3decades

MIRA INFORM REPORT

Report No. :	493312
Report Date :	20.02.2018

IDENTIFICATION DETAILS

Name :	PASTA ZARA S.P.A.

Registered Office :	Via Castellana, 34, 31039 - Riese Pio X (TV)-IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	29.05.1998

Legal Form :	Joint stock company

Line of Business :	· Manufacture of pastas, noodles, couscous and similar farinaceous products · Wholesale of other food products

No. of Employees :	251 to 500

RATING & COMMENTS

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

MIRA’s Rating :

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

(30.09.2017)

Current Rating

(31.12.2017)

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’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 records. 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

Pasta Zara S.p.a.

Via Castellana, 34

31039 - Riese Pio X (TV) -IT-

Summary

Fiscal Code	:	03368700260
Legal Form	:	Joint stock company
start of Activities	:	17/09/1998
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 251 to 500

Activity

Manufacture of pastas, noodles, couscous and similar farinaceous products

Wholesale of other food products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 03368700260

Foreign Trade Reg. no. : TV051680 since 30/06/2005

Chamber of Commerce no. : 197506 of Ancona

Chamber of Commerce no. : 520383 of Brescia

Chamber of Commerce no. : 127591 of Trieste

Chamber of Commerce no. : 266618 of Treviso since 03/07/1998

Firms' Register : TV-1998-45844 of Treviso since 03/07/1998

V.A.T. Code : 03368700260

Foundation date	: 29/05/1998
Establishment date	: 29/05/1998
Start of Activities	: 17/09/1998
Legal duration	: 31/12/2050
Nominal Capital	: 74.000.000
Subscribed Capital	: 74.000.000
Paid up Capital	: 74.000.000

Legal mail :

PASTAZARA@LEGALMAIL.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Furio

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Verona

(VR)

on 18/09/1962

- Fiscal Code : BRGFRU62P18L781L

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Delle Querce

, 32

- 31033

Castelfranco Veneto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017
Board Chairman	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Arianna

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Verona

(VR)

on 30/09/1963

- Fiscal Code : BRGRNN63P70L781R

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Ca' Miane

, 31

- 31039

Riese Pio X

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017
Assistant board Chairman	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Franca

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Verona

(VR)

on 10/03/1967

- Fiscal Code : BRGFNC67C50L781Y

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Treviso

, 164/L

- 31033

Castelfranco Veneto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Umberto

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Verona

(VR)

on 11/12/1965

- Fiscal Code : BRGMRT65T11L781M

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

San Pio X

, 110

- 31033

Castelfranco Veneto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017
Assistant board Chairman	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Prejudicial Events found with cancellations*

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$ Mortgage by Court Injunction - 05/07/2017. - 700.000 Euro. Event writing-off

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

 UNIPOL BANCA S. P. A.

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$ Mortgage by Court Injunction - 26/06/2017. - 700.000 Euro. Event writing-off

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

 UNIPOL BANCA S. P. A.

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Mulas

Alessandro

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Trieste

(TS)

on 28/10/1958

- Fiscal Code : MLSLSN58R28L424C

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Dei Berlam

, 24

- 34136

Trieste

(TS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Cipriano

Matteo

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Padova

(PD)

on 10/08/1974

- Fiscal Code : CPRMTT74M10G224G

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Bettiol

, 15

- 35139

Padova

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Cecconato

Nicola

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Treviso

(TV)

on 16/06/1965

- Fiscal Code : CCCNCL65H16L407B

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

A. Diaz

, 21

- 31100

Treviso

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Terpin

Roberta

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Trieste

(TS)

on 07/01/1978

- Fiscal Code : TRPRRT78A47L424A

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Locchi

, 19

- 34143

Trieste

(TS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Furlan

Francesco

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Mirano

(VE)

on 15/05/1958

- Fiscal Code : FRLFNC58E15F241P

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Dei Marsari

, 21/B

- 30036

Santa Maria di Sala

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Ffauf Sa

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Capodaglio

Alessandro

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Bologna

(BO)

on 20/09/1978

- Fiscal Code : CPDLSN78P20A944Y

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

La Veneta

, 7

- 40138

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/05/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Padovan

Andrea

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Montebelluna

(TV)

on 21/08/1976

- Fiscal Code : PDVNDR76M21F443R

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Piero Gobetti

, 10

- 31031

Caerano di San Marco

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	24/07/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Ambroset

Daniele

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Aviano

(PN)

on 08/11/1970

- Fiscal Code : MBRDNL70S08A516I

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

San Biagio

, 45

- 33080

San Quirino

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	24/07/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Verbini

Sara

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Born in Trieste

(TS)

on 21/10/1981

- Fiscal Code : VRBSRA81R61L424O

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Residence:

Segre'

, 8

- 34100

Trieste

(TS)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	24/07/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

No Protests registered

*Concerns also partially erased events.

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.

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Furio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Vice-Chairman	Withdrawn	Merged
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Director	Withdrawn	Merged
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Board Chairman	Withdrawn	Merged
Murano S.p.a.	Vittorio Veneto (TV) - IT -	02302200262	Director	Withdrawn	Ceased
Murano S.p.a.	Vittorio Veneto (TV) - IT -	02302200262	Liquidator	Withdrawn	Ceased
Murano S.p.a.	Vittorio Veneto (TV) - IT -	02302200262	Managing Director	Withdrawn	Ceased
Immobiliare Santa Maria S.a.s. Di Florian Elvio E C.	Treviso (TV) - IT -	03079960260	Limited Partner	Withdrawn	Ceased
SERENISSIMA IMMOBILIARE S.A.S. DI BRAGAGNOLO FURIO eamp; C.	Treviso (TV) - IT -	03296320264	General Partner	Withdrawn	Registered
PASTA GIULIA S.P.A.	Treviso (TV) - IT -	03479240263	Director	Withdrawn	Registered
Ghigi 1870 S.p.a.	San Clemente (RN) - IT -	03769950407	Director	Withdrawn	Registered
Pasta Zara 3 S.r.l.	Treviso (TV) - IT -	04195720265	Sole Director	Active	Registered
Immobiliare Il Doge Srl	Treviso (TV) - IT -	04403050265	Sole Director	Withdrawn	Registered

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Arianna

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Trading S.r.l.	Castelfranco Veneto (TV) - IT -	02203900267	Sole Director	Withdrawn	Bankrupt
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Director	Withdrawn	Merged
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Assistant board Chairman	Withdrawn	Merged
Murano S.p.a.	Vittorio Veneto (TV) - IT -	02302200262	Director	Withdrawn	Ceased
Murano S.p.a.	Vittorio Veneto (TV) - IT -	02302200262	Managing Director	Withdrawn	Ceased

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Bragagnolo

Umberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Director	Withdrawn	Merged
Pasta Zara S.p.a.	Riese Pio X (TV) - IT -	01940050261	Assistant board Chairman	Withdrawn	Merged
Erige Costruzioni S.r.l.	Deruta (PG) - IT -	02671810543	Director	Withdrawn	Registered
Erige Costruzioni S.r.l.	Deruta (PG) - IT -	02671810543	Assistant board Chairman	Withdrawn	Registered
Pasta Zara 3 S.r.l.	Treviso (TV) - IT -	04195720265	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
Finanziaria Regionale Friuli Venezia Giu lia - Societa' Per Azioni - Friulia - S.	Trieste - IT -	00051580322	7.650.000 .Eur	10,33
Bragagnolo Furio	Castelfranco Veneto - IT -	BRGFRU62P18L781L	9.700 .Eur	0,01
Bragagnolo Arianna	Riese Pio X - IT -	BRGRNN63P70L781R	9.700 .Eur	0,01
Societa' Italiana Per Le Imprese All'es tero - Simest S.p.a.	Roma - IT -	04102891001	11.000.000 .Eur	14,86
Bragagnolo Franca	Castelfranco Veneto - IT -	BRGFNC67C50L781Y	9.700 .Eur	0,01
Bragagnolo Umberto	Castelfranco Veneto - IT -	BRGMRT65T11L781M	9.700 .Eur	0,01
Ffauf Sa		94107780267	55.311.198 .Eur	74,74

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
Banca Popolare Di Vicenza Societa' Per A zioni	Vicenza - IT -	00204010243					Active
Veneto Banca Societa' Per Azioni	Montebelluna - IT -	00208740266		0,12			Active
Consorzio Energia Confindustria	Trieste - IT -	00988350328					Active
Ghigi 1870 S.p.a.	San Clemente - IT -	03769950407		29,75			Active
Pasta Zara 3 S.r.l.	Treviso - IT -	04195720265	49.000 .Eur	98,00			Active
Consorzio Gas-industria Societa' Consort ile A Responsabilita' Limitata		02402730390	108 .Eur	0,92			Active
Verum Srl	Trieste - IT -	01282940327	18.000 .Eur	18,00			Active

Firm's location and structure

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

Legal and operative seat

Castellana

, 34

- 31039

- Riese Pio X

(TV)

- IT -

Trading Style: PASTA ZARA

PHONE

: 04237541

PHONE

: 0423750408

PHONE

: 0423483927

FAX

: 0423454043

Legal mail

: PASTAZARA@LEGALMAIL.IT

Branch

(Factory)

since 31/12/2007

Delle Saline

, 29

- 34015

- Muggia

(TS)

- IT -

Branch

(Store)

since 02/12/2010

Xxv Aprile

, 10

- 25038

- Rovato

(BS)

- IT -

Branch

(Warehouse)

since 19/06/2015

Punto Franco Nuovo

, SN

- 34100

- Trieste

(TS)

- IT -

Branch

(Warehouse)

since 06/09/2012

Pradellona

, 5

- 60030

- Santa Maria Nuova

(AN)

- IT -

Employees

: 354

Fittings and Equipment for a value of 49.040.000

Eur

Stocks for a value of 59.310.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company supplies wholesalers und shopping centres.

The firm operates abroad as exporter..

Export trade is the 94 % of the global turnover.

Most accepted terms of sale are within 30 days.

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

Company's purchase terms are within 90 and 120 days.

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

Traded Brands / Suppliers

- FRIULIA SPA

- SPIGAFOOD SRL

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$ Pasta Zara S.p.a.

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Castellana

, 34

, 31039

, Riese Pio X

(TV)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Fiscal Code: 01940050261

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Date

Merging/splitting-up project:

08/10/2002

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$ PASTA GIULIA S.P.A.

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, 31100

, Treviso

(TV)

- IT -

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Fiscal Code: 03479240263

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Date

Merging/splitting-up project:

07/06/2007

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The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$ PASTA GIULIA S.P.A.

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

, 31100

, Treviso

(TV)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Fiscal Code: 03479240263

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Date

05/12/2007

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The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$ Pasta Zara S.p.a.

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Vuoto.gif$

Castellana

, 34

, 31039

, Riese Pio X

(TV)

- IT -

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Fiscal Code: 01940050261

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Date

23/12/2002

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Verde.gif$

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
CASSA DI RISPARMIO DEL VENETO	RIESE PIO X	VIA G,SARTO, 12	31039	Riese Pio X	6225	62000

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
MUGGIA (TS)	Buildings	15	14/02/2018
RIESE PIO X (TV)	Buildings	9	14/02/2018
RIESE PIO X (TV)	Land	11	14/02/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 1	C/19	126/243	10	cat. A/3	4	3 vani	Euro:286,63
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 2	C/19	126/243	11	cat. A/3	4	5 vani	Euro:477,72
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 2	C/19	126/243	12	cat. A/3	4	3 vani	Euro:286,63
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 2	C/19	126/243	13	cat. A/3	4	4 vani	Euro:382,18
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	15	cat. D/1			Euro: 1.050,00
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T-1 - 2	C/19	126/243	16	cat. D/7			Euro: 434.000,00
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 3	C/19	126/243	17	cat. D/1			Euro: 2.074,00
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	2	cat. C/6	10	37 mq	Euro:105,10
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	3	cat. C/6	10	31 mq	Euro:88,06
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	4	cat. C/6	11	25 mq	Euro:82,63
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	5	cat. C/6	11	25 mq	Euro:82,63
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	6	cat. C/6	11	25 mq	Euro:82,63
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano T	C/19	126/243	7	cat. C/6	11	25 mq	Euro:82,63
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 1	C/19	126/243	8	cat. A/3	4	5 vani	Euro:477,72
B	Proprieta' per 1/1	MUGGIA (TS) STRADA DELLE SALINE, Piano 1	C/19	126/243	9	cat. A/3	4	3 vani	Euro:286,63
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano S1-T - 1-2	C/10	918	10	cat. D/1			Euro: 152.400,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano T-1	C/10	918	11	cat. D/1			Euro: 43.400,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano T	C/10	918	12	cat. D/1			Euro: 960,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano 3	C/10	918	13	cat. D/1			Euro: 1.210,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano S1	C/10	918	4	cat. D/1			Euro: 29.316,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano T	C/10	918	5	cat. D/1			Euro: 82,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano T	C/10	918	6	cat. D/1			Euro: 112,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano T	C/10	918	8	cat. C/1	3	89 mq	Euro:1.222,66
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA CASTELLANA, 34 Piano T	C/11	1360		cat. F/1

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	112		SEMIN ARBOR	3	85 are 20 ca	R.D.Euro:61,60 R.A. Euro: 41,80	3770
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	113		SEMIN ARBOR	3	16 are 52 ca	R.D.Euro:11,94 R.A. Euro: 8,11	1968
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	114		SEMIN ARBOR	3	16 are 40 ca	R.D.Euro:11,86 R.A. Euro: 8,05	887
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	115		SEMIN ARBOR	3	16 are 40 ca	R.D.Euro:11,86 R.A. Euro: 8,05	2874
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	116		SEM IRR ARB	3	16 are 40 ca	R.D.Euro:15,25 R.A. Euro: 9,32
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	182		SEM IRR ARB	2	6 are 30 ca	R.D.Euro:7,48 R.A. Euro: 4,23	60
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	203		SEMINATIVO	3	52 are 2 ca	R.D.Euro:37,61 R.A. Euro: 25,52
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	29		SEMINATIVO	3	92 are	R.D.Euro:66,52 R.A. Euro: 45,14
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	34		SEMIN IRRIG	3	73 are 20 ca	R.D.Euro:62,38 R.A. Euro: 41,59
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	688		SEMIN IRRIG	2	40 are 26 ca	R.D.Euro:44,70 R.A. Euro: 24,95
L	Proprieta' per 1/1	RIESE PIO X (TV)	20	738		SEMIN IRRIG	2	4 are 63 ca	R.D.Euro:5,14 R.A. Euro: 2,87

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 1998.

The economic-financial analysis has been made on the base of the latest 2 balance sheets.

During the last years, it achieved profits (r.o.e. 1,79% on 2016)

The operating result in 2016 was positive (2,64%) falling within the field's average.

The amount of the operating result is equal to Eur. 9.367.610 with an increase of 60,16% if the compared to the previous financial year.

During the latest financial year the gross operating margin amounted to Eur. 19.767.795 showing an upward trend if compared to 2015.

The financial status of the company is fairly balanced with an indebtedness level of 2,28 but with an increase as against the previous accounting period.

The equity capital is equal to Eur. 103.015.434 on the same levels as the year before.

The financial management has recorded total debts amounting to Eur. 246.355.461, , a more or less stable value.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 65,93 gg. is the payments' average time which is also lower than the sector average.

Liquidity is fairly lacking.

On average trade credits are collected in 59,57 days. , lower than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 11.648.377

Labour cost expenses amount to Eur. 19.534.177 , representing 8,14% on the total of production costs. , whereas the incidence on sales revenues is of 8,15%.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-2,25%).

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	239.544.278
Profit (Loss) for the period	1.848.192

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	284.944.982
Profit (Loss) for the period	875.368

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

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

Years

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	1.568.827	1.309.396
. . Research,develop. and advert.expens.	3.603.641	5.049.697
. . Industrial patent rights	3.643.407	1.937.710
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.	13.908.231	13.446.260
. . Other intangible fixed assets	453.134	469.679
. Total Intangible Fixed Assets	23.177.240	22.212.742
. TANGIBLE FIXED ASSETS
. . Real estate	104.707.542	100.446.007
. . Plant and machinery	48.075.961	18.719.893
. . Industrial and commercial equipment	961.531	1.057.311
. . Other assets	321.999	202.108
. . Assets under construction and advances	14.653.122	45.008.978
. Total Tangible fixed assets	168.720.155	165.434.297
. FINANCIAL FIXED ASSETS
. . Equity investments	9.479.871	5.461.871
. . . Equity invest. in subsidiary companies	5.440.755	5.440.755
. . . Equity invest. in associated companies	4.000.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	39.116	21.116
. . Financial receivables	16.590	16.200
. . . . Within 12 months	16.590	16.200
. . . . 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	16.590	16.200
. . . . Within 12 months	16.590	16.200
. . . . Beyond 12 months
. . Other securities	10.603.864	10.603.864
. . Own shares
. . . Total nominal value
. Total financial fixed assets	20.100.325	16.081.935
Total fixed assets	211.997.720	203.728.974
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	37.914.468	39.204.896
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	21.393.087	21.160.960
. . Advance payments
. Total Inventories	59.307.555	60.365.856
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	55.178.379	55.408.336
. . Beyond 12 months
. . Trade receivables	39.639.865	33.040.385
. . . . Within 12 months	39.639.865	33.040.385
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	10.505.000	13.470.021
. . . . Within 12 months	10.505.000	13.470.021
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.		1.272.953
. . . . Within 12 months		1.272.953
. . . . Beyond 12 months
. . Fiscal Receivables	985.861	3.233.173
. . . . Within 12 months	985.861	3.233.173
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.380.875	1.176.877
. . . . Within 12 months	1.380.875	1.176.877
. . . . Beyond 12 months
. . Receivables due from third parties	2.666.778	3.214.927
. . . . Within 12 months	2.666.778	3.214.927
. . . . Beyond 12 months
. Total Credits not held as fixed assets	55.178.379	55.408.336
. 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	8.491.315	11.369.314
. Total Financial Assets	8.491.315	11.369.314
. LIQUID FUNDS
. . Bank and post office deposits	11.232.312	12.225.032
. . Checks
. . Banknotes and coins	16.978	17.669
. Total Liquid funds	11.249.290	12.242.701
Total current assets	134.226.539	139.386.207
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	8.320.969	12.208.047
Total adjustments accounts	8.320.969	12.208.047
TOTAL ASSETS	354.545.228	355.323.228

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	74.000.000	74.000.000
. Additional paid-in capital
. Revaluation reserves	14.887.622	18.587.622
. Legal reserve	583.362	539.593
. Reserve for Own shares
. Statute reserves
. Other reserves	1.731.144	1.969.041
. Accumulated Profits (Losses)	9.965.114	9.133.515
. Profit( loss) of the year	1.848.192	875.368
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	103.015.434	105.105.139
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	641.875	500.000
. . Taxation fund, also differed	744.718	917.286
. . Other funds	2.177.978	1.430.949
Total Reserves for Risks and Charges	3.564.571	2.848.235
Employee termination indemnities	1.489.437	1.487.491
ACCOUNTS PAYABLE
. . . . Within 12 months	246.355.461	245.463.603
. . . . Beyond 12 months
. . Bonds	5.000.000	5.000.000
. . . . Within 12 months	5.000.000	5.000.000
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	21.931.735	38.600.000
. . . . Within 12 months	21.931.735	38.600.000
. . . . Beyond 12 months
. . Due to banks	174.429.580	148.804.120
. . . . Within 12 months	174.429.580	148.804.120
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		495
. . . . Within 12 months		495
. . . . Beyond 12 months
. . Trade payables	37.371.108	44.328.404
. . . . Within 12 months	37.371.108	44.328.404
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	752.820	1.585.482
. . . . Within 12 months	752.820	1.585.482
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies		159.436
. . . . Within 12 months		159.436
. . . . Beyond 12 months
. . Due to the tax authorities	1.234.684	2.536.052
. . . . Within 12 months	1.234.684	2.536.052
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.905.642	1.533.405
. . . . Within 12 months	1.905.642	1.533.405
. . . . Beyond 12 months
. . Other payables	3.729.892	2.916.209
. . . . Within 12 months	3.729.892	2.916.209
. . . . Beyond 12 months
Total accounts payable	246.355.461	245.463.603
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	341.524	638.521
Total adjustment accounts	341.524	638.521
TOTAL LIABILITIES	354.766.427	355.542.989

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	239.544.278	284.944.982
. Changes in work in progress	232.127	1.733.887
. Changes in semi-manufact. products
. Capitalization of internal work	8.237.995	6.874.788
. Other income and revenues	1.477.692	1.181.710
. . Contributions for operating expenses	209.897	5.212
. . Different income and revenues	1.267.795	1.176.498
Total value of production	249.492.092	294.735.367
PRODUCTION COSTS
. Raw material,other materials and consum.	141.499.887	204.236.936
. Services received	65.260.591	65.102.224
. Leases and rentals	1.416.250	1.361.809
. Payroll and related costs	19.534.177	19.081.521
. . Wages and salaries	13.539.574	13.047.615
. . Social security contributions	5.138.430	5.262.465
. . Employee termination indemnities	856.173	771.441
. . Pension and similar
. . Other costs
. Amortization and depreciation	9.800.185	8.608.709
. . Amortization of intangible fixed assets	4.218.136	3.574.538
. . Amortization of tangible fixed assets	5.519.551	4.971.002
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	62.498	63.169
. Changes in raw materials	1.069.230	-12.152.796
. Provisions to risk reserves	600.000	1.000.000
. Other provisions
. Other operating costs	944.161	1.648.070
Total production costs	240.124.481	288.886.473
Diff. between value and cost of product.	9.367.611	5.848.894
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	1.633
. . In subsidiary companies
. . In associated companies
. . In other companies	1.633
. Other financial income	687.869	1.727.639
. . 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	308.186
. . Financ.income other than the above	379.683	1.727.639
. . . - Subsidiary companies	314.867	315.121
. . . - Associated companies
. . . - Holding companies	24.486	422.317
. . . - Other companies	40.330	990.201
. Interest and other financial expense	-6.073.743	-5.587.432
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-5.384.241	-3.859.793
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	221.198
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	221.198
. Devaluation	-899.197	-135.871
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-899.197	-135.871
Total adjustments to financial assets	-677.999	-135.871
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	3.305.371	1.853.230
. Taxes on current income	1.457.178	977.862
. . current taxes	1.789.933	1.444.118
. . differed taxes(anticip.)
. Net income for the period	1.848.193	875.368
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.848.193	875.368

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,60	0,57	0,39
Elasticity Ratio	Units	0,38	0,39	0,58
Availability of stock	Units	0,17	0,17	0,08
Total Liquidity Ratio	Units	0,21	0,22	0,46
Quick Ratio	Units	0,06	0,07	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,28	2,22	2,80
Self Financing Ratio	Units	0,29	0,30	0,19
Capital protection Ratio	Units	0,26	0,29	0,56
Liabilities consolidation quotient	Units	0,01	0,01	0,28
Financing	Units	2,39	2,34	3,82
Permanent Indebtedness Ratio	Units	0,29	0,30	0,40
M/L term Debts Ratio	Units	0,00	0,00	0,15
Net Financial Indebtedness Ratio	Units	1,85	1,71	0,96
CORRELATION
Fixed assets ratio	Units	0,49	0,52	1,00
Current ratio	Units	0,54	0,57	1,02
Acid Test Ratio-Liquidity Ratio	Units	0,30	0,32	0,82
Structure's primary quotient	Units	0,49	0,52	0,49
Treasury's primary quotient	Units	0,08	0,10	0,05
Rate of indebtedness ( Leverage )	%	344,17	338,06	511,63
Current Capital ( net )	Value	-112.128.922	-106.077.396	8.062
RETURN
Return on Sales	%	4,86	3,33	3,98
Return on Equity - Net- ( R.O.E. )	%	1,79	0,83	2,57
Return on Equity - Gross - ( R.O.E. )	%	3,21	1,76	11,44
Return on Investment ( R.O.I. )	%	2,64	1,65	3,18
Return/ Sales	%	3,91	2,05	3,08
Extra Management revenues/charges incid.	%	19,73	14,97	26,66
Cash Flow	Value	11.648.377	9.484.077	40.164
Operating Profit	Value	9.367.610	5.848.894	31.183
Gross Operating Margin	Value	19.767.795	15.457.603	73.128
MANAGEMENT
Credits to clients average term	Days	59,57	41,74	96,19
Debts to suppliers average term	Days	65,93	61,27	130,06
Average stock waiting period	Days	89,13	76,27	26,00
Rate of capital employed return ( Turnover )	Units	0,68	0,80	1,15
Rate of stock return	Units	4,04	4,72	13,84
Labour cost incidence	%	8,15	6,70	19,42
Net financial revenues/ charges incidence	%	-2,25	-1,35	-1,27
Labour cost on purchasing expenses	%	8,14	6,61	19,04
Short-term financing charges	%	2,47	2,28	2,31
Capital on hand	%	148,01	124,70	86,92
Sales pro employee	Value	392.695	478.095	157.000
Labour cost pro employee	Value	32.023	32.015	32.169

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	:	$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Spazio.gif$ 838.732
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Spazio.gif$ 456
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Spazio.gif$ 2.052
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\Pasta Zara S.p.a. - Vs. Rif. 493312_files\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 1.007 significant companies.

The companies cash their credits on an average of 96 dd.

The average duration of suppliers debts is about 130 dd.

The sector's profitability is on an average of 3,98%.

The labour cost affects the turnover in the measure of 19,42%.

Goods are held in stock in a range of 26 dd.

The difference between the sales volume and the resources used to realize it is about 1,15.

The employees costs represent the 19,04% 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 13.782 protested subjects are found; in the province they count to 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
Euro	1	INR 80.05

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

INFORMATION DETAILS

Analysis Done by :	PRA

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.

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

Traded Brands / Suppliers

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Bankers

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Financials

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit