3decades

MIRA INFORM REPORT

Report No. :	505616
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	LUALDI S.P.A.

Registered Office :	Foro Buonaparte, 74 20121 - Milano (MI) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	22.09.1989

Legal Form :	Joint stock company

Line of Business :	Manufacture of doors and windows in wood (except for armoured doors)

No. of Employees :	From 71 to 90

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 :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Italy

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

ITALY - ECONOMIC OVERVIEW

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

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

Source : CIA

Company name and address

Lualdi S.p.a.

Foro Buonaparte, 74

20121 - Milano (MI) -IT-

Summary

Fiscal Code	:	09824900154
Legal Form	:	Joint stock company
start of Activities	:	22/09/1989
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 71 to 90

Activity

Manufacture of doors and windows in wood (except for armoured doors)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 09824900154

Chamber of Commerce no. : 1321204 of Milano since 22/11/1989

Firms' Register : MI146-297613 of Milano since 19/02/1996

V.A.T. Code : 09824900154

Establishment date	: 22/09/1989
Start of Activities	: 22/09/1989
Legal duration	: 31/12/2050
Nominal Capital	: 774.000
Subscribed Capital	: 774.000
Paid up Capital	: 774.000

Legal mail :

LUALDISPA@LEGALMAIL.CH

Members

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Severgnini

Oreste

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Born in Milano

(MI)

on 14/08/1942

- Fiscal Code : SVRRST42M14F205V

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Residence:

Via Francesco Chiesa

, 65A

Mendrisio

- CH -

Position	Since	Shares Amount	% Ownership
Director	28/04/2015

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Lualdi

Alberto

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Born in Marcallo Con Casone

(MI)

on 07/12/1954

- Fiscal Code : LLDLRT54T07E921F

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Residence:

Roma

, 74

- 20010

Marcallo Con Casone

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2015
General Director	12/05/2000
Managing Director	28/04/2015
Board Chairman	28/04/2015

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Lualdi

Giuseppe

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Born in Marcallo Con Casone

(MI)

on 20/02/1953

- Fiscal Code : LLDGPP53B20E921O

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Residence:

Verne

, 105

- 20010

Marcallo Con Casone

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
General Director	25/03/1999
Director	28/04/2015
Managing Director	28/04/2015

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Lualdi

Pierluigi

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Born in Magenta

(MI)

on 23/09/1963

- Fiscal Code : LLDPLG63P23E801W

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Residence:

Clerici

, 172

- 20010

Marcallo Con Casone

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2015
Managing Director	28/04/2015

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Mereghetti

Carlo

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Born in Magenta

(MI)

on 14/07/1973

- Fiscal Code : MRGCRL73L14E801Y

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Residence:

Filippo Carcano

, 8

- 20149

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	04/10/2017

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Lualdi

Alberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Made Eventi S.r.l.	Milano (MI) - IT -	05656450961	Director	Withdrawn	Registered

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Lualdi

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Circolo Famigliare Di Marcallo Societa'Cooperativa	Marcallo Con Casone (MI) - IT -	01615830153	Director	Active	Registered

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Lualdi

Pierluigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Agricola Santa Maria S.r.l.	Milano (MI) - IT -	06020130156	Director	Active	Registered
Agricola Santa Maria S.r.l.	Milano (MI) - IT -	06020130156	Board Chairman	Active	Registered
Immobiliare La Corte S.r.l.	Milano (MI) - IT -	04947800969	Director	Active	Registered
Immobiliare La Corte S.r.l.	Milano (MI) - IT -	04947800969	Board Chairman	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
Lualdi Alberto	Marcallo Con Casone - IT -	LLDLRT54T07E921F	193.469 .Eur	24,99
Lualdi Enrico	Marcallo Con Casone - IT -	LLDNRC57R31E921Z	123.840 .Eur	16,00
Lualdi Giuseppe	Marcallo Con Casone - IT -	LLDGPP53B20E921O	139.320 .Eur	18,00
Lualdi Pierluigi	Marcallo Con Casone - IT -	LLDPLG63P23E801W	193.469 .Eur	24,99
LOALDI OLGA	Marcallo Con Casone - IT -	LLDLGO49C52E921S	123.840 .Eur	16,00
Sfo Fiduciaria S.r.l.		06796000963	51 .Eur
Lualdi Marco		LLDMRC87B09A010Q	5 .Eur
Lualdi Stefano		LLDSFN92M24E801L	5 .Eur

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
Consorzio Export Vivendum S.r.l. In Liqu idazione	Triuggio - IT -	03436670966	6.666 .Eur	33,33			Active

Firm's location and structure

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

Legal and operative seat

Buonaparte

, 74

- 20100

- Milano

(MI)

- IT -

Legal mail

: LUALDISPA@LEGALMAIL.CH

Branch

(Store)

since 30/09/2002

Piemonte

, 13

- 20010

- Mesero

(MI)

- IT -

Branch

(Factory)

since 11/05/2009

Kennedy

, SNC

- 20010

- Marcallo Con Casone

(MI)

- IT -

Employees

: 76

Fittings and Equipment for a value of 1.300.000

Eur

Stocks for a value of 1.820.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

Transports are mainly done using own vehicles and third parties ones

The company supplies wholesalers and retailers.

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 :

- its own sales net-work

Company generally accepts payments with terms of 60/90 days.

Subject usually collects by cash order and drafts.

Purchase terms: 60-90-120 days.

Main used payment modalities are by cash orders and bank transfers.

Import comes generally from the following nations:

- Ireland

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Joint stock company	Limited liability company	17/03/1995

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Lualdi Mobili spa		10/05/1999

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

The firm absorved

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$ Lualdi Porte Spa

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

S.ambrogio

, 16

, 20123

, Milano

(MI)

- IT -

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Fiscal Code: 08691220159

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Date

16/03/1999

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$ Lualdi Porte Spa

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

S.ambrogio

, 16

, 20123

, Milano

(MI)

- IT -

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Fiscal Code: 08691220159

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Date

Merging/splitting-up project:

22/09/1998

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$ Lualdi Porte Spa

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

S.ambrogio

, 16

, 20123

, Milano

(MI)

- IT -

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Fiscal Code: 08691220159

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Vuoto.gif$

Date

16/03/1999

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
VALLECROSIA (IM)	Buildings	2	18/04/2018
MARCALLO CON CASONE (MI)	Buildings	8	18/04/2018
MARCALLO CON CASONE (MI)	Land	9	18/04/2018
MESERO (MI)	Buildings	1	18/04/2018
MILANO (MI)	Buildings	1	18/04/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	VALLECROSIA (IM) VIA PRIVATA BELLAVISTA, 151 Piano S2	3	1645	6	cat. C/6	2	14 mq	Euro:60,74	1002381
B	Proprieta' per 1/1	VALLECROSIA (IM) VIA PRIVATA BELLAVISTA, 151 Piano S2 - 0001 int. 9	3	1645	60	cat. A/2	1	4,5 vani	Euro:534,53
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA SAN MARCO, 19 Piano T	7	282	2	cat. C/2	3	119 mq	Euro:233,54
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA SAN MARCO, 19 Piano 1	7	287	3	cat. A/3	3	6 vani	Euro:340,86
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA SAN MARCO, 19 Piano T-1 - S1	7	288	2	cat. C/2	3	287 mq	Euro:563,25
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA ROMA, 68 Piano T	8	3	701	cat. D/7			Euro: 9.538,00
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA ROMA, 68 Piano T-1	8	4	704	cat. A/4	3	5,5 vani	Euro:176,11
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA ROMA, 68 Piano T-1	8	4	705	cat. A/4	3	6,5 vani	Euro:208,13
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA ROMA, 68 Piano T	8	526		cat. F/1
B	Proprieta' per 1/1	MARCALLO CON CASONE (MI) VIA ROMA, 68 Piano T	8	7	703	cat. D/7			Euro: 1.902,00
B	Proprieta' per 1/1	MESERO (MI) VIA PIEMONTE, 11 Piano T-1	6	237	804	cat. D/1			Euro: 20.870,24
B	Proprieta' per 1/1	MILANO (MI) VIA ESCHILO, 8 Piano 5	340	57	8	zona2 cat. A/4	4	3,5 vani	Euro:352,48	1759174

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	11	169		PRATO IRRIG	U	3 are 4 ca	R.D.Euro:2,25 (*) R.A. Euro: 2,04
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	11	171		PRATO IRRIG	U	3 are	R.D.Euro:2,22 (*) R.A. Euro: 2,01
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	11	183		SEMIN IRRIG	2	9 are 52 ca	R.D.Euro:6,15 (*) R.A. Euro: 6,88
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	11	205		SEMIN IRRIG	2	18 ca	R.D.Euro:0,12 (*) R.A. Euro: 0,13
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	11	206		SEMIN IRRIG	2	1 are 58 ca	R.D.Euro:1,02 (*) R.A. Euro: 1,14
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	5	176		SEMIN IRRIG	1	30 ca	R.D.Euro:0,31 (*) R.A. Euro: 0,25	2849
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	5	837		SEMIN IRRIG	1	2 ha 40 are 38 ca	R.D.Euro:247,05 (*) R.A. Euro: 198,63
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	7	326		INCOLT PROD	U	1 are 10 ca	R.D.Euro:0,03 R.A. Euro: 0,01	3589
L	Proprieta' per 1/1	MARCALLO CON CASONE (MI)	9	163		SEMIN IRRIG	1	61 are 88 ca	R.D.Euro:56,89 (*) R.A. Euro: 51,13

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

Subject is active since 1989

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

Unstable economic results mark the company's financial state of affairs. yet with a positive result in the 2016 (r.o.e. 4,77%).

The operating result in 2016 was positive (4,55%) and reflects the field's average.

An operating result of Eur. 910.075 has been registered. rising (+57,11%) in relation to the previous year.

The economic management produced a gross operating margin of Eur. 2.002.896 showing an upward trend if compared to 2015.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,07 which is yet rising if compared to 2015.

The equity capital is equal to Eur. 10.769.467 , unchanged if compared to 2015.

During the last financial year total debts volume reached Eur. 6.553.389 (Eur. 541.621 were m/l term ones) , a more or less stable value.

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

Liquidity is good (2,11)

As to due from customers, the average terms are 63,28 days. , that compared to the sector's average is shorter.

Eur. 1.606.880 is the value of cash flow during the year 2016

Labour cost amounts to Eur. 3.952.690, with a 27,78% incidence on production costs. , whereas the incidence on sales revenues is of 27,59%.

If compared to the sales volume (-0,61%), the impact of the financial charges is limited.

Financial Data

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	14.328.867
Profit (Loss) for the period	514.059

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	13.898.004
Profit (Loss) for the period	375.671

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	13.594.760
Profit (Loss) for the period	-29.701

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	15.232.231
Profit (Loss) for the period	941.321

$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	12.803.301
Profit (Loss) for the period	664.427

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			11.457
. . Concessions,licenses,trademarks,etc.	23.195	27.653	27.093
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	89.184	121.979	156.857
. Total Intangible Fixed Assets	112.379	149.632	195.407
. TANGIBLE FIXED ASSETS
. . Real estate	5.425.509	5.934.064	6.008.561
. . Plant and machinery	1.275.112	1.537.931	1.724.916
. . Industrial and commercial equipment	28.647	22.897	22.588
. . Other assets	90.365	104.029	114.091
. . Assets under construction and advances
. Total Tangible fixed assets	6.819.633	7.598.921	7.870.156
. FINANCIAL FIXED ASSETS
. . Equity investments	62.336	62.336	62.336
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	62.336	62.336	62.336
. . Financial receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	62.336	62.336	62.336
Total fixed assets	6.994.348	7.810.889	8.127.899
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.141.202	1.052.025	863.349
. . Work in progress and semimanufactured	527.602	593.181	726.550
. . Work in progress on order
. . Finished goods	153.451	227.460	125.270
. . Advance payments
. Total Inventories	1.822.255	1.872.666	1.715.169
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.721.338	3.621.277	3.600.283
. . Beyond 12 months	958.034	851.039	812.175
. . Trade receivables	2.518.825	2.234.436	2.384.562
. . . . Within 12 months	2.518.825	2.234.436	2.384.562
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.637.615	1.049.337	607.046
. . . . Within 12 months	1.637.615	1.049.337	607.046
. . . . 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	13.653	69.224	348.471
. . . . Within 12 months	13.653	69.224	348.471
. . . . Beyond 12 months
. . Receivables for anticipated taxes	306.315	146.114	219.232
. . . . Within 12 months	306.315	146.114	219.232
. . . . Beyond 12 months
. . Receivables due from third parties	1.202.964	973.205	853.147
. . . . Within 12 months	244.930	122.166	40.972
. . . . Beyond 12 months	958.034	851.039	812.175
. Total Credits not held as fixed assets	5.679.372	4.472.316	4.412.458
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.	84	84	84
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	84	84	84
. LIQUID FUNDS
. . Bank and post office deposits	5.204.911	4.164.862	3.208.740
. . Checks
. . Banknotes and coins	1.897	2.040	3.072
. Total Liquid funds	5.206.808	4.166.902	3.211.812
Total current assets	12.708.519	10.511.968	9.339.523
ADJUSTMENT ACCOUNTS
. Discount on loans			424.517
. Other adjustment accounts	290.483	317.969
Total adjustments accounts	290.483	317.969	424.517
TOTAL ASSETS	19.993.350	18.640.826	17.891.939

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	774.000	774.000	774.000
. Additional paid-in capital
. Revaluation reserves	5.953.911	5.953.911	5.953.911
. Legal reserve	154.800	154.800	154.800
. Reserve for Own shares
. Statute reserves
. Other reserves	3.372.697	3.297.027	3.326.724
. Accumulated Profits (Losses)
. Profit( loss) of the year	514.059	375.671	-29.701
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	10.769.467	10.555.409	10.179.734
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	27.423	21.492	15.262
. . Taxation fund, also differed		2.509	2.912
. . Other funds	370.483	370.483	370.483
Total Reserves for Risks and Charges	397.906	394.484	388.657
Employee termination indemnities	2.048.417	1.940.534	2.119.661
ACCOUNTS PAYABLE
. . . . Within 12 months	6.011.768	4.850.962	4.151.759
. . . . Beyond 12 months	541.621	623.321	702.412
. . 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	623.321	702.412	987.960
. . . . Within 12 months	81.700	79.091	285.548
. . . . Beyond 12 months	541.621	623.321	702.412
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	1.353.990	1.162.331	725.365
. . . . Within 12 months	1.353.990	1.162.331	725.365
. . . . Beyond 12 months
. . Trade payables	3.129.248	2.505.729	2.133.418
. . . . Within 12 months	3.129.248	2.505.729	2.133.418
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies			3.026
. . . . Within 12 months			3.026
. . . . 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	414.268	300.249	203.306
. . . . Within 12 months	414.268	300.249	203.306
. . . . Beyond 12 months
. . Due to social security and welfare inst.	307.532	264.541	271.847
. . . . Within 12 months	307.532	264.541	271.847
. . . . Beyond 12 months
. . Other payables	725.030	539.021	529.249
. . . . Within 12 months	725.030	539.021	529.249
. . . . Beyond 12 months
Total accounts payable	6.553.389	5.474.283	4.854.171
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	224.171	276.116	349.716
Total adjustment accounts	224.171	276.116	349.716
TOTAL LIABILITIES	19.993.350	18.640.826	17.891.939

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	5.011.788	419.155
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	14.328.867	13.898.004	13.594.760
. Changes in work in progress	-139.587	-31.180	-232.335
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	949.456	631.491	558.045
. . Contributions for operating expenses
. . Different income and revenues	949.456	631.491	558.045
Total value of production	15.138.736	14.498.315	13.920.470
PRODUCTION COSTS
. Raw material,other materials and consum.	4.296.422	4.489.142	3.997.292
. Services received	4.232.994
. Leases and rentals	528.859	4.719.959	4.805.127
. Payroll and related costs	3.952.690	3.786.522	3.966.863
. . Wages and salaries	2.761.699	2.627.753	2.754.174
. . Social security contributions	876.159	881.686	940.583
. . Employee termination indemnities	199.636	190.147	191.779
. . Pension and similar
. . Other costs	115.196	86.936	80.327
. Amortization and depreciation	1.092.821	642.119	757.583
. . Amortization of intangible fixed assets	30.799	58.275	153.505
. . Amortization of tangible fixed assets	514.848	506.750	454.327
. . Depreciation of tangible fixed assets	500.000
. . Writedown of current receiv.and of liquid	47.174	77.094	149.751
. Changes in raw materials	-89.177	-188.676	-72.836
. Provisions to risk reserves
. Other provisions
. Other operating costs	214.052	470.015	265.923
Total production costs	14.228.661	13.919.081	13.719.952
Diff. between value and cost of product.	910.075	579.234	200.518
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	1.276	1.094	829
. . In subsidiary companies
. . In associated companies
. . In other companies	1.276	1.094	829
. Other financial income	5.633	168.270	17.418
. . Financ.income from receivables		11.599
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies		11.599
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	5.633	156.671	17.418
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	5.633	156.671	17.418
. Interest and other financial expense	-94.136	-108.713	-29.962
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-94.136	-108.713	29.962
Total financial income and expense	-87.227	60.651	-11.715
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			12.796
. . Gains on disposals
. . Other extraordinary income			12.796
. Extraordinary expense		-351	-55.601
. . Losses on disposals
. . Taxes relating to prior years			-16.145
. . Other extraordinary expense		-351	-39.456
Total extraordinary income and expense		-351	-42.805
Results before income taxes	822.848	639.534	145.998
. Taxes on current income	308.789	263.863	175.699
. . current taxes	469.182	209.814	160.688
. . differed taxes(anticip.)		54.049	15.011
. Net income for the period	514.059	375.671	-29.701
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	514.059	375.671	-29.701

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	0,35	0,42	0,45	0,23
Elasticity Ratio	Units	0,64	0,56	0,52	0,75
Availability of stock	Units	0,09	0,10	0,10	0,19
Total Liquidity Ratio	Units	0,54	0,46	0,43	0,46
Quick Ratio	Units	0,26	0,22	0,18	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,07	0,06	0,09	3,53
Self Financing Ratio	Units	0,54	0,57	0,57	0,18
Capital protection Ratio	Units	0,88	0,89	0,93	0,74
Liabilities consolidation quotient	Units	0,43	0,53	0,68	0,19
Financing	Units	0,61	0,52	0,48	4,24
Permanent Indebtedness Ratio	Units	0,67	0,70	0,73	0,33
M/L term Debts Ratio	Units	0,13	0,14	0,16	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,11
CORRELATION
Fixed assets ratio	Units	1,91	1,68	1,60	1,20
Current ratio	Units	2,11	2,17	2,25	1,07
Acid Test Ratio-Liquidity Ratio	Units	1,81	1,78	1,84	0,76
Structure's primary quotient	Units	1,54	1,35	1,25	0,71
Treasury's primary quotient	Units	0,87	0,86	0,77	0,03
Rate of indebtedness ( Leverage )	%	185,65	176,60	175,76	570,55
Current Capital ( net )	Value	6.696.751	5.661.006	5.184.738	75.064
RETURN
Return on Sales	%	11,21	7,32	5,35	3,19
Return on Equity - Net- ( R.O.E. )	%	4,77	3,56	-0,29	3,20
Return on Equity - Gross - ( R.O.E. )	%	7,64	6,06	1,43	11,58
Return on Investment ( R.O.I. )	%	4,55	3,11	1,12	3,86
Return/ Sales	%	6,35	4,17	1,47	4,18
Extra Management revenues/charges incid.	%	56,49	64,86	-14,81	18,85
Cash Flow	Value	1.606.880	1.017.790	727.882	63.415
Operating Profit	Value	910.075	579.234	200.518	78.946
Gross Operating Margin	Value	2.002.896	1.221.353	958.101	163.908
MANAGEMENT
Credits to clients average term	Days	63,28	57,88	63,15	110,14
Debts to suppliers average term	Days	124,36	97,95	87,50	125,02
Average stock waiting period	Days	45,78	48,51	45,42	68,56
Rate of capital employed return ( Turnover )	Units	0,72	0,75	0,76	1,00
Rate of stock return	Units	7,86	7,42	7,93	5,15
Labour cost incidence	%	27,59	27,25	29,18	16,61
Net financial revenues/ charges incidence	%	-0,61	0,44	-0,09	-1,99
Labour cost on purchasing expenses	%	27,78	27,20	28,91	16,95
Short-term financing charges	%	1,44	1,99	0,62	2,95
Capital on hand	%	139,53	134,13	131,61	99,54
Sales pro employee	Value	116.494	117.779	110.526	179.348
Labour cost pro employee	Value	32.135	32.089	32.250	32.046

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	:	$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Spazio.gif$ 460
- per non food products	:	$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\vivek-pc\E\Lualdi S.p.a. - Vs. Rif. 505616_files\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 1.333 significant companies.

The companies cash their credits on an average of 110 dd.

The average duration of suppliers debts is about 125 dd.

The sector's profitability is on an average of 3,19%.

The labour cost affects the turnover in the measure of 16,61%.

Goods are held in stock in a range of 69 dd.

The difference between the sales volume and the resources used to realize it is about 1,00.

The employees costs represent the 16,95% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

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 66.22
UK Pound	1	INR 92.84
Euro	1	INR 81.27
Euro	1	INR 81.06

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

INFORMATION DETAILS

Analysis Done by :	PRA

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