MIRA INFORM REPORT

Report No. :	486666
Report Date :	18.01.2018

IDENTIFICATION DETAILS

Name :	CATTELAN ITALIA S.P.A.
Registered Office :	Via Pilastri, 19, 36010- Carre'(VI)-IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	20.02.1985
Legal Form :	Joint stock company
Line of Business :	Subject engaged in Manufacture of furniture
No. of Employees :	71 to 90

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

Cattelan Italia S.p.a.

Via Pilastri, 19

36010 - Carre' (VI) -IT-

Summary

Fiscal Code	:	00872290242
Legal Form	:	Joint stock company
start of Activities	:	15/04/1985
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 71 to 90

Activity

MANUFACTURE OF FURNITURE

Manufacture of furniture

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00872290242

Foreign Trade Reg. no. : VI008057 since 06/12/1991

Foreign Trade Reg. no. : 008057 of Vicenza since 06/12/1991

Chamber of Commerce no. : 180807 of Vicenza since 10/04/1985

Firms' Register : VI116-17151 of Vicenza since 19/02/1996

V.A.T. Code : 00872290242

Establishment date	: 20/02/1985
Start of Activities	: 15/04/1985
Legal duration	: 31/12/2030
Nominal Capital	: 703.050
Subscribed Capital	: 703.050
Paid up Capital	: 703.050

Legal mail :

CATTELANITALIA@LEGALMAIL.IT

Members

Fly Line S.r.l.

Residence:

Pilastri

, 15

- 36010

Carre'

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Cattelan

Piergiorgio

Born in Thiene

(VI)

on 26/01/1944

- Fiscal Code : CTTPGR44A26L157T

Residence:

Trento

, 97

- 36010

Zane'

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	14/07/2017
Board Chairman	14/07/2017
Managing Director	14/07/2017

No Prejudicial events are reported

No Protests registered

Rolan S.p.a.

Residence:

Pilastri

, 15

- 36010

Carre'

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Cattelan

Lorenzo

Born in Thiene

(VI)

on 27/10/1971

- Fiscal Code : CTTLNZ71R27L157Q

Residence:

Santo Stefano

, 38

- 36042

Breganze

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	14/07/2017

Cattelan

Paolo

Born in Thiene

(VI)

on 12/05/1973

- Fiscal Code : CTTPLA73E12L157V

Residence:

Maria Montessori

, 24

- 36030

Zugliano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/06/2013
Director	14/07/2017
Managing Director	14/07/2017

No Prejudicial events are reported

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.

Cattelan

Piergiorgio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ca' Ross S.r.l.	Carre' (VI) - IT -	00716570247	Managing Director	Withdrawn	Registered
Ca' Ross S.r.l.	Carre' (VI) - IT -	00716570247	Director	Active	Registered
Ca' Ross S.r.l.	Carre' (VI) - IT -	00716570247	Sole Director	Withdrawn	Registered
Ca' Ross S.r.l.	Carre' (VI) - IT -	00716570247	Board Chairman	Active	Registered
San Marco S.r.l.	Cortina d'Ampezzo (BL) - IT -	00238620256	Managing Director	Withdrawn	Registered
San Marco S.r.l.	Cortina d'Ampezzo (BL) - IT -	00238620256	Director	Withdrawn	Registered
San Marco S.r.l.	Cortina d'Ampezzo (BL) - IT -	00238620256	Board Chairman	Withdrawn	Registered
Fly Line S.r.l.	Carre' (VI) - IT -	00981780281	Director	Withdrawn	Registered
Fly Line S.r.l.	Carre' (VI) - IT -	00981780281	Sole Director	Active	Registered
Ellisse S.r.l.	Carre' (VI) - IT -	02135440283	Sole Director	Active	Registered
Modus Di Cattelan Piergiorgio	Carre' (VI) - IT -	CTTPGR44A26L157T	Proprietor	Withdrawn	Ceased
Blue Hill S.p.a.	Carre' (VI) - IT -	02799430240	Board Chairman	Withdrawn	Ceased
Spiral S.r.l.	Carre' (VI) - IT -	03312840246	Sole Director	Active	Registered
Thesis S.r.l.	Carre' (VI) - IT -	03317760241	Sole Director	Active	Registered
Villa Tacchi Societa' Semplice Di Cattelan Piergiorgio E C.	Carre' (VI) - IT -	95093960243	Partner	Active	Registered
Finskin S.p.a.	Vicenza (VI) - IT -	03432690240	Managing Director	Withdrawn	Registered
Finskin S.p.a.	Vicenza (VI) - IT -	03432690240	Director	Withdrawn	Registered
Finskin S.p.a.	Vicenza (VI) - IT -	03432690240	Board Chairman	Withdrawn	Registered
Rolan S.p.a.	Carre' (VI) - IT -	03011920240	Director	Active	Registered
Rolan S.p.a.	Carre' (VI) - IT -	03011920240	Board Chairman	Active	Registered
Okto Srl	Carre' (VI) - IT -	03042420244	Sole Director	Active	Registered
Salici S.r.l.	Carre' (VI) - IT -	03312850245	Sole Director	Active	Registered
Zenith S.r.l.	Carre' (VI) - IT -	03647670243	Sole Director	Active	Registered
Arketipo S.r.l.	Calenzano (FI) - IT -	06109200482	Director	Active	Registered
Arketipo S.r.l.	Calenzano (FI) - IT -	06109200482	Sole Director	Withdrawn	Registered
Arketipo S.r.l.	Calenzano (FI) - IT -	06109200482	Managing Director	Active	Registered
Arketipo S.r.l.	Calenzano (FI) - IT -	06109200482	Board Chairman	Active	Registered
Elan S.r.l.- In Liquidazione	Carre' (VI) - IT -	03720840242	Liquidator	Active	Registered
Arkeo S.r.l.	Carre' (VI) - IT -	03726090248	Sole Director	Active	Registered
Villa Tacchi Di Quinto Societa' A Responsabilita' Limitata Semplificata	Carre' (VI) - IT -	03904110248	Sole Director	Active	Registered
Lander Srl	Carre' (VI) - IT -	03998060242	Director	Active	Registered
Lander Srl	Carre' (VI) - IT -	03998060242	Board Chairman	Active	Registered
Catank Srl	Carre' (VI) - IT -	04122570247	Director	Active	Registered
Catank Srl	Carre' (VI) - IT -	04122570247	Sole partner	Active	Registered

Cattelan

Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ca' Ross S.r.l.	Carre' (VI) - IT -	00716570247	Managing Director	Withdrawn	Registered
Ca' Ross S.r.l.	Carre' (VI) - IT -	00716570247	Director	Active	Registered
Rolan S.p.a.	Carre' (VI) - IT -	03011920240	Director	Active	Registered
Rolan S.p.a.	Carre' (VI) - IT -	03011920240	Partner	Withdrawn	Registered
Arketipo S.r.l.	Calenzano (FI) - IT -	06109200482	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
Fly Line S.r.l.	Carre' - IT -	00981780281	393.450 .Eur	55,96
Rolan S.p.a.	Carre' - IT -	03011920240	309.600 .Eur	44,03

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
Credito Lombardo Veneto S.p.a. In Forma Abbreviata Cre.lo-ve S.p.a.	Brescia - IT -	03515830168	1.500.000 .Eur	4,68			Active
Arketipo S.r.l.	Calenzano - IT -	06109200482	1.960.000 .Eur	49,00			Active

Firm's location and structure

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

-

Legal and operative seat

(Factory)

Pilastri

, 19

- 36010

- Carre'

(VI)

- IT -

PHONE

: 0445314076

Legal mail

: CATTELANITALIA@LEGALMAIL.IT

-

Branch

(Shop)

since 07/12/2013

Dei Pioppi Ang. Via Onta

, 52

- 36100

- Vicenza

(VI)

- IT -

Trading Style: CATTELAN ITALIA

Total Surface: 600 Sq.mt.

Employees

: 73

Fittings and Equipment for a value of 85.000

Eur

Stocks for a value of 4.290.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

The firm operates abroad as exporter..

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- importers

- its own agents

Export is mainly towards:

- Italy

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	18/09/1997

CEASINGS/INCORPORATIONS/MERGES:

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

13/01/1999

Splitting-up and setting-up of a new company

Blue Hill S.p.a.

Pilastri

, 15

, 36010

, Carre'

(VI)

- IT -

Fiscal Code: 02799430240

Date

Splitting-up:

02/12/1999

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 1985

The economic-financial analysis has been made on the base of the b/s of the latests three years.

During the last years, it achieved profits (r.o.e. 70,85% on 2016) thanks to a progressive increase in turnover (+10,39% in 2016 compared to 2015 and +10,66% in 2015 compared to 2014).

The return on Investment in the last financial year was positive (39,84%) and even better than sector's average.

The operating result is positive and amounts to Eur. 15.166.019 , with no sizeable change as opposed to the year before.

A gross operating margine for a value of Eur. 15.759.971 was reached. stable if compared to the financial year 2015.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,25) but with an increase as against the previous accounting period.

Subject can manage an equity capital funds for an amount of Eur. 14.796.143 , unchanged as opposed to the preceding year.

Total debts (both short and M/L term) equals Eur. 22.405.506, with a downward trend if compared to the preceding year (-40,9%).

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lined up with the field's average.

Liquidity is good (1,49)

On average trade credits are collected in 71,06 days. , a value lower than the sector's average.

The financial management generated a cash flow of Eur. 11.077.401.

In the last financial year labour cost was of Eur. 3.501.506, with a 7,91% incidence on total costs of production. , with a 5,94% incidence on turnover.

No incidence of financial charges as lower than the incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	58.990.959
Profit (Loss) for the period	10.483.449

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	53.436.284
Profit (Loss) for the period	8.836.593

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	48.288.066
Profit (Loss) for the period	7.277.174

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	44.797.218
Profit (Loss) for the period	6.813.574

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	36.955.559
Profit (Loss) for the period	5.074.319

financials

Balance Sheets

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

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

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

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

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses	435	653	870
. . Research,develop. and advert.expens.
. . Industrial patent rights	9.197	7.875	9.232
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.	272.818
. . Other intangible fixed assets	343.421	611.201	891.556
. Total Intangible Fixed Assets	625.871	619.729	901.658
. TANGIBLE FIXED ASSETS
. . Real estate		1.742	3.485
. . Plant and machinery	22.938	25.220	27.198
. . Industrial and commercial equipment	62.560	66.203	58.042
. . Other assets	364.249	390.949	237.090
. . Assets under construction and advances		361	10.000
. Total Tangible fixed assets	449.747	484.475	335.815
. FINANCIAL FIXED ASSETS
. . Equity investments	3.484.549	3.484.549	3.913.909
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	1.984.549	1.984.549	1.984.549
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.500.000	1.500.000	1.929.360
. . Financial receivables	392	973	1.148
. . . . Within 12 months
. . . . Beyond 12 months	392	973	1.148
. . . 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	392	973	1.148
. . . . Within 12 months
. . . . Beyond 12 months	392	973	1.148
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	3.484.941	3.485.522	3.915.057
Total fixed assets	4.560.559	4.589.726	5.152.530
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.074.074	2.777.952	2.560.923
. . Work in progress and semimanufactured	1.010.818	986.202	806.351
. . Work in progress on order
. . Finished goods	207.319	193.651	166.568
. . Advance payments
. Total Inventories	4.292.211	3.957.805	3.533.842
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	14.052.879	16.000.396	18.071.145
. . Beyond 12 months
. . Trade receivables	11.643.500	9.513.585	8.758.747
. . . . Within 12 months	11.643.500	9.513.585	8.758.747
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	411.922	4.763.415	280.786
. . . . Within 12 months	411.922	4.763.415	280.786
. . . . Beyond 12 months
. . Receivables due from holding comp.	97.056	60.036	37.791
. . . . Within 12 months	97.056	60.036	37.791
. . . . Beyond 12 months
. . Fiscal Receivables	369.789	104.378	582.379
. . . . Within 12 months	369.789	104.378	582.379
. . . . Beyond 12 months
. . Receivables for anticipated taxes	384.618	414.800	435.010
. . . . Within 12 months	384.618	414.800	435.010
. . . . Beyond 12 months
. . Receivables due from third parties	1.145.994	1.144.182	7.976.432
. . . . Within 12 months	1.145.994	1.144.182	7.976.432
. . . . Beyond 12 months
. Total Credits not held as fixed assets	14.052.879	16.000.396	18.071.145
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments	895	895
. . Own shares
. . . Total nominale value
. . Other securities	10.996.987
. Total Financial Assets	10.997.882	895
. LIQUID FUNDS
. . Bank and post office deposits	3.973.390	27.075.826	10.573.642
. . Checks
. . Banknotes and coins	8.171	8.075	8.885
. Total Liquid funds	3.981.561	27.083.901	10.582.527
Total current assets	33.324.533	47.042.997	32.187.514
ADJUSTMENT ACCOUNTS
. Discount on loans			102.486
. Other adjustment accounts	179.374	208.636
Total adjustments accounts	179.374	208.636	102.486
TOTAL ASSETS	38.064.466	51.841.359	37.442.530
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	703.050	703.050	703.050
. Additional paid-in capital	1.674.465	1.674.465	1.674.465
. Revaluation reserves	1.792.458	1.792.458	1.792.458
. Legal reserve	140.610	140.610	140.610
. Reserve for Own shares
. Statute reserves
. Other reserves	2.111	2.691	1.267
. Accumulated Profits (Losses)
. Profit( loss) of the year	10.483.449	8.836.593	7.277.174
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	14.796.143	13.149.867	11.589.024
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	665.565	582.414	587.594
. . Taxation fund, also differed
. . Other funds			171.155
Total Reserves for Risks and Charges	665.565	582.414	758.749
Employee termination indemnities	196.938	192.836	224.765
ACCOUNTS PAYABLE
. . . . Within 12 months	22.405.506	37.915.928	24.869.678
. . . . 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	4.671.418	22.331.157	10.924.013
. . . . Within 12 months	4.671.418	22.331.157	10.924.013
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	900.296	810.835
. . . . Within 12 months	900.296	810.835
. . . . Beyond 12 months
. . Trade payables	9.806.051	8.668.521	7.983.933
. . . . Within 12 months	9.806.051	8.668.521	7.983.933
. . . . 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	218.193	138.786	22.607
. . . . Within 12 months	218.193	138.786	22.607
. . . . Beyond 12 months
. . Due to holding companies	4.452.007	3.945.097	3.342.343
. . . . Within 12 months	4.452.007	3.945.097	3.342.343
. . . . Beyond 12 months
. . Due to the tax authorities	216.357	168.519	206.858
. . . . Within 12 months	216.357	168.519	206.858
. . . . Beyond 12 months
. . Due to social security and welfare inst.	241.310	227.467	177.919
. . . . Within 12 months	241.310	227.467	177.919
. . . . Beyond 12 months
. . Other payables	1.899.874	1.625.546	2.212.005
. . . . Within 12 months	1.899.874	1.625.546	2.212.005
. . . . Beyond 12 months
Total accounts payable	22.405.506	37.915.928	24.869.678
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	314	314	314
Total adjustment accounts	314	314	314
TOTAL LIABILITIES	38.064.466	51.841.359	37.442.530

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	58.987.971	53.436.284	48.288.066
. Changes in work in progress	38.284	206.934	202.598
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	415.251	398.943	335.554
. . Contributions for operating expenses			3.470
. . Different income and revenues	415.251	398.943	332.084
Total value of production	59.441.506	54.042.161	48.826.218
PRODUCTION COSTS
. Raw material,other materials and consum.	22.288.016	20.184.475	18.103.692
. Services received	16.710.789	15.452.084	14.782.377
. Leases and rentals	1.299.450	1.300.268	1.299.934
. Payroll and related costs	3.501.506	3.305.410	3.228.010
. . Wages and salaries	2.623.960	2.481.170	2.409.834
. . Social security contributions	710.839	674.003	671.066
. . Employee termination indemnities	166.707	150.237	147.110
. . Pension and similar
. . Other costs
. Amortization and depreciation	593.952	655.677	473.722
. . Amortization of intangible fixed assets	335.190	306.757	312.196
. . Amortization of tangible fixed assets	182.226	172.718	161.526
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	76.536	176.202
. Changes in raw materials	-296.122	-217.029	-48.036
. Provisions to risk reserves			176.943
. Other provisions
. Other operating costs	177.896	77.302	196.818
Total production costs	44.275.487	40.758.187	38.213.460
Diff. between value and cost of product.	15.166.019	13.283.974	10.612.758
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	423.914	494.127	444.046
. . 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	423.914	494.127	444.046
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	324.158	336.506	444.046
. Interest and other financial expense	-172.441	-183.294	-119.364
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	251.473	310.833	324.682
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-428.466	-129.703
. . Of equity investments		-428.466	-129.703
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets		-428.466	-129.703
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense			-2
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-2
Total extraordinary income and expense			-2
Results before income taxes	15.417.492	13.166.341	10.807.735
. Taxes on current income	4.934.043	4.329.748	3.530.561
. . current taxes	658.079	578.179	3.718.724
. . differed taxes(anticip.)			-188.163
. Net income for the period	10.483.449	8.836.593	7.277.174
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	10.483.449	8.836.593	7.277.174

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	0,12	0,09	0,14	0,25
Elasticity Ratio	Units	0,88	0,91	0,86	0,72
Availability of stock	Units	0,11	0,08	0,09	0,20
Total Liquidity Ratio	Units	0,76	0,83	0,77	0,45
Quick Ratio	Units	0,39	0,52	0,28	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,25	0,82	1,23	2,92
Self Financing Ratio	Units	0,39	0,25	0,31	0,19
Capital protection Ratio	Units	0,24	0,27	0,31	0,71
Liabilities consolidation quotient	Units	0,01	0,01	0,01	0,22
Financing	Units	1,51	2,88	2,15	3,80
Permanent Indebtedness Ratio	Units	0,39	0,26	0,32	0,38
M/L term Debts Ratio	Units	0,01	0,00	0,01	0,12
Net Financial Indebtedness Ratio	Units	0,05	0,00	0,03	0,97
CORRELATION
Fixed assets ratio	Units	3,29	2,91	2,29	1,26
Current ratio	Units	1,49	1,24	1,29	1,13
Acid Test Ratio-Liquidity Ratio	Units	1,30	1,14	1,15	0,75
Structure's primary quotient	Units	3,24	2,87	2,25	0,76
Treasury's primary quotient	Units	0,67	0,71	0,43	0,04
Rate of indebtedness ( Leverage )	%	257,26	394,23	323,09	515,14
Current Capital ( net )	Value	10.919.027	9.127.069	7.317.836	177.926
RETURN
Return on Sales	%	18,78	17,76	16,05	2,74
Return on Equity - Net- ( R.O.E. )	%	70,85	67,20	62,79	1,67
Return on Equity - Gross - ( R.O.E. )	%	104,20	100,13	93,26	8,36
Return on Investment ( R.O.I. )	%	39,84	25,62	28,34	3,41
Return/ Sales	%	25,71	24,86	21,98	3,12
Extra Management revenues/charges incid.	%	69,12	66,52	68,57	15,78
Cash Flow	Value	11.077.401	9.492.270	7.750.896	76.501
Operating Profit	Value	15.166.019	13.283.974	10.612.758	88.970
Gross Operating Margin	Value	15.759.971	13.939.651	11.263.423	173.361
MANAGEMENT
Credits to clients average term	Days	71,06	64,09	65,30	100,31
Debts to suppliers average term	Days	129,32	124,29	119,51	115,26
Average stock waiting period	Days	26,19	26,66	26,35	67,16
Rate of capital employed return ( Turnover )	Units	1,55	1,03	1,29	1,08
Rate of stock return	Units	13,74	13,50	13,66	5,32
Labour cost incidence	%	5,94	6,19	6,68	17,27
Net financial revenues/ charges incidence	%	0,43	0,58	0,67	-1,88
Labour cost on purchasing expenses	%	7,91	8,11	8,45	16,89
Short-term financing charges	%	0,77	0,48	0,48	3,16
Capital on hand	%	64,53	97,02	77,54	92,21
Sales pro employee	Value	541.201	518.798	482.880	183.224
Labour cost pro employee	Value	32.123	32.091	32.280	32.179

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

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

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

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

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

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.98
UK Pound	1	INR 88.13
Euro	1	INR 78.35
Euro	1	INR 77.96

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	KET

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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