3decades

MIRA INFORM REPORT

Report No. :	505055
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	ROTONDI GROUP SRL

Registered Office :	Via Fratelli Rosselli, 14/16 20019 - Settimo Milanese (MI) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	16.02.1990

Legal Form :	Limited liability company

Line of Business :	Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)

No. of Employees :	From 11 to 15

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	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

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

Rotondi Group Srl

Via Fratelli Rosselli, 14/16

20019 - Settimo Milanese (MI) -IT-

Summary

Fiscal Code	:	09975740151
Legal Form	:	Limited liability company
start of Activities	:	16/02/1990
Equity	:	1.500.000
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)

Legal Data

Legal Form : Limited liability company

Fiscal Code : 09975740151

Foreign Trade Reg. no. : MI154159 since 21/04/1992

Foreign Trade Reg. no. : 154159 of Milano since 21/04/1992

Chamber of Commerce no. : 607085 of Bari

Chamber of Commerce no. : 1331997 of Milano since 22/03/1990

Chamber of Commerce no. : 1489101 of Roma

Firms' Register : MI146-302740 of Milano since 19/02/1996

V.A.T. Code : 09975740151

Establishment date	: 16/02/1990
Start of Activities	: 16/02/1990
Legal duration	: 31/12/2050
Nominal Capital	: 750.000
Subscribed Capital	: 750.000
Paid up Capital	: 750.000

Legal mail :

AMMINISTRAZIONE@PEC.UNIONEARTIGIANI.IT

Members

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Rotondi

Pierfrancesco

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Born in Milano

(MI)

on 29/09/1938

- Fiscal Code : RTNPFR38P29F205A

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Residence:

Venezia

, 3

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/12/2000
Board Chairman	15/12/2000
Managing Director	15/12/2000

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No Prejudicial events are reported

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No Protests registered

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Pozzi

Eugenia

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Born in Milano

(MI)

on 12/02/1942

- Fiscal Code : PZZGNE42B52F205V

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Residence:

Battisti

, 17

- 20019

Settimo Milanese

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/12/2000
Managing Director	15/12/2000

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No Prejudicial events are reported

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No Protests registered

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Rotondi

Davide Giuseppe

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Born in Milano

(MI)

on 01/05/1967

- Fiscal Code : RTNDDG67E01F205N

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Residence:

Catalani

, 51/53

- 20019

Settimo Milanese

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/12/2000
Managing Director	15/12/2000

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No Prejudicial events are reported

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No Protests registered

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Rotondi

Andrea

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Born in Milano

(MI)

on 11/06/1970

- Fiscal Code : RTNNDR70H11F205M

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Residence:

Ciniselli

, 2/D

- 20019

Settimo Milanese

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/12/2000
Managing Director	15/12/2000
Attorney with special power	10/01/2011

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No Prejudicial events are reported

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No Protests registered

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Rotondi Holding S.r.l.

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Venezia

, 3

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	13/12/2017

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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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Rotondi

Pierfrancesco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Board Chairman	Withdrawn	Registered
Rotondi Holding S.r.l.	Milano (MI) - IT -	10125680966	Sole Director	Active	Registered

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Pozzi

Eugenia

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ROTONDI SNC DI EUGENIA POZZI E C.	SETTIMO MILANESE (MI) - IT -	08012910157	Partner of unlimit. partnership	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Partner	Withdrawn	Registered
Dear Fin S.r.l.	Milano (MI) - IT -	03624260968	Sole Director	Active	Registered

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Rotondi

Davide Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ROTONDI SNC DI EUGENIA POZZI E C.	SETTIMO MILANESE (MI) - IT -	08012910157	Partner of unlimit. partnership	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Partner	Withdrawn	Registered

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Rotondi

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
ROTONDI SNC DI EUGENIA POZZI E C.	SETTIMO MILANESE (MI) - IT -	08012910157	Partner of unlimit. partnership	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Sole Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Director	Withdrawn	Registered
Fas S.r.l.	Settimo Milanese (MI) - IT -	04788830968	Attorney with special power	Withdrawn	Registered
ERRESSE IMMOBILIARE S.R.L.	Pieve Emanuele (MI) - IT -	03379470960	Sole Director	Withdrawn	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
Rotondi Holding S.r.l.	Milano - IT -	10125680966	750.000 .Eur	100,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

Legal and operative seat

Fratelli Rosselli

, 14/16

- 20019

- Settimo Milanese

(MI)

- IT -

PHONE

: 0233501224

FAX

: 0233501329

Legal mail

: AMMINISTRAZIONE@PEC.UNIONEARTIGIANI.IT

Branch

(Warehouse)

since 26/10/2000

Liberta'

, 35

- 20019

- Settimo Milanese

(MI)

- IT -

Branch

(office)

since 12/09/2016

Di Sant'alessandro

, 349

- 00100

- Roma

(RM)

- IT -

Branch

(Showroom)

since 01/02/2018

F.t. Marinetti

, 2

- 70010

- Locorotondo

(BA)

- IT -

Employees

: 15

Fittings and Equipment for a value of 24.000

Eur

Stocks for a value of 970.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- importers

- its own sales net-work

- direct orders from foreign companies

Export is mainly towards:

- Italy

- Germany

- Ireland

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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Project of merging by taking over of

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$ BASED LIMITED

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

, E1w 1un Londra

- IT -

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Date

Merging/splitting-up project:

14/10/2014

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The firm absorbed by merging of

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$ BASED LIMITED

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

, E1w 1un Londra

- IT -

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Date

11/05/2015

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Project of splitting-up and tranfer into

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$ Dear Fin S.r.l.

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Venezia

, 3

, 20121

, Milano

(MI)

- IT -

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Fiscal Code: 03624260968

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Date

Merging/splitting-up project:

05/06/2015

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Splitting-up and transfer of assets to

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$ Dear Fin S.r.l.

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Venezia

, 3

, 20121

, Milano

(MI)

- IT -

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Fiscal Code: 03624260968

$Description: \\vivek-pc\E\505055_files\Vuoto.gif$

Date

Splitting-up:

29/09/2015

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 requested subject is not present c/o the CADASTRE OFFICES.

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 1990.

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 4,29% in 2016 with a remarkable upward trend (+13,2% on 2016 compared to 2015 and +15,2% on 2015 compared to 2014).

The operating result in 2016 was positive (1,54%) and reflects the field's average.

The amount of the operating result for the year 2016 is of Eur. 137.686 recording a drop as opposed to the year before (-28,76%).

The economic management produced a gross operating margin of Eur. 188.899 recording a -26,63% decrease.

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (4,09) with an upward trend.

With regard to equity capital, an amount of Eur. 1.038.917 is registered. on the same levels as the year before.

Eur. 6.422.319 is the amount of total debts, both commercial and of different nature, showing a stable trend as opposed to 2015 (Eur. 5.833.998).

The company does not exceed in bank credits; payments average period is instead slightly high (108,64 gg.) but lined up with the field's average.

The available funds are good.

Trade credits are collected slowly, average term is 132,89 days. but on the same levels as the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 95.833

Labour cost amounts to Eur. 786.540, with a 5,95% incidence on production costs. , whereas the incidence on sales revenues is of 5,86%.

The incidence of the financial charges is of -0,14% on the sales amount.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	13.416.531
Profit (Loss) for the period	44.620

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	11.851.562
Profit (Loss) for the period	38.597

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	10.287.017
Profit (Loss) for the period	26.412

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	9.347.129
Profit (Loss) for the period	15.803

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	9.824.597
Profit (Loss) for the period	13.889

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.	7.458	5.874	6.896
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	64.934	87.731	121.272
. Total Intangible Fixed Assets	72.392	93.605	128.168
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	14.788	16.759	18.731
. . Industrial and commercial equipment	9.658	15.309	20.960
. . Other assets	18.950	12.857	11.006
. . Assets under construction and advances
. Total Tangible fixed assets	43.396	44.925	50.697
. FINANCIAL FIXED ASSETS
. . Equity investments			553.051
. . . Equity invest. in subsidiary companies			553.051
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	37.747	37.747	10.714
. . . . Within 12 months	37.747	37.747	10.714
. . . . 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	37.747	37.747	10.714
. . . . Within 12 months	37.747	37.747	10.714
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	37.747	37.747	563.765
Total fixed assets	153.535	176.277	742.630
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	970.000	680.000	750.000
. . Advance payments
. Total Inventories	970.000	680.000	750.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	5.606.233	4.878.391	6.828.532
. . Beyond 12 months
. . Trade receivables	4.952.410	4.602.467	3.818.876
. . . . Within 12 months	4.952.410	4.602.467	3.818.876
. . . . Beyond 12 months
. . Receivables due from subsid. comp.		14.511	13.860
. . . . Within 12 months		14.511	13.860
. . . . 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	37.111	10.705	44.458
. . . . Within 12 months	37.111	10.705	44.458
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	616.712	250.708	2.951.338
. . . . Within 12 months	616.712	250.708	2.951.338
. . . . Beyond 12 months
. Total Credits not held as fixed assets	5.606.233	4.878.391	6.828.532
. 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	2.170.632	2.496.964	2.546.161
. . Checks
. . Banknotes and coins	553	6.067	334
. Total Liquid funds	2.171.185	2.503.031	2.546.495
Total current assets	8.747.418	8.061.422	10.125.027
ADJUSTMENT ACCOUNTS
. Discount on loans		17.085	23.412
. Other adjustment accounts	23.047
Total adjustments accounts	23.047	17.085	23.412
TOTAL ASSETS	8.924.000	8.254.784	10.891.069

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	750.000	750.000	750.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	15.392	13.472	12.151
. Reserve for Own shares
. Statute reserves	179.955	143.278	118.187
. Other reserves	48.950	48.946	-2
. Accumulated Profits (Losses)
. Profit( loss) of the year	44.620	38.597	26.412
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.038.917	994.293	906.748
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	1.002.699	1.002.699	1.002.699
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	1.002.699	1.002.699	1.002.699
Employee termination indemnities	459.002	423.794	386.269
ACCOUNTS PAYABLE
. . . . Within 12 months	6.422.319	5.833.998	8.593.347
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	590.000		900
. . . . Within 12 months	590.000		900
. . . . Beyond 12 months
. . Due to banks	667.064	868.570	1.032.249
. . . . Within 12 months	667.064	868.570	1.032.249
. . . . 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	3.819.417	3.444.584	3.194.749
. . . . Within 12 months	3.819.417	3.444.584	3.194.749
. . . . 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	170.961	225.448	161.085
. . . . Within 12 months	170.961	225.448	161.085
. . . . Beyond 12 months
. . Due to social security and welfare inst.	73.626	69.502	65.863
. . . . Within 12 months	73.626	69.502	65.863
. . . . Beyond 12 months
. . Other payables	1.101.251	1.225.894	4.138.501
. . . . Within 12 months	1.101.251	1.225.894	4.138.501
. . . . Beyond 12 months
Total accounts payable	6.422.319	5.833.998	8.593.347
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	1.063		2.006
Total adjustment accounts	1.063		2.006
TOTAL LIABILITIES	8.924.000	8.254.784	10.891.069

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	13.416.531	11.851.562	10.287.017
. Changes in work in progress	-77.000	34.500	125.400
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	21.899	6.360	22.895
. . Contributions for operating expenses
. . Different income and revenues	21.899	6.360	22.895
Total value of production	13.361.430	11.892.422	10.435.312
PRODUCTION COSTS
. Raw material,other materials and consum.	9.460.667	7.839.982	6.743.419
. Services received	3.088.679
. Leases and rentals	107.256	2.827.955	2.864.716
. Payroll and related costs	786.540	767.459	731.905
. . Wages and salaries	572.901	553.803	537.034
. . Social security contributions	163.892	170.618	154.805
. . Employee termination indemnities	42.759	40.388	39.926
. . Pension and similar
. . Other costs	6.988	2.650	140
. Amortization and depreciation	51.213	64.208	44.982
. . Amortization of intangible fixed assets	39.130	53.004	29.546
. . Amortization of tangible fixed assets	12.083	11.204	15.436
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-367.000	104.500	-94.600
. Provisions to risk reserves
. Other provisions
. Other operating costs	96.389	95.044	31.872
Total production costs	13.223.744	11.699.148	10.322.294
Diff. between value and cost of product.	137.686	193.274	113.018
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	101	662	973
. . 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	101	662	973
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	101	662	973
. Interest and other financial expense	-19.461	-11.241	-10.402
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-11.241	10.402
Total financial income and expense	-19.360	-10.579	-9.429
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense		-1	-1
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-1	-1
Total extraordinary income and expense		-1	-1
Results before income taxes	118.326	182.694	103.588
. Taxes on current income	73.706	144.097	77.176
. . current taxes	73.706	100.145	77.176
. . differed taxes(anticip.)		43.952
. Net income for the period	44.620	38.597	26.412
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	44.620	38.597	26.412

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	0,02	0,02	0,07	0,18
Elasticity Ratio	Units	0,98	0,98	0,93	0,80
Availability of stock	Units	0,11	0,08	0,07	0,24
Total Liquidity Ratio	Units	0,87	0,89	0,86	0,48
Quick Ratio	Units	0,24	0,30	0,23	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	4,09	3,35	6,67	3,25
Self Financing Ratio	Units	0,12	0,12	0,08	0,19
Capital protection Ratio	Units	0,24	0,21	0,14	0,63
Liabilities consolidation quotient	Units	0,07	0,07	0,04	0,19
Financing	Units	6,18	5,87	9,48	3,80
Permanent Indebtedness Ratio	Units	0,17	0,17	0,12	0,36
M/L term Debts Ratio	Units	0,05	0,05	0,04	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	9,76	8,04	1,74	1,75
Current ratio	Units	1,36	1,38	1,18	1,21
Acid Test Ratio-Liquidity Ratio	Units	1,21	1,27	1,09	0,81
Structure's primary quotient	Units	6,77	5,64	1,22	1,03
Treasury's primary quotient	Units	0,34	0,43	0,30	0,06
Rate of indebtedness ( Leverage )	%	858,97	830,22	1201,11	516,42
Current Capital ( net )	Value	2.325.099	2.227.424	1.531.680	422.465
RETURN
Return on Sales	%	0,71	0,87	0,69	3,35
Return on Equity - Net- ( R.O.E. )	%	4,29	3,88	2,91	5,13
Return on Equity - Gross - ( R.O.E. )	%	11,39	18,37	11,42	14,77
Return on Investment ( R.O.I. )	%	1,54	2,34	1,04	4,16
Return/ Sales	%	1,03	1,63	1,10	4,11
Extra Management revenues/charges incid.	%	32,41	19,97	23,37	28,57
Cash Flow	Value	95.833	102.805	71.394	122.482
Operating Profit	Value	137.686	193.274	113.018	144.752
Gross Operating Margin	Value	188.899	257.482	158.000	241.990
MANAGEMENT
Credits to clients average term	Days	132,89	139,80	133,64	111,85
Debts to suppliers average term	Days	108,64	116,24	119,70	128,30
Average stock waiting period	Days	26,03	20,66	26,25	80,43
Rate of capital employed return ( Turnover )	Units	1,50	1,44	0,94	1,08
Rate of stock return	Units	13,83	17,43	13,72	4,45
Labour cost incidence	%	5,86	6,48	7,11	19,12
Net financial revenues/ charges incidence	%	-0,14	-0,09	-0,09	-1,08
Labour cost on purchasing expenses	%	5,95	6,56	7,09	19,02
Short-term financing charges	%	0,30	0,19	0,12	2,68
Capital on hand	%	66,51	69,65	105,87	91,91
Sales pro employee	Value	559.022	515.285	467.591	198.432
Labour cost pro employee	Value	32.772	33.367	33.268	35.779

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	$Description: \\vivek-pc\E\505055_files\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: \\vivek-pc\E\505055_files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\vivek-pc\E\505055_files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\vivek-pc\E\505055_files\Spazio.gif$ 460
- per non food products	:	$Description: \\vivek-pc\E\505055_files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\vivek-pc\E\505055_files\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% 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 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
Euro	1	INR 81.28

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

INFORMATION DETAILS

Analysis Done by :	VAR

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