MIRA INFORM REPORT

Report No. :	492597
Report Date :	19.02.2018

IDENTIFICATION DETAILS

Name :	RUBINETTERIE BRESCIANE BONOMI SPA

Registered Office :	Via Massimo Bonomi, 1 San Sebastiano 25064 – Gussago (BS)-IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	05.11.1952

Legal Form :	Joint stock company

Line of Business :	Manufacture of other taps and valves

No. of Employees :	From 201 to 250

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Italy

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

ITALY - ECONOMIC OVERVIEW

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

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era records. 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

Rubinetterie Bresciane Bonomi Spa

Via Massimo Bonomi, 1 SAN SEBASTIANO

25064 - Gussago (BS) -IT-

Summary

Fiscal Code	:	00296000177
Legal Form	:	Joint stock company
start of Activities	:	05/11/1952
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 201 to 250

Activity

Manufacture of other taps and valves

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00296000177

Foreign Trade Reg. no. : BS005741 since 10/12/1991

Foreign Trade Reg. no. : 5741 of Brescia since 10/12/1991

Foreign Trade Reg. no. : 005741 of Brescia since 10/12/1991

Chamber of Commerce no. : 90347 of Brescia since 12/12/1952

Firms' Register : BS029-4553 of Brescia since 19/02/1996

V.A.T. Code : 00551700982

Foundation date	: 05/11/1952
Establishment date	: 05/11/1952
Start of Activities	: 05/11/1952
Legal duration	: 31/12/2050
Nominal Capital	: 5.600.000
Subscribed Capital	: 5.600.000
Paid up Capital	: 5.600.000

Legal mail :

RUBINETTERIE-BRESCIANE@PEC-CENTER.NETREGISTER.IT

Members

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Kpmg S.p.a.

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Residence:

Vittor Pisani

, 25

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	17/01/2018

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Valpres S.r.l.

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Residence:

A. Gitti

, 11

- 25060

Marcheno

(BS)

- 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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Bonomi

Aldo

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Born in Lumezzane

(BS)

on 14/10/1951

- Fiscal Code : BNMLDA51R14E738U

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Residence:

Industriale

, 30

- 25065

Lumezzane

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	29/06/2017
Director	29/06/2017
Board Chairman	29/06/2017

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No Prejudicial events are reported

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No Protests registered

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Bonomi

Carlo

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Born in Lumezzane

(BS)

on 23/06/1953

- Fiscal Code : BNMCRL53H23E738H

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Residence:

Montesuello

, 149

- 25065

Lumezzane

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	29/06/2017
Director	29/06/2017

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No Prejudicial events are reported

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No Protests registered

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Minervini

Antonio

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Born in Brescia

(BS)

on 12/04/1938

- Fiscal Code : MNRNTN38D12B157A

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Residence:

S. Urbano

, 14

- 25100

Brescia

(BS)

- 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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Pintossi

Donato

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Born in Sarezzo

(BS)

on 06/09/1967

- Fiscal Code : PNTDNT67P06I433J

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Residence:

G. Pascoli

, 2

- 25080

Calvagese della Riviera

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	07/11/2006

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No Prejudicial events are reported

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No Protests registered

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Bonomi

Marta Carla

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Born in Brescia

(BS)

on 26/03/1977

- Fiscal Code : BNMMTC77C66B157C

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Residence:

Ippolito Nievo

, 4

- 25123

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

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Bonomi

Mario Quirino

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Born in Brescia

(BS)

on 16/10/1985

- Fiscal Code : BNMMQR85R16B157H

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Residence:

Francesco Crispi

, 2/A

- 25121

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

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Bonomi

Massimo Giovanni

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Born in Gardone Val Trompia

(BS)

on 26/11/1982

- Fiscal Code : BNMMSM82S26D918F

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Residence:

Marconi

, 2

- 25065

Lumezzane

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

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Bonomi

Alessandra Eliana

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Born in Gardone Val Trompia

(BS)

on 03/06/1981

- Fiscal Code : BNMLSN81H43D918D

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Residence:

Kennedy John Fitzgerald

, 35 INT.1

- 25062

Concesio

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

Companies connected to members *

*checkings have been performed on a national scale.

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

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Bonomi

Aldo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Il Sole 24 Ore S.p.a.	Milano (MI) - IT -	00777910159	Director	Withdrawn	Registered
Valpres S.r.l.	Marcheno (BS) - IT -	00551900178	Director	Active	Registered
Valpres S.r.l.	Marcheno (BS) - IT -	00551900178	Managing Director	Active	Registered
Valpres S.r.l.	Marcheno (BS) - IT -	00551900178	Board Chairman	Active	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Managing Director	Withdrawn	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Director	Withdrawn	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Managing Director	Withdrawn	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Board Chairman	Withdrawn	Registered
BOSSINI STAMPAGGIO SRL	Brescia (BS) - IT -	03085610172	Board Chairman	Withdrawn	Registered
Mgr S.r.l.	Gardone Val Trompia (BS) - IT -	01569050980	Director	Active	Registered
Mgr S.r.l.	Gardone Val Trompia (BS) - IT -	01569050980	Managing Director	Active	Registered
Mgr S.r.l.	Gardone Val Trompia (BS) - IT -	01569050980	Board Chairman	Active	Registered
Valbia Srl	Lumezzane (BS) - IT -	01831550981	Director	Active	Registered
Valbia Srl	Lumezzane (BS) - IT -	01831550981	Managing Director	Active	Registered
Valbia Srl	Lumezzane (BS) - IT -	01831550981	Board Chairman	Active	Registered
S.I.M. SOCIETA' INDUSTRIA MECCANICA DI BONOMI DANTE eamp; C. - SOCIETA' IN ACCOMANDI	Brescia (BS) - IT -	00436070171	General Partner	Withdrawn	Registered
Valtrompia Commissionaria S.p.a.	Gardone Val Trompia (BS) - IT -	01734820176	Director	Active	Registered
B.B.V. S.R.L.	Brescia (BS) - IT -	03549970170	Director	Withdrawn	Registered
Credito Lombardo Veneto S.p.a. In FormaAbbreviata Cre.lo-ve S.p.a.	Brescia (BS) - IT -	03515830168	Director	Active	Registered
Credito Lombardo Veneto S.p.a. In FormaAbbreviata Cre.lo-ve S.p.a.	Brescia (BS) - IT -	03515830168	Assistant board Chairman	Active	Registered
Il Discorso S.p.a.	Milano (MI) - IT -	03336830967	Director	Withdrawn	Ceased
1000 Miglia Srl	Brescia (BS) - IT -	03440020984	Director	Active	Registered
1000 Miglia Srl	Brescia (BS) - IT -	03440020984	Board Chairman	Active	Registered
Automobile Club Di Brescia	Brescia (BS) - IT -	00299060178	Chairman	Withdrawn	Registered
Bobo Immobiliare Srl	Brescia (BS) - IT -	02561430980	Sole Director	Active	Registered
Ginevra Srl	Brescia (BS) - IT -	03119900987	Sole Director	Active	Registered
Mec-gar S.r.l.	Gussago (BS) - IT -	03878150980	Director	Active	Registered
Mec-gar S.r.l.	Gussago (BS) - IT -	03878150980	Board Chairman	Active	Registered
Imgar Societa' A Responsabilita' Limitata O, In Forma Abbreviata, Imgar S.r.l	Gussago (BS) - IT -	03904250986	Director	Active	Registered
Imgar Societa' A Responsabilita' Limitata O, In Forma Abbreviata, Imgar S.r.l	Gussago (BS) - IT -	03904250986	Managing Director	Active	Registered
Imgar Societa' A Responsabilita' Limitata O, In Forma Abbreviata, Imgar S.r.l	Gussago (BS) - IT -	03904250986	Board Chairman	Active	Registered

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Bonomi

Carlo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Valpres S.r.l.	Marcheno (BS) - IT -	00551900178	Director	Active	Registered
Valpres S.r.l.	Marcheno (BS) - IT -	00551900178	Managing Director	Active	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Managing Director	Withdrawn	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Director	Withdrawn	Registered
Univers S.r.l.	Villa Carcina (BS) - IT -	00291750172	Managing Director	Withdrawn	Registered
BOSSINI STAMPAGGIO SRL	Brescia (BS) - IT -	03085610172	Director	Withdrawn	Registered
Valbia Srl	Lumezzane (BS) - IT -	01831550981	Director	Active	Registered
Valbia Srl	Lumezzane (BS) - IT -	01831550981	Managing Director	Active	Registered
S.I.M. SOCIETA' INDUSTRIA MECCANICA DI BONOMI DANTE eamp; C. - SOCIETA' IN ACCOMANDI	Brescia (BS) - IT -	00436070171	Limited Partner	Withdrawn	Registered
B.B.V. S.R.L.	Brescia (BS) - IT -	03549970170	Director	Withdrawn	Registered
Mec-gar S.r.l.	Gussago (BS) - IT -	03878150980	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
Valpres S.r.l.	Marcheno - IT -	00551900178	1.680.000 .Eur	30,00
Rubinetterie Bresciane Bonomi Spa	Gussago - IT -	00296000177	1.400.000 .Eur	25,00
Minervini Antonio	Brescia - IT -	MNRNTN38D12B157A	1.820.000 .Eur	32,50
Bonomi Marta Carla	Brescia - IT -	BNMMTC77C66B157C	168.000 .Eur	3,00
Bonomi Monica Antonella	Lumezzane - IT -	BNMMCN79R68B157N	168.000 .Eur	3,00
Bonomi Mario Quirino	Brescia - IT -	BNMMQR85R16B157H	168.000 .Eur	3,00
Bonomi Massimo Giovanni	Lumezzane - IT -	BNMMSM82S26D918F	98.000 .Eur	1,75
Bonomi Alessandra Eliana	Concesio - IT -	BNMLSN81H43D918D	98.000 .Eur	1,75

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
Rubinetterie Bresciane Bonomi Spa	Gussago - IT -	00296000177	1.400.000 .Eur	25,00			Active
Lumenergia S.p.a.	Lumezzane - IT -	03405300173	1.800 .Eur	0,60			Active
A Q M S.r.l.	Provaglio d'Iseo - IT -	01746710175	1.500 .Eur	0,04			Active
Istituto Superiore Di Formazione E Ricer ca 2000 Societa' Consortile Per Azioni,	Brescia - IT -	03063890176	832 .Eur	0,19			Ceased
Consorzio Ruvaris	Borgomanero - IT -	01680970033	.Eur	5,26			Active
Credito Lombardo Veneto S.p.a. In Forma Abbreviata Cre.lo-ve S.p.a.	Brescia - IT -	03515830168	1.200.000 .Eur	3,75			Active
Csmt Gestione S.c.a.r.l.	Brescia - IT -	02835410982	8.750 .Eur	0,62			Active
Enercomb s.r.l.	Cremona - IT -	01449740198	5.000 .Eur	50,00			Active

Firm's location and structure

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

Legal and operative seat

since 05/11/1952

Massimo Bonomi

, 1

- 25064

- Gussago

(BS)

- IT -

PHONE

: 0308250011

Legal mail

: RUBINETTERIE-BRESCIANE@PEC-CENTER.NETREGISTER.IT

Employees

: 212

Fittings and Equipment for a value of 9.600.000

Eur

Stocks for a value of 16.140.000

Eur

Trade organization: direct or by agents.

The firm operates abroad as exporter..

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

Products abroad are placed by :

- importers

- its own sales net-work

- its own agents

- direct orders from foreign companies

Export is mainly towards:

- Austria

- Greece

- Italy

- Poland

- Hungary

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Limited partnership	30/06/1958
Limited partnership	Limited liability company	22/12/1973
Limited liability company	Joint stock company	21/11/1996

CEASINGS/INCORPORATIONS/MERGES:

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Project of merging by taking over of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Vuoto.gif$ Univers S.r.l.

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Galileo Galilei

, 15

, 25069

, Villa Carcina

(BS)

- IT -

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Fiscal Code: 00291750172

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Date

Merging/splitting-up project:

27/04/2011

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The firm absorbed by merging of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Vuoto.gif$ Univers S.r.l.

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Galileo Galilei

, 15

, 25069

, Villa Carcina

(BS)

- IT -

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Fiscal Code: 00291750172

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Date

01/07/2011

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
GUSSAGO (BS)	Buildings	16	14/02/2018
GUSSAGO (BS)	Land	4	14/02/2018
LUMEZZANE (BS)	Buildings	15	14/02/2018
LUMEZZANE (BS)	Land	7	14/02/2018
RODENGO SAIANO (BS)	Land	2	14/02/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MILANO, 32 Piano T	NCT/36	100	2	cat. A/2	4	6,5 vani	Euro:302,13
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MILANO, Piano T	NCT/36	100	3	cat. D/1			Euro: 50,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MILANO, 32 Piano T	NCT/36	100	4	cat. D/1			Euro: 44,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MILANO, 32 Piano T-1 - S1	NCT/36	100	6	cat. D/7			Euro: 44.620,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MILANO, Piano T	NCT/36	331		cat. F/1
B	Proprieta' per 1/1	GUSSAGO (BS) VIA FERMI, Piano T	NCT/36	367	1	cat. D/1			Euro: 54,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA FERMI, Piano T	NCT/36	367	2	cat. D/1			Euro: 76,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA FERMI, Piano T-1	NCT/36	368		cat. D/7			Euro: 87.252,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA FERMI, Piano T	NCT/36	369		cat. C/2	3	180 mq	Euro:353,26
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano S1	NCT/36	436	1	cat. D/7			Euro: 3.412,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano T-1 - 2	NCT/36	436	11	cat. A/10	2	45 vani	Euro:7.436,98
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano T-1	NCT/36	436	2	cat. D/8			Euro: 12.148,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano T	NCT/36	436	3	cat. D/8			Euro: 4.534,00
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano 1	NCT/36	436	4	cat. A/2	6	5,5 vani	Euro:355,06
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano 1	NCT/36	436	5	cat. A/2	6	5,5 vani	Euro:355,06
B	Proprieta' per 1/1	GUSSAGO (BS) VIA MASSIMO BONOMI, 1 Piano T	NCT/36	438		cat. D/7			Euro: 57.534,00
B	Proprieta' per 1000/1000	LUMEZZANE (BS) VIA INDUSTRIALE, Piano T	LPI/8	3247	18	cat. F/1
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, 9/A Piano T - S1	LSS/8	2815	1	cat. A/2	3	5 vani	Euro:490,63	895
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 2 - 0004	LSS/8	2815	10	cat. A/3	2	5 vani	Euro:232,41	2745
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano P4 - P1	LSS/8	2815	13	cat. A/3	2	9,5 vani	Euro:441,57	895
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 2 - 0004	LSS/8	2815	15	cat. A/3	2	5 vani	Euro:232,41	2745
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 2 - 0004	LSS/8	2815	16	cat. A/3	2	6 vani	Euro:278,89	895
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 4 - S1	LSS/8	2815	18	cat. A/3	2	6 vani	Euro:278,89	2745
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 3 - 0004	LSS/8	2815	19	cat. A/3	2	6 vani	Euro:278,89	895
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano T - S1	LSS/8	2815	2	cat. A/3	2	6 vani	Euro:278,89	895
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano T	LSS/8	2815	20	cat. C/1	4	69 mq	Euro:940,78	3455
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano T - S1	LSS/8	2815	23	cat. A/3	2	4,5 vani	Euro:209,17
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 1 - 0004	LSS/8	2815	5	cat. A/3	2	9 vani	Euro:418,33	3455
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 2 - 0004	LSS/8	2815	7	cat. A/3	2	6 vani	Euro:278,89	2745
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 2 - 0004	LSS/8	2815	8	cat. A/3	2	4 vani	Euro:185,92	895
B	Proprieta' per 1/1	LUMEZZANE (BS) VIA INDUSTRIALE, Piano 3 - 0004	LSS/8	2815	9	cat. A/3	2	4,5 vani	Euro:209,17	895

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	GUSSAGO (BS)	36	366		SEMIN IRRIG	1	3 ha 21 are 42 ca	R.D.Euro:199,20 (*) R.A. Euro: 282,20
L	Proprieta' per 1/1	GUSSAGO (BS)	36	372		REL ACQ ES		4 are	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	GUSSAGO (BS)	36	84		SEMIN IRRIG	1	22 are 80 ca	R.D.Euro:14,13 (*) R.A. Euro: 20,02	5505
L	Proprieta' per 1/1	GUSSAGO (BS)	36	85		SEMIN IRRIG	1	18 are 30 ca	R.D.Euro:11,34 (*) R.A. Euro: 16,07	11115
L	Proprieta' per 1/1	LUMEZZANE (BS)	32	100		BOSCO CEDUO	2	4 are 90 ca	R.D.Euro:0,51 R.A. Euro: 0,15	21377
L	Proprieta' per 1/1	LUMEZZANE (BS)	32	98		BOSCO CEDUO	3	8 are	R.D.Euro:0,58 R.A. Euro: 0,21	21377
L	Proprieta' per 1/1	LUMEZZANE (BS)	32	99		PRATO	3	9 are	R.D.Euro:2,56 R.A. Euro: 2,32	21377
L	Proprieta' per 1/1	LUMEZZANE (BS)	33	1		BOSCO CEDUO	2	2 are 90 ca	R.D.Euro:0,30 R.A. Euro: 0,09	21281
L	Proprieta' per 1/1	LUMEZZANE (BS)	33	198		PRATO IRRIG	2	14 are 50 ca	R.D.Euro:5,24 (*) R.A. Euro: 3,74	21281
L	Proprieta' per 1/1	LUMEZZANE (BS)	33	329		PRATO IRRIG	2	3 are 40 ca	R.D.Euro:1,23 (*) R.A. Euro: 0,88	24248
L	Proprieta' per 1/1	LUMEZZANE (BS)	33	466		PRATO IRRIG	2	14 are 72 ca	R.D.Euro:5,32 (*) R.A. Euro: 3,80	24248
L	Proprieta' per 1/1	RODENGO SAIANO (BS)	12	175		SEMIN ARBOR	2	1 ha 47 are	R.D.Euro:117,67 R.A. Euro: 121,47	1485
L	Proprieta' per 1/1	RODENGO SAIANO (BS)	12	177		SEMIN ARBOR	2	1 ha 82 are 65 ca	R.D.Euro:146,21 R.A. Euro: 150,93	1485

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 1952.

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 10,91% in 2016 with a stable trend in the turnover.

The operating result in 2016 was positive (8,11%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 8.394.688 with a 39,58% growth.

During the latest financial year the gross operating margin amounted to Eur. 11.976.962 with a 24,3% growth.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,21) increasing compared to last year (0,12)

It's shareholders funds amount to Eur. 55.201.824 , stable in comparison with the value of the previous year.

In the year 2016 total debts amounted to Eur. 44.256.064 with no important change.

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

It shows a good range of liquidity.

Due from customers average term is high and equal to 129,96 days. besides being higher than the sector's average.

The financial management generated a cash flow of Eur. 9.449.999.

Labour cost amounts to Eur. 12.136.638, with a 20,55% incidence on production costs. , whereas the incidence on sales revenues is of 18,01%.

Financial incomes cover financial charges.

Financial Data

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	67.388.656
Profit (Loss) for the period	6.022.282

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	64.357.320
Profit (Loss) for the period	4.048.832

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	67.633.302
Profit (Loss) for the period	5.490.101

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	65.295.603
Profit (Loss) for the period	3.917.864

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	66.331.201
Profit (Loss) for the period	3.618.526

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
. . Concessions,licenses,trademarks,etc.	42.148	65.194	63.792
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	98.683	110.327	88.762
. Total Intangible Fixed Assets	140.831	175.521	152.554
. TANGIBLE FIXED ASSETS
. . Real estate	26.121.668	26.551.629	27.325.450
. . Plant and machinery	8.506.935	7.284.322	7.318.501
. . Industrial and commercial equipment	1.095.898	1.085.050	1.263.733
. . Other assets	778.019	883.625	934.287
. . Assets under construction and advances	1.172.090	15.460	24.066
. Total Tangible fixed assets	37.674.610	35.820.086	36.866.037
. FINANCIAL FIXED ASSETS
. . Equity investments	1.552.324	1.552.324	2.279.017
. . . Equity invest. in subsidiary companies	1	1	676.404
. . . Equity invest. in associated companies	151.718	151.718	151.718
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.400.605	1.400.605	1.450.895
. . Financial receivables	776.677	792.781	8.648
. . . . Within 12 months	776.677	765.000
. . . . Beyond 12 months		27.781	8.648
. . . Receivab due from subsidiaries	765.000	765.000
. . . . Within 12 months	765.000	765.000
. . . . 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	11.677	27.781	8.648
. . . . Within 12 months	11.677
. . . . Beyond 12 months		27.781	8.648
. . Other securities
. . Own shares		6.340.074	6.340.074
. . . Total nominal value
. Total financial fixed assets	2.329.001	8.685.179	8.627.739
Total fixed assets	40.144.442	44.680.786	45.646.330
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.272.002	4.041.735	3.701.665
. . Work in progress and semimanufactured	4.240.009	4.404.281	4.895.580
. . Work in progress on order
. . Finished goods	8.631.093	9.808.300	9.254.428
. . Advance payments
. Total Inventories	16.143.104	18.254.316	17.851.673
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	28.003.883	27.642.005	26.736.258
. . Beyond 12 months
. . Trade receivables	24.326.462	23.227.641	22.330.781
. . . . Within 12 months	24.326.462	23.227.641	22.330.781
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	2.407.484	2.631.290	2.717.486
. . . . Within 12 months	2.407.484	2.631.290	2.717.486
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	736.108	1.221.661	1.214.466
. . . . Within 12 months	736.108	1.221.661	1.214.466
. . . . Beyond 12 months
. . Receivables for anticipated taxes	296.163	306.328	248.673
. . . . Within 12 months	296.163	306.328	248.673
. . . . Beyond 12 months
. . Receivables due from third parties	237.666	255.085	224.852
. . . . Within 12 months	237.666	255.085	224.852
. . . . Beyond 12 months
. Total Credits not held as fixed assets	28.003.883	27.642.005	26.736.258
. 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	18.777.966	15.640.680	16.327.633
. . Checks	3.024
. . Banknotes and coins	10.942	6.645	15.087
. Total Liquid funds	18.791.932	15.647.325	16.342.720
Total current assets	62.938.919	61.543.646	60.930.651
ADJUSTMENT ACCOUNTS
. Discount on loans		499.904	278.719
. Other adjustment accounts	471.246
Total adjustments accounts	471.246	499.904	278.719
TOTAL ASSETS	103.554.607	106.724.336	106.855.700

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.600.000	5.600.000	5.600.000
. Additional paid-in capital
. Revaluation reserves	5.783.738	5.783.738	5.783.738
. Legal reserve	1.120.000	1.120.000	1.120.000
. Reserve for Own shares		6.340.074	6.340.074
. Statute reserves
. Other reserves	43.015.878	32.962.382	27.472.282
. Accumulated Profits (Losses)	-6.340.074
. Profit( loss) of the year	6.022.282	4.048.832	5.490.101
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	55.201.824	55.855.026	51.806.195
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	1.395.798	1.313.815	1.234.063
. . Taxation fund, also differed	173.937	82.449	125.663
. . Other funds	1.327.690	994.013	600.000
Total Reserves for Risks and Charges	2.897.425	2.390.277	1.959.726
Employee termination indemnities	1.162.815	1.327.834	1.382.805
ACCOUNTS PAYABLE
. . . . Within 12 months	30.481.359	22.383.002	25.385.172
. . . . Beyond 12 months	13.774.705	24.726.754	26.286.621
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	8.000.000	12.432.400	12.432.400
. . . . Within 12 months	8.000.000		700.000
. . . . Beyond 12 months		12.432.400	11.732.400
. . Due to banks	17.044.783	14.552.713	16.795.822
. . . . Within 12 months	3.270.078	2.258.359	2.241.601
. . . . Beyond 12 months	13.774.705	12.294.354	14.554.221
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	14.462	22.434	51.469
. . . . Within 12 months	14.462	22.434	51.469
. . . . Beyond 12 months
. . Trade payables	14.309.344	15.789.418	17.429.122
. . . . Within 12 months	14.309.344	15.789.418	17.429.122
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies		554
. . . . Within 12 months		554
. . . . Beyond 12 months
. . Due to associated companies	825	554	358
. . . . Within 12 months	825	554	358
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	801.729	659.837	735.166
. . . . Within 12 months	801.729	659.837	735.166
. . . . Beyond 12 months
. . Due to social security and welfare inst.	765.922	699.028	832.328
. . . . Within 12 months	765.922	699.028	832.328
. . . . Beyond 12 months
. . Other payables	3.318.999	2.952.818	3.395.128
. . . . Within 12 months	3.318.999	2.952.818	3.395.128
. . . . Beyond 12 months
Total accounts payable	44.256.064	47.109.756	51.671.793
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	36.479	41.443	35.181
Total adjustment accounts	36.479	41.443	35.181
TOTAL LIABILITIES	103.554.607	106.724.336	106.855.700

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	-4.960.417	-2.875.536
Risk accounts	-239.119	-234.982
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	67.388.656	64.357.320	67.633.302
. Changes in work in progress	-1.341.478	75.163	1.472.451
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.407.346	1.105.550	1.573.753
. . Contributions for operating expenses	75.348
. . Different income and revenues	1.331.998	1.105.550	1.573.753
Total value of production	67.454.524	65.538.033	70.679.506
PRODUCTION COSTS
. Raw material,other materials and consum.	25.316.636	28.446.389	31.891.285
. Services received	14.907.722	13.786.773	14.619.370
. Leases and rentals	1.696.395	997.360	1.022.984
. Payroll and related costs	12.136.638	11.938.587	11.973.458
. . Wages and salaries	9.044.808	8.843.035	8.850.145
. . Social security contributions	2.586.634	2.604.201	2.659.177
. . Employee termination indemnities	505.196	491.351	464.136
. . Pension and similar
. . Other costs
. Amortization and depreciation	3.427.717	3.227.584	3.349.805
. . Amortization of intangible fixed assets	98.734	111.786	358.661
. . Amortization of tangible fixed assets	3.197.191	2.986.923	2.867.223
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	131.792	128.875	123.921
. Changes in raw materials	769.733	-327.480	-583.571
. Provisions to risk reserves		237.723
. Other provisions	154.557	156.290
. Other operating costs	650.438	1.060.975	1.236.527
Total production costs	59.059.836	59.524.201	63.509.858
Diff. between value and cost of product.	8.394.688	6.013.832	7.169.648
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	47.254	71.404	88.691
. . 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	47.254	71.404	88.691
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	47.254	71.404	88.691
. Interest and other financial expense	229.085	761.058	1.057.639
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	276.339	832.462	1.146.330
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-676.403	-25.145
. . Of equity investments		-676.403	-25.145
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets		-676.403	-25.145
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		27.579	9.001
. . Gains on disposals		18.579
. . Other extraordinary income		9.000	9.001
. Extraordinary expense		-1
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-1
Total extraordinary income and expense		27.578	9.001
Results before income taxes	8.671.027	6.197.469	8.299.834
. Taxes on current income	2.648.745	2.148.637	2.809.733
. . current taxes	2.547.092	2.249.506	2.435.662
. . differed taxes(anticip.)		-100.869	374.071
. Net income for the period	6.022.282	4.048.832	5.490.101
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	6.022.282	4.048.832	5.490.101

RATIOS

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,39	0,42	0,43	0,26
Elasticity Ratio	Units	0,61	0,58	0,57	0,73
Availability of stock	Units	0,16	0,17	0,17	0,23
Total Liquidity Ratio	Units	0,45	0,41	0,40	0,44
Quick Ratio	Units	0,18	0,15	0,15	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,21	0,12	0,17	1,74
Self Financing Ratio	Units	0,53	0,52	0,48	0,29
Capital protection Ratio	Units	0,79	0,83	0,79	0,64
Liabilities consolidation quotient	Units	0,49	1,16	1,09	0,22
Financing	Units	0,80	0,84	1,00	2,30
Permanent Indebtedness Ratio	Units	0,68	0,77	0,74	0,46
M/L term Debts Ratio	Units	0,14	0,24	0,26	0,11
Net Financial Indebtedness Ratio	Units	0,11	0,20	0,25	0,49
CORRELATION
Fixed assets ratio	Units	1,75	1,83	1,74	1,63
Current ratio	Units	2,06	2,75	2,40	1,32
Acid Test Ratio-Liquidity Ratio	Units	1,54	1,93	1,70	0,86
Structure's primary quotient	Units	1,38	1,25	1,13	1,05
Treasury's primary quotient	Units	0,62	0,70	0,64	0,04
Rate of indebtedness ( Leverage )	%	187,59	191,07	206,26	349,01
Current Capital ( net )	Value	32.457.560	39.160.090	35.545.479	753.266
RETURN
Return on Sales	%	14,02	11,31	13,07	5,13
Return on Equity - Net- ( R.O.E. )	%	10,91	7,25	10,60	7,27
Return on Equity - Gross - ( R.O.E. )	%	15,71	11,10	16,02	15,95
Return on Investment ( R.O.I. )	%	8,11	5,63	6,71	5,36
Return/ Sales	%	12,46	9,34	10,60	5,57
Extra Management revenues/charges incid.	%	71,74	67,33	76,57	42,11
Cash Flow	Value	9.449.999	7.276.416	8.839.906	344.143
Operating Profit	Value	8.394.688	6.013.832	7.169.648	359.008
Gross Operating Margin	Value	11.976.962	9.635.429	10.519.453	705.726
MANAGEMENT
Credits to clients average term	Days	129,96	129,93	118,86	101,37
Debts to suppliers average term	Days	122,89	131,50	132,00	115,52
Average stock waiting period	Days	86,24	102,11	95,02	80,62
Rate of capital employed return ( Turnover )	Units	0,65	0,60	0,63	1,07
Rate of stock return	Units	4,17	3,53	3,79	4,40
Labour cost incidence	%	18,01	18,55	17,70	16,91
Net financial revenues/ charges incidence	%	0,41	1,29	1,69	-1,19
Labour cost on purchasing expenses	%	20,55	20,06	18,85	17,25
Short-term financing charges	%	n.c.	n.c.	n.c.	2,71
Capital on hand	%	153,67	165,83	157,99	93,00
Sales pro employee	Value	177.806	172.539	180.837	223.920
Labour cost pro employee	Value	32.022	32.006	32.014	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	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Spazio.gif$ 1.169.259
Population living in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.815\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

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.91
UK Pound	1	INR 90.31
Euro	1	INR 80.17
Euro	1	INR 79.97

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

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit