3decades

MIRA INFORM REPORT

Report No. :	516019
Report Date :	23.06.2018

IDENTIFICATION DETAILS

Name :	LABORATORIO ELETTROFISICO ENGINEERING S. R.L.

Registered Office :	Via Della Signora, 2/A, 20122 – Milano (MI)

Country :	Italy

Financials (as on) :	31.10.2016

Date of Incorporation :	25.09.2001

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	· Wholesale of electrical material for industrial equipment · Other business consultancy and other management consultancy activities

No. of Employees :	From 36 to 50

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

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

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 & address

LABORATORIO ELETTROFISICO ENGINEERING S. R.L.

Via Della Signora, 2/A

20122 - Milano (MI) -IT-

Summary

Fiscal Code	:	03264290960
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	25/09/2001
Equity	:	2.000.000
Turnover Range	:	9.000.000/10.000.000
Number of Employees	:	From 36 to 50

Activity

Wholesale of electrical material for industrial equipment

Other business consultancy and other management consultancy activities

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 03264290960

Chamber of Commerce no. : 1661812 of Milano since 28/09/2001

V.A.T. Code : 03264290960

Establishment date	: 25/09/2001
Start of Activities	: 25/09/2001
Legal duration	: 31/12/2030
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

ELETTROFISICO@PEC.IT

Members

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Arosio

Bruno

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Born in Voghera

(PV)

on 29/03/1957

- Fiscal Code : RSABRN57C29M109A

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Residence:

Della Signora

, 2/A

- 20122

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	14/07/2015
Director	14/07/2015

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No Prejudicial events are reported

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No Protests registered

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Fidital S.r.l.

Position	Since	Shares Amount	% Ownership
Sole partner

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No Prejudicial events are reported

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No Protests registered

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Zanon

Dario Aldo

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Born in Castellanza

(VA)

on 10/07/1964

- Fiscal Code : ZNNDLD64L10C139N

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Residence:

A. De Gasperi

, 40

- 20015

Parabiago

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	14/07/2015
Managing Director	14/07/2015

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No Prejudicial events are reported

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No Protests registered

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Palakow

Brian Robert

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Born in New Jersey

( )

on 24/04/1975

- Fiscal Code : PLKBNR75D24Z404H

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Residence:

Connor Drive

, 115

Royersford Pa 19468

- IT -

Position	Since	Shares Amount	% Ownership
Director	14/07/2015

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.

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Arosio

Bruno

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Rotondi Evolution S.p.a.	Milano (MI) - IT -	00867640153	Permanent Auditor	Withdrawn	Ceased
Dasi S.p.a.	Milano (MI) - IT -	04514330150	Temporary Auditor	Active	Registered
Safilo - Societa' Azionaria Fabbrica Italiana Lavorazione Occhiali - S.p.	Pieve di Cadore (BL) - IT -	00056590250	Permanent Auditor	Withdrawn	Ceased
Manifattura Mario Colombo E C. S.p.a.	Monza (MB) - IT -	00763670155	Temporary Auditor	Active	Registered
Galimberti Spa	Milano (MI) - IT -	01561850130	Permanent Auditor	Withdrawn	Registered
Styldomus - Dardo Srl	Milano (MI) - IT -	09988460151	Chairman of the Board of Aud.	Withdrawn	Registered
Giardina S.p.a.	Monza (MB) - IT -	07311990159	Temporary Auditor	Active	Registered
Sisal S.p.a.	Milano (MI) - IT -	07337300151	Permanent Auditor	Withdrawn	Ceased
Adidas Italia Srl	Monza (MI) - IT -	11598030150	Temporary Auditor	Withdrawn	Ceased
Castelgarden S.p.a.	Castelfranco Veneto (TV) - IT -	11699240153	Chairman of the Board of Aud.	Withdrawn	Ceased
Co.r.o. Societa' Per Azioni Compagnia Ricevitori On Line	Roma (RM) - IT -	05239371007	Chairman of the Board of Aud.	Active	Registered
Tank S.r.l.	Milano (MI) - IT -	04160750370	Sole Director	Active	Registered
Rondo' S.p.a.	Monza (MB) - IT -	06750770155	Temporary Auditor	Active	Registered
Mise S.p.a.	Milano (MI) - IT -	09134180158	Permanent Auditor	Active	Registered
POLINVEST S.R.L.	Milano (MI) - IT -	00643500077	Director	Withdrawn	Registered
TICKETONE S.P.A.	Milano (MI) - IT -	12471480157	Permanent Auditor	Withdrawn	Registered
Alpina Professional E Garden S.p.a.	San Vendemiano (TV) - IT -	00899010268	Chairman of the Board of Aud.	Withdrawn	Ceased
Compagnia Gestione Partecipazioni S.r.l.	Milano (MI) - IT -	12654640155	Sole Director	Active	Registered
Tk S.r.l. In Liquidazione	Milano (MI) - IT -	03628860284	Liquidator	Withdrawn	Ceased
Global Magnetic Group Srl Con Unico Socio In Liquidazione	Milano (MI) - IT -	03264080965	Liquidator	Active	Registered
Crono Investimenti S.r.l.	Milano (MI) - IT -	03264190962	Sole Director	Active	Registered
Caravella S.r.l.	Milano (MI) - IT -	03264130968	Sole Director	Active	Registered
Corallo S.r.l.	Milano (MI) - IT -	03264240965	Sole Director	Active	Registered
Ellepi S.r.l.	Milano (MI) - IT -	03264210968	Sole Director	Active	Registered
Forte S.r.l.	Milano (MI) - IT -	03264100961	Sole Director	Active	Registered
Varenna S.r.l.	Milano (MI) - IT -	03264150966	Sole Director	Active	Registered
Giesse S.r.l.	Milano (MI) - IT -	03264060967	Sole Director	Active	Registered
Conero S.r.l.	Milano (MI) - IT -	03264040969	Sole Director	Active	Registered
Sinergia Investimenti S.r.l. In Liquidazione	Milano (MI) - IT -	05690850960	Liquidator	Active	Registered
Polinvest S.r.l.	Milano (MI) - IT -	05083960962	Director	Active	Registered
Rga S.a.s. Di Ricotti Annalisa E C.	Milano (MI) - IT -	10487920158	Limited Partner	Active	Registered
Laboratorio Immobiliare S.r.l.	Milano (MI) - IT -	05304560963	Managing Director	Active	Registered
Laboratorio Immobiliare S.r.l.	Milano (MI) - IT -	05304560963	Director	Active	Registered
Laboratorio Immobiliare S.r.l.	Milano (MI) - IT -	05304560963	Board Chairman	Active	Registered

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Fidital S.r.l.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Le Rotonde S.r.l.	Garlasco (PV) - IT -	06230430966	Partner	Active	Registered
Italian Prestige S.r.l.	Milano (MI) - IT -	03466720962	Partner	Withdrawn	Not Operating

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
Fidital S.r.l.		04702260151		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

Della Signora

, 2/A

- 20100

- Milano

(MI)

- IT -

PHONE

: 0331589785

FAX

: 0331585760

Legal mail

: ELETTROFISICO@PEC.IT

Branch

(Factory)

since 12/11/2004

Giuseppe Ferrari

, 14

- 20014

- Nerviano

(MI)

- IT -

Branch

since 02/11/2015

Laterale Santa Maria

, 14

- 20015

- Parabiago

(MI)

- IT -

Employees

: 47

Fittings and Equipment for a value of 190.000

Eur

Stocks for a value of 1.470.000

Eur

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 2001

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

During the last years, it recorded positive net results (r.o.e. 62,42% in 2016) thanks to a progressive increase in turnover (+13,22% in 2016 compared to 2015 and +38,1% in 2015 compared to 2014).

The operating result in 2016 was positive (16,94%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 1.468.034 rising (+70,06%) in relation to the previous year.

The economic management produced a gross operating margin of Eur. 1.977.301 showing a 67,64% growth.

The financial status of the company is fairly balanced with an indebtedness level of 3,3 with an improving trend as on the decrease.

With regard to equity capital, an amount of Eur. 1.511.159 is registered. , increasing by 61,46% if compared to the financial year 2015.

During the last financial year debts totalled Eur. 6.585.994 (Eur. 1.383.464 of which were m/l term debts) with a growth equal to 28,32%.

Current liquid assets is positive.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 1.452.599

Labour cost expenses amount to Eur. 2.118.716 , representing 25,79% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 22,79%.

If compared to the sales volume (-0,92%), the impact of the financial charges is limited.

Financial Data

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Complete balance-sheet for the year

al 31/10/2016

(in Eur

x 1)

Item Type	Value
Sales	9.295.512
Profit (Loss) for the period	943.332

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Complete balance-sheet for the year

al 31/10/2015

(in Eur

x 1)

Item Type	Value
Sales	8.209.496
Profit (Loss) for the period	707.452

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Complete balance-sheet for the year

al 31/10/2014

(in Eur

x 1)

Item Type	Value
Sales	5.944.464
Profit (Loss) for the period	20.375

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Complete balance-sheet for the year

al 31/10/2013

(in Eur

x 1)

Item Type	Value
Sales	4.207.856
Profit (Loss) for the period	18.632

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Complete balance-sheet for the year

al 30/09/2012

(in Eur

x 1)

Item Type	Value
Sales	4.867.916
Profit (Loss) for the period	9.902

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 31/10/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/10/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/10/2014 - 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.		253.473	24.942
. . Industrial patent rights		7.485	13.308
. . Concessions,licenses,trademarks,etc.		39.408	37.807
. . Goodwill		1.650	12.958
. . Assets in formation and advance paymen.
. . Other intangible fixed assets		135.712	174.494
. Total Intangible Fixed Assets	1.064.412	437.728	263.509
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery		189.221	57.053
. . Industrial and commercial equipment
. . Other assets		149.302	96.585
. . Assets under construction and advances
. Total Tangible fixed assets	359.496	338.523	153.638
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables		6.653	5.692
. . . . 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		146.036	1.713
. . Own shares
. . . Total nominal value
. Total financial fixed assets	410.229	152.689	7.405
Total fixed assets	1.834.137	928.940	424.552
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables		1.119.816	685.597
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods		243.886	250.393
. . Advance payments
. Total Inventories	1.471.580	1.363.702	935.990
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.227.690	4.085.478	4.130.360
. . Beyond 12 months	864.864
. . Trade receivables		3.129.033	3.248.022
. . . . Within 12 months		3.129.033	3.248.022
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.		334	44.560
. . . . Within 12 months		334	44.560
. . . . Beyond 12 months
. . Fiscal Receivables		178.961	46.734
. . . . Within 12 months		178.961	46.734
. . . . Beyond 12 months
. . Receivables for anticipated taxes		73.909	74.539
. . . . Within 12 months		73.909	74.539
. . . . Beyond 12 months
. . Receivables due from third parties		703.241	716.505
. . . . Within 12 months		703.241	716.505
. . . . Beyond 12 months
. Total Credits not held as fixed assets	5.092.554	4.085.478	4.130.360
. 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		176.268	24.328
. . Checks
. . Banknotes and coins		1.705	2.950
. Total Liquid funds	220.785	177.973	27.278
Total current assets	6.784.919	5.627.153	5.093.628
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	44.932	66.016	52.441
Total adjustments accounts	44.932	66.016	52.441
TOTAL ASSETS	8.663.988	6.622.109	5.570.621

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	20.000	20.000	20.000
. Reserve for Own shares
. Statute reserves
. Other reserves	400.000	20.375	346.000
. Accumulated Profits (Losses)	47.827	88.088	288.089
. Profit( loss) of the year	943.332	707.452	20.375
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.511.159	935.915	774.464
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	31.629	41.861	21.411
Employee termination indemnities	518.633	501.418	557.676
ACCOUNTS PAYABLE
. . . . Within 12 months	5.202.530	5.132.242	4.203.477
. . . . Beyond 12 months	1.383.464
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing		16.001	16.001
. . . . Within 12 months		16.001	16.001
. . . . Beyond 12 months
. . Due to banks		2.338.382	1.422.336
. . . . Within 12 months		2.338.382	1.422.336
. . . . Beyond 12 months
. . Due to other providers of finance		45.650
. . . . Within 12 months		45.650
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables		1.676.950	1.824.044
. . . . Within 12 months		1.676.950	1.824.044
. . . . 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		287.384	15.311
. . . . Within 12 months		287.384	15.311
. . . . Beyond 12 months
. . Due to the tax authorities		266.002	156.383
. . . . Within 12 months		266.002	156.383
. . . . Beyond 12 months
. . Due to social security and welfare inst.		95.045	57.507
. . . . Within 12 months		95.045	57.507
. . . . Beyond 12 months
. . Other payables		406.828	711.895
. . . . Within 12 months		406.828	711.895
. . . . Beyond 12 months
Total accounts payable	6.585.994	5.132.242	4.203.477
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	16.573	10.673	13.593
Total adjustment accounts	16.573	10.673	13.593
TOTAL LIABILITIES	8.663.988	6.622.109	5.570.621

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	9.295.512	8.209.496	5.944.464
. Changes in work in progress	222.542	-6.507	25.843
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	164.884	76.051	33.638
. . Contributions for operating expenses	103.199
. . Different income and revenues	61.685	76.051	33.638
Total value of production	9.682.938	8.279.040	6.003.945
PRODUCTION COSTS
. Raw material,other materials and consum.	2.934.436	2.598.707	1.927.821
. Services received	2.051.589
. Leases and rentals	257.590	2.278.672	1.339.203
. Payroll and related costs	2.118.716	2.281.659	1.861.336
. . Wages and salaries	1.671.456	1.839.158	1.501.393
. . Social security contributions	344.610	361.372	295.700
. . Employee termination indemnities	102.650	81.129	64.243
. . Pension and similar
. . Other costs
. Amortization and depreciation	509.267	316.243	243.554
. . Amortization of intangible fixed assets	357.985	216.474	190.628
. . Amortization of tangible fixed assets	133.735	83.930	36.692
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	17.547	15.839	16.234
. Changes in raw materials	114.665	-434.220	-82.313
. Provisions to risk reserves
. Other provisions
. Other operating costs	228.641	374.761	603.028
Total production costs	8.214.904	7.415.822	5.892.629
Diff. between value and cost of product.	1.468.034	863.218	111.316
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	2.906	303.334	89.154
. . 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	2.906	303.334	89.154
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	2.906	303.334	89.154
. Interest and other financial expense	-88.108	-51.405	-78.420
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-51.405	-78.420
Total financial income and expense	-85.202	251.929	10.734
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			5.975
. . Gains on disposals
. . Other extraordinary income			5.975
. Extraordinary expense		-848
. . Losses on disposals		-848
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		-848	5.975
Results before income taxes	1.382.832	1.114.299	128.025
. Taxes on current income	439.500	406.847	107.650
. . current taxes	64.863	98.383	65.163
. . differed taxes(anticip.)	-10.494	21.080	27.176
. Net income for the period	943.332	707.452	20.375
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	943.332	707.452	20.375

RATIOS	Value Type	as at 31/10/2016	as at 31/10/2015	as at 31/10/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,21	0,14	0,08	0,10
Elasticity Ratio	Units	0,78	0,85	0,91	0,87
Availability of stock	Units	0,17	0,21	0,17	0,21
Total Liquidity Ratio	Units	0,61	0,64	0,75	0,61
Quick Ratio	Units	0,03	0,03	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,30	5,29	5,39	4,04
Self Financing Ratio	Units	0,17	0,14	0,14	0,16
Capital protection Ratio	Units	0,31	0,14	0,84	0,59
Liabilities consolidation quotient	Units	0,37	0,10	0,13	0,11
Financing	Units	4,36	5,48	5,43	4,85
Permanent Indebtedness Ratio	Units	0,39	0,22	0,24	0,26
M/L term Debts Ratio	Units	0,22	0,08	0,10	0,07
Net Financial Indebtedness Ratio	Units	n.c.	2,37	1,82	1,01
CORRELATION
Fixed assets ratio	Units	1,86	1,55	3,14	2,12
Current ratio	Units	1,30	1,10	1,21	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,02	0,83	0,99	0,88
Structure's primary quotient	Units	0,82	1,01	1,82	1,40
Treasury's primary quotient	Units	0,04	0,03	0,01	0,04
Rate of indebtedness ( Leverage )	%	573,33	707,55	719,29	620,22
Current Capital ( net )	Value	1.582.389	494.911	890.151	131.414
RETURN
Return on Sales	%	15,63	12,47	4,44	2,27
Return on Equity - Net- ( R.O.E. )	%	62,42	75,59	2,63	6,70
Return on Equity - Gross - ( R.O.E. )	%	91,51	119,06	16,53	18,85
Return on Investment ( R.O.I. )	%	16,94	13,04	2,00	4,76
Return/ Sales	%	15,79	10,51	1,87	3,70
Extra Management revenues/charges incid.	%	64,26	81,96	18,30	28,15
Cash Flow	Value	1.452.599	1.023.695	263.929	39.655
Operating Profit	Value	1.468.034	863.218	111.316	63.123
Gross Operating Margin	Value	1.977.301	1.179.461	354.870	99.042
MANAGEMENT
Credits to clients average term	Days	n.c.	137,21	196,70	119,16
Debts to suppliers average term	Days	n.c.	144,99	202,68	116,83
Average stock waiting period	Days	56,99	59,80	56,68	58,39
Rate of capital employed return ( Turnover )	Units	1,07	1,24	1,07	1,36
Rate of stock return	Units	6,32	6,02	6,35	6,14
Labour cost incidence	%	22,79	27,79	31,31	8,98
Net financial revenues/ charges incidence	%	-0,92	3,07	0,18	-1,08
Labour cost on purchasing expenses	%	25,79	30,77	31,59	8,98
Short-term financing charges	%	1,34	1,00	1,87	2,60
Capital on hand	%	93,21	80,66	93,71	73,17
Sales pro employee	Value	140.841	115.626	102.490	394.001
Labour cost pro employee	Value	32.101	32.136	32.092	34.340

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.429\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.429\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.429\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.429\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.429\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.429\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 2.551 significant companies.

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

The average duration of suppliers debts is about 117 dd.

The sector's profitability is on an average of 2,27%.

The labour cost affects the turnover in the measure of 8,98%.

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

The difference between the sales volume and the resources used to realize it is about 1,36.

The employees costs represent the 8,98% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.77
UK Pound	1	INR 89.95
Euro	1	INR 78.85
Euro	1	INR 79.18

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TPT

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 & address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit