MIRA INFORM REPORT

Report No. :	340250
Report Date :	11.09.2015

IDENTIFICATION DETAILS

Name :	PRINCIPE - S.P.A.
Registered Office :	Via Duca Degli Abruzzi, 166 21100 – Varese (VA)
Country :	Italy
Financials (as on) :	31.12.2014
Date of Incorporation :	16.06.1961
Legal Form :	Joint Stock Company
Line of Business :	· Manufacture of Luggage, Handbags and Similars, Leathergoods and Saddlery · Retail Sale of Leatherwear and Luggage
No. of Employees :	From 26 to 35

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 :	No Complaints
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

"PRINCIPE - S.P.A."

Via Duca Degli Abruzzi, 166

21100 – Varese (VA) -IT-

Summary

Fiscal Code	:	00214410128
Legal Form	:	Joint stock company
start of Activities	:	16/06/1961
Equity	:	Over 2.582.254
Turnover Range	:	7.750.000/9.000.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of luggage, handbags and similars, leathergoods and saddlery

Retail sale of leatherwear and luggage

Legal Data

Legal Form : Joint stock company

Register of Handcraft firms : 11421

Register of Handcraft firms : 11421 of Varese since 07/06/1989

Fiscal Code : 00214410128

Foreign Trade Reg. no. : VA004831 since 05/12/1991

Foreign Trade Reg. no. : 4831 of Varese since 05/12/1991

Foreign Trade Reg. no. : 004831 of Varese since 05/12/1991

Chamber of Commerce no. : 1314911 of Milano

Chamber of Commerce no. : 84051 of Varese since 16/06/1961

Firms' Register : VA133-5503 of Varese since 19/02/1996

V.A.T. Code : 00214410128

Tribunal Co. Register : 5503 of

Foundation date	: 16/06/1961
Establishment date	: 16/06/1961
Start of Activities	: 16/06/1961
Legal duration	: 31/12/2050
Nominal Capital	: 1.706.100
Subscribed Capital	: 1.706.100
Paid up Capital	: 1.706.100

Legal mail :

PRINCIPE@CGN.LEGALMAIL.IT

Members

Maroni

Dino

Born in Varese

(VA)

on 28/12/1939

- Fiscal Code : MRNDNI39T28L682U

Residence:

Duca Degli Abruzzi

, 166

- 21100

Varese

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	27/05/2013
Managing Director	27/05/2013
Director	27/05/2013

No Prejudicial events are reported

No Protests registered

Maroni

Elio Ettore

Born in Varese

(VA)

on 01/02/1944

- Fiscal Code : MRNLTR44B01L682T

Residence:

Duca Degli Abruzzi

, 166

- 21100

Varese

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	27/05/2013
Director	27/05/2013
Assistant board Chairman	27/05/2013

No Prejudicial events are reported

No Protests registered

Zeni

Milvia

Born in Varese

(VA)

on 31/05/1944

- Fiscal Code : ZNEMLV44E71L682U

Residence:

Duca Degli Abruzzi

, 166

- 21100

Varese

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power
Director	27/05/2013

No Prejudicial events are reported

No Protests registered

Levati

Anna Maria

Born in Laveno-Mombello

(VA)

on 15/04/1946

- Fiscal Code : LVTNMR46D55E495G

Residence:

Duca Degli Abruzzi

, 166

- 21100

Varese

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power
Director	27/05/2013

No Prejudicial events are reported

No Protests registered

Maroni

Armando

Born in Varese

(VA)

on 22/04/1965

- Fiscal Code : MRNRND65D22L682M

Residence:

Duca Degli Abruzzi

, 166

- 21100

Varese

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/05/2013

Maroni

Alessandro

Born in Varese

(VA)

on 03/10/1968

- Fiscal Code : MRNLSN68R03L682M

Residence:

Duca Degli Abruzzi

, 166

- 21100

Varese

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/05/2013

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Maroni

Dino

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Principe Division S.r.l. In Liquidazione	Varese (VA) - IT -	02077950232	Liquidator	Withdrawn	In liquidation
Principe Division S.r.l. In Liquidazione	Varese (VA) - IT -	02077950232	Managing Director	Withdrawn	In liquidation
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Managing Director	Withdrawn	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Director	Active	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Director	Withdrawn	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Managing Director	Active	Registered
G.s.m. - S.r.l.	Varese (VA) - IT -	01590200125	Director	Active	Registered
Immobiliare Felicita - S.n.c. Di MaroniE. E C.	Varese (VA) - IT -	00352770127	Partner	Active	Registered
Edm S.n.c. Di Maroni A. E F.	Varese (VA) - IT -	02009720125	Partner	Withdrawn	Registered
* Transfar - S.a.s. Di Maroni Dino E C.	Varese (VA) - IT -	00226470128	General Partner	Withdrawn	Ceased
Gefim S.a.s. Di Maroni Dino E C.	Varese (VA) - IT -	00592390124	General Partner	Withdrawn	Ceased
San Marco - S.n.c. Di Maroni Dino E C.	Varese (VA) - IT -	01420640128	Partner	Active	Registered

Maroni

Elio Ettore

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Managing Director	Withdrawn	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Director	Active	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Director	Withdrawn	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Managing Director	Active	Registered
La Farmaceutica S.p.a.	Castronno (VA) - IT -	00210470126	Board Chairman	Active	Registered
So.di.va. S.r.l.	Varese (VA) - IT -	01925840124	Director	Active	Registered
So.di.va. S.r.l.	Varese (VA) - IT -	01925840124	Board Chairman	Active	Registered
G.s.m. - S.r.l.	Varese (VA) - IT -	01590200125	Sole Director	Withdrawn	Registered
G.s.m. - S.r.l.	Varese (VA) - IT -	01590200125	Director	Active	Registered
Immobiliare Felicita - S.n.c. Di MaroniE. E C.	Varese (VA) - IT -	00352770127	Partner	Active	Registered
Edm S.n.c. Di Maroni A. E F.	Varese (VA) - IT -	02009720125	Partner	Withdrawn	Registered
Kashmir - S.a.s. Di Maroni Elio E C.	Varese (VA) - IT -	07937160153	Sole Director	Withdrawn	Registered
Kashmir - S.a.s. Di Maroni Elio E C.	Varese (VA) - IT -	07937160153	Acting partner (in work)	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
Maroni Dino	Varese - IT -	MRNDNI39T28L682U	429.084 .Eur	25,15
Maroni Elio Ettore	Varese - IT -	MRNLTR44B01L682T	429.084 .Eur	25,15
Zeni Milvia	Varese - IT -	ZNEMLV44E71L682U	423.965 .Eur	24,85
Levati Anna Maria	Varese - IT -	LVTNMR46D55E495G	423.965 .Eur	24,85

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
Principe Division S.r.l. In Liquidazione	Varese - IT -	02077950232	7.280 .Eur	66,66			Active

Firm's location and structure

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

-

Legal and operative seat

(Workshop)

since 02/01/1968

Duca Degli Abruzzi

, 166

- 21100

- Varese

(VA)

- IT -

PHONE

: 0332327611

Legal mail

: PRINCIPE@CGN.LEGALMAIL.IT

-

Branch

since 19/07/2000

Gesu'

, 17

- 20100

- Milano

(MI)

- IT -

-

Branch

(Shop)

since 12/12/2005

Aeroporto Malpensa 2000 T. 1

- 21010

- Ferno

(VA)

- IT -

Total Surface: 16 Sq.mt.

Employees

: 29

Fittings and Equipment for a value of 130.000

Eur

Stocks for a value of 1.030.000

Eur

The firm has a direct commercial organization

Sales area on a regional scale.

Import comes generally from the following nations:

- Holland

- France

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Sole proprietorship	De facto company	20/01/1969
De facto company	General partnership	10/02/1969
General partnership	Joint stock company	03/11/1983

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Valigeria Principe SpA		07/06/1989

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 1961

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

During the last years, it recorded positive net results (r.o.e. 0,95% in 2014)

A loss is registered as to the operating result (-0,17%).

The operating result is negative (Eur. -14.862).

The economic management produced a gross operating margin of Eur. 205.733 with a more then 100% growth.

Excellent equity structure since liquidity is higher than short term liabilities.

Subject can manage an equity capital funds for an amount of Eur. 6.382.564 on the same levels as the year before.

Total debts (both short and M/L term) equals Eur. 2.065.375, showing a stable trend as opposed to 2013 (Eur. 1.849.401).

Bank and suppliers credit recourse is limited, 56,27 gg. is payment average period below the sector's average.

Payments are supported by good current assets.

Trade credits average terms are slow, on average 108,41 days. even if compared to the average of the sector.

2014 financial year closed with a cash flow of Eur. 281.457

Labour cost expenses amount to Eur. 1.279.059 , representing 14,92% on the total of production costs. and a 15,82% incidence on sales volumes.

The financial charges are lower than the financial incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	8.086.731
Profit (Loss) for the period	60.862

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	8.750.160
Profit (Loss) for the period	23.471

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	9.749.714
Profit (Loss) for the period	26.772

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	9.664.816
Profit (Loss) for the period	35.909

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	9.194.772
Profit (Loss) for the period	-9.765

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	41.455	41.951	2.976
. . Concessions,licenses,trademarks,etc.
. . Goodwill	193.362	268.021	342.680
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	54.575		5.460
. Total Intangible Fixed Assets	289.392	309.972	351.116
. TANGIBLE FIXED ASSETS
. . Real estate	709.044	717.041	745.342
. . Plant and machinery	120.076	37.744	43.954
. . Industrial and commercial equipment	10.788	1.869	2.606
. . Other assets	383.429	436.041	491.809
. . Assets under construction and advances
. Total Tangible fixed assets	1.223.337	1.192.695	1.283.711
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	254.769	254.769	254.769
. . . . Within 12 months
. . . . Beyond 12 months	254.769	254.769	254.769
. . . 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	254.769	254.769	254.769
. . . . Within 12 months
. . . . Beyond 12 months	254.769	254.769	254.769
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	254.769	254.769	254.769
Total fixed assets	1.767.498	1.757.436	1.889.596
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	222.618	225.548	167.771
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	807.992	803.304	1.269.632
. . Advance payments
. Total Inventories	1.030.610	1.028.852	1.437.403
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.649.494	3.872.755	3.455.880
. . Beyond 12 months
. . Trade receivables	2.435.242	3.742.672	3.306.646
. . . . Within 12 months	2.435.242	3.742.672	3.306.646
. . . . 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	126.005	99.810	101.396
. . . . Within 12 months	126.005	99.810	101.396
. . . . Beyond 12 months
. . Receivables for anticipated taxes		6.600	13.200
. . . . Within 12 months		6.600	13.200
. . . . Beyond 12 months
. . Receivables due from third parties	88.247	23.673	34.638
. . . . Within 12 months	88.247	23.673	34.638
. . . . Beyond 12 months
. Total Credits not held as fixed assets	2.649.494	3.872.755	3.455.880
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	5	5	5
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	5	5	5
. LIQUID FUNDS
. . Bank and post office deposits	3.163.462	1.903.103	2.253.921
. . Checks
. . Banknotes and coins	14.828	13.508	23.081
. Total Liquid funds	3.178.290	1.916.611	2.277.002
Total current assets	6.858.399	6.818.223	7.170.290
ADJUSTMENT ACCOUNTS
. Discount on loans	219.937
. Other adjustment accounts		54.459	62.760
Total adjustments accounts	219.937	54.459	62.760
TOTAL ASSETS	8.845.834	8.630.118	9.122.646
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.706.100	1.706.100	1.706.100
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	251.527	250.354	249.015
. Reserve for Own shares
. Statute reserves
. Other reserves	4.364.075	4.341.778	4.316.343
. Accumulated Profits (Losses)
. Profit( loss) of the year	60.862	23.471	26.772
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	6.382.564	6.321.703	6.298.230
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	397.695	384.383	393.768
ACCOUNTS PAYABLE
. . . . Within 12 months	2.065.375	1.589.401	1.823.396
. . . . Beyond 12 months		260.000	520.000
. . Bonds	520.000	520.000	520.000
. . . . Within 12 months	520.000	260.000
. . . . Beyond 12 months		260.000	520.000
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	4.608		3.117
. . . . Within 12 months	4.608		3.117
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	1.081.627	826.966	1.249.985
. . . . Within 12 months	1.081.627	826.966	1.249.985
. . . . 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	90.269	128.101	129.882
. . . . Within 12 months	90.269	128.101	129.882
. . . . Beyond 12 months
. . Due to social security and welfare inst.	72.952	84.073	73.548
. . . . Within 12 months	72.952	84.073	73.548
. . . . Beyond 12 months
. . Other payables	295.919	290.261	366.864
. . . . Within 12 months	295.919	290.261	366.864
. . . . Beyond 12 months
Total accounts payable	2.065.375	1.849.401	2.343.396
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	200	74.631	87.252
Total adjustment accounts	200	74.631	87.252
TOTAL LIABILITIES	8.845.834	8.630.118	9.122.646

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	8.086.731	8.750.160	9.749.714
. Changes in work in progress	4.688	-466.329	416.293
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	467.136	345.340	617.507
. . Contributions for operating expenses
. . Different income and revenues	467.136	345.340	617.507
Total value of production	8.558.555	8.629.171	10.783.514
PRODUCTION COSTS
. Raw material,other materials and consum.	3.792.379	4.131.140	5.398.359
. Services received		3.054.962	3.079.714
. Leases and rentals	3.127.546	183.237	258.813
. Payroll and related costs	1.279.059	1.411.176	1.452.998
. . Wages and salaries	806.078	959.804	989.265
. . Social security contributions	370.955	362.186	383.277
. . Employee termination indemnities	60.930	63.561	75.427
. . Pension and similar		-4
. . Other costs	41.096	25.629	5.029
. Amortization and depreciation	220.595	210.640	191.593
. . Amortization of intangible fixed assets	101.908	91.103	81.291
. . Amortization of tangible fixed assets	107.555	102.216	94.845
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	11.132	17.321	15.457
. Changes in raw materials	2.931	-57.778	-3.057
. Provisions to risk reserves
. Other provisions
. Other operating costs	150.907	68.534	198.449
Total production costs	8.573.417	9.001.911	10.576.869
Diff. between value and cost of product.	-14.862	-372.740	206.645
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	7.909	7.381	8.078
. . 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	7.909
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	7.909
. Interest and other financial expense	5.290	-34.113	4.815
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-5.290
Total financial income and expense	13.199	-26.732	12.893
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	107.330	595.886	141.924
. . Gains on disposals
. . Other extraordinary income	107.330	595.886	141.924
. Extraordinary expense	-10.355	-131.421	-276.257
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-10.355	-131.421	-276.257
Total extraordinary income and expense	96.975	464.465	-134.333
Results before income taxes	95.312	64.993	85.205
. Taxes on current income	34.450	41.522	58.433
. . current taxes	34.450	34.922	66.448
. . differed taxes(anticip.)		6.600	-8.015
. Net income for the period	60.862	23.471	26.772
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	60.862	23.471	26.772

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	0,20	0,20	0,21	0,13
Elasticity Ratio	Units	0,78	0,79	0,79	0,85
Availability of stock	Units	0,12	0,12	0,16	0,54
Total Liquidity Ratio	Units	0,66	0,67	0,63	0,22
Quick Ratio	Units	0,36	0,22	0,25	0,04
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	n.c.	4,36
Self Financing Ratio	Units	0,72	0,73	0,69	0,14
Capital protection Ratio	Units	0,72	0,73	0,72	0,56
Liabilities consolidation quotient	Units	0,19	0,41	0,50	0,15
Financing	Units	0,32	0,29	0,37	5,86
Permanent Indebtedness Ratio	Units	0,77	0,81	0,79	0,31
M/L term Debts Ratio	Units	0,04	0,07	0,10	0,10
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,98
CORRELATION
Fixed assets ratio	Units	3,84	3,96	3,82	2,02
Current ratio	Units	3,32	4,29	3,93	1,15
Acid Test Ratio-Liquidity Ratio	Units	2,82	3,64	3,14	0,36
Structure's primary quotient	Units	3,61	3,60	3,33	1,06
Treasury's primary quotient	Units	1,54	1,21	1,25	0,07
Rate of indebtedness ( Leverage )	%	138,59	136,52	144,84	707,22
Current Capital ( net )	Value	4.793.024	5.228.822	5.346.894	61.776
RETURN
Return on Sales	%	3,48	2,68	2,24	2,62
Return on Equity - Net- ( R.O.E. )	%	0,95	0,37	0,43	6,19
Return on Equity - Gross - ( R.O.E. )	%	1,49	1,03	1,35	15,72
Return on Investment ( R.O.I. )	%	-0,17	-4,32	2,27	3,25
Return/ Sales	%	-0,18	-4,26	2,12	2,94
Extra Management revenues/charges incid.	%	n.c.	n.c.	12,96	31,16
Cash Flow	Value	281.457	234.111	218.365	20.178
Operating Profit	Value	-14.862	-372.740	206.645	23.558
Gross Operating Margin	Value	205.733	-162.100	398.238	40.605
MANAGEMENT
Credits to clients average term	Days	108,41	153,98	122,10	26,46
Debts to suppliers average term	Days	56,27	40,40	51,51	152,76
Average stock waiting period	Days	45,88	42,33	53,07	158,60
Rate of capital employed return ( Turnover )	Units	0,91	1,01	1,07	1,10
Rate of stock return	Units	7,85	8,50	6,78	2,21
Labour cost incidence	%	15,82	16,13	14,90	10,29
Net financial revenues/ charges incidence	%	0,16	-0,31	0,13	-1,31
Labour cost on purchasing expenses	%	14,92	15,68	13,74	10,25
Short-term financing charges	%	n.c.	1,84	n.c.	2,10
Capital on hand	%	109,39	98,63	93,57	90,76
Sales pro employee	Value	207.352	250.004	249.992	267.102
Labour cost pro employee	Value	32.796	40.319	37.256	30.754

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	:	843.250
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 2.211 significant companies.

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

The average duration of suppliers debts is about 153 dd.

The sector's profitability is on an average of 2,62%.

The labour cost affects the turnover in the measure of 10,29%.

Goods are held in stock in a range of 159 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 10,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 4.597.

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

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.58
UK Pound	1	Rs.102.29
Euro	1	Rs.74.71

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	NIT

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.