3decades

MIRA INFORM REPORT

Report No. :	507105
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	JDO SRL

Registered Office :	Via Archimede, 10 00197 - Roma(RM) -IT-

Country :	Italy

Financials (as on) :	31.12.2015

Date of Incorporation :	16.05.200

Legal Form :	Limited liability company

Line of Business :	· Manufacture of jewellery in precious metals o plated with precious metals · Wholesale of clocks, watches and jewellery · Retail sale of watches and jewellery in specialised stores

No. of Employees :	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
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Unknown

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. 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

J.d.o. S.r.l.

Via Archimede, 10

00197 - Roma(RM) -IT-

Summary

Fiscal Code	:	06102471007
Legal Form	:	Limited liability company
start of Activities	:	16/05/2000
Equity	:	1.000.000
Turnover Range	:	9.000.000/10.000.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of jewellery in precious metals o plated with precious metals

Wholesale of clocks, watches and jewellery

Retail sale of watches and jewellery in specialised stores

Legal Data

Legal Form : Limited liability company

Fiscal Code : 06102471007

Chamber of Commerce no. : 227268 of Alessandria

Chamber of Commerce no. : 253450 of Caserta

Chamber of Commerce no. : 112176 of Imperia since 22/09/2000

Chamber of Commerce no. : 949243 of Roma since 26/06/2000

Firms' Register : RM-2000-148475 of Roma since 26/06/2000

V.A.T. Code : 06102471007

Foundation date	: 16/05/2000
Establishment date	: 16/05/2000
Start of Activities	: 16/05/2000
Legal duration	: 31/12/2050
Nominal Capital	: 93.600
Subscribed Capital	: 93.600
Paid up Capital	: 93.600

Legal mail :

JDOSRL@LEGALMAIL.IT

Members

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Donna Oro S.r.l.

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

Residence:

Appia Nuova

, 669

- 00179

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Murabito

Ugo

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

Born in Savona

(SV)

on 20/08/1957

- Fiscal Code : MRBGUO57M20I480I

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

Residence:

Kennedy

, 5/3

- 18013

Diano Marina

(IM)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	21/03/2018

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

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.

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Murabito

Ugo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
New Gold Italia S.a.s. Di Murabito Ugo EC.	Valenza (AL) - IT -	01374420063	General Partner	Withdrawn	Ceased
Petri Di Murabito Ugo	Diano Marina (IM) - IT -	MRBGUO57M20I480I	Proprietor	Withdrawn	Ceased
Petri Di Murabito Ugo E C. S.a.s.	Imperia (IM) - IT -	00992130088	Liquidator	Withdrawn	Ceased
Genetic S.r.l. In Liquidazione	Roma (RM) - IT -	08474181008	Sole Director	Withdrawn	Registered
Genetic S.r.l. In Liquidazione	Roma (RM) - IT -	08474181008	Liquidator	Active	Registered
Nord Diamond S.r.l.	Roma (RM) - IT -	12170551001	Sole Director	Active	Registered
Novecento S.r.l.	Roma (RM) - IT -	14104311007	Sole 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
Donna Oro S.r.l.	Roma - IT -	01154280083	28.080 .Eur	30,00
Rubino Olga	Bussolengo - IT -	RBNLGO63L50C495A	14.040 .Eur	15,00
Peirano Rinaldo	Pornassio - IT -	PRNRLD64C12G632T	4.680 .Eur	5,00
Murabito Ugo	Diano Marina - IT -	MRBGUO57M20I480I	46.800 .Eur	50,00

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
Genetic S.r.l. In Liquidazione	Roma - IT -	08474181008	16.000 .Eur	20,00			Active

Firm's location and structure

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

Legal and operative seat

Archimede

, 10

- 00100

- Roma

(RM)

- IT -

PHONE

: 0183409070

Legal mail

: JDOSRL@LEGALMAIL.IT

Legal and operative seat

until 09/10/2014

Nicolo' Paganini

, 15

- 00100

- Roma

(RM)

- IT -

PHONE

: 0183409070

: JDOSRL@LEGALMAIL.IT

Branch

(Workshop)

since 05/09/2000

Diano San Pietro

, 58

- 18013

- Diano Castello

(IM)

- IT -

Branch

(office)

since 10/10/2000

Saponiera

, 17

- 18013

- Diano Marina

(IM)

- IT -

PHONE

: 0183403991

PHONE

: 0183927253

FAX

: 0183409857

Branch

(Representative office)

since 01/09/2009

Asi Sud

, INT.149

- 81025

- Marcianise

(CE)

- IT -

Branch

(Representative office)

since 07/03/2011

Faraldi

, SNC

- 18016

- San Bartolomeo Al Mare

(IM)

- IT -

PHONE

: 0183403327

Employees

: 40

Fittings and Equipment for a value of 41.000

Eur

Stocks for a value of 6.950.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Import comes generally from the following nations:

- France

- Austria

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

The subj. took over by rent the activities of

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$ Donna Oro S.r.l.

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

Appia Nuova

, 669

, 00179

, Roma

(RM)

- IT -

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

Fiscal Code: 01154280083

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Vuoto.gif$

Date

04/09/2000

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

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.

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 Data

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	9.915.981
Profit (Loss) for the period	-530.174

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	9.802.649
Profit (Loss) for the period	-1.699.113

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	8.488.732
Profit (Loss) for the period	-1.872.237

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	7.785.646
Profit (Loss) for the period	-2.024.948

$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	13.895.447
Profit (Loss) for the period	15.813

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 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

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

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

Years

2015

2014

2013

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.		196.728	414.404
. . Industrial patent rights	17.698	60.733	82.822
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	122.508	88.658	116.843
. Total Intangible Fixed Assets	140.206	346.119	614.069
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	27.593	498.909	505.266
. . Industrial and commercial equipment	13.104	14.944	17.129
. . Other assets	538.144	97.356	232.216
. . Assets under construction and advances
. Total Tangible fixed assets	578.841	611.209	754.611
. FINANCIAL FIXED ASSETS
. . Equity investments	15.836	15.836	17.836
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	15.836	15.836	17.836
. . 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	15.836	15.836	17.836
Total fixed assets	734.883	973.164	1.386.516
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.166.827	3.271.409	3.250.200
. . Work in progress and semimanufactured	179.320	95.770	119.497
. . Work in progress on order
. . Finished goods	3.607.373	3.358.232	3.794.678
. . Advance payments
. Total Inventories	6.953.520	6.725.411	7.164.375
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	7.737.589	7.808.317	7.677.124
. . Beyond 12 months	1.195.116	1.314.267	1.273.458
. . Trade receivables	7.061.250	7.394.134	7.577.124
. . . . Within 12 months	7.061.250	7.394.134	7.577.124
. . . . 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.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	1.687	1.683
. . . . Within 12 months	1.687	1.683
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.557.552	1.726.767	1.373.458
. . . . Within 12 months	362.436	412.500	100.000
. . . . Beyond 12 months	1.195.116	1.314.267	1.273.458
. . Receivables due from third parties	312.216
. . . . Within 12 months	312.216
. . . . Beyond 12 months
. Total Credits not held as fixed assets	8.932.705	9.122.584	8.950.582
. 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	185.623	234.155	58.387
. . Checks
. . Banknotes and coins	106.815	113.699	105.255
. Total Liquid funds	292.438	347.854	163.642
Total current assets	16.178.663	16.195.849	16.278.599
ADJUSTMENT ACCOUNTS
. Discount on loans	24.235	23.776	44.095
. Other adjustment accounts
Total adjustments accounts	24.235	23.776	44.095
TOTAL ASSETS	16.937.781	17.192.789	17.709.210

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	93.600	93.600	93.600
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	53.146	53.145	53.145
. Reserve for Own shares
. Statute reserves
. Other reserves	1.355.663	2.634.777	3.838.530
. Accumulated Profits (Losses)			31.758
. Profit( loss) of the year	-530.174	-1.699.113	-1.872.237
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	972.235	1.082.409	2.144.796
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	260	4.246	848
. . Other funds	471.851	471.851	471.851
Total Reserves for Risks and Charges	472.111	476.097	472.699
Employee termination indemnities	225.203	211.891	127.027
ACCOUNTS PAYABLE
. . . . Within 12 months	10.691.251	11.492.548	13.710.492
. . . . Beyond 12 months	4.576.981	3.929.844	1.250.156
. . 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	5.948.954	7.229.861	9.116.231
. . . . Within 12 months	3.490.799	4.356.660	8.060.676
. . . . Beyond 12 months	2.458.155	2.873.201	1.055.555
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	3.515.319	3.547.475	3.011.858
. . . . Within 12 months	3.515.319	3.547.475	3.011.858
. . . . 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			94.313
. . . . Within 12 months			94.313
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	4.309.133	3.337.152	1.777.004
. . . . Within 12 months	2.862.867	2.710.913	1.741.017
. . . . Beyond 12 months	1.446.266	626.239	35.987
. . Due to social security and welfare inst.	1.327.228	1.206.936	895.288
. . . . Within 12 months	654.668	786.532	736.674
. . . . Beyond 12 months	672.560	672.560	158.614
. . Other payables	167.598	100.968	65.954
. . . . Within 12 months	167.598	90.968	65.954
. . . . Beyond 12 months		10.000
Total accounts payable	15.268.232	15.422.392	14.960.648
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts			4.040
Total adjustment accounts			4.040
TOTAL LIABILITIES	16.937.781	17.192.789	17.709.210

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	2.903.280	3.060.352
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	9.915.981	9.802.649	8.488.732
. Changes in work in progress	332.691	-460.173	-280.951
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	110.268	104.662	133.676
. . Contributions for operating expenses
. . Different income and revenues	110.268	104.662	133.676
Total value of production	10.358.940	9.447.138	8.341.457
PRODUCTION COSTS
. Raw material,other materials and consum.	6.169.405	4.955.612	5.203.260
. Services received
. Leases and rentals	3.554.496	3.692.956	3.440.647
. Payroll and related costs	814.995	769.136	765.148
. . Wages and salaries	610.338	571.699	557.315
. . Social security contributions	163.476	157.230	157.724
. . Employee termination indemnities	41.181	40.207	41.114
. . Pension and similar
. . Other costs			8.995
. Amortization and depreciation	424.955	473.065	475.780
. . Amortization of intangible fixed assets	270.418	270.921	273.102
. . Amortization of tangible fixed assets	115.757	175.331	191.876
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	38.780	26.813	10.802
. Changes in raw materials	104.582	-21.209	162.725
. Provisions to risk reserves
. Other provisions
. Other operating costs	19.950	42.441	31.795
Total production costs	11.088.383	9.912.001	10.079.355
Diff. between value and cost of product.	-729.443	-464.863	-1.737.898
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	131	175	99
. . 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	131	175	99
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	131	175	99
. Interest and other financial expense	-509.523	-915.569	-945.214
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-509.523	-915.569	-945.214
Total financial income and expense	-509.392	-915.394	-945.115
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-2.000
. . Of equity investments		-2.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets		-2.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	1.101.325	72.735	628.152
. . Gains on disposals
. . Other extraordinary income	1.101.325	72.735	628.152
. Extraordinary expense	-202.351	-737.321	-367.376
. . Losses on disposals
. . Taxes relating to prior years			-206.177
. . Other extraordinary expense	-202.351	-737.321	-161.199
Total extraordinary income and expense	898.974	-664.586	260.776
Results before income taxes	-339.861	-2.046.843	-2.422.237
. Taxes on current income	190.313	-347.730	-550.000
. . current taxes	25.054	1.333
. . differed taxes(anticip.)	165.259	-349.063	-550.000
. Net income for the period	-530.174	-1.699.113	-1.872.237
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-530.174	-1.699.113	-1.872.237

RATIOS	Value Type	as at 31/12/2015	as at 31/12/2014	as at 31/12/2013	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,04	0,06	0,08	0,13
Elasticity Ratio	Units	0,96	0,94	0,92	0,85
Availability of stock	Units	0,41	0,39	0,40	0,54
Total Liquidity Ratio	Units	0,54	0,55	0,51	0,22
Quick Ratio	Units	0,02	0,02	0,01	0,04
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	10,70	10,30	6,32	4,36
Self Financing Ratio	Units	0,06	0,06	0,12	0,14
Capital protection Ratio	Units	1,45	2,48	1,83	0,56
Liabilities consolidation quotient	Units	0,45	0,36	0,10	0,15
Financing	Units	15,70	14,25	6,98	5,86
Permanent Indebtedness Ratio	Units	0,34	0,30	0,20	0,31
M/L term Debts Ratio	Units	0,28	0,24	0,08	0,10
Net Financial Indebtedness Ratio	Units	5,82	6,36	4,17	0,98
CORRELATION
Fixed assets ratio	Units	7,86	5,37	2,54	2,02
Current ratio	Units	1,51	1,41	1,19	1,15
Acid Test Ratio-Liquidity Ratio	Units	0,86	0,82	0,66	0,36
Structure's primary quotient	Units	1,32	1,11	1,55	1,06
Treasury's primary quotient	Units	0,03	0,03	0,01	0,07
Rate of indebtedness ( Leverage )	%	1742,15	1588,38	825,68	707,22
Current Capital ( net )	Value	5.487.412	4.703.301	2.568.107	61.776
RETURN
Return on Sales	%	-1,06	-12,51	-16,45	2,62
Return on Equity - Net- ( R.O.E. )	%	-54,53	-156,98	-87,29	6,19
Return on Equity - Gross - ( R.O.E. )	%	-34,96	-189,10	-112,94	15,72
Return on Investment ( R.O.I. )	%	-4,31	-2,70	-9,81	3,25
Return/ Sales	%	-7,36	-4,74	-20,47	2,94
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	31,16
Cash Flow	Value	-105.219	-1.226.048	-1.396.457	20.178
Operating Profit	Value	-729.443	-464.863	-1.737.898	23.558
Gross Operating Margin	Value	-304.488	8.202	-1.262.118	40.605
MANAGEMENT
Credits to clients average term	Days	256,36	271,55	321,34	26,46
Debts to suppliers average term	Days	130,14	147,67	129,37	152,76
Average stock waiting period	Days	252,45	246,99	303,84	158,60
Rate of capital employed return ( Turnover )	Units	0,59	0,57	0,48	1,10
Rate of stock return	Units	1,43	1,46	1,18	2,21
Labour cost incidence	%	8,22	7,85	9,01	10,29
Net financial revenues/ charges incidence	%	-5,14	-9,34	-11,13	-1,31
Labour cost on purchasing expenses	%	7,35	7,76	7,59	10,25
Short-term financing charges	%	3,34	5,94	6,32	2,10
Capital on hand	%	170,81	175,39	208,62	90,76
Sales pro employee	Value	396.639	408.443	369.075	267.102
Labour cost pro employee	Value	32.599	32.047	33.267	30.754

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.

SOURCES

Our Company collects data from public registers, lists, archives or contained in Acts and/or documents (held by the National Chamber of Commerce or Immovables Territorial Agency), users, reporters or however generally accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection internet sites).

Market / Territory Data

Population living in the province	:	$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Spazio.gif$ 3.807.992
Population living in the region	:	$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Spazio.gif$ 5.269.972
Number of families in the region	:	$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Spazio.gif$ 2.091.220

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

- per food products	:	$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Spazio.gif$ 472
- per non food products	:	$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Spazio.gif$ 1.832
- per energy consume	:	$Description: \\vivek-pc\e\2\J.d.o. S.r.l. - Vs. Rif. 507105_files\Spazio.gif$ 102

Sector Data

The values are calculated on a base of 2.211 significant companies.

The companies cash their credits on an average of 26 dd.

The average duration of suppliers debts is about 153 dd.

The sector's profitability is on an average of 2,62%.

The labour cost affects the turnover in the measure of 10,29%.

Goods are held in stock in a range of 159 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 10,25% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 53.924 protested subjects are found; in the province they count to 34.465.

The insolvency index for the region is 1,04, , while for the province it is 0,92.

Total Bankrupt companies in the province : 31.914.

Total Bankrupt companies in the region : 37.442.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 79.84

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

INFORMATION DETAILS

Analysis Done by :	PRI

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

Summary

Activity

Legal Data

Members

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial Data

financials

Remarks

SOURCES

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit