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CREDIT REPORT


SAMPLE - S.R.L.


ASSESSMENT SUMMARY
Degree of reliability HIGH RISK 
Rating trend STABLE
Maximum credit limit advised None 
Check on prejudicial events PREJUDICIAL EVENTS AGAINST GOVERNING DIRECTORS
BANKRUPTCY OF COMPANIES RELATED TO GOVERNING DIRECTORS
COMPANY IDENTIFICATION
Registered Office VIA EFFECENTOQUATTRO 104  GRAZZANISE (NA)   Zip code 00124
Tax Code XXXXYYYYYZZZZ 
CCIAA/REA NA/XXXXX
Telephone (Source CCIAA)   06XXXXXXXXX
COMPANY CHARACTERISTICS
Legal form Limited Liability Company
Status ACTIVE
Main activity description and code ATECO 91 Manufacture of machinery for mining, quarrying and construction including parts and accessories, installation, maintenance and repair) - 29.52
Date established 13/06/1990
Date of registration 01/08/1990
Year started 13/06/1990
Share capital (Euro):
Paid-up capital 516,456.90
Subscribed capital 516,456.90
Approved capital 516,456.90
Expiration of the first accounting period 31/12/1991
Expiration of the following accounting periods 31 December
Average number of employees (source: account as at 2000) 83
Certificates of quality:
Certification ISO 9001
Certifying body XXXXX S.r.l.
Date of first certification 23/03/1998
 
Active local units None
Markets The company also operates abroad
Changes filed at the Business Register (last 6 months) None
Number of times this report has been requested on-line from Cerved S.p.A. information services (last 6 months) None
ACTIVE LOCAL UNITS
(Local Units allocation by Province and Chamber of commerce of registration or Country)
Number of active local units 0
KEY FINANCIAL ITEMS AND RATIOS
Sectors:   Industrial, Commercial and Service companies
(Amount expressed in Euro)
  31/12/1998 31/12/1999 31/12/2000
PROFIT & LOSS ACCOUNT      
VALUE OF PRODUCTION 12,873,700 13,866,600 17,865,000
REVENUES 13,260,500 12,398,000 16,974,100
G.O.M. (Gross Operating Margin) 814,500 990,600 1,193,800
PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES 492,200 573,700 779,900
        + INCOME/CHARGES FROM OTHER ACTIVITIES 626,500 1,322,200 950,900
        - INTEREST PAYABLE & SIMILAR CHARGES 912,100 1,622,300 1,477,300
PROFIT / (LOSS) PRIOR TO EXTRAORDINARY OP.S 206,600 273,700 253,600
        + ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS 0 0 0
        + EXTRAORDINARY INCOME/CHARGES 86,800 17,600 14,600
        - TAXATION 81,100 109,300 177,700
PROFIT (LOSS) FOR THE PERIOD 212,300 181,900 90,500
CASH FLOW 534,500 598,900 504,400
BALANCE SHEET: ASSETS      
SUBSCRIBED CAPITAL UNPAID 0 0 0
FIXED ASSETS 1,367,600 1,833,500 1,893,500
CURRENT ASSETS 12,556,600 16,938,000 19,903,700
        STOCKS 4,074,800 5,349,000 5,998,800
        SHORT-TERM DEBTORS 7,853,800 10,104,600 12,233,800
PREPAYMENTS & ACCRUED INCOME 288,200 137,800 25,200
TOTAL ASSETS 14,212,400 18,909,200 21,822,300
BALANCE SHEET LIABILITIES & SHAREHOLDERS. EQUITY      
SHAREHOLDERS' EQUITY 3,007,800 3,189,600 3,280,100
PROVISIONS FOR RISKS & CHARGES 0 0 0
PROVISION FOR SEVERANCE INDEMNITY 596,500 685,700 788,500
CREDITORS 10,475,800 15,024,900 17,684,900
        SHORT-TERM CREDITORS 9,598,900 11,370,500 14,509,900
ACCRUED EXPENSES AND DEFERRED INCOME 132,200 8,900 68,700
TOTAL LIABILITIES 14,212,400 18,909,200 21,822,300
  31/12/1998 31/12/1999 31/12/2000
RETURN RATIOS      
R.O.E. (RETURN ON EQUITY)
PROFIT FOR THE PERIOD/SHAREHOLSDERS' EQUITY		 7.1% 5.7% 2.8%
R.O.I. CERVED (RETURN ON INVESTIMENT)
OPERATING PROFIT / (LOSS) /TOTAL ASSETS		 3.5% 3.0% 3.6%
R.O.S. (RETURN ON SALES)
PROFIT / (LOSS) PRIOR TO FINANCIAL OPERATIONS / REVENUES		 6.3% 9.6% 7.7%
LIQUIDITY RATIOS      
CURRENT RATIO
CURRENT ASSETS / CURRENT LIABILITIES		 132.0% 150.1% 136.7%
ACID-TEST RATIO
((CURRENT ASSETS - STOCKS) / CURRENT LIABILITIES)		 90.1% 103.1% 95.6%
DAYS OF CREDIT TO CUSTOMERS OR DURATION OF AMOUNTS OWED BY CUSTOMERS
360 DAYS * (AMOUNTS OWED BY CUSTOMERS / REVENUES)		 179.9 232.9 198.8
DAYS OF CREDIT FROM SUPPLIERS OR DURATION OF AMOUNTS OWED TO SUPPLIERS
360 DAYS *[SUPPLIERS /(PURCHASE+SERVICES+EXPENSES FOR USAGE OF THIRD-PARTY GOODS)]		 134.4 178.8 191.9
DEVELOPMENT RATIOS      
REVENUES VARIATIONS
[R.(T) - R.(T-1)] / R.(T-1)		 15.6% -6.5% 36.9%
VARIATIONS IN SHAREHOLDERS' EQUITY
[S.E.(T) - S.E.(T-1)] / S.E.(T-1)		 7.6% 6.0% 2.8%
ASSESSMENT

RATING

The Rating is the result of the application of an automatic procedure which compares the accounts of the company to those typical of companies and companies in difficulty. The Rating may not be significant in some special cases and therefore cannot substitute an analysis of the company.s accounts. The Rating should not, therefore, form the sole basis for an assessment of the company in question.

The commercial line of credit indicates an assessment of the reliability of the company grantable by a single partner/supplier with a fair level of commercial contact with the company. This could result in an underestimation if referred to suppliers who have predominant commercial relations with respect to the average of the company.s other commercial partners. In addition, the credit is the result of an economic-financial analysis carried out outside the company and does not take into account:
a)    qualitative aspects of the company.s management;
b)    membership of company groups;
c)    guarantees or other forms of coverage grantable to the company.

Based on the ISTAT code of economic activity of this company, a Rating specific to companies within the macro-sector INDUSTRIAL has been applied.

Current Rating: 7 - HIGH RISK Rating trend: STABLE

Maximum credit limit advised: None     Credit limit trend :     STABLE

RATING.S SECTORIAL DISTRIBUTION BY CLASS

Macro-sector: INDUSTRIAL Economic sector: 295 - Manufacture of other special purpose machinery

 Cerved.s archives currently contain a Rating calculated on 5.739 companies operating in the same economic sector; these companies are distributed in percentages over the seven classes of Rating in the following way:

1 - SOUNDNESS 4.34%
 
2 - SOLVENCY ABOVE AVERAGE 18.52%
 
3 - SUFFICIENT SOLVENCY 29.24%
 
4 - VULNERABILITY 11.27%
 
5 - MODERATE RISK 22.22%
 
6 - ABOVE AVERAGE RISK 9.81%
 
7 - HIGH RISK 4.60%
 

FINANCIAL MANAGEMENT

The following five indicators assess single managerial aspects of the company, comparing it with other companies in the same economic sector.  

GROSS PROFITABILITY:  BELOW AVERAGE     Trend: STABLE
summarises the various components which together indicate the capacity of the company to produce profit.

FINANCIAL STRUCTURE:  BELOW AVERAGE     Trend: STABLE
summarises the indicators which demonstrate the degree of capitalisation.

FINANCIAL CHARGES:  STRONG     Trend: STABLE
shows the weight of interest expense in the profit and loss account.

FINANCIAL STABILITY:  AVERAGE     Trend: STABLE
summarises the structure of the various components of assets.

LIQUIDITY:  BELOW AVERAGE     Trend: STABLE
summarises the level of the company.s liquidity.
ADVERSE EVENTS
Defaults on payments
(List of non-payments attributable to either the company or governing directors)


THERE ARE NO DEFAULTS ON PAYMENTS CHARGEABLE TO THE COMPANY, ITS GOVERNING DIRECTORS OR ITS SHAREHOLDERS.

SAMPLE - S.R.L. was verified at the addresses of the head office and any local unit.
ALFA XXXXX, BRAVO XXXXX, CHARLY XXXXX a check was made of the residence addresses as well as those of the company head office and any local unit.
DELTA XXXXX, ECHO XXXXX, FOXTROT XXXXX: a check was made of the company head office addresses as well as those of any local unit.
Prejudicial events

More on type of events

THERE ARE NO PREJUDICIAL EVENTS AGAINST THE COMPANY.

Governing directors:

CHARLY  XXXXXX - BOARD MEMBER
Details of prejudicial events   found:
1. CHARLY XXXXXX - Type of event: DECRETO INGIUNTIVO; Class of event: B; Place: XXXX; Date of event: XX/XX/XXXX; In favor of: BANCA NAZIONALE DEL LAVORO SPA; Written amount: 268,557.59 (Euro) ; Capital sum: 181,083.72 (Euro) ; Land Registry: XXXX
Date of birth:  XX/XX/XXXX Place of birth:  XXX Tax code: XXXXXXXX
2. CHARLY XXXXXX - Type of event: DECRETO INGIUNTIVO; Class of event: B; Place: XXXX;; Date of event: XX/XX/XXXX; In favor of: CREDITO MOLISANO SPA; Written amount: 72,303.97 (Euro) ; Capital sum: 31,072.50 (Euro) ; Land Registry: XXXX
Date of birth:  XX/XX/XXXX Place of birth:  VENAFRO Tax code: XXXXXXXX
3. CHARLY XXXXXX- Type of event: DECRETO INGIUNTIVO; Class of event: B; Place: XXXXXX; Date of event: XX/XX/XXXX  In favor of: CREDITO MOLISANO SPA; Written amount: 56,810.26 (Euro) ; Capital sum: 28,955.86 (Euro) ; Land Registry: XXXX
Date of birth:  XX/XX/XXXX Place of birth:  XXXX Tax code: XXXXXXXX

LIMA XXXXXX - BOARD MEMBER
Details of prejudicial events   found:
1. LIMA XXXXXX- Type of event: DECRETO INGIUNTIVO; Class of event: B; Place: XXXXXX; Date of event: XX/XX/XXX; In favor of: BANCA NAZIONALE DEL LAVORO SPA; Written amount: 268,557.59 (Euro) ; Capital sum: 181,083.72 (Euro) ; Land Registry: XXXX
Date of birth:  XX/XX/XXXX  Place of birth:  XXXXXXXX Tax code: XXXXXXXX

THERE ARE NO PREJUDICIAL EVENTS AGAINST SHAREHOLDERS.

Warning: the events registered in the Land Registry do not include notes of cancellation which may take place subsequently, usually following cancellation of the debt. To access evidence of any notes of cancellation please request a Mortgage Certificate using our VIPO service (Please note that this service is available in Italian only).
Non - prejudicial events

More on type of events

SAMPLE - S.R.L.
Details of non - prejudicial events   found:
1. SAMPLE SRL - Type of event: IPOTECA VOLONTARIA-MUTUO; Class of event: D; Place: XXXXX; Date of event: XX/XX/XXXX; In favor of: MEDIOCREDITO TOSCANO SPA; Written amount: 6,197,482.79 (Euro) ; Capital sum: 3,098,741.39 (Euro) ; Expiry date: 09 ANNI; Land Registry: XXXXXX

Warning: the events registered in the Land Registry do not include notes of cancellation which may take place subsequently, usually following cancellation of the debt. To access evidence of any notes of cancellation please request a Mortgage Certificate using our VIPO service (Please note that this service is available in Italian only).
GOVERNING DIRECTORS
ALFA XXXXX
- CHAIRMAN   from 30/06/1998  
Length of term of office: 3 YEARS
Place of birth: XXXXXX
Date of birth: XX/XX/XXXX
Tax Code: XXXXYYYYYZZZ 
Place of residence: XXXXXXXX   VIA   GIOTTO    Zip code 8XXXXX  
BRAVO XXXXX
- BOARD MEMBER   from 30/06/1998  
Length of term of office: 3 YEARS
Place of birth: XXXXXXXXXX
Date of birth: XX/XX/XXXX
Tax Code: XXXXYYYYYZZZZ 
Place of residence: XXXXXXXX  VIA   CAMPANIA   Zip code 8XXXXX  
 
GOVERNING DIRECTORS' APPOINTMENTS IN OTHER COMPANIES
Name/Company CCIAA/NREA

Status

 Appointment
ALFA XXXXX
1. AAAAAAAAA - SOCIETA' A RESPONSABILITA' LIMITATA - XXXX (BO);
B0/XXXXX
active
 BOARD MEMBER
2. BBBBBBBBBBBB  S.P.A. - SOCIETA' PER AZIONI - XXX (IS);
IS/XXXXXX
bankruptcy
 BOARD MEMBER
3. CCCCCCCC  S.R.L. - SOCIETA' A RESPONSABILITA' LIMITATA - XXXXX (TV);
TV/XXXXX
iquidated
 CHAIRMAN OF THE BOARD OF DIRECTORS
CHARLY XXXXXX
1. DDDDDDDD- XXXXXXX (CE);
CE/XXXX
active
 MEMBER OF THE BOARD OF GOVERNORS
2 . EEEEEEE S.R.L. - SOCIETA' A RESPONSABILITA' LIMITATA - XXXXXI (NA);
NA/XXXX
ceased
 BOARD MEMBER
COMPANY'S SHAREHOLDERS
Share capital of SAMPLE - S.R.L.:   Euro   520,000.00   
Total number of shares:   52,000,000   (Presumptive calculation)
Shareholding structure and share capital declared with deed dated:   31/12/2001   
Date of deed registration with the Chamber of Commerce:   31/01/2002

Warning: share capital is different from that presently appearing in Companies. Register. This means that it may have undergone a variation after the date of the deed shown here.

Shareholding structure as at the date of the deed

Shareholder name Tax code Capital Owned (Euro) Shares (%) Value of Shares/Quotas on which third parties can exercise a right (Euro)
AAAAAAA   S.P.A.   XXXXYYYYYZZZZ  187,200.00   36%    
BBBBBB   XXXXYYYYYZZZZ   20,800.00   4%    
CCCCCCCC   XXXXYYYYYZZZZ 52,000.00   10%    
DDDDDDDD  S.A.     104,000.00   20%    
EEEEEEEE   XXXXYYYYYZZZZ   52,000.00   10%    
FFFFFFF   XXXXYYYYYZZZZ 52,000.00   10%    
GGGGGGGGG   XXXXYYYYYZZZZ   52,000.00   10%    

Please be advised that Infocamere, the company that manages official records on behalf of the Chamber of Commerce and provides us with said information, has advised of the presence of possible inaccuracies regarding the name of shareholders, which is due to names and tax codes not matching. Our provider of information guarantees that, in any event, he is constantly reviewing situations in order to eliminate the problem completely.
SHAREHOLDINGS

Shareholdings resulting from company accounts for the year ended 31/12/2000:

Company name: XXXXXXX S.R.L.
Legal form: LIMITED LIABILITY COMPANY
City: XX   Province: TV
Country: ITALY
Share %: 51%  Value of share (Euro): 7,901.79

Description of item Amount (Euro) Year
Share capital:  15,493.71 2000 
Shareholders. equity:  42,010.86 2000 
Net Profit/Loss:  15,964.58 2000 


Company name: XXXX GROUP USA INC
Country: UNITED STATES OF AMERICA
Share %: 95%  Value of share (Euro): 174,282.91

Description of item Amount (Euro) Year
Share capital:  222,984.81 2000 
Shareholders. equity:  243,158.24 2000 
Net Profit/Loss:  20,173.44 2000 


Company name: XXXXXXX LTDA
Country: BRAZIL
Share %: 51%  Value of share (Euro): 44,338.58

Description of item Amount (Euro) Year
Share capital:  102,216.17 2000 
Shareholders. equity:  N.A. 2000 
Net Profit/Loss:  N.A. 2000 


Company name: XXXXX S.R.L.
Legal form: LIMITED LIABILITY COMPANY
City: XXXX   Province: BO
Country: ITALY
Share %: 50%  Value of share (Euro): 15,000.00

Description of item Amount (Euro) Year
Share capital:  30,000.00 2000 
Shareholders. equity:  N.A. 2000 
Net Profit/Loss:  N.A. 2000 


Company name: XXXXXXX LTD
Country: SINGAPORE
Share %: 49%  Value of share (Euro): 90,925.73

Description of item Amount (Euro) Year
Share capital:  192,613.90 2000 
Shareholders. equity:  60,718.96 2000 
Net Profit/Loss:  52,735.12 2000 

NOTIFICATION OF COMPANY CHANGES FILED AT THE OFFICIAL REGISTRY OF THE CHAMBER OF COMMERCE

Date of last company variation: 16/07/1999

Based on the Official Registry of the Chamber of Commerce for Industry, Agriculture and Crafts, the company has not undergone any changes during the last six months.
NUMBER OF TIMES THIS REPORT HAS BEEN REQUESTED ON-LINE FROM CERVED S.P.A. INFORMATION SERVICES

No information on this company has been requested from Cerved on-line services over the last six months.

** End of CREDIT REPORT **

Report Generated: 30/09/2002

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