MIRA INFORM REPORT

Report No. :	507873
Report Date :	07.05.2018

IDENTIFICATION DETAILS

Name :	TECNICA TRE S.R.L.
Registered Office :	Via Perosi, 56, 36022- Cassola(VI)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	24.01.1996
Legal Form :	Limited liability company
Line of Business :	· Wholesale of non-ferrous metals and semi-finished products · Wholesale of ironmongery and other metals (hardware) · Non-specialised wholesale trade
No. of Employees :	From 16 to 25

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

Tecnica Tre S.r.l.

Via

Perosi,

56

36022

- Cassola

(VI)

-IT-

Summary

Fiscal Code	:	02523320246
Legal Form	:	Limited liability company
start of Activities	:	01/06/1997
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 16 to 25

Activity

Wholesale of non-ferrous metals and semi-finished products

Wholesale of ironmongery and other metals (hardware)

Non-specialised wholesale trade

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02523320246

Chamber of Commerce no. : 237480 of Vicenza since 04/03/1996

Firms' Register : VI-1996-149 of Vicenza since 14/03/1996

V.A.T. Code : 02523320246

Establishment date	: 24/01/1996
Start of Activities	: 01/06/1997
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

TECNICATRE@PEC.IT

Members

Scotton

Denis

Born in Bassano del Grappa

(VI)

on 09/05/1970

- Fiscal Code : SCTDNS70E09A703K

Residence:

Cecconi

, 23

- 36020

San Nazario

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/12/2012
Partner

No Prejudicial events are reported

No Protests registered

Scotton

Cristian

Born in Bassano del Grappa

(VI)

on 06/08/1971

- Fiscal Code : SCTCST71M06A703G

Residence:

Bortoli

, 1/D

- 36020

San Nazario

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	17/12/2012
Director	17/12/2012

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Scotton Denis	San Nazario - IT -	SCTDNS70E09A703K	50.000 .Eur	50,00
Scotton Cristian	San Nazario - IT -	SCTCST71M06A703G	50.000 .Eur	50,00

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

Perosi

, 56

- 36022

- Cassola

(VI)

- IT -

Legal mail

: TECNICATRE@PEC.IT

-

Branch

(Store)

since 01/04/2014

Verona

, 5/A

- 36020

- Pove del Grappa

(VI)

- IT -

Employees

: 22

Fittings and Equipment for a value of 180.000

Eur

Stocks for a value of 5.640.000

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

Town	Cadastre	No. Immovables	Up to Date
BASSANO DEL GRAPPA (VI)	Land	9	04/05/2018

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	439		BOSCO CEDUO	1	4 are 2 ca	R.D.Euro:0,62 R.A. Euro: 0,12
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	445		SEM IRR ARB	2	34 ca	R.D.Euro:0,28 R.A. Euro: 0,14
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	448		SEMINATIVO	3	33 are 21 ca	R.D.Euro:25,73 R.A. Euro: 13,72
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	451		SEM IRR ARB	2	3 are 21 ca	R.D.Euro:2,65 R.A. Euro: 1,33
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	656		SEM IRR ARB	2	50 are 45 ca	R.D.Euro:41,69 R.A. Euro: 20,84
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	671		SEM IRR ARB	2	5 are 45 ca	R.D.Euro:4,50 R.A. Euro: 2,25
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	800		SEM IRR ARB	2	32 are 24 ca	R.D.Euro:26,64 R.A. Euro: 13,32
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	802		SEM IRR ARB	2	51 are 50 ca	R.D.Euro:42,56 R.A. Euro: 21,28
L	Proprieta' per 1/1	BASSANO DEL GRAPPA (VI) Sez.A	18	804		SEM IRR ARB	3	27 ca	R.D.Euro:0,21 R.A. Euro: 0,10

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

Financial and Economical Analysis

Company's starting of activities dates back to 1997.

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 30,46% in 2016 with a remarkable upward trend (+7,72% on 2016 compared to 2015 and +12,29% on 2015 compared to 2014).

The operating result was positive in the last financial year (30,1%) and is higher than the sector's average.

The amount of the operating result is equal to Eur. 4.680.911 with an increase of 25,9% if the compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 4.933.249 showing a 23,75% growth.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,41 lower than in 2015.

With regard to equity capital, an amount of Eur. 10.699.775 is registered. , rising by 43,79%.

The financial management has recorded total debts amounting to Eur. 4.371.242, , with no sensible variation.

Bank exsposure is limited and the suppliers' credit is modest too, 15,64 gg. is the payment average period below the sector's average.

The liquidity level is positive (3,13).

Due from customers average term is high and equal to 137,7 days. within the average values of the sector.

Eur. 3.511.072 is the value of cash flow during the year 2016

Labour cost expenses amount to Eur. 622.648 , representing 3,89% on the total of production costs. , whereas 3,05% is the incidence on sales revenues.

If compared to the sales volume (-0,08%), 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	20.439.719
Profit (Loss) for the period	3.258.734

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	18.973.293
Profit (Loss) for the period	2.541.209

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	16.895.661
Profit (Loss) for the period	1.293.299

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	13.949.789
Profit (Loss) for the period	849.672

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	13.224.176
Profit (Loss) for the period	661.596

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.
. . Industrial patent rights	1.168	1.867	3.734
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	197.824	226.935	255.966
. Total Intangible Fixed Assets	198.992	228.802	259.700
. TANGIBLE FIXED ASSETS
. . Real estate	1.291.808	112.448	111.087
. . Plant and machinery	172.195	234.343	288.078
. . Industrial and commercial equipment	3.790	6.346	6.602
. . Other assets	169.663	213.691	323.964
. . Assets under construction and advances
. Total Tangible fixed assets	1.637.456	566.828	729.731
. 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			592
. . . . Within 12 months			592
. . . . 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			592
. . . . Within 12 months			592
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets			592
Total fixed assets	1.836.448	795.630	990.023
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	5.644.839	4.808.626	4.567.625
. . Advance payments
. Total Inventories	5.644.839	4.808.626	4.567.625
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	8.042.598	7.504.408	7.172.302
. . Beyond 12 months			36.725
. . Trade receivables	7.818.444	7.272.877	6.737.535
. . . . Within 12 months	7.818.444	7.272.877	6.737.535
. . . . 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	1.957	57.380	260.702
. . . . Within 12 months	1.957	57.380	260.702
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.412		36.725
. . . . Within 12 months	1.412
. . . . Beyond 12 months			36.725
. . Receivables due from third parties	220.785	174.151	174.065
. . . . Within 12 months	220.785	174.151	174.065
. . . . Beyond 12 months
. Total Credits not held as fixed assets	8.042.598	7.504.408	7.209.027
. 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	5.600	2.657	2.993
. . Checks
. . Banknotes and coins	132	761	2.488
. Total Liquid funds	5.732	3.418	5.481
Total current assets	13.693.169	12.316.452	11.782.133
ADJUSTMENT ACCOUNTS
. Discount on loans		17.125	19.383
. Other adjustment accounts	21.347
Total adjustments accounts	21.347	17.125	19.383
TOTAL ASSETS	15.550.964	13.129.207	12.791.539
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	7.321.041	4.779.832	3.486.533
. Accumulated Profits (Losses)
. Profit( loss) of the year	3.258.734	2.541.209	1.293.299
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	10.699.775	7.441.041	4.899.832
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	388.500	244.500	143.000
. . Taxation fund, also differed		347	1.715
. . Other funds
Total Reserves for Risks and Charges	388.500	244.847	144.715
Employee termination indemnities	91.447	103.989	85.769
ACCOUNTS PAYABLE
. . . . Within 12 months	4.371.242	5.339.330	5.699.672
. . . . Beyond 12 months			1.961.551
. . 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	3.221.203	3.341.890	4.705.031
. . . . Within 12 months	3.221.203	3.341.890	2.743.480
. . . . Beyond 12 months			1.961.551
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	683.228	1.425.107	2.564.514
. . . . Within 12 months	683.228	1.425.107	2.564.514
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	359.904	464.260	280.570
. . . . Within 12 months	359.904	464.260	280.570
. . . . Beyond 12 months
. . Due to social security and welfare inst.	30.246	26.205	28.777
. . . . Within 12 months	30.246	26.205	28.777
. . . . Beyond 12 months
. . Other payables	76.661	81.868	82.331
. . . . Within 12 months	76.661	81.868	82.331
. . . . Beyond 12 months
Total accounts payable	4.371.242	5.339.330	7.661.223
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	15.550.964	13.129.207	12.791.539

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	20.439.719	18.973.293	16.895.661
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	262.935	172.247	185.733
. . Contributions for operating expenses
. . Different income and revenues	262.935	172.247	185.733
Total value of production	20.702.654	19.145.540	17.081.394
PRODUCTION COSTS
. Raw material,other materials and consum.	14.417.064	12.392.293	13.601.723
. Services received	1.110.841
. Leases and rentals	200.353	2.262.718	1.481.774
. Payroll and related costs	622.648	568.684	522.981
. . Wages and salaries	491.522	465.822	428.498
. . Social security contributions	100.181	72.972	70.136
. . Employee termination indemnities	30.945	29.890	24.347
. . Pension and similar
. . Other costs
. Amortization and depreciation	252.338	268.417	267.901
. . Amortization of intangible fixed assets	31.561	30.897	34.977
. . Amortization of tangible fixed assets	181.489	201.020	199.124
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	39.288	36.500	33.800
. Changes in raw materials	-836.213	-241.001	-905.945
. Provisions to risk reserves
. Other provisions
. Other operating costs	254.712	176.655	23.469
Total production costs	16.021.743	15.427.766	14.991.903
Diff. between value and cost of product.	4.680.911	3.717.774	2.089.491
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	2.484	6.495	4.242
. . 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	2.484	6.495	4.242
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	2.484	6.495	4.242
. Interest and other financial expense	-19.077	-72.040	-212.588
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-19.077	-72.040	-212.588
Total financial income and expense	-16.593	-65.545	-208.346
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		16.669	2.400
. . Gains on disposals
. . Other extraordinary income		16.669	2.400
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		16.669	2.400
Results before income taxes	4.664.318	3.668.898	1.883.545
. Taxes on current income	1.405.584	1.127.689	590.246
. . current taxes	1.407.343	1.092.332	651.005
. . differed taxes(anticip.)		35.357	-60.759
. Net income for the period	3.258.734	2.541.209	1.293.299
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	3.258.734	2.541.209	1.293.299

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	0,12	0,06	0,08	0,11
Elasticity Ratio	Units	0,88	0,94	0,92	0,87
Availability of stock	Units	0,36	0,37	0,36	0,22
Total Liquidity Ratio	Units	0,52	0,57	0,56	0,56
Quick Ratio	Units	0,00	0,00	0,00	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,41	0,72	1,16	3,81
Self Financing Ratio	Units	0,69	0,57	0,38	0,17
Capital protection Ratio	Units	0,69	0,65	0,72	0,65
Liabilities consolidation quotient	Units	0,02	0,02	0,36	0,12
Financing	Units	0,41	0,72	1,56	4,72
Permanent Indebtedness Ratio	Units	0,69	0,57	0,54	0,30
M/L term Debts Ratio	Units	0,01	0,01	0,16	0,07
Net Financial Indebtedness Ratio	Units	0,30	0,45	0,96	1,28
CORRELATION
Fixed assets ratio	Units	5,88	9,48	7,02	2,06
Current ratio	Units	3,13	2,31	2,07	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,84	1,41	1,27	0,84
Structure's primary quotient	Units	5,83	9,35	4,95	1,28
Treasury's primary quotient	Units	0,00	0,00	0,00	0,03
Rate of indebtedness ( Leverage )	%	145,34	176,44	261,06	591,61
Current Capital ( net )	Value	9.321.927	6.977.122	6.082.461	219.071
RETURN
Return on Sales	%	17,18	14,81	9,24	2,22
Return on Equity - Net- ( R.O.E. )	%	30,46	34,15	26,39	6,27
Return on Equity - Gross - ( R.O.E. )	%	43,59	49,31	38,44	15,95
Return on Investment ( R.O.I. )	%	30,10	28,32	16,33	4,19
Return/ Sales	%	22,90	19,59	12,37	3,42
Extra Management revenues/charges incid.	%	69,62	68,35	61,90	29,26
Cash Flow	Value	3.511.072	2.809.626	1.561.200	61.669
Operating Profit	Value	4.680.911	3.717.774	2.089.491	95.558
Gross Operating Margin	Value	4.933.249	3.986.191	2.357.392	144.934
MANAGEMENT
Credits to clients average term	Days	137,70	138,00	143,56	120,94
Debts to suppliers average term	Days	15,64	35,01	61,21	120,04
Average stock waiting period	Days	99,42	91,24	97,32	61,92
Rate of capital employed return ( Turnover )	Units	1,31	1,45	1,32	1,27
Rate of stock return	Units	3,62	3,95	3,70	5,74
Labour cost incidence	%	3,05	3,00	3,10	7,77
Net financial revenues/ charges incidence	%	-0,08	-0,35	-1,23	-1,26
Labour cost on purchasing expenses	%	3,89	3,69	3,49	7,90
Short-term financing charges	%	0,44	1,35	2,77	2,67
Capital on hand	%	76,08	69,20	75,71	78,39
Sales pro employee	Value	1.075.774	1.116.076	1.055.978	437.713
Labour cost pro employee	Value	32.770	33.452	32.686	33.928

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 6.137 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 2,22%.

The labour cost affects the turnover in the measure of 7,77%.

Goods are held in stock in a range of 62 dd.

The difference between the sales volume and the resources used to realize it is about 1,27.

The employees costs represent the 7,90% 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 66.78
UK Pound	1	INR 90.58
Euro	1	INR 79.97
Euro	1	INR 80.07

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

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.