MIRA INFORM REPORT

Report No. :	494929
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	CEREAL DOCKS FOOD S.R.L.
Registered Office :	Via Ca' Marzare, 3 36043 - Camisano Vicentino (VI) -IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	18.01.2013
Legal Form :	Limited liability company
Line of Business :	Manufacture of other food products n.e.c.
No. of Employees :	From 11 to 15

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 (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

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

ITALY - ECONOMIC OVERVIEW

Italy’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. 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

Cereal Docks Food S.r.l.

Via Ca' Marzare, 3

36043 - Camisano Vicentino (VI) -IT-

Summary

Fiscal Code	:	03804370249
Legal Form	:	Limited liability company
Establishment Date	:	18/01/2013
Equity	:	2.000.000
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of other food products n.e.c.

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03804370249

Chamber of Commerce no. : 370972 of Venezia

Chamber of Commerce no. : 355429 of Vicenza since 28/01/2013

V.A.T. Code : 03804370249

Establishment date	: 18/01/2013
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

CEREALDOCKSFOOD@PEC.RESNOVA.IT

Members

Cereal Docks S.p.a.

Residence:

Ca' Marzare

, 3

- 36043

Camisano Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Fanin

Mauro

Born in Camisano Vicentino

(VI)

on 02/08/1963

- Fiscal Code : FNNMRA63M02B485I

Residence:

Ca' Marzare

, 3

- 36043

Camisano Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2016
Board Chairman	19/12/2016

No Prejudicial events are reported

No Protests registered

Santarelli

Silvia

Born in Quartu Sant'Elena

(CA)

on 09/01/1970

- Fiscal Code : SNTSLV70A49H118W

Residence:

Nuova

, 10

- 37024

Negrar

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2016
Managing Director	19/12/2016

No Prejudicial events are reported

No Protests registered

Fanin

Giovanni

Born in Vicenza

(VI)

on 27/02/1989

- Fiscal Code : FNNGNN89B27L840L

Residence:

Ca' Marzare

, 3

- 36043

Camisano Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2016
Attorney with special power	19/12/2016

No Prejudicial events are reported

No Protests registered

Sigola

Marco

Born in Vicenza

(VI)

on 21/06/1984

- Fiscal Code : SGLMRC84H21L840R

Residence:

Ca' Marzare

, 3

- 36043

Camisano Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/12/2016

No Prejudicial events are reported

No Protests registered

Dal Martello

Stefano

Born in Vicenza

(VI)

on 24/01/1969

- Fiscal Code : DLMSFN69A24L840V

Residence:

Ca' Marzare

, 3

- 36043

Camisano Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/12/2016

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.

Fanin

Mauro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cereal Docks S.p.a.	Camisano Vicentino (VI) - IT -	02218040240	Managing Director	Active	Registered
Cereal Docks S.p.a.	Camisano Vicentino (VI) - IT -	02218040240	Director	Active	Registered
Cereal Docks S.p.a.	Camisano Vicentino (VI) - IT -	02218040240	Board Chairman	Active	Registered
Cereal Docks International S.p.a.	Camisano Vicentino (VI) - IT -	03392950246	Managing Director	Active	Registered
Cereal Docks International S.p.a.	Camisano Vicentino (VI) - IT -	03392950246	Director	Active	Registered
Cereal Docks International S.p.a.	Camisano Vicentino (VI) - IT -	03392950246	Managing Director	Withdrawn	Registered
Cereal Docks International S.p.a.	Camisano Vicentino (VI) - IT -	03392950246	Board Chairman	Active	Registered
B.o. Power Staranzano S.r.l.	Venezia (VE) - IT -	03925010278	Director	Withdrawn	Registered
B.o. Power Staranzano S.r.l.	Venezia (VE) - IT -	03925010278	Managing Director	Withdrawn	Registered
B.o. Power Staranzano S.r.l.	Venezia (VE) - IT -	03925010278	Board Chairman	Withdrawn	Registered
Aurora Di Fanin Paolo E C. S.a.s.	Camisano Vicentino (VI) - IT -	01596340248	Limited Partner	Active	Registered
Ser.sta. S.r.l.	Turriaco (GO) - IT -	01092280310	Sole Director	Active	Registered
Mantegna Holding S.r.l.	Camisano Vicentino (VI) - IT -	03973870243	Managing Director	Active	Registered
Mantegna Holding S.r.l.	Camisano Vicentino (VI) - IT -	03973870243	Director	Active	Registered
Mantegna Holding S.r.l.	Camisano Vicentino (VI) - IT -	03973870243	Board Chairman	Active	Registered
Demethra Biotech S.r.l.	Camisano Vicentino (VI) - IT -	04021120243	Director	Active	Registered
Demethra Biotech S.r.l.	Camisano Vicentino (VI) - IT -	04021120243	Board Chairman	Active	Registered
Ribes Per L'ecosistema Salute E L'alimentazione Smart S.c.a.r.l.	Padova (PD) - IT -	05035620284	Director	Active	Registered
Ribes Per L'ecosistema Salute E L'alimentazione Smart S.c.a.r.l.	Padova (PD) - IT -	05035620284	Board Chairman	Active	Registered
Cereal Docks Organic S.r.l.	Camisano Vicentino (VI) - IT -	04063200242	Director	Active	Registered
Cereal Docks Organic S.r.l.	Camisano Vicentino (VI) - IT -	04063200242	Board Chairman	Active	Registered
Cereal Docks Camisano Societa' SportivaDilettantistica A Responsabilita' Limita	Camisano Vicentino (VI) - IT -	01659160244	Director	Active	Registered
Cereal Docks Camisano Societa' SportivaDilettantistica A Responsabilita' Limita	Camisano Vicentino (VI) - IT -	01659160244	Board Chairman	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
Cereal Docks S.p.a.	Camisano Vicentino - IT -	02218040240	90.000 .Eur	90,00
Santarelli Silvia	Negrar - IT -	SNTSLV70A49H118W	10.000 .Eur	10,00

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

Ca' Marzare

, 3

- 36043

- Camisano Vicentino

(VI)

- IT -

Legal mail

: CEREALDOCKSFOOD@PEC.RESNOVA.IT

-

Branch

(Warehouse)

since 22/02/2013

Banchina Molini

, 30

- 30100

- Venezia

(VE)

- IT -

Employees

: 12

Fittings and Equipment for a value of 470.000

Eur

Stocks for a value of 1.940.000

Eur

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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 2013

The analysis is based on the latest 3 balance sheets.

During the last years, it recorded positive net results (r.o.e. 91,5% in 2016) with a remarkable upward trend (+66,46% on 2016 compared to 2015 and +43,26% on 2015 compared to 2014).

The operating result in 2016 was positive (42,2%) and even better than sector's average.

The amount of the operating result for the year 2016 is of Eur. 2.144.604 rising (+31,17%) in relation to the previous year.

A gross operating margine for a value of Eur. 2.236.526 was reached. showing an upward trend if compared to 2015.

The financial status of the company is fairly balanced with an indebtedness level of 1,98 but with an increase as against the previous accounting period.

It's shareholders funds amount to Eur. 1.642.925 , with an upward trend.

Total indebtedness amounts to Eur. 3.326.920, , showing an upward trend if compared to 2015.

The company does not exceed in bank credits; payments average period is instead slightly high (91,39 gg.) even if it is lower than the sector's average.

It shows a good range of liquidity.

On average trade credits are collected in 44,86 days. , lower than the sector's average.

Eur. 1.595.140 is the value of cash flow during the year 2016

Subordinate employment cost is of Eur. 554.932, i.e. 4,71% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 4,04%.

If compared to the sales volume (-0,03%), the impact of the financial charges is limited.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	13.742.570
Profit (Loss) for the period	1.503.218

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	8.255.704
Profit (Loss) for the period	1.118.374

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	5.762.619
Profit (Loss) for the period	681.993

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	1.926.651
Profit (Loss) for the period	-39.358

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	444	889	1.333
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	25.249	18.416	1.151
. Total Intangible Fixed Assets	25.693	19.305	2.484
. TANGIBLE FIXED ASSETS
. . Real estate	975
. . Plant and machinery	415.926	441.262
. . Industrial and commercial equipment	56.338	69.545	28.577
. . Other assets	48.712	59.517	65.184
. . Assets under construction and advances	98.183		37.579
. Total Tangible fixed assets	620.134	570.324	131.340
. 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
. . . . 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
. . Own shares
. . . Total nominal value
. Total financial fixed assets
Total fixed assets	645.827	589.629	133.824
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.248.567	847.817	219.849
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	687.193	567.326	219.150
. . Advance payments
. Total Inventories	1.935.760	1.415.143	438.999
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.383.089	1.078.370	1.454.176
. . Beyond 12 months	45.240	67.860
. . Trade receivables	1.712.375	799.089	1.278.277
. . . . Within 12 months	1.712.375	799.089	1.278.277
. . . . 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.	445.599	205.512
. . . . Within 12 months	445.599	205.512
. . . . Beyond 12 months
. . Fiscal Receivables	217.076	119.395	156.349
. . . . Within 12 months	171.836	51.535	156.349
. . . . Beyond 12 months	45.240	67.860
. . Receivables for anticipated taxes	2.424
. . . . Within 12 months	2.424
. . . . Beyond 12 months
. . Receivables due from third parties	50.855	22.234	19.550
. . . . Within 12 months	50.855	22.234	19.550
. . . . Beyond 12 months
. Total Credits not held as fixed assets	2.428.329	1.146.230	1.454.176
. 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	67.559	306.046	116.758
. . Checks
. . Banknotes and coins	458	10	348
. Total Liquid funds	68.017	306.056	117.106
Total current assets	4.432.106	2.867.429	2.010.281
ADJUSTMENT ACCOUNTS
. Discount on loans		3.465	315
. Other adjustment accounts	3.816
Total adjustments accounts	3.816	3.465	315
TOTAL ASSETS	5.081.749	3.460.523	2.144.420
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	20.000	20.000
. Reserve for Own shares
. Statute reserves
. Other reserves	19.707	1.333
. Accumulated Profits (Losses)			-39.358
. Profit( loss) of the year	1.503.218	1.118.374	681.993
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.642.925	1.239.707	742.635
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	53.756	33.231	19.158
ACCOUNTS PAYABLE
. . . . Within 12 months	3.326.920	2.122.142	1.382.627
. . . . Beyond 12 months
. . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	341.598	537.126	388.316
. . . . Within 12 months	341.598	537.126	388.316
. . . . 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	2.612.968	1.361.222	561.815
. . . . Within 12 months	2.612.968	1.361.222	561.815
. . . . Beyond 12 months
. . Due to the tax authorities	138.400	100.187	342.502
. . . . Within 12 months	138.400	100.187	342.502
. . . . Beyond 12 months
. . Due to social security and welfare inst.	58.763	37.616	25.749
. . . . Within 12 months	58.763	37.616	25.749
. . . . Beyond 12 months
. . Other payables	175.191	85.991	64.245
. . . . Within 12 months	175.191	85.991	64.245
. . . . Beyond 12 months
Total accounts payable	3.326.920	2.122.142	1.382.627
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	58.148	65.443
Total adjustment accounts	58.148	65.443
TOTAL LIABILITIES	5.081.749	3.460.523	2.144.420

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	13.742.570	8.255.704	5.762.619
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	173.803	100.933	5.930
. . Contributions for operating expenses
. . Different income and revenues	173.803	100.933	5.930
Total value of production	13.916.373	8.356.637	5.768.549
PRODUCTION COSTS
. Raw material,other materials and consum.	10.535.789	6.459.341	3.771.731
. Services received	791.227
. Leases and rentals	311.018	748.589	626.032
. Payroll and related costs	554.932	427.533	346.201
. . Wages and salaries	415.915	320.222	268.396
. . Social security contributions	99.921	82.988	57.796
. . Employee termination indemnities	20.626	14.117	12.280
. . Pension and similar	8.211	8.661	7.729
. . Other costs	10.259	1.545
. Amortization and depreciation	91.922	57.448	26.159
. . Amortization of intangible fixed assets	6.400	3.303	464
. . Amortization of tangible fixed assets	85.522	54.145	25.695
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-520.617	-976.144	-24.621
. Provisions to risk reserves
. Other provisions
. Other operating costs	7.498	5.002	4.327
Total production costs	11.771.769	6.721.769	4.749.829
Diff. between value and cost of product.	2.144.604	1.634.868	1.018.720
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	706	782	80
. . 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	706	782	80
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies		755	65
. . . - Other companies	706	27	15
. Interest and other financial expense	-5.394	-5.565	-4.894
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies		-1.467	-4.447
. . Towards other companies		-4.098	-447
Total financial income and expense	-4.688	-4.783	-4.814
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		658
. . Gains on disposals
. . Other extraordinary income		658
. Extraordinary expense		-208	-612
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-208	-612
Total extraordinary income and expense		450	-612
Results before income taxes	2.139.916	1.630.535	1.013.294
. Taxes on current income	636.698	512.161	331.301
. . current taxes	86.282	66.559	323.666
. . differed taxes(anticip.)			-7.635
. Net income for the period	1.503.218	1.118.374	681.993
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.503.218	1.118.374	681.993

RATIOS

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,13	0,17	0,06	0,36
Elasticity Ratio	Units	0,87	0,83	0,94	0,58
Availability of stock	Units	0,38	0,41	0,20	0,12
Total Liquidity Ratio	Units	0,49	0,42	0,73	0,42
Quick Ratio	Units	0,01	0,09	0,05	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,98	1,46	1,70	2,08
Self Financing Ratio	Units	0,32	0,36	0,35	0,22
Capital protection Ratio	Units	0,02	0,02	-0,05	0,66
Liabilities consolidation quotient	Units	0,02	0,02	0,01	0,27
Financing	Units	2,02	1,71	1,86	3,08
Permanent Indebtedness Ratio	Units	0,33	0,37	0,36	0,46
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,12
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,69
CORRELATION
Fixed assets ratio	Units	2,63	2,16	5,69	1,16
Current ratio	Units	1,33	1,35	1,45	1,14
Acid Test Ratio-Liquidity Ratio	Units	0,75	0,68	1,14	0,86
Structure's primary quotient	Units	2,54	2,10	5,55	0,68
Treasury's primary quotient	Units	0,02	0,14	0,08	0,02
Rate of indebtedness ( Leverage )	%	309,31	279,14	288,76	438,55
Current Capital ( net )	Value	1.105.186	745.287	627.654	177.800
RETURN
Return on Sales	%	11,61	14,24	12,29	4,57
Return on Equity - Net- ( R.O.E. )	%	91,50	90,21	91,83	4,28
Return on Equity - Gross - ( R.O.E. )	%	130,25	131,53	136,45	11,42
Return on Investment ( R.O.I. )	%	42,20	47,24	47,51	3,74
Return/ Sales	%	15,61	19,80	17,68	3,72
Extra Management revenues/charges incid.	%	70,09	68,41	66,95	25,24
Cash Flow	Value	1.595.140	1.175.822	708.152	140.498
Operating Profit	Value	2.144.604	1.634.868	1.018.720	117.422
Gross Operating Margin	Value	2.236.526	1.692.316	1.044.879	261.449
MANAGEMENT
Credits to clients average term	Days	44,86	34,85	79,86	110,74
Debts to suppliers average term	Days	91,39	94,81	77,78	117,18
Average stock waiting period	Days	50,71	61,71	27,42	43,75
Rate of capital employed return ( Turnover )	Units	2,70	2,39	2,69	0,99
Rate of stock return	Units	7,10	5,83	13,13	8,23
Labour cost incidence	%	4,04	5,18	6,01	15,09
Net financial revenues/ charges incidence	%	-0,03	-0,06	-0,08	-1,50
Labour cost on purchasing expenses	%	4,71	6,36	7,29	14,79
Short-term financing charges	%	0,16	0,26	0,35	2,72
Capital on hand	%	36,98	41,92	37,21	100,97
Sales pro employee	Value	808.386	635.054	576.261	231.895
Labour cost pro employee	Value	32.643	32.887	34.620	32.825

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 335 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 117 dd.

The sector's profitability is on an average of 4,57%.

The labour cost affects the turnover in the measure of 15,09%.

Goods are held in stock in a range of 44 dd.

The difference between the sales volume and the resources used to realize it is about 0,99.

The employees costs represent the 14,79% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

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 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50
Euro	1	INR 80.31

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.