3decades

MIRA INFORM REPORT

Report No. :	486048
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	OSTP ITALY SRL

Registered Office :	Via Dodici Ottobre, 2, 16121- Genova(GE)-IT

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	12.12.2011

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	Wholesale of metalliferous minerals, ferrous metals and semi-finished products

No. of Employees :	16

RATING & COMMENTS

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

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Slow but Correct

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

Ostp Italy Srl

Via

Dodici Ottobre,

16121

- Genova

(GE)

-IT-

Summary

Fiscal Code	:	02078570997
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	08/04/2013
Equity	:	Over 2.582.254
Turnover Range	:	6.500.000/7.750.000
Number of Employees	:	from 16 to 25

Activity

Wholesale of metalliferous minerals, ferrous metals and semi-finished products

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 02078570997

Chamber of Commerce no. : 458285 of Genova since 29/12/2011

Chamber of Commerce no. : 2009511 of Milano

Chamber of Commerce no. : 364329 of Treviso

Chamber of Commerce no. : 287008 of Udine

V.A.T. Code : 02078570997

Establishment date	: 12/12/2011
Start of Activities	: 08/04/2013
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000

Legal mail :

OSTPITALY@LEGALMAIL.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Gatti

Andrea

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Born in Genova

(GE)

on 25/11/1962

- Fiscal Code : GTTNDR62S25D969Y

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Residence:

S.ilario

, 52 UNI

- 16167

Genova

(GE)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Prejudicial events are reported

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No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Astuni

Maurizio

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Born in Genova

(GE)

on 25/04/1962

- Fiscal Code : STNMRZ62D25D969E

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Residence:

Giosue Carducci

, 5/7

- 16121

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	16/09/2013

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Gatti

Roberta

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Born in Genova

(GE)

on 26/12/1967

- Fiscal Code : GTTRRT67T66D969S

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Residence:

Massaua

, 2/4

- 16131

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	08/04/2013

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Puppo

Marco

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Born in Genova

(GE)

on 18/09/1977

- Fiscal Code : PPPMRC77P18D969L

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Residence:

Flavia

, 1/2

- 16147

Genova

(GE)

- IT -

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

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Luoto

Kalle-pekka Juhani

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Born in Espoo

( )

on 02/05/1967

- Fiscal Code : LTUKLP67E02Z109U

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Residence:

Riihitontuntie

, 7B

Espoo

- FI -

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

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Ostp Holding Oy

Position	Since	Shares Amount	% Ownership
Sole partner

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Ostp Holding Oy

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Gatti

Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Avestapolarit Immobiliare Spa	Genova (GE) - IT -	00269460101	Managing Director	Withdrawn	Ceased
Avestapolarit Immobiliare Spa	Genova (GE) - IT -	00269460101	Director	Withdrawn	Ceased
RED INOX - SOCIETA' A RESPONSABILITA' LIMITATA.	Genova (GE) - IT -	03171520103	Sole Director	Withdrawn	Merged
So.ge.par. S.p.a.	Milano (MI) - IT -	00264570607	Director	Withdrawn	Merged
Fratelli Gatti Societa' A Responsabilita' Limitata	Genova (GE) - IT -	03332440100	Director	Withdrawn	Registered
Fratelli Gatti Societa' A Responsabilita' Limitata	Genova (GE) - IT -	03332440100	Sole Director	Withdrawn	Registered
Istituto Ligure Mobiliare Societa' Per Azioni Siglabile In Forma Abbreviata Ilm	Genova (GE) - IT -	01041720085	Director	Withdrawn	Registered
Mimosa 94 Societa' Semplice	Genova (GE) - IT -	96550890014	Partner	Active	Registered
Capitalimpresa S.p.a.	Genova (GE) - IT -	01466290994	Director	Active	Registered
Trinoxia Srl	Genova (GE) - IT -	01927880995	Managing Director	Active	Registered
Trinoxia Srl	Genova (GE) - IT -	01927880995	Director	Active	Registered
Trinoxia Srl	Genova (GE) - IT -	01927880995	Board Chairman	Active	Registered
Tubinoxia Societa' A Responsabilita' Limitata Con Socio Unico	Genova (GE) - IT -	02061500993	Director	Active	Registered
Tubinoxia Societa' A Responsabilita' Limitata Con Socio Unico	Genova (GE) - IT -	02061500993	Board Chairman	Active	Registered
Finalter S.p.a.	Milano (MI) - IT -	09321230964	Director	Active	Registered
Finalter S.p.a.	Milano (MI) - IT -	09321230964	Board Chairman	Active	Registered

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Puppo

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Trinoxia Srl	Genova (GE) - IT -	01927880995	Director	Active	Registered
Trinoxia Srl	Genova (GE) - IT -	01927880995	Managing 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
Ostp Holding Oy				100,00

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
Consorzio Assoge Energia	Genova - IT -	01385180995					Active

Firm's location and structure

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

Legal and operative seat

Dodici Ottobre

, 2

- 16100

- Genova

(GE)

- IT -

PHONE

: 0100965601

FAX

: 0100965600

Legal mail

: OSTPITALY@LEGALMAIL.IT

Branch

since 11/03/2013

Lambro

, 29

- 20090

- Opera

(MI)

- IT -

PHONE

: 0287351111

FAX

: 0287351150

Branch

(Store)

since 06/05/2013

Bortolan

, 9/B

- 31030

- Carbonera

(TV)

- IT -

PHONE

: 04221567491

FAX

: 04221567490

Employees

: 16

Stocks for a value of 2.740.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

The subj. took over by rent the activities of

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$ Outokumpu S.p.a.

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Agnello

, 8

, 20121

, Milano

(MI)

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Fiscal Code: 00718730153

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Vuoto.gif$

Date

08/04/2013

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

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
OPERA (MI)	Buildings	2	11/01/2018
OPERA (MI)	Land	10	11/01/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	OPERA (MI) VIA LAMBRO, 2729 Piano T	8	267	1	cat. D/1			Euro: 28.267,00
B	Proprieta' per 1/1	OPERA (MI) VIA LAMBRO, 2729 Piano T	8	267	2	cat. C/2	4	60 mq	Euro:105,36	579

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	OPERA (MI)	11	505		SEMIN IRRIG	3	1 are 95 ca	R.D.Euro:1,30 (*) R.A. Euro: 1,21
L	Proprieta' per 1/1	OPERA (MI)	11	506		SEMIN IRRIG	3	20 ca	R.D.Euro:0,13 (*) R.A. Euro: 0,12
L	Proprieta' per 1/1	OPERA (MI)	11	507		SEMIN IRRIG	3	1 are 35 ca	R.D.Euro:0,90 (*) R.A. Euro: 0,84
L	Proprieta' per 1/1	OPERA (MI)	11	508		PRATO MARC	2	1 ha 36 are 70 ca	R.D.Euro:115,08 (*) R.A. Euro: 105,90
L	Proprieta' per 1/1	OPERA (MI)	11	510		PRATO MARC	2	21 are 75 ca	R.D.Euro:18,31 (*) R.A. Euro: 16,85
L	Proprieta' per 1/1	OPERA (MI)	11	514		REL ACQ ES		1 are 5 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	OPERA (MI)	11	515		REL ACQ ES		5 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	OPERA (MI)	11	516		REL ACQ ES		10 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	OPERA (MI)	11	523		PRATO MARC	2	9 are 70 ca	R.D.Euro:8,17 (*) R.A. Euro: 7,51
L	Proprieta' per 1/1	OPERA (MI)	11	524		PRATO MARC	2	5 are 15 ca	R.D.Euro:4,34 (*) R.A. Euro: 3,99

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 under review started the activities in 2013.

The analysis is based on the latest 3 balance sheets.

Unstable economic results mark the company's financial state of affairs. with a loss in the last financial year. Upward trend as to the turnover in the last financial year (+9,95%).

The operating result was positive in the last financial year (0,92%) and reflects the field's average.

The amount of the operating result for the year 2016 is of Eur. 77.966 showing a fall as opposed to the previous year (-81,06%).

The gross operating margin of the latest financial year is of Eur. 252.273 recording a -56,51% decrease.

Company's financial status is balanced since indebtedness is not high (1,07) and falling as against the previous year (2,4).

It's shareholders funds amount to Eur. 4.066.088 with a growth of 185,38% in 2016.

Total indebtedness totalled Eur. 4.333.188, , with a fall of -28,67%.

Current liquid assets is positive.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 111.421

Labour cost expenses amount to Eur. 706.537 , representing 9,28% on the total of production costs. , with a 9,56% incidence on turnover.

Financial charges have a high incidence (-1,67%) on turnover figures.

Financial Data

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	7.393.200
Profit (Loss) for the period	-18.673

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	6.724.051
Profit (Loss) for the period	228.700

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	6.405.012
Profit (Loss) for the period	-514.111

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	2.833.941
Profit (Loss) for the period	-540.636

$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	-34.981

Balance Sheets

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

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

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

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

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	48.869	66.379	189.518
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	2.641.897	2.698.556	2.373.160
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables		14.913
. . . . 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			12.061
. . Own shares
. . . Total nominal value
. Total financial fixed assets	12.316	14.913	12.061
Total fixed assets	2.703.082	2.779.848	2.574.739
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories	2.742.858	2.428.305	2.607.549
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	3.034.698	2.360.868	2.571.938
. . Beyond 12 months
. . Trade receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	3.034.698	2.360.868	2.571.938
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	962	1.106	630
Total current assets	5.778.518	4.790.279	5.180.117
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	19.767	16.952	18.304
Total adjustments accounts	19.767	16.952	18.304
TOTAL ASSETS	8.501.367	7.587.079	7.773.160

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	100.000	100.000	100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	570
. Reserve for Own shares
. Statute reserves
. Other reserves	4.483.085	1.823.085	827.467
. Accumulated Profits (Losses)	-498.894	-509.729
. Profit( loss) of the year	-18.673	11.405	-514.111
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	4.066.088	1.424.761	413.356
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	9.168	8.318	20.000
Employee termination indemnities	39.523	24.347	16.346
ACCOUNTS PAYABLE
. . . . Within 12 months	4.333.188	3.415.654	3.616.332
. . . . Beyond 12 months		2.660.000	3.680.000
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables
. . . . Within 12 months
. . . . Beyond 12 months
Total accounts payable	4.333.188	6.075.654	7.296.332
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	53.400	54.000	27.126
Total adjustment accounts	53.400	54.000	27.126
TOTAL LIABILITIES	8.501.367	7.587.080	7.773.160

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts			35.000
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	7.393.200	6.724.051	6.405.012
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	294.238	335.099	198.327
. . Contributions for operating expenses	6.000	6.000
. . Different income and revenues	288.238	329.099	198.327
Total value of production	7.687.438	7.059.150	6.603.339
PRODUCTION COSTS
. Raw material,other materials and consum.	6.239.005	5.103.519	6.094.484
. Services received	644.889
. Leases and rentals	149.564	827.981	787.034
. Payroll and related costs	706.537	659.805	589.489
. . Wages and salaries	516.878	468.554	401.874
. . Social security contributions	146.031	139.337	132.065
. . Employee termination indemnities	34.517	32.572	24.730
. . Pension and similar
. . Other costs	9.111	19.342	30.820
. Amortization and depreciation	130.094	123.350	164.117
. . Amortization of intangible fixed assets	22.789	30.670	73.506
. . Amortization of tangible fixed assets	107.305	92.680	53.931
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid			36.680
. Changes in raw materials	-351.266	-153.761	-918.661
. Provisions to risk reserves	36.713	45.113	74.072
. Other provisions	7.500		20.000
. Other operating costs	46.436	41.495	38.832
Total production costs	7.609.472	6.647.502	6.849.367
Diff. between value and cost of product.	77.966	411.648	-246.028
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	2	257	929
. . 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	2	257	929
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	2	257	929
. Interest and other financial expense	-123.602	-260.352	-292.688
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies		-157.446	-182.019
. . Towards other companies		-102.906	-110.669
Total financial income and expense	-123.600	-260.095	-291.759
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	-45.634	151.553	-537.787
. Taxes on current income	-26.961	-77.147	-23.676
. . current taxes	12.424	19.277
. . differed taxes(anticip.)		-96.425	-23.676
. Net income for the period	-18.673	228.700	-514.111
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-18.673	228.700	-514.111

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	0,32	0,37	0,33	0,11
Elasticity Ratio	Units	0,68	0,63	0,67	0,87
Availability of stock	Units	0,32	0,32	0,34	0,22
Total Liquidity Ratio	Units	0,36	0,31	0,33	0,56
Quick Ratio	Units	0,00	0,00	0,00	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,07	2,40	8,75	3,81
Self Financing Ratio	Units	0,48	0,19	0,05	0,17
Capital protection Ratio	Units	0,98	0,92	2,00	0,65
Liabilities consolidation quotient	Units	0,01	0,79	1,02	0,12
Financing	Units	1,07	4,26	17,65	4,72
Permanent Indebtedness Ratio	Units	0,48	0,54	0,53	0,30
M/L term Debts Ratio	Units	0,00	0,35	0,48	0,07
Net Financial Indebtedness Ratio	Units	n.c.	n.c.	n.c.	1,28
CORRELATION
Fixed assets ratio	Units	1,52	1,48	1,60	2,06
Current ratio	Units	1,33	1,40	1,43	1,16
Acid Test Ratio-Liquidity Ratio	Units	0,70	0,69	0,71	0,84
Structure's primary quotient	Units	1,50	0,51	0,16	1,28
Treasury's primary quotient	Units	0,00	0,00	0,00	0,03
Rate of indebtedness ( Leverage )	%	209,08	532,52	1880,50	591,61
Current Capital ( net )	Value	1.445.330	1.374.625	1.563.786	219.071
RETURN
Return on Sales	%	1,51	5,24	-5,46	2,22
Return on Equity - Net- ( R.O.E. )	%	-0,46	16,05	-124,37	6,27
Return on Equity - Gross - ( R.O.E. )	%	-1,12	10,64	-130,10	15,95
Return on Investment ( R.O.I. )	%	0,92	5,43	-3,17	4,19
Return/ Sales	%	1,05	6,12	-3,84	3,42
Extra Management revenues/charges incid.	%	-23,95	55,56	n.c.	29,26
Cash Flow	Value	111.421	352.050	-349.994	61.669
Operating Profit	Value	77.966	411.648	-246.028	95.558
Gross Operating Margin	Value	252.273	580.111	12.161	144.934
MANAGEMENT
Credits to clients average term	Days	n.c.	n.c.	n.c.	120,94
Debts to suppliers average term	Days	n.c.	n.c.	n.c.	120,04
Average stock waiting period	Days	133,56	130,01	146,56	61,92
Rate of capital employed return ( Turnover )	Units	0,87	0,89	0,82	1,27
Rate of stock return	Units	2,70	2,77	2,46	5,74
Labour cost incidence	%	9,56	9,81	9,20	7,77
Net financial revenues/ charges incidence	%	-1,67	-3,87	-4,56	-1,26
Labour cost on purchasing expenses	%	9,28	9,93	8,61	7,90
Short-term financing charges	%	2,85	4,29	4,01	2,67
Capital on hand	%	114,99	112,83	121,36	78,39
Sales pro employee	Value	336.054	336.202	355.834	437.713
Labour cost pro employee	Value	32.115	32.990	32.749	33.928

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	:	$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Spazio.gif$ 875.732
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Spazio.gif$ 1.592.309
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Spazio.gif$ 754.141

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Spazio.gif$ 463
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Spazio.gif$ 1.607
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\New folder\Ostp Italy Srl - Vs. Rif. 486048_files\Spazio.gif$ 94

Sector Data

The values are calculated on a base of 6.137 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 2,22%.

The labour cost affects the turnover in the measure of 7,77%.

Goods are held in stock in a range of 62 dd.

The difference between the sales volume and the resources used to realize it is about 1,27.

The employees costs represent the 7,90% 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 7.546 protested subjects are found; in the province they count to 4.210.

The insolvency index for the region is 0,48, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.970.

Total Bankrupt companies in the region : 7.305.

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 :	VAR

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

COMPANY NAME AND ADDRESS

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit