MIRA INFORM REPORT

Report No. :	484836
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	REDA S.P.A.
Registered Office :	Via Piave, 9 36033- Isola Vicentina(VI)-IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	01.12.1980
Legal Form :	Joint stock company
Line of Business :	Manufacture of machinery for the food, beverage and tobacco industries
No. of Employees :	51 to 70

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 :	Good
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 (30.06.2017)	Current Rating (30.09.2017)
Italy	A1	A1

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

ITALY - ECONOMIC OVERVIEW

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

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 133% of GDP in 2016. 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 impediments to growth, such as labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since late 2011. In 2015-16, Italy’s economy grew 0.7% each year. In 2016, overall unemployment was 11.7%, but youth unemployment remains high at 37.1%.

Source : CIA

Company name and address

Reda S.p.a.

Via Piave, 9

36033 - Isola Vicentina (VI) -IT-

Summary

Fiscal Code	:	01583660244
Legal Form	:	Joint stock company
start of Activities	:	01/12/1980
Equity	:	Over 2.582.254
Turnover Range	:	15.500.000/18.000.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of machinery for the food, beverage and tobacco industries

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01583660244

Foreign Trade Reg. no. : 013313 of Vicenza since 16/12/1991

Chamber of Commerce no. : 171438 of Vicenza since 15/07/1983

Firms' Register : VI116-14875 of Vicenza since 19/02/1996

V.A.T. Code : 01583660244

Tribunal Co. Register : 14875 of

Foundation date	: 21/06/1983
Establishment date	: 21/06/1983
Start of Activities	: 01/12/1980
Legal duration	: 31/12/2050
Nominal Capital	: 2.000.000
Subscribed Capital	: 2.000.000
Paid up Capital	: 2.000.000

Legal mail :

REDA@PEC.CONFINDUSTRIAVICENZA.IT

Members

Frigo

Giorgio

Born in Costabissara

(VI)

on 24/11/1951

- Fiscal Code : FRGGRG51S24D107S

Residence:

Cavour

, 51

- 36030

Costabissara

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	08/05/2015
Director	08/05/2015
Managing Director	08/05/2015

No Prejudicial events are reported

No Protests registered

Sperotto

Gianmario

Born in Sarcedo

(VI)

on 09/04/1949

- Fiscal Code : SPRGMR49D09I425Y

Residence:

Granezza

, 6

- 36030

Sarcedo

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2015

Piatto

Giovanni

Born in Schio

(VI)

on 02/06/1955

- Fiscal Code : PTTGNN55H02I531J

Residence:

Trieste

, 5

- 36030

Caldogno

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	08/05/2015
Director	08/05/2015

No Prejudicial events are reported

No Protests registered

Rigon

Giovanni Battista

Born in Montecchio Precalcino

(VI)

on 06/03/1952

- Fiscal Code : RGNGNN52C06F465L

Residence:

Contra' Longa

, 16

- 36030

Montecchio Precalcino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	08/05/2015

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.

Frigo

Giorgio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sogea S.r.l.	Costabissara (VI) - IT -	00884790247	Director	Withdrawn	Registered
Sogea S.r.l.	Costabissara (VI) - IT -	00884790247	Board Chairman	Withdrawn	Registered
Sileda S.r.l.	Costabissara (VI) - IT -	02089220244	Director	Withdrawn	Registered
Sileda S.r.l.	Costabissara (VI) - IT -	02089220244	Sole Director	Withdrawn	Registered
Sileda S.r.l.	Costabissara (VI) - IT -	02089220244	Board Chairman	Withdrawn	Registered

Piatto

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sileda S.r.l.	Costabissara (VI) - IT -	02089220244	Director	Withdrawn	Registered
Qe Service S.r.l.	Costabissara (VI) - IT -	04007180245	Sole Director	Active	Registered
Ingegner Vittorio Gasparotti E C. Srl	Vicenza (VI) - IT -	03506880248	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
Frigo Giorgio	Costabissara - IT -	FRGGRG51S24D107S
Sperotto Gianmario	Sarcedo - IT -	SPRGMR49D09I425Y
Piatto Giovanni	Caldogno - IT -	PTTGNN55H02I531J
Rigon Giovanni Battista	Montecchio Precalcino - IT -	RGNGNN52C06F465L
Ingegner Vittorio Gasparotti E C. Srl	Vicenza - IT -	03506880248

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
Sogea S.r.l.	Costabissara - IT -	00884790247	12.750 .Eur	20,00			Active
Ingegner Vittorio Gasparotti E C. Srl	Vicenza - IT -	03506880248	8.000 .Eur	40,00			Active

Firm's location and structure

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

-	Legal and operative seat

Piave

, 9

- 36033

- Isola Vicentina

(VI)

- IT -

PHONE

: 0444977222

Legal mail

: REDA@PEC.CONFINDUSTRIAVICENZA.IT

-

Branch

(Production engineering department)

since 02/05/2000

Rovereto

, 37/H

- 36030

- Costabissara

(VI)

- IT -

PHONE

: 0444971652

FAX	: 0444971611

-

Branch

(Factory)

since 01/05/2007

Piave

, 15

- 36033

- Isola Vicentina

(VI)

- IT -

PHONE

: 0444977222

FAX	: 0444977227

Employees

: 65

Fittings and Equipment for a value of 250.000

Eur

Stocks for a value of 6.760.000

Eur

Furniture and fittings for a value of 98.000

Eur

Vehicles for a value of 67.000

Eur

Work in progress for a value of 2.910.000

Eur

The firm operates abroad as importer / exporter..

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

Products abroad are placed by :

- importers

- its own agents

- direct orders from foreign companies

Export is mainly towards:

- Greece

- Italy

- France

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Sileda S.r.l.

Rovereto

, 37/H

, 36030

, Costabissara

(VI)

- IT -

Fiscal Code: 02089220244

Date

Merging/splitting-up project:

15/04/2011

The firm absorbed by merging of

Sileda S.r.l.

Rovereto

, 37/H

, 36030

, Costabissara

(VI)

- IT -

Fiscal Code: 02089220244

Date

:

27/07/2011

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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
COSTABISSARA (VI)	Buildings	11	05/01/2018
ISOLA VICENTINA (VI)	Buildings	2	05/01/2018
ISOLA VICENTINA (VI)	Land	2	05/01/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 14532/100000	COSTABISSARA (VI) STRADA STATALE PASUBIO, SNC Piano T	12	560		cat. F/1
B	Proprieta' per 14532/100000	COSTABISSARA (VI) STRADA STATALE PASUBIO, SNC Piano T	12	561		cat. F/1
B	Proprieta' per 7267/100000	COSTABISSARA (VI) STRADA STATALE PASUBIO, SNC Piano T	12	562		cat. F/1
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1	12	8	49	cat. C/6	1	13 mq	Euro:12,09
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1	12	8	50	cat. C/6	1	13 mq	Euro:12,09
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1	12	8	53	cat. C/6	1	11 mq	Euro:10,23
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1	12	8	54	cat. C/6	1	11 mq	Euro:10,23
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1	12	8	55	cat. C/6	1	11 mq	Euro:10,23
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1	12	8	56	cat. C/6	1	11 mq	Euro:10,23
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano T	12	8	73	cat. D/1			Euro: 992,00
B	Proprieta' per 1/1	COSTABISSARA (VI) VIA ROVERETO, Piano 1-2 - 0003	12	8	82	cat. D/1			Euro: 1.394,43
B	Proprieta' per 1/1	ISOLA VICENTINA (VI) VIA PIAVE, 9 Piano S1-T - 1-2	16	404	4	cat. D/7			Euro: 32.900,74
B	Proprieta' per 1/1	ISOLA VICENTINA (VI) VIA PIAVE, SNC Piano T	16	452	7	cat. F/1

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	ISOLA VICENTINA (VI)	16	221		SEMINATIVO	1	32 ca	R.D.Euro:0,29 (*) R.A. Euro: 0,17	5794
L	Proprieta' per 1/1	ISOLA VICENTINA (VI)	16	440		SEMINATIVO	1	4 are 66 ca	R.D.Euro:4,19 (*) R.A. Euro: 2,41	47364

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 1980

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

During the last years, it recorded positive net results (r.o.e. 12,96% in 2016) and during the last financial year an increase in sales volume was registered (+11,01% in 2016).

The return on Investment in the last financial year was positive (5,74%) and reflects the field's average.

The amount of the operating result for the year 2016 is of Eur. 1.092.046 , with no sizeable change as opposed to the year before.

The gross operating margin of the latest financial year is of Eur. 1.342.398 stable if compared to the financial year 2015.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,51) yet on the increase as against the previous accounting period.

The management generated equity capital for an amount of Eur. 5.504.788 on the same levels as the year before.

Total indebtedness was equal to Eur. 12.240.613 (Eur. 1.187.047 was the value of m/l term debts) with a growth equal to 23,59%.

The company does not exceed in bank credits; payments average period is instead slightly high (135,12 gg.) but lined up with the field's average.

Liquidity is good (1,08)

Credits are collected in 42 days on the average. , lower than the sector's average.

Eur. 963.836 is the value of cash flow during the year 2016

Subordinate employment cost is of Eur. 3.661.060, i.e. 19,26% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 21,58%.

Financial incomes cover financial charges.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	16.968.227
Profit (Loss) for the period	713.484

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	15.284.550
Profit (Loss) for the period	620.048

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	18.159.456
Profit (Loss) for the period	721.510

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	16.062.797
Profit (Loss) for the period	677.486

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	16.830.687
Profit (Loss) for the period	-887.635

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	1.668	3.335	5.003
. . Concessions,licenses,trademarks,etc.	740	823	905
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	2.408	4.158	5.908
. TANGIBLE FIXED ASSETS
. . Real estate	4.436.680	4.583.260	4.705.598
. . Plant and machinery	213.286	188.013	133.311
. . Industrial and commercial equipment	41.194	11.969	15.125
. . Other assets	165.003	146.260	151.745
. . Assets under construction and advances	1.396.379	702.771
. Total Tangible fixed assets	6.252.542	5.632.273	5.005.779
. FINANCIAL FIXED ASSETS
. . Equity investments	691.407	691.407	371.407
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	687.400	687.400	367.400
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	4.007	4.007	4.007
. . 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		600.000	600.000
. . . Total nominal value
. Total financial fixed assets	691.407	1.291.407	971.407
Total fixed assets	6.946.357	6.927.838	5.983.094
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured	2.107.192	1.630.670	1.549.049
. . Work in progress on order	2.911.263	448.351	765.998
. . Finished goods	1.662.057	1.525.490	1.176.738
. . Advance payments	76.801
. Total Inventories	6.757.313	3.604.511	3.491.785
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.462.852	3.682.898	4.094.954
. . Beyond 12 months	4.634	76.901	206.341
. . Trade receivables	1.979.608	3.546.868	3.749.093
. . . . Within 12 months	1.979.608	3.546.868	3.749.093
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	396.491	110.051	381.371
. . . . Within 12 months	396.491	110.051	260.865
. . . . Beyond 12 months			120.506
. . Receivables for anticipated taxes	72.417	72.417	81.501
. . . . Within 12 months	72.417
. . . . Beyond 12 months		72.417	81.501
. . Receivables due from third parties	18.970	30.463	89.330
. . . . Within 12 months	14.336	25.979	84.996
. . . . Beyond 12 months	4.634	4.484	4.334
. Total Credits not held as fixed assets	2.467.486	3.759.799	4.301.295
. 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	2.747.312	2.544.274	1.555.727
. . Checks
. . Banknotes and coins	201	778	2.708
. Total Liquid funds	2.747.513	2.545.052	1.558.435
Total current assets	11.972.312	9.909.362	9.351.515
ADJUSTMENT ACCOUNTS
. Discount on loans		54.364	93.608
. Other adjustment accounts	100.503
Total adjustments accounts	100.503	54.364	93.608
TOTAL ASSETS	19.019.172	16.891.564	15.428.217
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.000.000	2.000.000	2.000.000
. Additional paid-in capital
. Revaluation reserves	747.118	747.118	747.118
. Legal reserve	211.073	180.071	143.995
. Reserve for Own shares		600.000	600.000
. Statute reserves
. Other reserves	1.833.113	1.743.268	1.557.033
. Accumulated Profits (Losses)
. Profit( loss) of the year	713.484	620.048	721.510
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	5.504.788	5.890.505	5.769.656
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	368.725	313.525	258.425
. . Taxation fund, also differed
. . Other funds		4.300	4.300
Total Reserves for Risks and Charges	368.725	317.825	262.725
Employee termination indemnities	879.467	758.840	651.990
ACCOUNTS PAYABLE
. . . . Within 12 months	11.053.566	8.113.772	7.925.151
. . . . Beyond 12 months	1.187.047	1.789.754	781.579
. . 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	1.786.335	3.280.400	1.542.105
. . . . Within 12 months	599.288	1.490.646	760.526
. . . . Beyond 12 months	1.187.047	1.789.754	781.579
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	4.152.348	3.051.980	2.027.519
. . . . Within 12 months	4.152.348	3.051.980	2.027.519
. . . . Beyond 12 months
. . Trade payables	5.042.934	2.703.404	3.949.119
. . . . Within 12 months	5.042.934	2.703.404	3.949.119
. . . . 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	578.580	180.762	230.308
. . . . Within 12 months	578.580	180.762	230.308
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	215.048	220.008	492.637
. . . . Within 12 months	215.048	220.008	492.637
. . . . Beyond 12 months
. . Due to social security and welfare inst.	195.851	186.033	179.891
. . . . Within 12 months	195.851	186.033	179.891
. . . . Beyond 12 months
. . Other payables	269.517	280.939	285.151
. . . . Within 12 months	269.517	280.939	285.151
. . . . Beyond 12 months
Total accounts payable	12.240.613	9.903.526	8.706.730
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	25.579	20.868	37.116
Total adjustment accounts	25.579	20.868	37.116
TOTAL LIABILITIES	19.019.172	16.891.564	15.428.217

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	16.968.227	15.284.550	18.159.456
. Changes in work in progress	613.089	430.373	534.064
. Changes in semi-manufact. products	2.462.912	-317.647	-254.130
. Capitalization of internal work
. Other income and revenues	55.316	21.350	32.636
. . Contributions for operating expenses
. . Different income and revenues	55.316	21.350	32.636
Total value of production	20.099.544	15.418.626	18.472.026
PRODUCTION COSTS
. Raw material,other materials and consum.	11.219.651	6.184.045	8.499.485
. Services received	3.655.796	3.962.875	4.620.968
. Leases and rentals	101.429	50.574	19.701
. Payroll and related costs	3.661.060	3.587.837	3.458.264
. . Wages and salaries	2.642.709	2.523.651	2.443.640
. . Social security contributions	836.432	891.523	854.675
. . Employee termination indemnities	181.919
. . Pension and similar		172.663	159.949
. . Other costs
. Amortization and depreciation	250.352	251.929	255.329
. . Amortization of intangible fixed assets	1.750	1.750	3.665
. . Amortization of tangible fixed assets	238.602	232.293	232.765
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	10.000	17.886	18.899
. Changes in raw materials
. Provisions to risk reserves
. Other provisions
. Other operating costs	119.210	48.697	67.621
Total production costs	19.007.498	14.085.957	16.921.368
Diff. between value and cost of product.	1.092.046	1.332.669	1.550.658
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	40.000	28.000	12.000
. . In subsidiary companies
. . In associated companies	40.000	28.000	12.000
. . In other companies
. Other financial income	923	3.987	4.870
. . Financ.income from receivables	923	3.987	4.870
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies	923	3.987	4.870
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-33.851	-56.567	-38.007
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	7.072	-24.580	-21.137
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		9.247	23.799
. . Gains on disposals
. . Other extraordinary income		9.247	23.799
. Extraordinary expense		-245.265	-253.870
. . Losses on disposals
. . Taxes relating to prior years		-230.249	-252.612
. . Other extraordinary expense		-15.016	-1.258
Total extraordinary income and expense		-236.018	-230.071
Results before income taxes	1.099.118	1.072.071	1.299.450
. Taxes on current income	385.634	452.023	577.940
. . current taxes	385.634	442.938	577.940
. . differed taxes(anticip.)		-9.085
. Net income for the period	713.484	620.048	721.510
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	713.484	620.048	721.510

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	0,37	0,41	0,39	0,18
Elasticity Ratio	Units	0,63	0,59	0,61	0,80
Availability of stock	Units	0,36	0,21	0,23	0,24
Total Liquidity Ratio	Units	0,27	0,37	0,38	0,48
Quick Ratio	Units	0,14	0,15	0,10	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,51	0,95	1,10	3,25
Self Financing Ratio	Units	0,29	0,35	0,37	0,19
Capital protection Ratio	Units	0,51	0,56	0,53	0,63
Liabilities consolidation quotient	Units	0,19	0,31	0,18	0,19
Financing	Units	2,22	1,68	1,51	3,80
Permanent Indebtedness Ratio	Units	0,40	0,50	0,47	0,36
M/L term Debts Ratio	Units	0,11	0,15	0,09	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,12	0,00	0,63
CORRELATION
Fixed assets ratio	Units	1,09	1,22	1,20	1,75
Current ratio	Units	1,08	1,22	1,18	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,47	0,78	0,74	0,81
Structure's primary quotient	Units	0,79	0,85	0,96	1,03
Treasury's primary quotient	Units	0,25	0,31	0,20	0,06
Rate of indebtedness ( Leverage )	%	345,50	286,76	267,40	516,42
Current Capital ( net )	Value	918.746	1.795.590	1.426.364	422.465
RETURN
Return on Sales	%	5,68	5,70	5,38	3,35
Return on Equity - Net- ( R.O.E. )	%	12,96	10,53	12,51	5,13
Return on Equity - Gross - ( R.O.E. )	%	19,97	18,20	22,52	14,77
Return on Investment ( R.O.I. )	%	5,74	7,89	10,05	4,16
Return/ Sales	%	6,44	8,72	8,54	4,11
Extra Management revenues/charges incid.	%	65,33	46,53	46,53	28,57
Cash Flow	Value	963.836	871.977	976.839	122.482
Operating Profit	Value	1.092.046	1.332.669	1.550.658	144.752
Gross Operating Margin	Value	1.342.398	1.584.598	1.805.987	241.990
MANAGEMENT
Credits to clients average term	Days	42,00	83,54	74,32	111,85
Debts to suppliers average term	Days	135,12	101,82	114,50	128,30
Average stock waiting period	Days	143,36	84,90	69,22	80,43
Rate of capital employed return ( Turnover )	Units	0,89	0,90	1,18	1,08
Rate of stock return	Units	2,51	4,24	5,20	4,45
Labour cost incidence	%	21,58	23,47	19,04	19,12
Net financial revenues/ charges incidence	%	0,04	-0,16	-0,12	-1,08
Labour cost on purchasing expenses	%	19,26	25,47	20,44	19,02
Short-term financing charges	%	0,28	0,57	0,44	2,68
Capital on hand	%	112,09	110,51	84,96	91,91
Sales pro employee	Value	148.844	136.469	168.143	198.432
Labour cost pro employee	Value	32.114	32.034	32.020	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	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

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 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.34
UK Pound	1	INR 85.89
Euro	1	INR 76.15
Euro	1	INR 75.92

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

INFORMATION DETAILS

Analysis Done by :	VAR
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)

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