MIRA INFORM REPORT

Report No. :	504555
Report Date :	23.04.2018

IDENTIFICATION DETAILS

Name :	MOELLHAUSEN SPA
Registered Office :	Piazza Pio Xi, 1 20123 - Milano (MI) -IT-
Country :	Italy
Financials (as on) :	30.06.2017
Date of Incorporation :	01.12.1994
Legal Form :	Joint stock company
Line of Business :	· Manufacture of toiletries: perfumes, cosmetics, soaps and similars · Manufacture of essential oils
No. of Employees :	51 to 70

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 :	Moderate
Payment Behaviour :	Regular
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

Moellhausen Spa

Piazza Pio Xi, 1

20123 - Milano (MI) -IT-

Summary

Fiscal Code	:	03149330155
Legal Form	:	Joint stock company
start of Activities	:	01/12/1994
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of toiletries: perfumes, cosmetics, soaps and similars

Manufacture of essential oils

Legal Data

Legal Form : Joint stock company

Fiscal Code : 03149330155

Foreign Trade Reg. no. : MI221065 since 13/02/1995

Chamber of Commerce no. : 1456445 of Monza e Brianza

Chamber of Commerce no. : 1456445 of Milano since 01/12/1994

Chamber of Commerce no. : 216066 of Varese since 18/04/1990 until 14/09/1995

Firms' Register : MI146-348719 of Milano since 19/02/1996

V.A.T. Code : 11300860159

Foundation date	: 23/10/1967
Establishment date	: 23/10/1967
Start of Activities	: 01/12/1994
Legal duration	: 31/12/2030
Nominal Capital	: 3.450.000
Subscribed Capital	: 3.450.000
Paid up Capital	: 3.450.000

Legal mail :

MOELLHAUSEN@LEGALMAIL.IT

Members

Moellhausen

Anthony

Born in Milano

(MI)

on 11/01/1964

- Fiscal Code : MLLNHN64A11F205Q

Residence:

Villa

, 20

- 20057

Vedano Al Lambro

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/10/2016
Board Chairman	28/10/2016

No Prejudicial events are reported

No Protests registered

Moellhausen

Micaela

Born in Roma

(RM)

on 07/06/1948

- Fiscal Code : MLLMCL48H47H501G

Residence:

Pirandello Luigi

, 8

- 20144

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/10/2016
Partner

No Prejudicial events are reported

No Protests registered

Ghigliotti Progida

Alessandra

Born in Milano

(MI)

on 22/04/1962

- Fiscal Code : GHGLSN62D62F205B

Residence:

Bianca Di Savoia

, 4

- 20122

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/10/2016

Caporal

Nicole

Born in Roma

(RM)

on 25/11/1963

- Fiscal Code : CPRNCL63S65H501W

Residence:

Biancamano Umberto

, 14

- 20052

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Person in charge	26/04/2001

Redaelli

Alessia

Born in Monza

(MB)

on 11/11/1969

- Fiscal Code : RDLLSS69S51F704Y

Residence:

Arturo Toscanini

, 4

- 20865

Usmate Velate

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/11/2015

No Prejudicial events are reported

No Protests registered

Ghezzi Perego Besozzi Di

Andrea Ercole

Born in Milano

(MI)

on 20/05/1976

- Fiscal Code : GHZNRR76E20F205L

Residence:

Pietro Mascagni

, 30

- 20122

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/11/2015

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.

Moellhausen

Anthony

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
A.v.m. Essential Oils Aromatics Srl	Milano (MI) - IT -	02188710962	Sole Director	Withdrawn	Ceased
A.v.m. Essential Oils Aromatics Srl	Milano (MI) - IT -	02188710962	Liquidator	Withdrawn	Ceased
L.a.m. S.r.l.	Milano (MI) - IT -	04783500962	Sole Director	Active	Registered
L.a.m. S.r.l.	Milano (MI) - IT -	04783500962	Attorney with special power	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
Moellhausen Anthony	Vedano Al Lambro - IT -	MLLNHN64A11F205Q	1.150.000 .Eur	33,33
Moellhausen Micaela	Milano - IT -	MLLMCL48H47H501G	1.150.000 .Eur	33,33
Ghigliotti Progida Alessandra	Milano - IT -	GHGLSN62D62F205B	383.334 .Eur	11,11
Moellhausen Stephanie		MLLSPH88C69F205N	383.333 .Eur	11,11
Moellhausen Sylvie		MLLSLV91B53F205D	383.333 .Eur	11,11

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
L.a.m. S.r.l.	Milano - IT -	04783500962	105.000 .Eur	100,00			Active

Firm's location and structure

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

-

Legal and operative seat

since 22/12/1989

Pio Xi

, 1

- 20100

- Milano

(MI)

- IT -

PHONE

: 0255016691

Legal mail

: MOELLHAUSEN@LEGALMAIL.IT

-

Branch

(Administrative office)

since 12/09/2005

Torri Bianche

, 2-9

- 20059

- Vimercate

(MB)

- IT -

PHONE

: 039685621

PHONE

: 0396856262

-

Branch

(Warehouse)

since 14/10/2005

Provinciale Delle Industrie

, 95

- 20040

- Cambiago

(MI)

- IT -

Employees

: 63

Fittings and Equipment for a value of 500.000

Eur

Stocks for a value of 12.330.000

Eur

Vehicles for a value of 41.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- trading companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- trading companies

- direct orders from foreign companies

Import comes generally from the following nations:

- Great Britain

- France

- Germany

- Italy

Export is mainly towards:

- Italy

- France

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	14/09/1994

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Moellhausen Trading S.r.l.	Moellhausen S.p.A.	14/09/1994

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

The company is active since 1994

The analysis is based on the latest 3 balance sheets.

During the last years, it recorded positive net results (r.o.e. 3,09% in 2017) with an increase in 2017 (+20,61%).

The operating result was positive in the last financial year (2,51%) and in line with the sector's average.

An operating result of Eur. 586.254 has been registered. ,showing stability in respect to the value of 2016.

The G.O.M. amounted to Eur. 1.092.161 with no sensible increase as against 2016.

The financial status of the company is fairly balanced with an indebtedness level of 3,24 but with an increase as against the previous accounting period.

The equity capital is equal to Eur. 4.740.415 , unchanged if compared to 2016.

During the last financial year debts totalled Eur. 16.710.903 (Eur. 1.119.463 of which were m/l term debts) , a more or less stable value.

The exposure towards banks is slightly high, the recourse to suppliers' credit is limited which is also lower than the sector average.

The management determines a good range of liquidity.

Due from customers average term is high and equal to 114,38 days. but in line with the sector.

2017 financial year closed with a cash flow of Eur. 462.441

Subordinate employment cost is of Eur. 3.487.104, i.e. 13,32% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 13,15%.

Financial charges have a limited incidence (-0,61%) on sales volume.

Financial Data

Complete balance-sheet for the year

al 30/06/2017

(in Eur

x 1)

Item Type	Value
Sales	26.521.424
Profit (Loss) for the period	146.242

Complete balance-sheet for the year

al 30/06/2016

(in Eur

x 1)

Item Type	Value
Sales	21.987.690
Profit (Loss) for the period	123.042

Complete balance-sheet for the year

al 30/06/2015

(in Eur

x 1)

Item Type	Value
Sales	23.283.114
Profit (Loss) for the period	67.266

Complete balance-sheet for the year

al 31/05/2014

(in Eur

x 1)

Item Type	Value
Sales	21.965.888
Profit (Loss) for the period	42.937

Complete balance-sheet for the year

al 31/05/2013

(in Eur

x 1)

Item Type	Value
Sales	24.416.083
Profit (Loss) for the period	-73.461

Financials

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 30/06/2017 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 30/06/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 30/06/2015 - 12 Mesi - Currency: - Amounts x 1

Years

2017

2016

2015

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			119.918
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	192.863	164.523	68.812
. Total Intangible Fixed Assets	192.863	164.523	188.730
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	436.187	515.943	581.774
. . Industrial and commercial equipment	66.632	81.168	25.033
. . Other assets	142.569	144.592	39.707
. . Assets under construction and advances
. Total Tangible fixed assets	645.388	741.703	646.514
. FINANCIAL FIXED ASSETS
. . Equity investments	1.100.026	1.100.026	1.100.026
. . . Equity invest. in subsidiary companies	1.100.000	1.100.000	1.100.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	26	26	26
. . Financial receivables	3.084	9.061	9.029
. . . . Within 12 months
. . . . Beyond 12 months	3.084	9.061	9.029
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	3.084	9.061	9.029
. . . . Within 12 months
. . . . Beyond 12 months	3.084	9.061	9.029
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.103.110	1.109.087	1.109.055
Total fixed assets	1.941.361	2.015.313	1.944.299
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	786.373	2.160.478	931.531
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	11.539.403	9.956.870	7.968.331
. . Advance payments
. Total Inventories	12.325.776	12.117.348	8.899.862
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	8.574.857	6.565.294	6.008.428
. . Beyond 12 months	103.307	68.871	103.308
. . Trade receivables	8.426.154	6.457.375	5.930.842
. . . . Within 12 months	8.426.154	6.457.375	5.930.842
. . . . 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	145.999	173.682	180.864
. . . . Within 12 months	42.692	104.811	77.556
. . . . Beyond 12 months	103.307	68.871	103.308
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	106.011	3.108	30
. . . . Within 12 months	106.011	3.108	30
. . . . Beyond 12 months
. Total Credits not held as fixed assets	8.678.164	6.634.165	6.111.736
. 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	236.850	10.586	36.756
. . Checks
. . Banknotes and coins	5.966	7.289	5.630
. Total Liquid funds	242.816	17.875	42.386
Total current assets	21.246.756	18.769.388	15.053.984
ADJUSTMENT ACCOUNTS
. Discount on loans			308.427
. Other adjustment accounts	172.338	193.095
Total adjustments accounts	172.338	193.095	308.427
TOTAL ASSETS	23.360.455	20.977.796	17.306.710
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	3.450.000	3.450.000	3.450.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	180.000	160.000	155.000
. Reserve for Own shares
. Statute reserves
. Other reserves	-4	-8	3
. Accumulated Profits (Losses)	964.177	861.135	798.870
. Profit( loss) of the year	146.242	123.042	67.266
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	4.740.415	4.594.169	4.471.139
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	418.092	184.882
Total Reserves for Risks and Charges	418.092	184.882
Employee termination indemnities	1.307.461	1.182.554	1.105.657
ACCOUNTS PAYABLE
. . . . Within 12 months	15.591.440	13.038.496	10.105.256
. . . . Beyond 12 months	1.119.463	1.773.065	1.423.580
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	20.000	50.000	80.000
. . . . Within 12 months
. . . . Beyond 12 months	20.000	50.000	80.000
. . Due to banks	11.997.746	8.954.802	6.829.519
. . . . Within 12 months	10.898.283	7.231.737	5.485.939
. . . . Beyond 12 months	1.099.463	1.723.065	1.343.580
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	513.964
. . . . Within 12 months	513.964
. . . . Beyond 12 months
. . Trade payables	3.470.946	5.119.844	4.174.202
. . . . Within 12 months	3.470.946	5.119.844	4.174.202
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	233.244	291.364	178.134
. . . . Within 12 months	233.244	291.364	178.134
. . . . Beyond 12 months
. . Due to social security and welfare inst.	199.951	117.236	147.587
. . . . Within 12 months	199.951	117.236	147.587
. . . . Beyond 12 months
. . Other payables	275.052	278.315	119.394
. . . . Within 12 months	275.052	278.315	119.394
. . . . Beyond 12 months
Total accounts payable	16.710.903	14.811.561	11.528.836
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	183.584	204.630	201.078
Total adjustment accounts	183.584	204.630	201.078
TOTAL LIABILITIES	23.360.455	20.977.796	17.306.710

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	26.521.424	21.987.690	23.283.114
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	250.659	203.725	163.299
. . Contributions for operating expenses
. . Different income and revenues	250.659	203.725	163.299
Total value of production	26.772.083	22.191.415	23.446.413
PRODUCTION COSTS
. Raw material,other materials and consum.	15.258.779	15.193.340	12.931.596
. Services received	6.478.470	5.607.460
. Leases and rentals	575.994	558.351	6.865.591
. Payroll and related costs	3.487.104	2.879.242	2.901.346
. . Wages and salaries	2.719.293	2.166.348	2.171.014
. . Social security contributions	593.427	567.206	588.130
. . Employee termination indemnities	160.933	129.443	142.202
. . Pension and similar
. . Other costs	13.451	16.245
. Amortization and depreciation	316.199	372.926	284.065
. . Amortization of intangible fixed assets	136.708	159.055	193.522
. . Amortization of tangible fixed assets	139.491	127.975	60.543
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	40.000	85.896	30.000
. Changes in raw materials	-208.428	-3.217.486	375.193
. Provisions to risk reserves
. Other provisions	189.708	184.882
. Other operating costs	88.003	57.807	58.267
Total production costs	26.185.829	21.636.522	23.416.058
Diff. between value and cost of product.	586.254	554.893	30.355
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	285	16	385.632
. . 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	285	16	385.632
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	285	16	385.632
. Interest and other financial expense	-161.730	-216.855	-240.980
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-240.980
Total financial income and expense	-161.445	-216.839	144.652
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-43.502
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-43.502
Total adjustments to financial assets	-43.502
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			30.782
. . Gains on disposals
. . Other extraordinary income			30.782
. Extraordinary expense			-23.768
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-23.768
Total extraordinary income and expense			7.014
Results before income taxes	381.307	338.054	182.021
. Taxes on current income	235.065	215.012	114.755
. . current taxes	235.065	215.012	114.755
. . differed taxes(anticip.)
. Net income for the period	146.242	123.042	67.266
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	146.242	123.042	67.266

RATIOS	Value Type	as at 30/06/2017	as at 30/06/2016	as at 30/06/2015	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,08	0,10	0,11	0,24
Elasticity Ratio	Units	0,91	0,89	0,87	0,73
Availability of stock	Units	0,53	0,58	0,51	0,18
Total Liquidity Ratio	Units	0,38	0,32	0,36	0,50
Quick Ratio	Units	0,01	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,24	2,83	2,25	1,95
Self Financing Ratio	Units	0,20	0,22	0,26	0,26
Capital protection Ratio	Units	0,24	0,22	0,21	0,67
Liabilities consolidation quotient	Units	0,16	0,23	0,25	0,17
Financing	Units	3,53	3,22	2,58	2,49
Permanent Indebtedness Ratio	Units	0,31	0,36	0,40	0,41
M/L term Debts Ratio	Units	0,10	0,14	0,15	0,09
Net Financial Indebtedness Ratio	Units	2,48	1,96	1,54	0,66
CORRELATION
Fixed assets ratio	Units	3,69	3,75	3,60	1,44
Current ratio	Units	1,36	1,44	1,49	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,57	0,51	0,61	0,90
Structure's primary quotient	Units	2,44	2,28	2,30	0,95
Treasury's primary quotient	Units	0,02	0,00	0,00	0,06
Rate of indebtedness ( Leverage )	%	492,79	456,62	387,08	377,91
Current Capital ( net )	Value	5.655.316	5.730.892	4.948.728	409.215
RETURN
Return on Sales	%	1,74	2,26	1,51	4,14
Return on Equity - Net- ( R.O.E. )	%	3,09	2,68	1,50	3,93
Return on Equity - Gross - ( R.O.E. )	%	8,04	7,36	4,07	13,87
Return on Investment ( R.O.I. )	%	2,51	2,65	0,18	4,03
Return/ Sales	%	2,21	2,52	0,13	4,09
Extra Management revenues/charges incid.	%	24,95	22,17	221,60	31,19
Cash Flow	Value	462.441	495.968	351.331	164.045
Operating Profit	Value	586.254	554.893	30.355	170.300
Gross Operating Margin	Value	1.092.161	1.112.701	314.420	298.981
MANAGEMENT
Credits to clients average term	Days	114,38	105,73	91,70	118,71
Debts to suppliers average term	Days	56,00	86,29	75,91	121,82
Average stock waiting period	Days	167,31	198,39	137,61	57,70
Rate of capital employed return ( Turnover )	Units	1,14	1,05	1,35	1,11
Rate of stock return	Units	2,15	1,81	2,62	6,23
Labour cost incidence	%	13,15	13,09	12,46	13,12
Net financial revenues/ charges incidence	%	-0,61	-0,99	0,62	-1,46
Labour cost on purchasing expenses	%	13,32	13,31	12,39	14,24
Short-term financing charges	%	0,97	1,46	2,09	2,91
Capital on hand	%	88,08	95,41	74,33	89,74
Sales pro employee	Value	245.568	247.052	258.701	251.771
Labour cost pro employee	Value	32.288	32.351	32.237	33.858

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 400 significant companies.

The companies cash their credits on an average of 119 dd.

The average duration of suppliers debts is about 122 dd.

The sector's profitability is on an average of 4,14%.

The labour cost affects the turnover in the measure of 13,12%.

Goods are held in stock in a range of 58 dd.

The difference between the sales volume and the resources used to realize it is about 1,11.

The employees costs represent the 14,24% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows trifling 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 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
Euro	1	INR 81.30

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	KET

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.