3decades

MIRA INFORM REPORT

Report No. :	484869
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	SIMEC S.P.A

Registered Office :	Via Enrico Fermi, 4, 31030- Castello di Godego(TV)-IT

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	22.04.1970

Legal Form :	Joint stock company

Line of Business :	Manufacture of metal forming machinery and tool machines

No. of Employees :	From 131 to 150

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Excellent

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

(30.06.2017)

Current Rating

(30.09.2017)

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 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

Simec S.p.a.

Via

Enrico Fermi,

31030

- Castello di Godego

(TV)

-IT-

Summary

Fiscal Code	:	00277350260
Legal Form	:	Joint stock company
start of Activities	:	01/05/1972
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 131 to 150

Activity

Manufacture of metal forming machinery and tool machines

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00277350260

Foreign Trade Reg. no. : TV013805 since 20/12/1991

Chamber of Commerce no. : 107241 of Treviso since 22/06/1972

Firms' Register : TV086-7077 of Treviso since 19/02/1996

V.A.T. Code : 00277350260

Foundation date	: 22/04/1970
Establishment date	: 22/04/1970
Start of Activities	: 01/05/1972
Legal duration	: 31/12/2030
Nominal Capital	: 4.500.000
Subscribed Capital	: 4.500.000
Paid up Capital	: 4.500.000

Legal mail :

SIMECSPA@LEGALMAIL.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Stangherlin

Ampelio

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Born in Castello di Godego

(TV)

on 05/10/1943

- Fiscal Code : STNMPL43R05C190S

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Residence:

Roma

, 31

- 31030

Castello di Godego

(TV)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Stangherlin

Mirko

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Born in Castelfranco Veneto

(TV)

on 04/07/1974

- Fiscal Code : STNMRK74L04C111O

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Residence:

Caprera

, 50

- 31030

Castello di Godego

(TV)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Cenci

Fiorello

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Born in Borgo Valsugana

(TN)

on 31/10/1943

- Fiscal Code : CNCFLL43R31B006F

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Residence:

Coronelli

, 2

- 31033

Castelfranco Veneto

(TV)

- IT -

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

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Stangherlin

Ampelio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fiam S.r.l.	Riese Pio X (TV) - IT -	02233900261	Director	Withdrawn	Registered
Fiam S.r.l.	Riese Pio X (TV) - IT -	02233900261	Board Chairman	Withdrawn	Registered
Consorzio Balegante	Riese Pio X (TV) - IT -	02339730265	Vice-Chairman	Active	Registered
Consorzio Balegante	Riese Pio X (TV) - IT -	02339730265	Director	Active	Registered
Consorzio Balegante	Riese Pio X (TV) - IT -	02339730265	Board Chairman	Withdrawn	Registered
Ritec Srl	Riese Pio X (TV) - IT -	03068080260	Director	Active	Registered
Ritec Srl	Riese Pio X (TV) - IT -	03068080260	Board Chairman	Active	Registered
Midas S.a.s. Di Stangherlin Ampelio E C.	Bassano del Grappa (VI) - IT -	02740970245	General Partner	Withdrawn	Registered

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Stangherlin

Mirko

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Midas S.a.s. Di Stangherlin Ampelio E C.	Bassano del Grappa (VI) - IT -	02740970245	Limited Partner	Withdrawn	Registered
Bottero Ig S.r.l.	Cuneo (CN) - IT -	03299920045	Director	Withdrawn	Registered
Bottero Ig S.r.l.	Cuneo (CN) - IT -	03299920045	Board Chairman	Withdrawn	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
Stangherlin Ampelio	Castello di Godego - IT -	STNMPL43R05C190S	4.050.000 .Eur	90,00
BERNARDI MARIA LUISA	Castello di Godego - IT -	BRNMLS45P51D680Q	450.000 .Eur	10,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Internazionale Marmi E Macchine - Carrar a S.p.a.	Carrara - IT -	00207170457	51.814 .Eur	0,16			Active
Ritec Srl	Riese Pio X - IT -	03068080260	46.999 .Eur	91,00			Active
Guglielmi Stone Group S.r.l.		03954500231	15.000 .Eur	30,00			Active

Firm's location and structure

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

Legal and operative seat

since 22/04/1970

Enrico Fermi

, 4

- 31030

- Castello di Godego

(TV)

- IT -

PHONE

: 04237351

FAX

: 0423735256

Legal mail

: SIMECSPA@LEGALMAIL.IT

Employees

: 134

Assistants

: 1

Fittings and Equipment for a value of 580.000

Eur

Stocks for a value of 12.410.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
General partnership	Joint stock company	15/10/1981

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Simec di Stangherlin Ampelio e C. S.n.c.		15/10/1981

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$ Fiam S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Balegante

, 21

, 31039

, Riese Pio X

(TV)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Fiscal Code: 02233900261

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Date

Merging/splitting-up project:

29/04/2009

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$ Fiam S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Balegante

, 21

, 31039

, Riese Pio X

(TV)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Fiscal Code: 02233900261

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Date

06/05/2009

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$ Fiam S.r.l.

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Balegante

, 21

, 31039

, Riese Pio X

(TV)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Fiscal Code: 02233900261

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Date

15/07/2009

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Splitting-up project and setting-up of new co

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Date

Merging/Splitting-up Project-New Company:

29/06/2017

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Splitting-up and setting-up of new Co. Resol.

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$ STARGEST S.R.L.

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

, Castello Di Godego

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Vuoto.gif$

Date

Splitting-up:

30/11/2017

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
CASTELLO DI GODEGO (TV)	Buildings	5	05/01/2018
CASTELLO DI GODEGO (TV)	Land	11	05/01/2018
RIESE PIO X (TV)	Buildings	1	05/01/2018
RIESE PIO X (TV)	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 1/1	CASTELLO DI GODEGO (TV) VIA ENRICO FERMI, Piano T	4	443	1	cat. F/1
B	Proprieta' per 1/1	CASTELLO DI GODEGO (TV) VIA ENRICO FERMI, Piano T	4	443	2	cat. D/1			Euro: 19.271,07	661
B	Proprieta' per 1/1	CASTELLO DI GODEGO (TV) VIA ENRICO FERMI, Piano S1	4	443	3	cat. D/1			Euro: 343,44
B	Proprieta' per 1/1	CASTELLO DI GODEGO (TV) VIA ENRICO FERMI, 4 Piano S1-T - 1	4	454	4	cat. D/1			Euro: 50.100,00
B	Proprieta' per 1/1	CASTELLO DI GODEGO (TV) VIA ENRICO FERMI, 4 Piano T-1 - 2	4	454	5	cat. D/1			Euro: 19.100,00
B	Proprieta' per 1/1	RIESE PIO X (TV) VIA BALEGANTE, 17 Piano T-1	B/1	16	6	cat. D/1			Euro: 9.234,25

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1332		INCOLT STER		57 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1679		SEM ARB IRR	1	3 are 50 ca	R.D.Euro:4,52 R.A. Euro: 2,53
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1681		SEM ARB IRR	1	1 are 30 ca	R.D.Euro:1,68 R.A. Euro: 0,94
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1744		SEM ARB IRR	1	6 ca	R.D.Euro:0,08 R.A. Euro: 0,04
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1746		SEM ARB IRR	1	3 are	R.D.Euro:3,87 R.A. Euro: 2,17
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1748		SEM ARB IRR	1	32 are 83 ca	R.D.Euro:42,39 R.A. Euro: 23,74
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1750		SEM ARB IRR	1	5 are 80 ca	R.D.Euro:7,49 R.A. Euro: 4,19
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	1752		SEM ARB IRR	1	8 are 78 ca	R.D.Euro:11,34 R.A. Euro: 6,35
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	733		SEM ARB IRR	1	9 are 40 ca	R.D.Euro:12,14 R.A. Euro: 6,80	96
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	970		SEM ARB IRR	1	4 are 10 ca	R.D.Euro:5,29 R.A. Euro: 2,96	96
L	Proprieta' per 1/1	CASTELLO DI GODEGO (TV)	4	974		SEM ARB IRR	1	3 are 20 ca	R.D.Euro:4,13 R.A. Euro: 2,31	3859
L	Proprieta' per 1/1	RIESE PIO X (TV)	6	528		SEMIN ARBOR	4	96 are 84 ca	R.D.Euro:57,52 R.A. Euro: 42,51	7932
L	Proprieta' per 1/1	RIESE PIO X (TV)	6	568		RELIT STRAD		40 ca	R.D.Euro: R.A. Euro:	7472

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 1972.

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

During the last years, it recorded positive net results (r.o.e. 0,81% in 2016)

The operating result was positive in the last financial year (1,14%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 462.817 recording a drop as opposed to the year before (-63,52%).

The gross operating margin of the latest financial year is of Eur. 1.268.910 recording a -23,17% decrease.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,18)

With regard to equity capital, an amount of Eur. 22.344.505 is registered. on stable levels.

The financial management has recorded total debts amounting to Eur. 16.292.007, , showing an upward trend if compared to 2015.

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

It shows a good range of liquidity.

On average trade credits are collected in 53,97 days. , a value lower than the sector's average.

2016 financial year closed with a cash flow of Eur. 987.116

Labour cost expenses amount to Eur. 7.089.343 , representing 22,4% on the total of production costs. , whereas the incidence on sales revenues is of 23,57%.

The incidence of the financial charges is of -0,07% on the sales amount.

Financial Data

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	30.071.904
Profit (Loss) for the period	181.023

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	32.398.753
Profit (Loss) for the period	624.972

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	35.050.351
Profit (Loss) for the period	772.097

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	32.593.796
Profit (Loss) for the period	733.832

$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	20.349.434
Profit (Loss) for the period	162.764

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.	1.076	2.152	3.228
. . Industrial patent rights	4.667	1.190	6.246
. . Concessions,licenses,trademarks,etc.	14.552	2.559
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	63.242		1.267
. Total Intangible Fixed Assets	83.537	5.901	10.741
. TANGIBLE FIXED ASSETS
. . Real estate	7.251.651	7.010.189	6.249.796
. . Plant and machinery	365.018	28.236	51.692
. . Industrial and commercial equipment	211.407	170.950	215.196
. . Other assets	644.267	418.307	341.711
. . Assets under construction and advances
. Total Tangible fixed assets	8.472.343	7.627.682	6.858.395
. FINANCIAL FIXED ASSETS
. . Equity investments	1.159.095	1.159.095	421.650
. . . Equity invest. in subsidiary companies	1.095.757	1.095.757	363.598
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	63.338	63.338	58.052
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.159.095	1.159.095	421.650
Total fixed assets	9.714.975	8.792.678	7.290.786
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.150.650	2.855.299	2.428.171
. . Work in progress and semimanufactured	5.385.054	4.081.614	5.930.498
. . Work in progress on order
. . Finished goods	3.871.403	3.870.334	3.130.855
. . Advance payments
. Total Inventories	12.407.107	10.807.247	11.489.524
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.962.859	3.837.856	6.868.064
. . Beyond 12 months
. . Trade receivables	4.508.535	3.380.631	6.524.903
. . . . Within 12 months	4.508.535	3.380.631	6.524.903
. . . . 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	350.830	363.881	143.506
. . . . Within 12 months	350.830	363.881	143.506
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	103.494	93.344	199.655
. . . . Within 12 months	103.494	93.344	199.655
. . . . Beyond 12 months
. Total Credits not held as fixed assets	4.962.859	3.837.856	6.868.064
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	525	525
. . Own shares
. . . Total nominale value
. . Other securities	1.000.000
. Total Financial Assets	1.000.525	525
. LIQUID FUNDS
. . Bank and post office deposits	12.285.159	13.942.514	12.016.067
. . Checks
. . Banknotes and coins	5.049	4.301	4.241
. Total Liquid funds	12.290.208	13.946.815	12.020.308
Total current assets	30.660.699	28.592.443	30.377.896
ADJUSTMENT ACCOUNTS
. Discount on loans		225.388	208.508
. Other adjustment accounts	164.158
Total adjustments accounts	164.158	225.388	208.508
TOTAL ASSETS	40.539.832	37.610.509	37.877.190

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	4.500.000	4.500.000	4.500.000
. Additional paid-in capital
. Revaluation reserves	5.041.512	2.860.386	2.860.386
. Legal reserve	597.909	566.660	528.055
. Reserve for Own shares
. Statute reserves
. Other reserves	12.024.061	13.741.464	13.007.975
. Accumulated Profits (Losses)
. Profit( loss) of the year	181.023	624.972	772.097
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	22.344.505	22.293.482	21.668.513
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	126.524	131.518	136.512
. . Other funds
Total Reserves for Risks and Charges	126.524	131.518	136.512
Employee termination indemnities	1.192.340	1.183.310	1.305.784
ACCOUNTS PAYABLE
. . . . Within 12 months	16.292.007	13.372.080	14.086.897
. . . . Beyond 12 months
. . 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	612.599		35.232
. . . . Within 12 months	612.599		35.232
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	5.908.110	4.703.607	4.316.370
. . . . Within 12 months	5.908.110	4.703.607	4.316.370
. . . . Beyond 12 months
. . Trade payables	7.554.913	7.221.618	7.575.280
. . . . Within 12 months	7.554.913	7.221.618	7.575.280
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	561.351	469.355	443.309
. . . . Within 12 months	561.351	469.355	443.309
. . . . Beyond 12 months
. . Due to social security and welfare inst.	326.483	377.285	361.326
. . . . Within 12 months	326.483	377.285	361.326
. . . . Beyond 12 months
. . Other payables	1.328.551	600.215	1.355.380
. . . . Within 12 months	1.328.551	600.215	1.355.380
. . . . Beyond 12 months
Total accounts payable	16.292.007	13.372.080	14.086.897
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	584.456	630.119	679.484
Total adjustment accounts	584.456	630.119	679.484
TOTAL LIABILITIES	40.539.832	37.610.509	37.877.190

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	235.000
Risk accounts	347.295	425.384
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	30.071.904	32.398.753	35.050.351
. Changes in work in progress	1.303.440	-1.848.884	-2.006.013
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	737.922	358.492	493.593
. . Contributions for operating expenses	155.129
. . Different income and revenues	582.793	358.492	493.593
Total value of production	32.113.266	30.908.361	33.537.931
PRODUCTION COSTS
. Raw material,other materials and consum.	17.983.416	16.972.505	18.738.058
. Services received	5.675.383
. Leases and rentals	132.771	6.292.317	6.472.954
. Payroll and related costs	7.089.343	6.936.769	6.641.171
. . Wages and salaries	5.111.632	4.986.968	4.767.748
. . Social security contributions	1.618.742	1.605.893	1.548.065
. . Employee termination indemnities	321.931	312.831	298.131
. . Pension and similar
. . Other costs	37.038	31.077	27.227
. Amortization and depreciation	806.093	382.849	341.629
. . Amortization of intangible fixed assets	31.258	9.140	9.442
. . Amortization of tangible fixed assets	409.286	355.573	300.543
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	365.549	18.136	31.644
. Changes in raw materials	-296.421	-1.166.607	11.958
. Provisions to risk reserves
. Other provisions
. Other operating costs	259.864	221.766	273.259
Total production costs	31.650.449	29.639.599	32.479.029
Diff. between value and cost of product.	462.817	1.268.762	1.058.902
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	26.656	87.863	338.786
. . 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		87.863	338.786
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies		87.863	338.786
. Interest and other financial expense	-46.905	-1.081	-184.863
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-1.081	-184.863
Total financial income and expense	-20.249	86.782	153.923
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-251.571
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass		-251.571
Total adjustments to financial assets		-251.571
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		3
. . Gains on disposals
. . Other extraordinary income		3
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		3
Results before income taxes	442.568	1.103.976	1.212.825
. Taxes on current income	261.545	479.004	440.728
. . current taxes	266.539	483.998	457.968
. . differed taxes(anticip.)		-4.994	-17.240
. Net income for the period	181.023	624.972	772.097
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	181.023	624.972	772.097

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	0,24	0,23	0,19	0,17
Elasticity Ratio	Units	0,76	0,76	0,80	0,80
Availability of stock	Units	0,31	0,29	0,30	0,27
Total Liquidity Ratio	Units	0,45	0,47	0,50	0,50
Quick Ratio	Units	0,33	0,37	0,32	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,18	n.c.	0,10	3,14
Self Financing Ratio	Units	0,55	0,59	0,57	0,19
Capital protection Ratio	Units	0,79	0,77	0,76	0,68
Liabilities consolidation quotient	Units	0,07	0,09	0,09	0,18
Financing	Units	0,73	0,60	0,65	3,79
Permanent Indebtedness Ratio	Units	0,58	0,62	0,61	0,34
M/L term Debts Ratio	Units	0,03	0,03	0,03	0,09
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,77
CORRELATION
Fixed assets ratio	Units	2,42	2,67	3,15	1,75
Current ratio	Units	1,88	2,14	2,16	1,23
Acid Test Ratio-Liquidity Ratio	Units	1,12	1,33	1,34	0,78
Structure's primary quotient	Units	2,30	2,54	2,97	1,04
Treasury's primary quotient	Units	0,82	1,04	0,85	0,05
Rate of indebtedness ( Leverage )	%	181,43	168,71	174,80	518,96
Current Capital ( net )	Value	14.368.692	15.220.363	16.290.999	406.983
RETURN
Return on Sales	%	3,28	3,11	3,18	3,69
Return on Equity - Net- ( R.O.E. )	%	0,81	2,80	3,56	5,16
Return on Equity - Gross - ( R.O.E. )	%	1,98	4,95	5,60	17,72
Return on Investment ( R.O.I. )	%	1,14	3,37	2,80	3,94
Return/ Sales	%	1,54	3,92	3,02	4,48
Extra Management revenues/charges incid.	%	39,11	49,26	72,91	26,52
Cash Flow	Value	987.116	1.007.821	1.113.726	142.024
Operating Profit	Value	462.817	1.268.762	1.058.902	126.602
Gross Operating Margin	Value	1.268.910	1.651.611	1.400.531	241.461
MANAGEMENT
Credits to clients average term	Days	53,97	37,56	67,02	116,01
Debts to suppliers average term	Days	114,32	111,75	108,17	127,79
Average stock waiting period	Days	148,53	120,09	118,01	96,89
Rate of capital employed return ( Turnover )	Units	0,74	0,86	0,93	1,03
Rate of stock return	Units	2,42	3,00	3,05	3,58
Labour cost incidence	%	23,57	21,41	18,95	21,20
Net financial revenues/ charges incidence	%	-0,07	0,27	0,44	-1,00
Labour cost on purchasing expenses	%	22,40	23,40	20,45	20,95
Short-term financing charges	%	0,29	0,01	1,31	2,70
Capital on hand	%	134,81	116,09	108,07	96,90
Sales pro employee	Value	227.817	149.994	169.325	191.520
Labour cost pro employee	Value	53.707	32.114	32.082	39.641

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	:	$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Spazio.gif$ 838.732
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Spazio.gif$ 456
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Spazio.gif$ 2.052
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\Simec S.p.a. - Vs. Rif. 484869_files\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 45 significant companies.

The companies cash their credits on an average of 116 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,69%.

The labour cost affects the turnover in the measure of 21,20%.

Goods are held in stock in a range of 97 dd.

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

The employees costs represent the 20,95% 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 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

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 75.89

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

INFORMATION DETAILS

Analysis Done by :	NIY

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

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit