MIRA INFORM REPORT

Report No. :	509664
Report Date :	16.05.2018

IDENTIFICATION DETAILS

Name :	OSMO SOCIETA' A RESPONSABILITA' LIMITATA
Registered Office :	Via Del Lavoro, 115 36071 – Arzignano (VI) -IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	18.04.2006
Legal Form :	Limited liability company
Line of Business :	Wholesale of Industrial chemical products
No. of Employees :	From 6 to 10

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 :	Satisfactory
Payment Behaviour :	No Complaints
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 records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Osmo Societa' A Responsabilita' Limitata

Via Del Lavoro, 115

36071 - Arzignano (VI) -IT-

Summary

Fiscal Code	:	03303700243
Legal Form	:	Limited liability company
start of Activities	:	18/04/2006
Equity	:	1.500.000
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	From 6 to 10

Activity

Wholesale of Industrial chemical products

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03303700243

Chamber of Commerce no. : 314510 of Vicenza since 13/03/2006

V.A.T. Code : 03303700243

Establishment date	: 03/03/2006
Start of Activities	: 18/04/2006
Legal duration	: 31/12/2050
Nominal Capital	: 75.000
Subscribed Capital	: 75.000
Paid up Capital	: 75.000

Legal mail :

OSMOSRL@LEGALMAIL.IT

Members

Trambaiolo

Matteo

Born in Malo

(VI)

on 23/08/1967

- Fiscal Code : TRMMTT67M23E864Z

Residence:

Contra' Smiderle

, 10

- 36015

Schio

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	04/09/2017

Piazza

Andrea

Born in Valdagno

(VI)

on 11/08/1971

- Fiscal Code : PZZNDR71M11L551Y

Residence:

Ponte Garzaro

, 43/B

- 36078

Valdagno

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/04/2012

No Prejudicial events are reported

Nicoletti

Fabrizio

Born in Montecchio Maggiore

(VI)

on 13/02/1978

- Fiscal Code : NCLFRZ78B13F464W

Residence:

Giacomo Zanella

, 24

- 36070

Trissino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/04/2012
Board Chairman	06/04/2012

No Prejudicial events are reported

No Protests registered

Massignan

Ludovico

Born in Arzignano

(VI)

on 05/03/1981

- Fiscal Code : MSSLVC81C05A459O

Residence:

Santa Caterina

, 29 INT 7

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/04/2012

No Prejudicial events are reported

3piemme S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Feb S.r.l.

:

Delle Risorgive

, 34

- 36040

Brendola

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Lm S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

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.

Nicoletti

Fabrizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Under Construction S.r.l.	Brendola (VI) - IT -	03503130241	Director	Active	Registered
Under Construction S.r.l.	Brendola (VI) - IT -	03503130241	Assistant board Chairman	Active	Registered
Deluxe Club S.r.l.	Vicenza (VI) - IT -	03480560246	Director	Active	Registered
Officina Galenica Veneta Societa' A Responsabilita' Limitata	Vicenza (VI) - IT -	03636660247	Director	Active	Registered
Htf S.r.l.	Arzignano (VI) - IT -	03739170243	Managing Director	Active	Registered
Htf S.r.l.	Arzignano (VI) - IT -	03739170243	Director	Active	Registered
New Building S.r.l.	Brendola (VI) - IT -	03753250244	Director	Active	Registered
New Building S.r.l.	Brendola (VI) - IT -	03753250244	Managing Director	Active	Registered
Feb S.r.l.	Brendola (VI) - IT -	04096510245	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
3piemme S.r.l.		04096530243	25.000 .Eur	33,33
Feb S.r.l.	Brendola - IT -	04096510245	25.000 .Eur	33,33
Lm S.r.l.		04096500246	25.000 .Eur	33,33

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

Del Lavoro

, 115

- 36071

- Arzignano

(VI)

- IT -

PHONE

: 0444 685094

Legal mail

: OSMOSRL@LEGALMAIL.IT

-

Branch

(Store)

since 01/10/2012

Seconda Strada

, 127

- 36071

- Arzignano

(VI)

- IT -

-

Branch

(Store)

since 25/09/2013

Decima Strada

, 27

- 36071

- Arzignano

(VI)

- IT -

-

Branch

(Store)

since 01/04/2016

Decima Strada

, 23

- 36071

- Arzignano

(VI)

- IT -

Employees

: 8

Fittings and Equipment for a value of 160.000

Eur

Stocks for a value of 1.510.000

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

Company's starting of activities dates back to 2006.

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 57,47% in 2016 with a remarkable upward trend (+14,7% on 2016 compared to 2015 and +1,44% on 2015 compared to 2014).

The operating result was positive in the last financial year (12,28%) and in line with the sector's average.

An operating result of Eur. 1.216.929 has been registered. rising (+50,27%) in relation to the previous year.

A gross operating margine for a value of Eur. 1.386.495 was reached. with a 43,64% increase as opposed to the preceding year.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 4,97 increasing as against 2015.

The management generated equity capital for an amount of Eur. 1.380.026 decreasing if compared to the previous financial year.

Total indebtedness was equal to Eur. 7.443.809 (Eur. 544.349 was the value of m/l term debts) increasing if compared to the previous year, during which they were equal to Eur. 6.027.427 (23,49%).

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average payment period equal to 121,91 gg. however still within the sector's average.

It shows a good range of liquidity.

Trade credits average terms are slow, on average 138,12 days. but on the same levels as the average of the sector.

During financial year 2016 the cash flow amounted to Eur. 962.717

In the last financial year labour cost was of Eur. 342.063, with a 2,56% incidence on total costs of production. , whereas the incidence on sales revenues is of 2,37%.

The incidence of the financial charges is of -0,09% on the sales amount.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	14.455.437
Profit (Loss) for the period	793.151

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	12.602.427
Profit (Loss) for the period	399.642

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	12.423.409
Profit (Loss) for the period	365.494

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	12.863.091
Profit (Loss) for the period	419.563

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	10.877.707
Profit (Loss) for the period	296.029

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	2.899	782	7.208
. . Research,develop. and advert.expens.
. . Industrial patent rights	20.175	16.204	7.945
. . Concessions,licenses,trademarks,etc.	16.901	4.124
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	70.568	43.837	51.297
. Total Intangible Fixed Assets	110.543	64.947	66.450
. TANGIBLE FIXED ASSETS
. . Real estate	6.482	429	495
. . Plant and machinery	142.361	177.353	175.082
. . Industrial and commercial equipment	14.560	5.700	16.138
. . Other assets	172.500	206.588	202.831
. . Assets under construction and advances		850	11.000
. Total Tangible fixed assets	335.903	390.920	405.546
. 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	446.446	455.867	471.996
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	1.506.577	1.144.491	1.068.398
. . Advance payments
. Total Inventories	1.506.577	1.144.491	1.068.398
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	5.654.068	5.405.212	4.608.560
. . Beyond 12 months	372.272	253.790	173.226
. . Trade receivables	5.546.013	5.064.802	4.484.887
. . . . Within 12 months	5.546.013	5.064.802	4.484.887
. . . . 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	113.792	96.105	135.437
. . . . Within 12 months	95.995	78.308	117.640
. . . . Beyond 12 months	17.797	17.797	17.797
. . Receivables for anticipated taxes	1.383	2.591	4.275
. . . . Within 12 months	1.383	1.295	1.485
. . . . Beyond 12 months		1.296	2.790
. . Receivables due from third parties	365.152	495.504	157.187
. . . . Within 12 months	10.677	260.807	4.548
. . . . Beyond 12 months	354.475	234.697	152.639
. Total Credits not held as fixed assets	6.026.340	5.659.002	4.781.786
. 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	1.449.009	1.269.559	198.531
. Total Financial Assets	1.449.009	1.269.559	198.531
. LIQUID FUNDS
. . Bank and post office deposits	39.382	32	275.769
. . Checks
. . Banknotes and coins	1.210	39	2.362
. Total Liquid funds	40.592	71	278.131
Total current assets	9.022.518	8.073.123	6.326.846
ADJUSTMENT ACCOUNTS
. Discount on loans		427.280	399.276
. Other adjustment accounts	443.542
Total adjustments accounts	443.542	427.280	399.276
TOTAL ASSETS	9.912.506	8.956.270	7.198.118
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	75.000	75.000	75.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	15.000	15.000	15.000
. Reserve for Own shares
. Statute reserves
. Other reserves	496.875	1.397.231	1.191.738
. Accumulated Profits (Losses)
. Profit( loss) of the year	793.151	399.642	365.494
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.380.026	1.886.873	1.647.232
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	535.541	413.173	288.043
. . Taxation fund, also differed	473.237	473.237	308.381
. . Other funds	7.680	7.680	7.680
Total Reserves for Risks and Charges	1.016.458	894.090	604.104
Employee termination indemnities	70.577	57.014	44.374
ACCOUNTS PAYABLE
. . . . Within 12 months	6.899.460	6.027.427	4.868.339
. . . . Beyond 12 months	544.349
. . 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	2.462.825	1.828.569	1.372.064
. . . . Within 12 months	1.921.158	1.828.569	1.372.064
. . . . Beyond 12 months	541.667
. . Due to other providers of finance	5.131		1.964
. . . . Within 12 months	2.449		1.964
. . . . Beyond 12 months	2.682
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	4.412.787	3.724.529	3.188.288
. . . . Within 12 months	4.412.787	3.724.529	3.188.288
. . . . 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	325.805	313.195	206.836
. . . . Within 12 months	325.805	313.195	206.836
. . . . Beyond 12 months
. . Due to social security and welfare inst.	20.624	9.755	8.919
. . . . Within 12 months	20.624	9.755	8.919
. . . . Beyond 12 months
. . Other payables	216.637	151.379	90.268
. . . . Within 12 months	216.637	151.379	90.268
. . . . Beyond 12 months
Total accounts payable	7.443.809	6.027.427	4.868.339
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	1.636	90.866	34.069
Total adjustment accounts	1.636	90.866	34.069
TOTAL LIABILITIES	9.912.506	8.956.270	7.198.118

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts		7.451
Risk accounts	6.838.564	6.307.988
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	14.426.258	12.602.427	12.423.409
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	175.825	75.549	47.496
. . Contributions for operating expenses	95.710	11.650	14.994
. . Different income and revenues	80.115	63.899	32.502
Total value of production	14.602.083	12.677.976	12.470.905
PRODUCTION COSTS
. Raw material,other materials and consum.	10.099.765	8.531.358	9.281.582
. Services received	2.576.312	2.474.823	2.163.680
. Leases and rentals	354.893	275.428	243.863
. Payroll and related costs	342.063	318.267	248.625
. . Wages and salaries	258.169	244.177	188.453
. . Social security contributions	61.687	56.711	45.280
. . Employee termination indemnities	17.924	15.779	11.692
. . Pension and similar
. . Other costs	4.283	1.600	3.200
. Amortization and depreciation	169.566	155.420	140.498
. . Amortization of intangible fixed assets	34.530	26.841	25.707
. . Amortization of tangible fixed assets	106.819	102.892	92.153
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	28.217	25.687	22.638
. Changes in raw materials	-362.086	-76.094	-315.903
. Provisions to risk reserves
. Other provisions
. Other operating costs	204.641	188.959	139.935
Total production costs	13.385.154	11.868.161	11.902.280
Diff. between value and cost of product.	1.216.929	809.815	568.625
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	27.920	38.879	3.586
. . 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	26.530	38.780
. . Financ.income other than the above	1.390	99	3.586
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.390	99	3.586
. Interest and other financial expense	-40.208	-73.983	-17.209
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-12.288	-35.104	-13.623
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			18.903
. . Gains on disposals
. . Other extraordinary income			18.903
. Extraordinary expense		-97.372
. . Losses on disposals
. . Taxes relating to prior years		-97.369
. . Other extraordinary expense		-3
Total extraordinary income and expense		-97.372	18.903
Results before income taxes	1.204.641	677.339	573.905
. Taxes on current income	411.490	277.697	208.411
. . current taxes	410.282	276.013	206.342
. . differed taxes(anticip.)		1.684	2.069
. Net income for the period	793.151	399.642	365.494
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	793.151	399.642	365.494

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	0,05	0,05	0,07	0,11
Elasticity Ratio	Units	0,91	0,90	0,88	0,87
Availability of stock	Units	0,15	0,13	0,15	0,22
Total Liquidity Ratio	Units	0,76	0,77	0,73	0,56
Quick Ratio	Units	0,15	0,14	0,07	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	4,97	3,19	2,79	3,81
Self Financing Ratio	Units	0,14	0,21	0,23	0,17
Capital protection Ratio	Units	0,37	0,75	0,73	0,65
Liabilities consolidation quotient	Units	0,09	0,01	0,01	0,12
Financing	Units	5,39	3,19	2,96	4,72
Permanent Indebtedness Ratio	Units	0,20	0,22	0,24	0,30
M/L term Debts Ratio	Units	0,06	0,01	0,01	0,07
Net Financial Indebtedness Ratio	Units	1,76	0,97	0,67	1,28
CORRELATION
Fixed assets ratio	Units	4,47	4,26	3,58	2,06
Current ratio	Units	1,31	1,34	1,30	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,09	1,15	1,08	0,84
Structure's primary quotient	Units	3,09	4,14	3,49	1,28
Treasury's primary quotient	Units	0,22	0,21	0,10	0,03
Rate of indebtedness ( Leverage )	%	718,28	474,66	436,98	591,61
Current Capital ( net )	Value	2.123.058	2.045.696	1.458.507	219.071
RETURN
Return on Sales	%	6,66	4,40	4,07	2,22
Return on Equity - Net- ( R.O.E. )	%	57,47	21,18	22,19	6,27
Return on Equity - Gross - ( R.O.E. )	%	87,29	35,90	34,84	15,95
Return on Investment ( R.O.I. )	%	12,28	9,04	7,90	4,19
Return/ Sales	%	8,42	6,43	4,58	3,42
Extra Management revenues/charges incid.	%	65,18	49,35	64,28	29,26
Cash Flow	Value	962.717	555.062	505.992	61.669
Operating Profit	Value	1.216.929	809.815	568.625	95.558
Gross Operating Margin	Value	1.386.495	965.235	709.123	144.934
MANAGEMENT
Credits to clients average term	Days	138,12	144,68	129,96	120,94
Debts to suppliers average term	Days	121,91	118,85	98,19	120,04
Average stock waiting period	Days	37,52	32,69	30,96	61,92
Rate of capital employed return ( Turnover )	Units	1,46	1,41	1,73	1,27
Rate of stock return	Units	9,59	11,01	11,63	5,74
Labour cost incidence	%	2,37	2,53	2,00	7,77
Net financial revenues/ charges incidence	%	-0,09	-0,28	-0,11	-1,26
Labour cost on purchasing expenses	%	2,56	2,68	2,09	7,90
Short-term financing charges	%	0,54	1,23	0,35	2,67
Capital on hand	%	68,57	71,07	57,94	78,39
Sales pro employee	Value	1.445.543	1.400.269	1.774.772	437.713
Labour cost pro employee	Value	34.206	35.363	35.517	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 67.53
UK Pound	1	INR 91.49
Euro	1	INR 80.53
Euro	1	INR 80.29

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.