MIRA INFORM REPORT

Report No. :	490805
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	SAFE S.R.L
Registered Office :	Via Pastore, 14, 25046- Cazzago San Martino(BS)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	20.12.1990
Legal Form :	Limited liability company
Line of Business :	· Manufacture of workwear · Wholesale of fire-prevention and accident-prevention goods
No. of Employees :	From 26 to 35

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 :	Satisfactory
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 (30.06.2017)	Current Rating (30.09.2017)
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 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

Safe S.r.l.

Via

Pastore,

14

25046

- Cazzago San Martino

(BS)

-IT-

Summary

Fiscal Code	:	01604520989
Legal Form	:	Limited liability company
start of Activities	:	20/12/1990
Equity	:	1.500.000
Turnover Range	:	18.000.000/20.000.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of workwear

Wholesale of fire-prevention and accident-prevention goods

Legal Data

Legal Form : Limited liability company

Register of Handcraft firms : 118643

Register of Handcraft firms : 118643 of Brescia

Fiscal Code : 01604520989

Foreign Trade Reg. no. : BS079266 since 28/08/2001

Chamber of Commerce no. : 329091 of Brescia since 14/02/1991

Chamber of Commerce no. : 482392 of Genova

Firms' Register : BS029-45390 of Brescia since 19/02/1996

V.A.T. Code : 03223860176

Establishment date	: 20/12/1990
Start of Activities	: 20/12/1990
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

SRLSAFE@LEGALMAIL.IT

Members

Pozzi

Federico

Born in Brescia

(BS)

on 14/11/1958

- Fiscal Code : PZZFRC58S14B157C

Residence:

C. Brozzoni

, 9

- 25125

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	12/04/2016

Pedretti

Massimo

Born in Brescia

(BS)

on 23/04/1967

- Fiscal Code : PDRMSM67D23B157H

Residence:

Montello

, 26

- 25050

Rodengo-Saiano

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	24/10/2017

No Prejudicial events are reported

No Protests registered

Safest S.r.l.

:

Brozzoni

, 9

- 25125

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	25/10/2017

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.

Pedretti

Massimo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
FORSAFE S.A.S. DI PEDRETTI MASSIMO E C.	Cazzago San Martino (BS) - IT -	02019080981	General Partner	Withdrawn	Registered
FORSAFE S.A.S. DI PEDRETTI MASSIMO E C.	Cazzago San Martino (BS) - IT -	02019080981	Working partner	Withdrawn	Registered
SAFE WORKE DI PEDRETTI MASSIMO	Gussago (BS) - IT -		Proprietor	Withdrawn	Registered
Assoc.sportiva Dilett. S.r.t.	Cazzago San Martino (BS) - IT -	91017850172	Baord of Directors' member	Active	Registered
Assoc.sportiva Dilett. S.r.t.	Cazzago San Martino (BS) - IT -	91017850172	Board of Directors' chairman	Active	Registered
Safety Service Societa' A Responsabilita' Limitata	Cazzago San Martino (BS) - IT -	03561230982	Sole Director	Active	Registered
Safety Service Societa' A Responsabilita' Limitata	Cazzago San Martino (BS) - IT -	03561230982	Sole partner	Active	Registered
Safest S.r.l.	Brescia (BS) - IT -	03452900982	Sole Director	Active	Registered
Safest S.r.l.	Brescia (BS) - IT -	03452900982	Sole partner	Active	Registered

Safest S.r.l.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Flower Gloves Societa' A Responsabilita'Limitata O In Forma Abbreviata Flower G	San Giovanni Lupatoto (VR) - IT -	04426820231	Partner	Active	Registered

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

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

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Safest S.r.l.	Brescia - IT -	03452900982	100.000 .Eur	100,00

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

Pastore

, 14

- 25046

- Cazzago San Martino

(BS)

- IT -

PHONE

: 0307751504

Legal mail

: SRLSAFE@LEGALMAIL.IT

-

Branch

(Store)

since 10/03/2015

Sandro Pertini

, 10

- 25046

- Cazzago San Martino

(BS)

- IT -

-

Branch

(Forwarding office)

since 04/03/2016

Roma

, 6/9

- 16100

- Genova

(GE)

- IT -

-

Branch

(office)

since 01/06/2017

Bonfadina

, 65/67

- 25046

- Cazzago San Martino

(BS)

- IT -

-

Branch

(Store)

since 01/08/2017

Bonfadina

, 119

- 25046

- Cazzago San Martino

(BS)

- IT -

Employees

: 30

Assistants

: 1

Fittings and Equipment for a value of 87.000

Eur

Stocks for a value of 4.130.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

FORSAFE S.A.S. DI PEDRETTI MASSIMO E C.

Pastore

, 14

, 25046

, Cazzago San Martino

(BS)

- IT -

Fiscal Code: 02019080981

Date

Merging/splitting-up project:

11/09/2008

The firm absorbed by merging of

FORSAFE S.A.S. DI PEDRETTI MASSIMO E C.

Pastore

, 14

, 25046

, Cazzago San Martino

(BS)

- IT -

Fiscal Code: 02019080981

Date

:

16/12/2008

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

Town	Cadastre	No. Immovables	Up to Date
CAZZAGO SAN MARTINO (BS)	Buildings	2	05/02/2018
CAZZAGO SAN MARTINO (BS)	Land	1	05/02/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	CAZZAGO SAN MARTINO (BS) VIA GIULIO PASTORE, Piano T	NCT/28	131	4	cat. F/1				1002248
B	Proprieta' per 1/1	CAZZAGO SAN MARTINO (BS) VIA GIULIO PASTORE, 14 Piano S1-T - 1-2	NCT/28	131	7	zona1 cat. D/7			Euro: 10.080,00

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 176/1000	CAZZAGO SAN MARTINO (BS)	28	44		SEMINATIVO	2	21 are 80 ca	R.D.Euro:17,45 R.A. Euro: 18,01	18639

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 1990

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

During the last years, it achieved profits (r.o.e. 2,4% on 2016) and during the last financial year an increase in sales volume was registered (+8,37% in 2016).

The operating result was positive in the last financial year (0,88%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 142.045 with a -42,25% fall as against the year 2015.

A gross operating margine for a value of Eur. 314.963 was reached. recording a -23,29% decrease.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 8,68 increasing as against 2015.

It's shareholders funds amount to Eur. 1.261.811 with a -39,66% fall.

During the last financial year total debts volume reached Eur. 14.512.347 (Eur. 1.884.549 were m/l term ones) on the same levels as the year before.

Remarkable financial indebtedness; payments average period is slightly high too (130,34 gg.) even if it still falls within the sector's average.

It shows a good range of liquidity.

Trade credits average terms are slow, on average 157,73 days. and higher than the average of the sector.

The financial management generated a cash flow of Eur. 203.250.

In the last financial year labour cost was of Eur. 644.965, with a 3,48% incidence on total costs of production. , whereas 3,47% is the incidence on sales revenues.

The incidence of the financial charges is of -0,23% on the sales amount.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	18.613.336
Profit (Loss) for the period	30.332

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	17.174.518
Profit (Loss) for the period	6.126

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	19.163.511
Profit (Loss) for the period	542.882

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	14.110.529
Profit (Loss) for the period	253.412

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	14.013.473
Profit (Loss) for the period	421.600

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	141.871	46.948
. . Research,develop. and advert.expens.		166.660	133.320
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	141.871	213.608	133.320
. TANGIBLE FIXED ASSETS
. . Real estate	1.517.811	1.561.989	1.564.982
. . Plant and machinery	54.611	62.772	42.820
. . Industrial and commercial equipment	32.116	21.385
. . Other assets	206.145	201.525	113.664
. . Assets under construction and advances
. Total Tangible fixed assets	1.810.683	1.847.671	1.721.466
. FINANCIAL FIXED ASSETS
. . Equity investments		60	60
. . . Equity invest. in subsidiary companies		60	60
. . . 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	3.531	23.928	25.655
. . Own shares
. . . Total nominal value
. Total financial fixed assets	3.531	23.988	25.715
Total fixed assets	1.956.085	2.085.267	1.880.501
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	4.006.962	5.249.857	4.071.440
. . Advance payments	119.634	117.839	179.409
. Total Inventories	4.126.596	5.367.696	4.250.849
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	8.249.261	7.648.917	7.925.920
. . Beyond 12 months
. . Trade receivables	8.154.991	7.382.514	7.890.786
. . . . Within 12 months	8.154.991	7.382.514	7.890.786
. . . . Beyond 12 months
. . Receivables due from subsid. comp.		20.001	20.001
. . . . Within 12 months		20.001	20.001
. . . . 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	54.775	242.848	14.390
. . . . Within 12 months	54.775	242.848	14.390
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	39.495	3.554	743
. . . . Within 12 months	39.495	3.554	743
. . . . Beyond 12 months
. Total Credits not held as fixed assets	8.249.261	7.648.917	7.925.920
. 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	1.659.353	1.679.639	997.518
. . Checks
. . Banknotes and coins	16.670	5.409	4.155
. Total Liquid funds	1.676.023	1.685.048	1.001.673
Total current assets	14.051.880	14.701.661	13.178.442
ADJUSTMENT ACCOUNTS
. Discount on loans		33.927	122.381
. Other adjustment accounts	102.589
Total adjustments accounts	102.589	33.927	122.381
TOTAL ASSETS	16.110.554	16.820.855	15.181.324
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves	750.000	750.000	750.000
. Legal reserve	20.000	20.000	20.000
. Reserve for Own shares
. Statute reserves
. Other reserves	361.479	1.215.352	672.470
. Accumulated Profits (Losses)
. Profit( loss) of the year	30.332	6.126	542.882
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.261.811	2.091.478	2.085.352
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds			10.846
Total Reserves for Risks and Charges			10.846
Employee termination indemnities	216.705	185.745	170.255
ACCOUNTS PAYABLE
. . . . Within 12 months	12.627.798	12.416.819	11.530.836
. . . . Beyond 12 months	1.884.549	2.036.735	1.296.997
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing			120.000
. . . . Within 12 months			120.000
. . . . Beyond 12 months
. . Due to banks	8.304.232	9.065.540	6.942.156
. . . . Within 12 months	6.419.683	7.028.805	5.645.159
. . . . Beyond 12 months	1.884.549	2.036.735	1.296.997
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	5.870.823	5.246.389	5.421.145
. . . . Within 12 months	5.870.823	5.246.389	5.421.145
. . . . 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	208.956	33.588	248.434
. . . . Within 12 months	208.956	33.588	248.434
. . . . Beyond 12 months
. . Due to social security and welfare inst.	50.281	48.440	42.712
. . . . Within 12 months	50.281	48.440	42.712
. . . . Beyond 12 months
. . Other payables	78.055	59.597	53.386
. . . . Within 12 months	78.055	59.597	53.386
. . . . Beyond 12 months
Total accounts payable	14.512.347	14.453.554	12.827.833
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	119.691	90.078	87.038
Total adjustment accounts	119.691	90.078	87.038
TOTAL LIABILITIES	16.110.554	16.820.855	15.181.324

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	130.659	102.182
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	18.592.939	17.174.518	19.163.511
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	93.539	328.918	71.519
. . Contributions for operating expenses
. . Different income and revenues	93.539	328.918	71.519
Total value of production	18.686.478	17.503.436	19.235.030
PRODUCTION COSTS
. Raw material,other materials and consum.	10.645.483	12.243.030	12.602.016
. Services received	5.409.379
. Leases and rentals	160.172	5.090.416	5.910.335
. Payroll and related costs	644.965	656.762	779.069
. . Wages and salaries	482.524	499.909	595.553
. . Social security contributions	127.374	124.957	146.045
. . Employee termination indemnities	35.067	31.896	37.471
. . Pension and similar
. . Other costs
. Amortization and depreciation	172.918	164.621	141.788
. . Amortization of intangible fixed assets	71.737	78.397	66.680
. . Amortization of tangible fixed assets	101.181	86.224	75.108
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	1.242.895	-1.178.417	-1.279.570
. Provisions to risk reserves
. Other provisions
. Other operating costs	268.621	281.040	75.899
Total production costs	18.544.433	17.257.452	18.229.537
Diff. between value and cost of product.	142.045	245.984	1.005.493
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	118.220
. . In subsidiary companies	118.220
. . In associated companies
. . In other companies
. Other financial income	1.772	505	875
. . 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	1.772	505	875
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.772	505	875
. Interest and other financial expense	-162.076	-118.829	-143.271
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-162.076	-118.829	143.271
Total financial income and expense	-42.084	-118.324	-142.396
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		1
. . Gains on disposals
. . Other extraordinary income		1
. Extraordinary expense		-12.358	-1
. . Losses on disposals
. . Taxes relating to prior years		-12.358
. . Other extraordinary expense			-1
Total extraordinary income and expense		-12.357	-1
Results before income taxes	99.961	115.303	863.096
. Taxes on current income	69.629	109.177	320.214
. . current taxes	69.629	109.177	320.214
. . differed taxes(anticip.)
. Net income for the period	30.332	6.126	542.882
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	30.332	6.126	542.882

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	0,12	0,12	0,12	0,14
Elasticity Ratio	Units	0,87	0,87	0,87	0,84
Availability of stock	Units	0,26	0,32	0,28	0,24
Total Liquidity Ratio	Units	0,62	0,55	0,59	0,53
Quick Ratio	Units	0,10	0,10	0,07	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	8,68	5,13	5,05	3,78
Self Financing Ratio	Units	0,08	0,12	0,14	0,17
Capital protection Ratio	Units	0,90	0,95	0,69	0,66
Liabilities consolidation quotient	Units	0,17	0,18	0,13	0,14
Financing	Units	11,50	6,91	6,15	4,55
Permanent Indebtedness Ratio	Units	0,21	0,26	0,23	0,33
M/L term Debts Ratio	Units	0,13	0,13	0,10	0,09
Net Financial Indebtedness Ratio	Units	5,25	3,53	2,91	1,26
CORRELATION
Fixed assets ratio	Units	1,72	2,07	1,89	1,87
Current ratio	Units	1,11	1,18	1,14	1,17
Acid Test Ratio-Liquidity Ratio	Units	0,79	0,75	0,77	0,79
Structure's primary quotient	Units	0,65	1,00	1,11	1,13
Treasury's primary quotient	Units	0,13	0,14	0,09	0,04
Rate of indebtedness ( Leverage )	%	1276,78	804,26	728,00	587,75
Current Capital ( net )	Value	1.424.082	2.284.842	1.647.606	209.248
RETURN
Return on Sales	%	1,09	0,99	3,57	2,26
Return on Equity - Net- ( R.O.E. )	%	2,40	0,29	26,03	3,48
Return on Equity - Gross - ( R.O.E. )	%	7,92	5,51	41,39	12,19
Return on Investment ( R.O.I. )	%	0,88	1,46	6,62	3,83
Return/ Sales	%	0,76	1,43	5,25	3,45
Extra Management revenues/charges incid.	%	21,35	2,49	53,99	20,46
Cash Flow	Value	203.250	170.747	684.670	50.400
Operating Profit	Value	142.045	245.984	1.005.493	68.610
Gross Operating Margin	Value	314.963	410.605	1.147.281	124.742
MANAGEMENT
Credits to clients average term	Days	157,73	154,75	148,23	120,68
Debts to suppliers average term	Days	130,34	108,96	105,42	115,81
Average stock waiting period	Days	79,81	112,51	79,86	78,40
Rate of capital employed return ( Turnover )	Units	1,16	1,02	1,26	1,14
Rate of stock return	Units	4,51	3,20	4,51	4,57
Labour cost incidence	%	3,47	3,82	4,07	12,27
Net financial revenues/ charges incidence	%	-0,23	-0,69	-0,74	-1,84
Labour cost on purchasing expenses	%	3,48	3,81	4,27	12,16
Short-term financing charges	%	1,12	0,82	1,12	3,35
Capital on hand	%	86,55	97,94	79,22	87,41
Sales pro employee	Value	930.666	858.725	798.479	245.343
Labour cost pro employee	Value	32.248	32.838	32.461	32.046

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	:	1.169.259
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 864 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 2,26%.

The labour cost affects the turnover in the measure of 12,27%.

Goods are held in stock in a range of 78 dd.

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

The employees costs represent the 12,16% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.14
UK Pound	1	INR 89.50
Euro	1	INR 79.43
Euro	1	INR 78.95

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

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.