MIRA INFORM REPORT

Report No. :	516136
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	STALAM S.P.A.
Registered Office :	Via Dell'olmo, 7 36055 – Nove (VI)
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	14.09.1989
Legal Form :	Joint stock company
Line of Business :	Manufacture of assembled electronic boards Manufacture of broadcasting equipment
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 :	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 (31.12.2017)	Current Rating (01.04.2018)
Italy	A1	A1

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

ITALY - ECONOMIC OVERVIEW

Italy’s economy comprises 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

STALAM S.P.A.

Via Dell'olmo, 7

36055 – Nove (VI) -IT-

Summary

Fiscal Code	:	02083930244
Legal Form	:	Joint stock company
start of Activities	:	14/09/1989
Equity	:	Over 2.582.254
Turnover Range	:	7.750.000/9.000.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of assembled electronic boards

Manufacture of broadcasting equipment

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02083930244

Foreign Trade Reg. no. : 007174 of Vicenza since 06/12/1991

Chamber of Commerce no. : 205055 of Vicenza since 13/09/1989

Firms' Register : VI012-7165 of Vicenza since 19/02/1996

V.A.T. Code : 02083930244

Establishment date	: 18/07/1989
Start of Activities	: 14/09/1989
Legal duration	: 31/12/2099
Nominal Capital	: 757.747
Subscribed Capital	: 757.747
Paid up Capital	: 757.747

Legal mail :

STALAMSPA@PEC.IT

Members

Dea Capital Alternative Funds Sgr S.p.a.

Residence:

Brera

, 21

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Ingrosso

Daniela

Born in Taranto

(TA)

on 21/01/1969

- Fiscal Code : NGRDNL69A61L049G

Residence:

Fratelli Cervi

, -

- 20090

Segrate

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/05/2018
Managing Director	30/11/2016

No Prejudicial events are reported

No Protests registered

Aliboni

Giovanni

Born in Livorno

(LI)

on 09/09/1960

- Fiscal Code : LBNGNN60P09E625H

Residence:

Dell'olmo

, 7

- 36055

Nove

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/11/2016

Zanetti

Enrico

Born in Bassano del Grappa

(VI)

on 16/06/1964

- Fiscal Code : ZNTNRC64H16A703T

Residence:

Roma

, 23

- 36061

Bassano del Grappa

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/05/2018
Managing Director	30/11/2016

No Prejudicial events are reported

No Protests registered

Bianchi

Massimo

Born in Milano

(MI)

on 18/06/1947

- Fiscal Code : BNCMSM47H18F205A

Residence:

Dell'olmo

, 7

- 36055

Nove

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/05/2018
Board Chairman	09/05/2018

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.

Ingrosso

Daniela

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tecnomeccanica S.p.a.	Novara (NO) - IT -	00117780031	Director	Active	Registered
Elemaster S.p.a. Tecnologie Elettroniche	Lomagna (LC) - IT -	01946180138	Director	Active	Registered
Castfutura S.p.a.	Terno d'Isola (BG) - IT -	02243630122	Director	Withdrawn	Registered
Baglioni - S.p.a.	Novara (NO) - IT -	01169330030	Director	Active	Registered
S.m.r.e. S.p.a.	Umbertide (PG) - IT -	02739550545	Director	Active	Registered
Domotecnica Sud S.r.l.	Bari (BA) - IT -	07260450726	Director	Active	Registered
Biomedicale S.r.l.	Milano (MI) - IT -	09561300964	Director	Withdrawn	Registered
Stalam Holding S.p.a.	Milano (MI) - IT -	09652920969	Director	Withdrawn	Registered
Stalam Holding S.p.a.	Milano (MI) - IT -	09652920969	Board Chairman	Withdrawn	Registered
I.e.t. S.p.a.	Umbertide (PG) - IT -	03452800547	Director	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
Dea Capital Alternative Funds Sgr S.p.a.	Milano - IT -	05520520965	685.063 .Eur	90,40
Zanetti Enrico	Bassano del Grappa - IT -	ZNTNRC64H16A703T	22.167 .Eur	2,92
Tonello Alessandro		TNLLSN64H17B844Y	16.839 .Eur	2,22
Bernardi Diego		BRNDGI74M16C743S	16.839 .Eur	2,22
Zilio Helmuth		ZLIHMT70D04A703Y	16.839 .Eur	2,22

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
COSMEL S.R.L.	Cartigliano - IT -	02226310247	6.240 .Eur	60,00			Active

Firm's location and structure

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

-

Legal and operative seat

(Factory)

Dell'olmo

, 7

- 36055

- Nove

(VI)

- IT -

PHONE

: 0424597400

Legal mail

: STALAMSPA@PEC.IT

-

Branch

(Warehouse)

since 01/09/2008

Dell'olmo

, 8

- 36055

- Nove

(VI)

- IT -

Employees

: 32

Fittings and Equipment for a value of 260.000

Eur

Stocks for a value of 3.150.000

Eur

The firm has a direct commercial organization

The company sells in Italy and abroad.

The firm operates abroad as importer / exporter..

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

- its own agents

Import comes generally from the following nations:

- France

- Belgium

- Great Britain

- Germany

Export is mainly towards:

- Guyana

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	19/02/1998

CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

STALAM S.R.L.

, TEZZE SUL BRENTA

(VI)

- IT -

Date

:

13/06/1991

The firm absorbed by merging of

STALAM S.R.L.

, TEZZE SUL BRENTA

(VI)

- IT -

Date

:

13/06/1991

Project of merging by taking over of

Elettronica Di Partecipazione S.p.a. Abbreviabile In Elpart S.p. A.

Del Commercio

, 56

, 36100

, Vicenza

(VI)

- IT -

Fiscal Code: 03012090241

Date

Merging/splitting-up project:

27/03/2006

The firm absorbed by merging of

Elettronica Di Partecipazione S.p.a. Abbreviabile In Elpart S.p. A.

Del Commercio

, 56

, 36100

, Vicenza

(VI)

- IT -

Fiscal Code: 03012090241

Date

:

13/06/2006

Project of merging by taking over of

Stalpart S.r.l.

Del Commercio

, 56

, 36100

, Vicenza

(VI)

- IT -

Fiscal Code: 03003710245

Date

Merging/splitting-up project:

02/02/2017

The firm absorbed by merging of

Stalpart S.r.l.

Del Commercio

, 56

, 36100

, Vicenza

(VI)

- IT -

Fiscal Code: 03003710245

Date

:

12/06/2017

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

National Real Estates Survey

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

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

Financial and Economical Analysis

The company is active since 1989

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

During the last years, it recorded positive net results (r.o.e. 27,84% in 2016)

The operating result in 2016 was positive (15,66%) and reflects the field's average.

The operating result is positive and amounts to Eur. 1.271.476 increasing if compared to the yeart 2015.

The G.O.M. amounted to Eur. 1.583.784 with no sensible increase as against 2015.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2016 is in fact 0,74 improved in comparison with the year before (1,33.).

Subject can manage an equity capital funds for an amount of Eur. 3.510.911 , rising by 38,71%.

In the year 2016 total debts amounted to Eur. 3.698.745 showing a stable trend as opposed to 2015 (Eur. 3.972.676).

The company does not exceed in bank credits; payments average period is instead slightly high (113,34 gg.) even if it still falls within the sector's average.

The available funds are good.

On average trade credits are collected in 19,07 days. , a value lower than the sector's average.

2016 financial year closed with a cash flow of Eur. 1.289.598

In the last financial year labour cost was of Eur. 2.233.245, with a 23,59% incidence on total costs of production. , whereas 25,09% is the incidence on sales revenues.

The financial charges are lower than the financial incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	8.902.705
Profit (Loss) for the period	977.290

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	10.195.658
Profit (Loss) for the period	161.705

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	8.503.085
Profit (Loss) for the period	94.930

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	13.361.602
Profit (Loss) for the period	-74.277

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	16.111.918
Profit (Loss) for the period	-8.977

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

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

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.	272.382	465.198	510.804
. . Industrial patent rights	69.357	69.052	21.078
. . Concessions,licenses,trademarks,etc.	5.687	7.168	8.649
. . Goodwill			572.940
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	31.230	29.766	6.795
. Total Intangible Fixed Assets	378.656	571.184	1.120.266
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	252.988	313.654	401.055
. . Industrial and commercial equipment	4.733	9.208	13.176
. . Other assets	29.625	47.531	35.158
. . Assets under construction and advances	160.326	72.750
. Total Tangible fixed assets	447.672	443.143	449.389
. FINANCIAL FIXED ASSETS
. . Equity investments	2.617.331	2.535.808	2.660.723
. . . Equity invest. in subsidiary companies	2.500.581	2.500.581	2.500.581
. . . Equity invest. in associated companies	116.633	17.200	17.200
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	117	18.027	142.942
. . 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	2.586
. . Own shares
. . . Total nominal value
. Total financial fixed assets	2.619.917	2.535.808	2.660.723
Total fixed assets	3.446.245	3.550.135	4.230.378
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.084.254	848.932	824.630
. . Work in progress and semimanufactured	761.930	558.731	513.880
. . Work in progress on order
. . Finished goods	1.305.994	610.470	846.668
. . Advance payments
. Total Inventories	3.152.178	2.018.133	2.185.178
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	602.464	1.277.401	1.555.303
. . Beyond 12 months	147.231	147.531	146.031
. . Trade receivables	471.610	1.150.368	1.456.843
. . . . Within 12 months	471.610	1.150.368	1.456.843
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	22.107	11.249	14.775
. . . . Within 12 months	22.107	11.249	14.775
. . . . 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	212.745	193.042	149.026
. . . . Within 12 months	69.417	49.714	5.698
. . . . Beyond 12 months	143.328	143.328	143.328
. . Receivables for anticipated taxes	300	6.038	6.635
. . . . Within 12 months	300	6.038	6.635
. . . . Beyond 12 months
. . Receivables due from third parties	42.933	64.235	74.055
. . . . Within 12 months	39.030	60.032	71.352
. . . . Beyond 12 months	3.903	4.203	2.703
. Total Credits not held as fixed assets	749.695	1.424.932	1.701.334
. 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	745.617	274.958	197.464
. . Checks
. . Banknotes and coins	6.023	2.289	2.858
. Total Liquid funds	751.640	277.247	200.322
Total current assets	4.653.513	3.720.312	4.086.834
ADJUSTMENT ACCOUNTS
. Discount on loans		20.753	19.963
. Other adjustment accounts	20.491
Total adjustments accounts	20.491	20.753	19.963
TOTAL ASSETS	8.120.249	7.291.200	8.337.175
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	665.000	665.000	665.000
. Additional paid-in capital	1.522.426	1.522.426	1.522.426
. Revaluation reserves
. Legal reserve	133.000	133.000	133.000
. Reserve for Own shares
. Statute reserves
. Other reserves	213.195	48.905	-2
. Accumulated Profits (Losses)			-46.026
. Profit( loss) of the year	977.290	161.705	94.930
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	3.510.911	2.531.036	2.369.328
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	34.697	34.423	45.144
. . Other funds
Total Reserves for Risks and Charges	34.697	34.423	45.144
Employee termination indemnities	786.869	736.875	668.811
ACCOUNTS PAYABLE
. . . . Within 12 months	3.346.391	3.631.233	4.831.860
. . . . Beyond 12 months	352.354	341.443	392.829
. . 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	552.006	1.146.208	2.700.940
. . . . Within 12 months	199.652	812.425	2.315.771
. . . . Beyond 12 months	352.354	333.783	385.169
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	462.981	305.581	571.629
. . . . Within 12 months	462.981	305.581	571.629
. . . . Beyond 12 months
. . Trade payables	1.784.696	1.928.149	1.459.151
. . . . Within 12 months	1.784.696	1.928.149	1.459.151
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	22.040	74.606	720
. . . . Within 12 months	22.040	74.606	720
. . . . Beyond 12 months
. . Due to associated companies	432.764
. . . . Within 12 months	432.764
. . . . Beyond 12 months
. . Due to holding companies	437
. . . . Within 12 months	437
. . . . Beyond 12 months
. . Due to the tax authorities	153.217	243.974	204.780
. . . . Within 12 months	153.217	243.974	204.780
. . . . Beyond 12 months
. . Due to social security and welfare inst.	131.346	119.244	120.084
. . . . Within 12 months	131.346	119.244	120.084
. . . . Beyond 12 months
. . Other payables	159.258	154.914	167.385
. . . . Within 12 months	159.258	147.254	159.725
. . . . Beyond 12 months		7.660	7.660
Total accounts payable	3.698.745	3.972.676	5.224.689
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	89.027	16.190	29.203
Total adjustment accounts	89.027	16.190	29.203
TOTAL LIABILITIES	8.120.249	7.291.200	8.337.175

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	188.000	234.900
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	8.895.505	10.195.658	8.503.085
. Changes in work in progress	898.723	-191.347	278.054
. Changes in semi-manufact. products
. Capitalization of internal work	87.576	325.550	625.241
. Other income and revenues	858.066	255.085	221.084
. . Contributions for operating expenses		5.245	12.056
. . Different income and revenues	858.066	249.840	209.028
Total value of production	10.739.870	10.584.946	9.627.464
PRODUCTION COSTS
. Raw material,other materials and consum.	4.987.598	4.886.014	4.743.022
. Services received	1.935.494
. Leases and rentals	191.636	2.193.901	1.879.586
. Payroll and related costs	2.233.245	2.130.705	2.007.237
. . Wages and salaries	1.612.143	1.549.722	1.458.515
. . Social security contributions	520.102	474.646	452.824
. . Employee termination indemnities	99.062	102.996	95.754
. . Pension and similar
. . Other costs	1.938	3.341	144
. Amortization and depreciation	312.308	886.913	839.458
. . Amortization of intangible fixed assets	217.548	791.151	750.911
. . Amortization of tangible fixed assets	92.190	94.149	81.147
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	2.570	1.613	7.400
. Changes in raw materials	-235.322	-24.302	-70.288
. Provisions to risk reserves
. Other provisions
. Other operating costs	43.435	20.980	23.868
Total production costs	9.468.394	10.094.211	9.422.883
Diff. between value and cost of product.	1.271.476	490.735	204.581
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	170.836	172.670	164.754
. . In subsidiary companies	170.836	172.670	164.754
. . In associated companies
. . In other companies
. Other financial income	245	458	1.116
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets		63	63
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	245	395	1.053
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	245	395	1.053
. Interest and other financial expense	-71.993	-128.726	-129.475
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-71.993	-128.726	-129.475
Total financial income and expense	99.088	44.402	36.395
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-125.201
. . Of equity investments		-125.201
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets		-125.201
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		110.128	191.940
. . Gains on disposals
. . Other extraordinary income		110.128	191.940
. Extraordinary expense		-24.224	-20.828
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-24.224	-20.828
Total extraordinary income and expense		85.904	171.112
Results before income taxes	1.370.564	495.840	412.088
. Taxes on current income	393.274	334.135	317.158
. . current taxes	387.262	344.259	235.341
. . differed taxes(anticip.)		-11.318	5.511
. Net income for the period	977.290	161.705	94.930
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	977.290	161.705	94.930

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	0,42	0,49	0,51	0,22
Elasticity Ratio	Units	0,57	0,51	0,49	0,76
Availability of stock	Units	0,39	0,28	0,26	0,19
Total Liquidity Ratio	Units	0,18	0,23	0,23	0,52
Quick Ratio	Units	0,09	0,04	0,02	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,74	1,33	1,95	2,39
Self Financing Ratio	Units	0,43	0,35	0,28	0,22
Capital protection Ratio	Units	0,53	0,67	0,68	0,65
Liabilities consolidation quotient	Units	0,34	0,30	0,22	0,23
Financing	Units	1,05	1,57	2,21	3,19
Permanent Indebtedness Ratio	Units	0,57	0,50	0,41	0,42
M/L term Debts Ratio	Units	0,14	0,15	0,13	0,13
Net Financial Indebtedness Ratio	Units	0,00	0,34	1,06	0,64
CORRELATION
Fixed assets ratio	Units	1,35	1,02	0,81	1,80
Current ratio	Units	1,39	1,02	0,85	1,30
Acid Test Ratio-Liquidity Ratio	Units	0,45	0,47	0,39	0,92
Structure's primary quotient	Units	1,02	0,71	0,56	1,08
Treasury's primary quotient	Units	0,22	0,08	0,04	0,05
Rate of indebtedness ( Leverage )	%	231,29	288,07	351,88	456,81
Current Capital ( net )	Value	1.307.122	89.079	-745.026	682.896
RETURN
Return on Sales	%	14,49	10,28	10,99	4,56
Return on Equity - Net- ( R.O.E. )	%	27,84	6,39	4,01	6,81
Return on Equity - Gross - ( R.O.E. )	%	39,04	19,59	17,39	18,85
Return on Investment ( R.O.I. )	%	15,66	6,73	2,45	5,41
Return/ Sales	%	14,28	4,81	2,41	4,75
Extra Management revenues/charges incid.	%	76,86	32,95	46,40	35,79
Cash Flow	Value	1.289.598	1.048.618	934.388	237.257
Operating Profit	Value	1.271.476	490.735	204.581	228.892
Gross Operating Margin	Value	1.583.784	1.377.648	1.044.039	406.634
MANAGEMENT
Credits to clients average term	Days	19,07	40,62	61,68	118,40
Debts to suppliers average term	Days	113,34	101,84	79,36	128,10
Average stock waiting period	Days	127,47	71,26	92,52	54,07
Rate of capital employed return ( Turnover )	Units	1,10	1,40	1,02	1,13
Rate of stock return	Units	2,82	5,05	3,89	6,62
Labour cost incidence	%	25,09	20,90	23,61	18,32
Net financial revenues/ charges incidence	%	1,11	0,44	0,43	-1,25
Labour cost on purchasing expenses	%	23,59	21,11	21,30	17,78
Short-term financing charges	%	1,95	3,24	2,48	3,03
Capital on hand	%	91,21	71,51	98,05	88,55
Sales pro employee	Value	129.024	154.479	137.146	190.738
Labour cost pro employee	Value	32.365	32.283	32.374	33.796

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	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 949 significant companies.

The companies cash their credits on an average of 118 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 4,56%.

The labour cost affects the turnover in the measure of 18,32%.

Goods are held in stock in a range of 54 dd.

The difference between the sales volume and the resources used to realize it is about 1,13.

The employees costs represent the 17,78% 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 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79
EURO	1	INR 79.00

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	SDA

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.