3decades

MIRA INFORM REPORT

Report No. :	500729
Report Date :	04.04.2018

IDENTIFICATION DETAILS

Name :	PERISSINOTTO S.P.A.

Registered Office :	Piazza Della Repubblica, 30 Volargne 20124 – Milano (MI) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	31.12.1951

Legal Form :	Joint stock company

Line of Business :	· Manufacture of tools · Manufacture of other electrical equipment

No. of Employees :	From 36 to 50

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Perissinotto S.p.a.

Piazza Della Repubblica, 30 VOLARGNE

20124 - Milano (MI) -IT-

Summary

Fiscal Code	:	00745780155
Legal Form	:	Joint stock company
start of Activities	:	31/12/1951
Equity	:	Over 2.582.254
Turnover Range	:	10.000.000/12.750.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of tools

Manufacture of other electrical equipment

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00745780155

Foreign Trade Reg. no. : 105706 of Milano since 20/01/1992

Chamber of Commerce no. : 158857 of Ascoli Piceno

Chamber of Commerce no. : 417485 of Milano since 09/01/1952

Chamber of Commerce no. : 408318 of Modena

Chamber of Commerce no. : 103751 of Massa

Chamber of Commerce no. : 244038 of Reggio Emilia

Chamber of Commerce no. : 103657 of Ragusa

Chamber of Commerce no. : 601530 of Roma

Chamber of Commerce no. : 158526 of Verona since 18/12/1978

Chamber of Commerce no. : 197804 of Verona

Chamber of Commerce no. : 295604 of Verona

Firms' Register : MI146-79669 of Milano since 19/02/1996

V.A.T. Code : 00745780155

Establishment date	: 31/12/1951
Start of Activities	: 31/12/1951
Legal duration	: 31/12/2050
Nominal Capital	: 6.000.000
Subscribed Capital	: 6.000.000
Paid up Capital	: 6.000.000

Legal mail :

PEMO@PEC.PEMO.COM

Members

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Diltom S.p.a.

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Plinio

, 1

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Enfab S.p.a.

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Castel Morrone

, 18

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Perissinotto

Giovanni

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Born in Sesto San Giovanni

(MI)

on 08/01/1935

- Fiscal Code : PRSGNN35A08I690G

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Residence:

Fratelli Cervi

- 20090

Segrate

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2016
Board Chairman	11/05/2016

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No Prejudicial events are reported

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No Protests registered

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Perissinotto

Enrico

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Born in Milano

(MI)

on 08/12/1965

- Fiscal Code : PRSNRC65T08F205B

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Residence:

Montegrappa

, 30/C

- 23807

Merate

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2016
Managing Director	11/05/2016

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No Prejudicial events are reported

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No Protests registered

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Perissinotto

Diletta

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Born in Milano

(MI)

on 19/09/1974

- Fiscal Code : PRSDTT74P59F205L

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Residence:

Regina Giovanna

, 7

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2016
Managing Director	11/05/2016

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No Prejudicial events are reported

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No Protests registered

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Perissinotto

Fabrizio

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Born in Milano

(MI)

on 22/09/1971

- Fiscal Code : PRSFRZ71P22F205R

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Residence:

Ronchi

, 39

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2016
Managing Director	11/05/2016

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No Prejudicial events are reported

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No Protests registered

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Perissinotto

Tommaso

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Born in Milano

(MI)

on 06/11/1980

- Fiscal Code : PRSTMS80S06F205A

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Residence:

Morgagni Giovanni Battista

, 28

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2016
Managing Director	11/05/2016

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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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Perissinotto

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
FRUGOLI MACCHINE - S.P.A.	Carrara (MS) - IT -	00052670452	Director	Active	Registered
Enfab S.p.a.	Milano (MI) - IT -	11864970154	Sole Director	Active	Registered

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Perissinotto

Diletta

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Tecnocave S.r.l.	Milano (MI) - IT -	00423570456	Director	Active	Registered
Milcar S.r.l.	Milano (MI) - IT -	07677640158	Sole Director	Active	Registered

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Perissinotto

Fabrizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Bellagioia S.r.l.	Massa (MS) - IT -	01047380454	Director	Active	Registered
Bellagioia S.r.l.	Massa (MS) - IT -	01047380454	Managing Director	Active	Registered
Bellagioia S.r.l.	Massa (MS) - IT -	01047380454	Board Chairman	Active	Registered

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Perissinotto

Tommaso

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Diltom S.p.a.	Milano (MI) - IT -	10969080158	Sole Director	Active	Registered
Tri Lab Sas Di Nava Matteo E C.	Milano (MI) - IT -	09243250967	Limited 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
Diltom S.p.a.	Milano - IT -	10969080158	3.000.000 .Eur	50,00
Enfab S.p.a.	Milano - IT -	11864970154	2.600.100 .Eur	43,33
CONTINI GIUSEPPINA		CNTGPP37T69A476M	399.900 .Eur	6,66

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
Tema - Frugoli S.p.a.	Carrara - IT -	01879070157	69 .Eur				Active
Internazionale Marmi E Macchine - Carrar a S.p.a.	Carrara - IT -	00207170457	180 .Eur				Active
Tecnocave S.r.l.	Milano - IT -	00423570456	12.900 .Eur	49,61			Active
Fermil S.R.L.	Milano - IT -	11933500156	50.000 .Eur	50,00			Active
Blue Valve S.R.L.		02634830125	25.000 .Eur	50,00			Active
Bellagioia S.r.l.	Massa - IT -	01047380454	4.461 .Eur	44,61			Active

Firm's location and structure

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

Legal and operative seat

Della Repubblica

, 30

- 20100

- Milano

(MI)

- IT -

Legal mail

: PEMO@PEC.PEMO.COM

Branch

(Factory)

since 01/12/1986

Pascoli

, 11/13/15

- 20090

- Vimodrone

(MI)

- IT -

PHONE

: 02250731

Branch

(Warehouse)

since 20/03/1990

Domenico Da Lugo

, 56

- 37023

- Grezzana

(VR)

- IT -

Branch

(Warehouse)

since 09/05/2005

Pascoli

, 15

- 20090

- Vimodrone

(MI)

- IT -

Branch

(Warehouse)

since 01/02/2016

Ferrari

, 27/11

- 41043

- Formigine

(MO)

- IT -

Branch

(Warehouse)

since 11/02/2002

Vicinale Belvedere

, 22

- 54033

- Carrara

(MS)

- IT -

Branch

(Warehouse)

since 20/02/2003

Piero Sraffa

- 97013

- Comiso

(RG)

- IT -

Branch

(Warehouse)

since 01/01/1989

Passo Di Napoleone

, 1202/B

- 37020

- Dolce'

(VR)

- IT -

Employees

: 46

Fittings and Equipment for a value of 930.000

Eur

Stocks for a value of 5.280.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

The firm operates abroad as exporter..

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

- importers

- its own sales net-work

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- Italy

- Austria

- Ireland

- Gabon

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Other forms	Joint stock company	02/12/1961

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
MILANO (MI)	Buildings	3	19/03/2018
VIMODRONE (MI)	Buildings	22	19/03/2018
CARRARA (MS)	Buildings	1	19/03/2018
CARRARA (MS)	Land	1	19/03/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	MILANO (MI) VIA GIUSEPPE BROGGI, 8 Piano S3	315	20	107	zona2 cat. C/6	7	25 mq	Euro:245,32
B	Proprieta' per 1/1	MILANO (MI) VIA GIUSEPPE BROGGI, 8 Piano S2	315	20	167	zona2 cat. C/2	3	5 mq	Euro:6,46
B	Proprieta' per 1/1	MILANO (MI) VIA GIUSEPPE BROGGI, 8 Piano S1 - S2 int. 2B	315	20	203	zona2 cat. A/10	6	7 vani	Euro:4.952,82
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-T	1	196	34	cat. A/2	1	6 vani	Euro:852,15
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S1	1	196	84	cat. C/6	2	24 mq	Euro:66,93
B	Proprieta' superficiaria per 1/1	VIMODRONE (MI) VIA XI FEBBRAIO, Piano S1	10	557	68	cat. C/6	3	27 mq	Euro:87,85
B	Proprieta' superficiaria per 1/1	VIMODRONE (MI) VIA XI FEBBRAIO, Piano S1	10	557	69	cat. C/6	3	27 mq	Euro:87,85
B	Proprieta' superficiaria per 1/1	VIMODRONE (MI) VIA XI FEBBRAIO, Piano S1	10	557	92	cat. C/6	3	19 mq	Euro:61,82
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-3	2	672	41	cat. A/2	1	6 vani	Euro:852,15
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-3	2	672	43	cat. A/2	1	6 vani	Euro:852,15
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S1	2	672	92	cat. C/6	2	24 mq	Euro:66,93
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S1	2	672	93	cat. C/6	2	24 mq	Euro:66,93
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2	2	679	197	cat. C/6	2	24 mq	Euro:66,93
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2	2	679	198	cat. C/6	2	21 mq	Euro:58,57
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2	2	679	199	cat. C/6	2	21 mq	Euro:58,57
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2	2	679	200	cat. C/6	2	21 mq	Euro:58,57
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-1	2	679	73	cat. A/2	1	2,5 vani	Euro:355,06
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-1	2	679	74	cat. A/2	1	3,5 vani	Euro:497,09
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-1	2	679	75	cat. A/2	1	3,5 vani	Euro:497,09
B	Proprieta' per 1/1	VIMODRONE (MI) VIALE MARTESANA, SNC Piano S2-1	2	679	76	cat. A/2	1	2,5 vani	Euro:355,06
B	Proprieta'	VIMODRONE (MI) VIA PASCOLI G., 17 Piano T-1 - 2-3	3	197		cat. D/7			Euro: 83.666,02
B	Proprieta'	VIMODRONE (MI) VIA PASCOLI G., 17 Piano 1	3	198	702	cat. A/3	2	5 vani	Euro:464,81
B	Proprieta' per 1/1	VIMODRONE (MI) VIA PASCOLI G., 15 Piano T-1 - 2-S1	4	145		cat. D/1			Euro: 22.827,39
B	Proprieta'	VIMODRONE (MI) VIA PASCOLI G., 17 Piano T	4	95	702	cat. A/3	2	4,5 vani	Euro:418,33
B	Proprieta'	VIMODRONE (MI) VIA PASCOLI G., 17 Piano T	4	95	703	cat. D/1			Euro: 619,75
B	Proprieta' per 1/1	CARRARA (MS) VIA AURELIA, 3 Piano T-1	84	235	1	zona1 cat. D/8			Euro: 45.640,00

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	CARRARA (MS)	84	606		SEM IRR ARB	2	10 are 10 ca	R.D.Euro:9,65 (*) R.A. Euro: 2,87

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

The company is active since 1951

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 1,75% in 2016 keeping the turnover steady during the last two years.

The operating result in 2016 was positive (2,28%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 500.952 with a -37,18% drop.

The gross operating margin of the latest financial year is of Eur. 1.123.901 showing a drop (-48,89%).

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,13) which is yet rising if compared to 2015.

Subject can manage an equity capital funds for an amount of Eur. 14.635.711 on the same levels as the year before.

During the last financial year total debts volume reached Eur. 6.542.014 (Eur. 1.165.148 were m/l term ones) , with no sensible variation.

Moderate recourse to bank credit while the exposure towards suppliers is rather high however still within the sector's average.

Liquidity is good (3,17)

As far as the collection of credit goes, the average is high (144,94 days). besides being higher than the sector's average.

During financial year 2016 the cash flow amounted to Eur. 809.757

Labour cost amounts to Eur. 2.418.041, with a 21,5% incidence on production costs. , with a 21,13% incidence on turnover.

The financial management has a limited economic impact, equal to -0,24% on the sales.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	11.445.280
Profit (Loss) for the period	255.707

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	11.965.814
Profit (Loss) for the period	752.620

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	11.740.661
Profit (Loss) for the period	448.691

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	11.253.959
Profit (Loss) for the period	376.141

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	11.151.630
Profit (Loss) for the period	15.610

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	6.600	12.800	8.000
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	6.600	12.800	8.000
. TANGIBLE FIXED ASSETS
. . Real estate	3.620.162	3.593.560	3.657.206
. . Plant and machinery	823.974	710.431	514.292
. . Industrial and commercial equipment	106.340	129.977	110.374
. . Other assets	90.013	81.708	43.231
. . Assets under construction and advances	50.000		1.586
. Total Tangible fixed assets	4.690.489	4.515.676	4.326.689
. FINANCIAL FIXED ASSETS
. . Equity investments	222.515	293.065	657.265
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	222.515	293.065	657.265
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	38.411	72.036	355.903
. . . . Within 12 months
. . . . Beyond 12 months	38.411	72.036	355.903
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.	34.000	71.000	355.000
. . . . Within 12 months
. . . . Beyond 12 months	34.000	71.000	355.000
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	4.411	1.036	903
. . . . Within 12 months
. . . . Beyond 12 months	4.411	1.036	903
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	260.926	365.101	1.013.168
Total fixed assets	4.958.015	4.893.577	5.347.857
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	4.581.656	4.708.804	4.455.211
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	702.544	610.264	626.258
. . Advance payments
. Total Inventories	5.284.200	5.319.068	5.081.469
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	5.802.942	5.572.612	6.337.150
. . Beyond 12 months	1.752	1.752	46.667
. . Trade receivables	4.608.086	4.504.481	5.677.969
. . . . Within 12 months	4.608.086	4.504.481	5.677.969
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	577.222	399.830	283.404
. . . . Within 12 months	575.470	398.078	236.737
. . . . Beyond 12 months	1.752	1.752	46.667
. . Receivables for anticipated taxes	383.362	427.969	178.901
. . . . Within 12 months	383.362	427.969	178.901
. . . . Beyond 12 months
. . Receivables due from third parties	236.024	242.084	243.543
. . . . Within 12 months	236.024	242.084	243.543
. . . . Beyond 12 months
. Total Credits not held as fixed assets	5.804.694	5.574.364	6.383.817
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	180	180	180
. . Own shares
. . . Total nominale value
. . Other securities	2.535.257	2.828.874	1.453.930
. Total Financial Assets	2.535.437	2.829.054	1.454.110
. LIQUID FUNDS
. . Bank and post office deposits	3.403.851	4.231.171	3.646.167
. . Checks
. . Banknotes and coins	4.504	12.840	4.508
. Total Liquid funds	3.408.355	4.244.011	3.650.675
Total current assets	17.032.686	17.966.497	16.570.071
ADJUSTMENT ACCOUNTS
. Discount on loans		33.675	17.130
. Other adjustment accounts	27.964
Total adjustments accounts	27.964	33.675	17.130
TOTAL ASSETS	22.018.665	22.893.749	21.935.058

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	6.000.000	6.000.000	6.000.000
. Additional paid-in capital	5.655	5.655	5.655
. Revaluation reserves	332.531	332.531	332.531
. Legal reserve	1.200.000	1.154.405	705.714
. Reserve for Own shares
. Statute reserves
. Other reserves	6.841.818	6.534.793	6.834.793
. Accumulated Profits (Losses)
. Profit( loss) of the year	255.707	752.620	448.691
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	14.635.711	14.780.004	14.327.384
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	21.805	20.938	19.892
. . Taxation fund, also differed
. . Other funds	338.161	338.161	1.151.165
Total Reserves for Risks and Charges	359.966	359.099	1.171.057
Employee termination indemnities	472.401	455.864	399.653
ACCOUNTS PAYABLE
. . . . Within 12 months	5.376.866	5.539.015	3.954.659
. . . . Beyond 12 months	1.165.148	1.751.194	2.053.732
. . Bonds	2.039.497	2.039.497	3.039.497
. . . . Within 12 months	1.239.497	800.000	1.000.000
. . . . Beyond 12 months	800.000	1.239.497	2.039.497
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	342.083	490.322
. . . . Within 12 months
. . . . Beyond 12 months	342.083	490.322
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	2.792.225	3.000.313	2.199.714
. . . . Within 12 months	2.792.225	3.000.313	2.199.714
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	69.598	194.101	193.231
. . . . Within 12 months	69.598	194.101	193.231
. . . . Beyond 12 months
. . Due to social security and welfare inst.	140.543	133.028	126.149
. . . . Within 12 months	140.543	133.028	126.149
. . . . Beyond 12 months
. . Other payables	1.158.068	1.432.948	449.800
. . . . Within 12 months	1.135.003	1.411.573	435.565
. . . . Beyond 12 months	23.065	21.375	14.235
Total accounts payable	6.542.014	7.290.209	6.008.391
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	8.573	8.573	28.573
Total adjustment accounts	8.573	8.573	28.573
TOTAL LIABILITIES	22.018.665	22.893.749	21.935.058

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	11.445.280	11.965.814	11.740.661
. Changes in work in progress	92.280	-15.994	118.432
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	209.020	147.227	118.767
. . Contributions for operating expenses
. . Different income and revenues	209.020	147.227	118.767
Total value of production	11.746.580	12.097.047	11.977.860
PRODUCTION COSTS
. Raw material,other materials and consum.	3.496.771	3.602.661	3.717.867
. Services received	4.086.222	4.191.604	4.280.930
. Leases and rentals	65.942	54.898	46.634
. Payroll and related costs	2.418.041	2.191.300	2.142.522
. . Wages and salaries	1.755.138	1.605.865	1.594.652
. . Social security contributions	532.519	465.256	447.024
. . Employee termination indemnities	130.384	120.179	100.846
. . Pension and similar
. . Other costs
. Amortization and depreciation	554.050	1.317.609	573.667
. . Amortization of intangible fixed assets	6.200	6.200	4.000
. . Amortization of tangible fixed assets	340.706	318.162	281.135
. . Depreciation of tangible fixed assets	107.550	696.200
. . Writedown of current receiv.and of liquid	99.594	297.047	288.532
. Changes in raw materials	58.249	-500.248	-247.724
. Provisions to risk reserves	68.899	84.201
. Other provisions
. Other operating costs	497.454	357.524	489.530
Total production costs	11.245.628	11.299.549	11.003.426
Diff. between value and cost of product.	500.952	797.498	974.434
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	41.829	165.907	83.939
. . 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	23.333	133.136	40.897
. . Financ.income other than the above	18.496	32.771	43.042
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	18.496	32.771	43.042
. Interest and other financial expense	-68.827	-74.352	-189.522
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-26.998	91.555	-105.583
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		235.580	114.126
. . Gains on disposals		2.050	2.162
. . Other extraordinary income		233.530	111.964
. Extraordinary expense		-80.767	-173.283
. . Losses on disposals		-45.241
. . Taxes relating to prior years
. . Other extraordinary expense		-35.526	-173.283
Total extraordinary income and expense		154.813	-59.157
Results before income taxes	473.954	1.043.866	809.694
. Taxes on current income	218.247	291.246	361.003
. . current taxes	173.641	540.314	432.503
. . differed taxes(anticip.)		-249.068	-71.500
. Net income for the period	255.707	752.620	448.691
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	255.707	752.620	448.691

RATIOS

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,23	0,21	0,24	0,25
Elasticity Ratio	Units	0,77	0,78	0,76	0,72
Availability of stock	Units	0,24	0,23	0,23	0,17
Total Liquidity Ratio	Units	0,53	0,55	0,52	0,50
Quick Ratio	Units	0,27	0,31	0,23	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,13	0,09	0,02	2,61
Self Financing Ratio	Units	0,66	0,65	0,65	0,21
Capital protection Ratio	Units	0,57	0,54	0,55	0,71
Liabilities consolidation quotient	Units	0,30	0,40	0,62	0,24
Financing	Units	0,45	0,49	0,42	3,54
Permanent Indebtedness Ratio	Units	0,74	0,74	0,77	0,40
M/L term Debts Ratio	Units	0,07	0,10	0,11	0,12
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,84
CORRELATION
Fixed assets ratio	Units	3,28	3,47	3,14	1,46
Current ratio	Units	3,17	3,24	4,19	1,20
Acid Test Ratio-Liquidity Ratio	Units	2,19	2,28	2,91	0,85
Structure's primary quotient	Units	2,95	3,02	2,68	0,86
Treasury's primary quotient	Units	1,11	1,28	1,29	0,04
Rate of indebtedness ( Leverage )	%	150,44	154,90	153,10	477,50
Current Capital ( net )	Value	11.655.820	12.427.482	12.615.412	239.373
RETURN
Return on Sales	%	7,08	17,30	8,71	4,32
Return on Equity - Net- ( R.O.E. )	%	1,75	5,09	3,13	4,61
Return on Equity - Gross - ( R.O.E. )	%	3,24	7,06	5,65	17,61
Return on Investment ( R.O.I. )	%	2,28	3,48	4,44	4,75
Return/ Sales	%	4,38	6,66	8,30	4,25
Extra Management revenues/charges incid.	%	51,04	94,37	46,05	18,91
Cash Flow	Value	809.757	2.070.229	1.022.358	138.084
Operating Profit	Value	500.952	797.498	974.434	154.078
Gross Operating Margin	Value	1.123.901	2.199.308	1.548.101	301.188
MANAGEMENT
Credits to clients average term	Days	144,94	135,52	174,10	110,83
Debts to suppliers average term	Days	131,42	137,61	98,43	121,75
Average stock waiting period	Days	166,21	160,03	155,81	60,34
Rate of capital employed return ( Turnover )	Units	0,52	0,52	0,54	1,12
Rate of stock return	Units	2,17	2,25	2,31	5,95
Labour cost incidence	%	21,13	18,31	18,25	21,94
Net financial revenues/ charges incidence	%	-0,24	0,77	-0,90	-1,47
Labour cost on purchasing expenses	%	21,50	19,39	19,47	22,33
Short-term financing charges	%	1,05	1,02	3,15	2,84
Capital on hand	%	192,38	191,33	186,83	89,18
Sales pro employee	Value	152.603	175.967	177.888	165.709
Labour cost pro employee	Value	32.240	32.225	32.462	32.656

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	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.171\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.171\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.171\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.171\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.171\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.171\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 1.023 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 122 dd.

The sector's profitability is on an average of 4,32%.

The labour cost affects the turnover in the measure of 21,94%.

Goods are held in stock in a range of 60 dd.

The difference between the sales volume and the resources used to realize it is about 1,12.

The employees costs represent the 22,33% 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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.02
UK Pound	1	INR 91.46
Euro	1	INR 80.09
Euro	1	INR 80.07

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

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

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit