3decades

MIRA INFORM REPORT

Report No. :	490339
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	SAVIO MACCHINE TESSILI SPA

Registered Office :	Via Udine, 105 33170 – Pordenone (PN) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	10.06.2011

Legal Form :	Joint stock company with sole shareholder

Line of Business :	Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)

No. of Employees :	From 251 to 500

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

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

(30.06.2017)

Current Rating

(30.09.2017)

Italy

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 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, 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 records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural impediments to growth, such as 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 late 2011. In 2015-16, Italy’s economy grew more than 0.8% each year, but picked up in 2017. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Savio Macchine Tessili Spa

Via Udine, 105

33170 - Pordenone (PN) -IT-

Summary

Fiscal Code	:	07477880962
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	31/12/2011
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 251 to 500

Activity

Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 07477880962

Chamber of Commerce no. : 1961365

Chamber of Commerce no. : 97952 of Pordenone since 31/12/2011

V.A.T. Code : 07477880962

Establishment date	: 10/06/2011
Start of Activities	: 31/12/2011
Legal duration	: 31/12/2100
Nominal Capital	: 30.000.000
Subscribed Capital	: 30.000.000
Paid up Capital	: 30.000.000

Legal mail :

SAVIOMACCHINETESSILISPA@LEGALMAIL.IT

Members

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Lanzavecchia

Edoardo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Milano

(MI)

on 21/01/1959

- Fiscal Code : LNZDRD59A21F205Y

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Ferrari

Maurizio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Milano

(MI)

on 04/12/1948

- Fiscal Code : FRRMRZ48T04F205Q

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017
Board Chairman	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Zanca

Renato

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Toscolano Maderno

(BS)

on 23/03/1946

- Fiscal Code : ZNCRNT46C23L312U

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Puntoni

Paolo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Livorno

(LI)

on 25/01/1946

- Fiscal Code : PNTPLA46A25E625K

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Interna

, 26

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/02/2012

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Piccin

Michele

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Pordenone

(PN)

on 30/04/1959

- Fiscal Code : PCCMHL59D30G888F

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Revedole

, 3/C

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/02/2012

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Zin

Mirco

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Pordenone

(PN)

on 27/09/1956

- Fiscal Code : ZNIMRC56P27G888O

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Carnia

, 10

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/02/2012

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Cucchetto

Lorenzo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Treviso

(TV)

on 25/08/1952

- Fiscal Code : CCCLNZ52M25L407X

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Regolo Sartori

, 41

- 37024

Negrar

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017
Managing Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Secchi

Maurizio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Bergamo

(BG)

on 06/07/1956

- Fiscal Code : SCCMRZ56L06A794H

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/02/2012
Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Marcuzzo

Alessandro

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Motta di Livenza

(TV)

on 10/05/1962

- Fiscal Code : MRCLSN62E10F770E

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	22/11/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Moro

Mauro

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Pordenone

(PN)

on 30/04/1964

- Fiscal Code : MROMRA64D30G888S

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

V. Cadel

, 31/A

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	31/07/2012

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

De Simoni

Marco

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Perugia

(PG)

on 04/04/1972

- Fiscal Code : DSMMRC72D04G478L

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Pippolo

Valentina

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Maniago

(PN)

on 11/04/1980

- Fiscal Code : PPPVNT80D51E889I

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Bernardi

Marco

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Pisa

(PI)

on 15/09/1975

- Fiscal Code : BRNMRC75P15G70NL

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Itaca Finance S.a.

Position	Since	Shares Amount	% Ownership
Sole partner

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Ostan

Roberto

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Motta di Livenza

(TV)

on 08/07/1972

- Fiscal Code : STNRRT72L08F770L

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Zoccat

, 8

- 30029

Santo Stino di Livenza

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	16/01/2014

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Colussi

Vittorio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Born in Zoldo Alto

(BL)

on 03/04/1952

- Fiscal Code : CLSVTR52D03I345L

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Residence:

Udine

, 105

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	22/11/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

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.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Ferrari

Maurizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Iaber S.p.a	Lecco (LC) - IT -	00205100134	Director	Withdrawn	Ceased
Castelgarden S.p.a.	Castelfranco Veneto (TV) - IT -	01759660267	Chairman	Withdrawn	Ceased
Castelgarden S.p.a.	Castelfranco Veneto (TV) - IT -	01759660267	Managing Director	Withdrawn	Ceased
GARDEN ITALIA S.R.L.	Rottofreno (PC) - IT -	00237620331	Chairman	Withdrawn	Registered
Gruppo Riello S.p.a.	Legnago (VR) - IT -	01228910236	Director	Withdrawn	Ceased
Cifa Mixers Srl	Castiglione delle Stiviere (MN) - IT -	01565410204	Director	Withdrawn	Registered
Cifa Mixers Srl	Castiglione delle Stiviere (MN) - IT -	01565410204	Managing Director	Withdrawn	Registered
Guerrino Pivato S.r.l. In Liquidazione	Fonte (TV) - IT -	01171860263	Director	Withdrawn	Composition with creditors
Carpenteria S. Fermo S.r.l.	Bergamo (BG) - IT -	00251980165	Director	Withdrawn	Ceased
Carpenteria S. Fermo S.r.l.	Bergamo (BG) - IT -	00251980165	Board Chairman	Withdrawn	Ceased
Bema - S.r.l.	Senago (MI) - IT -	01945620126	Managing Director	Withdrawn	Ceased
Bema - S.r.l.	Senago (MI) - IT -	01945620126	Director	Withdrawn	Ceased
Fermac S.r.l.	Senago (MI) - IT -	10337400153	Director	Withdrawn	Ceased
Cifa Plants Srl	Senago (MI) - IT -	10337380157	Director	Withdrawn	Registered
Cifa Plants Srl	Senago (MI) - IT -	10337380157	Managing Director	Withdrawn	Registered
Cifa Plants Srl	Senago (MI) - IT -	10337380157	Board Chairman	Withdrawn	Registered
Cifa Pumps Srl	Senago (MI) - IT -	10388910159	Director	Withdrawn	Registered
Cifa Tunnelling Srl	Senago (MI) - IT -	01365160207	Director	Withdrawn	Merged
Cifa Tunnelling Srl	Senago (MI) - IT -	01365160207	Board Chairman	Withdrawn	Merged
Sitra - S.r.l.	Castiglione delle Stiviere (MN) - IT -	01809190174	Director	Withdrawn	Registered
Sitra - S.r.l.	Castiglione delle Stiviere (MN) - IT -	01809190174	Board Chairman	Withdrawn	Registered
R.b.l. Riello Bruciatori Legnago S.p.a.	Legnago (VR) - IT -	01942700236	Director	Withdrawn	Ceased
Savio Macchine Tessili S.p.a.	Pordenone (PN) - IT -	01291010930	Director	Withdrawn	Registered
Savio Macchine Tessili S.p.a.	Pordenone (PN) - IT -	01291010930	Board Chairman	Withdrawn	Registered
Dicomac Spa	Senago (MI) - IT -	01922140122	Director	Withdrawn	Ceased
Castelgarden S.p.a.	Castelfranco Veneto (TV) - IT -	11699240153	Managing Director	Withdrawn	Ceased
Castelgarden S.p.a.	Castelfranco Veneto (TV) - IT -	11699240153	Director	Withdrawn	Ceased
Castelgarden S.p.a.	Castelfranco Veneto (TV) - IT -	11699240153	Board Chairman	Withdrawn	Ceased
Immobiliare Galassia S.r.l.	Castelfranco Veneto (TV) - IT -	80002750265	Sole Director	Withdrawn	Ceased
Carpenteria S. Antonio Spa	Senago (MI) - IT -	02500420167	Director	Withdrawn	Registered
Carpenteria S. Antonio Spa	Senago (MI) - IT -	02500420167	Board Chairman	Withdrawn	Registered
Maufer S.r.l.	Castelfranco Veneto (TV) - IT -	03025010269	Liquidator	Withdrawn	Ceased
Mincio Impianti - S.r.l.	Solferino (MN) - IT -	01662100203	Director	Withdrawn	Ceased
Mincio Impianti - S.r.l.	Solferino (MN) - IT -	01662100203	Board Chairman	Withdrawn	Ceased
Compagnia Italiana Forme Acciaio S.p.a Od In Forma Abbreviata Cifa S.p.a.	Senago (MI) - IT -	01795920204	Director	Withdrawn	Ceased
Compagnia Italiana Forme Acciaio S.p.a Od In Forma Abbreviata Cifa S.p.a.	Senago (MI) - IT -	01795920204	Board Chairman	Withdrawn	Ceased
Riello S.p.a.	Legnago (VR) - IT -	02641790239	Director	Withdrawn	Registered
Alpina Professional E Garden S.p.a.	San Vendemiano (TV) - IT -	00899010268	Director	Withdrawn	Ceased
Alpina Professional E Garden S.p.a.	San Vendemiano (TV) - IT -	00899010268	Board Chairman	Withdrawn	Ceased
Cinquedi S.p.a.	Milano (MI) - IT -	12792900156	Director	Withdrawn	Ceased
Cinquedi S.p.a.	Milano (MI) - IT -	12792900156	Managing Director	Withdrawn	Ceased
Cinquedi S.p.a.	Milano (MI) - IT -	12792900156	Board Chairman	Withdrawn	Ceased
Tk S.r.l. In Liquidazione	Milano (MI) - IT -	03628860284	Director	Withdrawn	Ceased
Compagnia Italiana Forme Acciaio S.p.a.Nella Forma Estesa E Cifa S.p.a. Nella F	Senago (MI) - IT -	02693100121	Director	Withdrawn	Registered
Compagnia Italiana Forme Acciaio S.p.a.Nella Forma Estesa E Cifa S.p.a. Nella F	Senago (MI) - IT -	02693100121	Managing Director	Withdrawn	Registered
Compagnia Italiana Forme Acciaio S.p.a.Nella Forma Estesa E Cifa S.p.a. Nella F	Senago (MI) - IT -	02693100121	Board Chairman	Withdrawn	Registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Cucchetto

Lorenzo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Eutron S.p.a.	Pradalunga (BG) - IT -	01805190160	Director	Active	Registered
Eutron S.p.a.	Pradalunga (BG) - IT -	01805190160	Board Chairman	Active	Registered
Mesdan S.p.a.	Puegnago Sul Garda (BS) - IT -	00556520179	Director	Active	Registered
Mesdan S.p.a.	Puegnago Sul Garda (BS) - IT -	00556520179	Managing Director	Active	Registered
Mesdan S.p.a.	Puegnago Sul Garda (BS) - IT -	00556520179	Board Chairman	Active	Registered
Savio Macchine Tessili S.p.a.	Pordenone (PN) - IT -	01291010930	Director	Withdrawn	Registered
Savio Macchine Tessili S.p.a.	Pordenone (PN) - IT -	01291010930	General Director	Withdrawn	Registered
Savio Macchine Tessili S.p.a.	Pordenone (PN) - IT -	01291010930	Managing Director	Withdrawn	Registered
Promatech S.p.a.	Colzate (BG) - IT -	02770010169	Director	Withdrawn	Merged
Promatech S.p.a.	Colzate (BG) - IT -	02770010169	Attorney with special power	Withdrawn	Merged

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
Itaca Finance S.a.		97608330151		100,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Mesdan S.p.a.	Puegnago Sul Garda - IT -	00556520179		100,00			Active
Eutron S.p.a.	Pradalunga - IT -	01805190160	2.730.000 .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

Udine

, 105

- 33170

- Pordenone

(PN)

- IT -

Legal mail

: SAVIOMACCHINETESSILISPA@LEGALMAIL.IT

Employees

: 431

Fittings and Equipment for a value of 6.420.000

Eur

Stocks for a value of 27.350.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Project of merging by taking over of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$ Savio Macchine Tessili S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Udine

, 105

, 33170

, Pordenone

(PN)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Fiscal Code: 01291010930

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Date

Merging/splitting-up project:

29/11/2011

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$ Savio Macchine Tessili S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Udine

, 105

, 33170

, Pordenone

(PN)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Fiscal Code: 01291010930

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Vuoto.gif$

Date

21/12/2011

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

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 firm under review, by the reported percentages, owns the following real estates:

Town	Cadastre	No. Immovables	Up to Date
PORDENONE (PN)	Buildings	4	02/02/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	PORDENONE (PN) VIA PRASECCO, 52 Piano T - 1	29	113		cat. A/6	2	5,5 vani	Euro:244,28	4072
B	Proprieta' per 1/1	PORDENONE (PN) VIA UDINE, 105 Piano T-1	29	506		cat. D/7			Euro: 322.764,00
B	Proprieta' per 1/1	PORDENONE (PN) VIA PRASECCO, SNC Piano T	29	778		cat. F/1
B	Proprieta' per 1/1	PORDENONE (PN) VIA PRASECCO, SNC Piano T	29	779		cat. F/1

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

Company's starting of activities dates back to 2011.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 16,03% in 2016

The operating result in 2016 was positive (1,39%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 5.338.313 recording a drop as opposed to the year before (-49,2%).

The economic management produced a gross operating margin of Eur. 23.239.851 recording a -27,56% decrease.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,44 lower than in 2015.

It's shareholders funds amount to Eur. 163.378.354 on stable levels.

During the last financial year debts totalled Eur. 203.473.028 (Eur. 105.105.353 of which were m/l term debts) with a downward trend if compared to the preceding year (-21,99%).

Moderate recourse to bank credit while the exposure towards suppliers is rather high but lined up with the field's average.

The available funds are good.

Accounts receivable average term is 58,4 days. , a value lower than the sector's average.

Eur. 43.614.767 is the value of cash flow during the year 2016

Labour cost amounts to Eur. 23.119.276, with a 11,5% incidence on production costs. , whereas 11,03% is the incidence on sales revenues.

Financial incomes cover financial charges.

Financial Data

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	209.666.183
Profit (Loss) for the period	26.187.229

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	238.530.189
Profit (Loss) for the period	4.190.717

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	204.108.854
Profit (Loss) for the period	7.065.668

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	245.968.215
Profit (Loss) for the period	27.556.891

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	245.968.215
Profit (Loss) for the period	27.556.891

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		15.352	50.155
. . Research,develop. and advert.expens.
. . Industrial patent rights	2.113.140	6.199.019	9.431.356
. . Concessions,licenses,trademarks,etc.	9.981.661	12.089.415	14.211.142
. . Goodwill	60.320.125	65.346.807	70.373.489
. . Assets in formation and advance paymen.	1.437.420	2.258.995	3.943.940
. . Other intangible fixed assets	1.114.578	1.605.761	4.161.096
. Total Intangible Fixed Assets	74.966.924	87.515.349	102.171.178
. TANGIBLE FIXED ASSETS
. . Real estate	25.171.085	25.922.681	26.661.561
. . Plant and machinery	2.572.430	3.648.375	5.068.461
. . Industrial and commercial equipment	3.849.986	4.308.499	3.573.340
. . Other assets	148.027	205.061	274.336
. . Assets under construction and advances	138.385	20.900	447.525
. Total Tangible fixed assets	31.879.913	34.105.516	36.025.223
. FINANCIAL FIXED ASSETS
. . Equity investments	176.082.745	181.008.791	180.186.214
. . . Equity invest. in subsidiary companies	176.082.745	181.008.791	180.186.214
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	771.053
. . . . Within 12 months	401.342
. . . . Beyond 12 months	369.711
. . . Receivab due from subsidiaries	771.053
. . . . Within 12 months	401.342
. . . . Beyond 12 months	369.711
. . . 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	176.853.798	181.008.791	180.186.214
Total fixed assets	283.700.635	302.629.656	318.382.615
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	22.959.788	19.131.299	16.045.456
. . Work in progress and semimanufactured	591.059	9.314.886	2.843.530
. . Work in progress on order
. . Finished goods	3.800.830	1.317.346	1.292.448
. . Advance payments		14.269	11.658
. Total Inventories	27.351.677	29.777.800	20.193.092
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	43.016.577	49.749.451	35.526.282
. . Beyond 12 months	1.603.577	6.477.709	7.457.534
. . Trade receivables	34.012.414	41.730.662	28.161.403
. . . . Within 12 months	32.409.437	35.253.553	20.704.469
. . . . Beyond 12 months	1.602.977	6.477.109	7.456.934
. . Receivables due from subsid. comp.	3.067.736	3.082.197	2.297.822
. . . . Within 12 months	3.067.736	3.082.197	2.297.822
. . . . 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	2.271.650	6.240.017	5.941.922
. . . . Within 12 months	2.271.650	6.240.017	5.941.922
. . . . Beyond 12 months
. . Receivables for anticipated taxes	2.148.164	2.025.157	2.565.378
. . . . Within 12 months	2.148.164	2.025.157	2.565.378
. . . . Beyond 12 months
. . Receivables due from third parties	3.120.190	3.149.127	4.017.291
. . . . Within 12 months	3.119.590	3.148.527	4.016.691
. . . . Beyond 12 months	600	600	600
. Total Credits not held as fixed assets	44.620.154	56.227.160	42.983.816
. 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	1.014.087
. LIQUID FUNDS
. . Bank and post office deposits	27.230.740	28.228.750	23.956.877
. . Checks
. . Banknotes and coins	14.154	21.078	13.780
. Total Liquid funds	27.244.894	28.249.828	23.970.657
Total current assets	100.230.812	114.254.788	87.147.565
ADJUSTMENT ACCOUNTS
. Discount on loans		-45.845
. Other adjustment accounts	115.113	91.690	151.317
Total adjustments accounts	115.113	45.845	151.317
TOTAL ASSETS	384.046.560	416.930.289	405.681.497

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	30.000.000	30.000.000	30.000.000
. Additional paid-in capital	97.000.000	97.000.000	97.000.000
. Revaluation reserves
. Legal reserve	6.000.000	6.000.000	6.000.000
. Reserve for Own shares
. Statute reserves
. Other reserves	4.191.125	408	50.596.740
. Accumulated Profits (Losses)
. Profit( loss) of the year	26.187.229	4.190.717	7.065.668
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	163.378.354	137.191.125	190.662.408
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	1.217.405	1.134.091	1.120.001
. . Taxation fund, also differed	6.621.589	7.353.346	8.925.697
. . Other funds	3.328.000	3.546.999	4.141.000
Total Reserves for Risks and Charges	11.166.994	12.034.436	14.186.698
Employee termination indemnities	5.004.338	5.519.075	6.244.811
ACCOUNTS PAYABLE
. . . . Within 12 months	98.367.675	135.469.132	109.961.588
. . . . Beyond 12 months	105.105.353	125.363.910	82.946.530
. . 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	125.033.748	140.033.748	104.505.981
. . . . Within 12 months	20.000.000	15.000.000	21.915.625
. . . . Beyond 12 months	105.033.748	125.033.748	82.590.356
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	3.801.295	4.133.313	3.379.915
. . . . Within 12 months	3.801.295	4.133.313	3.379.915
. . . . Beyond 12 months
. . Trade payables	42.560.147	51.027.249	27.525.038
. . . . Within 12 months	42.560.147	51.027.249	27.525.038
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	19.825.315	50.637.809	45.667.705
. . . . Within 12 months	19.825.315	50.637.809	45.667.705
. . . . 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	1.550.574	1.477.727	770.496
. . . . Within 12 months	1.550.574	1.477.727	770.496
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.361.895	1.603.940	1.437.871
. . . . Within 12 months	1.361.895	1.603.940	1.437.871
. . . . Beyond 12 months
. . Other payables	9.340.054	11.919.256	9.621.112
. . . . Within 12 months	9.268.449	11.589.094	9.264.938
. . . . Beyond 12 months	71.605	330.162	356.174
Total accounts payable	203.473.028	260.833.042	192.908.118
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	1.023.846	1.352.611	1.679.462
Total adjustment accounts	1.023.846	1.352.611	1.679.462
TOTAL LIABILITIES	384.046.560	416.930.289	405.681.497

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	209.666.183	238.530.189	204.108.854
. Changes in work in progress	-6.240.343	6.496.255	-4.296.163
. Changes in semi-manufact. products
. Capitalization of internal work		265.225	110.338
. Other income and revenues	2.946.235	3.098.916	3.062.333
. . Contributions for operating expenses	181.701	175.000	180.824
. . Different income and revenues	2.764.534	2.923.916	2.881.509
Total value of production	206.372.075	248.390.585	202.985.362
PRODUCTION COSTS
. Raw material,other materials and consum.	106.452.869	136.882.835	100.052.964
. Services received	55.340.961	56.421.709	47.539.071
. Leases and rentals	769.319	651.161	591.325
. Payroll and related costs	23.119.276	24.448.772	22.673.727
. . Wages and salaries	16.479.324	17.507.507	16.307.244
. . Social security contributions	5.279.184	5.683.020	5.092.962
. . Employee termination indemnities	1.207.889	1.189.460	1.201.236
. . Pension and similar
. . Other costs	152.879	68.785	72.285
. Amortization and depreciation	17.427.538	21.444.620	19.242.756
. . Amortization of intangible fixed assets	12.950.350	16.615.079	13.725.442
. . Amortization of tangible fixed assets	4.317.634	4.829.541	5.517.314
. . Depreciation of tangible fixed assets	9.554
. . Writedown of current receiv.and of liquid	150.000
. Changes in raw materials	-3.828.489	-3.085.843	690.273
. Provisions to risk reserves	67.000	58.000	1.017.000
. Other provisions	407.000	71.000	102.000
. Other operating costs	1.278.288	988.954	1.837.335
Total production costs	201.033.762	237.881.208	193.746.451
Diff. between value and cost of product.	5.338.313	10.509.377	9.238.911
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	33.248.022	5.312.792	7.793.273
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.833.862	3.053.511	6.432.831
. . 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		3.053.511
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-6.101.471	-12.760.877	-14.089.924
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	28.980.413	-4.394.574	136.180
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-5.000.000
. . Of equity investments	-5.000.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-5.000.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			618
. . Gains on disposals
. . Other extraordinary income			618
. Extraordinary expense			-2.411
. . Losses on disposals
. . Taxes relating to prior years			-2.411
. . Other extraordinary expense
Total extraordinary income and expense			-1.793
Results before income taxes	29.318.726	6.114.803	9.373.298
. Taxes on current income	3.131.497	1.924.086	2.307.630
. . current taxes	3.656.023
. . differed taxes(anticip.)
. Net income for the period	26.187.229	4.190.717	7.065.668
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	26.187.229	4.190.717	7.065.668

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	0,74	0,73	0,78	0,18
Elasticity Ratio	Units	0,26	0,27	0,21	0,80
Availability of stock	Units	0,07	0,07	0,05	0,24
Total Liquidity Ratio	Units	0,19	0,20	0,17	0,48
Quick Ratio	Units	0,07	0,07	0,06	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,44	0,78	0,45	3,25
Self Financing Ratio	Units	0,43	0,33	0,47	0,19
Capital protection Ratio	Units	0,66	0,75	0,81	0,63
Liabilities consolidation quotient	Units	1,12	0,97	0,81	0,19
Financing	Units	1,25	1,90	1,01	3,80
Permanent Indebtedness Ratio	Units	0,71	0,64	0,69	0,36
M/L term Debts Ratio	Units	0,29	0,31	0,22	0,11
Net Financial Indebtedness Ratio	Units	0,60	0,81	0,42	0,63
CORRELATION
Fixed assets ratio	Units	0,96	0,89	0,88	1,75
Current ratio	Units	1,02	0,84	0,79	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,74	0,62	0,61	0,81
Structure's primary quotient	Units	0,58	0,45	0,60	1,03
Treasury's primary quotient	Units	0,29	0,21	0,22	0,06
Rate of indebtedness ( Leverage )	%	235,07	303,90	212,77	516,42
Current Capital ( net )	Value	1.863.137	-21.214.344	-22.814.023	422.465
RETURN
Return on Sales	%	20,80	10,75	12,89	3,35
Return on Equity - Net- ( R.O.E. )	%	16,03	3,05	3,71	5,13
Return on Equity - Gross - ( R.O.E. )	%	17,95	4,46	4,92	14,77
Return on Investment ( R.O.I. )	%	1,39	2,52	2,28	4,16
Return/ Sales	%	2,55	4,41	4,53	4,11
Extra Management revenues/charges incid.	%	490,55	39,88	76,48	28,57
Cash Flow	Value	43.614.767	25.635.337	26.308.424	122.482
Operating Profit	Value	5.338.313	10.509.377	9.238.911	144.752
Gross Operating Margin	Value	23.239.851	32.082.997	29.600.667	241.990
MANAGEMENT
Credits to clients average term	Days	58,40	62,98	49,67	111,85
Debts to suppliers average term	Days	138,15	188,70	177,82	128,30
Average stock waiting period	Days	46,96	44,94	35,62	80,43
Rate of capital employed return ( Turnover )	Units	0,55	0,57	0,50	1,08
Rate of stock return	Units	7,67	8,01	10,11	4,45
Labour cost incidence	%	11,03	10,25	11,11	19,12
Net financial revenues/ charges incidence	%	13,82	-1,84	0,07	-1,08
Labour cost on purchasing expenses	%	11,50	10,28	11,70	19,02
Short-term financing charges	%	3,00	4,89	7,30	2,68
Capital on hand	%	183,17	174,79	198,76	91,91
Sales pro employee	Value	496.839	312.212	461.784	198.432
Labour cost pro employee	Value	54.785	32.001	51.298	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	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Spazio.gif$ 297.699
Population living in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Spazio.gif$ 1.204.718
Number of families in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Spazio.gif$ 516.349

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

- per food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Spazio.gif$ 377
- per non food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Spazio.gif$ 1.727
- per energy consume	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.528\Spazio.gif$ 114

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 lowly risky.

In the region 3.901 protested subjects are found; in the province they count to 695.

The insolvency index for the region is 0,33, , while for the province it is 0,24.

Total Bankrupt companies in the province : 1.260.

Total Bankrupt companies in the region : 5.085.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
Euro	1	INR 79.26

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

INFORMATION DETAILS

Analysis Done by :	PRA

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.

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

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit