MIRA INFORM REPORT

Report No. :	493790
Report Date :	24.02.2018

IDENTIFICATION DETAILS

Name :	ECONOCOM INTERNATIONAL ITALIA S.P.A
Registered Office :	Via Varesina, 162, 20156- Milano(MI)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	24.07.1985
Legal Form :	Joint stock company
Line of Business :	Rental and leasing of office machinery and equipment (including computers)
No. of Employees :	From 201 to 250

RATING & COMMENTS

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

MIRA’s Rating :

A

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

Status :	Satisfactory
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	A1	A1

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

ITALY - ECONOMIC OVERVIEW

Italy’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

Econocom International Italia S.p.a.

Via

Varesina,

162

20156

- Milano

(MI)

-IT-

Summary

Fiscal Code	:	07933030152
Legal Form	:	Joint stock company
start of Activities	:	24/07/1985
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 201 to 250

Activity

Rental and leasing of office machinery and equipment (including computers)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 07933030152

Foreign Trade Reg. no. : MI032223 since 12/12/1991

Foreign Trade Reg. no. : 32223 of Milano since 12/12/1991

Foreign Trade Reg. no. : 032223 of Milano since 12/12/1991

Chamber of Commerce no. : 438590 of Bologna

Chamber of Commerce no. : 546301 of Firenze

Chamber of Commerce no. : 1195159 of Milano since 24/10/1985

Chamber of Commerce no. : 671804 of Napoli

Chamber of Commerce no. : 249246 of Padova

Chamber of Commerce no. : 797184 of Roma

Chamber of Commerce no. : 948691 of Torino

Chamber of Commerce no. : 308978 of Verona

Firms' Register : MI146-249443 of Milano since 19/02/1996

V.A.T. Code : 07933030152

Tribunal Co. Register : 249443 of since 02/10/1985

Foundation date	: 24/07/1985
Establishment date	: 24/07/1985
Start of Activities	: 24/07/1985
Legal duration	: 31/12/2060
Nominal Capital	: 12.128.925
Subscribed Capital	: 12.128.925
Paid up Capital	: 12.128.925

Legal mail :

ECONOCOM.IT@LEGALMAIL.IT

Members

Bulling

Massimiliano

Born in Milano

(MI)

on 27/06/1964

- Fiscal Code : BLLMSM64H27F205Z

Residence:

Varesina

, 162

- 20156

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/05/2016

No Prejudicial events are reported

No Protests registered

Barbi

Nicola

Born in Milano

(MI)

on 24/12/1962

- Fiscal Code : BRBNCL62T24F205H

Residence:

Varesina

, 162

- 20156

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/01/2001

No Prejudicial events are reported

No Protests registered

Persano

Angela

Born in Brindisi

(BR)

on 11/06/1970

- Fiscal Code : PRSNGL70H51B180Q

Residence:

Varesina

, 162

- 20156

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/12/2007

No Prejudicial events are reported

No Protests registered

Nannini

Guglielmo

Born in Milano

(MI)

on 17/03/1971

- Fiscal Code : NNNGLL71C17F205I

Residence:

Varesina

, 162

- 20156

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/09/2002

No Prejudicial events are reported

No Protests registered

Moroni

Thierry

Born in Reims

( )

on 15/09/1950

- Fiscal Code : MRNTRR50P15Z110A

Residence:

Varesina

, 162

- 20156

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/05/2016
Board Chairman	12/05/2016

No Prejudicial events are reported

No Protests registered

Tantussi

Enrico

Born in Firenze

(FI)

on 31/05/1974

- Fiscal Code : TNTNRC74E31D612R

Residence:

Varesina

, 162

- 20156

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/05/2016

Touze

Galliane

Born in Besancon Dans Le Doubs

( )

on 20/04/1972

- Fiscal Code : TZOGLN72D60Z110D

Residence:

Boulevard D'auteuil

, 9

Boulogne Billancourt

- FR -

Position	Since	Shares Amount	% Ownership
Director	12/05/2016

Grossi

Bruno Franck

Born in Parigi

( )

on 01/06/1958

- Fiscal Code : GRSBNF58H01Z110F

Residence:

Rue Molitor

, 13

Parigi

- FR -

Position	Since	Shares Amount	% Ownership
Director	04/05/2017

Bazile

Eric

Born in Chartres

( )

on 11/10/1969

- Fiscal Code : BZLRCE69R11Z110L

Residence:

Rue Saint Maur

, 85-87

Parigi

- FR -

Position	Since	Shares Amount	% Ownership
Director	04/05/2017

Econocom France Sas

Position	Since	Shares Amount	% Ownership
Partner

No Protests registered

Econocom Group S.a. / N.v.

Position	Since	Shares Amount	% Ownership
Partner

No Protests registered

Econocom France S.a.s.

Position	Since	Shares Amount	% Ownership
Partner

No Protests registered

Econocom Group S.a./n.v.

Position	Since	Shares Amount	% Ownership
Partner

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.

Moroni

Thierry

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Econocom Locazione Italia S.p.a.	Milano (MI) - IT -	07655890155	Director	Withdrawn	Registered
Econocom Locazione Italia S.p.a.	Milano (MI) - IT -	07655890155	Board Chairman	Withdrawn	Registered
Bizmatica S.p.a.	Milano (MI) - IT -	12939300153	Director	Active	Registered
Bizmatica Sistemi S.p.a.	Milano (MI) - IT -	05091860964	Director	Active	Registered
Asystel Italia S.p.a.	Milano (MI) - IT -	08131200969	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
Econocom France S.a.s.			8.800.000 .Eur	72,55
Econocom Group S.a./n.v.			3.328.925 .Eur	27,44

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
Bizmatica S.p.a.	Milano - IT -	12939300153	1.112.318 .Eur	70,00			Active
Asystel Italia S.p.a.	Milano - IT -	08131200969	102.000 .Eur	51,00			Active
Consorzio Ecor'it - Sistema Collettivo P Er La Gestione Dei Raee D I Nuclei Domes	Milano - IT -	05083280965					Active

Firm's location and structure

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

-	Legal and operative seat

Varesina

, 162

- 20100

- Milano

(MI)

- IT -

Legal mail

: ECONOCOM.IT@LEGALMAIL.IT

-

Branch

(Sales office)

since 15/07/2005

Pavese Cesare

, 8

- 00100

- Roma

(RM)

- IT -

-

Branch

(office)

since 15/01/2001

Stati Uniti

, 57

- 10100

- Torino

(TO)

- IT -

-

Branch

(Sales office)

since 01/12/2003

Speranza

, 35

- 40068

- San Lazzaro di Savena

(BO)

- IT -

-

Branch

(office)

since 01/12/2003

Romania

, 4

- 50100

- Firenze

(FI)

- IT -

-

Branch

(Sales office)

since 01/01/2002

Ii San Nicola Alla Dogana

, 9

- 80100

- Napoli

(NA)

- IT -

-

Branch

(Sales office)

since 10/01/2001

Enrico Fermi

, 2

- 37100

- Verona

(VR)

- IT -

Employees

: 230

Assistants

: 2

Fittings and Equipment for a value of 30.000

Eur

Stocks for a value of 2.490.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own foreign branches

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own foreign branches

- direct orders from foreign companies

Import comes generally from the following nations:

- Italy

- Austria

- France

Export is mainly towards:

- Italy

- Austria

- France

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

Ecs Bologna S.r.l.

Speranza

, 35

, 40068

, San Lazzaro di Savena

(BO)

- IT -

Fiscal Code: 03694070370

Date

:

20/11/2003

The firm absorbed by merging of

ARNICA IMMOBILIARE SRL

, 24100

, Bergamo

(BG)

- IT -

Date

:

27/05/1987

Project of merging by taking over of

Ecs Commerciale Italia Srl

Trebazio

, 4

, 20145

, Milano

(MI)

- IT -

Fiscal Code: 11860540159

Date

Merging/splitting-up project:

23/05/2002

The firm absorbed by merging of

Ecs Commerciale Italia Srl

Trebazio

, 4

, 20145

, Milano

(MI)

- IT -

Fiscal Code: 11860540159

Date

:

08/07/2002

The firm absorbed by merging of

Ecs Commerciale Italia Srl

Trebazio

, 4

, 20145

, Milano

(MI)

- IT -

Fiscal Code: 11860540159

Date

:

01/12/2002

Project of merging by taking over of

Ecs Bologna S.r.l.

Speranza

, 35

, 40068

, San Lazzaro di Savena

(BO)

- IT -

Fiscal Code: 03694070370

Date

Merging/splitting-up project:

19/06/2003

The firm absorbed by merging of

Ecs Bologna S.r.l.

Speranza

, 35

, 40068

, San Lazzaro di Savena

(BO)

- IT -

Fiscal Code: 03694070370

Date

:

20/11/2003

Project of merging by taking over of

Ecs Solutis Italia S.r.l.

Turr Stefano

, 5

, 20149

, Milano

(MI)

- IT -

Fiscal Code: 01941841205

Date

Merging/splitting-up project:

10/06/2008

The firm absorbed by merging of

Ecs Solutis Italia S.r.l.

Turr Stefano

, 5

, 20149

, Milano

(MI)

- IT -

Fiscal Code: 01941841205

Date

:

08/10/2008

Resolution of merging of

ARNICA IMMOBILIARE SRL

, 24100

, Bergamo

(BG)

- IT -

Date

:

27/05/1987

Resolution of merging of

Ecs Commerciale Italia Srl

Trebazio

, 4

, 20145

, Milano

(MI)

- IT -

Fiscal Code: 11860540159

Date

:

08/07/2002

Resolution of merging of

Ecs Commerciale Italia Srl

Trebazio

, 4

, 20145

, Milano

(MI)

- IT -

Fiscal Code: 11860540159

Date

:

01/12/2002

Project of merging by taking over of

Wanlease Italia S.p.a.

Stefano Turr

, 5

, 20100

, Milano

(MI)

- IT -

Fiscal Code: 05827950964

Date

Merging/splitting-up project:

10/06/2011

The firm absorbed by merging of

Wanlease Italia S.p.a.

Stefano Turr

, 5

, 20100

, Milano

(MI)

- IT -

Fiscal Code: 05827950964

Date

:

05/10/2011

Project of merging by taking over of

Econocom Locazione Italia S.p.a.

Santa Radegonda

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 07655890155

Date

Merging/splitting-up project:

29/06/2012

The firm absorbed by merging of

Econocom Locazione Italia S.p.a.

Santa Radegonda

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 07655890155

Date

:

15/10/2012

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

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

Financial and Economical Analysis

Company's starting of activities dates back to 1985.

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 20,86% in 2016 with a stable trend in the turnover.

The return on Investment in the last financial year was positive (6,05%) and in line with the sector's average.

The amount of the operating result for the year 2016 is of Eur. 17.373.000 with no increase in relation to the financial year 2015.

The gross operating margin of the latest financial year is of Eur. 18.396.000 on the same levels as the previous financial year.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,43) but with an increase as against the previous accounting period.

The management generated equity capital for an amount of Eur. 51.701.000 on stable levels.

Total indebtedness was equal to Eur. 194.485.000 (Eur. 10.170.000 was the value of m/l term debts) with no important change.

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high even in comparison with the sector's.

Liquid assets are good.

Due from customers average term is high and equal to 268,86 days. also in relation to the average of the sector.

The financial management generated a cash flow of Eur. 11.806.000.

Subordinate employment cost is of Eur. 18.510.000, i.e. 6,94% on total production costs. , with a 6,53% incidence on turnover.

The financial management has a limited economic impact, equal to -0,01% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	283.267.000
Profit (Loss) for the period	10.783.000

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	267.786.000
Profit (Loss) for the period	11.020.000

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	247.803.000
Profit (Loss) for the period	8.510.000

Balance Sheets

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

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

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

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

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	190.000	150.000	108.000
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	190.000	150.000	108.000
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets	714.000	693.000	725.000
. . Assets under construction and advances
. Total Tangible fixed assets	714.000	693.000	725.000
. FINANCIAL FIXED ASSETS
. . Equity investments	8.134.000	4.601.000
. . . Equity invest. in subsidiary companies	8.133.000	4.600.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.000	1.000
. . Financial receivables	17.310.000	15.982.000	12.024.000
. . . . Within 12 months
. . . . Beyond 12 months	17.310.000	15.982.000	12.024.000
. . . 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	17.310.000	15.982.000	12.024.000
. . . . Within 12 months
. . . . Beyond 12 months	17.310.000	15.982.000	12.024.000
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	25.444.000	20.583.000	12.024.000
Total fixed assets	26.348.000	21.426.000	12.857.000
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	2.489.000	1.677.000
. . Advance payments
. Total Inventories	2.489.000	1.677.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	220.716.000	195.695.000	228.689.000
. . Beyond 12 months	3.647.000	4.785.000	4.847.000
. . Trade receivables	211.555.000	189.402.000	217.237.000
. . . . Within 12 months	211.555.000	189.402.000	217.237.000
. . . . Beyond 12 months
. . Receivables due from subsid. comp.			3.994.000
. . . . Within 12 months			3.994.000
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	945.000	835.000	2.217.000
. . . . Within 12 months	945.000	835.000	2.217.000
. . . . Beyond 12 months
. . Receivables for anticipated taxes	3.647.000	4.785.000	4.728.000
. . . . Within 12 months
. . . . Beyond 12 months	3.647.000	4.785.000	4.728.000
. . Receivables due from third parties	8.216.000	5.458.000	5.360.000
. . . . Within 12 months	8.216.000	5.458.000	5.241.000
. . . . Beyond 12 months			119.000
. Total Credits not held as fixed assets	224.363.000	200.480.000	233.536.000
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	6.820.000	18.267.000	13.240.000
Total current assets	233.672.000	220.424.000	246.776.000
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	27.255.000	23.551.000	14.440.000
Total adjustments accounts	27.255.000	23.551.000	14.440.000
TOTAL ASSETS	287.275.000	265.401.000	274.073.000
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	11.932.000	11.257.000	10.526.000
. Additional paid-in capital	11.665.000	6.453.000	1.207.000
. Revaluation reserves
. Legal reserve	2.251.000	2.022.000	2.022.000
. Reserve for Own shares
. Statute reserves
. Other reserves	551.000	533.000	471.000
. Accumulated Profits (Losses)	14.519.000	14.513.000	14.403.000
. Profit( loss) of the year	10.783.000	11.020.000	8.510.000
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	51.701.000	45.798.000	37.139.000
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	33.000	3.506.000	2.408.000
Total Reserves for Risks and Charges	33.000	3.506.000	2.408.000
Employee termination indemnities	1.093.000	1.192.000	1.387.000
ACCOUNTS PAYABLE
. . . . Within 12 months	184.315.000	162.680.000	192.239.000
. . . . Beyond 12 months	10.170.000	12.713.000	9.435.000
. . 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	92.000	77.000
. . . . Within 12 months	92.000	77.000
. . . . Beyond 12 months
. . Due to other providers of finance	17.856.000	16.747.000	12.498.000
. . . . Within 12 months	7.686.000	4.634.000	3.063.000
. . . . Beyond 12 months	10.170.000	12.113.000	9.435.000
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	164.263.000	138.225.000	179.270.000
. . . . Within 12 months	164.263.000	138.225.000	179.270.000
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	4.650.000	10.890.000
. . . . Within 12 months	4.650.000	10.890.000
. . . . Beyond 12 months
. . Due to the tax authorities	2.081.000	3.949.000	4.713.000
. . . . Within 12 months	2.081.000	3.949.000	4.713.000
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables	5.543.000	5.505.000	5.193.000
. . . . Within 12 months	5.543.000	4.905.000	5.193.000
. . . . Beyond 12 months		600.000
Total accounts payable	194.485.000	175.393.000	201.674.000
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	39.963.000	39.512.000	31.465.000
Total adjustment accounts	39.963.000	39.512.000	31.465.000
TOTAL LIABILITIES	287.275.000	265.401.000	274.073.000

MEMORANDUM ACCOUNTS

Third party goods

Investment accounts

Risk accounts

Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	283.267.000	267.786.000	247.803.000
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	661.000	286.000	292.000
. . Contributions for operating expenses
. . Different income and revenues	661.000	286.000	292.000
Total value of production	283.928.000	268.072.000	248.095.000
PRODUCTION COSTS
. Raw material,other materials and consum.	232.224.000	217.971.000	188.665.000
. Services received	13.844.000	12.667.000	27.624.000
. Leases and rentals
. Payroll and related costs	18.510.000	17.786.000	17.184.000
. . Wages and salaries	18.510.000	17.786.000	15.565.000
. . Social security contributions
. . Employee termination indemnities
. . Pension and similar
. . Other costs			1.619.000
. Amortization and depreciation	1.023.000	1.716.000	182.000
. . Amortization of intangible fixed assets	56.000	38.000	25.000
. . Amortization of tangible fixed assets	182.000	178.000	157.000
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	785.000	1.500.000
. Changes in raw materials
. Provisions to risk reserves		538.000	54.000
. Other provisions
. Other operating costs	954.000	898.000	927.000
Total production costs	266.555.000	251.576.000	234.636.000
Diff. between value and cost of product.	17.373.000	16.496.000	13.459.000
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.740.000	1.652.000	1.268.000
. . 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			1.268.000
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-1.781.000	-1.530.000	-1.200.000
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-41.000	122.000	68.000
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	100.000	15.000
. . Gains on disposals
. . Other extraordinary income	100.000	15.000
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	100.000	15.000	87.000
Results before income taxes	17.432.000	16.633.000	13.614.000
. Taxes on current income	6.649.000	5.613.000	5.104.000
. . current taxes	5.488.000	4.915.000	4.751.000
. . differed taxes(anticip.)	1.161.000	698.000	353.000
. Net income for the period	10.783.000	11.020.000	8.510.000
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	10.783.000	11.020.000	8.510.000

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	0,09	0,08	0,05	0,38
Elasticity Ratio	Units	0,81	0,83	0,90	0,59
Availability of stock	Units	0,01	0,01	n.c.	0,04
Total Liquidity Ratio	Units	0,80	0,82	0,90	0,51
Quick Ratio	Units	0,02	0,07	0,05	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,43	3,15	4,82	3,36
Self Financing Ratio	Units	0,18	0,17	0,14	0,20
Capital protection Ratio	Units	0,56	0,51	0,49	0,44
Liabilities consolidation quotient	Units	0,06	0,09	0,06	0,13
Financing	Units	3,76	3,83	5,43	3,69
Permanent Indebtedness Ratio	Units	0,22	0,22	0,17	0,27
M/L term Debts Ratio	Units	0,04	0,05	0,04	0,08
Net Financial Indebtedness Ratio	Units	0,22	0,00	0,00	1,38
CORRELATION
Fixed assets ratio	Units	2,39	2,79	3,73	0,99
Current ratio	Units	1,27	1,35	1,28	0,88
Acid Test Ratio-Liquidity Ratio	Units	1,25	1,34	1,28	0,79
Structure's primary quotient	Units	1,96	2,14	2,89	0,49
Treasury's primary quotient	Units	0,04	0,11	0,07	0,05
Rate of indebtedness ( Leverage )	%	555,65	579,50	737,97	499,22
Current Capital ( net )	Value	49.357.000	57.744.000	54.537.000	-22.544
RETURN
Return on Sales	%	4,17	4,76	3,51	6,89
Return on Equity - Net- ( R.O.E. )	%	20,86	24,06	22,91	9,52
Return on Equity - Gross - ( R.O.E. )	%	33,72	36,32	36,66	20,08
Return on Investment ( R.O.I. )	%	6,05	6,22	4,91	3,42
Return/ Sales	%	6,13	6,16	5,43	3,59
Extra Management revenues/charges incid.	%	62,07	66,80	63,23	41,44
Cash Flow	Value	11.806.000	12.736.000	8.692.000	64.608
Operating Profit	Value	17.373.000	16.496.000	13.459.000	33.859
Gross Operating Margin	Value	18.396.000	18.750.000	13.695.000	89.242
MANAGEMENT
Credits to clients average term	Days	268,86	254,62	315,59	117,27
Debts to suppliers average term	Days	247,12	232,75	298,38	157,45
Average stock waiting period	Days	3,16	2,25	n.c.	21,56
Rate of capital employed return ( Turnover )	Units	0,99	1,01	0,90	1,03
Rate of stock return	Units	113,81	159,68	n.c.	16,67
Labour cost incidence	%	6,53	6,64	6,93	13,97
Net financial revenues/ charges incidence	%	-0,01	0,05	0,03	-1,39
Labour cost on purchasing expenses	%	6,94	7,07	7,32	13,76
Short-term financing charges	%	0,92	0,87	0,60	2,15
Capital on hand	%	101,41	99,11	110,60	95,01
Sales pro employee	Value	1.270.255	1.211.701	461.458	209.943
Labour cost pro employee	Value	83.004	80.479	32.000	33.985

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	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 165 significant companies.

The companies cash their credits on an average of 117 dd.

The average duration of suppliers debts is about 157 dd.

The sector's profitability is on an average of 6,89%.

The labour cost affects the turnover in the measure of 13,97%.

Goods are held in stock in a range of 22 dd.

The difference between the sales volume and the resources used to realize it is about 1,03.

The employees costs represent the 13,76% 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 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.82
UK Pound	1	INR 90.40
Euro	1	INR 79.76
Euro	1	INR 79.79

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

INFORMATION DETAILS

Analysis Done by :	VIV
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)

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