3decades

MIRA INFORM REPORT

Report No. :	493861
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	BOLDROCCHI SRL

Registered Office :	Viale Trento E Trieste, 0093 , 20853 - Biassono (MB) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	07.06.1963

Legal Form :	Limited liability company

Line of Business :	· Manufacture of non-electric domestic appliances · Manufacture of non-electric domestic appliances

No. of Employees :	251 to 500

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	No Complaints

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

Boldrocchi Srl

Viale Trento E Trieste, 0093 ,

20853 - Biassono (MB) -IT-

Summary

Fiscal Code	:	00852670157
Legal Form	:	Limited liability company
start of Activities	:	07/06/1963
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 251 to 500
Group	:	BOLDROCCHI
Firm's Status	:	Registered

Activity

Manufacture of non-electric domestic appliances

Manufacture of non-domestic cooling and ventilation equipment

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00852670157

Foreign Trade Reg. no. : MB004120 since 10/12/1991

Foreign Trade Reg. no. : 24204 of Milano since 10/12/1991

Foreign Trade Reg. no. : 024204 of Milano since 10/12/1991

Chamber of Commerce no. : 637711 of Monza e Brianza since 20/07/2007

Chamber of Commerce no. : 637711 of Milano since 18/06/1963

Chamber of Commerce no. : 1992393 of Milano

Firms' Register : MI149-6602 of Milano since 19/02/1996

V.A.T. Code : 00697500965

Tribunal Co. Register : 6602 of since 28/12/1988

Foundation date	: 07/06/1963
Establishment date	: 07/06/1963
Start of Activities	: 07/06/1963
Legal duration	: 31/12/2030
Nominal Capital	: 3.000.000
Subscribed Capital	: 3.000.000
Paid up Capital	: 3.000.000

Legal mail :

BOLDROCCHI@PEC.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Boldrocchi

Massimo

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Milano

(MI)

on 30/12/1953

- Fiscal Code : BLDMSM53T30F205H

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Q. Sella

, 3

- 20121

Milano

(MI)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Prejudicial events registered

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Court Judgement - 03/07/2013.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

 ERARIO DELLO STATO

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Bailo

Marco

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Lecco

(CO)

on 05/10/1958

- Fiscal Code : BLAMRC58R05E507G

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Gaetano Annoni

, 17

- 20900

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
General Director	09/07/2012

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Osculati

Rinaldo

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Monza

(MB)

on 28/11/1949

- Fiscal Code : SCLRLD49S28F704U

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Rovani

, 2/A

- 20900

Monza

(MB)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Boldrocchi

Maria Grazia

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Milano

(MI)

on 22/05/1947

- Fiscal Code : BLDMGR47E62F205R

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

P. Giovio

, 9

- 20144

Milano

(MI)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Boma - S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Cairoli

, 15

- 43121

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Molteni

Roberto

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Cantu'

(CO)

on 24/06/1958

- Fiscal Code : MLTRRT58H24B639U

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Regina Margherita

, 9

- 22070

Capiago Intimiano

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	09/07/2012

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Pelizzari

Stefano

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Monza

(MB)

on 14/05/1964

- Fiscal Code : PLZSFN64E14F704U

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Giacosa

, 9

- 20831

Seregno

(MB)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Boldrocchi

Allegra

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Born in Milano

(MI)

on 05/04/1985

- Fiscal Code : BLDLGR85D45F205C

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Residence:

Sella Quintino

, 3

- 20121

Milano

(MI)

- IT -

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

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Boldrocchi

Massimo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Boldrocchi Ecologia S.r.l.	Biassono (MI) - IT -	10037100152	Managing Director	Withdrawn	Ceased
Boldrocchi Ecologia S.r.l.	Biassono (MI) - IT -	10037100152	Board Chairman	Withdrawn	Ceased
Boldrocchi T.e. Srl	Biassono (MB) - IT -	02228470965	Sole Director	Withdrawn	Registered
Boma - S.r.l.	Parma (PR) - IT -	00595120346	Director	Active	Registered
Boma - S.r.l.	Parma (PR) - IT -	00595120346	Board Chairman	Active	Registered
La Sella Sas Di Alessandra Castelli E C.	Milano (MI) - IT -	09031640155	Limited Partner	Active	Registered
Immobiliare 7 A Di Alessandra Castelli EC. Sas	Monza (MB) - IT -	09336950150	Limited Partner	Withdrawn	Registered
Greenfluff Srl	Lainate (MI) - IT -	04993370966	Director	Withdrawn	Registered
Boldrocchi Aeroto S.r.l.	Biassono (MI) - IT -	09336940151	Managing Director	Withdrawn	Ceased
Boldrocchi Aeroto S.r.l.	Biassono (MI) - IT -	09336940151	Board Chairman	Withdrawn	Ceased
Sanac S.r.l.	Parma (PR) - IT -	02328100348	Sole Director	Withdrawn	Ceased

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
Boldrocchi Massimo	Milano - IT -	BLDMSM53T30F205H	1.470.000 .Eur	49,00
Boldrocchi Maria Grazia	Milano - IT -	BLDMGR47E62F205R	210.000 .Eur	7,00
Boma - S.r.l.	Parma - IT -	00595120346	1.320.000 .Eur	44,00

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
De Cardenas Ventilazione S.r.l	Arcore - IT -	05973120156	49.500 .Eur	90,00			Active
Boldrocchi T.e. Srl	Biassono - IT -	02228470965	62.016 .Eur	64,00			Active
Greenfluff Srl	Lainate - IT -	04993370966	6.000 .Eur	10,00			Active
Equipment Maintenance E Service S.r.l.	Monza - IT -	07689690969	56.000 .Eur	80,00			Active

Firm's location and structure

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

Legal and operative seat

(Factory)

since 18/06/1963

Trento E Trieste

, 0093

- 20046

- Biassono

(MB)

- IT -

PHONE

: 03922021

Legal mail

: BOLDROCCHI@PEC.IT

Branch

(Factory)

since 18/09/1997

Lega Lombarda

, 127

- 20043

- Arcore

(MB)

- IT -

PHONE

: 039617515

FAX

: 0396014451

Branch

since 30/06/2009

Locatelli

, 81/87

- 20046

- Biassono

(MB)

- IT -

Employees

: 313

Assistants

: 2

Fittings and Equipment for a value of 2.080.000

Eur

Stocks for a value of 21.240.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

Transports are mainly done using own vehicles and third parties ones

The company 's mainly customers are companies.

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

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

Financial means used for sale: bank transfers and bank orders.

Purchase terms: 60-90-120 days.

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

Import comes generally from the following nations:

- Austria

- France

- Germany

- Great Britain

Export is mainly towards:

- Austria

- Italy

- Belgium

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Joint stock company	Limited liability company	28/10/1988

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorved

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Srl

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 0093

, 20853

, Biassono

(MB)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorved

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Srl

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 0093

, 20853

, Biassono

(MB)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

17/12/1997

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorved

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Aeroto S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 93

, 20046

, Biassono

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 09336940151

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

17/12/1997

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorved

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Ecologia S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 97

, 20046

, Biassono

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 10037100152

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

24/12/2002

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Aeroto S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 93

, 20046

, Biassono

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 09336940151

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

Merging/splitting-up project:

18/06/1997

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Aeroto S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 93

, 20046

, Biassono

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 09336940151

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

17/12/1997

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Ecologia S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 97

, 20046

, Biassono

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 10037100152

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

Merging/splitting-up project:

10/10/2002

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Boldrocchi Ecologia S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Trento E Trieste

, 97

, 20046

, Biassono

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 10037100152

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

24/12/2002

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Hascon Engineering S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 08606190968

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

Merging/splitting-up project:

25/09/2015

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$ Hascon Engineering S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Fiscal Code: 08606190968

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Vuoto.gif$

Date

27/11/2015

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
ARCORE (MI)	Land	3	14/02/2018
BIASSONO (MI)	Buildings	11	14/02/2018
BIASSONO (MI)	Land	3	14/02/2018
MILANO (MI)	Buildings	11	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	BIASSONO (MI) VIA TRENTO E TRIESTE, 93 Piano T-1 - S1	1	1033	2	cat. D/8			Euro: 13.706,77
B	Proprieta' per 1/1	BIASSONO (MI) VIA TRENTO E TRIESTE, 93 Piano 2	1	1033	4	cat. A/2	1	4,5 vani	Euro:499,67
B	Proprieta' per 1/1	BIASSONO (MI) VIA TRENTO E TRIESTE, 93 Piano 2	1	1033	701	cat. A/2	1	3,5 vani	Euro:388,63
B	Proprieta' per 1/1	BIASSONO (MI) VIA TRENTO E TRIESTE, 93 Piano 2	1	1033	702	cat. A/2	1	3 vani	Euro:333,11
B	Proprieta'	BIASSONO (MI) VIA TRENTO E TRIESTE, 93 Piano T-1 - 2-S1	1	156	703	cat. D/7			Euro: 123.938,00
B	Proprieta' per 1/1	BIASSONO (MI) VIA ING. GIULIANO BOLDROCCHI, 2 Piano T-1	1	157	705	cat. D/7			Euro: 5.768,00
B	Proprieta' per 1/1	BIASSONO (MI) VIA TRENTO E TRIESTE, SC Piano T	1	939		cat. F/1
B	Proprieta' per 1/1	BIASSONO (MI) VIA ANTONIO LOCATELLI, 81/87 Piano T-1 - 2	2	1427		cat. D/7			Euro: 60.512,00
B	Proprieta' per 1/1	BIASSONO (MI) VIA ANTONIO LOCATELLI, 81/87 Piano 2	2	9	702	cat. A/3	4	4 vani	Euro:309,87
B	Proprieta' per 1/1	BIASSONO (MI) VIA ANTONIO LOCATELLI, 81/87 Piano 2	2	9	703	cat. A/3	4	5,5 vani	Euro:426,08
B	Proprieta' per 1/1	BIASSONO (MI) VIA ANTONIO LOCATELLI, 81/87 Piano T-1 - S1	2	9	704	cat. A/3	4	6,5 vani	Euro:503,55
B	Proprieta' per 1/1	MILANO (MI) VIA DELL' ANNUNCIATA, 14/A Piano T	349	329	711	zona1 cat. A/10	7	9,5 vani	Euro:12.756,49
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano 1	349	329	712	zona1 cat. A/10	7	14 vani	Euro:18.799,03
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano 2	349	329	713	zona1 cat. A/10	7	13 vani	Euro:17.456,24
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano 3	349	329	714	zona1 cat. A/10	7	13 vani	Euro:17.456,24
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano 4	349	329	715	zona1 cat. A/10	7	12 vani	Euro:16.113,46
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano 5	349	329	716	zona1 cat. A/10	7	10,5 vani	Euro:14.099,27
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano 6	349	329	717	zona1 cat. A/10	7	9 vani	Euro:12.085,09
B	Proprieta' per 1/1	MILANO (MI) VIA DELL' ANNUNCIATA, 14/P01 Piano T-S1	349	329	718	zona1 cat. D/8			Euro: 11.402,00
B	Proprieta' per 1/1	MILANO (MI) VIA DEI GIARDINI, 21 Piano S1	349	329	719	zona1 cat. A/10	7	4,5 vani	Euro:6.042,55
B	Proprieta' per 1/1	MILANO (MI) VIA DELL' ANNUNCIATA, 14 Piano T-S1	349	329	720	zona1 cat. D/1			Euro: 272,00
B	Proprieta' per 1/1	MILANO (MI) VIA DELL' ANNUNCIATA, 14 Piano T	349	329	722	zona1 cat. C/1	16	10 mq	Euro:1.252,41

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	ARCORE (MI)	15	280		SEMINATIVO	2	2 are 30 ca	R.D.Euro:1,13 R.A. Euro: 1,07	378
L	Proprieta' per 1/1	ARCORE (MI)	15	354		SEMINATIVO	2	2 are 30 ca	R.D.Euro:1,13 R.A. Euro: 1,07	3499
L	Proprieta' per 1/1	ARCORE (MI)	15	362		FU D ACCERT		3 are 80 ca	R.D.Euro: R.A. Euro:	3499
L	Proprieta' superficiaria per 1/1	BIASSONO (MI)	1	158		INCOLT STER		20 ca	R.D.Euro: R.A. Euro:
L	Proprieta' superficiaria per 1/1	BIASSONO (MI)	1	270		SEMINATIVO	1	17 are 20 ca	R.D.Euro:10,66 R.A. Euro: 9,77	2274
L	Proprieta' superficiaria per 1/1	BIASSONO (MI)	1	386		SEMINATIVO	1	14 are 30 ca	R.D.Euro:8,86 R.A. Euro: 8,12	2273

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 1963

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

During the last years, it achieved profits (r.o.e. 8,15% on 2016)

The operating result in 2016 was positive (5,34%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 6.467.397 showing an upward trend 33,93% compared to the previous financial year.

During the latest financial year the gross operating margin amounted to Eur. 8.256.797 showing an upward trend if compared to 2015.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2016 is in fact 0,6 improved in comparison with the year before (0,81.).

Subject can manage an equity capital funds for an amount of Eur. 61.475.406 on the same levels as the year before.

Total debts recorded amounted to Eur. 53.892.203 (Eur. 6.492.548 of which were m/l term debts) , with no sensible variation.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent however still within the sector's average.

It shows a good range of liquidity.

Trade credits are collected slowly, average term is 96,21 days. within the average values of the sector.

The financial management generated a cash flow of Eur. 6.796.996.

During 2016 financial year labour costs amounted to Eur. 18.624.487, with a 19,7% incidence on production costs. and a 18,86% incidence on sales volumes.

Financial incomes cover financial charges.

Financial Data

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	98.757.451
Profit (Loss) for the period	4.216.716

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	119.072.446
Profit (Loss) for the period	4.088.749

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	87.067.208
Profit (Loss) for the period	4.388.834

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	90.296.502
Profit (Loss) for the period	6.125.327

$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	83.556.922
Profit (Loss) for the period	7.210.986

financials

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights	25.946	3.534
. . Concessions,licenses,trademarks,etc.	18.000	24.000
. . Goodwill	44.400	59.200	109.300
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	88.346	86.734	109.300
. TANGIBLE FIXED ASSETS
. . Real estate	48.800.965	45.028.654	42.656.764
. . Plant and machinery	1.939.608	1.554.710	1.272.467
. . Industrial and commercial equipment	137.503	128.152	109.757
. . Other assets	535.582	644.821	730.307
. . Assets under construction and advances	160.450	1.224.525
. Total Tangible fixed assets	51.574.108	48.580.862	44.769.295
. FINANCIAL FIXED ASSETS
. . Equity investments	2.804.304	2.697.400	2.314.910
. . . Equity invest. in subsidiary companies	2.804.304	2.697.400	2.314.910
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	2.804.304	2.697.400	2.314.910
Total fixed assets	54.466.758	51.364.996	47.193.505
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.728.548	1.750.630	2.185.606
. . Work in progress and semimanufactured	17.538.625	17.630.578	9.324.882
. . Work in progress on order
. . Finished goods
. . Advance payments	1.976.758	1.596.825	1.833.541
. Total Inventories	21.243.931	20.978.033	13.344.029
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	31.553.526	47.070.809	43.912.040
. . Beyond 12 months			360.000
. . Trade receivables	26.393.837	39.712.329	37.707.568
. . . . Within 12 months	26.393.837	39.712.329	37.707.568
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.375.478	863.322	840.915
. . . . Within 12 months	1.375.478	863.322	480.915
. . . . Beyond 12 months			360.000
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	2.774.369	5.413.748	4.594.479
. . . . Within 12 months	2.774.369	5.413.748	4.594.479
. . . . Beyond 12 months
. . Receivables for anticipated taxes	814.710	886.896	875.901
. . . . Within 12 months	814.710	886.896	875.901
. . . . Beyond 12 months
. . Receivables due from third parties	195.132	194.514	253.177
. . . . Within 12 months	195.132	194.514	253.177
. . . . Beyond 12 months
. Total Credits not held as fixed assets	31.553.526	47.070.809	44.272.040
. 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	2.831.840	3.203.607	3.685.240
. Total Financial Assets	2.831.840	3.203.607	3.685.240
. LIQUID FUNDS
. . Bank and post office deposits	10.554.153	7.182.365	6.557.274
. . Checks
. . Banknotes and coins	6.096	5.187	4.148
. Total Liquid funds	10.560.249	7.187.552	6.561.422
Total current assets	66.189.546	78.440.001	67.862.731
ADJUSTMENT ACCOUNTS
. Discount on loans		437.801	490.871
. Other adjustment accounts	502.187
Total adjustments accounts	502.187	437.801	490.871
TOTAL ASSETS	121.158.491	130.242.798	115.547.107

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	3.000.000	3.000.000	3.000.000
. Additional paid-in capital	154.937	154.937	154.937
. Revaluation reserves	12.363.936	12.363.936	12.363.936
. Legal reserve	600.000	600.000	600.000
. Reserve for Own shares
. Statute reserves
. Other reserves	41.139.817	39.451.067	37.879.495
. Accumulated Profits (Losses)
. Profit( loss) of the year	4.216.716	4.088.749	4.388.834
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	61.475.406	59.658.689	58.387.202
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	571.335	524.362	477.050
. . Taxation fund, also differed	4.364	9.604	10.813
. . Other funds	2.566.000	2.500.000	2.500.000
Total Reserves for Risks and Charges	3.141.699	3.033.966	2.987.863
Employee termination indemnities	2.390.059	2.522.221	2.828.678
ACCOUNTS PAYABLE
. . . . Within 12 months	47.399.655	55.701.978	41.787.752
. . . . Beyond 12 months	6.492.548	9.229.807	9.510.335
. . 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	9.223.071	11.819.023	11.251.871
. . . . Within 12 months	2.730.523	2.589.216	1.741.536
. . . . Beyond 12 months	6.492.548	9.229.807	9.510.335
. . Due to other providers of finance	69.072	61.732
. . . . Within 12 months	69.072	61.732
. . . . Beyond 12 months
. . Advances from customers	14.946.306	16.148.320	15.834.218
. . . . Within 12 months	14.946.306	16.148.320	15.834.218
. . . . Beyond 12 months
. . Trade payables	22.282.767	30.294.705	20.101.318
. . . . Within 12 months	22.282.767	30.294.705	20.101.318
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	599.925	415.613	282.767
. . . . Within 12 months	599.925	415.613	282.767
. . . . 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	627.185	634.866	576.837
. . . . Within 12 months	627.185	634.866	576.837
. . . . Beyond 12 months
. . Due to social security and welfare inst.	973.702	987.711	928.987
. . . . Within 12 months	973.702	987.711	928.987
. . . . Beyond 12 months
. . Other payables	5.170.175	4.569.815	2.322.089
. . . . Within 12 months	5.170.175	4.569.815	2.322.089
. . . . Beyond 12 months
Total accounts payable	53.892.203	64.931.785	51.298.087
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	259.124	96.137	45.277
Total adjustment accounts	259.124	96.137	45.277
TOTAL LIABILITIES	121.158.491	130.242.798	115.547.107

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	39.864.068	33.546.573
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	98.757.451	119.072.446	87.067.208
. Changes in work in progress	-91.953	6.927.907	2.728.702
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	2.319.712	1.127.724	717.550
. . Contributions for operating expenses
. . Different income and revenues	2.319.712	1.127.724	717.550
Total value of production	100.985.210	127.128.077	90.513.460
PRODUCTION COSTS
. Raw material,other materials and consum.	54.372.077	79.019.544	47.948.380
. Services received	17.821.386
. Leases and rentals	603.504	19.449.078	16.278.946
. Payroll and related costs	18.624.487	20.328.514	16.695.540
. . Wages and salaries	13.691.433	14.587.302	11.988.915
. . Social security contributions	3.764.665	4.611.954	3.737.638
. . Employee termination indemnities	1.008.713	958.999	900.449
. . Pension and similar			5
. . Other costs	159.676	170.259	68.533
. Amortization and depreciation	1.789.400	1.403.866	1.352.938
. . Amortization of intangible fixed assets	34.437	22.541
. . Amortization of tangible fixed assets	1.608.840	1.172.750	1.154.820
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	146.123	208.575	198.118
. Changes in raw materials	22.081	434.976	304.648
. Provisions to risk reserves
. Other provisions
. Other operating costs	1.284.878	1.663.272	858.530
Total production costs	94.517.813	122.299.250	83.438.982
Diff. between value and cost of product.	6.467.397	4.828.827	7.074.478
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	822.247	157.966	157.772
. . In subsidiary companies	822.247	97.204	128.159
. . In associated companies
. . In other companies		60.762	29.613
. Other financial income	121.521	215.236	37.435
. . 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	66.924	204.459
. . Financ.income other than the above	54.597	10.777	37.435
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	54.597	10.777	37.435
. Interest and other financial expense	-201.518	-300.590	-379.100
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-300.590	-379.100
Total financial income and expense	742.250	72.612	-183.893
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations			32.137
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets			32.137
. Devaluation	-252.000	-588.905	-1.650
. . Of equity investments	-252.000	-573.300
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass		-15.605	-1.650
Total adjustments to financial assets	-252.000	-588.905	30.487
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		1.870.545	230.737
. . Gains on disposals
. . Other extraordinary income		1.870.545	230.737
. Extraordinary expense		-146.990	-291.431
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-146.990	-291.431
Total extraordinary income and expense		1.723.555	-60.694
Results before income taxes	6.957.647	6.036.089	6.860.378
. Taxes on current income	1.950.051	1.947.340	2.471.544
. . current taxes	1.811.002	1.959.544	2.456.305
. . differed taxes(anticip.)		-12.204	15.239
. Net income for the period	4.216.716	4.088.749	4.388.834
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	4.216.716	4.088.749	4.388.834

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	0,45	0,39	0,41	0,18
Elasticity Ratio	Units	0,55	0,60	0,59	0,79
Availability of stock	Units	0,18	0,16	0,12	0,21
Total Liquidity Ratio	Units	0,37	0,44	0,47	0,52
Quick Ratio	Units	0,11	0,08	0,09	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,60	0,81	0,60	3,01
Self Financing Ratio	Units	0,51	0,46	0,51	0,19
Capital protection Ratio	Units	0,88	0,88	0,87	0,66
Liabilities consolidation quotient	Units	0,19	0,21	0,30	0,16
Financing	Units	0,88	1,09	0,88	3,56
Permanent Indebtedness Ratio	Units	0,58	0,55	0,61	0,34
M/L term Debts Ratio	Units	0,07	0,09	0,11	0,10
Net Financial Indebtedness Ratio	Units	0,00	0,08	0,08	0,69
CORRELATION
Fixed assets ratio	Units	1,29	1,39	1,50	1,65
Current ratio	Units	1,40	1,41	1,62	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,95	1,03	1,30	0,86
Structure's primary quotient	Units	1,13	1,16	1,24	1,02
Treasury's primary quotient	Units	0,28	0,19	0,25	0,06
Rate of indebtedness ( Leverage )	%	197,08	218,31	197,90	509,92
Current Capital ( net )	Value	18.789.891	22.738.023	26.074.979	330.495
RETURN
Return on Sales	%	6,88	4,61	6,59	3,79
Return on Equity - Net- ( R.O.E. )	%	8,15	6,85	7,52	6,70
Return on Equity - Gross - ( R.O.E. )	%	11,32	10,12	11,75	18,82
Return on Investment ( R.O.I. )	%	5,34	3,71	6,12	4,89
Return/ Sales	%	6,55	4,06	8,13	4,78
Extra Management revenues/charges incid.	%	77,43	84,67	62,04	29,96
Cash Flow	Value	6.796.996	5.492.615	5.741.772	165.166
Operating Profit	Value	6.467.397	4.828.827	7.074.478	225.594
Gross Operating Margin	Value	8.256.797	6.232.693	8.427.416	376.080
MANAGEMENT
Credits to clients average term	Days	96,21	120,07	155,91	111,07
Debts to suppliers average term	Days	113,16	112,28	114,25	127,44
Average stock waiting period	Days	77,44	63,42	55,17	62,88
Rate of capital employed return ( Turnover )	Units	0,82	0,91	0,75	1,10
Rate of stock return	Units	4,65	5,68	6,52	5,58
Labour cost incidence	%	18,86	17,07	19,18	18,94
Net financial revenues/ charges incidence	%	0,75	0,06	-0,21	-1,15
Labour cost on purchasing expenses	%	19,70	16,62	20,01	18,99
Short-term financing charges	%	0,37	0,46	0,74	2,55
Capital on hand	%	122,68	109,38	132,71	90,89
Sales pro employee	Value	169.686	187.515	167.115	199.007
Labour cost pro employee	Value	32.000	32.013	32.045	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	:	$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Spazio.gif$ 9.393.092
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Spazio.gif$ 0
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Spazio.gif$ 0

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Spazio.gif$ 0
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Spazio.gif$ 0
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\Boldrocchi Srl - Vs. Rif. 493861_files\Spazio.gif$ 0

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.81
UK Pound	1	INR 90.66
Euro	1	INR 79.94
Euro	1	INR 79.90

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	KET

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

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

financials

Remarks

Market / Territory Data

Sector Data

Unit