MIRA INFORM REPORT

Report No. :	342616
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	LEDOGA S.R.L.

Registered Office :	Via Torre, 7, 2080 - San Michele Mondovi' (CN)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	21.10.2003

Legal Form :	Limited liability company

Line of Business :	Manufacture of Dyes and Pigments.

No. of Employees :	From 71 to 90

RATING & COMMENTS

MIRA’s Rating :

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

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

LEDOGA S.R.L.

Via Torre, 7

12080 - San Michele Mondovi' (CN) -IT-

Summary

Fiscal Code	:	02956530048
Legal Form	:	Limited liability company
start of Activities	:	31/10/2003
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 71 to 90

Activity

Manufacture of dyes and pigments

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02956530048

Foreign Trade Reg. no. : CN025560 since 15/09/2004

Chamber of Commerce no. : 250533 of Cuneo since 22/10/2003

Chamber of Commerce no. : 175756 of Cosenza

Chamber of Commerce no. : 182024 of Lucca

Chamber of Commerce no. : 2067715 of Milano

Chamber of Commerce no. : 148966 of Pisa

Firms' Register : CN-2003-38166 of Cuneo

V.A.T. Code : 02956530048

Establishment date	: 21/10/2003
Start of Activities	: 31/10/2003
Legal duration	: 31/12/2050
Nominal Capital	: 13.500.000
Subscribed Capital	: 13.500.000
Paid up Capital	: 13.500.000

Legal mail :

LEDOGA@LEGALMAIL.IT

Members

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Battaglia

Andrea

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Born in Mondovi'

(CN)

on 05/03/1959

- Fiscal Code : BTTNDR59C05F351X

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Residence:

San Pietro

, 3

- 12084

Mondovi'

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2014
Managing Director	30/05/2014
Board Chairman	30/05/2014

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No Prejudicial events are reported

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No Protests registered

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Barberis

Anna

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Ceva

(CN)

on 04/05/1962

- Fiscal Code : BRBNNA62E44C589D

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Residence:

Stazione

, 7

- 12076

Lesegno

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	03/08/2005

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No Prejudicial events are reported

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No Protests registered

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Dragone

Luigi

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Born in Vicoforte

(CN)

on 07/09/1945

- Fiscal Code : DRGLGU45P07L841X

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Residence:

Bortoloni

, 5/B

- 12080

Vicoforte

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	08/01/2004

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No Prejudicial events are reported

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No Protests registered

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Battaglia

Giovanni

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Mondovi'

(CN)

on 22/04/1972

- Fiscal Code : BTTGNN72D22F351S

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Residence:

Cottolengo

, 14

- 12084

Mondovi'

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	17/10/2007

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No Prejudicial events are reported

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No Protests registered

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Battaglia

Alessandro

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Mondovi'

(CN)

on 20/07/1973

- Fiscal Code : BTTLSN73L20F351J

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Residence:

Alcide De Gasperi

, 22

- 10129

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2014
Managing Director	30/05/2014

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No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Verde.gif$

Falzone

Alessandro

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Torino

(TO)

on 28/12/1973

- Fiscal Code : FLZLSN73T28L219U

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Residence:

Della Conceria

, 2/D

- 10028

Trofarello

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	05/02/2008

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No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Protests registered

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Silvateam S.p.a.

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Torre

, 7

- 12080

San Michele Mondovi'

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Verde.gif$

Poles

Ericprimo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Valera

( )

on 24/08/1964

- Fiscal Code : PLSRPR64M24Z614F

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Residence:

Del Poggio

, 14

- 12080

Vicoforte

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2014

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Vallarino

Emanuele

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Cogoleto

(GE)

on 10/08/1963

- Fiscal Code : VLLMNL63M10C823G

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Residence:

Della Pace

, 11

- 16016

Cogoleto

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	02/09/2011

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Protests registered

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Ghezzi

Fabio

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Mondovi'

(CN)

on 09/04/1977

- Fiscal Code : GHZFBA77D09F351P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Residence:

Torino

, 37/4

- 17100

Savona

(SV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	29/12/2011

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

No Protests registered

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Verde.gif$

Scabbia

Massimo

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Born in Torino

(TO)

on 21/03/1969

- Fiscal Code : SCBMSM69C21L219P

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$

Residence:

Pieve

, 2

- 12060

Bastia Mondovi'

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/05/2014

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.

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Battaglia

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sopafjb S.r.l. - In Liquidazione	San Michele Mondovi' (CN) - IT -	00499550044	Director	Withdrawn	Registered
Sopafjb S.r.l. - In Liquidazione	San Michele Mondovi' (CN) - IT -	00499550044	Board Chairman	Withdrawn	Registered
Silva S.r.l. Unipersonale	San Michele Mondovi' (CN) - IT -	00184730042	Managing Director	Withdrawn	Merged
Silva S.r.l. Unipersonale	San Michele Mondovi' (CN) - IT -	00184730042	Director	Withdrawn	Merged
Silva S.r.l. Unipersonale	San Michele Mondovi' (CN) - IT -	00184730042	Manager	Withdrawn	Merged
Industria Chimica Legno S.p.a.	San Michele Mondovi' (CN) - IT -	00278140041	Managing Director	Withdrawn	Ceased
Industria Chimica Legno S.p.a.	San Michele Mondovi' (CN) - IT -	00278140041	Director	Withdrawn	Ceased
Legnochimica S.r.l. In Liquidazione	San Michele Mondovi' (CN) - IT -	00122340789	Managing Director	Withdrawn	Registered
Ambiente Futuro S.r.l.	Milano (MI) - IT -	06513450152	Director	Withdrawn	Registered
Ambiente Futuro S.r.l.	Milano (MI) - IT -	06513450152	Board Chairman	Withdrawn	Registered
S.o.d.a. Industriale Societa' Olii Degras E Affini S.r.l.	Genova (GE) - IT -	02589340104	Director	Withdrawn	Ceased
I.c.l. Industria Chimica Lombarda S.r.l.	Bologna (BO) - IT -	02539810370	Director	Withdrawn	Ceased
I.c.l. Industria Chimica Lombarda S.r.l.	Bologna (BO) - IT -	02539810370	Board Chairman	Withdrawn	Ceased
Plan 1 Health S.r.l.	Amaro (UD) - IT -	01677460303	Managing Director	Withdrawn	Registered
Plan 1 Health S.r.l.	Amaro (UD) - IT -	01677460303	Director	Active	Registered
Plan 1 Health S.r.l.	Amaro (UD) - IT -	01677460303	Assistant board Chairman	Withdrawn	Registered
Plan 1 Health S.r.l.	Amaro (UD) - IT -	01677460303	Managing Director	Withdrawn	Registered
Plan 1 Health S.r.l.	Amaro (UD) - IT -	01677460303	Board Chairman	Active	Registered
Ars S.a.s. Di Battaglia Stefano E C. -sIglabile "ars S.a.s."	Mondovi' (CN) - IT -	02506570049	Limited Partner	Withdrawn	Ceased
Frabosa Nuova S.r.l.	Mondovi' (CN) - IT -	00169380045	Sole Director	Active	Registered
Proteo Societa' Cooperativa Sociale	Mondovi' (CN) - IT -	02579090040	Director	Active	Registered
Silvachimica S.r.l.	San Michele Mondovi' (CN) - IT -	02697160048	Managing Director	Active	Registered
Silvachimica S.r.l.	San Michele Mondovi' (CN) - IT -	02697160048	Director	Active	Registered
Societa' Semplice Alvin	Bra (CN) - IT -	82005650047	Partner	Withdrawn	Registered
Societa' Semplice Alvin	Bra (CN) - IT -	82005650047	Partner	Withdrawn	Registered
Ambiente Futuro S.r.l.	San Michele Mondovi' (CN) - IT -	06513450152	Director	Withdrawn	Ceased
Cose Dall'altro Mondo	Mondovi' (CN) - IT -	02400600041	Chairman	Withdrawn	Registered
Sts S.r.l.	San Michele Mondovi' (CN) - IT -	02719360048	Managing Director	Withdrawn	Registered
Sts S.r.l.	San Michele Mondovi' (CN) - IT -	02719360048	Director	Withdrawn	Registered
Sts S.r.l.	San Michele Mondovi' (CN) - IT -	02719360048	Sole Director	Withdrawn	Registered
Mondo Energia S.p.a. Siglabile "mondenerS.p.a."	Torino (TO) - IT -	02843110046	Managing Director	Withdrawn	Registered
Mondo Energia S.p.a. Siglabile "mondenerS.p.a."	Torino (TO) - IT -	02843110046	Director	Withdrawn	Registered
Mondo Energia S.p.a. Siglabile "mondenerS.p.a."	Torino (TO) - IT -	02843110046	Assistant board Chairman	Withdrawn	Registered
Prato Nevoso Termoenergy Societa' A RespOnsabilita' Limitata Siglabile Praneterm	Frabosa Sottana (CN) - IT -	03106060043	Director	Withdrawn	Registered
Peraltro - Societa' Cooperativa Sociale- O.n.l.u.s. Siglabile Xaltro - S.c.s.	Fossano (CN) - IT -	03136670043	Director	Withdrawn	Registered
Peraltro - Societa' Cooperativa Sociale- O.n.l.u.s. Siglabile Xaltro - S.c.s.	Fossano (CN) - IT -	03136670043	Assistant board Chairman	Withdrawn	Registered
4 Stagioni Di Battaglia Andrea E C. S.a.s.	Mondovi' (CN) - IT -	03146570043	Sole Director	Withdrawn	Registered
4 Stagioni Di Battaglia Andrea E C. S.a.s.	Mondovi' (CN) - IT -	03146570043	General Partner	Active	Registered
Silvateam New Tech S.r.l.	Alba (CN) - IT -	02221440429	Managing Director	Active	Registered
Silvateam New Tech S.r.l.	Alba (CN) - IT -	02221440429	Director	Active	Registered
Milanocentro Srl	San Michele Mondovi' (CN) - IT -	04635570965	Director	Withdrawn	Registered
Sistema Energia Pellets S.r.l.	San Michele Mondovi' (CN) - IT -	02962370041	Managing Director	Withdrawn	Registered
Sistema Energia Pellets S.r.l.	San Michele Mondovi' (CN) - IT -	02962370041	Director	Withdrawn	Registered
Moderno Di Battaglia Andrea E C. S.a.s.	Carru' (CN) - IT -	03181530043	Sole Director	Withdrawn	Registered
Moderno Di Battaglia Andrea E C. S.a.s.	Carru' (CN) - IT -	03181530043	General Partner	Active	Registered
Alce S.p.a.	San Michele Mondovi' (CN) - IT -	02898280041	Managing Director	Withdrawn	Registered
Alce S.p.a.	San Michele Mondovi' (CN) - IT -	02898280041	Director	Withdrawn	Registered
Alce S.p.a.	San Michele Mondovi' (CN) - IT -	02898280041	Sole Director	Withdrawn	Registered
Alce S.p.a.	San Michele Mondovi' (CN) - IT -	02898280041	Board Chairman	Withdrawn	Registered
Silvateam Energia S.r.l.	San Michele Mondovi' (CN) - IT -	02904110042	Director	Active	Registered
Silvateam Energia S.r.l.	San Michele Mondovi' (CN) - IT -	02904110042	Board Chairman	Active	Registered
Sistema Energia Val Corsaglia S.r.l.	Mondovi' (CN) - IT -	02930420043	Sole Director	Withdrawn	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Managing Director	Active	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Director	Active	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Chariman of the Exec. Committee	Active	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Memb.of the Executive Committee	Withdrawn	Registered
Consorzio Vdm	Genova (GE) - IT -	02035340997	Director	Withdrawn	Registered
Colibri' Societa' Cooperativa Sociale Onlus	Cuneo (CN) - IT -	03452000049	Director	Active	Registered
Associazione Piacere.....carru' ManziE Buoi Dei Paesi Tuoi	Carru' (CN) - IT -	93046980046	Chairman	Active	Registered
Biomasse Del Serchio S.r.l.	Bagni di Lucca (LU) - IT -	02313390466	Sole Director	Active	Registered

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Battaglia

Alessandro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
A. Forte - S.r.l.	San Michele Mondovi' (CN) - IT -	01129270466	Managing Director	Withdrawn	Registered
A. Forte - S.r.l.	San Michele Mondovi' (CN) - IT -	01129270466	Director	Withdrawn	Registered
Sporting Club Mondovi' - S.p.a.	Mondovi' (CN) - IT -	84009550041	Director	Active	Registered
Silvachimica S.r.l.	San Michele Mondovi' (CN) - IT -	02697160048	Managing Director	Active	Registered
Silvachimica S.r.l.	San Michele Mondovi' (CN) - IT -	02697160048	Director	Active	Registered
Silvachimica S.r.l.	San Michele Mondovi' (CN) - IT -	02697160048	Attorney with special power	Withdrawn	Registered
Bio-finleather S.p.a.	Santa Croce sull'Arno (PI) - IT -	01455050508	Director	Withdrawn	Registered
Sts S.r.l.	San Michele Mondovi' (CN) - IT -	02719360048	Attorney with special power	Withdrawn	Registered
Centro Ricerche Per La Chimica Fine S.r.l.	Alba (CN) - IT -	04399300658	Attorney with special power	Withdrawn	Registered
Centro Ricerche Per La Chimica Fine S.r.l.	Alba (CN) - IT -	04399300658	Board Chairman	Withdrawn	Registered
Silvateam New Tech S.r.l.	Alba (CN) - IT -	02221440429	Managing Director	Withdrawn	Registered
Silvateam New Tech S.r.l.	Alba (CN) - IT -	02221440429	Director	Withdrawn	Registered
Sistema Energia Pellets S.r.l.	San Michele Mondovi' (CN) - IT -	02962370041	Director	Withdrawn	Registered
Sistema Energia Pellets S.r.l.	San Michele Mondovi' (CN) - IT -	02962370041	Board Chairman	Withdrawn	Registered
Societa' Semplice Spargi	Pamparato (CN) - IT -	93000450044	Partner	Active	Registered
Giallo 3 S.r.l.	Alba (CN) - IT -	02957480045	Sole Director	Withdrawn	Registered
Cell Care S.r.l.	Mondovi' (CN) - IT -	03000120042	Director	Withdrawn	Registered
Cell Care S.r.l.	Mondovi' (CN) - IT -	03000120042	Board Chairman	Withdrawn	Registered
Societa' Semplice Arco	Bra (CN) - IT -	84013490044	Partner	Active	Registered
Alce S.p.a.	San Michele Mondovi' (CN) - IT -	02898280041	Attorney with special power	Withdrawn	Registered
Silvateam Energia S.r.l.	San Michele Mondovi' (CN) - IT -	02904110042	Managing Director	Withdrawn	Registered
Silvateam Energia S.r.l.	San Michele Mondovi' (CN) - IT -	02904110042	Director	Withdrawn	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Managing Director	Active	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Director	Active	Registered
Silvateam S.p.a.	San Michele Mondovi' (CN) - IT -	02960630040	Memb.of the Executive Committee	Active	Registered
Central Self Storage S.r.l.	San Michele Mondovi' (CN) - IT -	02989380049	Director	Withdrawn	Registered
Silva Extracts S.r.l.	Ceva (CN) - IT -	02998950048	Attorney with special power	Withdrawn	Registered
Le Qr S.r.l. In Liquidazione	San Michele Mondovi' (CN) - IT -	03003110040	Director	Withdrawn	Registered
Le Qr S.r.l. In Liquidazione	San Michele Mondovi' (CN) - IT -	03003110040	Sole Director	Withdrawn	Registered
Le Qr S.r.l. In Liquidazione	San Michele Mondovi' (CN) - IT -	03003110040	Attorney with special power	Active	Registered
Le Qr S.r.l. In Liquidazione	San Michele Mondovi' (CN) - IT -	03003110040	Board Chairman	Withdrawn	Registered
Slt Energia Piemonte Srl	San Michele Mondovi' (CN) - IT -	02943030987	Sole Director	Active	Registered
Wff Sas Di Musso Manuele Maria E C.	Cuneo (CN) - IT -	03431390040	Limited Partner	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
Silvateam S.p.a.	San Michele Mondovi' - IT -	02960630040	11.745.000 .Eur	87,00
Tanin International S.a.		93047480046	1.350.000 .Eur	10,00
Indunor S.a.		93045600041	405.000 .Eur	3,00

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
PROMOCUOIO S.R.L.	Bra - IT -	02561450046	5.200 .Eur	50,00			Active
Granda Energia	Cuneo - IT -	02765730045					Active
Consorzio Scarico Corsaglia	San Michele Mondovi' - IT -	03136040049					Active
Silvateam Energia S.r.l.	San Michele Mondovi' - IT -	02904110042	9.770 .Eur	95,78			Active
CENTRO FORMAZIONE PROFESSIONALE CEBANO-M SOCIETA' CONSORTILE A RESPONSABILITA' L		02691090043	1.549 .Eur	2,99			Active

Firm's location and structure

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

Legal and operative seat

Torre

, 7

- 12080

- San Michele Mondovi'

(CN)

- IT -

Legal mail

: LEDOGA@LEGALMAIL.IT

Branch

(Factory)

since 21/10/2003

Cancello Magdaloni

- 87036

- Rende

(CS)

- IT -

Branch

(Factory)

since 31/10/2003

Privata Alce

, Loc: FORNOLI

- 55021

- Bagni di Lucca

(LU)

- IT -

Branch

(Shop)

since 20/04/2015

Campania

, 2/4

- 20093

- Cologno Monzese

(MI)

- IT -

Branch

(Warehouse)

since 01/07/2004

Dell'eucalipto

, 14/16/18

- 56022

- Castelfranco di Sotto

(PI)

- IT -

Employees

: 86

Fittings and Equipment for a value of 7.540.000

Eur

Stocks for a value of 5.700.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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Project of merging by taking over of

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Torre

, 7

, 12080

, San Michele Mondovi'

(CN)

- IT -

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Fiscal Code: 02719360048

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Date

Merging/splitting-up project:

21/09/2009

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The firm absorbed by merging of

$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Vuoto.gif$ Sistema Energia Pellets S.r.l.

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Torre

, 7

, 12080

, San Michele Mondovi'

(CN)

- IT -

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Fiscal Code: 02962370041

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Date

27/12/2009

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 2003

An eco-fin analysis has been made on the base od the b/s fo the years 2011, 2012 and 2013.

During the last years, it recorded positive net results (r.o.e. 5,12% in 2013) with a stable trend in the turnover.

The operating result was positive in the last financial year (2,38%) and reflects the field's average.

The operating result is positive and amounts to Eur. 2.031.819 with a -26,99% fall as against the year 2012.

The G.O.M. amounted to Eur. 7.376.041 with no sensible increase as against 2012.

Company's financial status is balanced since indebtedness is not high (1,32) and decreasing as against 2012.

It's shareholders funds amount to Eur. 31.854.506 on the same levels as the year before.

Total debts recorded amounted to Eur. 49.055.007 (Eur. 6.552.820 of which were m/l term debts) showing a stable trend as opposed to 2012 (Eur. 53.039.836).

Financial indebdtedness is under control whereas debts to suppliers are frequent besides being higher than sector's average.

Liquid assets are good.

Trade credits average terms are slow, on average 117,39 days. within the standard level of the average of the sector.

During financial year 2013 the cash flow amounted to Eur. 6.011.043

Labour cost expenses amount to Eur. 3.919.115 , representing 7,52% on the total of production costs. , whereas 7,06% is the incidence on sales revenues.

Financial incomes cover financial charges.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	55.513.486
Profit (Loss) for the period	1.632.510

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	57.755.833
Profit (Loss) for the period	1.545.367

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	59.977.320
Profit (Loss) for the period	1.106.495

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		29.737	85.025
. . Research,develop. and advert.expens.
. . Industrial patent rights	16.962	22.131	34.361
. . Concessions,licenses,trademarks,etc.
. . Goodwill	24.414	30.517	216.620
. . Assets in formation and advance paymen.			53.040
. . Other intangible fixed assets	31.824	42.432
. Total Intangible Fixed Assets	73.200	124.817	389.046
. TANGIBLE FIXED ASSETS
. . Real estate	20.062.785	21.004.280	21.333.259
. . Plant and machinery	7.541.589	8.641.848	10.543.520
. . Industrial and commercial equipment	2.024	6.792	11.976
. . Other assets	144.342	193.159	159.779
. . Assets under construction and advances	1.006.721	426.945	156.928
. Total Tangible fixed assets	28.757.461	30.273.024	32.205.462
. FINANCIAL FIXED ASSETS
. . Equity investments	128.139	72.979	72.979
. . . Equity invest. in subsidiary companies	111.350	61.350	61.350
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	16.789	11.629	11.629
. . Financial receivables	800.000	697.617	619.440
. . . . Within 12 months	800.000	697.617	619.440
. . . . 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	800.000	697.617	619.440
. . . . Within 12 months	800.000	697.617	619.440
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	928.139	770.596	692.419
Total fixed assets	29.758.800	31.168.437	33.286.927
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.872.300	3.282.444	3.379.509
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	2.824.764	4.703.145	2.742.865
. . Advance payments
. Total Inventories	5.697.064	7.985.589	6.122.374
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	49.279.248	47.260.694	47.599.956
. . Beyond 12 months
. . Trade receivables	18.102.441	21.893.562	23.818.347
. . . . Within 12 months	18.102.441	21.893.562	23.818.347
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	94.638	543.892	42.514
. . . . Within 12 months	94.638	543.892	42.514
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	28.834.643	23.515.870	22.572.723
. . . . Within 12 months	28.834.643	23.515.870	22.572.723
. . . . Beyond 12 months
. . Fiscal Receivables	56.067	71.541	260.835
. . . . Within 12 months	56.067	71.541	260.835
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.586.379	805.796	674.517
. . . . Within 12 months	1.586.379	805.796	674.517
. . . . Beyond 12 months
. . Receivables due from third parties	605.080	430.033	231.020
. . . . Within 12 months	605.080	430.033	231.020
. . . . Beyond 12 months
. Total Credits not held as fixed assets	49.279.248	47.260.694	47.599.956
. 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	417.663	522.929	346.089
. . Checks
. . Banknotes and coins	32.474	24.094	19.773
. Total Liquid funds	450.137	547.023	365.862
Total current assets	55.426.449	55.793.306	54.088.192
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	61.854	83.694	67.141
Total adjustments accounts	61.854	83.694	67.141
TOTAL ASSETS	85.247.103	87.045.437	87.442.260

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	13.500.000	13.500.000	13.500.000
. Additional paid-in capital	8.860	8.860	8.860
. Revaluation reserves	7.958.537	8.285.976	8.285.976
. Legal reserve	431.002	353.734	298.409
. Reserve for Own shares
. Statute reserves
. Other reserves	8.251.864	6.446.502	5.295.334
. Accumulated Profits (Losses)	71.733	71.733	71.733
. Profit( loss) of the year	1.632.510	1.545.367	1.106.495
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	31.854.506	30.212.172	28.566.807
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	7.737	2.048	1.995
. . Taxation fund, also differed	1.362.592	1.702.573	1.296.948
. . Other funds	1.138.573	190.831	311.000
Total Reserves for Risks and Charges	2.508.902	1.895.452	1.609.943
Employee termination indemnities	1.731.694	1.758.975	1.703.074
ACCOUNTS PAYABLE
. . . . Within 12 months	42.502.187	45.718.742	47.459.949
. . . . Beyond 12 months	6.552.820	7.321.094	7.954.238
. . 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	21.838.502	23.565.335	24.695.782
. . . . Within 12 months	15.285.682	16.444.241	17.141.544
. . . . Beyond 12 months	6.552.820	7.121.094	7.554.238
. . Due to other providers of finance	500.000	500.000	600.000
. . . . Within 12 months	500.000	300.000	200.000
. . . . Beyond 12 months		200.000	400.000
. . Advances from customers			502.400
. . . . Within 12 months			502.400
. . . . Beyond 12 months
. . Trade payables	21.809.709	25.131.546	26.253.753
. . . . Within 12 months	21.809.709	25.131.546	26.253.753
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	301.410	602.497	105.002
. . . . Within 12 months	301.410	602.497	105.002
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	1.738.540	1.037.446	1.057.836
. . . . Within 12 months	1.738.540	1.037.446	1.057.836
. . . . Beyond 12 months
. . Due to the tax authorities	1.168.451	571.616	618.466
. . . . Within 12 months	1.168.451	571.616	618.466
. . . . Beyond 12 months
. . Due to social security and welfare inst.	416.271	260.984	174.027
. . . . Within 12 months	416.271	260.984	174.027
. . . . Beyond 12 months
. . Other payables	1.282.124	1.370.412	1.406.921
. . . . Within 12 months	1.282.124	1.370.412	1.406.921
. . . . Beyond 12 months
Total accounts payable	49.055.007	53.039.836	55.414.187
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	96.994	139.002	148.249
Total adjustment accounts	96.994	139.002	148.249
TOTAL LIABILITIES	85.247.103	87.045.437	87.442.260

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	55.513.486	57.755.833	59.977.320
. Changes in work in progress	-1.822.723	1.730.959	888.479
. Changes in semi-manufact. products
. Capitalization of internal work			73.901
. Other income and revenues	484.426	867.222	771.774
. . Contributions for operating expenses
. . Different income and revenues	484.426	867.222	771.774
Total value of production	54.175.189	60.354.014	61.711.474
PRODUCTION COSTS
. Raw material,other materials and consum.	25.281.272	32.673.485	36.895.991
. Services received	15.977.522	16.217.937	15.293.916
. Leases and rentals	386.636	465.618	447.403
. Payroll and related costs	3.919.115	3.651.090	3.177.102
. . Wages and salaries	2.767.444	2.560.699	2.210.082
. . Social security contributions	889.562	848.116	735.372
. . Employee termination indemnities	233.162	212.213	205.088
. . Pension and similar
. . Other costs	28.947	30.062	26.560
. Amortization and depreciation	4.378.533	4.238.729	4.415.210
. . Amortization of intangible fixed assets	57.617	268.129	257.101
. . Amortization of tangible fixed assets	2.105.212	2.650.896	3.091.109
. . Depreciation of tangible fixed assets	750.704	250.704
. . Writedown of current receiv.and of liquid	1.465.000	1.069.000	1.067.000
. Changes in raw materials	465.802	-3.224	-1.502.978
. Provisions to risk reserves
. Other provisions	965.689	53	49
. Other operating costs	768.801	327.065	388.154
Total production costs	52.143.370	57.570.753	59.114.847
Diff. between value and cost of product.	2.031.819	2.783.261	2.596.627
FINANCIAL INCOME AND EXPENSE
. Income from equity investments			10
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	654.682	913.007	677.981
. . 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
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-189.492	-734.912	-1.346.305
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	465.190	178.095	-668.314
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	225.040	152.159	22.361
. . Gains on disposals	196.792
. . Other extraordinary income	28.248	152.159	22.361
. Extraordinary expense		-154.656	-11.002
. . Losses on disposals
. . Taxes relating to prior years		-154.654	-11.000
. . Other extraordinary expense		-2	-2
Total extraordinary income and expense	225.040	-2.497	11.359
Results before income taxes	2.722.049	2.958.859	1.939.672
. Taxes on current income	1.089.539	1.413.492	833.177
. . current taxes	2.125.277	1.349.315	1.341.336
. . differed taxes(anticip.)	-1.035.738	64.177	-508.159
. Net income for the period	1.632.510	1.545.367	1.106.495
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.632.510	1.545.367	1.106.495

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	0,35	0,36	0,38	0,34
Elasticity Ratio	Units	0,65	0,64	0,62	0,64
Availability of stock	Units	0,07	0,09	0,07	0,15
Total Liquidity Ratio	Units	0,58	0,55	0,55	0,46
Quick Ratio	Units	0,01	0,01	0,00	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,32	1,50	1,65	1,80
Self Financing Ratio	Units	0,37	0,35	0,33	0,26
Capital protection Ratio	Units	0,52	0,50	0,49	0,75
Liabilities consolidation quotient	Units	0,19	0,20	0,20	0,23
Financing	Units	1,54	1,76	1,94	2,59
Permanent Indebtedness Ratio	Units	0,47	0,45	0,44	0,46
M/L term Debts Ratio	Units	0,10	0,10	0,11	0,12
Net Financial Indebtedness Ratio	Units	0,69	0,78	0,87	0,57
CORRELATION
Fixed assets ratio	Units	1,35	1,26	1,15	1,28
Current ratio	Units	1,30	1,22	1,14	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,17	1,05	1,01	0,84
Structure's primary quotient	Units	1,07	0,97	0,86	0,74
Treasury's primary quotient	Units	0,01	0,01	0,01	0,03
Rate of indebtedness ( Leverage )	%	267,61	288,11	306,10	381,85
Current Capital ( net )	Value	12.924.262	10.074.564	6.628.243	401.161
RETURN
Return on Sales	%	10,83	10,01	9,21	3,85
Return on Equity - Net- ( R.O.E. )	%	5,12	5,12	3,87	2,70
Return on Equity - Gross - ( R.O.E. )	%	8,55	9,79	6,79	8,97
Return on Investment ( R.O.I. )	%	2,38	3,20	2,97	4,02
Return/ Sales	%	3,66	4,82	4,33	3,73
Extra Management revenues/charges incid.	%	80,35	55,52	42,61	25,78
Cash Flow	Value	6.011.043	5.784.096	5.521.705	297.038
Operating Profit	Value	2.031.819	2.783.261	2.596.627	271.622
Gross Operating Margin	Value	7.376.041	7.022.043	7.011.886	541.113
MANAGEMENT
Credits to clients average term	Days	117,39	136,47	142,96	112,20
Debts to suppliers average term	Days	206,17	195,27	187,51	101,28
Average stock waiting period	Days	36,94	49,78	36,75	48,71
Rate of capital employed return ( Turnover )	Units	0,65	0,66	0,69	1,14
Rate of stock return	Units	9,74	7,23	9,80	7,38
Labour cost incidence	%	7,06	6,32	5,30	15,03
Net financial revenues/ charges incidence	%	0,84	0,31	-1,11	-1,41
Labour cost on purchasing expenses	%	7,52	6,34	5,37	14,64
Short-term financing charges	%	0,39	1,39	2,43	3,20
Capital on hand	%	153,56	150,71	145,79	86,99
Sales pro employee	Value	486.960	656.316	768.940	279.071
Labour cost pro employee	Value	34.378	41.489	40.732	38.958

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	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Spazio.gif$ 569.987
Population living in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Spazio.gif$ 4.330.172
Number of families in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Spazio.gif$ 1.889.207

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

- per food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Spazio.gif$ 429
- per non food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Spazio.gif$ 1.789
- per energy consume	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.788\Spazio.gif$ 135

Sector Data

The values are calculated on a base of 805 significant companies.

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

The average duration of suppliers debts is about 101 dd.

The sector's profitability is on an average of 3,85%.

The labour cost affects the turnover in the measure of 15,03%.

Goods are held in stock in a range of 49 dd.

The difference between the sales volume and the resources used to realize it is about 1,14.

The employees costs represent the 14,64% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows trifling crises.

The area is statistically considered lowly risky.

In the region 27.019 protested subjects are found; in the province they count to 1.458.

The insolvency index for the region is 0,63, , while for the province it is 0,26.

Total Bankrupt companies in the province : 1.299.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.10
UK Pound	1	Rs.100.89
Euro	1	Rs.73.96

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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

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

MIRA INFORM REPORT

Company Name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit