3decades

MIRA INFORM REPORT

Report No. :	505666
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	FREDDITALIA INTERNATIONAL SPA

Registered Office :	Via Dei Rigattieri, SNC LOC. LA Valle, 58043 - Castiglione Della Pescaia (GR)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	17.09.1981

Legal Form :	Joint Stock Company

Line of Business :	· Wholesale of food, beverages and tobacco · Non-specialized wholesale of deep-frozen products · Retail sale of deep-frozen products

No. of Employees :	From 51 To 70

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Maximum Credit Limit :	170.000 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ EUR.

Status :	Good

Payment Behaviour :	No Complaints

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 & address

FREDDITALIA INTERNATIONAL SPA

Via Dei Rigattieri, SNC LOC. LA Valle

58043 - Castiglione Della Pescaia (GR) -IT-

Summary

Fiscal Code	:	00640480539
Legal Form	:	Joint Stock Company
start of Activities	:	31/12/1980
Equity	:	Over 2.582.254
Turnover Range	:	35.000.000/50.000.000
Number of Employees	:	From 51 To 70

Credit Analysis

Credit Opinion

170.000 -

Activity

Wholesale of food, beverages and tobacco

Non-specialized wholesale of deep-frozen products

Retail sale of deep-frozen products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00640480539

Foreign Trade Reg. no. : GR001167 since 06/03/1992

Chamber of Commerce no. : 64599 of Grosseto since 02/10/1981

Chamber of Commerce no. : 121040 of Livorno

Firms' Register : GR011-3683 of Grosseto since 19/02/1996

V.A.T. Code : 00640480539

Foundation date	: 17/09/1981
Establishment date	: 17/09/1981
Start of Activities	: 31/12/1980
Legal duration	: 31/12/2050
Nominal Capital	: 1.300.000
Subscribed Capital	: 1.300.000
Paid up Capital	: 1.300.000

Legal mail :

FREDDITALIA@PEC.IT

Members

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Armellini

Marcello

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Born in Castiglione della Pescaia

(GR)

on 03/12/1940

- Fiscal Code : RMLMCL40T03C310P

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Residence:

Adamello

, 6

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/08/2017
Assistant board Chairman	30/08/2017

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No Prejudicial events are reported

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No Protests registered

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Iacobbe

Bruno

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Born in Francia

( )

on 29/06/1950

- Fiscal Code : CBBBRN50H29Z110E

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Residence:

La Santa

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/08/2017

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No Prejudicial events are reported

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Armellini

Andrea

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Born in Piombino

(LI)

on 20/12/1965

- Fiscal Code : RMLNDR65T20G687O

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Residence:

Le Vigne

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/08/2017
Board Chairman	30/08/2017

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No Prejudicial events are reported

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No Protests registered

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Armellini

Andrea

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Born in Piombino

(LI)

on 20/12/1965

- Fiscal Code : RMLNDR65T20G687O

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Residence:

Le Vigne

- 58043

Castiglione della Pescaia

(GR)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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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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Armellini

Marcello

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Scandinavian Brokerage Italia Srl	Castiglione della Pescaia (GR) - IT -	01080870536	Managing Director	Withdrawn	Registered
Hockey Club Castiglione S.r.l.	Castiglione della Pescaia (GR) - IT -	00937560530	Managing Director	Withdrawn	Ceased
Hockey Club Castiglione S.r.l.	Castiglione della Pescaia (GR) - IT -	00937560530	Director	Withdrawn	Ceased
Castiglione Isolabella S.r.l.	Castiglione della Pescaia (GR) - IT -	01199140532	Liquidator	Active	Registered
Castiglione Isolabella S.r.l.	Castiglione della Pescaia (GR) - IT -	01199140532	Board Chairman	Withdrawn	Registered
Fredditalia Di Armellini E C. S.n.c.	Castiglione della Pescaia (GR) - IT -	00080620537	Director	Withdrawn	Ceased
Fredditalia Di Armellini E C. S.n.c.	Castiglione della Pescaia (GR) - IT -	00080620537	Partner	Withdrawn	Ceased
Ares Di Trapani Giancarlo E C. Sas	Monteroni d'Arbia (SI) - IT -	00214750523	Limited Partner	Withdrawn	Ceased

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Armellini

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cosfer Srl	Collesalvetti (LI) - IT -	00380470492	Sole Director	Withdrawn	Registered
Se.com. S.r.l.	Castiglione della Pescaia (GR) - IT -	00942690538	Sole Director	Withdrawn	Registered
Se.com. S.r.l.	Castiglione della Pescaia (GR) - IT -	00942690538	Liquidator	Withdrawn	Registered
La Nuova Primizia Srl	Sutri (VT) - IT -	01377540560	Liquidator	Withdrawn	Ceased
Fred S.r.l.	Castiglione della Pescaia (GR) - IT -	01073000539	Sole Director	Withdrawn	Registered
Fred S.r.l.	Castiglione della Pescaia (GR) - IT -	01073000539	Liquidator	Withdrawn	Registered
Castiglione Isolabella S.r.l.	Castiglione della Pescaia (GR) - IT -	01199140532	Assistant board Chairman	Withdrawn	Registered
Fredditalia Di Armellini E C. S.n.c.	Castiglione della Pescaia (GR) - IT -	00080620537	Partner	Withdrawn	Ceased
Iacobbe Bruno	Castiglione della Pescaia (GR) - IT -	CBBBRN50H29Z110E	Proprietor	Withdrawn	Ceased

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
Armellini Andrea	Castiglione della Pescaia - IT -	RMLNDR65T20G687O	1.222.000 .Eur	94,00
Miranda Salvatore		MRNSVT68S25F839S	78.000 .Eur	6,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Cosfer Srl	Collesalvetti - IT -	00380470492	97.812 .Eur	99,00			Active
Castiglione Isolabella S.r.l.	Castiglione della Pescaia - IT -	01199140532	50.000 .Eur	50,00			Active
Consorzio Grosseto Energia - Societa' Co nsortile R.l. In Breve Co.gr.e. S.c.r.	Grosseto - IT -	01251730535	800 .Eur	1,96			Active

Firm's location and structure

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

Legal and operative seat

(Point of sale)

since 17/09/1981

Dei Rigattieri

, SNC

- 58043

- Castiglione della Pescaia

(GR)

- IT -

Total Surface: 20 Sq.mt.

Legal mail

: FREDDITALIA@PEC.IT

Branch

(Warehouse)

since 15/02/2001

Sacco E Vanzetti

, 1/B

- 57014

- Collesalvetti

(LI)

- IT -

Branch

(office)

since 01/02/2002

Dei Vasai

, SNC

- 58043

- Castiglione della Pescaia

(GR)

- IT -

PHONE

: 0564933666

PHONE

: 0564937229

FAX

: 0564953314

Branch

(Shop)

since 09/02/2017

Dei Rigattieri

, SNC

- 58043

- Castiglione della Pescaia

(GR)

- IT -

Employees

: 58

Fittings and Equipment for a value of 290.000

Eur

Stocks for a value of 9.810.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

Import comes generally from the following nations:

- Greece

- Spain

- Germany

- France

- Norway

- Belgium

- Denmark

- Holland

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
CASTIGLIONE DELLA PESCAIA (GR)	Buildings	10	18/04/2018
CASTIGLIONE DELLA PESCAIA (GR)	Land	3	18/04/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta'	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, Piano 1	104	148	6	cat. A/2	2	6 vani	Euro:681,72
B	Proprieta'	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, SNC Piano S1-T	104	148	8	cat. D/8			Euro: 9.954,00
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, Piano 1	104	82	10	cat. A/2	5	6 vani	Euro:1.115,55
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, SNC Piano 1	104	82	11	cat. C/2	5	160 mq	Euro:437,96
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, SNC Piano 1	104	82	12	cat. A/10	1	4,5 vani	Euro:2.486,74
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, Piano T	104	82	15	cat. C/3	5	28 mq	Euro:263,19
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, Piano T	104	82	16	cat. C/3	4	208 mq	Euro:1.675,80
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, SNC Piano T	104	82	25	cat. C/3	1	567 mq	Euro:2.869,74
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, SNC Piano T	104	82	26	cat. C/2	8	57 mq	Euro:250,22
B	Proprieta' per 1/1	CASTIGLIONE DELLA PESCAIA (GR) LOCALITA' LA VALLE, SNC Piano T	104	82	27	cat. C/2	9	100 mq	Euro:511,29

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1000/1000	CASTIGLIONE DELLA PESCAIA (GR)	104	238		ULIVETO	1	5 are 40 ca	R.D.Euro:2,23 R.A. Euro: 2,09	9028
L	Proprieta' per 1000/1000	CASTIGLIONE DELLA PESCAIA (GR)	104	318		ULIVETO	1	8 are 25 ca	R.D.Euro:3,41 R.A. Euro: 3,20	9028
L	Proprieta' per 1000/1000	CASTIGLIONE DELLA PESCAIA (GR)	104	586		ULIVETO	1	20 are 10 ca	R.D.Euro:8,30 R.A. Euro: 7,79	6260

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 1980

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

During the last years, it achieved profits (r.o.e. 5,94% on 2016) with a remarkable upward trend (+10,94% on 2016 compared to 2015 and +11,24% on 2015 compared to 2014).

The operating result was positive in the last financial year (3,78%) falling within the field's average.

The amount of the operating result is equal to Eur. 977.179 , on more or less the same values as in the year before.

The G.O.M. amounted to Eur. 1.133.537 on the same levels as the previous financial year.

Company's financial status is balanced since indebtedness is not high (2,57) with an improving trend as on the decrease.

It's shareholders funds amount to Eur. 4.423.901 , unchanged as opposed to the preceding year.

During the last financial year debts totalled Eur. 20.318.037 (Eur. 7.484.778 of which were m/l term debts) on the same levels as the year before.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest which turns out to be lined up with the sector.

The management determines a good range of liquidity.

Trade credits average terms are 69,07 days. , longer than the average of the sector.

During financial year 2016 the cash flow amounted to Eur. 419.333

In the last financial year labour cost was of Eur. 2.590.807, with a 6,17% incidence on total costs of production. , whereas the incidence on sales revenues is of 6,06%.

Financial charges have a limited incidence (-1,04%) on sales volume.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	42.780.755
Profit (Loss) for the period	262.975

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	38.560.220
Profit (Loss) for the period	223.260

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	34.663.981
Profit (Loss) for the period	65.524

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	32.586.959
Profit (Loss) for the period	71.746

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	31.394.538
Profit (Loss) for the period	68.444

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	56.133
. . Concessions,licenses,trademarks,etc.	10.671	12.481	11.293
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets		3.752	6.745
. Total Intangible Fixed Assets	66.804	16.233	18.038
. TANGIBLE FIXED ASSETS
. . Real estate	3.917.884	3.890.813	3.904.923
. . Plant and machinery	195.818	193.445	148.500
. . Industrial and commercial equipment	91.354	97.495	104.600
. . Other assets	365.687	367.509	339.549
. . Assets under construction and advances
. Total Tangible fixed assets	4.570.743	4.549.262	4.497.572
. FINANCIAL FIXED ASSETS
. . Equity investments	952.440	957.880	957.880
. . . Equity invest. in subsidiary companies	918.536	918.536	918.536
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	33.904	39.344	39.344
. . Financial receivables	80.274	102.794	99.283
. . . . Within 12 months			99.283
. . . . Beyond 12 months	80.274	102.794
. . . 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	80.274	102.794	99.283
. . . . Within 12 months			99.283
. . . . Beyond 12 months	80.274	102.794
. . Other securities	33.161	33.994	33.695
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.065.875	1.094.668	1.090.858
Total fixed assets	5.703.422	5.660.163	5.606.468
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	9.812.210	9.422.860	9.521.000
. . Advance payments
. Total Inventories	9.812.210	9.422.860	9.521.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	8.761.847	8.407.704	8.242.277
. . Beyond 12 months	19.378	194.053	83.996
. . Trade receivables	8.207.637	7.979.532	7.676.367
. . . . Within 12 months	8.207.637	7.979.532	7.676.367
. . . . Beyond 12 months
. . Receivables due from subsid. comp.			29
. . . . Within 12 months			29
. . . . 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	337.139	310.083	405.236
. . . . Within 12 months	337.139	310.083	405.236
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	236.449	312.142	244.641
. . . . Within 12 months	217.071	118.089	160.645
. . . . Beyond 12 months	19.378	194.053	83.996
. Total Credits not held as fixed assets	8.781.225	8.601.757	8.326.273
. 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	1.302.078	2.280.139	197.744
. . Checks	148.464
. . Banknotes and coins	14.505	64.398	42.070
. Total Liquid funds	1.465.047	2.344.537	239.814
Total current assets	20.058.482	20.369.154	18.087.087
ADJUSTMENT ACCOUNTS
. Discount on loans		159.692	131.861
. Other adjustment accounts	115.791
Total adjustments accounts	115.791	159.692	131.861
TOTAL ASSETS	25.877.695	26.189.009	23.825.416

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.300.000	1.300.000	1.300.000
. Additional paid-in capital
. Revaluation reserves	2.588.238	2.376.141	2.313.893
. Legal reserve	214.340	203.177	199.901
. Reserve for Own shares
. Statute reserves
. Other reserves	58.348	62.654	62.654
. Accumulated Profits (Losses)
. Profit( loss) of the year	262.975	223.260	65.524
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	4.423.901	4.165.232	3.941.972
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	4.306
Total Reserves for Risks and Charges	4.306
Employee termination indemnities	1.068.937	1.068.543	1.010.282
ACCOUNTS PAYABLE
. . . . Within 12 months	12.833.259	13.605.772	14.190.477
. . . . Beyond 12 months	7.484.778	7.271.905	4.600.858
. . 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	10.935.002	14.378.442	11.762.210
. . . . Within 12 months	3.450.224	7.106.537	7.161.352
. . . . Beyond 12 months	7.484.778	7.271.905	4.600.858
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	3.021.332	1.664.156	2.162.550
. . . . Within 12 months	3.021.332	1.664.156	2.162.550
. . . . Beyond 12 months
. . Securities issued	1.000.000	1.000.000	1.700.000
. . . . Within 12 months	1.000.000	1.000.000	1.700.000
. . . . Beyond 12 months
. . Due to subsidiary companies	4.738.061	3.135.340	2.494.398
. . . . Within 12 months	4.738.061	3.135.340	2.494.398
. . . . 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	321.767	347.411	346.298
. . . . Within 12 months	321.767	347.411	346.298
. . . . Beyond 12 months
. . Due to social security and welfare inst.	106.216	111.191	109.798
. . . . Within 12 months	106.216	111.191	109.798
. . . . Beyond 12 months
. . Other payables	195.659	241.137	216.081
. . . . Within 12 months	195.659	241.137	216.081
. . . . Beyond 12 months
Total accounts payable	20.318.037	20.877.677	18.791.335
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	62.514	77.557	81.827
Total adjustment accounts	62.514	77.557	81.827
TOTAL LIABILITIES	25.877.695	26.189.009	23.825.416

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	9.422.194	9.191.943
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	42.780.755	38.560.220	34.663.981
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	156.006	188.189	130.655
. . Contributions for operating expenses	8.140
. . Different income and revenues	147.866	188.189	130.655
Total value of production	42.936.761	38.748.409	34.794.636
PRODUCTION COSTS
. Raw material,other materials and consum.	33.497.279	29.520.079	27.225.711
. Services received	5.094.425
. Leases and rentals	304.676	5.130.287	4.323.800
. Payroll and related costs	2.590.807	2.465.257	2.395.286
. . Wages and salaries	1.916.703	1.831.756	1.764.494
. . Social security contributions	517.990	506.471	510.539
. . Employee termination indemnities	127.419	127.030	119.875
. . Pension and similar
. . Other costs	28.695		378
. Amortization and depreciation	156.358	132.952	152.827
. . Amortization of intangible fixed assets	17.038	5.584	10.164
. . Amortization of tangible fixed assets	113.961	104.438	113.985
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	25.359	22.930	28.678
. Changes in raw materials	-389.350	98.140	-1.321.400
. Provisions to risk reserves
. Other provisions
. Other operating costs	705.387	428.559	1.081.510
Total production costs	41.959.582	37.775.274	33.857.734
Diff. between value and cost of product.	977.179	973.135	936.902
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	165	121
. . In subsidiary companies
. . In associated companies
. . In other companies	165	121
. Other financial income	16.500	26.324	18.904
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets	2.171
. . Financ.income from secur. cur.assets		471	550
. . Financ.income other than the above	14.329	25.853	18.354
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	14.329	25.853	18.354
. Interest and other financial expense	-460.785	-513.621	-618.088
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-513.621	-618.088
Total financial income and expense	-444.120	-487.176	-599.184
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations		946	772
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.		946	772
. . Of securities incl.among current assets
. Devaluation	-6.240
. . Of equity investments	-6.240
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-6.240	946	772
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		27.981
. . Gains on disposals
. . Other extraordinary income		27.981
. Extraordinary expense		-11.108	-694
. . Losses on disposals
. . Taxes relating to prior years			-566
. . Other extraordinary expense		-11.108	-128
Total extraordinary income and expense		16.873	-694
Results before income taxes	526.819	503.778	337.796
. Taxes on current income	263.844	280.518	272.272
. . current taxes	263.844	280.518	272.272
. . differed taxes(anticip.)
. Net income for the period	262.975	223.260	65.524
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	262.975	223.260	65.524

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	0,22	0,22	0,24	0,21
Elasticity Ratio	Units	0,78	0,78	0,76	0,76
Availability of stock	Units	0,38	0,36	0,40	0,26
Total Liquidity Ratio	Units	0,40	0,42	0,36	0,38
Quick Ratio	Units	0,06	0,09	0,01	0,06
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,57	2,70	3,54	4,71
Self Financing Ratio	Units	0,17	0,16	0,17	0,13
Capital protection Ratio	Units	0,65	0,63	0,65	0,47
Liabilities consolidation quotient	Units	0,67	0,61	0,40	0,14
Financing	Units	4,59	5,01	4,77	6,18
Permanent Indebtedness Ratio	Units	0,50	0,48	0,40	0,28
M/L term Debts Ratio	Units	0,33	0,32	0,24	0,09
Net Financial Indebtedness Ratio	Units	2,14	2,89	2,92	0,38
CORRELATION
Fixed assets ratio	Units	2,28	2,21	1,70	1,19
Current ratio	Units	1,56	1,50	1,27	1,04
Acid Test Ratio-Liquidity Ratio	Units	0,80	0,80	0,60	0,57
Structure's primary quotient	Units	0,78	0,74	0,70	0,65
Treasury's primary quotient	Units	0,11	0,17	0,02	0,10
Rate of indebtedness ( Leverage )	%	584,95	628,75	604,40	753,97
Current Capital ( net )	Value	7.225.223	6.763.382	3.896.610	13.820
RETURN
Return on Sales	%	0,98	0,92	0,63	1,76
Return on Equity - Net- ( R.O.E. )	%	5,94	5,36	1,66	6,97
Return on Equity - Gross - ( R.O.E. )	%	11,91	12,09	8,57	19,32
Return on Investment ( R.O.I. )	%	3,78	3,72	3,93	3,36
Return/ Sales	%	2,28	2,52	2,70	1,67
Extra Management revenues/charges incid.	%	26,91	22,94	6,99	34,61
Cash Flow	Value	419.333	356.212	218.351	30.555
Operating Profit	Value	977.179	973.135	936.902	28.817
Gross Operating Margin	Value	1.133.537	1.106.087	1.089.729	58.450
MANAGEMENT
Credits to clients average term	Days	69,07	74,50	79,72	20,73
Debts to suppliers average term	Days	81,07	60,25	72,54	94,63
Average stock waiting period	Days	82,57	87,97	98,88	42,55
Rate of capital employed return ( Turnover )	Units	1,65	1,47	1,45	1,99
Rate of stock return	Units	4,36	4,09	3,64	8,40
Labour cost incidence	%	6,06	6,39	6,91	8,75
Net financial revenues/ charges incidence	%	-1,04	-1,26	-1,73	-0,46
Labour cost on purchasing expenses	%	6,17	6,53	7,07	8,71
Short-term financing charges	%	2,27	2,46	3,29	1,61
Capital on hand	%	60,49	67,92	68,73	50,33
Sales pro employee	Value	534.759	500.782	468.432	305.836
Labour cost pro employee	Value	32.385	32.016	32.368	30.467

Credit Opinion Determination

Credit Opinion

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

170.000 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ Eur.

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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ 218.159
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ 3.598.269
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ 1.474.681

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ 444
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ 2.009
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.728\Spazio.gif$ 122

Sector Data

The values are calculated on a base of 3.366 significant companies.

The companies cash their credits on an average of 21 dd.

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 1,76%.

The labour cost affects the turnover in the measure of 8,75%.

Goods are held in stock in a range of 43 dd.

The difference between the sales volume and the resources used to realize it is about 1,99.

The employees costs represent the 8,71% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 24.960 protested subjects are found; in the province they count to 1.483.

The insolvency index for the region is 0,70, , while for the province it is 0,69.

Total Bankrupt companies in the province : 782.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.22
UK Pound	1	INR 92.84
Euro	1	INR 81.27
Euro	1	INR 81.18

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	TPT

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 & address

Summary

Credit Analysis

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Credit Opinion Determination

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit