MIRA INFORM REPORT

Report No. :	504152
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	INTER-KOM S.P.A
Registered Office :	Via Bernini, 20, 80129- Napoli(NA)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	26.04.1977
Legal Form :	Joint stock company
Line of Business :	· Wholesale of sugar and chocolate and sugar confectionery · Wholesale of coffee, tea, cocoa and spices · Retail sale of cakes, sweets and confectionery
No. of Employees :	From 6 to 10

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	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	A1	A1

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

ITALY - ECONOMIC OVERVIEW

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

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. 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

Inter-kom S.p.a.

Via

Bernini,

20

80129

- Napoli

(NA)

-IT-

Summary

Fiscal Code	:	01347530634
Legal Form	:	Joint stock company
start of Activities	:	02/05/1978
Equity	:	Over 2.582.254
Turnover Range	:	35.000.000/50.000.000
Number of Employees	:	fom 6 to 10

Activity

Wholesale of sugar and chocolate and sugar confectionery

Wholesale of coffee, tea, cocoa and spices

Retail sale of cakes, sweets and confectionery

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01347530634

Foreign Trade Reg. no. : NA002611 since 23/01/1992

Chamber of Commerce no. : 331355 of Genova

Chamber of Commerce no. : 306075 of Napoli since 19/05/1977

Firms' Register : NA049-1977-883 of Napoli since 19/02/1996

V.A.T. Code : 01347530634

Foundation date	: 26/04/1977
Establishment date	: 26/04/1977
Start of Activities	: 02/05/1978
Legal duration	: 31/12/2100
Nominal Capital	: 108.465
Subscribed Capital	: 108.465
Paid up Capital	: 108.465

Legal mail :

INTERKOM@PEC.SINAPSIS-SRL.NET

Members

Kimbo S.p.a.

Residence:

Bernini

, 20

- 80129

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Delehaye

Alfredo

Born in Napoli

(NA)

on 08/05/1949

- Fiscal Code : DLHLRD49E08F839V

Residence:

Suarez

, 38

- 80129

Napoli

(NA)

- IT -

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

No Prejudicial events are reported

No Protests registered

Rubino

Mario

Born in Napoli

(NA)

on 17/12/1963

- Fiscal Code : RBNMRA63T17F839R

Residence:

Domenico Cimarosa

, 37

- 80127

Napoli

(NA)

- IT -

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

Amabile

Luca

Born in Napoli

(NA)

on 19/05/1983

- Fiscal Code : MBLLCU83E19F839E

Residence:

Francesco Petrarca

, 203

- 80122

Napoli

(NA)

- IT -

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

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.

Delehaye

Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Racam Srl	Gragnano (NA) - IT -	03303970630	Chairman of the Board of Aud.	Withdrawn	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Director	Withdrawn	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Permanent Auditor	Withdrawn	Registered
Industria Meccanica Varricchio - I.me.va. S.p.a.	Benevento (BN) - IT -	00041200627	Board Chairman	Withdrawn	Registered
* Ceccarelli Legnami S.r.l.	Cervinara (AV) - IT -	01595050640	Temporary Auditor	Withdrawn	Registered
Fonderie Pisano E C. - S.p.a.	Salerno (SA) - IT -	00181930652	Chairman of the Board of Aud.	Active	Registered
S. Passalacqua S.p.a.	Casavatore (NA) - IT -	00267980639	Permanent Auditor	Withdrawn	Registered
Kimbo S.p.a.	Napoli (NA) - IT -	00275560639	Permanent Auditor	Withdrawn	Registered
Tarquinio Vessa - S.r.l.	Salerno (SA) - IT -	00071620652	Permanent Auditor	Withdrawn	In liquidation
Carlo Gallinoro E Figli S.r.l.	Napoli (NA) - IT -	04194210631	Chairman of the Board of Aud.	Active	Registered
Carlo Gallinoro E Figli S.r.l.	Napoli (NA) - IT -	04194210631	Permanent Auditor	Active	Registered
Burrificio La Goccia Bianca S.r.l. InSigla La Goccia Bianca S .r.l.	Agerola (NA) - IT -	05491210638	Chairman of the Board of Aud.	Active	Registered
Ga. Fi. S.r.l. In Liquidazione	Casalnuovo di Napoli (NA) - IT -	05779460632	Chairman of the Board of Aud.	Withdrawn	Bankrupt
Ecopolimeri S.r.l.	Napoli (NA) - IT -	06176740634	Temporary Auditor	Withdrawn	Registered
Liguori Editore S.r.l.	Napoli (NA) - IT -	00273040634	Permanent Auditor	Withdrawn	Registered
Tim S.r.l.	Benevento (BN) - IT -	00607220621	Chairman of the Board of Aud.	Withdrawn	Registered
Antonio Amato E C.molini E Pastifici InSalerno S.p.a. In Liquida Zione	Salerno (SA) - IT -	00170860654	Permanent Auditor	-	Bankrupt
Antonio Amato E C.molini E Pastifici InSalerno S.p.a. In Liquida Zione	Salerno (SA) - IT -	00170860654	Temporary Auditor	Withdrawn	Bankrupt
Societa' Industriale Prefabbricati Armati-sipa S.p.a.	Benevento (BN) - IT -	00040740623	Permanent Auditor	Active	Registered
Del Bo S.p.a.	Napoli (NA) - IT -	00507550630	Chairman of the Board of Aud.	Withdrawn	Registered
DUILIO MORI S.A.S. DI ANNA AMBROSIO	Napoli (NA) - IT -	03337260636	Chairman of the Board of Aud.	Withdrawn	Ceased
La Cartotecnica Meridionale S.r.l.	Torre del Greco (NA) - IT -	03266130636	Chairman of the Board of Aud.	Withdrawn	Registered
SOGEFA S.R.L.	Napoli (NA) - IT -	03459880633	Chairman of the Board of Aud.	Withdrawn	Registered
Industria Lattiero Casearia La Mediterranea S.p.a.	Napoli (NA) - IT -	04022900635	Chairman of the Board of Aud.	Active	Registered
Arredo Sud S.r.l.	Sant'Antimo (NA) - IT -	05773420632	Chairman of the Board of Aud.	-	Bankrupt
Del Bo Impianti S.r.l.	Napoli (NA) - IT -	06224510633	Temporary Auditor	Withdrawn	Registered
D'amato Di Navigazione S.p.a.	Napoli (NA) - IT -	06294230633	Temporary Auditor	Withdrawn	Registered
Pastificio Lucio Garofalo S.p.a	Gragnano (NA) - IT -	03320410651	Chairman of the Board of Aud.	Withdrawn	Registered
Pastificio Lucio Garofalo S.p.a	Gragnano (NA) - IT -	03320410651	Temporary Auditor	Withdrawn	Registered
Plus Societa' Agricola S.r.l.	Sessa Aurunca (CE) - IT -	01578900613	Permanent Auditor	Withdrawn	Registered
Impresit S.p.a.	Casoria (NA) - IT -	03372951214	Chairman of the Board of Aud.	Active	Registered
Sideralba S.p.a	Acerra (NA) - IT -	02731591216	Chairman of the Board of Aud.	Active	Registered
I.s.o. - S.r.l.	Afragola (NA) - IT -	03312121217	Chairman of the Board of Aud.	Withdrawn	Registered
N.e.m.-nuova Edilizia Monumentale Srl	Napoli (NA) - IT -	01421160639	Chairman of the Board of Aud.	Withdrawn	Registered
A.c.m. S.p.a. - Azienda Commerciale Meridionale.	Torre del Greco (NA) - IT -	05122940637	Chairman of the Board of Aud.	Withdrawn	Registered
Immobiliare Campania - I.cam. S.r.l. InLiquidazione	Napoli (NA) - IT -	01262170630	Permanent Auditor	Withdrawn	Ceased
Del Bo Servizi S.p.a.	Milano (MI) - IT -	06271420637	Permanent Auditor	Withdrawn	Registered
Curat Et Sanat S.r.l.	Telese Terme (BN) - IT -	00077310621	Chairman of the Board of Aud.	Active	Registered
Curat Et Sanat S.r.l.	Telese Terme (BN) - IT -	00077310621	Permanent Auditor	Withdrawn	Registered
Percorsi S.r.l.	Torre del Greco (NA) - IT -	06026441003	Chairman of the Board of Aud.	Withdrawn	Registered
Mandara Group S.p.a.	Napoli (NA) - IT -	03893791214	Chairman of the Board of Aud.	Withdrawn	Registered
La Perla Conserve S.r.l. In Liquidazione	Sant'Antonio Abate (NA) - IT -	04472660655	Chairman of the Board of Aud.	Withdrawn	In liquidation
Imperati Group Srl	Agerola (NA) - IT -	05419570964	Permanent Auditor	Active	Registered
Gommisti E Gommisti S.p.a In Liquidazione	Casoria (NA) - IT -	05001631216	Chairman of the Board of Aud.	Withdrawn	Registered
Starcom Veicoli Industriali S.r.l.	Afragola (NA) - IT -	04837151218	Chairman of the Board of Aud.	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
Kimbo S.p.a.	Napoli - IT -	00275560639	36.155 .Eur	33,33
Rubino Paola	Napoli - IT -	RBNPLA64M61F839J	12.051 .Eur	11,10
Evangelista Gerardo	Napoli - IT -	VNGGRD78C24F839O	6.024 .Eur	5,54
Evangelista Luigi		VNGLGU73E30F839J	6.024 .Eur	5,54
Amabile Luca	Napoli - IT -	MBLLCU83E19F839E	6.024 .Eur	5,54
Amabile Roberto		MBLRRT85L23F839W	6.024 .Eur	5,54
Rubino Alice		RBNLCA01R41F839D	6.043 .Eur	5,57
Rubino Elio		RBNLEI99B23F839O	6.043 .Eur	5,57
Rubino Maria Francesca		RBNMFR97M49F839I	5.991 .Eur	5,52
Vetrano Emanuela		VTRMNL94E54F839U	9.038 .Eur	8,33
Vetrano Federica		VTRFRC97C44F839Q	9.038 .Eur	8,33

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
Il Polo Del Caffe' S.r.l.	Nola - IT -	08864521219	10.000 .Eur	4,83			Active

Firm's location and structure

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

-	Legal and operative seat

Bernini

, 20

- 80100

- Napoli

(NA)

- IT -

PHONE

: 0815780079

FAX	: 0815564504

Email

: info@interkom.it

Website

: www.interkom.it

Legal mail

: INTERKOM@PEC.SINAPSIS-SRL.NET

-

Branch

(Representative office)

since 11/08/2011

Strada Le Thanh Ton

, 2BIS 4-6

- Ho Chi Minh

- IT -

-

Branch

(Warehouse)

since 30/11/2011

Bosco Fangone Lotto D

, 201-202

- 80035

- Nola

(NA)

- IT -

-

Branch

(Warehouse)

since 07/09/2016

Bosco Fangone Lotto D

, 203- 204

- 80035

- Nola

(NA)

- IT -

Employees

: 10

Fittings and Equipment for a value of 82.000

Eur

Stocks for a value of 1.790.000

Eur

for a value of 77.000

Eur

Vehicles for a value of 10.000

Eur

for a value of 26.000

Eur

Trade organization: direct or by agents.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

- Holland

- Germany

- Great Britain

- Poland

- France

- Cyprus

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
NAPOLI (NA)	Buildings	1	13/04/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	NAPOLI (NA) GALLERIA PRIVATA VANVITELLI, 2 Piano 3 int. 6/8	AVV/15	919	105	zona6 cat. A/10	2	13 vani	Euro:7.721,03

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Company's starting of activities dates back to 1978.

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 10,15% in 2016

The operating result was positive in the last financial year (3,62%) and reflects the field's average.

The amount of the operating result for the year 2016 is of Eur. 760.221 with no increase in relation to the financial year 2015.

During the latest financial year the gross operating margin amounted to Eur. 885.035 ,with no change if compared to the year before.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,63) and falling as against the previous year (1,96).

Subject can manage an equity capital funds for an amount of Eur. 6.968.077 on stable levels.

Eur. 13.568.041 is the amount of total debts, both commercial and of different nature, , a more or less stable value.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 5,29 gg. is the payments' average time which is also lower than the sector average.

The management determines a good range of liquidity.

Trade credits average terms are 87,55 days. , within the sector's average.

The financial management generated a cash flow of Eur. 832.263.

In the last financial year labour cost was of Eur. 649.892, with a 1,36% incidence on total costs of production. , whereas 1,36% is the incidence on sales revenues.

No incidence of financial charges as lower than the incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	47.754.522
Profit (Loss) for the period	707.449

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	57.717.529
Profit (Loss) for the period	327.335

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	42.639.275
Profit (Loss) for the period	419.933

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	31.343.648
Profit (Loss) for the period	-12.915

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	43.210.900
Profit (Loss) for the period	111.863

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	39.090		1.074
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	3.345	3.700	4.054
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	42.435	3.700	5.128
. TANGIBLE FIXED ASSETS
. . Real estate	1.997.438	2.049.726	2.102.014
. . Plant and machinery	35.311	11.814	16.561
. . Industrial and commercial equipment	46.757	28.021	14.492
. . Other assets	10.624	11.799	5.830
. . Assets under construction and advances
. Total Tangible fixed assets	2.090.130	2.101.360	2.138.897
. FINANCIAL FIXED ASSETS
. . Equity investments	79	79	79
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	79	79	79
. . Financial receivables	19.431	19.395	19.395
. . . . Within 12 months	19.431	19.395	19.395
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	19.431	19.395	19.395
. . . . Within 12 months	19.431	19.395	19.395
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	19.510	19.474	19.474
Total fixed assets	2.152.075	2.124.534	2.163.499
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	1.792.314	1.749.141	2.480.152
. . Advance payments
. Total Inventories	1.792.314	1.749.141	2.480.152
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	14.109.984	14.988.669	9.134.995
. . Beyond 12 months
. . Trade receivables	11.613.244	13.903.389	7.942.068
. . . . Within 12 months	11.613.244	13.903.389	7.942.068
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	993.819	119.555	636.105
. . . . Within 12 months	993.819	119.555	636.105
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	58.120	104.817	14.220
. . . . Within 12 months	58.120	104.817	14.220
. . . . Beyond 12 months
. . Receivables for anticipated taxes	29.053	47.330	31.045
. . . . Within 12 months	29.053	47.330	31.045
. . . . Beyond 12 months
. . Receivables due from third parties	1.415.748	813.578	511.557
. . . . Within 12 months	1.415.748	813.578	511.557
. . . . Beyond 12 months
. Total Credits not held as fixed assets	14.109.984	14.988.669	9.134.995
. 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	418.084
. LIQUID FUNDS
. . Bank and post office deposits	2.211.768	3.134.886	3.081.330
. . Checks
. . Banknotes and coins	513	910	691
. Total Liquid funds	2.212.281	3.135.796	3.082.021
Total current assets	18.532.663	19.873.606	14.697.168
ADJUSTMENT ACCOUNTS
. Discount on loans			13.044
. Other adjustment accounts	291.686	233.130
Total adjustments accounts	291.686	233.130	13.044
TOTAL ASSETS	20.976.424	22.231.270	16.873.711
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	108.465	108.465	108.465
. Additional paid-in capital
. Revaluation reserves	1.378.562	1.378.562	1.378.562
. Legal reserve	23.309	23.309	23.309
. Reserve for Own shares
. Statute reserves
. Other reserves	4.750.292	4.528.237	4.229.684
. Accumulated Profits (Losses)			-12.915
. Profit( loss) of the year	707.449	327.335	419.933
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	6.968.077	6.365.908	6.147.038
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	25.755	24.371	23.268
. . Taxation fund, also differed	1.007
. . Other funds	183.804
Total Reserves for Risks and Charges	210.566	24.371	23.268
Employee termination indemnities	213.843	196.095	203.264
ACCOUNTS PAYABLE
. . . . Within 12 months	13.568.041	15.630.543	10.487.562
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	12.095.418	15.115.497	9.849.868
. . . . Within 12 months	12.095.418	15.115.497	9.849.868
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	619.763	290.403	375.815
. . . . Within 12 months	619.763	290.403	375.815
. . . . 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	72.556	30.187	113
. . . . Within 12 months	72.556	30.187	113
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	210.100	22.563	129.754
. . . . Within 12 months	210.100	22.563	129.754
. . . . Beyond 12 months
. . Due to social security and welfare inst.	42.462	37.294	34.620
. . . . Within 12 months	42.462	37.294	34.620
. . . . Beyond 12 months
. . Other payables	527.742	134.599	97.392
. . . . Within 12 months	527.742	134.599	97.392
. . . . Beyond 12 months
Total accounts payable	13.568.041	15.630.543	10.487.562
ADJUSTMENT ACCOUNTS
. Agio on loans			12.579
. Other adjustment accounts	15.897	14.353
Total adjustment accounts	15.897	14.353	12.579
TOTAL LIABILITIES	20.976.424	22.231.270	16.873.711

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	335.240
Risk accounts	2.438.916
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	47.754.522	57.717.529	42.639.275
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	871.141	63.560.032	58.897.282
. . Contributions for operating expenses
. . Different income and revenues	871.141	63.560.032	58.897.282
Total value of production	48.625.663	121.277.561	101.536.557
PRODUCTION COSTS
. Raw material,other materials and consum.	45.219.005	116.972.509	98.969.364
. Services received	1.646.407	2.139.694
. Leases and rentals	209.770	109.752	1.766.044
. Payroll and related costs	649.892	506.751	471.769
. . Wages and salaries	466.720	352.561	330.016
. . Social security contributions	151.288	127.618	117.172
. . Employee termination indemnities	28.935	23.630	22.453
. . Pension and similar
. . Other costs	2.949	2.942	2.128
. Amortization and depreciation	124.814	116.726	108.575
. . Amortization of intangible fixed assets	8.175	1.429	1.429
. . Amortization of tangible fixed assets	62.821	61.601	63.726
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	53.818	53.696	43.420
. Changes in raw materials	-43.173	731.011	-557.556
. Provisions to risk reserves
. Other provisions
. Other operating costs	58.727	32.902	32.132
Total production costs	47.865.442	120.609.345	100.790.328
Diff. between value and cost of product.	760.221	668.216	746.229
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	510.029	442.424	91.126
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	510.029		91.126
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	510.029		91.126
. Interest and other financial expense	-197.447	-225.683	-185.897
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-185.897
Total financial income and expense	312.582	216.741	-94.771
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	597.694
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	597.694
. Devaluation	-597.694
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-597.694
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		8.898	2.462
. . Gains on disposals
. . Other extraordinary income		8.898	2.462
. Extraordinary expense		-418.734	-15.962
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-418.734	-15.962
Total extraordinary income and expense		-409.836	-13.500
Results before income taxes	1.072.803	475.121	637.958
. Taxes on current income	365.354	147.786	218.025
. . current taxes	348.977	162.552	218.025
. . differed taxes(anticip.)		-14.766
. Net income for the period	707.449	327.335	419.933
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	707.449	327.335	419.933

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	0,10	0,10	0,13	0,13
Elasticity Ratio	Units	0,88	0,89	0,87	0,85
Availability of stock	Units	0,09	0,08	0,15	0,16
Total Liquidity Ratio	Units	0,80	0,82	0,72	0,62
Quick Ratio	Units	0,13	0,14	0,18	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,63	1,96	1,20	5,02
Self Financing Ratio	Units	0,33	0,29	0,36	0,13
Capital protection Ratio	Units	0,88	0,93	0,91	0,58
Liabilities consolidation quotient	Units	0,02	0,01	0,02	0,10
Financing	Units	1,95	2,46	1,71	6,17
Permanent Indebtedness Ratio	Units	0,34	0,30	0,38	0,25
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,07
Net Financial Indebtedness Ratio	Units	1,42	1,88	1,10	1,16
CORRELATION
Fixed assets ratio	Units	3,34	3,09	2,94	1,57
Current ratio	Units	1,37	1,27	1,40	1,09
Acid Test Ratio-Liquidity Ratio	Units	1,23	1,16	1,16	0,85
Structure's primary quotient	Units	3,24	3,00	2,84	0,96
Treasury's primary quotient	Units	0,19	0,20	0,29	0,05
Rate of indebtedness ( Leverage )	%	301,04	349,22	274,50	743,68
Current Capital ( net )	Value	4.964.622	4.243.063	4.209.606	70.465
RETURN
Return on Sales	%	1,74	0,77	1,24	1,66
Return on Equity - Net- ( R.O.E. )	%	10,15	5,14	6,83	6,68
Return on Equity - Gross - ( R.O.E. )	%	15,40	7,46	10,38	19,39
Return on Investment ( R.O.I. )	%	3,62	3,01	4,42	3,84
Return/ Sales	%	1,59	1,16	1,75	2,16
Extra Management revenues/charges incid.	%	93,06	48,99	56,27	28,56
Cash Flow	Value	832.263	444.061	528.508	48.046
Operating Profit	Value	760.221	668.216	746.229	59.910
Gross Operating Margin	Value	885.035	784.942	854.804	99.701
MANAGEMENT
Credits to clients average term	Days	87,55	86,72	67,05	86,56
Debts to suppliers average term	Days	5,29	0,97	1,34	100,32
Average stock waiting period	Days	13,51	10,91	20,94	31,97
Rate of capital employed return ( Turnover )	Units	2,28	2,60	2,53	1,82
Rate of stock return	Units	26,64	33,00	17,19	11,18
Labour cost incidence	%	1,36	0,88	1,11	5,95
Net financial revenues/ charges incidence	%	0,65	0,38	-0,22	-0,81
Labour cost on purchasing expenses	%	1,36	0,42	0,47	5,95
Short-term financing charges	%	1,46	1,44	1,77	2,18
Capital on hand	%	43,93	38,52	39,57	54,67
Sales pro employee	Value	2.387.726	5.247.048	3.045.662	507.074
Labour cost pro employee	Value	32.494	46.068	33.697	32.650

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	:	3.092.859
Population living in the region	:	5.788.986
Number of families in the region	:	1.966.064

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

- per food products	:	475
- per non food products	:	1.304
- per energy consume	:	79

Sector Data

The values are calculated on a base of 5.101 significant companies.

The companies cash their credits on an average of 87 dd.

The average duration of suppliers debts is about 100 dd.

The sector's profitability is on an average of 1,66%.

The labour cost affects the turnover in the measure of 5,95%.

Goods are held in stock in a range of 32 dd.

The difference between the sales volume and the resources used to realize it is about 1,82.

The employees costs represent the 5,95% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered remarkably risky.

In the region 80.616 protested subjects are found; in the province they count to 41.815.

The insolvency index for the region is 1,40, , while for the province it is 1,36.

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30
Euro	1	INR 81.34

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

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.