3decades

MIRA INFORM REPORT

Report No. :	489348
Report Date :	01.02.2018

IDENTIFICATION DETAILS

Name :	ATOS SPA

Registered Office :	Via Passione, 2 A, 20122 – Milano (MI)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	18.11.1957

Legal Form :	Joint Stock Company

Line of Business :	· Manufacture of fluid dynamics equipment · Manufacture of other taps and valves

No. of Employees :	From 251 To 500

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

Status :	Excellent

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

(30.06.2017)

Current Rating

(30.09.2017)

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 has a diversified economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. 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 impediments to growth, such as 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 late 2011. In 2015-16, Italy’s economy grew more than 0.8% each year, but picked up in 2017. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name & address

ATOS SPA

Via Passione, 2 A

20122 – Milano (MI) -IT-

Summary

Fiscal Code	:	00778630152
Legal Form	:	Joint Stock Company
start of Activities	:	18/11/1957
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	From 251 To 500

Activity

Manufacture of fluid dynamics equipment

Manufacture of other taps and valves

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00778630152

Foreign Trade Reg. no. : MI019303 since 09/12/1991

Foreign Trade Reg. no. : 19303 of Milano since 09/12/1991

Chamber of Commerce no. : 239600 of Brescia

Chamber of Commerce no. : 510576 of Milano since 26/11/1957

Chamber of Commerce no. : 184401 of Modena

Chamber of Commerce no. : 491623 of Torino

Chamber of Commerce no. : 200301 of Trieste

Chamber of Commerce no. : 203219 of Udine

Chamber of Commerce no. : 128737 of Varese since 17/09/1973

Chamber of Commerce no. : 172850 of Vicenza

Firms' Register : MI146-101068 of Milano since 19/02/1996

V.A.T. Code : 00778630152

Tribunal Co. Register : 101068 of

Foundation date	: 18/11/1957
Establishment date	: 18/11/1957
Start of Activities	: 18/11/1957
Legal duration	: 31/12/2050
Nominal Capital	: 5.270.000
Subscribed Capital	: 5.270.000
Paid up Capital	: 5.270.000

Legal mail :

ATOS@PEC.STUDIOCARAVATI.IT

Members

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Crespi

Gianfranco

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Born in Milano

(MI)

on 25/05/1964

- Fiscal Code : CRSGFR64E25F205G

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Residence:

Niccolo' Machiavelli

, 4

- 20145

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/06/2015
Board Chairman	18/06/2015

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No Prejudicial events are reported

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No Protests registered

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Carbonatto

Andrea

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Born in Rivarolo Canavese

(TO)

on 28/10/1964

- Fiscal Code : CRBNDR64R28H340W

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Residence:

Verbania

, 1

- 28041

Arona

(NO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/06/2015
Managing Director	18/06/2015

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No Prejudicial events are reported

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No Protests registered

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Pagani

Piero

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Born in Arona

(NO)

on 18/11/1959

- Fiscal Code : PGNPRI59S18A429Q

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Residence:

Belvedere

, 10/B

- 28041

Arona

(NO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/11/2016

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Crespi

Paolo Giovanni Livio

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Born in Milano

(MI)

on 08/12/1960

- Fiscal Code : CRSPGV60T08F205A

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Residence:

Monte Rosa

, 52

- 20149

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/06/2015
Assistant board Chairman	18/06/2015
Managing Director	18/06/2015

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No Prejudicial events are reported

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No Protests registered

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Atos Finanziaria S.r.l.

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Residence:

Passione

, 2/A

- 20122

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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De Simoni

Marco

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Born in Perugia

(PG)

on 04/04/1972

- Fiscal Code : DSMMRC72D04G478L

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Residence:

Pirelli

, 16 B

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/06/2015

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Pellizzaro

Davide

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Born in Sassari

(SS)

on 31/12/1979

- Fiscal Code : PLLDVD79T31I452A

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Residence:

S.v. Tignoni Monti

, 28 A

- 07100

Sassari

(SS)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/02/2013

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No Prejudicial events are reported

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No Protests registered

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Colombo

Paolo

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Born in Verbania

(NO)

on 02/07/1971

- Fiscal Code : CLMPLA71L02L746X

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Residence:

Costanza

, 2

- 28921

Verbania

(VB)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/11/2015

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No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

No Protests registered

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Bodio

Marco

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Born in Varese

(VA)

on 24/11/1971

- Fiscal Code : BDOMRC71S24L682M

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Residence:

Pascoli

, 8/A

- 21018

Sesto Calende

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	07/04/2016

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No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Verde.gif$

Lauri

Giulia

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Born in Angera

(VA)

on 02/10/1980

- Fiscal Code : LRAGLI80R42A290N

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Residence:

Roma

, 21

- 21018

Osmate Lentate

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	07/04/2016

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No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

No Protests registered

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Salari

Ines

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Born in Busto Arsizio

(VA)

on 13/05/1976

- Fiscal Code : SLRNSI76E53B300N

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Residence:

Strera

, 3/A

- 28047

Oleggio

(NO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	07/04/2016

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

No Protests registered

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Rubino

Angelo

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Born in Matera

(MT)

on 30/10/1979

- Fiscal Code : RBNNGL79R30F052S

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Residence:

Guido Brunner

, 15

- 34125

Trieste

(TS)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	16/02/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\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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Crespi

Gianfranco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Perucchini S.p.a.	Omegna (VB) - IT -	00115480030	Managing Director	Withdrawn	Registered
Perucchini S.p.a.	Omegna (VB) - IT -	00115480030	Director	Withdrawn	Registered
Perucchini S.p.a.	Omegna (VB) - IT -	00115480030	Board Chairman	Withdrawn	Registered
Idi Milano S.r.l. In Liquidazione	Milano (MI) - IT -	05968760156	Director	Withdrawn	Ceased
Scoda S.r.l.	Milano (MI) - IT -	07912650152	Managing Director	Withdrawn	Registered
Scoda S.r.l.	Milano (MI) - IT -	07912650152	Director	Withdrawn	Registered
Scoda S.r.l.	Milano (MI) - IT -	07912650152	Board Chairman	Withdrawn	Registered
Trivi S.r.l.	Galliate (NO) - IT -	00627360035	Director	Active	Registered
Trivi S.r.l.	Galliate (NO) - IT -	00627360035	Board Chairman	Active	Registered
Est Due S.r.l.	Trieste (TS) - IT -	00283050326	Managing Director	Withdrawn	Registered
Est Due S.r.l.	Trieste (TS) - IT -	00283050326	Director	Withdrawn	Registered
Est Due S.r.l.	Trieste (TS) - IT -	00283050326	Assistant board Chairman	Withdrawn	Registered
Quafin S.p.a.	Gozzano (NO) - IT -	00624790036	Managing Director	Withdrawn	Registered
Quafin S.p.a.	Gozzano (NO) - IT -	00624790036	Director	Active	Registered
Quafin S.p.a.	Gozzano (NO) - IT -	00624790036	Board Chairman	Active	Registered
Sotap S.r.l.	Arona (NO) - IT -	01453140038	Managing Director	Withdrawn	Registered
Sotap S.r.l.	Arona (NO) - IT -	01453140038	Director	Active	Registered
Sotap S.r.l.	Arona (NO) - IT -	01453140038	Board Chairman	Active	Registered
Immobiliare Sol Levante - S.r.l.	Milano (MI) - IT -	02945120158	Sole Director	Withdrawn	Registered
Pivot 3 S.r.l.	Arona (NO) - IT -	01664890033	Director	Active	Registered
Pivot 3 S.r.l.	Arona (NO) - IT -	01664890033	Board Chairman	Active	Registered
Cassa Di Risparmio Di Piacenza E Vigevano S.p.a.	Piacenza (PC) - IT -	01070740335	Director	Withdrawn	Ceased
Tarnofin S.r.l. In Liquidazione	Milano (MI) - IT -	01948970734	Director	Withdrawn	Ceased
Tarnofin S.r.l. In Liquidazione	Milano (MI) - IT -	01948970734	Liquidator	Withdrawn	Ceased
Atos Finanziaria S.r.l.	Milano (MI) - IT -	04937320960	Director	Active	Registered
Atos Finanziaria S.r.l.	Milano (MI) - IT -	04937320960	Board Chairman	Active	Registered
Fratelli *ceriana - Societa' Per Azioni- Banca	Torino (TO) - IT -	00889210019	Director	Withdrawn	Ceased

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Carbonatto

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Perucchini S.p.a.	Omegna (VB) - IT -	00115480030	Managing Director	Active	Registered
Perucchini S.p.a.	Omegna (VB) - IT -	00115480030	Director	Active	Registered
Perucchini S.p.a.	Omegna (VB) - IT -	00115480030	Board Chairman	Active	Registered
Raccorderie T.a.a. S.p.a.	Invorio (NO) - IT -	00877280032	Director	Active	Registered
Raccorderie T.a.a. S.p.a.	Invorio (NO) - IT -	00877280032	Board Chairman	Active	Registered
Servizi C.i.a. Societa' Cooperativa	Milano (MI) - IT -	00695230250	Director	Withdrawn	Registered
Scoda S.r.l.	Milano (MI) - IT -	07912650152	Managing Director	Withdrawn	Registered
Scoda S.r.l.	Milano (MI) - IT -	07912650152	Director	Withdrawn	Registered
Scoda S.r.l.	Milano (MI) - IT -	07912650152	Board Chairman	Withdrawn	Registered
Trivi S.r.l.	Galliate (NO) - IT -	00627360035	Managing Director	Active	Registered
Trivi S.r.l.	Galliate (NO) - IT -	00627360035	Director	Active	Registered
Est Due S.r.l.	Trieste (TS) - IT -	00283050326	Managing Director	Withdrawn	Registered
Est Due S.r.l.	Trieste (TS) - IT -	00283050326	Director	Withdrawn	Registered
Est Due S.r.l.	Trieste (TS) - IT -	00283050326	Board Chairman	Withdrawn	Registered
Sotap S.r.l.	Arona (NO) - IT -	01453140038	Managing Director	Active	Registered
Sotap S.r.l.	Arona (NO) - IT -	01453140038	Director	Active	Registered
Carbo S.r.l.	Arona (NO) - IT -	02355190030	Sole Director	Active	Registered
Tnt S.r.l.	Arona (NO) - IT -	02489420030	Sole Director	Active	Registered

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Crespi

Paolo Giovanni Livio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Allevamento Dei Lagoni S.r.l.	Dormelletto (NO) - IT -	00387590037	Sole Director	Active	Registered
Allevamento Dei Lagoni S.r.l.	Dormelletto (NO) - IT -	00387590037	Procurator	Active	Registered
S.a.b. Societa' Agricola Di Besnate S.r.l.	Mornago (VA) - IT -	07880830158	Sole Director	Active	Registered
Quafin S.p.a.	Gozzano (NO) - IT -	00624790036	Managing Director	Active	Registered
Quafin S.p.a.	Gozzano (NO) - IT -	00624790036	Director	Active	Registered
Scuderia Nordovest Srl	Milano (MI) - IT -	01764290159	Sole Director	Active	Registered
Atos Finanziaria S.r.l.	Milano (MI) - IT -	04937320960	Managing Director	Active	Registered
Atos Finanziaria S.r.l.	Milano (MI) - IT -	04937320960	Director	Active	Registered
Ugo Pnp S.r.l.	Milano (MI) - IT -	08979490961	Director	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
Crespi Gianfranco	Milano - IT -	CRSGFR64E25F205G	237.150 .Eur	4,50
Brio Finanziaria S.r.l.	Gozzano - IT -	01116980036	105.400 .Eur	2,00
Sotap S.r.l.	Arona - IT -	01453140038	316.200 .Eur	6,00
Pivot 3 S.r.l.	Arona - IT -	01664890033	263.500 .Eur	5,00
Crespi Paolo Giovanni Livio	Milano - IT -	CRSPGV60T08F205A	237.150 .Eur	4,50
Atos Finanziaria S.r.l.	Milano - IT -	04937320960	3.096.125 .Eur	58,75
Melville S.r.l.	Milano - IT -	08852380966	527.000 .Eur	10,00
Carbo S.r.l.	Arona - IT -	02355190030	329.375 .Eur	6,25
Pedrini Tito		PDRTTI62A04F205B	158.100 .Eur	3,00

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
Perucchini S.p.a.	Omegna - IT -	00115480030	1.702.800 .Eur	100,00			Active
Industria E Universita' S.r.l.	Varese - IT -	01930490121	76.500 .Eur	0,56			Active
Atos Induction S.r.l.		10144720967	57.375 .Eur	51,00			Active

Firm's location and structure

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

Legal and operative seat

Passione

, 2 A

- 20100

- Milano

(MI)

- IT -

PHONE

: 0331922078

Legal mail

: ATOS@PEC.STUDIOCARAVATI.IT

Branch

(Factory)

since 01/08/1973

Alla Piana

, 57

- 21018

- Sesto Calende

(VA)

- IT -

Branch

(Branch)

since 15/06/2000

Gandhi

, 18

- 41100

- Modena

(MO)

- IT -

Branch

(Factory)

since 01/11/2006

Ho Chi Min

, 3

- 41100

- Modena

(MO)

- IT -

Branch

(Representative office)

since 01/01/2007

T. Chowdaiah Road

, 239

- Bangalore - 560 080

(EE)

- IN -

Branch

(Representative office)

since 26/06/2008

Shenkurshiy Proezd 3 E

- Mosca

(EE)

- RU -

Branch

(Representative office)

since 01/09/2009

902 Neoplaza 87 - 7

- Bansong, Hwaseong, Gyeonggi

(EE)

- KP -

Branch

(Factory)

since 01/01/2017

Dei Frigessi

, 4

- 34100

- Trieste

(TS)

- IT -

Branch

(Factory)

since 01/01/2017

Luigi Cape'

, 8

- 21018

- Sesto Calende

(VA)

- IT -

Employees

: 308

Fittings and Equipment for a value of 4.800.000

Eur

Stocks for a value of 14.780.000

Eur

Furniture and fittings for a value of 520.000

Eur

Vehicles for a value of 1.030.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company supplies wholesalers and resellers.

The firm operates abroad as exporter..

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- its own agents

- its own foreign branches

- direct orders from foreign companies

Company uses to accept the following term of sales: 30-60-90 days.

Subject usually collects by cash order and drafts.

Purchases are mainly paid with terms of 30/90 days.

Payments are settled by cash order and drafts.

Export is mainly towards:

- Cyprus

- Bulgaria

- Poland

- Hungary

- Italy

- Austria

- Belgium

- Germany

- Great Britain

- Greece

- Ireland

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	26/11/1973

CEASINGS/INCORPORATIONS/MERGES:

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$ EXO ELETTRONICA INDUSTR.SRL

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, 21018

, Sesto Calende

(VA)

- IT -

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Date

28/12/1979

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Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$ Est Due S.r.l.

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Dei Frigessi

, 4

, 34147

, Trieste

(TS)

- IT -

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Fiscal Code: 00283050326

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Date

Merging/splitting-up project:

24/06/2016

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$ Est Due S.r.l.

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Dei Frigessi

, 4

, 34147

, Trieste

(TS)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Fiscal Code: 00283050326

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Date

03/11/2016

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Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$ Scoda S.r.l.

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Giosue Carducci

, 31

, 20123

, Milano

(MI)

- IT -

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Fiscal Code: 07912650152

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Date

Merging/splitting-up project:

22/06/2017

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$ Scoda S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Giosue Carducci

, 31

, 20123

, Milano

(MI)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Vuoto.gif$

Fiscal Code: 07912650152

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Date

10/11/2017

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
ARONA (NO)	Buildings	3	26/01/2018
ARONA (NO)	Land	4	26/01/2018
TRIESTE (TS)	Buildings	2	26/01/2018
ANGERA (VA)	Buildings	4	26/01/2018
ANGERA (VA)	Land	8	26/01/2018
SESTO CALENDE (VA)	Buildings	5	26/01/2018
SESTO CALENDE (VA)	Land	27	26/01/2018
TAINO (VA)	Land	1	26/01/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta'	ARONA (NO) VIA VERGANTE, Piano T	6	8	1	zona1 cat. C/6	4	19 mq	Euro:92,24	4197
B	Proprieta'	ARONA (NO) VIA VERGANTE, Piano T - 0001	6	8	2	zona1 cat. A/3	2	6 vani	Euro:418,33	4197
B	Proprieta'	ARONA (NO) VIA VERGANTE, 7 Piano T	6	8	3	zona1 cat. A/7	2	8 vani	Euro:1.115,55
B	Proprieta' per 1/1	TRIESTE (TS) VIA DEI FRIGESSI, 4 Piano T - 0001	Q/36	4056/4	1	zona2 cat. D/7			Euro: 19.573,72	69968
B	Proprieta' per 1/1	TRIESTE (TS) VIA DEI FRIGESSI, 4 Piano T	Q/36	4056/4	2	zona2 cat. D/1			Euro: 223,11	69968
B	Proprieta' per 1/1	ANGERA (VA) VIA SAN GOTTARDO, 14 Piano T	AN/9	1638	501	cat. D/1			Euro: 77,47	1001832
B	Proprieta' per 1/1	ANGERA (VA) VIA SAN GOTTARDO, 14 Piano T	AN/9	1638	502	cat. D/1			Euro: 61,97	1001832
B	Proprieta' per 1/1	ANGERA (VA) VIA SAN GOTTARDO, 14 Piano T-1	AN/9	1638	503	cat. D/1			Euro: 14.542,86
B	Proprieta' per 1/1	ANGERA (VA) VIA SAN GOTTARDO, 14 Piano T	AN/9	1638	504	cat. D/8			Euro: 1.850,00
B	Proprieta' per 1/1	SESTO CALENDE (VA) VIA LUIGI CAPE', 6/8 Piano T	SE/11	7968	1	cat. D/1			Euro: 11.155,47	1003960
B	Proprieta' per 1000/1000	SESTO CALENDE (VA) VIA ALLA PIANA, 57 Piano T	SE/6	167	5	cat. C/6	5	20 mq	Euro:54,74	3006
B	Proprieta' per 1000/1000	SESTO CALENDE (VA) VIA ALLA PIANA, 57 Piano T-1	SE/6	167	501	cat. D/1			Euro: 143.961,00
B	Proprieta' per 1000/1000	SESTO CALENDE (VA) VIA ALLA PIANA, 57 Piano T	SE/6	167	502	cat. C/6	7	211 mq	Euro:795,50
B	Proprieta' per 1000/1000	SESTO CALENDE (VA) VIA ALLA PIANA, 57 Piano T	SE/6	167	6	cat. A/3	2	5 vani	Euro:348,61	3006

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1000/1000	ARONA (NO) Sez.A	6	108		BOSCO CEDUO	1	25 are 40 ca	R.D.Euro:2,10 R.A. Euro: 0,13	1142
L	Proprieta' per 1000/1000	ARONA (NO) Sez.A	6	126		BOSCO CEDUO	1	2 are 70 ca	R.D.Euro:0,22 R.A. Euro: 0,01	1142
L	Proprieta' per 1000/1000	ARONA (NO) Sez.A	6	143		BOSCO CEDUO	1	3 are 60 ca	R.D.Euro:0,30 R.A. Euro: 0,02	1142
L	Proprieta' per 1000/1000	ARONA (NO) Sez.A	6	144		BOSCO CEDUO	1	3 are 40 ca	R.D.Euro:0,28 R.A. Euro: 0,02	1142
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	1635		PRATO	3	14 are	R.D.Euro:3,62 R.A. Euro: 3,62	4121
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	1636		MODELLO 26			R.A. Euro: R.A. Euro:
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	3716		PRATO	3	14 are 30 ca	R.D.Euro:3,69 R.A. Euro: 3,69	2494
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	3717		PRATO	3	16 are 70 ca	R.D.Euro:4,31 R.A. Euro: 4,31	4395
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	3718		SEMIN ARBOR	4	9 are 30 ca	R.D.Euro:1,92 R.A. Euro: 1,92	2494
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	3719		SEMIN ARBOR	4	6 are 90 ca	R.D.Euro:1,43 R.A. Euro: 1,43	4395
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	7517		SEMIN ARBOR	4	9 are 58 ca	R.D.Euro:1,98 R.A. Euro: 1,98	4276
L	Proprieta' per 1/1	ANGERA (VA) Sez.A	9	9009		PRATO	2	11 are 30 ca	R.D.Euro:3,79 R.A. Euro: 3,50
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	158		SEMIN ARBOR	3	20 are	R.D.Euro:8,78 R.A. Euro: 5,16	2774
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	177		PRATO	3	51 are 40 ca	R.D.Euro:21,24 R.A. Euro: 18,58	2473
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2363		INCOLT PROD	2	19 are 60 ca	R.D.Euro:1,21 R.A. Euro: 0,30	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2364		SEMIN ARBOR	3	17 are 50 ca	R.D.Euro:7,68 R.A. Euro: 4,52	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2365		PRATO	3	8 are 10 ca	R.D.Euro:3,35 R.A. Euro: 2,93	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2461		PRATO	4	7 are 95 ca	R.D.Euro:2,87 R.A. Euro: 2,46	1926
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2462		PRATO	5	8 are	R.D.Euro:2,48 R.A. Euro: 2,07	1770
L	Proprieta' per 3/3	SESTO CALENDE (VA) Sez.A	1	2676		PRATO	3	26 are 37 ca	R.D.Euro:10,90 R.A. Euro: 9,53	2861
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2888		PASCOLO	U	4 are 10 ca	R.D.Euro:0,64 R.A. Euro: 0,32	4233
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2891		PRATO	5	20 are 20 ca	R.D.Euro:6,26 R.A. Euro: 5,22	4233
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	2895		SEMINATIVO	3	33 are 80 ca	R.D.Euro:13,96 R.A. Euro: 8,73
L	Proprieta' per 6/6	SESTO CALENDE (VA) Sez.A	1	302		PRATO	3	15 are 30 ca	R.D.Euro:6,32 R.A. Euro: 5,53	4692
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3121		INCOLT PROD	1	20 are	R.D.Euro:1,55 R.A. Euro: 0,31	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3122		SEMIN ARBOR	3	11 are 60 ca	R.D.Euro:5,09 R.A. Euro: 3,00	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3123		PRATO	3	7 are 80 ca	R.D.Euro:3,22 R.A. Euro: 2,82	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3441		PRATO	3	51 are 30 ca	R.D.Euro:21,20 R.A. Euro: 18,55	232
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3446		BOSCO CEDUO	2	62 are 80 ca	R.D.Euro:8,11 R.A. Euro: 1,62	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3447		PRATO	3	39 are 50 ca	R.D.Euro:16,32 R.A. Euro: 14,28	4922
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	3604		PRATO	3	37 are 80 ca	R.D.Euro:15,62 R.A. Euro: 13,67	4922
L	Proprieta' per 1000/1000	SESTO CALENDE (VA) Sez.A	1	4259		PRATO	5	21 are 30 ca	R.D.Euro:6,60 R.A. Euro: 5,50	6046
L	Proprieta' per 1000/1000	SESTO CALENDE (VA) Sez.A	1	4260		PRATO	5	7 are 10 ca	R.D.Euro:2,20 R.A. Euro: 1,83	6046
L	Proprieta' per 1000/1000	SESTO CALENDE (VA) Sez.A	1	4261		PRATO	5	22 are	R.D.Euro:6,82 R.A. Euro: 5,68	6046
L	Proprieta' per 1000/1000	SESTO CALENDE (VA) Sez.A	1	4262		PRATO	5	7 are 10 ca	R.D.Euro:2,20 R.A. Euro: 1,83	6046
L	Proprieta' per 1000/1000	SESTO CALENDE (VA) Sez.A	1	4263		PRATO	5	7 are 10 ca	R.D.Euro:2,20 R.A. Euro: 1,83	6046
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	4359		PRATO	3	13 are 20 ca	R.D.Euro:5,45 R.A. Euro: 4,77	5071
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	7764		PRATO	3	8 are 30 ca	R.D.Euro:3,43 R.A. Euro: 3,00	4807
L	Proprieta' per 1/1	SESTO CALENDE (VA) Sez.A	1	8982		PRATO	3	78 are 30 ca	R.D.Euro:32,35 R.A. Euro: 28,31
L	Proprieta' per 1/1	TAINO (VA)	2	724		PRATO	3	30 are 50 ca	R.D.Euro:10,24 R.A. Euro: 9,45	2341

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 1957

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

During the last years, it recorded positive net results (r.o.e. 17,29% in 2016) but without a significant increase in the turnover.

The operating result in 2016 was positive (16,51%) falling within the field's average.

The operating result is positive and amounts to Eur. 15.159.545 ,showing stability in respect to the value of 2015.

The G.O.M. amounted to Eur. 17.343.668 with no sensible increase as against 2015.

Indebtedness is scanty since debts are lower than liquidity.

The equity capital is equal to Eur. 75.818.700 , stable in comparison with the value of the previous year.

Total indebtedness amounts to Eur. 13.228.668, on the same levels as the year before.

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

The liquidity level is positive (4,1).

Accounts receivable average term is 67,8 days. , a value lower than the sector's average.

2016 financial year closed with a cash flow of Eur. 15.295.123

Labour cost amounts to Eur. 16.541.177, with a 29,51% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 23,44%.

The financial charges are lower than the financial incomes.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	70.557.431
Profit (Loss) for the period	13.111.000

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	75.825.238
Profit (Loss) for the period	12.541.073

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	78.528.590
Profit (Loss) for the period	12.970.486

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	76.581.399
Profit (Loss) for the period	13.569.447

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	81.077.167
Profit (Loss) for the period	14.331.294

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	143.419	213.072	569.481
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.	49.149	15.000	8.735
. . Other intangible fixed assets
. Total Intangible Fixed Assets	192.568	228.072	578.216
. TANGIBLE FIXED ASSETS
. . Real estate	5.352.285	5.296.646	3.841.201
. . Plant and machinery	3.421.481	4.228.297	4.251.370
. . Industrial and commercial equipment	1.377.153	1.537.767	1.359.638
. . Other assets	186.542	241.683	234.899
. . Assets under construction and advances	196.248	48.444	1.648.464
. Total Tangible fixed assets	10.533.709	11.352.837	11.335.572
. FINANCIAL FIXED ASSETS
. . Equity investments	26.253.643	19.532.643	16.317.391
. . . Equity invest. in subsidiary companies	26.176.174	19.455.174	16.119.838
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	77.469	77.469	197.553
. . Financial receivables	520.450	1.145.738	1.644.387
. . . . Within 12 months	500.000	1.125.313	1.625.313
. . . . Beyond 12 months	20.450	20.425	19.074
. . . Receivab due from subsidiaries	500.000	1.125.313	1.625.313
. . . . Within 12 months	500.000	1.125.313	1.625.313
. . . . 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	20.450	20.425	19.074
. . . . Within 12 months
. . . . Beyond 12 months	20.450	20.425	19.074
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	26.774.093	20.678.381	17.961.778
Total fixed assets	37.500.370	32.259.290	29.875.566
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.061.526	2.776.824	2.377.101
. . Work in progress and semimanufactured	1.284.620	1.743.110	1.956.619
. . Work in progress on order
. . Finished goods	11.430.893	11.415.853	12.465.009
. . Advance payments
. Total Inventories	14.777.039	15.935.787	16.798.729
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	19.460.495	18.439.079	18.908.405
. . Beyond 12 months	465.956	465.956	465.956
. . Trade receivables	13.289.078	14.689.544	16.871.476
. . . . Within 12 months	13.289.078	14.689.544	16.871.476
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	3.191.031	1.798.603	425.279
. . . . Within 12 months	3.191.031	1.798.603	425.279
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	465.956	465.956	465.956
. . . . Within 12 months
. . . . Beyond 12 months	465.956	465.956	465.956
. . Fiscal Receivables	2.045.637	1.477.550	642.665
. . . . Within 12 months	2.045.637	1.477.550	642.665
. . . . Beyond 12 months
. . Receivables for anticipated taxes	77.826	93.524	87.794
. . . . Within 12 months	77.826	93.524	87.794
. . . . Beyond 12 months
. . Receivables due from third parties	856.923	379.858	881.191
. . . . Within 12 months	856.923	379.858	881.191
. . . . Beyond 12 months
. Total Credits not held as fixed assets	19.926.451	18.905.035	19.374.361
. 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		9.990.896	10.005.606
. Total Financial Assets		9.990.896	10.005.606
. LIQUID FUNDS
. . Bank and post office deposits	19.522.737	12.527.183	14.581.779
. . Checks
. . Banknotes and coins	2.208	6.080	7.188
. Total Liquid funds	19.524.945	12.533.263	14.588.967
Total current assets	54.228.435	57.364.981	60.767.663
ADJUSTMENT ACCOUNTS
. Discount on loans		73.706	94.669
. Other adjustment accounts	89.654
Total adjustments accounts	89.654	73.706	94.669
TOTAL ASSETS	91.818.459	89.697.977	90.737.898

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.270.000	5.270.000	5.270.000
. Additional paid-in capital
. Revaluation reserves	2.863.956	2.863.956	2.863.956
. Legal reserve	1.257.010	1.257.010	1.257.010
. Reserve for Own shares
. Statute reserves
. Other reserves	51.617.103	50.974.675	49.925.019
. Accumulated Profits (Losses)	1.699.631	1.685.609	1.648.451
. Profit( loss) of the year	13.111.000	12.541.073	12.970.486
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	75.818.700	74.592.323	73.934.922
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	17.319	16.760	13.841
. . Taxation fund, also differed
. . Other funds	20.000
Total Reserves for Risks and Charges	37.319	16.760	13.841
Employee termination indemnities	2.733.772	3.046.506	3.317.380
ACCOUNTS PAYABLE
. . . . Within 12 months	13.228.668	12.042.388	13.471.755
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	601.290	503.882	653.804
. . . . Within 12 months	601.290	503.882	653.804
. . . . Beyond 12 months
. . Trade payables	7.256.029	6.331.581	6.476.912
. . . . Within 12 months	7.256.029	6.331.581	6.476.912
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	1.461.136	1.308.272	2.389.697
. . . . Within 12 months	1.461.136	1.308.272	2.389.697
. . . . 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	861.730	937.068	1.010.628
. . . . Within 12 months	861.730	937.068	1.010.628
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.121.803	1.030.404	1.030.627
. . . . Within 12 months	1.121.803	1.030.404	1.030.627
. . . . Beyond 12 months
. . Other payables	1.926.680	1.931.181	1.910.087
. . . . Within 12 months	1.926.680	1.931.181	1.910.087
. . . . Beyond 12 months
Total accounts payable	13.228.668	12.042.388	13.471.755
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	91.818.459	89.697.977	90.737.898

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	34.697	58.356
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	70.557.431	75.825.238	78.528.590
. Changes in work in progress	-204.136	-510.699	93.597
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	854.898	777.041	451.542
. . Contributions for operating expenses	133.424	147.466
. . Different income and revenues	721.474	629.575	451.542
Total value of production	71.208.193	76.091.580	79.073.729
PRODUCTION COSTS
. Raw material,other materials and consum.	26.011.513	27.534.013	29.008.012
. Services received	9.793.449
. Leases and rentals	318.468	10.305.332	10.692.282
. Payroll and related costs	16.541.177	17.806.464	17.791.847
. . Wages and salaries	11.909.999	12.925.562	13.036.643
. . Social security contributions	3.688.484	3.974.391	3.905.431
. . Employee termination indemnities	775.318	849.183	833.376
. . Pension and similar
. . Other costs	167.376	57.328	16.397
. Amortization and depreciation	2.184.123	2.554.350	2.613.899
. . Amortization of intangible fixed assets	171.924	534.666	588.790
. . Amortization of tangible fixed assets	1.944.584	1.936.899	1.938.449
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	67.615	82.785	86.660
. Changes in raw materials	954.612	352.243	686.345
. Provisions to risk reserves
. Other provisions			3.419
. Other operating costs	245.306	472.883	272.579
Total production costs	56.048.648	59.025.285	61.068.383
Diff. between value and cost of product.	15.159.545	17.066.295	18.005.346
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	2.209.539	596.245	480.320
. . In subsidiary companies	2.209.539	596.245	480.320
. . In associated companies
. . In other companies
. Other financial income	390.731	170.963	267.924
. . Financ.income from receivables	31.701	48.961	51.400
. . . Towards subsidiary companies	31.701	48.961	51.400
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets	333.965	123	27.536
. . Financ.income other than the above	25.065	121.879	188.988
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	25.065	121.879	188.988
. Interest and other financial expense	-10.493	-1.428	-3.714
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-1.428	-3.714
Total financial income and expense	2.589.777	765.780	744.530
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		59.743	133.823
. . Gains on disposals
. . Other extraordinary income		59.743	133.823
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		59.743	133.823
Results before income taxes	17.749.322	17.891.818	18.883.699
. Taxes on current income	4.638.322	5.350.745	5.913.213
. . current taxes	4.712.945	5.356.475	5.931.551
. . differed taxes(anticip.)		-5.730	-18.338
. Net income for the period	13.111.000	12.541.073	12.970.486
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	13.111.000	12.541.073	12.970.486

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	0,41	0,36	0,33	0,26
Elasticity Ratio	Units	0,59	0,64	0,67	0,73
Availability of stock	Units	0,16	0,18	0,19	0,23
Total Liquidity Ratio	Units	0,43	0,46	0,48	0,44
Quick Ratio	Units	0,21	0,25	0,27	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	n.c.	n.c.	1,74
Self Financing Ratio	Units	0,83	0,83	0,81	0,29
Capital protection Ratio	Units	0,76	0,76	0,75	0,64
Liabilities consolidation quotient	Units	0,21	0,25	0,25	0,22
Financing	Units	0,17	0,16	0,18	2,30
Permanent Indebtedness Ratio	Units	0,86	0,87	0,85	0,46
M/L term Debts Ratio	Units	0,03	0,03	0,04	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,49
CORRELATION
Fixed assets ratio	Units	2,09	2,41	2,59	1,63
Current ratio	Units	4,10	4,76	4,51	1,32
Acid Test Ratio-Liquidity Ratio	Units	2,98	3,44	3,26	0,86
Structure's primary quotient	Units	2,02	2,31	2,47	1,05
Treasury's primary quotient	Units	1,48	1,87	1,83	0,04
Rate of indebtedness ( Leverage )	%	121,10	120,25	122,73	349,01
Current Capital ( net )	Value	40.999.767	45.322.593	47.295.908	753.266
RETURN
Return on Sales	%	21,68	19,91	19,85	5,13
Return on Equity - Net- ( R.O.E. )	%	17,29	16,81	17,54	7,27
Return on Equity - Gross - ( R.O.E. )	%	23,41	23,99	25,54	15,95
Return on Investment ( R.O.I. )	%	16,51	19,03	19,84	5,36
Return/ Sales	%	21,49	22,51	22,93	5,57
Extra Management revenues/charges incid.	%	86,49	73,48	72,04	42,11
Cash Flow	Value	15.295.123	15.095.423	15.584.385	344.143
Operating Profit	Value	15.159.545	17.066.295	18.005.346	359.008
Gross Operating Margin	Value	17.343.668	19.620.645	20.622.664	705.726
MANAGEMENT
Credits to clients average term	Days	67,80	69,74	77,34	101,37
Debts to suppliers average term	Days	86,87	72,68	80,40	115,52
Average stock waiting period	Days	75,40	75,66	77,01	80,62
Rate of capital employed return ( Turnover )	Units	0,77	0,85	0,87	1,07
Rate of stock return	Units	4,77	4,76	4,67	4,40
Labour cost incidence	%	23,44	23,48	22,66	16,91
Net financial revenues/ charges incidence	%	3,67	1,01	0,95	-1,19
Labour cost on purchasing expenses	%	29,51	30,17	29,13	17,25
Short-term financing charges	%	0,08	0,01	0,03	2,71
Capital on hand	%	130,13	118,30	115,55	93,00
Sales pro employee	Value	136.739	136.376	141.492	223.920
Labour cost pro employee	Value	32.056	32.026	32.057	35.625

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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Spazio.gif$ 3.839.216
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.004\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 918 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 5,13%.

The labour cost affects the turnover in the measure of 16,91%.

Goods are held in stock in a range of 81 dd.

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 17,25% 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 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 63.69
UK Pound	1	INR 90.35
Euro	1	INR 79.21
Euro	1	INR 79.08

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

INFORMATION DETAILS

Analysis Done by :	NIY

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

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Protests

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit