3decades

MIRA INFORM REPORT

Report No. :	488669
Report Date :	29.01.2018

IDENTIFICATION DETAILS

Name :	MIROGLIO TEXTILE S.R.L.

Registered Office :	Via Santa Margherita, 23 12051 - Alba (CN) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	01.01.2009

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	Manufacture of Textiles

No. of Employees :	From 500 to 750

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 131% of GDP in 2017. 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 more than 0.8% each year, but picked up in 2017. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Miroglio Textile S.r.l.

Via Santa Margherita, 23

12051 - Alba (CN) -IT-

Summary

Fiscal Code	:	03232390041
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	01/01/2009
Equity	:	Over 2.582.254
Turnover Range	:	100.000.000/150.000.000
Number of Employees	:	from 500 to 750
Group	:	MIROGLIO

Activity

MANUFACTURE OF TEXTILES

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 03232390041

Foreign Trade Reg. no. : CN028044 since 24/02/2010

Chamber of Commerce no. : 116338 of Asti

Chamber of Commerce no. : 273687 of Cuneo since 06/08/2008

Chamber of Commerce no. : 1226959 of Torino

V.A.T. Code : 03232390041

Establishment date	: 31/07/2008
Start of Activities	: 01/01/2009
Legal duration	: 31/12/2050
Nominal Capital	: 50.000.000
Subscribed Capital	: 50.000.000
Paid up Capital	: 50.000.000

Legal mail :

MIROGLIOTEXTILE@PEC.MIROGLIO.COM

Members

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Miroglio S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Piana

Paolo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Trivero

(VC)

on 05/10/1948

- Fiscal Code : PNIPLA48R05L436A

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Bertola

, 26/E

- 13895

Muzzano

(BI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/07/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Panero

Piero Antonio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 03/11/1949

- Fiscal Code : PNRPNT49S03A124W

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Cortemilia

, 2

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Garofano

Giuseppe

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Nereto

(TE)

on 25/01/1944

- Fiscal Code : GRFGPP44A25F870A

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Achille Mauri

, 2

- 20123

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Spina

Massimo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 16/09/1961

- Fiscal Code : SPNMSM61P16A124Z

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/12/2008

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Gattiglia

Remo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Genova

(GE)

on 18/03/1953

- Fiscal Code : GTTRME53C18D969X

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/11/2008

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Miroglio

Giuseppe

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Torino

(TO)

on 04/04/1972

- Fiscal Code : MRGGPP72D04L219R

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Generale Govone

, 2

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/05/2017
Board Chairman	05/05/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Fois

Alessio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 31/07/1967

- Fiscal Code : FSOLSS67L31A124T

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/12/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Battistel

Mario

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Savona

(SV)

on 21/10/1962

- Fiscal Code : BTTMRA62R21I480C

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/06/2011

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Ambrosino

Carmela

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Ottaviano

(NA)

on 07/02/1963

- Fiscal Code : MBRCML63B47G190J

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/12/2008

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Cassinelli

Paola

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Carmagnola

(TO)

on 26/03/1970

- Fiscal Code : CSSPLA70C66B791U

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

A. Roero

, 3

- 12050

Guarene

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	24/02/2009

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Giachelli

Maria Paola

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Monforte d'Alba

(CN)

on 25/09/1964

- Fiscal Code : GCHMPL64P65F358H

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/07/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Ferrero

Fulvio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 15/05/1968

- Fiscal Code : FRRFLV68E15A124V

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/07/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Spertino

Roberto

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Nizza Monferrato

(AT)

on 28/07/1969

- Fiscal Code : SPRRRT69L28F902D

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/12/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Babbiotti

Giorgio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 28/02/1956

- Fiscal Code : BBBGRG56B28A124U

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12046

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	24/02/2009

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Adriano

Luca

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Carmagnola

(TO)

on 16/04/1974

- Fiscal Code : DRNLCU74D16B791V

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/12/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Abellonio

Piero

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Magliano Alfieri

(CN)

on 28/09/1955

- Fiscal Code : BLLPRI55P28E809C

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	02/12/2010

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Deloitte E Touche S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Tortona

, 25

- 20144

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	22/04/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Pelassa

Mauro

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Bra

(CN)

on 22/05/1974

- Fiscal Code : PLSMRA74E22B111H

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	20/10/2014

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Volpe

Sergio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 29/03/1982

- Fiscal Code : VLPSRG82C29A124M

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	08/06/2012

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Montu'

Mario

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Pinerolo

(TO)

on 14/07/1962

- Fiscal Code : MNTMRA62L14G674D

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/12/2012

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Ballarini

Armando Alberto Andrea

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Torino

(TO)

on 02/08/1961

- Fiscal Code : BLLRND61M02L219C

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Milano

, 20

- 10122

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/07/2017
Managing Director	12/07/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Torre

Alessandro

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Torino

(TO)

on 03/09/1974

- Fiscal Code : TRRLSN74P03L219O

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/02/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Conti

Claudio

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Alba

(CN)

on 18/05/1959

- Fiscal Code : CNTCLD59E18A124Z

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Margherita

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/07/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

No Protests registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Manfrin

Federico

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Born in Legnago

(VR)

on 04/11/1975

- Fiscal Code : MNFFRC75S04E512V

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Residence:

Santa Marghertia

, 23

- 12051

Alba

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/12/2017

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\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.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Miroglio S.p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Miroglio Fashion S.r.l.	Alba (CN) - IT -	03232400048	Sole partner	Active	Registered

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Miroglio

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Miroglio S.p.a.	Alba (CN) - IT -	00164430043	Managing Director	Withdrawn	Registered
Miroglio S.p.a.	Alba (CN) - IT -	00164430043	Director	Active	Registered
Miroglio S.p.a.	Alba (CN) - IT -	00164430043	Procurator	Withdrawn	Registered
Miroglio S.p.a.	Alba (CN) - IT -	00164430043	General Director	Withdrawn	Registered
Miroglio S.p.a.	Alba (CN) - IT -	00164430043	Board Chairman	Active	Registered
Filatura E Tessitura Di Puglia S.r.l.	Alba (CN) - IT -	02326740046	Managing Director	Withdrawn	Registered
Filatura E Tessitura Di Puglia S.r.l.	Alba (CN) - IT -	02326740046	Director	Withdrawn	Registered
Mirinvest S.r.l.	Alba (CN) - IT -	01889800049	Managing Director	Withdrawn	Registered
Mirinvest S.r.l.	Alba (CN) - IT -	01889800049	Director	Withdrawn	Registered
Centrobanca Banca Di Credito FinanziarioE Mobiliare S.p.a. In F Orma Abbrev. Ce	Milano (MI) - IT -	00714470150	Director	Withdrawn	Ceased
Mirfin Societa' Semplice	Alba (CN) - IT -	90008920044	Partner	Withdrawn	Registered
Mirfin Societa' Semplice	Alba (CN) - IT -	90008920044	Partner	Active	Registered
Apro Formazione Societa' Consortile A Responsabilita' Limitata	Alba (CN) - IT -	02605270046	Director	Active	Registered
Sinterama S.p.a.	Sandigliano (BI) - IT -	12762940158	Director	Withdrawn	Registered
Ro-mag Societa' Semplice	Alba (CN) - IT -	96512210012	Partner	Active	Registered
Mi-gab Societa' Semplice	Alba (CN) - IT -	90008200041	Partner	Active	Registered
Rcr Cristalleria Italiana S.p.a. O In Forma Abbreviata Rcr S.p.a.	Colle di Val d'Elsa (SI) - IT -	01212980526	Director	Active	Composition with creditors
Rcr Cristalleria Italiana S.p.a. O In Forma Abbreviata Rcr S.p.a.	Colle di Val d'Elsa (SI) - IT -	01212980526	Assistant board Chairman	Active	Composition with creditors
Casa E. Di Mirafiore E Fontanafredda S.r.l. Siglabile Casa E. Di Mirafiore S.r.	Serralunga d'Alba (CN) - IT -	01197120528	Director	Withdrawn	Registered
Gabriella S.s.	Alba (CN) - IT -	90036200047	Partner	Active	Registered
Langhe E Roero Power S.p.a., Siglabile L.r.p. S.p.a.	Alba (CN) - IT -	03194290049	Director	Withdrawn	Registered
Miroglio Fashion S.r.l.	Alba (CN) - IT -	03232400048	Managing Director	Withdrawn	Registered
Miroglio Fashion S.r.l.	Alba (CN) - IT -	03232400048	Director	Active	Registered
Miroglio Fashion S.r.l.	Alba (CN) - IT -	03232400048	Assistant board Chairman	Active	Registered
Miroglio Fashion S.r.l.	Alba (CN) - IT -	03232400048	Board Chairman	Withdrawn	Registered
H-farm S.p.a.	Roncade (TV) - IT -	03944860265	Director	Active	Registered
Fibago S.r.l.	Milano (MI) - IT -	07013420968	Director	Withdrawn	Registered
Fibago S.r.l.	Milano (MI) - IT -	07013420968	Board Chairman	Withdrawn	Registered
M2log S.r.l.	Alba (CN) - IT -	03432640047	Director	Active	Registered
M2log S.r.l.	Alba (CN) - IT -	03432640047	Board Chairman	Active	Registered
Valori Holding S.r.l. - Imprenditori DelTerritorio	Torino (TO) - IT -	11295100017	Director	Active	Registered
Valori Holding S.r.l. - Imprenditori DelTerritorio	Torino (TO) - IT -	11295100017	Board Chairman	Active	Registered
Vittoria Srl	Argelato (BO) - IT -	03557941204	Director	Active	Registered
Vittoria Srl	Argelato (BO) - IT -	03557941204	Board Chairman	Active	Registered
Stamperia Di Govone S.r.l.	Alba (CN) - IT -	03737090047	Director	Active	Registered
Stamperia Di Govone S.r.l.	Alba (CN) - IT -	03737090047	Board Chairman	Active	Registered
Sublitex S.r.l.	Alba (CN) - IT -	03737080048	Director	Active	Registered
Sublitex S.r.l.	Alba (CN) - IT -	03737080048	Board Chairman	Active	Registered

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Ballarini

Armando Alberto Andrea

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Stamperia Di Govone S.r.l.	Alba (CN) - IT -	03737090047	Managing Director	Active	Registered
Stamperia Di Govone S.r.l.	Alba (CN) - IT -	03737090047	Director	Active	Registered
Sublitex S.r.l.	Alba (CN) - IT -	03737080048	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
Miroglio S.p.a.	Alba - IT -	00164430043		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
Stamperia Di Govone S.r.l.	Alba - IT -	03737090047	500.000 .Eur	100,00			Active
Sublitex S.r.l.	Alba - IT -	03737080048	1.000.000 .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

Santa Margherita

, 23

- 12051

- Alba

(CN)

- IT -

Total Surface: 151 Sq.mt.

Legal mail

: MIROGLIOTEXTILE@PEC.MIROGLIO.COM

Branch

(Factory)

since 01/01/2009

Tagliata

, 25

- 12051

- Alba

(CN)

- IT -

PHONE

: 0173298111

Branch

(Shop)

since 01/01/2009

Bruni

, 1

- 12100

- Cuneo

(CN)

- IT -

Trading Style: SPACCIO TESSUTI

Total Surface: 151 Sq.mt.

PHONE

: 0173298111

FAX

: 0173443538

Branch

(Shop)

since 01/01/2009

Asti

, 13

- 12051

- Alba

(CN)

- IT -

Trading Style: SPACCIO TESSUTI

Total Surface: 400 Sq.mt.

PHONE

: 0173298111

FAX

: 0173443538

Branch

(Factory)

since 01/01/2009

Statale Asti - Alba

, 17

- 12040

- Govone

(CN)

- IT -

Branch

(Store)

since 01/01/2009

Valle Tanaro

, 57

- 14054

- Castagnole delle Lanze

(AT)

- IT -

Branch

(Shop)

since 28/10/2016

Pinerolo

, 13

- 10060

- Osasco

(TO)

- IT -

Total Surface: 388 Sq.mt.

Employees

: 522

Fittings and Equipment for a value of 16.850.000

Eur

Stocks for a value of 26.430.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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The firm took over the activity of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$ Miroglio S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Santa Margherita

, 23

, 12051

, Alba

(CN)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Fiscal Code: 00164430043

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Date

15/12/2008

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Project of splitting-up and tranfer from

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$ Miroglio S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Santa Margherita

, 23

, 12051

, Alba

(CN)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Fiscal Code: 00164430043

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Date

Merging/splitting-up project:

14/04/2014

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Splitting-up and tranfer from the company

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$ Miroglio S.p.a.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Santa Margherita

, 23

, 12051

, Alba

(CN)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Fiscal Code: 00164430043

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Date

Splitting-up:

24/04/2015

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Project of merging by taking over of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$ PTE S.R.L.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

, 20100

, Milano

(MI)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Fiscal Code: 08654630964

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Date

Merging/splitting-up project:

17/03/2016

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$ PTE S.R.L.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

, 20100

, Milano

(MI)

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Fiscal Code: 08654630964

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Vuoto.gif$

Date

30/05/2016

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\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
CASTAGNOLE DELLE LANZE (AT)	Buildings	1	24/01/2018
GOVONE (CN)	Buildings	1	24/01/2018
GOVONE (CN)	Land	4	24/01/2018
SALUZZO (CN)	Buildings	1	24/01/2018
SALUZZO (CN)	Land	5	24/01/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	CASTAGNOLE DELLE LANZE (AT) LOCALITA' VALLE TANARO, Piano S1-T - 1	1	812	1	cat. D/7			Euro: 64.250,00
B	Proprieta' per 1/1	GOVONE (CN) STRADA STATALE ALBA - ASTI, Piano T-1	5	30	2	cat. D/1			Euro: 252.000,00
B	Proprieta' per 1/1	SALUZZO (CN) VIA LAGNASCO, 9 Piano S1-T - 1-2	58	137	2	cat. D/1			Euro: 159.264,00

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	GOVONE (CN)	1	249		BOSCO ALTO	2	22 ca	R.D.Euro:0,06 R.A. Euro: 0,01	9906
L	Proprieta' per 1/1	GOVONE (CN)	1	283		BOSCO CEDUO	2	1 are 70 ca	R.D.Euro:0,13 R.A. Euro: 0,04	9906
L	Proprieta' per 1/1	GOVONE (CN)	1	284		BOSCO CEDUO	2	1 are 70 ca	R.D.Euro:0,13 R.A. Euro: 0,04	9906
L	Proprieta' per 1/1	GOVONE (CN)	7	321		SEMINATIVO	5	60 ca	R.D.Euro:0,22 R.A. Euro: 0,19	9906
L	Proprieta' per 1/1	SALUZZO (CN)	58	255		REL ACQ ES		9 are 20 ca	R.D.Euro: R.A. Euro:
L	Proprieta' per 1/1	SALUZZO (CN)	58	256		PRATO IRRIG	2	2 are 70 ca	R.D.Euro:2,37 R.A. Euro: 2,23
L	Proprieta' per 1/1	SALUZZO (CN)	58	257		PRATO IRRIG	2	2 are 80 ca	R.D.Euro:2,46 R.A. Euro: 2,31
L	Proprieta' per 1/1	SALUZZO (CN)	58	338		FRUTTETO	1	16 are 80 ca	R.D.Euro:73,75 R.A. Euro: 22,13
L	Proprieta' per 1/1	SALUZZO (CN)	58	339		FRUTTETO	1	1 are 83 ca	R.D.Euro:8,03 R.A. Euro: 2,41

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Company's starting of activities dates back to 2009.

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

During the last years the subject suffered net losses and in 2016 r.o.e. is -12,69%. The last financial year was marked by a decrease in the turnover.

A loss is registered as to the operating result (-10,33%).

The amount of the operating loss for 2016 is equal to Eur. -11.329.991.

The gross operating margin for the fiscal year 2016 is negative, for an amount of Eur. -1.738.671.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,91) lower than in 2015.

With regard to equity capital, an amount of Eur. 47.418.566 is registered. , unchanged as opposed to the preceding year.

Total indebtedness amounts to Eur. 46.719.090, on the same levels as the year before.

The financial exposure is moderate, on the other hand the recourse to commercial credit is high, with a high average payment period and higher than sector's average.

Neverthless available funds are good.

On average trade credits are collected in 78,64 days. , that compared to the sector's average is shorter.

During financial year 2016 the cash flow amounted to Eur. 2.708.286

Labour cost amounts to Eur. 27.923.579, with a 22,68% incidence on production costs. , whereas 25,2% is the incidence on sales revenues.

The financial charges do not negatively affect the management, as they are covered by the incomes.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	110.795.782
Profit (Loss) for the period	-6.018.878

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	130.552.741
Profit (Loss) for the period	-967.108

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	129.938.555
Profit (Loss) for the period	-4.444.677

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	130.440.441
Profit (Loss) for the period	-15.789.288

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	134.651.696
Profit (Loss) for the period	-20.468.038

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	179.644
. . Concessions,licenses,trademarks,etc.	272.806	261.735	261.682
. . Goodwill
. . Assets in formation and advance paymen.	21.000	10.560	117.229
. . Other intangible fixed assets		241.081	3.750.212
. Total Intangible Fixed Assets	473.450	513.376	4.129.123
. TANGIBLE FIXED ASSETS
. . Real estate	22.543.035	24.128.798
. . Plant and machinery	16.852.021	20.832.729	14.534.640
. . Industrial and commercial equipment
. . Other assets	145.018	67.181	58.019
. . Assets under construction and advances	178.701	1.235.925	6.865.944
. Total Tangible fixed assets	39.718.775	46.264.633	21.458.603
. FINANCIAL FIXED ASSETS
. . Equity investments	7.320.870	11.468.499	3.935.310
. . . Equity invest. in subsidiary companies	7.320.863	10.127.365	2.590.383
. . . Equity invest. in associated companies	1	1.341.128	1.344.921
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	6	6	6
. . Financial receivables	21.982	144.363	1.342.028
. . . . Within 12 months		144.363	1.342.028
. . . . Beyond 12 months	21.982
. . . Receivab due from subsidiaries			1.024.622
. . . . Within 12 months			1.024.622
. . . . 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	21.982	144.363	317.406
. . . . Within 12 months		144.363	317.406
. . . . Beyond 12 months	21.982
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	7.342.852	11.612.862	5.277.338
Total fixed assets	47.535.077	58.390.871	30.865.064
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	4.479.591	4.561.158	4.121.650
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	21.951.803	23.080.763	23.228.993
. . Advance payments
. Total Inventories	26.431.394	27.641.921	27.350.643
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	31.103.671	35.090.185	34.976.864
. . Beyond 12 months			23.204
. . Trade receivables	24.201.956	31.755.181	32.916.246
. . . . Within 12 months	24.201.956	31.755.181	32.916.246
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	719.632	2.301.160	1.910.234
. . . . Within 12 months	719.632	2.301.160	1.910.234
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	1.531.332
. . . . Within 12 months	1.531.332
. . . . Beyond 12 months
. . Receivables due from holding comp.	3.504.994
. . . . Within 12 months	3.504.994
. . . . Beyond 12 months
. . Fiscal Receivables	959.093	617.642	107.188
. . . . Within 12 months	959.093	617.642	107.188
. . . . Beyond 12 months
. . Receivables for anticipated taxes	152.036	185.713	23.204
. . . . Within 12 months	152.036	185.713
. . . . Beyond 12 months			23.204
. . Receivables due from third parties	34.628	230.489	43.196
. . . . Within 12 months	34.628	230.489	43.196
. . . . Beyond 12 months
. Total Credits not held as fixed assets	31.103.671	35.090.185	35.000.068
. 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	831.033
. LIQUID FUNDS
. . Bank and post office deposits	3.564.099	2.220.605	1.502.704
. . Checks
. . Banknotes and coins	8.684	10.707	8.728
. Total Liquid funds	3.572.783	2.231.312	1.511.432
Total current assets	61.938.881	64.963.418	63.862.143
ADJUSTMENT ACCOUNTS
. Discount on loans		121.127	230.913
. Other adjustment accounts	161.310
Total adjustments accounts	161.310	121.127	230.913
TOTAL ASSETS	109.635.268	123.475.416	94.958.120

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	50.000.000	50.000.000	50.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve
. Reserve for Own shares
. Statute reserves
. Other reserves	23.810.621	23.550.822
. Accumulated Profits (Losses)	-20.373.177	-20.044.820	-15.600.143
. Profit( loss) of the year	-6.018.878	-967.108	-4.444.677
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	47.418.566	52.538.894	29.955.180
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	1.239.196	1.398.384
. . Other funds	5.660.755	2.677.100	6.823.437
Total Reserves for Risks and Charges	6.899.951	4.075.484	6.823.437
Employee termination indemnities	7.995.922	8.387.512	8.897.428
ACCOUNTS PAYABLE
. . . . Within 12 months	46.719.090	57.831.328	48.578.788
. . . . 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	173	5.342	98.674
. . . . Within 12 months	173	5.342	98.674
. . . . 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	20.631.763	25.658.100	26.026.956
. . . . Within 12 months	20.631.763	25.658.100	26.026.956
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	2.343.123	2.423.133	1.590.132
. . . . Within 12 months	2.343.123	2.423.133	1.590.132
. . . . Beyond 12 months
. . Due to associated companies	3.229.967
. . . . Within 12 months	3.229.967
. . . . Beyond 12 months
. . Due to holding companies	15.338.807	23.917.342	12.397.978
. . . . Within 12 months	15.338.807	23.917.342	12.397.978
. . . . Beyond 12 months
. . Due to the tax authorities	573.101	588.745	680.310
. . . . Within 12 months	573.101	588.745	680.310
. . . . Beyond 12 months
. . Due to social security and welfare inst.	665.432	698.866	754.391
. . . . Within 12 months	665.432	698.866	754.391
. . . . Beyond 12 months
. . Other payables	3.936.724	4.539.800	7.030.347
. . . . Within 12 months	3.936.724	4.539.800	7.030.347
. . . . Beyond 12 months
Total accounts payable	46.719.090	57.831.328	48.578.788
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	601.739	642.198	703.287
Total adjustment accounts	601.739	642.198	703.287
TOTAL LIABILITIES	109.635.268	123.475.416	94.958.120

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	1.565.273	2.555.314
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	110.795.782	130.552.741	129.938.555
. Changes in work in progress	-1.128.960	172.714	811.058
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	2.140.923	2.203.475	1.212.353
. . Contributions for operating expenses	114.206	297.371	50.918
. . Different income and revenues	2.026.717	1.906.104	1.161.435
Total value of production	111.807.745	132.928.930	131.961.966
PRODUCTION COSTS
. Raw material,other materials and consum.	51.079.205	59.380.065	57.201.335
. Services received	31.811.907	37.128.124	36.949.411
. Leases and rentals	1.705.109	2.474.273	3.577.165
. Payroll and related costs	27.923.579	27.177.026	26.616.083
. . Wages and salaries	18.280.600	19.499.154	18.934.288
. . Social security contributions	5.976.117	6.103.959	6.138.050
. . Employee termination indemnities	1.311.139	1.342.370	1.344.214
. . Pension and similar
. . Other costs	2.355.723	231.543	199.531
. Amortization and depreciation	8.727.164	7.791.940	5.738.730
. . Amortization of intangible fixed assets	227.159	683.747	1.628.082
. . Amortization of tangible fixed assets	8.500.005	7.108.193	4.109.376
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid			1.272
. Changes in raw materials	81.567	-118.564	506.406
. Provisions to risk reserves	799.999
. Other provisions	64.157	6.350	68.511
. Other operating costs	945.049	3.106.617	3.220.501
Total production costs	123.137.736	136.945.831	133.878.142
Diff. between value and cost of product.	-11.329.991	-4.016.901	-1.916.176
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	4.943.070		225.247
. . In subsidiary companies	4.943.070		225.247
. . In associated companies
. . In other companies
. Other financial income	49.205	24.728	62.711
. . 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	28.699
. . Financ.income other than the above	20.506	24.728	62.711
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies		12.443	44.588
. . . - Other companies	20.506	12.285	18.123
. Interest and other financial expense	261.354	1.530.813	-58.631
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	5.253.629	1.555.541	229.327
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	1.002.038
. . Of equity investments	10
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	1.002.028
. Devaluation	-1.699.828	-1.561.208	-1.182.651
. . Of equity investments	-823.840	-1.461.208	-1.182.651
. . Of financial fixed assets (no equity inv)		-100.000
. . Of securities included among current ass	-875.988
Total adjustments to financial assets	-697.790	-1.561.208	-1.182.651
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		947.904	1.419.468
. . Gains on disposals		58.307	214.419
. . Other extraordinary income		889.597	1.205.049
. Extraordinary expense		-163.516	-2.600.722
. . Losses on disposals		-220	-88.472
. . Taxes relating to prior years
. . Other extraordinary expense		-163.296	-2.512.250
Total extraordinary income and expense		784.388	-1.181.254
Results before income taxes	-6.774.152	-3.238.180	-4.050.754
. Taxes on current income	-755.274	-2.271.072	393.923
. . current taxes			590.000
. . differed taxes(anticip.)		2.271.072	6.806
. Net income for the period	-6.018.878	-967.108	-4.444.677
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-6.018.878	-967.108	-4.444.677

RATIOS

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	0,43	0,47	0,33	0,29
Elasticity Ratio	Units	0,56	0,53	0,67	0,70
Availability of stock	Units	0,24	0,22	0,29	0,26
Total Liquidity Ratio	Units	0,32	0,30	0,38	0,39
Quick Ratio	Units	0,04	0,02	0,02	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,91	1,06	1,57	1,69
Self Financing Ratio	Units	0,43	0,43	0,32	0,29
Capital protection Ratio	Units	0,07	0,07	-0,52	0,71
Liabilities consolidation quotient	Units	0,17	0,15	0,18	0,26
Financing	Units	0,99	1,10	1,62	2,12
Permanent Indebtedness Ratio	Units	0,51	0,49	0,41	0,45
M/L term Debts Ratio	Units	0,07	0,07	0,09	0,13
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,96
CORRELATION
Fixed assets ratio	Units	1,17	1,04	1,26	1,38
Current ratio	Units	1,33	1,12	1,31	1,25
Acid Test Ratio-Liquidity Ratio	Units	0,76	0,65	0,75	0,75
Structure's primary quotient	Units	1,00	0,90	0,97	0,90
Treasury's primary quotient	Units	0,09	0,04	0,03	0,03
Rate of indebtedness ( Leverage )	%	231,21	235,02	317,00	339,62
Current Capital ( net )	Value	15.219.791	7.132.090	15.283.352	1.615.606
RETURN
Return on Sales	%	2,44	5,23	1,00	1,74
Return on Equity - Net- ( R.O.E. )	%	-12,69	-1,84	-14,84	0,25
Return on Equity - Gross - ( R.O.E. )	%	-14,29	-6,16	-13,52	2,94
Return on Investment ( R.O.I. )	%	-10,33	-3,25	-2,02	2,31
Return/ Sales	%	-10,23	-3,08	-1,47	2,50
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	8,02
Cash Flow	Value	2.708.286	6.824.832	1.294.053	210.372
Operating Profit	Value	-11.329.991	-4.016.901	-1.916.176	359.192
Gross Operating Margin	Value	-1.738.671	3.781.389	3.891.065	692.382
MANAGEMENT
Credits to clients average term	Days	78,64	87,57	91,20	111,18
Debts to suppliers average term	Days	176,79	189,12	147,40	104,44
Average stock waiting period	Days	85,88	76,22	75,78	86,89
Rate of capital employed return ( Turnover )	Units	1,01	1,06	1,37	1,04
Rate of stock return	Units	4,19	4,72	4,75	4,12
Labour cost incidence	%	25,20	20,82	20,48	15,12
Net financial revenues/ charges incidence	%	4,74	1,19	0,18	-2,07
Labour cost on purchasing expenses	%	22,68	19,85	19,88	14,82
Short-term financing charges	%	n.c.	n.c.	0,12	3,48
Capital on hand	%	98,95	94,58	73,08	95,83
Sales pro employee	Value	127.059	153.772	156.364	237.592
Labour cost pro employee	Value	32.022	32.010	32.028	33.432

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	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Spazio.gif$ 569.987
Population living in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Spazio.gif$ 4.330.172
Number of families in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Spazio.gif$ 1.889.207

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

- per food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Spazio.gif$ 429
- per non food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Spazio.gif$ 1.789
- per energy consume	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.980\Spazio.gif$ 135

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 27.019 protested subjects are found; in the province they count to 1.458.

The insolvency index for the region is 0,63, , while for the province it is 0,26.

Total Bankrupt companies in the province : 1.299.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.50
UK Pound	1	INR 90.92
Euro	1	INR 79.07
Euro	1	INR 78.92

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	TRU

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Statistical Detrimental Data

Unit