MIRA INFORM REPORT

Report No. :	336949
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	GALPERTI ENGINEERING AND FLOW CONTROL S. P.A.

Registered Office :	Via Prati Della Rosa, 17, 23823 – Colico (LC)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	20.01.1986

Legal Form :	Joint Stock Company

Line of Business :	· Manufacture of Assembled Electronic Boards · Manufacture of Broadcasting Equipment

No. of Employees :	From 251 to 500

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. 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, topping 132% of GDP in 2014, but 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 long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

GALPERTI ENGINEERING AND FLOW CONTROL S. P.A.

Via Prati Della Rosa, 17

23823 - Colico (LC) -IT-

Summary

Fiscal Code	:	00537320145
Legal Form	:	Joint stock company
start of Activities	:	11/07/1996
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 251 to 500

Activity

Manufacture of assembled electronic boards

Manufacture of broadcasting equipment

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00537320145

Foreign Trade Reg. no. : 001349 of Sondrio since 12/02/1992

Chamber of Commerce no. : 283754 of Lecco since 12/11/1996

Chamber of Commerce no. : 39701 of Sondrio since 24/03/1986

Firms' Register : LC-1996-124823 of Lecco since 18/11/1996

Firms' Register : SO061-4344 of Sondrio since 19/02/1996

V.A.T. Code : 02266860135

Foundation date	: 20/01/1986
Establishment date	: 20/01/1986
Start of Activities	: 11/07/1996
Legal duration	: 31/12/2050
Nominal Capital	: 2.000.000
Subscribed Capital	: 2.000.000
Paid up Capital	: 2.000.000

Legal mail :

GALPENG@LEGALMAIL.IT

Members

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Kpmg S.p.a.

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Vittor Pisani

, 25

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	21/06/2014

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Puccio

Guido

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Milano

(MI)

on 07/02/1938

- Fiscal Code : PCCGDU38B07F205U

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Aspromonte

, 22

- 23900

Lecco

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	31/05/2013
Managing Director	31/05/2013
Director	31/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

F.i.a.l. Finanziaria Industrie Alto Lari

o S.p.a.

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Enrico Fermi

, 6

- 23824

Dervio

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Fial Immobiliare Finanziaria S.r.l.

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Enrico Fermi

, 6

- 23824

Dervio

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Galperti

Andrea

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Lecco

(CO)

on 05/03/1982

- Fiscal Code : GLPNDR82C05E507J

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Xx Settembre

, 94

- 23822

Bellano

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	31/05/2013
Assistant board Chairman	31/05/2013
Managing Director	31/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Pugelli

Francesca

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Morbegno

(SO)

on 02/03/1974

- Fiscal Code : PGLFNC74C42F712Z

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Pizzala

, SNC

- 22010

Gera Lario

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/02/2014

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Rossini

Letizia

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Lecco

(CO)

on 17/12/1984

- Fiscal Code : RSSLTZ84T57E507Z

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Asilo

, 17

- 23823

Colico

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Institor	11/02/2014

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Belloli

Flavio

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Bellano

(CO)

on 28/07/1974

- Fiscal Code : BLLFLV74L28A745V

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

La Madoneta

, 25

- 23823

Colico

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/02/2014

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Colturri

Sonia

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Morbegno

(SO)

on 11/02/1983

- Fiscal Code : CLTSNO83B51F712H

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

S. Giuliano

, 22

- 23010

Cino

(SO)

- IT -

Position	Since	Shares Amount	% Ownership
Institor	25/09/2009

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Cerri

Giada

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Morbegno

(SO)

on 27/08/1988

- Fiscal Code : CRRGDI88M67F712R

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Tartano

, 47

- 23018

Talamona

(SO)

- IT -

Position	Since	Shares Amount	% Ownership
Institor	25/09/2009

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Beri

Giovanni

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Bellano

(CO)

on 25/03/1958

- Fiscal Code : BREGNN58C25A745K

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Carso

, 12/A

- 23819

Primaluna

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	31/05/2013

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Rusconi

Fiorenzo

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Born in Bellano

(CO)

on 11/01/1964

- Fiscal Code : RSCFNZ64A11A745G

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Residence:

Della Marascia

, 10

- 23824

Dervio

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	31/05/2013

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Puccio

Guido

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cartiere Antonio Sterzi Spa	Milano (MI) - IT -	00808440150	Liquidator	Active	Registered
Officine Maccaniche Rino Berardi S.p.a.	Brescia (BS) - IT -	02655680151	Liquidator	Withdrawn	Controlled administration
Ring Mill S.p.a.	Dubino (SO) - IT -	00122100142	Temporary Auditor	Withdrawn	Registered
Officine Nicola Galperti E Figlio S.p.a.	Dervio (LC) - IT -	00205990138	Director	Active	Registered
Officine Nicola Galperti E Figlio S.p.a.	Dervio (LC) - IT -	00205990138	Managing Director	Active	Registered
Officine Nicola Galperti E Figlio S.p.a.	Dervio (LC) - IT -	00205990138	Board Chairman	Active	Registered
Corno Marco Italia S.p.a.	Molteno (LC) - IT -	00203320130	Receiver	Withdrawn	Proposal for composition agreement
Manifatture Segalini S.r.l. In Liquidazione	Molteno (LC) - IT -	00210420139	Receiver	-	In liquidation
F.lli Lombardi E C.- Prefabbricati-s.p.a.	Bitetto (BA) - IT -	00263460727	Liquidator	Active	Controlled administration
Ferramenta Venerota S.r.l.	Lecco (LC) - IT -	01215890136	Chairman of the Board of Aud.	Withdrawn	Registered
Ferramenta Venerota S.r.l.	Lecco (LC) - IT -	01215890136	Permanent Auditor	Active	Registered
Briantea Costruzioni S.p.a. In Liquidazione	Bulciago (LC) - IT -	00902520139	Receiver	Withdrawn	Registered
Briantea Costruzioni S.p.a. In Liquidazione	Bulciago (LC) - IT -	00902520139	Trustee	Active	Registered
V.a.r.i. Valvole Aerosol Research Italiana Spa	Oggiono (LC) - IT -	00210630133	Director	Withdrawn	Registered
Stelvio Kontek S.p.a.	Oggiono (LC) - IT -	00073980146	Chairman of the Board of Aud.	Withdrawn	Registered
Stelvio Kontek S.p.a.	Oggiono (LC) - IT -	00073980146	Auditor	Withdrawn	Registered
Cariboni Paride - S.p.a.	Colico (LC) - IT -	00911720159	Liquidator	Active	Controlled administration
Rail Services International Italia - Societa' Per Azioni (per Abbreviazione R	Costa Masnaga (LC) - IT -	04790100582	Receiver	Withdrawn	In liquidation
Rail Services International Italia - Societa' Per Azioni (per Abbreviazione R	Costa Masnaga (LC) - IT -	04790100582	Trustee	-	In liquidation
Ditta Fratelli Lombardi S.p.a.	Rezzato (BS) - IT -	00275500171	Liquidator	Active	Registered
Beco S.r.l. In Liquidazione	Lecco (LC) - IT -	01626780132	Chairman of the Board of Aud.	Withdrawn	In liquidation
Fratelli Sacchi S.r.l. In Liquidazione	Galbiate (LC) - IT -	00221230139	Judicial liquidator	-	In liquidation
O.m.u.s. Officina Meccanica UtensileriaSpeciale S.p.a.	Brescia (BS) - IT -	00896820156	Liquidator	Withdrawn	Controlled administration
Elilario - S.p.a.	Colico (LC) - IT -	00157830142	Liquidator	Withdrawn	Registered
C.a.l. - Centro Abbigliamento Lombardo S.p.a. In Liquidazione	Lecco (LC) - IT -	00353830136	Auditor	Withdrawn	Registered
Manzoni Group S.p.a. In Liquidazione	Lecco (LC) - IT -	01901370260	Receiver	-	In liquidation
Manzoni Group S.p.a. In Liquidazione	Lecco (LC) - IT -	01901370260	Receiver	-	In liquidation
Tessitura Serica Oggionese S.r.l.	Oggiono (LC) - IT -	01851680130	Judicial liquidator	Active	Registered
Elicaffaro S.p.a.	Como (CO) - IT -	01262180159	Liquidator	Withdrawn	Registered
Volani International Spa	Verona (VR) - IT -	01209780228	Liquidator	Withdrawn	Controlled administration
Dis Gau Center S.r.l.	Malgrate (LC) - IT -	00738750132	Chairman of the Board of Aud.	Active	Registered
Montesider S.p.a.	Calolziocorte (LC) - IT -	00141860148	Chairman of the Board of Aud.	Active	Registered
Biokosmes S.r.l.	Milano (MI) - IT -	01430480135	Chairman of the Board of Aud.	Active	Registered
Lario Catering S.r.l.	Colico (LC) - IT -	01766700130	Liquidator	Active	Registered
Gefinco Srl	Milano (MI) - IT -	03210570101	Receiver	Withdrawn	Registered
Funivie Val Di Lei - S.p.a.	Madesimo (SO) - IT -	00070130131	Liquidator	Withdrawn	Registered
Elitellina S.r.l.	Sondrio (SO) - IT -	00141760140	Liquidator	Withdrawn	Registered
Calce S. Pellegrino S.p.a.	Narni (TR) - IT -	00157790551	Chairman of the Board of Aud.	Withdrawn	Registered
Unicalce S.p.a.	Val Brembilla (BG) - IT -	00223680166	Chairman of the Board of Aud.	Active	Registered
Unicalce S.p.a.	Val Brembilla (BG) - IT -	00223680166	Permanent Auditor	Withdrawn	Registered
Fb Design S.r.l.	Annone di Brianza (LC) - IT -	01805830138	Chairman of the Board of Aud.	Active	Registered
Edilsider S.p.a.	Calolziocorte (LC) - IT -	00230640138	Chairman of the Board of Aud.	Active	Registered
Edilsider S.p.a.	Calolziocorte (LC) - IT -	00230640138	Temporary Auditor	Withdrawn	Registered
Innse Presse Sheet Metal Forming Spa	Milano (MI) - IT -	06841160010	Receiver	Withdrawn	Registered
Immobiliare Alpe Oro S.r.l.	Margno (LC) - IT -	00690360136	Chairman of the Board of Aud.	Withdrawn	Registered
Grattarola S.p.a.	Cortenova (LC) - IT -	00231300138	Temporary Auditor	Withdrawn	Merged
Finim Montemoregallo S.r.l.	Calolziocorte (LC) - IT -	00628630139	Chairman of the Board of Aud.	Active	Registered
Defremm - S.p.a.	Lecco (LC) - IT -	00814480133	Chairman of the Board of Aud.	Active	Registered
Agostino Ferrari S.p.a.	Bergamo (BG) - IT -	01807750169	Chairman of the Board of Aud.	Withdrawn	Ceased
Petrolcarbo Spa	Lecco (LC) - IT -	00232500132	Director	Active	Registered
Teodolinda Residence S.r.l.	Lecco (LC) - IT -	05001960151	Chairman of the Board of Aud.	Withdrawn	Registered
F.i.a.l. Finanziaria Industrie Alto Lario S.p.a.	Dervio (LC) - IT -	01351920135	Director	Active	Registered
F.i.a.l. Finanziaria Industrie Alto Lario S.p.a.	Dervio (LC) - IT -	01351920135	Managing Director	Active	Registered
F.i.a.l. Finanziaria Industrie Alto Lario S.p.a.	Dervio (LC) - IT -	01351920135	Board Chairman	Active	Registered
Perti S.r.l. - In Liquidazione	Garbagnate Monastero (LC) - IT -	02124850138	Trustee	Withdrawn	Bankrupt
Cemin S.r.l.	Domusnovas (CA) - IT -	02187120924	Temporary Auditor	Active	Registered
Deltacalor S.r.l.	Calolziocorte (LC) - IT -	02267610968	Chairman of the Board of Aud.	Active	Registered
M.a.l.-meccanica Alto Lario S.r.l.	Dervio (LC) - IT -	02375830136	Director	Active	Registered
M.a.l.-meccanica Alto Lario S.r.l.	Dervio (LC) - IT -	02375830136	Board Chairman	Active	Registered
Defremm - S.P.A.	Lecco (LC) - IT -	00814480133	Chairman of the Board of Aud.	Withdrawn	Registered
Dolomite Colombo S.p.a.	Lecco (LC) - IT -	02509050122	Permanent Auditor	Active	Registered
Gildar S.r.l.	Valmadrera (LC) - IT -	02528940139	Chairman of the Board of Aud.	Active	Registered
Antonio Badoni S.p.a.	Roma (RM) - IT -	02640700163	Temporary Auditor	Active	Registered
Finlecla S.r.l.	Castelfranco Veneto (TV) - IT -	00628590135	Temporary Auditor	Withdrawn	Registered
Sofim - S.p.a.	Colico (LC) - IT -	01194640130	Liquidator	Active	Registered
Lario Helicopter Service - S.r.l.	Colico (LC) - IT -	01683900136	Liquidator	Active	Registered
Lonato Societa' Consortile A Responsabilita' Limitata In Via Brev E Lonato S.c.	Colico (LC) - IT -	01844220135	Liquidator	Active	Registered
Netco S.r.l.	Colico (LC) - IT -	02022960138	Liquidator	Active	Registered
So.ge.pa.. Societa' Gestione Partecipazioni S.r.l. In Liquidazion E	Colico (LC) - IT -	00829640671	Liquidator	Active	Registered
Borgonuovo 29 Srl	Milano (MI) - IT -	10731250154	Receiver	Active	Registered
Perego Strade S.r.l. In Liquidazione	Costa Masnaga (LC) - IT -	01927490134	Receiver	Active	Registered
Finalmente Srl	Sirtori (LC) - IT -	02536450139	Trustee	Withdrawn	Bankrupt
Impianti Industriali Polveri E Granuli S.r.l. In Forma Abbreviata I .p. G. S.r.l	Merate (LC) - IT -	12079800152	Trustee	Withdrawn	Bankrupt
Costarail S.r.l. In Liquidazione	Costa Masnaga (LC) - IT -	04452800966	Receiver	Withdrawn	Registered
Rail Services International Group S.p.a.Per Abbreviazione Rsi Group-s.p.a.	Costa Masnaga (LC) - IT -	05254940967	Receiver	Withdrawn	Registered
Cima Paper S.p.a.	Garbagnate Monastero (LC) - IT -	03001650138	Temporary Auditor	Active	Registered
Fornaci Zulian S.r.l.	Fontaniva (PD) - IT -	04159300286	Temporary Auditor	Active	Registered
Gerosa Srl In Liquidazione	Perego (LC) - IT -	02993880133	Trustee	Active	Registered
Galperti Tech S.r.l.	Colico (LC) - IT -	02687910139	Director	Withdrawn	Registered
Galperti Tech S.r.l.	Colico (LC) - IT -	02687910139	Managing Director	Withdrawn	Registered
Galperti Tech S.r.l.	Colico (LC) - IT -	02687910139	Board Chairman	Withdrawn	Registered
Ardea Di Davide Lombardi E C.-s.a.s	Bitetto (BA) - IT -	00455880724	Liquidator	Withdrawn	Registered
GRATTAROLA S.R.L.	Cortenova (LC) - IT -	03136560137	Chairman of the Board of Aud.	Withdrawn	Registered
Agostino Ferrari S.p.a.	Milano (MI) - IT -	03165310164	Chairman of the Board of Aud.	Withdrawn	Registered
Meccanica Nuvolera S.p.a.	Nuvolera (BS) - IT -	00815000179	Liquidator	Withdrawn	Registered
Ditta Fratelli Lombardi - Divisione PrefAbbricati S.p.a.	Rezzato (BS) - IT -	04886800582	Liquidator	Withdrawn	Registered
Thesaurum Leasing S.p.a.	Rezzato (BS) - IT -	01825230178	Liquidator	Active	Registered
Thesaurum Service S.r.l.	Rezzato (BS) - IT -	01872130172	Liquidator	Withdrawn	Registered
Lombardi Executive - S.r.l.	Rezzato (BS) - IT -	02022560177	Liquidator	Active	Registered
Lombardi Finanziaria S.p.a.	Rezzato (BS) - IT -	02020330177	Liquidator	Active	Registered
Ceruti S.r.l.	Brescia (BS) - IT -	02864840174	Liquidator	Withdrawn	Registered
Consorzio Imprese Costruzioni RomagnoliLombardi - I.r.c.e.s.	Napoli (NA) - IT -	95001730639	Liquidator	Active	Registered
Fial International Trading S.p.a.	Dervio (LC) - IT -	03344610138	Director	Active	Registered
Fial International Trading S.p.a.	Dervio (LC) - IT -	03344610138	Managing Director	Active	Registered
Fial International Trading S.p.a.	Dervio (LC) - IT -	03344610138	Board Chairman	Active	Registered
Costruttori Riuniti Meccanici Italiani S.p.a. Enunciabile Anche Co.ri.mec. Itali	Caorso (PC) - IT -	03550050136	Chairman of the Board of Aud.	Active	Registered

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Galperti

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Officine Nicola Galperti E Figlio S.p.a.	Dervio (LC) - IT -	00205990138	Director	Active	Registered
Officine Nicola Galperti E Figlio S.p.a.	Dervio (LC) - IT -	00205990138	Assistant board Chairman	Active	Registered
Officine Nicola Galperti E Figlio S.p.a.	Dervio (LC) - IT -	00205990138	Managing Director	Active	Registered
F.i.a.l. Finanziaria Industrie Alto Lario S.p.a.	Dervio (LC) - IT -	01351920135	Director	Active	Registered
M.a.l.-meccanica Alto Lario S.r.l.	Dervio (LC) - IT -	02375830136	Director	Active	Registered
M.a.l.-meccanica Alto Lario S.r.l.	Dervio (LC) - IT -	02375830136	Assistant board Chairman	Active	Registered
M.a.l.-meccanica Alto Lario S.r.l.	Dervio (LC) - IT -	02375830136	Managing Director	Active	Registered
Fial Immobiliare Finanziaria S.r.l.	Dervio (LC) - IT -	02094600133	Director	Active	Registered
Galperti Tech S.r.l.	Colico (LC) - IT -	02687910139	Director	Withdrawn	Registered
Fial International Trading S.p.a.	Dervio (LC) - IT -	03344610138	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
Galperti Engineering And Flow Control S. P.a.	Colico - IT -	00537320145	160.000 .Eur	8,00
F.i.a.l. Finanziaria Industrie Alto Lari o S.p.a.	Dervio - IT -	01351920135	1.240.000 .Eur	62,00
Fial Immobiliare Finanziaria S.r.l.	Dervio - IT -	02094600133	600.000 .Eur	30,00

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
Galperti Engineering And Flow Control S. P.a.	Colico - IT -	00537320145	160.000 .Eur	8,00			Active

Firm's location and structure

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

Legal and operative seat

since 11/07/1996

Prati Della Rosa

, 17

- 22050

- Colico

(LC)

- IT -

PHONE

: 0341930780

FAX

: 0341930777

Legal mail

: GALPENG@LEGALMAIL.IT

Branch

(Factory)

since 01/01/2014

Prati Della Rosa

, 30

- 22050

- Colico

(LC)

- IT -

Branch

(Factory)

since 07/01/2014

Prati Della Rosa

, 9

- 22050

- Colico

(LC)

- IT -

Branch

Sant'Agata

- 22010

- Gera Lario

(CO)

- IT -

PHONE

: 034497200

Employees

: 467

Fittings and Equipment for a value of 12.300.000

Eur

Stocks for a value of 23.010.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- national or foreign important buyers

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

- its own sales net-work

- direct orders from foreign companies

Import comes generally from the following nations:

- Italy

Export is mainly towards:

- France

- Belgium

- Poland

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	12/12/2007

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
R.V. Valve S.r.l.		11/07/1996

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Project of merging by taking over of

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$ Galperti Welding S.r.l. Con Socio Unico

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Prati Della Rosa

, 26/1

, 23823

, Colico

(LC)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Fiscal Code: 02953240138

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Date

Merging/splitting-up project:

03/09/2008

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$ Galperti Welding S.r.l. Con Socio Unico

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Prati Della Rosa

, 26/1

, 23823

, Colico

(LC)

- IT -

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Fiscal Code: 02953240138

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Vuoto.gif$

Date

19/12/2008

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Company's starting of activities dates back to 1996.

The eonomic-financial analysis is based on the latest 3 b/s.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 17,37% in 2014

The operating result was positive in the last financial year (14,65%) and reflects the field's average.

The amount of the operating result for the year 2014 is of Eur. 23.557.539 with a -46,35% fall as against the year 2013.

The G.O.M. amounted to Eur. 28.779.283 , with a -42,51% decrease.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2014 is in fact 0,38 which is yet rising if compared to 2013.

Subject can manage an equity capital funds for an amount of Eur. 85.014.265 on the same levels as the year before.

Eur. 89.018.770 is the amount of total debts, both commercial and of different nature, on the same levels as the year before.

The company does not exceed in bank credits; payments average period is instead slightly high (129,63 gg.) but lined up with the field's average.

Liquidity is good (1,43)

As to due from customers, the average terms are 87,52 days. , that compared to the sector's average is shorter.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 19.986.009

Labour cost amounts to Eur. 14.960.739, with a 19,02% incidence on production costs. , whereas 15,58% is the incidence on sales revenues.

Finacial chareges are high: the incidence on sales volume amounts to -1,55%

Financial Data

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	96.013.633
Profit (Loss) for the period	14.764.265

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	137.524.306
Profit (Loss) for the period	28.598.720

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	60.930.812
Profit (Loss) for the period	7.115.383

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	37.293.470
Profit (Loss) for the period	2.113.545

$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	54.929.261
Profit (Loss) for the period	12.428.325

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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

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

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

Years

2014

2013

2012

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	91.953	77.150	1.260
. . Research,develop. and advert.expens.
. . Industrial patent rights	20.784	36.511	29.277
. . Concessions,licenses,trademarks,etc.	33.335		16.690
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	56.097	86.270	10.030
. Total Intangible Fixed Assets	202.169	199.931	57.257
. TANGIBLE FIXED ASSETS
. . Real estate	13.652.278	10.693.653	4.999.938
. . Plant and machinery	11.581.810	11.112.417	7.056.524
. . Industrial and commercial equipment	715.845	681.703	294.959
. . Other assets	692.156	797.593	484.596
. . Assets under construction and advances	2.492.713	1.897.326	102.000
. Total Tangible fixed assets	29.134.802	25.182.692	12.938.017
. FINANCIAL FIXED ASSETS
. . Equity investments			3.000.000
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies			3.000.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	1.384	731.376	7.501.090
. . . . Within 12 months		730.000
. . . . Beyond 12 months	1.384	1.376	7.501.090
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.			1.501.000
. . . . Within 12 months
. . . . Beyond 12 months			1.501.000
. . . Receivables due from holding comp.			6.000.000
. . . . Within 12 months
. . . . Beyond 12 months			6.000.000
. . . Receivables due from third parties	1.384	731.376	90
. . . . Within 12 months		730.000
. . . . Beyond 12 months	1.384	1.376	90
. . Other securities
. . Own shares	3.232.012	3.232.012	3.232.012
. . . Total nominal value
. Total financial fixed assets	3.233.396	3.963.388	13.733.102
Total fixed assets	32.570.367	29.346.011	26.728.376
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	6.007.692	5.676.305	5.033.314
. . Work in progress and semimanufactured	14.532.477	9.748.264	9.083.960
. . Work in progress on order
. . Finished goods	2.427.388	2.255.250	397.443
. . Advance payments	46.903	42.359	164.856
. Total Inventories	23.014.460	17.722.178	14.679.573
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	47.573.322	36.810.004	24.225.353
. . Beyond 12 months
. . Trade receivables	23.342.390	23.376.150	16.444.732
. . . . Within 12 months	23.342.390	23.376.150	16.444.732
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.			1.080.776
. . . . Within 12 months			1.080.776
. . . . Beyond 12 months
. . Receivables due from holding comp.		12	120.002
. . . . Within 12 months		12	120.002
. . . . Beyond 12 months
. . Fiscal Receivables	19.285.375	9.743.161	4.973.158
. . . . Within 12 months	19.285.375	9.743.161	4.973.158
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.470.983	1.471.658	1.314.067
. . . . Within 12 months	1.470.983	1.471.658	1.314.067
. . . . Beyond 12 months
. . Receivables due from third parties	3.474.574	2.219.023	292.618
. . . . Within 12 months	3.474.574	2.219.023	292.618
. . . . Beyond 12 months
. Total Credits not held as fixed assets	47.573.322	36.810.004	24.225.353
. 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	57.085.209	58.801.497	17.405.476
. . Checks
. . Banknotes and coins	2.145	2.869	1.678
. Total Liquid funds	57.087.354	58.804.366	17.407.154
Total current assets	127.675.136	113.336.548	56.312.080
ADJUSTMENT ACCOUNTS
. Discount on loans	610.932	655.168	407.583
. Other adjustment accounts
Total adjustments accounts	610.932	655.168	407.583
TOTAL ASSETS	160.856.435	143.337.727	83.448.039

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.000.000	2.000.000	2.000.000
. Additional paid-in capital
. Revaluation reserves	1.782.000	1.782.000	1.782.000
. Legal reserve	400.000	400.000	400.000
. Reserve for Own shares	3.232.012	3.232.012	3.232.012
. Statute reserves
. Other reserves	48.071.723	21.973.007	16.657.622
. Accumulated Profits (Losses)
. Profit( loss) of the year	29.528.530	57.197.440	14.230.766
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	85.014.265	86.584.459	38.302.400
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	39.106	38.497	93.989
. . Other funds	4.027.839	4.027.839	5.127.839
Total Reserves for Risks and Charges	4.066.945	4.066.336	5.221.828
Employee termination indemnities	250.642	289.585	299.941
ACCOUNTS PAYABLE
. . . . Within 12 months	89.018.770	84.635.962	46.739.253
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	2.794.413	2.794.413
. . . . Within 12 months	2.794.413	2.794.413
. . . . Beyond 12 months
. . Due to banks	42.742.368	38.732.233	13.052.476
. . . . Within 12 months	42.742.368	38.732.233	13.052.476
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	4.660.923	2.802.865	4.664.096
. . . . Within 12 months	4.660.923	2.802.865	4.664.096
. . . . Beyond 12 months
. . Trade payables	18.497.060	12.155.749	17.105.294
. . . . Within 12 months	18.497.060	12.155.749	17.105.294
. . . . Beyond 12 months
. . Securities issued			437.028
. . . . Within 12 months			437.028
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies			3.842.107
. . . . Within 12 months			3.842.107
. . . . Beyond 12 months
. . Due to holding companies	2.442.751	1.947.975	1.586.376
. . . . Within 12 months	2.442.751	1.947.975	1.586.376
. . . . Beyond 12 months
. . Due to the tax authorities	7.982.605	14.979.177	4.685.558
. . . . Within 12 months	7.982.605	14.979.177	4.685.558
. . . . Beyond 12 months
. . Due to social security and welfare inst.	696.955	565.618	332.506
. . . . Within 12 months	696.955	565.618	332.506
. . . . Beyond 12 months
. . Other payables	9.201.695	10.657.932	1.033.812
. . . . Within 12 months	9.201.695	10.657.932	1.033.812
. . . . Beyond 12 months
Total accounts payable	89.018.770	84.635.962	46.739.253
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	178.350.622	175.576.342	90.563.422

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	14.688.957	18.082.653
Risk accounts	4.147.578	5.191.458
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	96.013.633	137.524.306	60.930.812
. Changes in work in progress	4.956.352	-7.837.502	5.044.274
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.260.788	841.049	1.617.296
. . Contributions for operating expenses
. . Different income and revenues	1.260.788	841.049	1.617.296
Total value of production	102.230.773	130.527.853	67.592.382
PRODUCTION COSTS
. Raw material,other materials and consum.	37.490.640	41.140.935	30.910.279
. Services received
. Leases and rentals	20.663.007	23.536.198	13.853.350
. Payroll and related costs	14.960.739	12.896.857	8.843.322
. . Wages and salaries	10.128.848	8.716.446	6.004.169
. . Social security contributions	3.235.215	2.823.575	1.907.181
. . Employee termination indemnities	657.152	574.561	404.307
. . Pension and similar
. . Other costs	939.524	782.275	527.665
. Amortization and depreciation	5.221.744	5.651.817	3.084.759
. . Amortization of intangible fixed assets	999.408	996.068	43.468
. . Amortization of tangible fixed assets	4.122.336	4.553.749	2.293.291
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	100.000	102.000	748.000
. Changes in raw materials	-331.387	2.404.339	-2.745.955
. Provisions to risk reserves		500.000	2.027.839
. Other provisions
. Other operating costs	668.491	481.905	466.002
Total production costs	78.673.234	86.612.051	56.439.596
Diff. between value and cost of product.	23.557.539	43.915.802	11.152.786
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	469.436	394.634	380.971
. . Financ.income from receivables	12.560	70.162	134.600
. . . Towards subsidiary companies
. . . Towards associated companies	12.560	14.600	14.600
. . . Towards holding companies		55.562	120.000
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	456.876	324.472	246.371
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	456.876	324.472	246.371
. Interest and other financial expense	-1.958.337	-1.903.114	-1.171.368
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies	-407.991	-424.939	-143.352
. . Towards other companies	1.958.337	1.903.114	1.171.368
Total financial income and expense	-1.488.901	-1.508.480	-790.397
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	119.054	611.195	416.511
. . Gains on disposals
. . Other extraordinary income	119.054	611.195	416.511
. Extraordinary expense	-62.215	-132.043	-111.848
. . Losses on disposals
. . Taxes relating to prior years		-8.173
. . Other extraordinary expense	-62.215	-123.870	-111.848
Total extraordinary income and expense	56.839	479.152	304.663
Results before income taxes	22.125.477	42.886.474	10.667.052
. Taxes on current income	7.361.212	14.287.754	3.551.669
. . current taxes	7.359.928	14.483.496	4.384.783
. . differed taxes(anticip.)	1.284	-195.742	-833.114
. Net income for the period	14.764.265	28.598.720	7.115.383
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	14.764.265	28.598.720	7.115.383

RATIOS	Value Type	as at 31/12/2014	as at 31/12/2013	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,20	0,20	0,32	0,22
Elasticity Ratio	Units	0,79	0,79	0,67	0,76
Availability of stock	Units	0,14	0,12	0,18	0,19
Total Liquidity Ratio	Units	0,65	0,67	0,50	0,52
Quick Ratio	Units	0,35	0,41	0,21	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,38	0,30	0,77	2,39
Self Financing Ratio	Units	0,53	0,60	0,46	0,22
Capital protection Ratio	Units	0,63	0,32	0,58	0,65
Liabilities consolidation quotient	Units	0,00	0,00	0,01	0,23
Financing	Units	1,05	0,98	1,22	3,19
Permanent Indebtedness Ratio	Units	0,53	0,61	0,46	0,42
M/L term Debts Ratio	Units	0,00	0,00	0,00	0,13
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,64
CORRELATION
Fixed assets ratio	Units	2,62	2,96	1,44	1,80
Current ratio	Units	1,43	1,34	1,20	1,30
Acid Test Ratio-Liquidity Ratio	Units	1,18	1,13	0,89	0,92
Structure's primary quotient	Units	2,61	2,95	1,43	1,08
Treasury's primary quotient	Units	0,64	0,69	0,37	0,05
Rate of indebtedness ( Leverage )	%	189,21	165,55	217,87	456,81
Current Capital ( net )	Value	38.656.366	28.700.586	9.572.827	682.896
RETURN
Return on Sales	%	20,82	24,91	16,74	4,56
Return on Equity - Net- ( R.O.E. )	%	17,37	33,03	18,58	6,81
Return on Equity - Gross - ( R.O.E. )	%	26,03	49,53	27,85	18,85
Return on Investment ( R.O.I. )	%	14,65	30,64	13,36	5,41
Return/ Sales	%	24,54	31,93	18,30	4,75
Extra Management revenues/charges incid.	%	62,67	65,12	63,80	35,79
Cash Flow	Value	19.986.009	34.250.537	10.200.142	237.257
Operating Profit	Value	23.557.539	43.915.802	11.152.786	228.892
Gross Operating Margin	Value	28.779.283	50.067.619	16.265.384	406.634
MANAGEMENT
Credits to clients average term	Days	87,52	61,19	97,16	118,40
Debts to suppliers average term	Days	129,63	78,50	184,74	128,10
Average stock waiting period	Days	86,29	46,39	86,73	54,07
Rate of capital employed return ( Turnover )	Units	0,60	0,96	0,73	1,13
Rate of stock return	Units	4,17	7,76	4,15	6,62
Labour cost incidence	%	15,58	9,38	14,51	18,32
Net financial revenues/ charges incidence	%	-1,55	-1,10	-1,30	-1,25
Labour cost on purchasing expenses	%	19,02	14,89	15,67	17,78
Short-term financing charges	%	2,20	2,25	2,51	3,03
Capital on hand	%	167,53	104,23	136,96	88,55
Sales pro employee	Value	205.596	341.251	220.763	190.738
Labour cost pro employee	Value	32.035	32.002	32.041	33.796

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	:	$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Spazio.gif$ 322.150
Population living in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Spazio.gif$ 460
- per non food products	:	$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\VIVEK\Foreign Report Raw2\Galperti Engineering And Flow Control_files\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 949 significant companies.

The companies cash their credits on an average of 118 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 4,56%.

The labour cost affects the turnover in the measure of 18,32%.

Goods are held in stock in a range of 54 dd.

The difference between the sales volume and the resources used to realize it is about 1,13.

The employees costs represent the 17,78% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 1.666.

The insolvency index for the region is 0,55, , while for the province it is 0,52.

Total Bankrupt companies in the province : 940.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.71
UK Pound	1	Rs.105.10
Euro	1	Rs.77.11

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market/ Territory Data

Sector Data

Statistical Detrimental Data

Unit