LIABILITIES	9.690.635	10.911.629	9.136.304

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	16.003.184	13.193.939	13.987.570
. Changes in work in progress	-1.804.988	1.510.741	1.688.799
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	343.184	584.583	405.575
. . Contributions for operating expenses
. . Different income and revenues	343.184	584.583	405.575
Total value of production	14.541.380	15.289.263	16.081.944
PRODUCTION COSTS
. Raw material,other materials and consum.	7.916.789	9.673.383	8.984.832
. Services received
. Leases and rentals	3.022.253	2.971.382	3.958.920
. Payroll and related costs	2.163.465	2.119.534	1.834.582
. . Wages and salaries	1.604.310	1.583.938	1.357.586
. . Social security contributions	463.112	452.738	399.373
. . Employee termination indemnities	96.043	82.858	77.623
. . Pension and similar
. . Other costs
. Amortization and depreciation	102.101	74.712	128.145
. . Amortization of intangible fixed assets	25.196	21.394	16.763
. . Amortization of tangible fixed assets	56.905	53.318	51.887
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	20.000		59.495
. Changes in raw materials	-14.934	-289.742	-14.139
. Provisions to risk reserves	307.524	231.508	425.954
. Other provisions
. Other operating costs	321.008	66.255	97.960
Total production costs	13.818.206	14.847.032	15.416.254
Diff. between value and cost of product.	723.174	442.231	665.690
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	10.002	27.473	36.140
. . 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	10.002	27.473	36.140
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	10.002	27.473	36.140
. Interest and other financial expense	-45.726	-30.421	-23.957
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies			-6.198
. . Towards other companies	45.726	30.421	23.957
Total financial income and expense	-35.724	-2.948	12.183
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			30.129
. . Gains on disposals
. . Other extraordinary income			30.129
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense			30.129
Results before income taxes	687.450	439.283	708.002
. Taxes on current income	274.713	180.744	283.406
. . current taxes	280.511	106.134	343.251
. . differed taxes(anticip.)	-5.798	74.610	-59.845
. Net income for the period	412.737	258.539	424.596
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	412.737	258.539	424.596

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	0,11	0,08	0,05	0,18
Elasticity Ratio	Units	0,89	0,91	0,94	0,80
Availability of stock	Units	0,34	0,46	0,36	0,24
Total Liquidity Ratio	Units	0,55	0,44	0,58	0,48
Quick Ratio	Units	0,13	0,08	0,31	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,58	4,87	2,43	3,25
Self Financing Ratio	Units	0,24	0,15	0,19	0,19
Capital protection Ratio	Units	0,58	0,62	0,42	0,63
Liabilities consolidation quotient	Units	0,04	0,03	0,03	0,19
Financing	Units	3,14	5,41	4,08	3,80
Permanent Indebtedness Ratio	Units	0,27	0,18	0,22	0,36
M/L term Debts Ratio	Units	0,03	0,02	0,03	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,33	0,00	0,63
CORRELATION
Fixed assets ratio	Units	2,56	2,13	4,47	1,75
Current ratio	Units	1,20	1,10	1,22	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,74	0,54	0,75	0,81
Structure's primary quotient	Units	2,24	1,83	3,92	1,03
Treasury's primary quotient	Units	0,18	0,10	0,40	0,06
Rate of indebtedness ( Leverage )	%	423,88	656,84	527,95	516,42
Current Capital ( net )	Value	1.370.949	880.301	1.473.947	422.465
RETURN
Return on Sales	%	3,22	2,53	3,95	3,35
Return on Equity - Net- ( R.O.E. )	%	18,86	15,94	25,73	5,13
Return on Equity - Gross - ( R.O.E. )	%	31,41	27,09	42,91	14,77
Return on Investment ( R.O.I. )	%	7,79	4,15	7,64	4,16
Return/ Sales	%	4,52	3,35	4,76	4,11
Extra Management revenues/charges incid.	%	57,07	58,46	63,78	28,57
Cash Flow	Value	514.838	333.251	552.741	122.482
Operating Profit	Value	723.174	442.231	665.690	144.752
Gross Operating Margin	Value	1.132.799	748.451	1.219.789	241.990
MANAGEMENT
Credits to clients average term	Days	80,83	89,90	50,20	111,85
Debts to suppliers average term	Days	108,77	115,54	112,54	128,30
Average stock waiting period	Days	71,16	135,15	81,14	80,43
Rate of capital employed return ( Turnover )	Units	1,72	1,24	1,61	1,08
Rate of stock return	Units	5,06	2,66	4,44	4,45
Labour cost incidence	%	13,52	16,06	13,12	19,12
Net financial revenues/ charges incidence	%	-0,22	-0,02	0,09	-1,08
Labour cost on purchasing expenses	%	15,66	14,28	11,90	19,02
Short-term financing charges	%	0,66	0,35	0,36	2,68
Capital on hand	%	57,98	80,74	62,28	91,91
Sales pro employee	Value	238.853	199.908	245.395	198.432
Labour cost pro employee	Value	32.290	32.114	32.185	35.779

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	838.732
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

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

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

The average duration of suppliers debts is about 128 dd.

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

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

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

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

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

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SDA

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.