MIRA INFORM REPORT

Report No. :	486011
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	DEVONEDEVON S.P.A.
Registered Office :	Via Arno, 26 Osmannoro, 50019- Sesto Fiorentino(FI)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	06.12.2007
Legal Form :	Joint stock company
Line of Business :	Manufacture of ceramic sanitary fixtures
No. of Employees :	From 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 :	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	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

Devonedevon S.p.a.

Via

Arno,

26 OSMANNORO

50019

- Sesto Fiorentino

(FI)

-IT-

Summary

Fiscal Code	:	05798220488
Legal Form	:	Joint stock company
start of Activities	:	02/01/2008
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of ceramic sanitary fixtures

Legal Data

Legal Form : Joint stock company

Fiscal Code : 05798220488

Foreign Trade Reg. no. : FI609110 since 23/03/2009

Chamber of Commerce no. : 576471 of Firenze since 02/01/2008

Chamber of Commerce no. : 1865464 of Milano

Chamber of Commerce no. : 1371367 of Roma

V.A.T. Code : 05798220488

Establishment date	: 06/12/2007
Start of Activities	: 02/01/2008
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

INFO@PEC.DEXITALIA.IT

Legal mail :

INFO@PEC.DEVON-DEVON.COM

Members

Tanini

Giovanni

Born in Firenze

(FI)

on 18/07/1951

- Fiscal Code : TNNGNN51L18D612S

Residence:

Della Pietra

, 1

- 50100

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2017

No Prejudicial events are reported

Verdi

Graziano

Born in Bologna

(BO)

on 21/08/1958

- Fiscal Code : VRDGZN58M21A944V

Residence:

Arno

, 26

- 50019

Sesto Fiorentino

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2017

No Prejudicial events are reported

Stanca

Lorenzo

Born in Napoli

(NA)

on 24/02/1963

- Fiscal Code : STNLNZ63B24F839C

Residence:

Riccardo Zandonai

, 6

- 20145

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	19/12/2017
Director	19/12/2017

No Prejudicial events are reported

No Protests registered

Rossi

Massimiliano

Born in Mirano

(VE)

on 01/12/1966

- Fiscal Code : RSSMSM66T01F241T

Residence:

Arno

, 26

- 50019

Sesto Fiorentino

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2017

Tuccio

Andrea

Born in Genova

(GE)

on 02/04/1973

- Fiscal Code : TCCNDR73D02D969L

Residence:

Arno

, 26

- 50019

Sesto Fiorentino

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2017

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.

Stanca

Lorenzo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Prime European Therapeuticals S.p.a. InForma Abbreviata Euticals S.p.a.	Milano (MI) - IT -	07254610152	Director	Withdrawn	Registered
Polichimica Sap Farmaceutici S.p.a. OppuRe Poli Industria Chimica S.p.a. Oppure	Milano (MI) - IT -	00746490150	Director	Withdrawn	Merged
Elios Ceramica S.p.a.	Fiorano Modenese (MO) - IT -	00289190209	Director	Active	Registered
Elios Ceramica S.p.a.	Fiorano Modenese (MO) - IT -	00289190209	Board Chairman	Active	Registered
Gvs S.p.a.	Zola Predosa (BO) - IT -	03636630372	Director	Withdrawn	Registered
La Fabbrica Spa	Castel Bolognese (RA) - IT -	04662671009	Director	Active	Registered
La Fabbrica Spa	Castel Bolognese (RA) - IT -	04662671009	Board Chairman	Active	Registered
Industrie Chimiche Forestali S.p.a. , Corrente Anche Sotto La Si Gla I.c.f. S.p.	Marcallo Con Casone (MI) - IT -	04918930969	Director	Active	Registered
Mandarin Advisory S.r.l.	Milano (MI) - IT -	05712040962	Managing Director	Active	Registered
Mandarin Advisory S.r.l.	Milano (MI) - IT -	05712040962	Director	Active	Registered
Morchella S.r.l.	Bologna (BO) - IT -	02974281202	Sole Director	Withdrawn	Registered
Rufus S.r.l.	Bologna (BO) - IT -	02974291201	Sole Director	Withdrawn	Registered
Archimica S.r.l.	Milano (MI) - IT -	05333280963	Director	Withdrawn	Registered
Dagong Europe S.r.l.	Milano (MI) - IT -	07792470960	Sole Director	Withdrawn	Registered
Italcer S.p.a.	Milano (MI) - IT -	09877590969	Director	Active	Registered
Italcer S.p.a.	Milano (MI) - IT -	09877590969	Board Chairman	Active	Registered
Investintile S.p.a.	Milano (MI) - IT -	09868000960	Director	Active	Registered
Investintile S.p.a.	Milano (MI) - IT -	09868000960	Board Chairman	Active	Registered
Hydro Holding S.p.a.	Modena (MO) - IT -	03612630362	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
Tanini Valeria	Firenze - IT -	TNNVLR49S52D612X	970.840 .Eur	97,08
Tanini Giovanni	Firenze - IT -	TNNGNN51L18D612S	452.080 .Eur	45,20
Ciarmatori Paola	Firenze - IT -	CRMPLA50P58D472T	582.080 .Eur	58,20

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
Axcent S.r.l.	Firenze - IT -	05575290480	3.334 .Eur	33,34			Active
Dex Torino Srl	Torino - IT -	09969820019	10.000 .Eur	100,00			Active

Firm's location and structure

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

-	Legal and operative seat

Arno

, 26

- 50019

- Sesto Fiorentino

(FI)

- IT -

Legal mail

: INFO@PEC.DEXITALIA.IT

Legal mail

: INFO@PEC.DEVON-DEVON.COM

-

Branch

(Shop)

since 04/01/2008

Alessandro Volta

- 50100

- Firenze

(FI)

- IT -

Total Surface: 91 Sq.mt.

-

Branch

(Store)

since 08/08/2008

Volturno

, 20

- 50019

- Sesto Fiorentino

(FI)

- IT -

-

Branch

since 04/01/2008

San Marco

, 38

- 20100

- Milano

(MI)

- IT -

Trading Style: DEVON E DEVON

Total Surface: 90 Sq.mt.

-

Branch

(Shop)

since 02/05/2013

Paolo Mercuri

, 23

- 00100

- Roma

(RM)

- IT -

Trading Style: DEVONEDEVON

Total Surface: 108 Sq.mt.

Employees

: 63

Fittings and Equipment for a value of 430.000

Eur

Stocks for a value of 3.580.000

Eur

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Dex SpA	Devonedevon SpA	31/12/2012

CEASINGS/INCORPORATIONS/MERGES:

Project of splitting-up and tranfer into

Giulio Tanini - S.p.a.

Maragliano 155 - Con Ingresso

, 155

, 50144

, Firenze

(FI)

- IT -

Fiscal Code: 01791300484

Date

Merging/splitting-up project:

04/10/2012

Splitting-up and transfer of assets to

Giulio Tanini - S.p.a.

Maragliano 155 - Con Ingresso

, 155

, 50144

, Firenze

(FI)

- IT -

Fiscal Code: 01791300484

Date

Splitting-up:

28/12/2012

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

Subject is active since 2008

The analysis is based on the latest 3 balance sheets.

In the economic management , good and bad results followed on by turns. anyway in 2016 a positive result was achieved (r.o.e. 11,81%). The turnover is falling if compared with the previous financial year (eamp;FAT1eamp;%).

The operating result in 2016 was positive (12,39%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 1.442.844 with an increase of more then 100% if the compared to the previous financial year.

A gross operating margine for a value of Eur. 2.237.153 was reached. with a more then 100% growth.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,53 and with an upward trend compared to the previous year.

The equity capital is equal to Eur. 6.527.967 , unchanged as opposed to the preceding year.

Total indebtedness was equal to Eur. 3.690.708 (Eur. 61.158 was the value of m/l term debts) , decreasing if compared to 2015 (-38,75%).

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below the sector's average.

The liquidity level is positive (2,19).

Trade credits average terms are 53,03 days. , that compared to the sector's average is shorter.

The financial management generated a cash flow of Eur. 1.357.955.

In the last financial year labour cost was of Eur. 2.045.793, with a 15,77% incidence on total costs of production. , whereas the incidence on sales revenues is of 14,65%.

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	13.966.919
Profit (Loss) for the period	770.757

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	15.313.852
Profit (Loss) for the period	-702.829

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	17.235.580
Profit (Loss) for the period	288.218

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	19.457.485
Profit (Loss) for the period	1.548.747

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	19.320.502
Profit (Loss) for the period	1.244.528

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	4.191	7.527	9.161
. . Research,develop. and advert.expens.	10.093	23.886	8.571
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	647.916	805.779	962.329
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	382.257	550.958	570.652
. Total Intangible Fixed Assets	1.044.457	1.388.150	1.550.713
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	332.807	418.403	515.174
. . Industrial and commercial equipment	96.709	127.730	161.468
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	429.516	546.133	676.642
. FINANCIAL FIXED ASSETS
. . Equity investments	1.527.997	1.664.731	1.436.390
. . . Equity invest. in subsidiary companies	1.526.944	1.663.678	1.430.365
. . . Equity invest. in associated companies	25	25	5.025
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.028	1.028	1.000
. . Financial receivables	620.177	189.360	88.758
. . . . Within 12 months		35.015	88.758
. . . . Beyond 12 months	620.177	154.345
. . . Receivab due from subsidiaries	604.089	173.272	72.670
. . . . Within 12 months		35.015	72.670
. . . . Beyond 12 months	604.089	138.257
. . . Receivables due from assoc.comp.	16.088	16.088	16.088
. . . . Within 12 months			16.088
. . . . Beyond 12 months	16.088	16.088
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	2.148.174	1.854.091	1.525.148
Total fixed assets	3.622.147	3.788.374	3.752.503
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	3.576.163	2.965.404	4.309.505
. . Advance payments
. Total Inventories	3.576.163	2.965.404	4.309.505
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.078.935	4.556.409	6.769.036
. . Beyond 12 months	145.410
. . Trade receivables	2.057.547	1.702.212	5.144.103
. . . . Within 12 months	1.944.563	1.702.212	5.144.103
. . . . Beyond 12 months	112.984
. . Receivables due from subsid. comp.	1.138.398	943.865	277.732
. . . . Within 12 months	1.138.398	943.865	277.732
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	141.866	240.853	381.323
. . . . Within 12 months	141.866	240.853	381.323
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	240.402	406.649	508.334
. . . . Within 12 months	240.402	406.649	508.334
. . . . Beyond 12 months
. . Receivables for anticipated taxes	270.840	571.173	263.457
. . . . Within 12 months	270.840	571.173	263.457
. . . . Beyond 12 months
. . Receivables due from third parties	375.292	691.657	194.087
. . . . Within 12 months	342.866	691.657	194.087
. . . . Beyond 12 months	32.426
. Total Credits not held as fixed assets	4.224.345	4.556.409	6.769.036
. 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	116.185	1.441.091	579.473
. . Checks	19.090		372
. . Banknotes and coins	17.424	5.585	7.382
. Total Liquid funds	152.699	1.446.676	587.227
Total current assets	7.953.207	8.968.489	11.665.768
ADJUSTMENT ACCOUNTS
. Discount on loans		46.482	54.147
. Other adjustment accounts	68.880
Total adjustments accounts	68.880	46.482	54.147
TOTAL ASSETS	11.644.234	12.803.345	15.472.418
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	1.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	200.000	200.000	200.000
. Reserve for Own shares
. Statute reserves
. Other reserves	1	-2	-1
. Accumulated Profits (Losses)	4.557.209	5.260.038	4.971.821
. Profit( loss) of the year	770.757	-702.829	288.218
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	6.527.967	5.757.207	6.460.038
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	500.788	517.068	516.482
. . Taxation fund, also differed	59.116	59.116	793.278
. . Other funds	441.932	109.799	815.963
Total Reserves for Risks and Charges	1.001.836	685.983	2.125.723
Employee termination indemnities	317.260	303.316	264.118
ACCOUNTS PAYABLE
. . . . Within 12 months	3.629.550	6.026.571	7.275.603
. . . . Beyond 12 months	61.158
. . 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	84.518	1.158.420	2.451.972
. . . . Within 12 months	84.518	1.158.420	2.451.972
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	626.580	694.866	497.059
. . . . Within 12 months	626.580	694.866	497.059
. . . . Beyond 12 months
. . Trade payables	2.322.548	3.099.934	3.288.233
. . . . Within 12 months	2.322.548	3.099.934	3.288.233
. . . . 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	384.375	669.621	82.693
. . . . Within 12 months	323.217	669.621	82.693
. . . . Beyond 12 months	61.158
. . Due to social security and welfare inst.	84.423	121.437	112.318
. . . . Within 12 months	84.423	121.437	112.318
. . . . Beyond 12 months
. . Other payables	188.264	282.293	843.328
. . . . Within 12 months	188.264	282.293	843.328
. . . . Beyond 12 months
Total accounts payable	3.690.708	6.026.571	7.275.603
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	106.463	89.384	140.214
Total adjustment accounts	106.463	89.384	140.214
TOTAL LIABILITIES	11.644.234	12.862.461	16.265.696

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	13.966.919	15.313.852	17.235.580
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work			31.573
. Other income and revenues	450.956	314.355	372.343
. . Contributions for operating expenses		1.800
. . Different income and revenues	450.956	312.555	372.343
Total value of production	14.417.875	15.628.207	17.639.496
PRODUCTION COSTS
. Raw material,other materials and consum.	6.788.753	6.184.328	9.260.063
. Services received	2.897.362	3.053.257	3.434.777
. Leases and rentals	851.100	918.749	910.050
. Payroll and related costs	2.045.793	2.030.239	2.035.725
. . Wages and salaries	1.484.517	1.479.937	1.471.638
. . Social security contributions	397.731	388.869	411.729
. . Employee termination indemnities	107.545	109.183	98.002
. . Pension and similar			5.178
. . Other costs	56.000	52.250	49.178
. Amortization and depreciation	587.198	689.387	729.892
. . Amortization of intangible fixed assets	375.156	386.299	321.780
. . Amortization of tangible fixed assets	185.368	183.295	214.961
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	26.674	119.793	193.151
. Changes in raw materials	-767.759	1.277.462	-770.017
. Provisions to risk reserves	207.111	125.327	1.024.982
. Other provisions
. Other operating costs	365.473	2.405.302	360.465
Total production costs	12.975.031	16.684.051	16.985.937
Diff. between value and cost of product.	1.442.844	-1.055.844	653.559
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	300.000	350.000	80.000
. . In subsidiary companies	300.000	350.000	80.000
. . In associated companies
. . In other companies
. Other financial income	52.165	61.486	99.981
. . 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	52.165	61.486	99.981
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	52.165	61.486	99.981
. Interest and other financial expense	-89.927	-13.109	46.725
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	262.238	398.377	226.706
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-494.600	-245.777	-90.000
. . Of equity investments	-494.600	-245.777	-90.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-494.600	-245.777	-90.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		83.999	303.627
. . Gains on disposals
. . Other extraordinary income		83.999	303.627
. Extraordinary expense		-117.163	-337.822
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-117.163	-337.822
Total extraordinary income and expense		-33.164	-34.195
Results before income taxes	1.210.482	-936.408	756.070
. Taxes on current income	439.725	-233.579	467.852
. . current taxes	508.086	190.966	626.624
. . differed taxes(anticip.)		424.545	159.322
. Net income for the period	770.757	-702.829	288.218
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	770.757	-702.829	288.218

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	0,31	0,30	0,24	0,34
Elasticity Ratio	Units	0,68	0,70	0,75	0,63
Availability of stock	Units	0,31	0,23	0,28	0,24
Total Liquidity Ratio	Units	0,38	0,47	0,48	0,38
Quick Ratio	Units	0,01	0,11	0,04	0,00
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,53	0,80	1,04	2,27
Self Financing Ratio	Units	0,56	0,45	0,42	0,24
Capital protection Ratio	Units	0,73	0,95	0,80	0,77
Liabilities consolidation quotient	Units	0,10	0,05	0,04	0,29
Financing	Units	0,57	1,05	1,13	2,68
Permanent Indebtedness Ratio	Units	0,59	0,47	0,43	0,38
M/L term Debts Ratio	Units	0,03	0,02	0,02	0,14
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,29	0,67
CORRELATION
Fixed assets ratio	Units	1,91	1,60	1,79	1,12
Current ratio	Units	2,19	1,49	1,60	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,21	1,00	1,01	0,68
Structure's primary quotient	Units	1,80	1,52	1,72	0,72
Treasury's primary quotient	Units	0,04	0,24	0,08	0,02
Rate of indebtedness ( Leverage )	%	178,37	222,39	239,51	405,46
Current Capital ( net )	Value	4.323.657	2.941.918	4.390.165	536.860
RETURN
Return on Sales	%	9,72	-0,09	5,91	2,60
Return on Equity - Net- ( R.O.E. )	%	11,81	-12,21	4,46	1,42
Return on Equity - Gross - ( R.O.E. )	%	18,54	-16,26	11,70	9,30
Return on Investment ( R.O.I. )	%	12,39	-8,25	4,22	2,91
Return/ Sales	%	10,33	-6,89	3,79	2,96
Extra Management revenues/charges incid.	%	53,42	n.c.	44,10	24,39
Cash Flow	Value	1.357.955	-13.442	1.018.110	81.991
Operating Profit	Value	1.442.844	-1.055.844	653.559	70.595
Gross Operating Margin	Value	2.237.153	-241.130	2.408.433	166.351
MANAGEMENT
Credits to clients average term	Days	53,03	40,02	107,45	109,67
Debts to suppliers average term	Days	79,35	109,88	87,01	127,40
Average stock waiting period	Days	92,18	69,71	90,01	89,32
Rate of capital employed return ( Turnover )	Units	1,20	1,20	1,11	0,91
Rate of stock return	Units	3,91	5,16	4,00	4,06
Labour cost incidence	%	14,65	13,26	11,81	21,93
Net financial revenues/ charges incidence	%	1,88	2,60	1,32	-1,89
Labour cost on purchasing expenses	%	15,77	12,17	11,98	20,65
Short-term financing charges	%	2,44	0,22	n.c.	3,20
Capital on hand	%	83,37	83,61	89,77	109,27
Sales pro employee	Value	221.697	243.077	273.580	154.615
Labour cost pro employee	Value	32.472	32.226	32.313	33.545

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	:	965.388
Population living in the region	:	3.598.269
Number of families in the region	:	1.474.681

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

- per food products	:	444
- per non food products	:	2.009
- per energy consume	:	122

Sector Data

The values are calculated on a base of 164 significant companies.

The companies cash their credits on an average of 110 dd.

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 2,60%.

The labour cost affects the turnover in the measure of 21,93%.

Goods are held in stock in a range of 89 dd.

The difference between the sales volume and the resources used to realize it is about 0,91.

The employees costs represent the 20,65% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 24.960 protested subjects are found; in the province they count to 5.242.

The insolvency index for the region is 0,70, , while for the province it is 0,55.

Total Bankrupt companies in the province : 6.520.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
Euro	1	INR 77.62

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)

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.