MIRA INFORM REPORT

Report No. :	491986
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	EFFER S.P.A.
Registered Office :	Viale Caproni, 7, 38068 – Rovereto (TN)
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	14.09.2005
Legal Form :	Joint Stock Company with Sole Shareholder
Line of Business :	Manufacture of Lifting and Handling Equipment
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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Italy	A1	A1

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 records. 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

EFFER S.P.A.

Viale Caproni, 7

38068 – Rovereto (TN) -IT-

Summary

Fiscal Code	:	01943080224
Legal Form	:	Joint Stock Company With Sole Shareholder
start of Activities	:	19/05/2006
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	From 251 To 500

Activity

Manufacture of lifting and handling equipment

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 01943080224

Foreign Trade Reg. no. : TN024232 since 05/12/2005

Chamber of Commerce no. : 452179 of Bologna

Chamber of Commerce no. : 306428 of Forli'

Chamber of Commerce no. : 388783 of Modena

Chamber of Commerce no. : 156302 of Taranto

Chamber of Commerce no. : 189370 of Trento since 26/09/2005

Chamber of Commerce no. : 427820 of Verona

Firms' Register : TN-2005-26145 of Trento since 26/09/2005

V.A.T. Code : 01943080224

Establishment date	: 14/09/2005
Start of Activities	: 19/05/2006
Legal duration	: 31/12/2030
Nominal Capital	: 1.600.000
Subscribed Capital	: 1.600.000
Paid up Capital	: 1.600.000

Legal mail :

EFFER@POSTECERT.IT

Legal mail :

RISORSEUMANE@EFFERSPA.POSTECERT.IT

Members

Cte Group Societa' Per Azioni

Residence:

Caproni

, 7

- 38068

Rovereto

(TN)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	25/01/2010

No Prejudicial events are reported

No Protests registered

Cipriani

Lorenzo

Born in Rovereto

(CR)

on 30/01/1958

- Fiscal Code : CPRLNZ58A30H612I

Residence:

Bellavista I

, 17/E

- 38068

Rovereto

(TN)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	08/05/2017
Director	08/05/2017

No Prejudicial events are reported

No Protests registered

Piovan

Giampaolo

Born in Padova

(PD)

on 04/03/1952

- Fiscal Code : PVNGPL52C04G224L

Residence:

Degli Alpini

, 20

- 35010

Vigonza

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2017

No Prejudicial events are reported

Paone

Rosario

Born in Napoli

(NA)

on 29/07/1964

- Fiscal Code : PNARSR64L29F839B

Residence:

Caproni

, 7

- 38068

Rovereto

(TN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	25/05/2015

No Prejudicial events are reported

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.

Cte Group Societa' Per Azioni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cte Societa' Per Azioni	Rovereto (TN) - IT -	02098950229	Sole partner	Withdrawn	Registered
Cte Societa' Per Azioni	Rovereto (TN) - IT -	02098950229	Partner	Active	Registered

Cipriani

Lorenzo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Cte Group Societa' Per Azioni	Rovereto (TN) - IT -	00492380225	Director	Active	Registered
Cte Group Societa' Per Azioni	Rovereto (TN) - IT -	00492380225	Board Chairman	Active	Registered
Italimmobiliare Di Cipriani Lorenzo E C.S.a.s. In Liquidazione	Rovereto (TN) - IT -	01429920224	General Partner	Withdrawn	Ceased
Italimmobiliare Di Cipriani Lorenzo E C.S.a.s. In Liquidazione	Rovereto (TN) - IT -	01429920224	Liquidator	Withdrawn	Ceased
Genex S.r.l.	Rivoli Veronese (VR) - IT -	02448440236	Vice-Chairman	Withdrawn	Registered
Genex S.r.l.	Rivoli Veronese (VR) - IT -	02448440236	Director	Active	Registered
Genex S.r.l.	Rivoli Veronese (VR) - IT -	02448440236	Board Chairman	Active	Registered
Sequani Meccanica S.r.l.	Rivoli Veronese (VR) - IT -	01806300230	Director	Withdrawn	Registered
Tecnoalt S.r.l.	Roma (RM) - IT -	05580391000	Director	Active	Registered
Solus S.r.l. - In Liquidazione Societa'A Socio Unico	Dolo (VE) - IT -	03038370270	Director	Withdrawn	Registered
Drin S.r.l.	Rovereto (TN) - IT -	02475061202	Sole Director	Withdrawn	Registered
Cte Societa' Per Azioni	Rovereto (TN) - IT -	02098950229	Director	Active	Registered
Cte Societa' Per Azioni	Rovereto (TN) - IT -	02098950229	Managing Director	Active	Registered
Cte Societa' Per Azioni	Rovereto (TN) - IT -	02098950229	Board Chairman	Active	Registered
Cipriani S.n.c. Di Cipriani Lorenzo E C.	Rovereto (TN) - IT -	01066920222	Partner	Withdrawn	Ceased
Cipriani S.n.c. Di Cipriani Lorenzo E C.	Rovereto (TN) - IT -	01066920222	Legal Owners' representative	Withdrawn	Ceased
Rovecom - S.r.l. In Liquidazione	Rovereto (TN) - IT -	01147960221	Liquidator	Withdrawn	Ceased
Rovecom S.n.c. Di Cipriani Lorenzo E C.	Rovereto (TN) - IT -	01273770220	Partner	Withdrawn	Ceased
Rovecom S.n.c. Di Cipriani Lorenzo E C.	Rovereto (TN) - IT -	01273770220	Legal Owners' representative	Withdrawn	Ceased
Ci S.a.s Di Boninsegna Lucio E C.	Villa Lagarina (TN) - IT -	01614370227	Limited Partner	Withdrawn	Ceased
Cipriani Lorenzo	Rovereto (TN) - IT -	CPRLNZ58A30H612I	Proprietor	Withdrawn	Ceased
Recotec Societa' A Responsabilita' Limitata In Sigla Recotec S.r.l.	Rovereto (TN) - IT -	01808080228	Director	Withdrawn	Registered
Ardesia S.r.l.	Rovereto (TN) - IT -	01809330226	Director	Active	Registered
Ardesia S.r.l.	Rovereto (TN) - IT -	01809330226	General Partner	Withdrawn	Registered
Ardesia S.r.l.	Rovereto (TN) - IT -	01809330226	Board Chairman	Active	Registered
Rosenbauer Rovereto S.r.l.	Rovereto (TN) - IT -	02431730221	Director	Active	Registered
Rosenbauer Rovereto S.r.l.	Rovereto (TN) - IT -	02431730221	Managing Director	Withdrawn	Registered
Cipriani Lorenzo	Rovereto (TN) - IT -	CPRLNZ58A30H612I	Proprietor	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
Cte Group Societa' Per Azioni	Rovereto - IT -	00492380225		100,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-	Legal and operative seat

Caproni

, 7

- 38068

- Rovereto

(TN)

- IT -

PHONE

: 0464485050

Legal mail

: EFFER@POSTECERT.IT

Legal mail

: RISORSEUMANE@EFFERSPA.POSTECERT.IT

-

Branch

(Factory)

since 10/11/2005

S.p. Ex Vicinale Accetta

, 40

- 74100

- Statte

(TA)

- IT -

-

Branch

(Factory)

since 10/11/2005

until 24/11/2008

Iv Novembre

, 12

- 40061

- Minerbio

(BO)

- IT -

-

Branch

(Store)

since 10/11/2005

Iv Novembre

, 7

- 40061

- Minerbio

(BO)

- IT -

PHONE

: 0514181211

FAX	: 0514181491

Email

: info@effer.it

-

Branch

(Store)

since 01/06/2015

until 24/11/2008

Iv Novembre

, 9C/9D

- 40061

- Minerbio

(BO)

- IT -

-

Branch

(Sales office)

since 01/12/2017

Localita' Terramatta

, 5

- 37010

- Rivoli Veronese

(VR)

- IT -

Employees

: 272

Fittings and Equipment for a value of 1.090.000

Eur

Stocks for a value of 10.320.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

The firm took over the activity of

Effer Holding S.r.l. In Liquidazione

Della Costituzione

, 13/B

, 40013

, Castel Maggiore

(BO)

- IT -

Fiscal Code: 00608120374

Date

:

04/11/2005

The firm absorbed by merging of

Drin S.r.l.

Caproni

, 7

, 38068

, Rovereto

(TN)

- IT -

Fiscal Code: 02475061202

Date

:

28/02/2014

Project of merging by taking over of

Drin S.r.l.

Caproni

, 7

, 38068

, Rovereto

(TN)

- IT -

Fiscal Code: 02475061202

Date

Merging/splitting-up project:

17/06/2013

Project of merging by taking over of

Cte Group Societa' Per Azioni

Caproni

, 7

, 38068

, Rovereto

(TN)

- IT -

Fiscal Code: 00492380225

Date

Merging/splitting-up project:

13/11/2017

Resolution of merging of

Cte Group Societa' Per Azioni

Caproni

, 7

, 38068

, Rovereto

(TN)

- IT -

Fiscal Code: 00492380225

Date

:

04/12/2017

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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
MINERBIO (BO)	Land	2	09/02/2018

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	MINERBIO (BO)	18	546		SEMINATIVO	2	74 are 36 ca	R.D.Euro:88,71 (*) R.A. Euro: 44,16
L	Proprieta' per 1/1	MINERBIO (BO)	18	552		SEMINATIVO	2	22 are 76 ca	R.D.Euro:27,15 (*) R.A. Euro: 13,52

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Company's starting of activities dates back to 2006.

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

During the last years, it achieved profits (r.o.e. 37,72% on 2016) with a remarkable upward trend (+16,05% on 2016 compared to 2015 and +6,77% on 2015 compared to 2014).

The return on Investment in the last financial year was positive (8,16%) and in line with the sector's average.

The amount of the operating result for the year 2016 is of Eur. 2.863.779 showing an upward trend more then 100% compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 4.421.689 showing a 54,68% growth.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 8,69 but on the decrease if compared to the year before.

Subject can manage an equity capital funds for an amount of Eur. 3.529.528 , increasing by 60,55% if compared to the year before.

Total indebtedness totalled Eur. 30.683.127, showing a stable trend as opposed to 2015 (Eur. 32.045.295).

Both financial indebtedness and suppliers exposure are rather high but lined up with the field's average.

Liquidity is not completely adequate.

As far as the collection of credit goes, the average is high (92,21 days). but in line with the sector.

The financial management generated a cash flow of Eur. 2.614.160.

Subordinate employment cost is of Eur. 14.950.149, i.e. 25,8% on total production costs. , whereas 24,72% is the incidence on sales revenues.

If compared to the sales volume (-0,82%), the impact of the financial charges is limited.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	60.474.085
Profit (Loss) for the period	1.331.250

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	52.107.335
Profit (Loss) for the period	363.227

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	48.802.553
Profit (Loss) for the period	540.195

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	45.239.119
Profit (Loss) for the period	285.259

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	48.399.323
Profit (Loss) for the period	-641.628

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

Years

2016

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.	550.975
. . Industrial patent rights	111.194
. . Concessions,licenses,trademarks,etc.	299.027
. . Goodwill
. . Assets in formation and advance paymen.	614.483
. . Other intangible fixed assets	437.122
. Total Intangible Fixed Assets	2.012.801
. TANGIBLE FIXED ASSETS
. . Real estate	1.038.469
. . Plant and machinery	824.869
. . Industrial and commercial equipment	264.548
. . Other assets	107.129
. . Assets under construction and advances	39.152
. Total Tangible fixed assets	2.274.167
. FINANCIAL FIXED ASSETS
. . Equity investments	300
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	300
. . Financial receivables	2.740.484
. . . . Within 12 months	2.580.859
. . . . Beyond 12 months	159.625
. . . 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.	2.740.484
. . . . Within 12 months	2.580.859
. . . . Beyond 12 months	159.625
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities	60.703
. . Own shares
. . . Total nominal value
. Total financial fixed assets	2.801.487
Total fixed assets	7.088.455
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	6.843.208
. . Work in progress and semimanufactured	2.604.120
. . Work in progress on order
. . Finished goods	877.366
. . Advance payments
. Total Inventories	10.324.694
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	16.346.412
. . Beyond 12 months	422.641
. . Trade receivables	15.490.590
. . . . Within 12 months	15.374.204
. . . . Beyond 12 months	116.386
. . Receivables due from subsid. comp.
. . . . 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
. . Fiscal Receivables	781.429
. . . . Within 12 months	596.882
. . . . Beyond 12 months	184.547
. . Receivables for anticipated taxes	261.443
. . . . Within 12 months	261.443
. . . . Beyond 12 months
. . Receivables due from third parties	235.591
. . . . Within 12 months	113.883
. . . . Beyond 12 months	121.708
. Total Credits not held as fixed assets	16.769.053
. 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	3.483
. . Checks	6.487
. . Banknotes and coins	12.660
. Total Liquid funds	22.630
Total current assets	27.116.377
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	879.336
Total adjustments accounts	879.336
TOTAL ASSETS	35.084.168
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.600.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	45.171
. Reserve for Own shares
. Statute reserves
. Other reserves	553.107
. Accumulated Profits (Losses)
. Profit( loss) of the year	1.331.250
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	3.529.528
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	30.000
. . Taxation fund, also differed	171.036
. . Other funds	275.000
Total Reserves for Risks and Charges	476.036
Employee termination indemnities	395.477
ACCOUNTS PAYABLE
. . . . Within 12 months	30.683.127
. . . . 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	10.396.304
. . . . Within 12 months	10.396.304
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	2.550.618
. . . . Within 12 months	2.550.618
. . . . Beyond 12 months
. . Trade payables	14.742.904
. . . . Within 12 months	14.742.904
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	53.516
. . . . Within 12 months	53.516
. . . . Beyond 12 months
. . Due to the tax authorities	1.098.047
. . . . Within 12 months	1.098.047
. . . . Beyond 12 months
. . Due to social security and welfare inst.	685.378
. . . . Within 12 months	685.378
. . . . Beyond 12 months
. . Other payables	1.156.360
. . . . Within 12 months	1.156.360
. . . . Beyond 12 months
Total accounts payable	30.683.127
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	35.084.168

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	60.474.085
. Changes in work in progress	-606.344
. Changes in semi-manufact. products
. Capitalization of internal work	374.165
. Other income and revenues	565.681
. . Contributions for operating expenses
. . Different income and revenues	565.681
Total value of production	60.807.587
PRODUCTION COSTS
. Raw material,other materials and consum.	31.749.471
. Services received	6.820.448
. Leases and rentals	1.796.003
. Payroll and related costs	14.950.149
. . Wages and salaries	11.112.814
. . Social security contributions	3.116.742
. . Employee termination indemnities	631.212
. . Pension and similar
. . Other costs	89.381
. Amortization and depreciation	1.282.910
. . Amortization of intangible fixed assets	551.760
. . Amortization of tangible fixed assets	471.150
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	260.000
. Changes in raw materials	458.235
. Provisions to risk reserves	75.000
. Other provisions	200.000
. Other operating costs	611.592
Total production costs	57.943.808
Diff. between value and cost of product.	2.863.779
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	6.802
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets	2.659
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	4.143
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	4.143
. Interest and other financial expense	-504.458
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-504.458
Total financial income and expense	-497.656
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	2.366.123
. Taxes on current income	1.034.873
. . current taxes	1.108.157
. . differed taxes(anticip.)
. Net income for the period	1.331.250
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.331.250

RATIOS	Value Type	as at 31/12/2016	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,20	0,18
Elasticity Ratio	Units	0,77	0,79
Availability of stock	Units	0,29	0,21
Total Liquidity Ratio	Units	0,48	0,52
Quick Ratio	Units	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	8,69	3,01
Self Financing Ratio	Units	0,10	0,19
Capital protection Ratio	Units	0,17	0,66
Liabilities consolidation quotient	Units	0,01	0,16
Financing	Units	8,69	3,56
Permanent Indebtedness Ratio	Units	0,11	0,34
M/L term Debts Ratio	Units	0,01	0,10
Net Financial Indebtedness Ratio	Units	2,94	0,69
CORRELATION
Fixed assets ratio	Units	0,55	1,65
Current ratio	Units	0,88	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,55	0,86
Structure's primary quotient	Units	0,50	1,02
Treasury's primary quotient	Units	0,00	0,06
Rate of indebtedness ( Leverage )	%	994,02	509,92
Current Capital ( net )	Value	-3.566.750	330.495
RETURN
Return on Sales (R.O.S.)	%	4,32	3,79
Return on Equity - Net- ( R.O.E. )	%	37,72	6,70
Return on Equity - Gross - ( R.O.E. )	%	67,04	18,82
Return on Investment ( R.O.I. )	%	8,16	4,89
Return/ Sales	%	4,74	4,78
Extra Management revenues/charges incid.	%	46,49	29,96
Cash Flow	Value	2.614.160	165.166
Operating Profit	Value	2.863.779	225.594
Gross Operating Margin	Value	4.421.689	376.080
MANAGEMENT
Credits to clients average term	Days	92,21	111,07
Debts to suppliers average term	Days	131,96	127,44
Average stock waiting period	Days	61,46	62,88
Rate of capital employed return ( Turnover )	Units	1,72	1,10
Rate of stock return	Units	5,86	5,58
Labour cost incidence	%	24,72	18,94
Net financial revenues/charges incidence	%	-0,82	-1,15
Labour cost on purchasing expenses	%	25,80	18,99
Short-term financing charges	%	1,64	2,55
Capital on hand	%	58,02	90,89
Sales pro employee	Value	129.494	199.007
Labour cost pro employee	Value	32.013	34.820

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	:	497.546
Population living in the region	:	974.613
Number of families in the region	:	383.892

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

- per food products	:	373
- per non food products	:	2.001
- per energy consume	:	121

Sector Data

The values are calculated on a base of 1.964 significant companies.

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

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 3,79%.

The labour cost affects the turnover in the measure of 18,94%.

Goods are held in stock in a range of 63 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 18,99% 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 2.078 protested subjects are found; in the province they count to 850.

The insolvency index for the region is 0,22, , while for the province it is 0,17.

Total Bankrupt companies in the province : 1.091.

Total Bankrupt companies in the region : 2.539.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
Euro	1	INR 79.40

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.