MIRA INFORM REPORT

Report No. :	514792
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	OIKOS S.R.L.
Registered Office :	Via Cherubini 2, 47043 Gatteo
Country :	Italy
Financials (as on) :	31.12.2017
Date of Incorporation :	30.12.1988
Com. Reg. No.:	FO0231429
Legal Form :	One-person company with limited liability - SRLU
Line of Business :	· Manufacture of paints, varnishes and similar coatings, printing ink a mastics · Engaged in the manufacture of paints and finishes
No. of Employees :	141 [2017]

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 :	No Complaints
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 (31.12.2017)	Current Rating (01.04.2018)
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’s economy comprises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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 records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including 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 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name

Name	Oikos S.R.L.

summary

Company name	Oikos S.R.L.
Operative address	Via Cherubini 2 47043 Gatteo Italy
Status	Active

Legal form	One-person company with limited liability - SRLU
Registration number	Trade register number: FO0231429
VAT-number	IT01970010409

Year	2017	Mutation	2016	Mutation	2015
Fixed assets	5.701.160	-12,70	6.530.429	28,59	5.078.656
Total receivables	11.411.702	-2,19	11.667.655	-1,68	11.866.928
Total equity	3.941.745	4,80	3.761.103	15,65	3.252.118
Short term liabilities	17.683.596	0,26	17.637.680	14,26	15.435.953
Net result	166.580	-32,62	247.216	225,16	76.030
Working capital	1.432.013	-24,16	1.888.086	-36,66	2.980.870
Quick ratio	0,82	-5,75	0,87	-9,38	0,96

Contact information

Company name	Oikos S.R.L.
Operative address	Via Cherubini 2 47043 Gatteo Italy
Correspondence address	Via Cherubini 2 47043 Gatteo Italy

Telephone number	+39 0547681412
Fax number	+39 0547 681430
Website	www.oikos-paint.com

Registration

Registration number	Trade register number: FO0231429
VAT-number	IT01970010409
Status	Active
Establishment date	1988-12-30

Legal form	One-person company with limited liability - SRLU
Subscribed share capital	EUR 1.560.000

Activities

NACE	2030: Manufacture of paints, varnishes and similar coatings, printing ink a mastics
Goal	Engaged in the manufacture of paints and finishes

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER Name: MR CLAUDIO BALESTRI Address: STR PANORAMICA ADRIATICA 361 City: PESARO Country: IT Type: One or more named individuals or families Share total: 100.00% SHAREHOLDERS Name: OIKOS INVEST S.R.L. National id number: FO0308454 Address: VIA CHERUBINI 2 City: GATTEO Country: IT Phone: +39 0547681430 Website: www.oikos-group.it Type: Corporate Share direct: 100.00% Turnover: 1.77603665 mil. EUR Total assets: 22.72993387 mil. EUR Profit loss before tax: 0.50672994 mil. EUR Profit loss after tax net income: 0.27391905 mil. EUR Shareholders funds: 16.09715739 mil. EUR

Structure

SUBSIDIARIES Name: CRE CONSORZIO PER LE RISORSE ENERGETICHE S.C.P.A. (ANCHE CRE S.C.P.A.) National id number: FO0286927 Address: VIA LEOPOLDO LUCCHI 135 City: CESENA Country: IT Type: Corporate Phone: +39 0547419991 Website: www.romagnaenergia.it Share direct: 0.05% Turnover: 195.87333861 mil. EUR Total assets: 54.44457259 mil. EUR Profit loss before tax: 0.24440101 mil. EUR Profit loss after tax net income: 0.04935302 mil. EUR Shareholders funds: 1.78651246 mil. EUR Number of employees: 28

Management

Management

Fullname: Mr Claudio Balestri Type: Individual Gender: Male date of birth: 1957/05/03 Age: 61 Country: Italy Number of involvements: 9 Function: Director Level of responsibility: Member Appointment date: 2017/11/30 Fullname: Mr Roberto Arnone Type: Individual Gender: Male date of birth: 1971/03/07 Age: 47 Country: Italy Number of involvements: 1 Function: Special Proxy Level of responsibility: Proxyholders; Representative Appointment date: 2018/02/08 Fullname: Mr Stefano Boschi Type: Individual Gender: Male date of birth: 1973/01/12 Age: 45 Country: Italy Number of involvements: 1 Function: Special Proxy Level of responsibility: Proxyholders; Representative Appointment date: 2018/02/08 Fullname: Mr Marco Giovannini Type: Individual Gender: Male date of birth: 1968/11/26 Age: 49 Country: Italy Number of involvements: 3 Function: Special Proxy Level of responsibility: Proxyholders; Representative Appointment date: 2013/04/23 Fullname: Mr Piero Gori Type: Individual Gender: Male date of birth: 1947/06/25 Age: 71 Country: Italy Number of involvements: 9 Function: Chairman of the Board of Statutory Auditors Level of responsibility: President / Chairman; Auditor Appointment date: 2016/04/07 Resignation date: 2018/12/31 Fullname: OIKOS INVEST SRL Type: Company Country: Italy Number of involvements: 1 Function: Sole Partner Level of responsibility: Unspecified executive Appointment date: 2012/12/27

employees

Year	2017	2016	2015	2014	2013
Annual	141	153	149	151	149

Financial analysis

Trend	Fluctuating
Profitability	Positive
Solvability	Limited
Liquidity	Limited
Show amount in	Euro

Key figures

Year	2017	2016	2015	2014	2013
Quick ratio	0,82	0,87	0,96	1,15	1,18
Current ratio	1,08	1,11	1,19	1,41	1,46
Working capital/ balance total	0,06	0,07	0,13	0,23	0,26
Equity / balance total	0,16	0,14	0,14	0,14	0,16
Equity / Fixed assets	0,69	0,58	0,64	0,67	0,88
Working capital	1.432.013	1.888.086	2.980.870	5.381.964	5.768.566
Equity	3.941.745	3.761.103	3.252.118	3.176.089	3.618.320
Mutation equity	4,80	15,65	2,39	-12,22
Mutation short term liabilities	0,26	14,26	17,40	5,93
Return on total assets (ROA)	1,51	1,40	1,30	2,04	6,33
Return on equity (ROE)	9,48	9,71	9,36	14,97	39,06
Gross profit margin	2,32	2,15	1,85	2,41	5,63
Net profit margin	0,60	0,82	0,26	0,19	2,44
Average collection ratio	1,57	1,71	1,92	2,27	2,32
Average payment ratio	2,44	2,59	2,50	2,63	2,69
Equity turnover ratio	7,06	8,03	9,13	9,40	7,95
Total assets turnover ratio	1,12	1,16	1,26	1,28	1,29
Fixed assets turnover ratio	4,88	4,63	5,85	6,30	6,96
Inventory conversion ratio	6,11	7,28	8,39	8,76	8,08
Turnover	27.813.445	30.213.763	29.695.208	29.846.093	28.763.030
Operating result	645.074	649.077	549.802	718.151	1.619.023
Net result after taxes	166.580	247.216	76.030	57.771	700.542
Cashflow	1.248.140	1.104.278	864.527	720.974	1.432.460
Gross profit	9.010.541	9.143.415	8.733.420	8.922.244	9.319.760
EBITDA	1.726.634	1.506.139	1.338.299	1.381.354	2.350.941

Summary

The 2017 financial result structure is a postive working captial of 1.432.013 euro, which is in agreement with 6 % of the total assets of the company. The working capital has diminished with -24.16 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2016 and 2017 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2017 was 1.08. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2017 of the company was 0.82. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2016 financial result structure is a postive working captial of 1.888.086 euro, which is in agreement with 7 % of the total assets of the company. The working capital has diminished with -36.66 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2015 and 2016 has mainly been caused by a change of the current liabilities. The current ratio of the company in 2016 was 1.11. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 0.87. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Auditor	Name: Giorgetti Nicola date: 2016-04-07 Name: Giorgetti Nicoletta date: 2016-04-07 Name: Mazzotti Davide date: 2016-04-07 Name: Sgarzani Stefano date: 2016-04-07
Last annual account	2017
Remark annual account	The company is obliged to file its financial statements.

Type of annual account	Corporate
Annual account	Oikos S.R.L. Via Cherubini 2 47043 Gatteo Italy

Balance

Year	2017	2016	2015	2014	2013
End date	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets	2.747.520	3.330.597	2.451.421	1.489.337	713.134
Tangible fixed assets	1.554.672	1.715.566	940.043	792.446	770.808
Other fixed assets	1.398.968	1.484.266	1.687.192	2.456.463	2.651.267
Fixed assets	5.701.160	6.530.429	5.078.656	4.738.246	4.135.209
Total stock	4.551.991	4.150.236	3.537.983	3.408.184	3.557.947
Total receivables	11.411.702	11.667.655	11.866.928	11.331.388	10.708.869
Liquid funds	129.076	17.688	49.611	425.769	1.205.231
Other current assets	3.022.840	3.690.187	2.962.301	3.365.234	2.709.356
Current assets	19.115.609	19.525.766	18.416.823	18.530.575	18.181.403
Total assets	24.816.769	26.056.195	23.495.479	23.268.821	22.316.612
Total equity	3.941.745	3.761.103	3.252.118	3.176.089	3.618.320
Provisions	759.570	677.833	543.752	445.689	459.055
Long term liabilities	2.431.858	3.979.579	4.263.656	6.498.432	5.826.400
Accounts payable	5.720.896	6.515.659	6.407.871	6.583.111	5.284.136
Liabilities towards credit institutes	10.560.965	9.441.357	7.319.175	4.650.525	5.104.391
Other short term liabilities	1.401.735	1.680.664	1.708.907	1.914.975	2.024.310
Short term liabilities	17.683.596	17.637.680	15.435.953	13.148.611	12.412.837
Total liabilities	24.816.769	26.056.195	23.495.479	23.268.821	22.316.612

Summary

The total assets of the company decreased with -4.76 % between 2016 and 2017. This downturn is mainly retrievable in the fixed asset decrease of -12.7 %. In 2017 the assets of the company were 22.97 % composed of fixed assets and 77.03 % by current assets. The assets are being financed by an equity of 15.88 %, and total debt of 84.12 %. The total assets of the company increased with 10.9 % between 2015 and 2016. The total asset increase is retrievable in the fixed asset growth of 28.59 %. In 2016 the assets of the company were 25.06 % composed of fixed assets and 74.94 % by current assets. The assets are being financed by an equity of 14.43 %, and total debt of 85.57 %.

Profit and loss

Year	2017	2016	2015	2014	2013
Revenues	27.129.348	27.684.923	27.805.676	29.014.974	28.538.211
Net turnover	27.813.445	30.213.763	29.695.208	29.846.093	28.763.030
Wages and salaries	7.225.561	7.597.395	7.261.881	7.480.909	6.845.299
Amorization and depreciation	1.081.560	857.062	788.497	663.203	731.918
Production costs	10.015.296	10.972.540	10.445.291	10.989.410	10.320.413
Operating result	645.074	649.077	549.802	718.151	1.619.023
Financial income	58.346	39.881	126.651	123.321	144.706
Financial expenses	329.719	323.870	372.034	366.039	350.285
Financial result	-271.373	-283.989	-245.383	-242.718	-205.579
Result on ordinary operations before taxes	373.701	365.088	304.419	475.433	1.413.444
Taxation on the result of ordinary activities	207.121	117.872	234.978	354.322	691.716
Result of ordinary activities after taxes	166.580	247.216	69.441	121.111	721.728
Extraordinary income			18.435	6.798	20.324
Extraordinary expense			11.846	70.138	41.510
Extraordinary result before taxation			6.589	-63.340	-21.186
Net result	166.580	247.216	76.030	57.771	700.542

Summary

The turnover of the company decreased by -7.94 % between 2016 and 2017. The operating result of the company in 2016 is equal to the result in 2017. This evolution implies an unchanged economic profitability of the company. The result of these changes is an increase of the company's Economic Profitability of 7.86 % of the analysed period, being equal to 1.51 in the year 2017. Despite the growth the assets turnover decreased, whose index evolved with -3.45 % to a level of 1.12. The Net Result of the company decreased by -32.62 % between 2016 and 2017. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of -2.37 % of the analysed period, being 9.48 in the year 2017. The company's financial profitability has been positively affected by its financial structure. The turnover of the company grew with 1.75 % between 2015 and 2016. The operating result of the company grew with 18.06 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 7.69 % of the analysed period, being equal to 1.4 in the year 2016. Despite the growth the assets turnover decreased, whose index evolved with -7.94 % to a level of 1.16. The Net Result of the company increased by 225.16 % between 2015 and 2016. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 3.74 % of the analysed period, being 9.71 in the year 2016. The company's financial structure has slowed down its financial profitability.

Country information

Population	60.7 million
GDP per capita	30507 USD
Country risk	Below average
Company risk	Low

Publications

Remarks

Status: Active Category: Large company Last year: 2017 Turnover last year: 27.813.445 EUR Result last year: 166.580 EUR TOTAL assets last year: 24.816.769 EUR Number of employees: 141 Number of shareholders: 1 Number of subsidiaries: 1 Number of branches: 0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35
Euro	1	INR 79.52

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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