3decades

MIRA INFORM REPORT

Report No. :	510694
Report Date :	21.05.2018

IDENTIFICATION DETAILS

Name :	ASO HEP S.R.L.

Registered Office :	Via Antonio Salieri, 32 VALLESE 37050 - Oppeano (VR) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	29.12.2015

Legal Form :	Limited liability company

Line of Business :	Iron metallurgy

No. of Employees :	91 to 110

RATING & COMMENTS

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

MIRA’s Rating :

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

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

Aso Hep S.r.l.

Via Antonio Salieri, 32 VALLESE 37050 - Oppeano (VR) -IT-

Summary

Fiscal Code	:	03775710985
Legal Form	:	Limited liability company
start of Activities	:	31/12/2015
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 91 to 110

Activity

Iron metallurgy

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03775710985

Chamber of Commerce no. : 562127 of Brescia since 31/12/2015

Chamber of Commerce no. : 415644 of Verona since 10/03/2017

V.A.T. Code : 03775710985

Establishment date	: 29/12/2015
Start of Activities	: 31/12/2015
Legal duration	: 31/12/2070
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

ASOSPS@LEGALMAIL.IT

Members

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Uberto

Francesco

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Born in Savona

(SV)

on 04/05/1974

- Fiscal Code : BRTFNC74E04I480T

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Residence:

Antonio Salieri

, 32

- 37050

Oppeano

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	29/12/2015

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No Prejudicial events are reported

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No Protests registered

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Aso Holding Srl

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Residence:

Seriola

, 122

- 25035

Ospitaletto

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	29/12/2015

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No Prejudicial events are reported

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No Protests registered

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Cazzago

Alessandro

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Born in Brescia

(BS)

on 04/07/1972

- Fiscal Code : CZZLSN72L04B157O

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Residence:

M.k. Gandhi

, 8

- 24058

Fara Olivana Con Sola

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Institor	22/03/2016

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No Prejudicial events are reported

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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.

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Uberto

Francesco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Aso Siderurgica Spa	Ospitaletto (BS) - IT -	01420510172	Director	Active	Registered
Aso Siderurgica Spa	Ospitaletto (BS) - IT -	01420510172	Managing Director	Withdrawn	Registered
Aso Sps S.p.a.	Oppeano (VR) - IT -	02325930234	Director	Withdrawn	Registered
Bianchi F.lli Spa	Lumezzane (BS) - IT -	00297320178	Director	Active	Registered
Lo Caraco' Di Petitjacques Monica E C. SNc	Courmayeur (AO) - IT -	00570540070	Partner	Withdrawn	Registered
Courmayeur Griffe di Cangemi e Baioni S.n.c.	Courmayeur (AO) - IT -	00566220075	Partner	Withdrawn	Registered
Istituto Superiore Di Formazione E Ricerca 2000 Societa' Consortile Per Azioni,	Brescia (BS) - IT -	03063890176	Director	Withdrawn	Ceased
Nuova Fonderia Di Castenedolo S.p.a.	Castenedolo (BS) - IT -	03261190171	Director	Active	Registered
Holinpart Societa' Operative S.r.l. InLiquidazione In Forma Abbreviata Anche	Milano (MI) - IT -	02521340139	Director	Withdrawn	Registered
World Web Soccer Di Francesco Uberto	Brescia (BS) - IT -	BRTFNC74E04I480T	Proprietor	Withdrawn	Ceased
Holding Di Investimenti E PartecipazioniS.r.l. In Liquidazione In Breve Hol.in.	Milano (MI) - IT -	01354580191	Director	Withdrawn	Registered
Holding Di Investimenti E PartecipazioniS.r.l. In Liquidazione In Breve Hol.in.	Milano (MI) - IT -	01354580191	Board Chairman	Withdrawn	Registered
Holinpart Private Equity S.r.l. O In Forma Abbreviata Hipe S.r.l.	Milano (MI) - IT -	01419420193	Director	Withdrawn	Registered
Holinpart Private Equity S.r.l. O In Forma Abbreviata Hipe S.r.l.	Milano (MI) - IT -	01419420193	Board Chairman	Withdrawn	Registered
Centro Formazione Aib	Brescia (BS) - IT -	98012550178	Director	Withdrawn	Registered
Consorzio Tera Energia S.c.p.a. In FormaAbbreviata C.t.e. - S.c.p.a.	San Zeno Naviglio (BS) - IT -	02351120981	Director	Withdrawn	Registered
Aso Sps Steelworks Srl	Ospitaletto (BS) - IT -	03266100985	Director	Withdrawn	Registered
Decisamente Ggiovani Srl	Brescia (BS) - IT -	03273460984	Director	Active	Registered
Playce S.r.l., In Liquidazione	Brescia (BS) - IT -	03370480984	Director	Withdrawn	Registered
Playce S.r.l., In Liquidazione	Brescia (BS) - IT -	03370480984	Sole Director	Withdrawn	Registered
Playce S.r.l., In Liquidazione	Brescia (BS) - IT -	03370480984	Liquidator	Active	Registered
Playce S.r.l., In Liquidazione	Brescia (BS) - IT -	03370480984	Board Chairman	Withdrawn	Registered
Trio Eventi Societa' Sportiva Dilettantistica A Responsabilita' Limitata	Desenzano del Garda (BS) - IT -	03826170981	Director	Active	Registered
Med Srl	Desenzano del Garda (BS) - IT -	03950320980	Director	Active	Registered
Fdf S.r.l.	Oppeano (VR) - IT -	04526260239	Sole Director	Active	Registered

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Aso Holding Srl

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Aso Siderurgica Spa	Ospitaletto (BS) - IT -	01420510172	Sole partner	Active	Registered
Aso Forge S.r.l.	Ospitaletto (BS) - IT -	03775700986	Sole partner	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
Aso Holding Srl	Ospitaletto - IT -	02954700171	1.000.000 .Eur	100,00

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
Fdf S.r.l.	Oppeano - IT -	04526260239	1.000.000 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

Antonio Salieri

, 32

- 37050

- Oppeano

(VR)

- IT -

Legal mail

: ASOSPS@LEGALMAIL.IT

Employees

: 102

Fittings and Equipment for a value of 4.900.000

Eur

Stocks for a value of 9.130.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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Project of splitting-up and tranfer from

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$ Aso Siderurgica Spa

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Seriola

, 122

, 25035

, Ospitaletto

(BS)

- IT -

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Fiscal Code: 01420510172

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Date

Merging/splitting-up project:

29/07/2016

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Splitting-up and tranfer from the company

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$ Aso Siderurgica Spa

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Seriola

, 122

, 25035

, Ospitaletto

(BS)

- IT -

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Fiscal Code: 01420510172

$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Vuoto.gif$

Date

Splitting-up:

20/12/2016

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
OPPEANO (VR)	Buildings	9	19/05/2018
OPPEANO (VR)	Land	5	19/05/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	OPPEANO (VR) VIA FERRUCCIO BUSONI, SNC Piano T	12	393	1	cat. C/2	2	9 mq	Euro:4,65
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T	2	361		cat. F/1
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T	2	392		cat. D/7			Euro: 370,00
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T	4	163		cat. F/1
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T	4	165		cat. F/1
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T	4	177		cat. F/1
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T	4	386		cat. F/1
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, Piano T-1	4	455	4	cat. D/7			Euro: 80.394,00
B	Proprieta' per 1/1	OPPEANO (VR) VIA ANTONIO SALIERI, 32 Piano S2 - S1-T	4	455	5	cat. A/10	1	34,5 vani	Euro:5.968,95

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	OPPEANO (VR)	2	314		TERR N FORM		30 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	OPPEANO (VR)	2	319		TERR N FORM		4 are 60 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	OPPEANO (VR)	4	176		FRUTT IRRIG	1	2 are 56 ca	R.D.Euro:5,38 (*) R.A. Euro: 2,84	4845
L	Proprieta' per 1/1	OPPEANO (VR)	4	430		FRUTT IRRIG	1	4 are 24 ca	R.D.Euro:8,91 (*) R.A. Euro: 4,71
L	Proprieta' per 1/1	OPPEANO (VR)	4	456		FRUTT IRRIG	1	3 are 98 ca	R.D.Euro:8,36 (*) R.A. Euro: 4,42

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 some years ago (2015).

Balance sheet analysis of the year 2016 was made.

A positive economic result was achieved with a r.o.e. 3,22%.

The operating result is positive (3,39%). and reflects the field's average.

The operating result amounts to Eur. 1.332.011.

The value of the gross operating margin is os Eur. 3.125.642.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,26)

The equity capital is of Eur. 27.829.348.

Moderate recourse to bank credit while the exposure towards suppliers is rather high and higher than sector's average.

It shows a good range of liquidity.

Credits are collected in 78,09 days on the average. , in line with the sector's average.

Financial year closed with a cash flow of Eur. 2.688.985.

Subordinate employment cost is of Eur. 4.948.071, i.e. 14,13% on total production costs. , whereas the incidence on sales revenues is of 14,17%.

Limited financial charges in relation to sales volume.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	34.918.926
Profit (Loss) for the period	895.354

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

Years

2016

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.	23.930
. . Industrial patent rights	1.901
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	4.259
. Total Intangible Fixed Assets	30.090
. TANGIBLE FIXED ASSETS
. . Real estate	9.409.068
. . Plant and machinery	4.485.661
. . Industrial and commercial equipment	415.415
. . Other assets	99.308
. . Assets under construction and advances	224.000
. Total Tangible fixed assets	14.633.452
. 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	30.631
. . . . Within 12 months
. . . . Beyond 12 months	30.631
. . . 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	30.631
. . . . Within 12 months
. . . . Beyond 12 months	30.631
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	30.631
Total fixed assets	14.694.173
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.594.294
. . Work in progress and semimanufactured	561.633
. . Work in progress on order
. . Finished goods	5.977.999
. . Advance payments
. Total Inventories	9.133.926
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	12.030.486
. . Beyond 12 months
. . Trade receivables	7.574.672
. . . . Within 12 months	7.574.672
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	781.810
. . . . Within 12 months	781.810
. . . . Beyond 12 months
. . Receivables due from holding comp.	4
. . . . Within 12 months	4
. . . . Beyond 12 months
. . Fiscal Receivables	1.465.228
. . . . Within 12 months	1.465.228
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.620.370
. . . . Within 12 months	1.620.370
. . . . Beyond 12 months
. . Receivables due from third parties	588.402
. . . . Within 12 months	588.402
. . . . Beyond 12 months
. Total Credits not held as fixed assets	12.030.486
. 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	3.422.840
. . Checks
. . Banknotes and coins	65
. Total Liquid funds	3.422.905
Total current assets	24.587.317
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	4.758
Total adjustments accounts	4.758
TOTAL ASSETS	39.286.248

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000
. Additional paid-in capital	2.148.456
. Revaluation reserves	2.023.144
. Legal reserve	381.577
. Reserve for Own shares
. Statute reserves
. Other reserves	19.232.928
. Accumulated Profits (Losses)	2.147.889
. Profit( loss) of the year	895.354
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	27.829.348
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	742.374
. . Other funds	157.308
Total Reserves for Risks and Charges	899.682
Employee termination indemnities	12.060
ACCOUNTS PAYABLE
. . . . Within 12 months	10.537.691
. . . . Beyond 12 months	5.590
. . 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	20.000
. . . . Within 12 months	20.000
. . . . Beyond 12 months
. . Trade payables	8.189.012
. . . . Within 12 months	8.183.422
. . . . Beyond 12 months	5.590
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies	946.729
. . . . Within 12 months	946.729
. . . . Beyond 12 months
. . Due to holding companies	85.023
. . . . Within 12 months	85.023
. . . . Beyond 12 months
. . Due to the tax authorities	241.116
. . . . Within 12 months	241.116
. . . . Beyond 12 months
. . Due to social security and welfare inst.	298.783
. . . . Within 12 months	298.783
. . . . Beyond 12 months
. . Other payables	762.618
. . . . Within 12 months	762.618
. . . . Beyond 12 months
Total accounts payable	10.543.281
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	1.877
Total adjustment accounts	1.877
TOTAL LIABILITIES	39.286.248

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	34.918.926
. Changes in work in progress	670.011
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	765.066
. . Contributions for operating expenses	364.476
. . Different income and revenues	400.590
Total value of production	36.354.003
PRODUCTION COSTS
. Raw material,other materials and consum.	22.003.071
. Services received	5.905.665
. Leases and rentals	54.487
. Payroll and related costs	4.948.071
. . Wages and salaries	3.533.424
. . Social security contributions	1.162.117
. . Employee termination indemnities	234.123
. . Pension and similar
. . Other costs	18.407
. Amortization and depreciation	1.793.631
. . Amortization of intangible fixed assets	27.809
. . Amortization of tangible fixed assets	1.723.703
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	42.119
. Changes in raw materials	-236.236
. Provisions to risk reserves
. Other provisions
. Other operating costs	553.303
Total production costs	35.021.992
Diff. between value and cost of product.	1.332.011
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	34
. . 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	34
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	34
. Interest and other financial expense	-6.401
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-6.367
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	1.325.644
. Taxes on current income	430.290
. . current taxes	459.025
. . differed taxes(anticip.)
. Net income for the period	895.354
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	895.354

RATIOS	Value Type	as at 31/12/2016	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,37	0,30
Elasticity Ratio	Units	0,63	0,68
Availability of stock	Units	0,23	0,21
Total Liquidity Ratio	Units	0,39	0,42
Quick Ratio	Units	0,09	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,26	2,31
Self Financing Ratio	Units	0,71	0,21
Capital protection Ratio	Units	0,93	0,61
Liabilities consolidation quotient	Units	0,00	0,17
Financing	Units	0,38	3,62
Permanent Indebtedness Ratio	Units	0,71	0,36
M/L term Debts Ratio	Units	0,00	0,10
Net Financial Indebtedness Ratio	Units	0,00	1,42
CORRELATION
Fixed assets ratio	Units	1,90	1,11
Current ratio	Units	2,33	1,10
Acid Test Ratio-Liquidity Ratio	Units	1,47	0,72
Structure's primary quotient	Units	1,89	0,81
Treasury's primary quotient	Units	0,32	0,02
Rate of indebtedness ( Leverage )	%	141,17	468,75
Current Capital ( net )	Value	14.049.627	525.922
RETURN
Return on Sales (R.O.S.)	%	7,70	2,32
Return on Equity - Net- ( R.O.E. )	%	3,22	3,79
Return on Equity - Gross - ( R.O.E. )	%	4,76	10,56
Return on Investment ( R.O.I. )	%	3,39	3,84
Return/ Sales	%	3,81	3,06
Extra Management revenues/charges incid.	%	67,22	32,18
Cash Flow	Value	2.688.985	1.200.022
Operating Profit	Value	1.332.011	1.374.962
Gross Operating Margin	Value	3.125.642	2.131.798
MANAGEMENT
Credits to clients average term	Days	78,09	85,05
Debts to suppliers average term	Days	118,71	89,46
Average stock waiting period	Days	94,17	47,61
Rate of capital employed return ( Turnover )	Units	0,89	1,45
Rate of stock return	Units	3,82	7,34
Labour cost incidence	%	14,17	5,48
Net financial revenues/charges incidence	%	-0,02	-1,06
Labour cost on purchasing expenses	%	14,13	5,52
Short-term financing charges	%	0,06	2,49
Capital on hand	%	112,51	68,88
Sales pro employee	Value	226.746	796.124
Labour cost pro employee	Value	32.130	44.281

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Spazio.gif$ 860.796
Population living in the region	:	$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Spazio.gif$ 456
- per non food products	:	$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Spazio.gif$ 2.052
- per energy consume	:	$Description: \\vivek-pc\e\Aso Hep S.r.l. - Vs. Rif. 510694_files\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 377 significant companies.

The companies cash their credits on an average of 85 dd.

The average duration of suppliers debts is about 89 dd.

The sector's profitability is on an average of 2,32%.

The labour cost affects the turnover in the measure of 5,48%.

Goods are held in stock in a range of 48 dd.

The difference between the sales volume and the resources used to realize it is about 1,45.

The employees costs represent the 5,52% 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 2.673.

The insolvency index for the region is 0,30, , while for the province it is 0,31.

Total Bankrupt companies in the province : 2.982.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.96
UK Pound	1	INR 91.88
Euro	1	INR 80.26
Euro	1	INR 80.12

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

INFORMATION DETAILS

Analysis Done by :	PRA

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 and address

Summary

Activity

Legal Data

Members

Companies connected to 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 and Economical Analysis

Financial Data

Financials

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit