MIRA INFORM REPORT

Report No. :	342501
Report Date :	25.09.2015

IDENTIFICATION DETAILS

Name :	RENZACCI S.P.A.*INDUSTRIA LAVATRICI

Registered Office :	Via Rodolfo Morandi, 13, 06012 - Citta' di Castello (PG)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	26.09.1980

Legal Form :	Joint stock company

Line of Business :	· Manufacture of Domestic Appliances. · Manufacture of Apparatus and Machinery for Laundries and Ironing Establishments (Including Spare Parts and Accessories)

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 :	Good
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

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

RENZACCI S.P.A.*INDUSTRIA LAVATRICI

Via Rodolfo Morandi, 13

06012 - Citta' di Castello (PG) -IT-

Summary

Fiscal Code	:	00644150542
Legal Form	:	Joint stock company
start of Activities	:	30/10/1980
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 71 to 90

Activity

Manufacture of domestic appliances

Manufacture of apparatus and machinery for laundries and ironing establishments (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00644150542

Foreign Trade Reg. no. : PG001631 since 11/12/1991

Chamber of Commerce no. : 126264 of Perugia since 03/11/1980

Firms' Register : PG039-8961 of Perugia since 19/02/1996

V.A.T. Code : 00644150542

Foundation date	: 26/09/1980
Establishment date	: 26/09/1980
Start of Activities	: 30/10/1980
Legal duration	: 31/12/2050
Nominal Capital	: 2.500.000
Subscribed Capital	: 2.500.000
Paid up Capital	: 2.500.000

Legal mail :

RENZACCI@PEC.IT

Members

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Pei

Norberto

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Born in Citta' di Castello

(PG)

on 01/11/1929

- Fiscal Code : PEINBR29S01C745O

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Residence:

Boccaccio

, 10

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/07/2013

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Renzacci

Donatella

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Born in Citta' di Castello

(PG)

on 01/09/1951

- Fiscal Code : RNZDTL51P41C745Z

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Residence:

R. Morandi

, 13

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/07/2013
Managing Director	16/07/2013
Board Chairman	22/04/2014

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No Prejudicial events are reported

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No Protests registered

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Rossi

Antonio

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Born in Citta' di Castello

(PG)

on 18/02/1938

- Fiscal Code : RSSNTN38B18C745T

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Residence:

Sepione

, 28

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	16/07/2013

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Zausa

Armando

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Born in Marostica

(VI)

on 13/07/1926

- Fiscal Code : ZSARND26L13E970I

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Residence:

Futa

, 61

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/07/2013
Managing Director	16/07/2013

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No Prejudicial events are reported

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No Protests registered

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Rosignoli

Roberto

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Born in Assisi

(PG)

on 17/01/1952

- Fiscal Code : RSGRRT52A17A475S

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Residence:

Sterpeto

, 71

- 06081

Assisi

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	16/07/2013

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Renzacci

Gabrio

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Born in Citta' di Castello

(PG)

on 05/03/1954

- Fiscal Code : RNZGBR54C05C745I

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Residence:

Machiavelli

, 16

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	23/02/1989
Director	16/07/2013
Managing Director	16/07/2013

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No Prejudicial events are reported

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No Protests registered

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Firen Partecipazioni S.p.a. .

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Morandi

, 13

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Arcaleni

Luca

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Born in Citta' di Castello

(PG)

on 30/08/1963

- Fiscal Code : RCLLCU63M30C745W

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Residence:

Collodi

, 39

- 06012

Citta' di Castello

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Responsible technician	14/02/2002

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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Renzacci

Donatella

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Firen Leasing S.p.a.	Citta' di Castello (PG) - IT -	00164780546	Managing Director	Active	Registered
Firen Leasing S.p.a.	Citta' di Castello (PG) - IT -	00164780546	Director	Active	Registered
Firen Partecipazioni S.p.a. .	Citta' di Castello (PG) - IT -	05356290014	Managing Director	Active	Registered
Firen Partecipazioni S.p.a. .	Citta' di Castello (PG) - IT -	05356290014	Director	Active	Registered

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Zausa

Armando

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Italclean S.R.L.	San Giorgio di Piano (BO) - IT -	02497760377	Permanent Auditor	Withdrawn	Registered
Maestrelli S.r.l.	San Giorgio di Piano (BO) - IT -	09947960150	Sole Director	Active	Registered
Italian Drycleaning - S.r.l.	Arezzo (AR) - IT -	01587220540	Sole Director	Active	Registered
Consorzio Unimatic Group Industrial Technology	Citta' di Castello (PG) - IT -	01880340540	Chairman	Active	Registered
Consorzio Unimatic Group Industrial Technology	Citta' di Castello (PG) - IT -	01880340540	Memb. of the Steering Committee	Active	Registered
Italtech Engineering S.r.l.	San Giorgio di Piano (BO) - IT -	03022151207	Director	Withdrawn	Registered
Italtech Engineering S.r.l.	San Giorgio di Piano (BO) - IT -	03022151207	Board Chairman	Withdrawn	Registered

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Renzacci

Gabrio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Teknozen - Societa' A Responsabilita' Limitata	Citta' di Castello (PG) - IT -	00193400546	Sole Director	Active	Registered
Umbria Export Societa' Consortile A Responsabilita' Limitata	Perugia (PG) - IT -	80009130545	Director	Active	Registered
Umbria Export Societa' Consortile A Responsabilita' Limitata	Perugia (PG) - IT -	80009130545	Board of Directors' Vice-chairman	Withdrawn	Registered
Cassa Di Risparmio Di Citta' Di CastelloS.p.a. , O Caricast . S.p.a. , O C.r.	Citta' di Castello (PG) - IT -	00147180541	Director	Withdrawn	Registered
Firen Leasing S.p.a.	Citta' di Castello (PG) - IT -	00164780546	Managing Director	Active	Registered
Firen Leasing S.p.a.	Citta' di Castello (PG) - IT -	00164780546	Director	Active	Registered
Firen Leasing S.p.a.	Citta' di Castello (PG) - IT -	00164780546	Board Chairman	Active	Registered
Firen Partecipazioni S.p.a. .	Citta' di Castello (PG) - IT -	05356290014	Managing Director	Active	Registered
Firen Partecipazioni S.p.a. .	Citta' di Castello (PG) - IT -	05356290014	Director	Active	Registered
Firen Partecipazioni S.p.a. .	Citta' di Castello (PG) - IT -	05356290014	Board Chairman	Active	Registered
Sfc Sistemi Formativi Confindustria - SoCieta Consortile Per Azio Ni	Roma (RM) - IT -	08145150580	Director	Withdrawn	Registered
Societa' Regionale Per Lo Sviluppo Economico Dell'umbria - Svilup Pumbria S.p.a.	Perugia (PG) - IT -	00267120541	Director	Active	Registered
Societa' Regionale Per Lo Sviluppo Economico Dell'umbria - Svilup Pumbria S.p.a.	Perugia (PG) - IT -	00267120541	Board Chairman	Active	Registered
Deterservice S.r.l.	Milano (MI) - IT -	12293500158	Director	Withdrawn	Registered
Sfcu - Sistemi Formativi Confindustria UMbria - Societa' Consortile A Responsabi	Perugia (PG) - IT -	02494560549	Director	Active	Registered
Sfcu - Sistemi Formativi Confindustria UMbria - Societa' Consortile A Responsabi	Perugia (PG) - IT -	02494560549	Board Chairman	Active	Registered
Expo Detergo S.r.l.	Milano (MI) - IT -	07158770151	Director	Active	Registered
Expo Detergo S.r.l.	Milano (MI) - IT -	07158770151	Assistant board Chairman	Active	Registered
Expo Detergo S.r.l.	Milano (MI) - IT -	07158770151	Board Chairman	Withdrawn	Registered

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

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

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Renzacci Donatella	Citta' di Castello - IT -	RNZDTL51P41C745Z	125 .Eur
Renzacci Gabrio	Citta' di Castello - IT -	RNZGBR54C05C745I	125 .Eur
Firen Partecipazioni S.p.a. .	Citta' di Castello - IT -	05356290014	2.499.750 .Eur	99,99

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Radio Gubbio S.p.a.	Gubbio - IT -	00496230541	325 .Eur	0,02			Active
Golf Perugia S.p.a.	Perugia - IT -	01666390545	2.582 .Eur	0,05			Active
Italclean S.R.L.	San Giorgio di Piano - IT -	02497760377	704.074 .Eur	99,99			Active
Umbria Export Societa' Consortile A Resp onsabilita' Limitata	Perugia - IT -	80009130545	850 .Eur	0,78			Active
Consorzio Unimatic Group Industrial Tech nology	Citta' di Castello - IT -	01880340540					Active
Consorzio Valtiberina Produce - C.V.P. - Soc. Consortile A Responsabilita' Limit		02413050549	510 .Eur	0,10			Active
Fidindustria Umbria Consorzio Garanzia C ollettiva Fidi	Terni - IT -	91053090550					Active
Polo Di Innovazione Meccanica Avanzata E Meccatronica Umbro - Societa' Consortil	Perugia - IT -	03197290541	1.000 .Eur	0,95			Active

Firm's location and structure

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

Legal and operative seat

Rodolfo Morandi

, 13

- 06012

- Citta' di Castello

(PG)

- IT -

PHONE

: 075862961

FAX

: 0758559020

Legal mail

: RENZACCI@PEC.IT

Branch

(Warehouse)

since 03/11/2003

Caduti Del Lavoro

- 06012

- Citta' di Castello

(PG)

- IT -

Employees

: 71

Fittings and Equipment for a value of 27.000

Eur

Stocks for a value of 1.120.000

Eur

Furniture and fittings for a value of 310.000

Eur

Vehicles for a value of 100.000

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 trade is the 70 % of the global turnover.

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- importers

- its own sales net-work

- its own agents

- direct orders from foreign companies

Subject generally proposes terms of sale between 30 and 60 days.

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

Company uses to settle its suppliers within 90 days.

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

Import comes generally from the following nations:

- Germany

- Great Britain

Export is mainly towards:

- TUTTO IL CONTINENTE

The subject firm uses the following own selling brands:

- RENZACCI

Traded Brands / Suppliers

- WATERLAND

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	05/11/1980

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
MONTE DEI PASCHI DI SIENA SPA	CITTA DI CASTELLO AG.1	VIA PIERO DELLA FRANCESCA, S.N.C. AN	06012	Citta di Castello	1030	21601
B.CA NAZIONALE DEL LAVORO SPA	CITTA' DI CASTELLO	VIA VITTORIO VENETO, 8	06012	Citta' di Castello (PG)	1005	21600
UNICREDIT BANCA SPA	CITTA DI CASTELLO	VIALE ZAMPINI, 2 E	06012	Citta di Castello	2008	21600

Financial and Economical Analysis

Company's starting of activities dates back to 1980.

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 7,86% in 2013 keeping the turnover steady during the last two years.

The operating result in 2013 was positive (5,69%) and reflects the field's average.

The amount of the operating result for the year 2013 is of Eur. 1.369.807 showing an upward trend more then 100% compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 1.628.378 with a 68,94% growth.

Equity is good since liquid assets exceed short term debts.

Subject can manage an equity capital funds for an amount of Eur. 17.196.674 on the same levels as the year before.

During the last financial year debts totalled Eur. 4.895.097 (Eur. 1.316.318 of which were m/l term debts) on the same levels as the year before.

The company does not exceed in bank credits; payments average period is instead slightly high (96,47 gg.) but lower than the field average.

Liquidity is good (4,93)

As to due from customers, the average terms are 46,88 days. , that compared to the sector's average is shorter.

2013 financial year closed with a cash flow of Eur. 1.602.923

Labour cost expenses amount to Eur. 3.007.076 , representing 25,02% on the total of production costs. , whereas the incidence on sales revenues is of 22,53%.

The financial charges do not negatively affect the management, as they are covered by the incomes.

Financial Data

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	13.348.355
Profit (Loss) for the period	1.350.904

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	12.563.625
Profit (Loss) for the period	1.343.689

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Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	12.934.130
Profit (Loss) for the period	734.606

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Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	15.814.880
Profit (Loss) for the period	1.550.462

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Complete balance-sheet for the year

al 31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	12.406.471
Profit (Loss) for the period	1.150.124

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.			1.500
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	5.050	8.341	11.631
. Total Intangible Fixed Assets	5.050	8.341	13.131
. TANGIBLE FIXED ASSETS
. . Real estate	5.383.427	5.602.375	5.840.775
. . Plant and machinery	6.132	9.634	13.137
. . Industrial and commercial equipment	20.503	16.540	8.174
. . Other assets	10.213	6.954	11.048
. . Assets under construction and advances
. Total Tangible fixed assets	5.420.275	5.635.503	5.873.134
. FINANCIAL FIXED ASSETS
. . Equity investments	596.391	595.391	625.391
. . . Equity invest. in subsidiary companies	586.884	586.884	586.884
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	9.507	8.507	38.507
. . Financial receivables	223.762	401.998	1.998
. . . . Within 12 months
. . . . Beyond 12 months	223.762	401.998	1.998
. . . 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	223.762	401.998	1.998
. . . . Within 12 months
. . . . Beyond 12 months	223.762	401.998	1.998
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	820.153	997.389	627.389
Total fixed assets	6.245.478	6.641.233	6.513.654
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	987.759	1.072.712	1.059.517
. . Work in progress and semimanufactured	32.683	51.456	39.219
. . Work in progress on order
. . Finished goods	97.827	142.403	131.834
. . Advance payments
. Total Inventories	1.118.269	1.266.571	1.230.570
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.179.510	1.569.542	2.603.146
. . Beyond 12 months	626.558	1.080.070	686.633
. . Trade receivables	1.738.193	1.444.285	2.068.592
. . . . Within 12 months	1.423.571	1.270.918	2.054.847
. . . . Beyond 12 months	314.622	173.367	13.745
. . Receivables due from subsid. comp.	147.809	4.915	113.758
. . . . Within 12 months	147.809	4.915	113.758
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	95.145	94.047	19.856
. . . . Within 12 months	1.098		19.856
. . . . Beyond 12 months	94.047	94.047
. . Fiscal Receivables	200.448	297.145	307.992
. . . . Within 12 months	147.860	242.893	307.992
. . . . Beyond 12 months	52.588	54.252
. . Receivables for anticipated taxes	165.563	165.825	124.525
. . . . Within 12 months	262	210
. . . . Beyond 12 months	165.301	165.615	124.525
. . Receivables due from third parties	458.910	643.395	655.056
. . . . Within 12 months	458.910	50.606	106.693
. . . . Beyond 12 months		592.789	548.363
. Total Credits not held as fixed assets	2.806.068	2.649.612	3.289.779
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	89.589	159.159	206.159
. . Own shares
. . . Total nominale value
. . Other securities	8.972.516	6.845.171	8.017.287
. Total Financial Assets	9.062.105	7.004.330	8.223.446
. LIQUID FUNDS
. . Bank and post office deposits	4.640.860	5.094.434	1.057.580
. . Checks
. . Banknotes and coins	171	60	46
. Total Liquid funds	4.641.031	5.094.494	1.057.626
Total current assets	17.627.473	16.015.007	13.801.421
ADJUSTMENT ACCOUNTS
. Discount on loans	187.535	157.266	121.918
. Other adjustment accounts
Total adjustments accounts	187.535	157.266	121.918
TOTAL ASSETS	24.060.486	22.813.506	20.436.993

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.500.000	2.500.000	2.500.000
. Additional paid-in capital
. Revaluation reserves	6.142.301	6.142.301	6.142.301
. Legal reserve	553.587	553.587	553.587
. Reserve for Own shares
. Statute reserves
. Other reserves	6.649.882	5.306.193	4.571.589
. Accumulated Profits (Losses)
. Profit( loss) of the year	1.350.904	1.343.689	734.606
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	17.196.674	15.845.770	14.502.083
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	642.657	869.119	813.902
. . Taxation fund, also differed
. . Other funds	102.020	102.020	102.020
Total Reserves for Risks and Charges	744.677	971.139	915.922
Employee termination indemnities	979.361	970.837	1.202.766
ACCOUNTS PAYABLE
. . . . Within 12 months	3.578.779	3.522.938	3.720.403
. . . . Beyond 12 months	1.316.318	1.317.521
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	1.316.318	1.317.521	317.379
. . . . Within 12 months			317.379
. . . . Beyond 12 months	1.316.318	1.317.521
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	94.418	28.182	18.088
. . . . Within 12 months	94.418	28.182	18.088
. . . . Beyond 12 months
. . Trade payables	2.250.597	2.160.906	2.389.557
. . . . Within 12 months	2.250.597	2.160.906	2.389.557
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	31.749	16.987
. . . . Within 12 months	31.749	16.987
. . . . 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	133.426	270.612	126.723
. . . . Within 12 months	133.426	270.612	126.723
. . . . Beyond 12 months
. . Due to social security and welfare inst.	175.710	144.969	175.319
. . . . Within 12 months	175.710	144.969	175.319
. . . . Beyond 12 months
. . Other payables	892.879	901.282	693.337
. . . . Within 12 months	892.879	901.282	693.337
. . . . Beyond 12 months
Total accounts payable	4.895.097	4.840.459	3.720.403
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	244.677	185.301	95.819
Total adjustment accounts	244.677	185.301	95.819
TOTAL LIABILITIES	24.060.486	22.813.506	20.436.993

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts			10.576.022
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	13.348.355	12.563.624	12.934.127
. Changes in work in progress	-63.348	22.806	48.935
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	102.888	128.879	87.150
. . Contributions for operating expenses		4.000	10.462
. . Different income and revenues	102.888	124.879	76.688
Total value of production	13.387.895	12.715.309	13.070.212
PRODUCTION COSTS
. Raw material,other materials and consum.	5.265.417	5.368.113	5.154.074
. Services received		3.098.896	3.318.770
. Leases and rentals	3.251.832	181.001	119.931
. Payroll and related costs	3.007.076	3.011.537	2.927.336
. . Wages and salaries	2.187.534	2.168.099	2.114.067
. . Social security contributions	650.376	651.661	616.635
. . Employee termination indemnities	156.013	178.024	185.382
. . Pension and similar	13.153	12.121	11.252
. . Other costs		1.632
. Amortization and depreciation	252.019	270.876	284.655
. . Amortization of intangible fixed assets	3.291	4.791	4.951
. . Amortization of tangible fixed assets	241.531	260.461	271.473
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	7.197	5.624	8.231
. Changes in raw materials	88.346	-13.196	-28.873
. Provisions to risk reserves
. Other provisions	6.552	10.791	17.905
. Other operating costs	146.846	105.126	90.499
Total production costs	12.018.088	12.033.144	11.884.297
Diff. between value and cost of product.	1.369.807	682.165	1.185.915
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	10.997	2.058	4.509
. . In subsidiary companies
. . In associated companies
. . In other companies	10.997	2.058	4.509
. Other financial income	639.844	694.102	454.193
. . Financ.income from receivables	187	848
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies	187	848
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets	407.534	541.220	391.735
. . Financ.income other than the above	232.123	152.034	62.458
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	232.123	152.034	62.458
. Interest and other financial expense	-116.335	-44.484	-278.071
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	116.335	44.484	278.071
Total financial income and expense	534.506	651.676	180.631
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	105.046	365.018	18.040
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	105.046	365.018	18.040
. Devaluation	-3.962	-115.601	-423.215
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-3.962	-115.601	-423.215
Total adjustments to financial assets	101.084	249.417	-405.175
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	30.906	388.564	268.081
. . Gains on disposals
. . Other extraordinary income	30.906	388.564	268.081
. Extraordinary expense	-332	-17.137	-3.155
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-332	-17.137	-3.155
Total extraordinary income and expense	30.574	371.427	264.926
Results before income taxes	2.035.971	1.954.685	1.226.297
. Taxes on current income	685.067	610.996	491.691
. . current taxes	684.805	652.296	532.990
. . differed taxes(anticip.)	262	-41.300	-41.299
. Net income for the period	1.350.904	1.343.689	734.606
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.350.904	1.343.689	734.606

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	0,26	0,29	0,32	0,18
Elasticity Ratio	Units	0,73	0,70	0,68	0,80
Availability of stock	Units	0,05	0,06	0,06	0,24
Total Liquidity Ratio	Units	0,69	0,65	0,62	0,48
Quick Ratio	Units	0,57	0,53	0,45	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	0,18	3,25
Self Financing Ratio	Units	0,71	0,69	0,71	0,19
Capital protection Ratio	Units	0,78	0,76	0,78	0,63
Liabilities consolidation quotient	Units	0,64	0,65	0,32	0,19
Financing	Units	0,28	0,31	0,26	3,80
Permanent Indebtedness Ratio	Units	0,81	0,79	0,77	0,36
M/L term Debts Ratio	Units	0,10	0,10	0,06	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	3,12	2,73	2,41	1,75
Current ratio	Units	4,93	4,55	3,71	1,21
Acid Test Ratio-Liquidity Ratio	Units	4,61	4,19	3,38	0,81
Structure's primary quotient	Units	2,75	2,39	2,23	1,03
Treasury's primary quotient	Units	3,83	3,43	2,49	0,06
Rate of indebtedness ( Leverage )	%	139,91	143,97	140,92	516,42
Current Capital ( net )	Value	14.048.694	12.492.069	10.081.018	422.465
RETURN
Return on Sales	%	12,01	12,85	7,88	3,35
Return on Equity - Net- ( R.O.E. )	%	7,86	8,48	5,07	5,13
Return on Equity - Gross - ( R.O.E. )	%	11,84	12,34	8,46	14,77
Return on Investment ( R.O.I. )	%	5,69	2,99	5,80	4,16
Return/ Sales	%	10,26	5,43	9,17	4,11
Extra Management revenues/charges incid.	%	98,62	196,97	61,94	28,57
Cash Flow	Value	1.602.923	1.614.565	1.019.261	122.482
Operating Profit	Value	1.369.807	682.165	1.185.915	144.752
Gross Operating Margin	Value	1.628.378	963.832	1.488.475	241.990
MANAGEMENT
Credits to clients average term	Days	46,88	41,38	57,58	111,85
Debts to suppliers average term	Days	96,47	90,66	100,11	128,30
Average stock waiting period	Days	30,16	36,29	34,25	80,43
Rate of capital employed return ( Turnover )	Units	0,55	0,55	0,63	1,08
Rate of stock return	Units	11,94	9,92	10,51	4,45
Labour cost incidence	%	22,53	23,97	22,63	19,12
Net financial revenues/ charges incidence	%	4,00	5,19	1,40	-1,08
Labour cost on purchasing expenses	%	25,02	25,03	24,63	19,02
Short-term financing charges	%	2,38	0,92	7,47	2,68
Capital on hand	%	180,25	181,58	158,01	91,91
Sales pro employee	Value	143.530	133.655	142.133	198.432
Labour cost pro employee	Value	32.334	32.037	32.168	35.779

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.927\Spazio.gif$ 632.420
Population living in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.927\Spazio.gif$ 858.938
Number of families in the region	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.927\Spazio.gif$ 331.385

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

- per food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.927\Spazio.gif$ 508
- per non food products	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.927\Spazio.gif$ 1.747
- per energy consume	:	$Description: C:\Users\user\AppData\Local\Temp\Rar$EXa0.927\Spazio.gif$ 125

Sector Data

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

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

The average duration of suppliers debts is about 128 dd.

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

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

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

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

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

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered remarkably risky.

In the region 7.230 protested subjects are found; in the province they count to 5.173.

The insolvency index for the region is 0,85, , while for the province it is 0,83.

Total Bankrupt companies in the province: 2.808.

Total Bankrupt companies in the region: 3.572.

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

Bankers

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit