3decades

MIRA INFORM REPORT

Report No. :	504694
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	GEOPLAST S.P.A.

Registered Office :	Via Martiri Della Liberta', 6/8, 35010- Grantorto (PD)-IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	16.10.1997

Legal Form :	Joint stock company

Line of Business :	Manufacture of plastics products

No. of Employees :	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
D	High Risk	Business dealing not recommended or on secured terms only

Status :	Under Bankruptcy Procedure

Payment Behaviour :	--

Litigation :	--

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

Geoplast S.p.a.

Via Martiri Della Liberta', 6/8,

35010- Grantorto (PD) -IT-

Summary

Fiscal Code	:	03285310284
Legal Form	:	Joint stock company
start of Activities	:	01/06/1998
Equity	:	Over 2.582.254
Turnover Range	:	18.000.000/20.000.000
Number of Employees	:	from 51 to 70
Firm's Status	:	Composition with creditors (Bankruptcy Procedure)

Activity

Manufacture of plastics products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 03285310284

Foreign Trade Reg. no. : PD049815 since 17/05/2002

Chamber of Commerce no. : 300667 of Padova since 23/02/1998

Chamber of Commerce no. : 318361 of Vicenza

Firms' Register : PD-1998-16090 of Padova since 23/02/1998

V.A.T. Code : 03285310284

Trade Agents Licence : of Padova since 24/04/2015

Foundation date	: 16/10/1997
Establishment date	: 16/10/1997
Start of Activities	: 01/06/1998
Legal duration	: 31/12/2050
Nominal Capital	: 2.000.000
Subscribed Capital	: 2.000.000
Paid up Capital	: 2.000.000

Legal mail :

CP60.2013PADOVA@PECFALLIMENTI.IT

Members

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Ponte

Anna

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

Born in Vicenza

(VI)

on 14/02/1952

- Fiscal Code : PNTNNA52B54L840X

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Residence:

Camaldolesi

, 20/E

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/05/2016
Board Chairman	20/05/2016
Managing Director	20/05/2016

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No Prejudicial events are reported

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No Protests registered

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Pivotti

Michele

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

Born in Gorizia

(GO)

on 15/06/1966

- Fiscal Code : PVTMHL66H15E098H

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Residence:

Valeri Diego

, 5

- 35131

Padova

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Receiver	17/12/2013

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Pegoraro

Mirco

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

Born in Cittadella

(PD)

on 22/12/1972

- Fiscal Code : PGRMRC72T22C743F

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Residence:

Levis

, 35

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/05/2016
Managing Director	20/05/2016

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Prejudicial events registered

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$ Mortgage by Court Injunction - 27/11/2012. - 1.500.000 Euro.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

 UNICREDIT S. P. A.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$ Mortgage by Court Injunction - 22/11/2012. - 260.000 Euro.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

 BANCA DEL CENTROVENETO CREDITO COOPERATI

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$ Mortgage by Court Injunction - 21/11/2012. - 230.000 Euro.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

 BANCA DEL CENTROVENETO CREDITO COOPERATI

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

No Protests registered

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Verde.gif$

Pegoraro

Massimo

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

Born in Vicenza

(VI)

on 16/06/1979

- Fiscal Code : PGRMSM79H16L840R

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

Residence:

Nicolosi

, 87

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/05/2016
Partner

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

Prejudicial events registered

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$ Mortgage by Court Injunction - 27/11/2012. - 1.500.000 Euro.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

 UNICREDIT S. P. A.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$ Mortgage by Court Injunction - 22/11/2012. - 260.000 Euro.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

 BANCA DEL CENTROVENETO CREDITO COOPERATI

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$ Mortgage by Court Injunction - 21/11/2012. - 230.000 Euro.

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

 BANCA DEL CENTROVENETO CREDITO COOPERATI

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Vuoto.gif$

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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Ponte

Anna

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Pogifin S.n.c. Di Ponte Anna E Girardello Carla	Padova (PD) - IT -	00530480284	Partner	Withdrawn	Ceased
Pogifin S.n.c. Di Ponte Anna E Girardello Carla	Padova (PD) - IT -	00530480284	Liquidator	Withdrawn	Ceased
Emme Due Plast S.r.l.	Padova (PD) - IT -	02017720281	Procurator	Withdrawn	Ceased
Immobiliare Lory S.r.l. In Liquidazione	Padova (PD) - IT -	02297650281	Liquidator	Withdrawn	Ceased
Amsa Di Ponte Anna E C. S.a.s.	Grantorto (PD) - IT -	00644200289	General Partner	Withdrawn	Ceased
Italtech S.p.a.	Padova (PD) - IT -	03916930286	Director	Active	Registered
Italtech S.p.a.	Padova (PD) - IT -	03916930286	Assistant board Chairman	Withdrawn	Registered
Enerwind S.r.l.	Grantorto (PD) - IT -	04886240284	Managing Director	Active	Registered
Enerwind S.r.l.	Grantorto (PD) - IT -	04886240284	Director	Active	Registered
Enerwind S.r.l.	Grantorto (PD) - IT -	04886240284	Board Chairman	Active	Registered
Il Maggiolo S.r.l. Societa' Agricola	Grantorto (PD) - IT -	04892550288	Sole Director	Active	Registered
Horizon S.a.s. Di Solda' Micaela	Grantorto (PD) - IT -	04959230287	Limited Partner	Active	Registered
Skywind S.r.l.	Grantorto (PD) - IT -	05010930286	Director	Active	Registered
Skywind S.r.l.	Grantorto (PD) - IT -	05010930286	Board Chairman	Active	Registered
Spider-plast S.r.l.	Vicenza (VI) - IT -	04052970243	Managing Director	Active	Registered
Spider-plast S.r.l.	Vicenza (VI) - IT -	04052970243	Director	Active	Registered
Spider-plast S.r.l.	Vicenza (VI) - IT -	04052970243	Board Chairman	Active	Registered

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Pegoraro

Mirco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Granplast 2001 S.r.l.	Grantorto (PD) - IT -	12908020154	Sole Director	Active	Registered
Pereo S.r.l.	Grantorto (PD) - IT -	04236680288	Director	Active	Registered
Pereo S.r.l.	Grantorto (PD) - IT -	04236680288	Board Chairman	Active	Registered
Italtech Wind S.r.l.	Grantorto (PD) - IT -	04247800289	Director	Withdrawn	Registered
Italtech S.p.a.	Padova (PD) - IT -	03916930286	Managing Director	Active	Registered
Italtech S.p.a.	Padova (PD) - IT -	03916930286	Director	Active	Registered
Italtech S.p.a.	Padova (PD) - IT -	03916930286	Board Chairman	Active	Registered
Geo Forestale S.r.l.	Grantorto (PD) - IT -	04496120280	Director	Active	Registered
Geo Forestale S.r.l.	Grantorto (PD) - IT -	04496120280	Sole Director	Withdrawn	Registered
Geo Forestale S.r.l.	Grantorto (PD) - IT -	04496120280	Board Chairman	Active	Registered
Giuggiolo Societa' Agricola Forestale S.r.l.	Grantorto (PD) - IT -	04624870285	Director	Active	Registered
Giuggiolo Societa' Agricola Forestale S.r.l.	Grantorto (PD) - IT -	04624870285	Board Chairman	Active	Registered
Enerwind S.r.l.	Grantorto (PD) - IT -	04886240284	Managing Director	Active	Registered
Enerwind S.r.l.	Grantorto (PD) - IT -	04886240284	Director	Active	Registered
Skywind S.r.l.	Grantorto (PD) - IT -	05010930286	Director	Active	Registered
Spider-plast S.r.l.	Vicenza (VI) - IT -	04052970243	Managing Director	Active	Registered
Spider-plast S.r.l.	Vicenza (VI) - IT -	04052970243	Director	Active	Registered
Orange S.a.s. Di Pegoraro Mirco	Vicenza (VI) - IT -	03914790245	General Partner	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
Ponte Anna	Vicenza - IT -	PNTNNA52B54L840X	40.000 .Eur	2,00
Pegoraro Mirco	Vicenza - IT -	PGRMRC72T22C743F	980.000 .Eur	49,00
Pegoraro Massimo	Vicenza - IT -	PGRMSM79H16L840R	980.000 .Eur	49,00

Firm's location and structure

Legal and operative seat

Martiri Della Liberta'

, 6/8

- 35010

- Grantorto

(PD)

- IT -

Legal mail

: CP60.2013PADOVA@PECFALLIMENTI.IT

Branch

(Store)

since 01/09/2009

Principessa Jolanda

, 2

- 35010

- Grantorto

(PD)

- IT -

Employees

: 53

Fittings and Equipment for a value of 1.740.000

Eur

Stocks for a value of 1.650.000

Eur

The subject firm uses the following own selling brands:

- MODULO

- SALVAVERDE

- GEOFLOR

- GEOTUBE

- DRENING

- GEODREN

- ELEVETOR

- GEOBLOCK

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	17/06/2004

Protests

Protests checking on the subject firm has given the following results:

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GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	20/08/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	17/07/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	18/06/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	19/03/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	19/02/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	18/12/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	17/01/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	19/11/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	18/11/2013	80.174	155.238.511

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	17/10/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	18/09/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	20/08/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	17/07/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	17/05/2013	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SRL (03285310284)

VIA MARTIRI DELLA LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	19/05/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI DELLA LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	17/04/2014	36.889	71.427.064

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Rosso.gif$

GEOPLAST SPA (03285310284)

VIA MARTIRI DELLA LIBERTA' 6/8

- GRANTORTO

Protest Type	Elevation Date	Amount (in Euros)	Amount (in Liras)	Reason	Elevation Officer
Protested bill	19/06/2013	36.889	71.427.064

Data Base Prejudicial Events Search

Search performed on a National Scale

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Prejudicial Events Search Result:

Mortgage by Court Injunction on 13/11/2013. for an amount of 70.000 Euro.

 VENETO BANCA SCPA

Mortgage by Court Injunction on 12/11/2013. for an amount of 70.000 Euro.

 VENETO BANCA SCPA C/ O AVV G. SOLINAS

Mortgage by Court Injunction on 10/12/2012. for an amount of 400.000 Euro.

 BANCA IFIS S. P. A.

Mortgage by Court Injunction on 29/11/2012. for an amount of 310.000 Euro.

 BANCA DEL CENTROVENETO CREDITO COOPERATI

Mortgage by Court Injunction on 28/11/2012. for an amount of 310.000 Euro.

 BANCA DEL CENTROVENETO CREDITO COOPERATI

Search performed on a specialized data base.

Legal Procedures

In the name of the firm we report the following events:

Composition with creditors since 07/07/2014

Communications linked to procedures

- Proposal for composition agreement

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA PADOVANA CREDITO COOP.VO S.C.	GRANTORTO	PIAZZA PAPA GIOVANNI XXIII ,2	35010	Grantorto (PD)	8429	89090

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
GRANTORTO (PD)	Buildings	1	18/04/2018
VICENZA (VI)	Buildings	2	18/04/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Superficie per 1/1	GRANTORTO (PD) VIA MARTIRI DELLA LIBERTA', Piano 2	6	1057	2	cat. F/5
B	Proprieta' per 1/1	VICENZA (VI) VIA SEBASTIANO TREVISAN, SNC Piano 1	79	1354	106	cat. A/2	2	4 vani	Euro:371,85
B	Proprieta' per 1/1	VICENZA (VI) VIA SEBASTIANO TREVISAN, SNC Piano S1	79	1354	39	cat. C/6	4	22 mq	Euro:77,26

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 1998

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 26,94% in 2016 and during the last financial year an increase in sales volume was registered (+7,41% in 2016).

The operating result was positive in the last financial year (7,94%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 1.328.728 rising (+more then 100%) in relation to the previous year.

A gross operating margine for a value of Eur. 2.018.372 was reached. showing an upward trend if compared to 2015.

Excellent equity structure since liquidity is higher than short term liabilities.

The equity capital is equal to Eur. 4.526.254 , increasing by 36,86% if compared to the financial year 2015.

In the year 2016 total debts amounted to Eur. 7.455.360 with no important change.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below the sector's average.

The liquidity level is positive (2,82).

As to due from customers, the average terms are 79,38 days. , a better value than the sector's average.

2016 financial year closed with a cash flow of Eur. 1.896.733

Subordinate employment cost is of Eur. 1.966.550, i.e. 10,58% on total production costs. and a 10,34% incidence on sales volumes.

No incidence of financial charges as lower than the incomes.

The presence of detrimental items, apart from the financial-economic analysis, makes the company not suitable for business transactions on credit basis.

Financial Data

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	19.025.230
Profit (Loss) for the period	1.219.237

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	17.712.272
Profit (Loss) for the period	90.855

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	19.330.235
Profit (Loss) for the period	9.139.246

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	38.949.040
Profit (Loss) for the period	-6.945.767

$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	37.946.266
Profit (Loss) for the period	-9.844.145

Financials

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	9.352	6.725	3.890
. . Concessions,licenses,trademarks,etc.	2.760	5.046	5.062
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	580.099	870.149	1.160.198
. Total Intangible Fixed Assets	592.211	881.920	1.169.150
. TANGIBLE FIXED ASSETS
. . Real estate	112.560	112.560	112.560
. . Plant and machinery	941.189	744.971	848.798
. . Industrial and commercial equipment	801.645	698.946	724.325
. . Other assets	145.233	197.833	50.918
. . Assets under construction and advances
. Total Tangible fixed assets	2.000.627	1.754.310	1.736.601
. FINANCIAL FIXED ASSETS
. . Equity investments	65.971	65.996	82.406
. . . Equity invest. in subsidiary companies	19.607	19.607	31.917
. . . Equity invest. in associated companies	1.712	1.712	1.712
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	44.652	44.677	48.777
. . Financial receivables	1.442.042	1.358.199	1.410.499
. . . . Within 12 months	83.843
. . . . Beyond 12 months	1.358.199	1.358.199	1.410.499
. . . Receivab due from subsidiaries	1.358.199	1.358.199	1.410.499
. . . . Within 12 months
. . . . Beyond 12 months	1.358.199	1.358.199	1.410.499
. . . 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	83.843
. . . . Within 12 months	83.843
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.508.013	1.424.195	1.492.905
Total fixed assets	4.100.851	4.060.425	4.398.656
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	305.453	520.150	539.472
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	1.347.445	732.871	1.129.416
. . Advance payments
. Total Inventories	1.652.898	1.253.021	1.668.888
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	5.926.631	5.001.388	5.580.538
. . Beyond 12 months	205.724	281.936	339.081
. . Trade receivables	4.195.050	3.451.104	3.839.732
. . . . Within 12 months	4.195.050	3.451.104	3.839.732
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	881.636	1.090.651	1.357.919
. . . . Within 12 months	881.636	1.090.651	1.357.919
. . . . 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	788.355	481.687	447.892
. . . . Within 12 months	610.624	287.872	228.232
. . . . Beyond 12 months	177.731	193.815	219.660
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	267.314	259.882	274.076
. . . . Within 12 months	239.321	171.761	154.655
. . . . Beyond 12 months	27.993	88.121	119.421
. Total Credits not held as fixed assets	6.132.355	5.283.324	5.919.619
. 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	4.820.020	4.155.438	3.600.025
. . Checks
. . Banknotes and coins	2.324	1.802	518
. Total Liquid funds	4.822.344	4.157.240	3.600.543
Total current assets	12.607.597	10.693.585	11.189.050
ADJUSTMENT ACCOUNTS
. Discount on loans		24.571	37.591
. Other adjustment accounts	34.318
Total adjustments accounts	34.318	24.571	37.591
TOTAL ASSETS	16.742.766	14.778.581	15.625.297

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.000.000	2.000.000	2.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	73.922	69.379	26.109
. Reserve for Own shares
. Statute reserves	125.018	116.387	34.173
. Other reserves	1.108.077	1.030.396	290.465
. Accumulated Profits (Losses)			-8.273.835
. Profit( loss) of the year	1.219.237	90.855	9.139.246
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	4.526.254	3.307.017	3.216.158
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	50.000	50.000	50.000
. . Other funds	3.424.148	3.412.000	3.400.000
Total Reserves for Risks and Charges	3.474.148	3.462.000	3.450.000
Employee termination indemnities	753.733	675.524	635.192
ACCOUNTS PAYABLE
. . . . Within 12 months	4.475.722	3.732.396	7.097.143
. . . . Beyond 12 months	2.979.638	3.068.373	693.533
. . 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	2.977.266	3.065.875	3.102.552
. . . . Within 12 months		10	2.490.594
. . . . Beyond 12 months	2.977.266	3.065.865	611.958
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	16.898	24.906	25.570
. . . . Within 12 months	16.898	24.906	25.570
. . . . Beyond 12 months
. . Trade payables	5.058.575	2.317.136	2.775.115
. . . . Within 12 months	5.058.575	2.317.136	2.694.940
. . . . Beyond 12 months			80.175
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	-1.452.839	642.332	657.135
. . . . Within 12 months	-1.452.839	642.332	657.135
. . . . Beyond 12 months
. . Due to associated companies	2.372	2.508	1.400
. . . . Within 12 months
. . . . Beyond 12 months	2.372	2.508	1.400
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	479.240	430.966	663.193
. . . . Within 12 months	479.240	430.966	663.193
. . . . Beyond 12 months
. . Due to social security and welfare inst.	101.985	88.518	230.401
. . . . Within 12 months	101.985	88.518	230.401
. . . . Beyond 12 months
. . Other payables	271.863	228.528	335.310
. . . . Within 12 months	271.863	228.528	335.310
. . . . Beyond 12 months
Total accounts payable	7.455.360	6.800.769	7.790.676
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	533.271	533.271	533.271
Total adjustment accounts	533.271	533.271	533.271
TOTAL LIABILITIES	16.742.766	14.778.581	15.625.297

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	23.761.650	23.761.650
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	19.025.230	17.712.272	19.330.235
. Changes in work in progress	614.574	-396.545	90.187
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	277.658	149.394	599.052
. . Contributions for operating expenses	89.425	66.634	76.159
. . Different income and revenues	188.233	82.760	522.893
Total value of production	19.917.462	17.465.121	20.019.474
PRODUCTION COSTS
. Raw material,other materials and consum.	11.993.611	10.960.483	12.222.725
. Services received	3.198.130
. Leases and rentals	371.170	3.367.103	3.958.389
. Payroll and related costs	1.966.550	1.831.440	1.910.486
. . Wages and salaries	1.446.098	1.343.001	1.400.481
. . Social security contributions	383.227	381.514	395.303
. . Employee termination indemnities	107.761	94.886	98.113
. . Pension and similar
. . Other costs	29.464	12.039	16.589
. Amortization and depreciation	677.496	700.150	705.660
. . Amortization of intangible fixed assets	299.990	299.320	304.338
. . Amortization of tangible fixed assets	377.506	400.830	384.228
. . Depreciation of tangible fixed assets			17.094
. . Writedown of current receiv.and of liquid
. Changes in raw materials	214.697	19.322	-268.496
. Provisions to risk reserves			800.000
. Other provisions	12.148	12.000
. Other operating costs	154.932	246.475	153.888
Total production costs	18.588.734	17.136.973	19.482.652
Diff. between value and cost of product.	1.328.728	328.148	536.822
FINANCIAL INCOME AND EXPENSE
. Income from equity investments			1.412
. . In subsidiary companies
. . In associated companies
. . In other companies			1.412
. Other financial income	30.271	33.562	30.186
. . 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	30.271	33.562	30.186
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	30.271	33.562	30.186
. Interest and other financial expense	-8.937	-9.840	-9.104
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-9.840	-9.104
Total financial income and expense	21.334	23.722	22.494
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-13.533
. . Of equity investments		-13.533
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets		-13.533
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		59.295	8.820.714
. . Gains on disposals		8.150
. . Other extraordinary income		51.145	8.820.714
. Extraordinary expense		-269.413	-154.606
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-269.413	-154.606
Total extraordinary income and expense		-210.118	8.666.108
Results before income taxes	1.350.062	128.219	9.225.424
. Taxes on current income	130.825	37.364	86.178
. . current taxes	130.825	37.364	86.178
. . differed taxes(anticip.)
. Net income for the period	1.219.237	90.855	9.139.246
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.219.237	90.855	9.139.246

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	0,24	0,27	0,28	0,33
Elasticity Ratio	Units	0,75	0,72	0,72	0,65
Availability of stock	Units	0,10	0,08	0,11	0,14
Total Liquidity Ratio	Units	0,65	0,64	0,61	0,47
Quick Ratio	Units	0,29	0,28	0,23	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	1,09	2,54
Self Financing Ratio	Units	0,27	0,22	0,21	0,22
Capital protection Ratio	Units	0,29	0,37	-2,46	0,74
Liabilities consolidation quotient	Units	0,83	1,00	0,19	0,24
Financing	Units	1,65	2,06	2,42	3,21
Permanent Indebtedness Ratio	Units	0,49	0,48	0,29	0,41
M/L term Debts Ratio	Units	0,22	0,25	0,09	0,13
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,12
CORRELATION
Fixed assets ratio	Units	2,01	1,74	1,03	1,17
Current ratio	Units	2,82	2,87	1,58	1,10
Acid Test Ratio-Liquidity Ratio	Units	2,45	2,53	1,34	0,82
Structure's primary quotient	Units	1,10	0,81	0,73	0,68
Treasury's primary quotient	Units	1,08	1,11	0,51	0,03
Rate of indebtedness ( Leverage )	%	369,90	446,89	485,84	455,17
Current Capital ( net )	Value	8.131.875	6.961.189	4.091.907	135.108
RETURN
Return on Sales	%	9,97	4,47	50,93	3,71
Return on Equity - Net- ( R.O.E. )	%	26,94	2,75	284,17	2,32
Return on Equity - Gross - ( R.O.E. )	%	29,83	3,88	286,85	8,76
Return on Investment ( R.O.I. )	%	7,94	2,22	3,44	3,87
Return/ Sales	%	6,98	1,85	2,78	3,60
Extra Management revenues/charges incid.	%	91,76	27,69	1702,47	16,69
Cash Flow	Value	1.896.733	791.005	9.844.906	147.669
Operating Profit	Value	1.328.728	328.148	536.822	140.969
Gross Operating Margin	Value	2.018.372	1.040.298	2.042.482	283.954
MANAGEMENT
Credits to clients average term	Days	79,38	70,14	71,51	110,91
Debts to suppliers average term	Days	83,46	74,42	76,39	113,90
Average stock waiting period	Days	31,28	25,47	31,08	47,23
Rate of capital employed return ( Turnover )	Units	1,14	1,20	1,24	1,09
Rate of stock return	Units	11,51	14,14	11,58	7,61
Labour cost incidence	%	10,34	10,34	9,88	15,52
Net financial revenues/ charges incidence	%	0,11	0,13	0,12	-1,76
Labour cost on purchasing expenses	%	10,58	10,69	9,81	15,56
Short-term financing charges	%	0,12	0,14	0,12	3,19
Capital on hand	%	88,00	83,44	80,83	91,39
Sales pro employee	Value	311.889	310.741	327.631	214.336
Labour cost pro employee	Value	32.238	32.130	32.381	32.630

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	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Spazio.gif$ 882.779
Population living in the region	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Spazio.gif$ 456
- per non food products	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Spazio.gif$ 2.052
- per energy consume	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.614\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 2.727 significant companies.

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

The average duration of suppliers debts is about 114 dd.

The sector's profitability is on an average of 3,71%.

The labour cost affects the turnover in the measure of 15,52%.

Goods are held in stock in a range of 47 dd.

The difference between the sales volume and the resources used to realize it is about 1,09.

The employees costs represent the 15,56% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 13.782 protested subjects are found; in the province they count to 2.646.

The insolvency index for the region is 0,30, , while for the province it is 0,30.

Total Bankrupt companies in the province : 3.821.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.7
UK Pound	1	INR 93.14
Euro	1	INR 81.43
Euro	1	INR 81.41

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	KET

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 *

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Bankers

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Financials

Remarks

Market / Territory Data

Statistical Detrimental Data

Unit