MIRA INFORM REPORT

Report No. :	504633
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	SEA QUEEN S.R.L.
Registered Office :	Via Cadibona, 8 20137 - Milano (MI) -IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	01.04.2010
Legal Form :	Limited liability company
Line of Business :	Wholesale of other food, including fish, crustaceans and molluscs
No. of Employees :	From 6 to 10

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Sea Queen S.r.l.

Via Cadibona, 8

20137 - Milano (MI) -IT-

Summary

Fiscal Code	:	06994700968
Legal Form	:	Limited liability company
start of Activities	:	26/04/2010
Equity	:	1.000.000
Turnover Range	:	15.500.000/18.000.000
Number of Employees	:	from 6 to 10

Activity

Wholesale of other food, including fish, crustaceans and molluscs

Legal Data

Legal Form : Limited liability company

Fiscal Code : 06994700968

Chamber of Commerce no. : 454961 of Genova

Chamber of Commerce no. : 1928047 of Milano since 13/04/2010

V.A.T. Code : 06994700968

Establishment date	: 01/04/2010
Start of Activities	: 26/04/2010
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

AMMINISTRAZIONE@PEC.SEAQUEEN.IT

Members

Balestrero

Guido

Born in Genova

(GE)

on 11/11/1968

- Fiscal Code : BLSGDU68S11D969N

Residence:

Raffaele Rossetti

, 4/2A

- 16129

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	01/04/2010
Person in charge

Legal Mortgage - 09/11/2009. - 2.000 Euro. Event writing-off

 EQUITALIA SESTRI SPA

No Protests registered

Balestrero G. E G. S.r.l.

:

Rossetti Raffaele

, 2

- 16129

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Peg Sas Di Paolo Maria Fanti E C.

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

Balestrero

Guido

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Piam Farmaceutici Societa' Per Azioni	Genova (GE) - IT -	00244540100	Managing Director	Withdrawn	Registered
Piam Farmaceutici Societa' Per Azioni	Genova (GE) - IT -	00244540100	Director	Active	Registered
Piam Farmaceutici Societa' Per Azioni	Genova (GE) - IT -	00244540100	Managing Director	Active	Registered
Piam Farmaceutici Societa' Per Azioni	Genova (GE) - IT -	00244540100	Memb. of the Steering Committee	Active	Registered
Piam Farmaceutici Societa' Per Azioni	Genova (GE) - IT -	00244540100	Memb.of the Executive Committee	Withdrawn	Registered
Trebifarma - S.r.l.	Genova (GE) - IT -	03521240105	Director	Active	Registered
D.i.s. S.r.l. Distillers E Distributors	Genova (GE) - IT -	01471690998	Director	Withdrawn	Registered
Agroeuropa S.p.a.	Milano (MI) - IT -	03594380960	Managing Director	Active	Registered
Agroeuropa S.p.a.	Milano (MI) - IT -	03594380960	Director	Active	Registered
La Lobbra S.r.l.	Genova (GE) - IT -	01334180997	Director	Withdrawn	Registered
Celebrity S.r.l.	Genova (GE) - IT -	01766090995	Director	Withdrawn	Registered
Adamoli S.r.l.	Genova (GE) - IT -	01960230991	Managing Director	Active	Registered
Adamoli S.r.l.	Genova (GE) - IT -	01960230991	Director	Active	Registered
Balestrero G. E G. S.r.l.	Genova (GE) - IT -	01293200992	Director	Active	Registered
Balestrero G. E G. S.r.l.	Genova (GE) - IT -	01293200992	Sole Director	Withdrawn	Registered
Balestrero G. E G. S.r.l.	Genova (GE) - IT -	01293200992	Board Chairman	Active	Registered
Balestrero 1961 S.r.l.	Genova (GE) - IT -	01293220990	Director	Active	Registered
Balestrero 1961 S.r.l.	Genova (GE) - IT -	01293220990	Sole Director	Withdrawn	Registered
Balestrero 1961 S.r.l.	Genova (GE) - IT -	01293220990	Board Chairman	Active	Registered
B E B S.r.l.	Genova (GE) - IT -	02271530996	Director	Active	Registered
B E B Immobiliare S.r.l.	Genova (GE) - IT -	02291110993	Director	Active	Registered
2b Investors S.r.l.	Genova (GE) - IT -	02414170999	Sole Director	Active	Registered
Palazzo Vannoni S.r.l.	Genova (GE) - IT -	02435650995	Director	Active	Registered
Bbc S.r.l.	Genova (GE) - IT -	02505330999	Director	Active	Registered
Bbc S.r.l.	Genova (GE) - IT -	02505330999	Board Chairman	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
Balestrero G. E G. S.r.l.	Genova - IT -	01293200992	70.000 .Eur	70,00
Peg Sas Di Paolo Maria Fanti E C.		11251460157	30.000 .Eur	30,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-	Legal and operative seat

Cadibona

, 8

- 20100

- Milano

(MI)

- IT -

Legal mail

: AMMINISTRAZIONE@PEC.SEAQUEEN.IT

-

Branch

(Administrative office)

since 15/04/2011

Rossetti

, 4/2A

- 16100

- Genova

(GE)

- IT -

Employees

: 8

Stocks for a value of 3.190.000

Eur

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.

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Subject is active since 2010

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

During the last years, it achieved profits (r.o.e. 20,32% on 2016) thanks to a progressive increase in turnover (+14,99% in 2016 compared to 2015 and +18,04% in 2015 compared to 2014).

The return on Investment in the last financial year was positive (6,65%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 550.974 recording a drop as opposed to the year before (-21,79%).

During the latest financial year the gross operating margin amounted to Eur. 564.551 showing a downward trend as opposed to the previous year.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,9 improved in comparison with the year before (4,2.).

With regard to equity capital, an amount of Eur. 990.489 is registered. , rising by 25,5%.

During the last financial year total debts volume reached Eur. 7.218.347 (Eur. 4.382.096 were m/l term ones) while during the financial year 2015 the amount was equal to Eur. 4.848.137.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 43,68 gg. is the payments' average time below the sector's average.

Payments are supported by good current assets.

Accounts receivable average term is 67,04 days. , shorter than the sector's average.

Eur. 214.839 is the value of cash flow during the year 2016

Subordinate employment cost is of Eur. 286.546, i.e. 1,8% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 1,74%.

If compared to the sales volume (-1,11%), the impact of the financial charges is limited.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	16.465.265
Profit (Loss) for the period	201.262

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	14.317.952
Profit (Loss) for the period	173.926

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	12.128.832
Profit (Loss) for the period	217.434

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	8.010.485
Profit (Loss) for the period	75.917

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	8.500.844
Profit (Loss) for the period	89.575

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 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

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	8.980	5.860	2.506
. . Concessions,licenses,trademarks,etc.	2.469	2.649	2.829
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	11.449	8.509	5.335
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets	19.682	27.555	708
. . Assets under construction and advances
. Total Tangible fixed assets	19.682	27.555	708
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets
Total fixed assets	31.131	36.064	6.043
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	3.188.437	2.685.507	2.015.141
. . Advance payments
. Total Inventories	3.188.437	2.685.507	2.015.141
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.122.025	1.917.723	1.828.418
. . Beyond 12 months
. . Trade receivables	3.066.267	1.800.944	1.757.557
. . . . Within 12 months	3.066.267	1.800.944	1.757.557
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	28.678	85.546	44.387
. . . . Within 12 months	28.678	85.546	44.387
. . . . Beyond 12 months
. . Receivables for anticipated taxes	15.080	9.596	26.474
. . . . Within 12 months	15.080	9.596	26.474
. . . . Beyond 12 months
. . Receivables due from third parties	12.000	21.637
. . . . Within 12 months	12.000	21.637
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.122.025	1.917.723	1.828.418
. 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	1.940.974	1.049.906	860.626
. . Checks
. . Banknotes and coins	968	710	769
. Total Liquid funds	1.941.942	1.050.616	861.395
Total current assets	8.252.404	5.653.846	4.704.954
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts
Total adjustments accounts
TOTAL ASSETS	8.283.535	5.689.910	4.710.997
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	20.000	20.000	14.894
. Reserve for Own shares
. Statute reserves
. Other reserves	669.227	495.302	282.974
. Accumulated Profits (Losses)
. Profit( loss) of the year	201.262	173.926	217.434
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	990.489	789.228	615.302
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	40.545	27.536	16.857
ACCOUNTS PAYABLE
. . . . Within 12 months	2.836.251	4.365.347	4.053.209
. . . . Beyond 12 months	4.382.096	482.790
. . 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	5.125.859	3.453.536	2.417.404
. . . . Within 12 months	743.763	2.970.746	2.417.404
. . . . Beyond 12 months	4.382.096	482.790
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	1.956.219	1.297.897	1.009.205
. . . . Within 12 months	1.956.219	1.297.897	1.009.205
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies			500.000
. . . . Within 12 months			500.000
. . . . Beyond 12 months
. . Due to the tax authorities	109.985	3.830	107.397
. . . . Within 12 months	109.985	3.830	107.397
. . . . Beyond 12 months
. . Due to social security and welfare inst.	18.899	11.948	7.922
. . . . Within 12 months	18.899	11.948	7.922
. . . . Beyond 12 months
. . Other payables	7.385	80.926	11.281
. . . . Within 12 months	7.385	80.926	11.281
. . . . Beyond 12 months
Total accounts payable	7.218.347	4.848.137	4.053.209
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	34.154	25.009	25.629
Total adjustment accounts	34.154	25.009	25.629
TOTAL LIABILITIES	8.283.535	5.689.910	4.710.997

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	16.465.265	14.317.952	12.128.832
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	7.949	6.782	81
. . Contributions for operating expenses
. . Different income and revenues	7.949	6.782	81
Total value of production	16.473.214	14.324.734	12.128.913
PRODUCTION COSTS
. Raw material,other materials and consum.	14.077.020	12.163.197	10.260.296
. Services received	2.039.969
. Leases and rentals	5.518	1.873.752	1.471.273
. Payroll and related costs	286.546	234.124	162.238
. . Wages and salaries	215.321	168.639	123.042
. . Social security contributions	58.132	45.147	31.616
. . Employee termination indemnities	13.093	10.722	7.580
. . Pension and similar
. . Other costs		9.616
. Amortization and depreciation	13.577	9.585	4.370
. . Amortization of intangible fixed assets	3.889	2.277	2.249
. . Amortization of tangible fixed assets	7.873	4.124	311
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	1.815	3.184	1.810
. Changes in raw materials	-502.930	-670.366	-444.395
. Provisions to risk reserves
. Other provisions
. Other operating costs	2.540	9.896	16.404
Total production costs	15.922.240	13.620.188	11.470.186
Diff. between value and cost of product.	550.974	704.546	658.727
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	16	104	80
. . 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	16	104	80
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	16	104	80
. Interest and other financial expense	-182.637	-436.380	-325.039
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-436.380	-325.039
Total financial income and expense	-182.621	-436.276	-324.959
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	368.353	268.270	333.768
. Taxes on current income	167.091	94.344	116.334
. . current taxes	172.576	77.465	145.030
. . differed taxes(anticip.)		16.879	-28.696
. Net income for the period	201.262	173.926	217.434
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	201.262	173.926	217.434

RATIOS

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,00	0,01	0,00	0,13
Elasticity Ratio	Units	1,00	0,99	1,00	0,85
Availability of stock	Units	0,38	0,47	0,43	0,16
Total Liquidity Ratio	Units	0,61	0,52	0,57	0,62
Quick Ratio	Units	0,23	0,18	0,18	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,90	4,20	5,19	5,02
Self Financing Ratio	Units	0,12	0,14	0,13	0,13
Capital protection Ratio	Units	0,70	0,65	0,48	0,58
Liabilities consolidation quotient	Units	1,56	0,12	0,00	0,10
Financing	Units	7,29	6,14	6,59	6,17
Permanent Indebtedness Ratio	Units	0,65	0,23	0,13	0,25
M/L term Debts Ratio	Units	0,53	0,09	0,00	0,07
Net Financial Indebtedness Ratio	Units	3,21	3,04	2,53	1,16
CORRELATION
Fixed assets ratio	Units	173,88	36,03	104,61	1,57
Current ratio	Units	2,91	1,30	1,16	1,09
Acid Test Ratio-Liquidity Ratio	Units	1,79	0,68	0,66	0,85
Structure's primary quotient	Units	31,82	21,88	101,82	0,96
Treasury's primary quotient	Units	0,68	0,24	0,21	0,05
Rate of indebtedness ( Leverage )	%	836,31	720,95	765,64	743,68
Current Capital ( net )	Value	5.416.153	1.288.499	651.745	70.465
RETURN
Return on Sales	%	1,30	1,28	1,83	1,66
Return on Equity - Net- ( R.O.E. )	%	20,32	22,04	35,34	6,68
Return on Equity - Gross - ( R.O.E. )	%	37,19	33,99	54,24	19,39
Return on Investment ( R.O.I. )	%	6,65	12,38	13,98	3,84
Return/ Sales	%	3,35	4,92	5,43	2,16
Extra Management revenues/charges incid.	%	36,53	24,69	33,01	28,56
Cash Flow	Value	214.839	183.511	221.804	48.046
Operating Profit	Value	550.974	704.546	658.727	59.910
Gross Operating Margin	Value	564.551	714.131	663.097	99.701
MANAGEMENT
Credits to clients average term	Days	67,04	45,28	52,17	86,56
Debts to suppliers average term	Days	43,68	33,29	46,31	100,32
Average stock waiting period	Days	69,71	67,52	59,81	31,97
Rate of capital employed return ( Turnover )	Units	1,99	2,52	2,57	1,82
Rate of stock return	Units	5,16	5,33	6,02	11,18
Labour cost incidence	%	1,74	1,64	1,34	5,95
Net financial revenues/ charges incidence	%	-1,11	-3,05	-2,68	-0,81
Labour cost on purchasing expenses	%	1,80	1,72	1,41	5,95
Short-term financing charges	%	2,53	9,00	8,02	2,18
Capital on hand	%	50,31	39,74	38,84	54,67
Sales pro employee	Value	2.058.158	2.045.421	2.425.766	507.074
Labour cost pro employee	Value	35.818	33.446	32.447	32.650

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	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

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

Sector Data

The values are calculated on a base of 5.101 significant companies.

The companies cash their credits on an average of 87 dd.

The average duration of suppliers debts is about 100 dd.

The sector's profitability is on an average of 1,66%.

The labour cost affects the turnover in the measure of 5,95%.

Goods are held in stock in a range of 32 dd.

The difference between the sales volume and the resources used to realize it is about 1,82.

The employees costs represent the 5,95% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30
Euro	1	INR 81.33

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.