MIRA INFORM REPORT

Report No. :	340554
Report Date :	12.09.2015

IDENTIFICATION DETAILS

Name :	T.A.L. S.P.A. TUBI ACCIAIO LOMBARDA
Registered Office :	Via G. Di Vittorio, 6 29017 - Fiorenzuola D'arda (PC)
Country :	Italy
Financials (as on) :	31.12.2013
Date of Incorporation :	05.10.1977
Legal Form :	Joint Stock Company with Sole Shareholder
Line of Business :	Manufacture of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel) Wholesale of metalliferous minerals, ferrous metals and semi-finishe d products
No. of Employee :	From 71 to 90

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

T.A.L. S.P.A. TUBI ACCIAIO LOMBARDA

Via G. Di Vittorio, 6

29017 - Fiorenzuola d'Arda (PC) -IT-

Summary

Fiscal Code	:	00305910333
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	28/10/1998
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 71 to 90

Activity

· Manufacture of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel)

· Wholesale of metalliferous minerals, ferrous metals and semi-finishe d products

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 00305910333

Foreign Trade Reg. no. : PC010057 since 22/02/1999

Chamber of Commerce no. : 309197 of Bologna

Chamber of Commerce no. : 1870285 of Monza e Brianza

Chamber of Commerce no. : 978959 of Milano since 16/02/1978

Chamber of Commerce no. : 2019945 of Milano

Chamber of Commerce no. : 107088 of Piacenza since 01/04/1982

Firms' Register : MI146-179187 of Milano since 19/02/1996

Firms' Register : PC032-179187 of Piacenza since 10/02/1999

V.A.T. Code : 01257330330

Foundation date	: 05/10/1977
Establishment date	: 28/10/1998
Start of Activities	: 28/10/1998
Legal duration	: 31/12/2050
Nominal Capital	: 4.695.600
Subscribed Capital	: 4.695.600
Paid up Capital	: 4.695.600

Legal mail :

PEC@PEC.TAL.IT

Members

Pighi

Francesco

Born in Fiorenzuola d'Arda

(PC)

on 15/01/1971

- Fiscal Code : PGHFNC71A15D611B

Residence:

Scapuzzi

, 14

- 29017

Fiorenzuola d'Arda

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	03/07/2015
Managing Director	03/07/2015

No Prejudicial events are reported

No Protests registered

Pighi

Giovanni

Born in Piacenza

(PC)

on 28/10/1961

- Fiscal Code : PGHGNN61R28G535P

Residence:

Garibaldi

, 111

- 29017

Fiorenzuola d'Arda

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	03/07/2015
Managing Director	03/07/2015
Board Chairman	03/07/2015

No Prejudicial events are reported

No Protests registered

Tal Fin Societa' Per Azioni Enunciabile

Anche Tal Fin S.p.a.

Residence:

San Donnino

, 19

- 29121

Piacenza

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	18/03/2013

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.

Pighi

Francesco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Intersider Nord Est Srl	Cambiago (MI) - IT -	00986180339	Director	Withdrawn	Registered
Profil Acciai Societa' A Responsabilita'Limitata Enunciabile Anc He Profil Acci	Pontenure (PC) - IT -	00964540330	Sole Director	Withdrawn	Registered
Profil Acciai Societa' A Responsabilita'Limitata Enunciabile Anc He Profil Acci	Pontenure (PC) - IT -	00964540330	Liquidator	Withdrawn	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Managing Director	Active	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Director	Active	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Managing Director	Withdrawn	Registered
U.s. Fiorenzuola 1922 S.s.a.r.l. Dilettantistica.	Fiorenzuola d'Arda (PC) - IT -	81001620335	Managing Director	Active	Registered
U.s. Fiorenzuola 1922 S.s.a.r.l. Dilettantistica.	Fiorenzuola d'Arda (PC) - IT -	81001620335	Director	Active	Registered
Tornifresal S.r.l.	Villanova sull'Arda (PC) - IT -	00140770330	Managing Director	Active	Registered
Tornifresal S.r.l.	Villanova sull'Arda (PC) - IT -	00140770330	Director	Active	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Managing Director	Active	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Director	Withdrawn	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Director	Active	Registered
Societa' Semplice Romea	Genova (GE) - IT -	94054820108	Partner	Withdrawn	Ceased
Euro Pali S.r.l.	Subiaco (RM) - IT -	05816301005	Director	Withdrawn	Registered

Pighi

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Petrol Raccord S.p.a.	Calendasco (PC) - IT -	00256800335	Managing Director	Withdrawn	Registered
Petrol Raccord S.p.a.	Calendasco (PC) - IT -	00256800335	Director	Withdrawn	Registered
Intersider Nord Est Srl	Cambiago (MI) - IT -	00986180339	Director	Withdrawn	Registered
Intersider Nord Est Srl	Cambiago (MI) - IT -	00986180339	Sole Director	Withdrawn	Registered
Intersider Nord Est Srl	Cambiago (MI) - IT -	00986180339	Board Chairman	Withdrawn	Registered
Profil Acciai Societa' A Responsabilita'Limitata Enunciabile Anc He Profil Acci	Pontenure (PC) - IT -	00964540330	Managing Director	Withdrawn	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Managing Director	Active	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Director	Active	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Managing Director	Withdrawn	Registered
Siderpighi S.p.a.	Pontenure (PC) - IT -	00867990103	Board Chairman	Active	Registered
U.s. Fiorenzuola 1922 S.s.a.r.l. Dilettantistica.	Fiorenzuola d'Arda (PC) - IT -	81001620335	Managing Director	Active	Registered
U.s. Fiorenzuola 1922 S.s.a.r.l. Dilettantistica.	Fiorenzuola d'Arda (PC) - IT -	81001620335	Director	Active	Registered
Tornifresal S.r.l.	Villanova sull'Arda (PC) - IT -	00140770330	Managing Director	Active	Registered
Tornifresal S.r.l.	Villanova sull'Arda (PC) - IT -	00140770330	Director	Active	Registered
Tornifresal S.r.l.	Villanova sull'Arda (PC) - IT -	00140770330	Sole Director	Withdrawn	Registered
Tornifresal S.r.l.	Villanova sull'Arda (PC) - IT -	00140770330	Board Chairman	Active	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Managing Director	Active	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Director	Withdrawn	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Director	Active	Registered
Tal Fin Societa' Per Azioni EnunciabileAnche Tal Fin S.p.a.	Piacenza (PC) - IT -	00908490337	Board Chairman	Active	Registered
Societa' Semplice Romea	Genova (GE) - IT -	94054820108	Partner	Withdrawn	Ceased
PIGHI PIERINO eamp; C. - S.N.C.	Pontenure (PC) - IT -	00902340330	Partner	Withdrawn	Registered
Pighi Pierino E C. - S.n.c.	Pontenure (PC) - IT -	00902340330	Partner	Withdrawn	Ceased

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
Tal Fin Societa' Per Azioni Enunciabile Anche Tal Fin S.p.a.	Piacenza - IT -	00908490337		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
Tal Fin Societa' Per Azioni Enunciabile Anche Tal Fin S.p.a.	Piacenza - IT -	00908490337	217.750 .Eur	4,28			Active
Tornifresal S.r.l.	Villanova sull'Arda - IT -	00140770330	10.000 .Eur	100,00			Active

Firm's location and structure

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

-

Legal and operative seat

since 01/01/1978

G. Di Vittorio

, 6

- 29017

- Fiorenzuola d'Arda

(PC)

- IT -

PHONE

: 0523985911

Legal mail

: PEC@PEC.TAL.IT

-

Branch

(Store)

since 08/06/1987

Larga

, 21

- 40100

- Bologna

(BO)

- IT -

-

Branch

(Sales office)

since 06/04/2009

Del Commercio Associato

, 17

- 40100

- Bologna

(BO)

- IT -

-

Branch

since 22/07/1996

Senatore Luigi Simonetta

, 26

- 20867

- Caponago

(MB)

- IT -

-

Branch

(Warehouse)

since 01/09/2013

Delle Industrie

, 31/33/35

- 20040

- Cambiago

(MI)

- IT -

Employees

: 74

Fittings and Equipment for a value of 650.000

Eur

Stocks for a value of 18.080.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company 's mainly customers are companies.

The firm operates abroad as importer / exporter..

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

Financial means used for sale: bank transfers and bank orders.

Main used payment modalities are by cash orders and bank transfers.

Import comes generally from the following nations:

- Italy

- France

- Cyprus

Export is mainly towards:

- Italy

- France

Traded Brands / Suppliers

- TORNIFRESAL SRL

- SIDERPIGHI SPA

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of splitting-up and tranfer from

Intersider Nord Est Srl

Dell'industria

, 0031

, 20040

, Cambiago

(MI)

- IT -

Fiscal Code: 00986180339

Date

Merging/splitting-up project:

16/10/2012

Splitting-up and tranfer from the company

Intersider Nord Est Srl

Dell'industria

, 0031

, 20040

, Cambiago

(MI)

- IT -

Fiscal Code: 00986180339

Date

Splitting-up:

01/09/2013

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
B.CA NAZIONALE DEL LAVORO SPA					1005	0
POSTE ITALIANE SPA					7601	0

Financial and Economical Analysis

The company is active since 1998

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 1,08% on 2013) keeping the turnover steady during the last two years.

The operating result was positive in the last financial year (1,06%) falling within the field's average.

An operating result of Eur. 1.195.694 has been registered. recording a drop as opposed to the year before (-54,24%).

The gross operating margin of the latest financial year is of Eur. 2.475.113 , with a -37,15% decrease.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,28 and with an upward trend compared to the previous year.

With regard to equity capital, an amount of Eur. 83.737.986 is registered. , unchanged as opposed to the preceding year.

Total debts (both short and M/L term) equals Eur. 24.840.484, on the same levels as the year before.

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.

Liquid assets are good.

As far as the collection of credit goes, the average is high (115,41 days). , as it normally happens in the sector.

Eur. 2.183.078 is the value of cash flow during the year 2013

In the last financial year labour cost was of Eur. 4.001.537, with a 7,52% incidence on total costs of production. , whereas the incidence on sales revenues is of 7,36%.

The financial charges are lower than the financial incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	54.374.616
Profit (Loss) for the period	903.659

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	56.853.731
Profit (Loss) for the period	1.871.943

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	60.725.926
Profit (Loss) for the period	3.217.102

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	58.539.910
Profit (Loss) for the period	2.395.400

Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	67.767.379
Profit (Loss) for the period	3.532.535

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

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

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	220.022	243.107	47.204
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	1.318	3.609	5.901
. Total Intangible Fixed Assets	221.340	246.716	53.105
. TANGIBLE FIXED ASSETS
. . Real estate	32.248.777	32.994.599	33.687.990
. . Plant and machinery	447.232	202.404	226.812
. . Industrial and commercial equipment	204.608	279.276	325.359
. . Other assets	248.569	77.584	159.635
. . Assets under construction and advances		33.928
. Total Tangible fixed assets	33.149.186	33.587.791	34.399.796
. FINANCIAL FIXED ASSETS
. . Equity investments	1.979.971	1.979.971	1.979.971
. . . Equity invest. in subsidiary companies	42.905	42.905	42.905
. . . Equity invest. in associated companies		1.937.000	1.937.000
. . . Equity invest. in holding companies	1.937.000
. . . Equity invest. in other companies	66	66	66
. . Financial receivables	3.140	3.140	3.140
. . . . Within 12 months	3.140	3.140	3.140
. . . . Beyond 12 months
. . . 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	3.140	3.140	3.140
. . . . Within 12 months	3.140	3.140	3.140
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.983.111	1.983.111	1.983.111
Total fixed assets	35.353.637	35.817.618	36.436.012
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	18.050.950	20.379.551	20.994.521
. . Advance payments	33.516	305.000	17.673
. Total Inventories	18.084.466	20.684.551	21.012.194
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	38.383.400	36.794.763	32.919.258
. . Beyond 12 months	19.189.040	19.289.040	18.969.808
. . Trade receivables	17.431.487	19.132.579	19.774.481
. . . . Within 12 months	17.431.487	19.132.579	19.774.481
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.023.247
. . . . Within 12 months	1.023.247
. . . . Beyond 12 months
. . Receivables due from assoc. comp.		1.062.433
. . . . Within 12 months		1.062.433
. . . . Beyond 12 months
. . Receivables due from holding comp.	38.404.472	35.168.708	31.504.559
. . . . Within 12 months	19.835.764	16.500.000	13.000.000
. . . . Beyond 12 months	18.568.708	18.668.708	18.504.559
. . Fiscal Receivables	92.902	96.522	140.964
. . . . Within 12 months	92.902	96.522	140.964
. . . . Beyond 12 months
. . Receivables for anticipated taxes	620.332	620.332	465.249
. . . . Within 12 months
. . . . Beyond 12 months	620.332	620.332	465.249
. . Receivables due from third parties		3.229	3.813
. . . . Within 12 months		3.229	3.813
. . . . Beyond 12 months
. Total Credits not held as fixed assets	57.572.440	56.083.803	51.889.066
. 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	1.551.670	35.017	182.392
. . Checks
. . Banknotes and coins	882	2.429	508
. Total Liquid funds	1.552.552	37.446	182.900
Total current assets	77.209.458	76.805.800	73.084.160
ADJUSTMENT ACCOUNTS
. Discount on loans	13.234
. Other adjustment accounts		22.332	25.968
Total adjustments accounts	13.234	22.332	25.968
TOTAL ASSETS	112.576.329	112.645.750	109.546.140
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	4.695.600	4.695.600	4.695.600
. Additional paid-in capital
. Revaluation reserves	24.758.844	24.758.844	24.758.844
. Legal reserve	1.073.232	1.032.271	1.032.271
. Reserve for Own shares
. Statute reserves
. Other reserves	52.306.651	48.230.312	45.013.211
. Accumulated Profits (Losses)
. Profit( loss) of the year	903.659	1.871.943	3.217.102
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	83.737.986	80.588.970	78.717.028
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	10.159	13.834	9.243
. . Other funds	2.743.780	2.659.695	2.659.695
Total Reserves for Risks and Charges	2.753.939	2.673.529	2.668.938
Employee termination indemnities	1.243.920	918.452	898.953
ACCOUNTS PAYABLE
. . . . Within 12 months	24.840.484	28.464.799	27.261.221
. . . . 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	4.049.033	7.520.469	3.187.021
. . . . Within 12 months	4.049.033	7.520.469	3.187.021
. . . . 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	19.437.140	19.518.161	22.491.735
. . . . Within 12 months	19.437.140	19.518.161	22.491.735
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	96.258	88.338	74.661
. . . . Within 12 months	96.258	88.338	74.661
. . . . Beyond 12 months
. . Due to associated companies		216.407	267.253
. . . . Within 12 months		216.407	267.253
. . . . Beyond 12 months
. . Due to holding companies		67.501
. . . . Within 12 months		67.501
. . . . Beyond 12 months
. . Due to the tax authorities	418.886	374.345	561.877
. . . . Within 12 months	418.886	374.345	561.877
. . . . Beyond 12 months
. . Due to social security and welfare inst.	170.806	152.179	175.593
. . . . Within 12 months	170.806	152.179	175.593
. . . . Beyond 12 months
. . Other payables	668.361	527.399	503.081
. . . . Within 12 months	668.361	527.399	503.081
. . . . Beyond 12 months
Total accounts payable	24.840.484	28.464.799	27.261.221
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	112.576.329	112.645.750	109.546.140

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	992.166
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	54.374.616	56.853.731	60.725.926
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	58.185	60.970	75.828
. . Contributions for operating expenses
. . Different income and revenues	58.185	60.970	75.828
Total value of production	54.432.801	56.914.701	60.801.754
PRODUCTION COSTS
. Raw material,other materials and consum.	39.097.517	44.014.267	56.814.794
. Services received		4.411.324	4.488.583
. Leases and rentals	4.208.115
. Payroll and related costs	4.001.537	3.299.042	3.845.714
. . Wages and salaries	2.926.853	2.346.040	2.809.594
. . Social security contributions	812.711	727.786	768.868
. . Employee termination indemnities	236.103	195.644	201.302
. . Pension and similar
. . Other costs	25.870	29.572	65.950
. Amortization and depreciation	1.279.419	1.325.031	1.307.883
. . Amortization of intangible fixed assets	78.922	70.086	17.250
. . Amortization of tangible fixed assets	1.175.493	1.225.665	1.265.228
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	25.004	29.280	25.405
. Changes in raw materials	3.780.851	632.643	-9.142.806
. Provisions to risk reserves
. Other provisions
. Other operating costs	869.668	619.000	224.913
Total production costs	53.237.107	54.301.307	57.539.081
Diff. between value and cost of product.	1.195.694	2.613.394	3.262.673
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	142.711	170.665	236.103
. . 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	142.711
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	142.711
. Interest and other financial expense	852	-148.281	-64.992
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-852
Total financial income and expense	143.563	22.384	171.111
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	162.961	212.009	1.625.185
. . Gains on disposals	32.727	16.527
. . Other extraordinary income	130.234	195.482	1.625.185
. Extraordinary expense	-41.194	-4.465	-208.478
. . Losses on disposals	-41.194	-4.465
. . Taxes relating to prior years
. . Other extraordinary expense			-208.478
Total extraordinary income and expense	121.767	207.544	1.416.707
Results before income taxes	1.461.024	2.843.322	4.850.491
. Taxes on current income	557.365	971.379	1.633.389
. . current taxes	547.206	1.112.628	1.779.229
. . differed taxes(anticip.)	10.159	-141.249	-145.840
. Net income for the period	903.659	1.871.943	3.217.102
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	903.659	1.871.943	3.217.102

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,31	0,32	0,33	0,33
Elasticity Ratio	Units	0,69	0,68	0,67	0,64
Availability of stock	Units	0,16	0,18	0,19	0,22
Total Liquidity Ratio	Units	0,53	0,50	0,48	0,41
Quick Ratio	Units	0,01	0,00	0,00	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,28	0,35	0,34	1,76
Self Financing Ratio	Units	0,74	0,72	0,72	0,28
Capital protection Ratio	Units	0,93	0,92	0,90	0,65
Liabilities consolidation quotient	Units	0,05	0,03	0,03	0,21
Financing	Units	0,30	0,35	0,35	2,32
Permanent Indebtedness Ratio	Units	0,75	0,72	0,73	0,44
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,10
Net Financial Indebtedness Ratio	Units	0,03	0,09	0,04	1,23
CORRELATION
Fixed assets ratio	Units	2,40	2,28	2,19	1,38
Current ratio	Units	3,11	2,70	2,68	1,17
Acid Test Ratio-Liquidity Ratio	Units	2,38	1,97	1,91	0,80
Structure's primary quotient	Units	2,37	2,25	2,16	0,84
Treasury's primary quotient	Units	0,06	0,00	0,01	0,02
Rate of indebtedness ( Leverage )	%	134,44	139,78	139,16	353,85
Current Capital ( net )	Value	52.368.974	48.341.001	45.822.939	1.089.006
RETURN
Return on Sales	%	4,01	5,62	7,45	4,21
Return on Equity - Net- ( R.O.E. )	%	1,08	2,32	4,09	5,65
Return on Equity - Gross - ( R.O.E. )	%	1,74	3,53	6,16	10,45
Return on Investment ( R.O.I. )	%	1,06	2,32	2,98	5,10
Return/ Sales	%	2,20	4,60	5,37	5,37
Extra Management revenues/charges incid.	%	75,58	71,63	98,60	32,26
Cash Flow	Value	2.183.078	3.196.974	4.524.985	656.826
Operating Profit	Value	1.195.694	2.613.394	3.262.673	725.724
Gross Operating Margin	Value	2.475.113	3.938.425	4.570.556	1.207.677
MANAGEMENT
Credits to clients average term	Days	115,41	121,15	117,23	103,53
Debts to suppliers average term	Days	162,38	147,87	134,09	107,64
Average stock waiting period	Days	119,73	130,98	124,57	64,91
Rate of capital employed return ( Turnover )	Units	0,48	0,50	0,55	1,09
Rate of stock return	Units	3,01	2,75	2,89	5,55
Labour cost incidence	%	7,36	5,80	6,33	10,69
Net financial revenues/ charges incidence	%	0,26	0,04	0,28	-1,62
Labour cost on purchasing expenses	%	7,52	6,08	6,68	11,43
Short-term financing charges	%	n.c.	0,52	0,24	3,56
Capital on hand	%	207,04	198,13	180,39	91,63
Sales pro employee	Value	434.996	888.339	963.903	358.274
Labour cost pro employee	Value	32.012	51.547	61.043	35.860

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	:	273.689
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 185 significant companies.

The companies cash their credits on an average of 104 dd.

The average duration of suppliers debts is about 108 dd.

The sector's profitability is on an average of 4,21%.

The labour cost affects the turnover in the measure of 10,69%.

Goods are held in stock in a range of 65 dd.

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

The employees costs represent the 11,43% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 804.

The insolvency index for the region is 0,46, , while for the province it is 0,30.

Total Bankrupt companies in the province : 915.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.39
UK Pound	1	Rs.102.59
Euro	1	Rs.74.90

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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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.