3decades

MIRA INFORM REPORT

Report No. :	494086
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	ITEMA S.P.A

Registered Office :	Via Cav.gianni Radici,4, 24020 - Colzate(BG)-IT

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	23.11.2001

Legal Form :	Joint stock company

Line of Business :	Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories)

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 :

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. 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

Itema S.p.a.

Via

Cav.gianni Radici,

24020

- Colzate

(BG)

-IT-

Summary

Fiscal Code	:	02915320168
Legal Form	:	Joint stock company
start of Activities	:	30/11/2001
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 251 to 500

Activity

Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02915320168

Chamber of Commerce no. : 333513 of Bergamo since 30/11/2001

Firms' Register : BG-2001-63899 of Bergamo

V.A.T. Code : 02915320168

Establishment date	: 23/11/2001
Start of Activities	: 30/11/2001
Legal duration	: 31/12/2050
Nominal Capital	: 30.400.000
Subscribed Capital	: 30.400.000
Paid up Capital	: 30.400.000

Legal mail :

ITEMA@LEGALMAIL.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Zambaiti

Martino

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Leffe

(BG)

on 20/07/1943

- Fiscal Code : ZMBMTN43L20E509B

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Della Repubblica

, 12

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Radici

Angelo

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Bergamo

(BG)

on 26/08/1951

- Fiscal Code : RDCNGL51M26A794J

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Miravalle

, 20

- 24026

Leffe

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Radici

Paolo

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Bergamo

(BG)

on 13/12/1946

- Fiscal Code : RDCPLA46T13A794D

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Miravalle

, 13

- 24026

Leffe

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Arizzi

Aldo

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Gazzaniga

(BG)

on 06/02/1930

- Fiscal Code : RZZLDA30B06D952A

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Sotto Gli Orti

, 1

- 24021

Albino

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Ceruti

Gianfranco

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Alzano Lombardo

(BG)

on 11/09/1946

- Fiscal Code : CRTGFR46P11A246L

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Risorgimento

, 39

- 24022

Alzano Lombardo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017
Board Chairman	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Manzoni

Alessandro

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Bergamo

(BG)

on 30/06/1957

- Fiscal Code : MNZLSN57H30A794K

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

F.lli Bandiera

, 54

- 24048

Treviolo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Clemente

Federico

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Napoli

(NA)

on 30/09/1970

- Fiscal Code : CLMFRC70P30F839R

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Cav.gianni Radici

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/11/2011

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Sala

Giacomo

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Monza

(MB)

on 28/02/1971

- Fiscal Code : SLAGCM71B28F704N

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Case Sparse

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	06/07/2012

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Arizzi

Danilo Enrico

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Gazzaniga

(BG)

on 12/08/1957

- Fiscal Code : RZZDLN57M12D952Y

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Merisi

, 32/A

- 24021

Albino

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Rogora

Carlo

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Varese

(VA)

on 18/07/1957

- Fiscal Code : RGRCRL57L18L682W

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Gorizia

, 33

- 21014

Laveno-Mombello

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Minelli

Lorenzo Gabriele Maria

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Milano

(MI)

on 30/08/1969

- Fiscal Code : MNLLNZ69M30F205E

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Cav.gianni Radici

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	30/09/2016

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Bovi

Andrea

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Monselice

(PD)

on 15/01/1956

- Fiscal Code : BVONDR56A15F382Y

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Dei Castagni

, 12

- 10025

Pino Torinese

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/07/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Radici

Bruna

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Bergamo

(BG)

on 13/10/1949

- Fiscal Code : RDCBRN49R53A794H

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Repubblica

, 12

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/01/2018

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Rossoni

Roberto

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Treviglio

(BG)

on 27/11/1977

- Fiscal Code : RSSRRT77S27L400C

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Cav.gianni Radici

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	06/11/2014

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Facchetti

Matteo

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Gazzaniga

(BG)

on 29/12/1973

- Fiscal Code : FCCMTT73T29D952A

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Cav.gianni Radici

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/04/2013

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Lorenzi

Nicola

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Bergamo

(BG)

on 16/06/1981

- Fiscal Code : LRNNCL81H16A794C

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Cav.gianni Radici

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/12/2014

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Straubhaar

Christian

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Born in Zurigo

( )

on 02/03/1974

- Fiscal Code : STRCRS74C02Z133D

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

Residence:

Cav.gianni Radici

, 4

- 24020

Colzate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	30/09/2016

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Ceruti

Gianfranco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fabbrica Italiana Pallets - S.p.A.	Ghisalba (BG) - IT -	01237730161	Chairman of the Board of Aud.	Withdrawn	Registered
Olcese Societa' Per Azioni	Milano (MI) - IT -	00854960150	Chairman of the Board of Aud.	Active	Controlled administration
Marino Belotti - Societa' A Responsabilita' Limitata	Chiuduno (BG) - IT -	00833170160	Temporary Auditor	Active	Registered
Fratelli Gandossi - Acciaierie Elettriche S.p.a.	Nembro (BG) - IT -	00209840164	Director	Active	Registered
Fonderie Mario Mazzucconi S.p.a.	Ponte San Pietro (BG) - IT -	00917730160	Receiver	Withdrawn	Composition with creditors
Oldrati Guarnizioni Industriali - S.p.a.	Villongo (BG) - IT -	01237700164	Chairman of the Board of Aud.	Active	Registered
Cantine Dei Marchesi Di Barolo S.p.a. Con Possibilita' Di Usare La Forma Abbrevi	Barolo (CN) - IT -	00169530045	Permanent Auditor	Withdrawn	Registered
Cantine Dei Marchesi Di Barolo S.p.a. Con Possibilita' Di Usare La Forma Abbrevi	Barolo (CN) - IT -	00169530045	Temporary Auditor	Active	Registered
Mauri Elettroforniture S.p.a.	Trezzo sull'Adda (MI) - IT -	04463170151	Chairman of the Board of Aud.	Active	Registered
Simam Spa	Bellusco (MB) - IT -	00749750154	Permanent Auditor	Withdrawn	Registered
A Z Surgelati S.p.a. In Liquidazione	Marcianise (CE) - IT -	06140300630	Director	Withdrawn	In liquidation
A Z Surgelati S.p.a. In Liquidazione	Marcianise (CE) - IT -	06140300630	Memb.of the Executive Committee	Withdrawn	In liquidation
Graf Italia - S.r.l.	Bergamo (BG) - IT -	00208820167	Temporary Auditor	Withdrawn	Registered
Societa' Per L'aeroporto Civile Di Bergamo-orio Al Serio S.p.a. (s.a.c.b.o. - S.	Grassobbio (BG) - IT -	00237090162	Permanent Auditor	Active	Registered
Editrice Janus S.r.l. In Liquidazione EIn C.p.	Bergamo (BG) - IT -	00220260160	Liquidator	Withdrawn	Registered
Despe S.p.a.	Torre De' Roveri (BG) - IT -	00478770167	Permanent Auditor	Withdrawn	Registered
Iniziative Associazione Commercianti S.p.a.	Bergamo (BG) - IT -	01430360162	Chairman of the Board of Aud.	Active	Registered
Rono S.p.a.	Almenno San Bartolomeo (BG) - IT -	01425740162	Receiver	Withdrawn	Composition with creditors
Castelplast S.r.l.	Grumello del Monte (BG) - IT -	01473080172	Permanent Auditor	Withdrawn	Registered
Polini Motori S.p.a.	Alzano Lombardo (BG) - IT -	01804650164	Temporary Auditor	Active	Registered
M.t.a. - Meccanica Tecnica Assistenza S.p.a.	Verdello (BG) - IT -	01812040168	Chairman of the Board of Aud.	Withdrawn	Registered
Tekal S.p.a.	Ponte San Pietro (BG) - IT -	00341340693	Receiver	Withdrawn	Registered
Elettronica Trezzese S.p.a.	Trezzo sull'Adda (MI) - IT -	04445720156	Temporary Auditor	Active	Registered
Steris S.p.a.	Trezzo sull'Adda (MI) - IT -	01729760163	Chairman of the Board of Aud.	Active	Registered
Fonderia S. Possidonio S.r.l.	Ponte San Pietro (BG) - IT -	01661990364	Receiver	Withdrawn	Registered
Doss S.p.a.	Dalmine (BG) - IT -	00836570150	Director	Withdrawn	Ceased
Recodi Tecnology S.r.l.	Palosco (BG) - IT -	02171080167	Permanent Auditor	Active	Registered
Oldrati Holding S.p.a.	Adro (BS) - IT -	01254360165	Permanent Auditor	Active	Registered
Oldrati Holding S.p.a.	Adro (BS) - IT -	01254360165	Temporary Auditor	Withdrawn	Registered
Lombardini Holding S.p.a.	Dalmine (BG) - IT -	00590450169	Director	Withdrawn	Registered
Itema Holding S.p.a.	Colzate (BG) - IT -	01574930168	Director	Withdrawn	Registered
Itema Holding S.p.a.	Colzate (BG) - IT -	01574930168	Board Chairman	Withdrawn	Registered
78 Sitos - S.r.l. In Concordato Preventivo - In Liquidazione	Bergamo (BG) - IT -	00742470164	Liquidator	Withdrawn	Registered
Paullo Center S.r.l.	Dalmine (BG) - IT -	02199430162	Director	Withdrawn	Registered
Cooperativa Artigiana Di Garanzia Di Bergamo Societa' Cooperativa	Bergamo (BG) - IT -	00208610162	Chairman of the Board of Aud.	Active	Registered
Doss Retail S.r.l.	Dalmine (BG) - IT -	00391320165	Director	Withdrawn	Registered
Sca.mo.ter. - S.r.l. In Liquidazione	Gandino (BG) - IT -	00741100168	Permanent Auditor	Withdrawn	In liquidation
Hp Center - S.p.a.	Alzano Lombardo (BG) - IT -	00989830161	Temporary Auditor	Active	Registered
Maberfin S.p.a.	Ponte San Pietro (BG) - IT -	00216750166	Receiver	Withdrawn	Registered
Servitec - Servizi Per L'innovazione TecNologica Della Provincia Di Bergamo S.r.	Dalmine (BG) - IT -	02460980168	Permanent Auditor	Withdrawn	Registered
Immobil Marc Srl	Bergamo (BG) - IT -	02475190167	Chairman of the Board of Aud.	Active	Registered
Immobil Marc Srl	Bergamo (BG) - IT -	02475190167	Temporary Auditor	Withdrawn	Registered
Fioranese Immobiliare S.r.l.	Bergamo (BG) - IT -	01971080161	Director	Withdrawn	Registered
Lightech S.r.l.	Capriate San Gervasio (BG) - IT -	09115150154	Chairman of the Board of Aud.	Withdrawn	Registered
Target S.p.a.	Rogno (BG) - IT -	02499400162	Temporary Auditor	Withdrawn	Registered
Ve.ge.co. Italia S.r.l. - In Liquidazione - In Fallimento	Bergamo (BG) - IT -	02563060165	Receiver	Withdrawn	Bankrupt
Atalanta Bergamasca Calcio S.p.a.	Bergamo (BG) - IT -	80000130163	Temporary Auditor	Withdrawn	Registered
La Rassegna S.r.l.	Bergamo (BG) - IT -	02682050162	Chairman of the Board of Aud.	Active	Registered
Stireria E Collaudo K.m. S.r.l. In Liquidazione	Martinengo (BG) - IT -	02674000167	Trustee	Withdrawn	Bankrupt
Promatech S.p.a.	Colzate (BG) - IT -	02770010169	Permanent Auditor	Withdrawn	Merged
Paullo Investimenti S.r.l.	Dalmine (BG) - IT -	03353020161	Director	Withdrawn	Registered
World Building S.p.a.	Albino (BG) - IT -	03405470166	Chairman of the Board of Aud.	Withdrawn	Registered
Silital Europe S.r.l.	Adro (BS) - IT -	03405400163	Permanent Auditor	Active	Registered
Primafrost S.r.l.	Dalmine (BG) - IT -	03503580163	Director	Withdrawn	Registered
Primafrost S.r.l.	Dalmine (BG) - IT -	03503580163	Board Chairman	Withdrawn	Registered
Stomer S.p.a.	Bergamo (BG) - IT -	03264210166	Permanent Auditor	Withdrawn	Registered
Futurimpresa Societa' Di Gestione Del Risparmio S.p.a. In Forma Abbreviata Futur	Milano (MI) - IT -	06566950967	Permanent Auditor	Withdrawn	Registered
Gec Srl In Liquidazione	Treviglio (BG) - IT -	03908440963	Receiver	-	In liquidation
Csp Retail Srl	Dalmine (BG) - IT -	03630170169	Director	Withdrawn	Ceased
Prima.vera S.r.l.	Curno (BG) - IT -	03132220165	Trustee	Active	Registered
Be Partner S.p.a.	Milano (MI) - IT -	08803660961	Temporary Auditor	Active	Registered
Tam S.r.l.	Bergamo (BG) - IT -	04265040164	Sole 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
Societa' Elettrica Radici S.p.a.	Bergamo - IT -	01554580165
Agricola Ronco Calino S.r.l.	Bergamo - IT -	02456510169
Lurofin S.r.l. Unipersonale	Bergamo - IT -	01235360169
Gefira S.p.a.	Bergamo - IT -	00977650167
Zarafin S.r.l.	Bergamo - IT -	01416720165
Immobiliare Archi - S.r.l.	Bergamo - IT -	01543730160
Tos Immobiliare S.r.l.	Albino - IT -	01505230167
Mafin S.r.l.	Bergamo - IT -	01983410166
Arizzi Danilo Enrico	Albino - IT -	RZZDLN57M12D952Y
Torri Debora Susanna		TRRDRS68T52D952T
Torri Monica Maria		TRRMCM64B51A794X
Arizzi Elena		RZZLNE63B49D952M
Arizzi Nadia		RZZNDA61R70A163R
Arizzi Giorgio		RZZGRG64C12A246A
Arizzi Claudio		RZZCLD69P14D952G
Mgr Partecipazioni S.r.l.		03850710165

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
Lamiflex S.p.a.	Ponte Nossa - IT -	00618520167	1.530.000 .Eur	51,00			Active
Next Technology Tecnotessile Societa' Na zionale Di Ricerca R.l.	Prato - IT -	00640450482	15.067 .Eur	2,32			Active
Consorzio Intellimech	Bergamo - IT -	95160560165					Active
Noecha S.r.l.		07241370969	2.430 .Eur	12,01			Active

Firm's location and structure

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

Legal and operative seat

Cav.gianni Radici

, 4

- 24020

- Colzate

(BG)

- IT -

Legal mail

: ITEMA@LEGALMAIL.IT

Branch

(Factory)

since 15/11/2011

Cav. Gianni Radici

, 2/4

- 24020

- Colzate

(BG)

- IT -

Branch

(Factory)

since 15/11/2011

Santa Maria

, S.N.

- 24020

- Vilminore di Scalve

(BG)

- IT -

Branch

(Store)

since 01/09/2013

Guzzanica

, 56

- 24040

- Stezzano

(BG)

- IT -

Branch

(office)

since 01/02/2014

Stezzano

, 87

- 24100

- Bergamo

(BG)

- IT -

Employees

: 396

Fittings and Equipment for a value of 4.970.000

Eur

Stocks for a value of 27.260.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$ R E W S.p.a.

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Verdi

, 11

, 24100

, Bergamo

(BG)

- IT -

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Fiscal Code: 03117500169

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Date

04/03/2005

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The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Vuoto.gif$ Promatech S.p.a.

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Cav. Gianni Radici

, 4

, 24020

, Colzate

(BG)

- IT -

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Fiscal Code: 02770010169

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Date

11/11/2011

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
CASNIGO (BG)	Land	6	14/02/2018
COLZATE (BG)	Buildings	5	14/02/2018
COLZATE (BG)	Land	15	14/02/2018
VILMINORE DI SCALVE (BG)	Buildings	1	14/02/2018
VILMINORE DI SCALVE (BG)	Land	1	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	COLZATE (BG) VIA CAV. GIANNI RADICI, 4 Piano 1	CO/10	1284	2	cat. A/3	2	5 vani	Euro:309,87
B	Proprieta' per 1/1	COLZATE (BG) VIA CAV. GIANNI RADICI, 4 Piano S1-T - 1	CO/10	1284	701	cat. D/7			Euro: 168.506,00
B	Proprieta' per 1/1	COLZATE (BG) VIA CAV. GIANNI RADICI, 4 Piano T-1	CO/10	1284	702	cat. D/7			Euro: 25.870,00
B	Proprieta' per 1/1	COLZATE (BG) VIA CAV. GIANNI RADICI, 4 Piano 1	CO/10	1284	703	cat. D/7			Euro: 3.080,00
B	Proprieta' per 1/1	COLZATE (BG) VIA CAV. GIANNI RADICI, 4 Piano S1-T - 1-2	CO/10	2620		cat. D/7			Euro: 56.080,00
B	Proprieta' per 1/1	VILMINORE DI SCALVE (BG) LOC. S.MARIA, SN Piano S1-1	21	3053	701	cat. D/7			Euro: 21.835,80

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	CASNIGO (BG)	9	3391		PRATO ARBOR	2	7 are 70 ca	R.D.Euro:1,99 R.A. Euro: 2,19	715
L	Proprieta' per 1/1	CASNIGO (BG)	9	3400		SEMINATIVO	3	2 are 37 ca	R.D.Euro:0,61 R.A. Euro: 0,86	4913
L	Proprieta' per 1/1	CASNIGO (BG)	9	5064		SEMIN ARBOR	2	26 are 70 ca	R.D.Euro:9,65 R.A. Euro: 12,41	4291
L	Proprieta' per 1/1	CASNIGO (BG)	9	5067		SEMIN ARBOR	2	23 are 60 ca	R.D.Euro:8,53 R.A. Euro: 10,97	4291
L	Proprieta' per 1/1	CASNIGO (BG)	9	5070		PRATO ARBOR	2	2 are 50 ca	R.D.Euro:0,65 R.A. Euro: 0,71	4291
L	Proprieta' per 1/1	CASNIGO (BG)	9	5566		INCOLT PROD	U	11 are 30 ca	R.D.Euro:0,29 R.A. Euro: 0,18	5094
L	Proprieta' per 1/1	COLZATE (BG)	1	101		PASCOLO	2	10 are 45 ca	R.D.Euro:0,86 R.A. Euro: 0,27	885
L	Proprieta' per 1/1	COLZATE (BG)	1	105		BOSCO CEDUO	3	2 are 50 ca	R.D.Euro:0,32 R.A. Euro: 0,04	885
L	Proprieta' per 1/1	COLZATE (BG)	1	1091		PASCOLO	2	1 ha 30 are	R.D.Euro:10,74 R.A. Euro: 3,36	2002
L	Proprieta' per 1/1	COLZATE (BG)	1	1193		PASCOLO	2	9 are 55 ca	R.D.Euro:0,79 R.A. Euro: 0,25	885
L	Proprieta' per 1/1	COLZATE (BG)	1	1194		BOSCO CEDUO	3	3 are 40 ca	R.D.Euro:0,44 R.A. Euro: 0,05	885
L	Proprieta' per 1/1	COLZATE (BG)	1	132		SEMINATIVO	3	2 are 20 ca	R.D.Euro:0,57 R.A. Euro: 0,80	885
L	Proprieta' per 1/1	COLZATE (BG)	1	1811		INCOLT STER		17 are 40 ca	R.D.Euro: R.A. Euro:	105
L	Proprieta' per 1/1	COLZATE (BG)	1	1813		INCOLT STER		14 are 60 ca	R.D.Euro: R.A. Euro:	105
L	Proprieta' per 1/1	COLZATE (BG)	1	1917		PASCOLO	1	1 ha 50 are 40 ca	R.D.Euro:19,42 R.A. Euro: 7,77	105
L	Proprieta' per 1/1	COLZATE (BG)	1	207		SEMIN ARBOR	1	5 are 20 ca	R.D.Euro:2,42 R.A. Euro: 2,69	1062
L	Proprieta' per 1/1	COLZATE (BG)	1	226		INCOLT PROD	U	11 are 50 ca	R.D.Euro:0,30 R.A. Euro: 0,18	1444
L	Proprieta' per 1/1	COLZATE (BG)	1	2414		INCOLT PROD	U	15 ca	R.D.Euro:0,01 R.A. Euro: 0,00	105
L	Proprieta' per 1/1	COLZATE (BG)	1	2415		INCOLT PROD	U	2 are 30 ca	R.D.Euro:0,06 R.A. Euro: 0,04	105
L	Proprieta' per 1/1	COLZATE (BG)	1	2417		PASCOLO	2	15 ca	R.D.Euro:0,01 R.A. Euro: 0,00	2002
L	Proprieta' per 1/1	COLZATE (BG)	1	2419		PASCOLO	2	15 ca	R.D.Euro:0,01 R.A. Euro: 0,00
L	Proprieta' per 32/45	VILMINORE DI SCALVE (BG) Sez.A	9	2587		INCOLT PROD	U	4 are 5 ca	R.D.Euro:0,08 R.A. Euro: 0,04	3477

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

Financial and Economical Analysis

The company is active since 2001

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

During the last years, it recorded positive net results (r.o.e. 14,51% in 2016) with a good increase in turnover (+13,04% in 2016 compared to 2015 and +8,14% in 2015 compared to 2014).

A loss is registered as to the operating result (-4,41%).

The operating loss is equal to Eur. -7.142.936.

The GOM is negative and amounts to Eur. -3.072.225.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,7) increasing compared to last year (0,19)

Subject can manage an equity capital funds for an amount of Eur. 65.639.548 , unchanged as opposed to the preceding year.

In the year 2016 total debts amounted to Eur. 83.641.809 with no important change.

The company does not exceed in bank credits; payments average period is instead slightly high (144,34 gg.) but lined up with the field's average.

The available funds are good.

As to due from customers, the average terms are 14,21 days. , lower than the sector's average.

During financial year 2016 the cash flow amounted to Eur. 13.595.474

Labour cost amounts to Eur. 22.190.664, with a 12,81% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 14,05%.

Financial incomes cover financial charges.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	157.913.297
Profit (Loss) for the period	9.524.763

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	139.690.058
Profit (Loss) for the period	13.194.614

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	129.167.702
Profit (Loss) for the period	12.812.861

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	118.176.869
Profit (Loss) for the period	14.023.671

$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	81.947.739
Profit (Loss) for the period	17.498.658

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			17.866
. . Research,develop. and advert.expens.	2.928.355	3.629.516	4.118.724
. . Industrial patent rights	354.627	335.085	369.375
. . Concessions,licenses,trademarks,etc.	8.773	6.748	10.181
. . Goodwill	6.983.000
. . Assets in formation and advance paymen.	522.379	16.300	13.171
. . Other intangible fixed assets	55.921	37.420	125.192
. Total Intangible Fixed Assets	10.853.055	4.025.069	4.654.509
. TANGIBLE FIXED ASSETS
. . Real estate	5.299.640	5.268.224	5.134.496
. . Plant and machinery	3.001.585	2.351.301	2.149.818
. . Industrial and commercial equipment	1.969.707	1.980.477	1.414.956
. . Other assets	681.042	475.243	301.487
. . Assets under construction and advances	162.682	50.597	514.410
. Total Tangible fixed assets	11.114.656	10.125.842	9.515.167
. FINANCIAL FIXED ASSETS
. . Equity investments	42.366.146	42.366.146	56.592.246
. . . Equity invest. in subsidiary companies	42.320.451	42.320.451	56.546.551
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	45.695	45.695	45.695
. . Financial receivables	15.595	13.439	13.713.439
. . . . Within 12 months
. . . . Beyond 12 months	15.595	13.439	13.713.439
. . . 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	15.595	13.439	13.713.439
. . . . Within 12 months
. . . . Beyond 12 months	15.595	13.439	13.713.439
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	42.381.741	42.379.585	70.305.685
Total fixed assets	64.349.452	56.530.496	84.475.361
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	10.831.470	10.591.618	10.872.342
. . Work in progress and semimanufactured	2.401.054	3.148.055	2.670.825
. . Work in progress on order
. . Finished goods	14.028.469	7.990.489	3.856.957
. . Advance payments
. Total Inventories	27.260.993	21.730.162	17.400.124
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	26.131.950	26.098.891	78.466.958
. . Beyond 12 months	2.844.293	8.384.532	15.430.271
. . Trade receivables	6.232.548	3.715.937	7.578.157
. . . . Within 12 months	4.767.622	3.394.666	7.002.092
. . . . Beyond 12 months	1.464.926	321.271	576.065
. . Receivables due from subsid. comp.	16.798.713	21.089.483	70.578.919
. . . . Within 12 months	16.798.713	21.089.483	70.578.919
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	2.171.958	5.333.642	10.623.878
. . . . Within 12 months	792.591	993.842	261.845
. . . . Beyond 12 months	1.379.367	4.339.800	10.362.033
. . Receivables for anticipated taxes	3.069.213	3.723.461	4.492.173
. . . . Within 12 months	3.069.213
. . . . Beyond 12 months		3.723.461	4.492.173
. . Receivables due from third parties	703.811	620.900	624.102
. . . . Within 12 months	703.811	620.900	624.102
. . . . Beyond 12 months
. Total Credits not held as fixed assets	28.976.243	34.483.423	93.897.229
. 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	12.500.720
. Total Financial Assets	12.500.720
. LIQUID FUNDS
. . Bank and post office deposits	28.210.543	44.997.166	35.980.660
. . Checks
. . Banknotes and coins	14.773	14.734	10.997
. Total Liquid funds	28.225.316	45.011.900	35.991.657
Total current assets	96.963.272	101.225.485	147.289.010
ADJUSTMENT ACCOUNTS
. Discount on loans		459.648	431.215
. Other adjustment accounts	717.374
Total adjustments accounts	717.374	459.648	431.215
TOTAL ASSETS	162.030.098	158.215.629	232.195.586

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	30.400.000	30.400.000	30.400.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	6.080.000	6.080.000	6.080.000
. Reserve for Own shares
. Statute reserves
. Other reserves
. Accumulated Profits (Losses)	19.634.785	21.480.171	17.627.310
. Profit( loss) of the year	9.524.763	13.194.614	12.812.861
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	65.639.548	71.154.785	66.920.171
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	1.041.068	1.015.296	1.024.681
. . Taxation fund, also differed	1.681.949	1.992.251	2.065.817
. . Other funds	4.858.506	6.107.506	20.226.984
Total Reserves for Risks and Charges	7.581.523	9.115.053	23.317.482
Employee termination indemnities	4.773.507	4.932.973	5.428.757
ACCOUNTS PAYABLE
. . . . Within 12 months	74.268.943	58.205.777	118.111.243
. . . . Beyond 12 months	9.372.866	14.789.361	13.696.359
. . 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	11.460.244	13.499.792	13.000.000
. . . . Within 12 months	2.087.378	2.041.014	4.000.000
. . . . Beyond 12 months	9.372.866	11.458.778	9.000.000
. . Due to other providers of finance	1.871.542	3.330.583	4.696.359
. . . . Within 12 months	1.871.542
. . . . Beyond 12 months		3.330.583	4.696.359
. . Advances from customers	3.805.331	4.182.800	2.934.849
. . . . Within 12 months	3.805.331	4.182.800	2.934.849
. . . . Beyond 12 months
. . Trade payables	52.593.914	40.900.112	36.199.797
. . . . Within 12 months	52.593.914	40.900.112	36.199.797
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	8.207.506	5.228.935	68.625.058
. . . . Within 12 months	8.207.506	5.228.935	68.625.058
. . . . 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	785.531	823.392	1.255.677
. . . . Within 12 months	785.531	823.392	1.255.677
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.352.828	1.262.714	1.258.310
. . . . Within 12 months	1.352.828	1.262.714	1.258.310
. . . . Beyond 12 months
. . Other payables	3.564.913	3.766.810	3.837.552
. . . . Within 12 months	3.564.913	3.766.810	3.837.552
. . . . Beyond 12 months
Total accounts payable	83.641.809	72.995.138	131.807.602
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	393.711	17.680	4.721.574
Total adjustment accounts	393.711	17.680	4.721.574
TOTAL LIABILITIES	162.030.098	158.215.629	232.195.586

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts		161.643
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	157.913.297	139.690.058	129.167.702
. Changes in work in progress	239.125	4.610.762	-740.314
. Changes in semi-manufact. products
. Capitalization of internal work	2.106.335	1.876.989	1.662.148
. Other income and revenues	5.817.498	6.785.809	5.224.023
. . Contributions for operating expenses
. . Different income and revenues	5.817.498	6.785.809	5.224.023
Total value of production	166.076.255	152.963.618	135.313.559
PRODUCTION COSTS
. Raw material,other materials and consum.	112.226.785	96.008.725	83.961.518
. Services received	37.297.364	32.271.728
. Leases and rentals	2.117.263	1.595.136	29.052.985
. Payroll and related costs	22.190.664	22.032.320	21.792.527
. . Wages and salaries	15.173.320	15.012.251	14.870.239
. . Social security contributions	4.600.572	4.701.513	4.708.881
. . Employee termination indemnities	1.010.070	988.340	1.001.567
. . Pension and similar	1.406.702
. . Other costs		1.330.216	1.211.840
. Amortization and depreciation	4.070.711	3.850.883	3.363.878
. . Amortization of intangible fixed assets	2.280.082	2.236.882	1.938.116
. . Amortization of tangible fixed assets	1.790.629	1.561.114	1.398.037
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid		52.887	27.725
. Changes in raw materials	-5.291.706	280.724	68.130
. Provisions to risk reserves			1.000.000
. Other provisions
. Other operating costs	608.110	903.440	816.527
Total production costs	173.219.191	156.942.956	140.055.565
Diff. between value and cost of product.	-7.142.936	-3.979.338	-4.742.006
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	16.104.085	14.621.219	16.934.426
. . In subsidiary companies	16.104.085	14.621.219	16.934.426
. . In associated companies
. . In other companies
. Other financial income	1.633.705	3.431.501	3.482.301
. . 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	1.633.705	3.431.501	3.482.301
. . . - Subsidiary companies	86.772	6.856	26.276
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.546.933	3.424.645	3.456.025
. Interest and other financial expense	-424.664	-183.622	-1.659.818
. . Towards subsidiary companies			-150.458
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-1.509.360
Total financial income and expense	17.313.126	17.869.098	18.756.909
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			69.322
. . Gains on disposals
. . Other extraordinary income			69.322
. Extraordinary expense			-680.000
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-680.000
Total extraordinary income and expense			-610.678
Results before income taxes	10.170.190	13.889.760	13.404.225
. Taxes on current income	645.427	-695.146	591.364
. . current taxes			444.975
. . differed taxes(anticip.)		-695.146	146.389
. Net income for the period	9.524.763	13.194.614	12.812.861
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	9.524.763	13.194.614	12.812.861

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	0,40	0,36	0,36	0,18
Elasticity Ratio	Units	0,60	0,64	0,63	0,80
Availability of stock	Units	0,17	0,14	0,07	0,24
Total Liquidity Ratio	Units	0,43	0,50	0,56	0,48
Quick Ratio	Units	0,25	0,28	0,16	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,70	0,19	1,23	3,25
Self Financing Ratio	Units	0,41	0,45	0,29	0,19
Capital protection Ratio	Units	0,39	0,39	0,35	0,63
Liabilities consolidation quotient	Units	0,19	0,34	0,16	0,19
Financing	Units	1,27	1,03	1,97	3,80
Permanent Indebtedness Ratio	Units	0,49	0,57	0,37	0,36
M/L term Debts Ratio	Units	0,09	0,12	0,08	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	1,24	1,61	1,02	1,75
Current ratio	Units	1,31	1,74	1,25	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,94	1,37	1,10	0,81
Structure's primary quotient	Units	1,02	1,26	0,79	1,03
Treasury's primary quotient	Units	0,55	0,77	0,30	0,06
Rate of indebtedness ( Leverage )	%	246,85	222,35	346,97	516,42
Current Capital ( net )	Value	22.694.329	43.019.708	29.177.767	422.465
RETURN
Return on Sales	%	8,61	13,20	12,52	3,35
Return on Equity - Net- ( R.O.E. )	%	14,51	20,50	19,15	5,13
Return on Equity - Gross - ( R.O.E. )	%	15,49	19,52	20,03	14,77
Return on Investment ( R.O.I. )	%	-4,41	-2,52	-2,04	4,16
Return/ Sales	%	-4,52	-2,85	-3,67	4,11
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	28,57
Cash Flow	Value	13.595.474	18.435.789	16.176.739	122.482
Operating Profit	Value	-7.142.936	-3.979.338	-4.742.006	144.752
Gross Operating Margin	Value	-3.072.225	-128.455	-378.128	241.990
MANAGEMENT
Credits to clients average term	Days	14,21	9,58	21,12	111,85
Debts to suppliers average term	Days	144,34	127,86	333,91	128,30
Average stock waiting period	Days	62,15	56,00	48,50	80,43
Rate of capital employed return ( Turnover )	Units	0,97	0,88	0,56	1,08
Rate of stock return	Units	5,79	6,43	7,42	4,45
Labour cost incidence	%	14,05	15,77	16,87	19,12
Net financial revenues/ charges incidence	%	10,96	12,79	14,52	-1,08
Labour cost on purchasing expenses	%	12,81	14,04	15,56	19,02
Short-term financing charges	%	0,51	0,25	1,26	2,68
Capital on hand	%	102,61	113,26	179,76	91,91
Sales pro employee	Value	227.869	203.037	189.673	198.432
Labour cost pro employee	Value	32.021	32.023	32.000	35.779

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	:	$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Spazio.gif$ 1.022.428
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Spazio.gif$ 460
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\Itema S.p.a. - Vs. Rif. 494086_files\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
Euro	1	INR 79.66

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	SYL

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

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit