MIRA INFORM REPORT

Report No. :	516731
Report Date :	27.06.2018

IDENTIFICATION DETAILS

Name :	CUNEO INOX S.R.L
Registered Office :	Via Castelletto Stura, 160/BIS, 12100- Cuneo(CN)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	05.03.1990
Legal Form :	Limited liability company
Line of Business :	· Manufacture of metal structures and structure parts · Wholesale of metalliferous minerals, ferrous metals and semi-finished products
No. of Employees :	From 36 to 50

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 (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 and address

Cuneo Inox S.r.l.

Via

Castelletto Stura,

160/BIS

12100

- Cuneo

(CN)

-IT-

Summary

Fiscal Code	:	02161330044
Legal Form	:	Limited liability company
start of Activities	:	01/01/1991
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of metal structures and structure parts

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

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02161330044

Foreign Trade Reg. no. : CN014382 since 10/05/1993

Chamber of Commerce no. : 158400 of Cuneo since 07/05/1990

Firms' Register : CN078-7319 of Cuneo since 19/02/1996

V.A.T. Code : 02161330044

Tribunal Co. Register : 7319 of since 12/04/1990

Foundation date	: 05/03/1990
Establishment date	: 05/03/1990
Start of Activities	: 01/01/1991
Legal duration	: 31/12/2050
Nominal Capital	: 10.329
Subscribed Capital	: 10.329
Paid up Capital	: 10.329

Legal mail :

CUNEOINOX@SICURPOSTA.COM

Members

Pavan

Pier Ottavio

Born in Manta

(CN)

on 15/05/1938

- Fiscal Code : PVNPTT38E15E894P

Residence:

Castelletto Stura

, 152

- 12100

Cuneo

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	12/03/1993
Director	12/03/1993

No Prejudicial events are reported

No Protests registered

Pavan

Fabrizio

Born in Cuneo

(CN)

on 04/01/1963

- Fiscal Code : PVNFRZ63A04D205B

Residence:

Piozzo

, 61/B

- 12100

Cuneo

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	22/10/2010
Director	12/03/1993
Attorney with special power	04/08/1999

No Prejudicial events are reported

No Protests registered

Pavan

Davide

Born in Cuneo

(CN)

on 12/04/1968

- Fiscal Code : PVNDVD68D12D205N

Residence:

Piozzo

, 104/A

- 12100

Cuneo

(CN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/11/1994
Partner

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.

Pavan

Pier Ottavio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
PAVAN INOX DI PAVAN PIER OTTAVIO E PAVANALDO - S.N.C.	Cuneo (CN) - IT -	00749230041	Partner	Withdrawn	Registered
PAVAN INOX DI PAVAN PIER OTTAVIO E PAVANALDO - S.N.C.	Cuneo (CN) - IT -	00749230041	Partner	Withdrawn	Registered
"SALDERIA PAVAN" DI PAVAN PIER OTTAVIO	Cuneo (CN) - IT -	PVNPTT38E15E894P	Proprietor	Withdrawn	Registered
Pa.fin Di Pavan Pier Ottavio E C. S.a.s.	Cuneo (CN) - IT -	02117760047	General Partner	Withdrawn	Registered

Pavan

Fabrizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
PAVAN INOX DI PAVAN PIER OTTAVIO E PAVANALDO - S.N.C.	Cuneo (CN) - IT -	00749230041	Partner	Withdrawn	Registered
PAVAN INOX DI PAVAN PIER OTTAVIO E PAVANALDO - S.N.C.	Cuneo (CN) - IT -	00749230041	Partner	Withdrawn	Registered
Pa.fin Di Pavan Pier Ottavio E C. S.a.s.	Cuneo (CN) - IT -	02117760047	Limited Partner	Withdrawn	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
Pavan Pier Ottavio	Cuneo - IT -	PVNPTT38E15E894P	414 .Eur	4,00
Pavan Fabrizio	Cuneo - IT -	PVNFRZ63A04D205B	3.511 .Eur	33,99
Pavan Davide	Cuneo - IT -	PVNDVD68D12D205N	4.337 .Eur	41,98
Pavan Cristian		PVNCST86C17D205Q	516 .Eur	5,00
Pavan Alessandro		PVNLSN90P02D205A	516 .Eur	5,00
Pavan Federico		PVNFRC95C09D205C	516 .Eur	5,00
Pavan Martina		PVNMTN93H65D205I	516 .Eur	5,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-

Legal and operative seat

since 05/03/1990

Castelletto Stura

, 160/BIS

- 12100

- Cuneo

(CN)

- IT -

PHONE

: 0171346165

FAX	: 0171346536

Email

: info@cuneoinox.com

Legal mail

: CUNEOINOX@SICURPOSTA.COM

-

Branch

(Store)

since 27/12/2006

Morozzo

, 8

- 12040

- Castelletto Stura

(CN)

- IT -

Employees

: 36

Fittings and Equipment for a value of 2.480.000

Eur

Stocks for a value of 5.760.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Transports are mainly done using own vehicles and third parties ones

The company 's mainly customers are companies.

Subject generally proposes terms of sale between 30 and 60 days.

Main sales modalities: issue cheques and bank transfers.

Purchase terms: 60-90-120 days.

Subject company generally settles its engagements by issueing of

cheques and cash orders.

Traded Brands / Suppliers

- MARCEGAGLIA

- CPC INOX

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Pa.fin Di Pavan Pier Ottavio E C. S.a.s.

Castelletto Stura

, 152

, 12100

, Cuneo

(CN)

- IT -

Fiscal Code: 02117760047

Date

Merging/splitting-up project:

22/11/2016

The firm absorbed by merging of

Pa.fin Di Pavan Pier Ottavio E C. S.a.s.

Castelletto Stura

, 152

, 12100

, Cuneo

(CN)

- IT -

Fiscal Code: 02117760047

Date

:

29/12/2016

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
SANPAOLO-IMI S.P.A.	FIL.IMP. CUNEO	VIA GIOLITTI 1	12100	Cuneo	1025	10205

National Real Estates Survey

The firm under review, by the reported percentages, owns the following real estates:

Town	Cadastre	No. Immovables	Up to Date
CASTELLETTO STURA (CN)	Buildings	3	21/06/2018
CASTELLETTO STURA (CN)	Land	9	21/06/2018
CUNEO (CN)	Buildings	2	21/06/2018
CUNEO (CN)	Land	1	21/06/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1000/1000	CASTELLETTO STURA (CN) VIA MOROZZO, 8 Piano S1-T - 1-2	6	217	2	cat. D/8			Euro: 43.342,00
B	Proprieta' per 1000/1000	CASTELLETTO STURA (CN) VIA GESSO, snc Piano T	6	275	1	cat. D/1			Euro: 86,00
B	Proprieta' per 1000/1000	CASTELLETTO STURA (CN) VIA GESSO, snc Piano T	6	275	2	cat. D/1			Euro: 86,00
B	Proprieta' per 1/1	CUNEO (CN) VIA CASTELLETTO STURA, 160 Piano T	121	419	2	zona2 cat. C/2	1	28 mq	Euro:21,69
B	Proprieta' per 1/1	CUNEO (CN) VIA CASTELLETTO STURA, 160 Piano S1-T - 0001	121	419	3	zona2 cat. D/7			Euro: 8.018,00

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	194		SEM IRR ARB	2	21 are 99 ca	R.D.Euro:17,60 R.A. Euro: 8,52
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	261		SEM IRR ARB	2	40 are 22 ca	R.D.Euro:32,20 R.A. Euro: 15,58
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	263		SEM IRR ARB	2	4 are 11 ca	R.D.Euro:3,29 R.A. Euro: 1,59
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	265		SEM IRR ARB	2	33 are 85 ca	R.D.Euro:27,10 R.A. Euro: 13,11
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	267		SEM IRR ARB	2	32 are 28 ca	R.D.Euro:25,84 R.A. Euro: 12,50
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	269		SEM IRR ARB	2	30 are 90 ca	R.D.Euro:24,74 R.A. Euro: 11,97
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	271		SEM IRR ARB	2	22 are 22 ca	R.D.Euro:17,79 R.A. Euro: 8,61
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	273		SEM IRR ARB	2	15 are 74 ca	R.D.Euro:12,60 R.A. Euro: 6,10
L	Proprieta' per 1/1	CASTELLETTO STURA (CN)	6	277		SEM IRR ARB	2	60 are 14 ca	R.D.Euro:48,14 R.A. Euro: 23,29
L	Proprieta' per 1/1	CUNEO (CN)	121	31		PASCOLO	1	16 are	R.D.Euro:2,89 R.A. Euro: 1,24	28367

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 1991.

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 11,36% in 2016 but without a significant increase in the turnover.

The operating result in 2016 was positive (7,41%) and in line with the sector's average.

The amount of the operating result for the year 2016 is of Eur. 1.971.537 , with no sizeable change as opposed to the year before.

A gross operating margine for a value of Eur. 2.471.787 was reached. , stable if compared to the year before.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,65 but slighlty increasing.

The equity capital is equal to Eur. 11.948.103 , stable in comparison with the value of the previous year.

During the last financial year debts totalled Eur. 11.977.248 (Eur. 883.284 of which were m/l term debts) while during the financial year 2015 the amount was equal to Eur. 8.731.076.

Financial indebdtedness is under control whereas debts to suppliers are frequent and higher than sector's average.

Liquidity is however good.

Trade credits are collected slowly, average term is 139,44 days. , as it normally happens in the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 1.857.100

Subordinate employment cost is of Eur. 1.297.356, i.e. 5,6% on total production costs. and a 5,25% incidence on sales volumes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	24.695.536
Profit (Loss) for the period	1.356.850

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	23.678.873
Profit (Loss) for the period	1.314.151

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	23.676.552
Profit (Loss) for the period	1.347.266

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	20.180.518
Profit (Loss) for the period	820.594

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	18.159.110
Profit (Loss) for the period	783.623

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	10.872	3.360	7.929
. . Concessions,licenses,trademarks,etc.	9.979	13.651	692
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	14.029	6.999	8.750
. Total Intangible Fixed Assets	34.880	24.010	17.371
. TANGIBLE FIXED ASSETS
. . Real estate	3.501.672	3.146.404	2.172.165
. . Plant and machinery	2.245.470	287.763	440.971
. . Industrial and commercial equipment	233.020	133.020	52.561
. . Other assets	293.243	167.685	108.362
. . Assets under construction and advances			13.400
. Total Tangible fixed assets	6.273.405	3.734.872	2.787.459
. FINANCIAL FIXED ASSETS
. . Equity investments	682.331	675.331	220.331
. . . Equity invest. in subsidiary companies	682.000	675.000
. . . Equity invest. in associated companies			220.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	331	331	331
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	682.331	675.331	220.331
Total fixed assets	6.990.616	4.434.213	3.025.161
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	5.760.537	4.659.711	4.313.125
. . Advance payments		51.433
. Total Inventories	5.760.537	4.711.144	4.313.125
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	10.496.372	8.994.894	9.732.162
. . Beyond 12 months		2.562	7.772
. . Trade receivables	9.565.402	8.382.136	9.557.981
. . . . Within 12 months	9.565.402	8.382.136	9.557.981
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	844.518	507.919	69.896
. . . . Within 12 months	844.518	507.919	69.896
. . . . Beyond 12 months
. . Receivables for anticipated taxes	11.382	30.536	35.746
. . . . Within 12 months	11.382	27.974	27.974
. . . . Beyond 12 months		2.562	7.772
. . Receivables due from third parties	75.070	76.865	76.311
. . . . Within 12 months	75.070	76.865	76.311
. . . . Beyond 12 months
. Total Credits not held as fixed assets	10.496.372	8.997.456	9.739.934
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits	3.296.395	3.926.909	2.718.045
. . Checks
. . Banknotes and coins	887	667	1.361
. Total Liquid funds	3.297.282	3.927.576	2.719.406
Total current assets	19.554.191	17.636.176	16.772.465
ADJUSTMENT ACCOUNTS
. Discount on loans		37.057	34.610
. Other adjustment accounts	57.322
Total adjustments accounts	57.322	37.057	34.610
TOTAL ASSETS	26.602.129	22.107.446	19.832.236
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	10.329	10.329	10.329
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	51.646	51.646	51.646
. Reserve for Own shares
. Statute reserves
. Other reserves	10.529.278	9.515.127	8.367.861
. Accumulated Profits (Losses)
. Profit( loss) of the year	1.356.850	1.314.151	1.347.266
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	11.948.103	10.891.253	9.777.102
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	2.202.738	2.043.881	1.886.209
. . Taxation fund, also differed	27.300	27.300	31.281
. . Other funds
Total Reserves for Risks and Charges	2.230.038	2.071.181	1.917.490
Employee termination indemnities	445.131	413.936	375.901
ACCOUNTS PAYABLE
. . . . Within 12 months	11.093.964	8.731.076	7.761.743
. . . . Beyond 12 months	883.284
. . 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	1.100.000
. . . . Within 12 months	216.716
. . . . Beyond 12 months	883.284
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	33.092	2.407	305
. . . . Within 12 months	33.092	2.407	305
. . . . Beyond 12 months
. . Trade payables	9.990.900	7.798.840	6.825.123
. . . . Within 12 months	9.990.900	7.798.840	6.825.123
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	189.796	119.979
. . . . Within 12 months	189.796	119.979
. . . . Beyond 12 months
. . Due to associated companies			64.321
. . . . Within 12 months			64.321
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	28.387	24.840	200.386
. . . . Within 12 months	28.387	24.840	200.386
. . . . Beyond 12 months
. . Due to social security and welfare inst.	57.627	57.188	57.253
. . . . Within 12 months	57.627	57.188	57.253
. . . . Beyond 12 months
. . Other payables	577.446	727.822	614.355
. . . . Within 12 months	577.446	727.822	614.355
. . . . Beyond 12 months
Total accounts payable	11.977.248	8.731.076	7.761.743
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	1.609
Total adjustment accounts	1.609
TOTAL LIABILITIES	26.602.129	22.107.446	19.832.236

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	245.760	41.000
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	24.695.536	23.678.873	23.676.552
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work	44.116	10.950	10.500
. Other income and revenues	403.297	358.655	327.436
. . Contributions for operating expenses	11.578	8.410	7.386
. . Different income and revenues	391.719	350.245	320.050
Total value of production	25.142.949	24.048.478	24.014.488
PRODUCTION COSTS
. Raw material,other materials and consum.	20.191.157	18.522.769	18.277.107
. Services received	2.066.355	2.102.272
. Leases and rentals	124.070	154.623	2.114.951
. Payroll and related costs	1.297.356	1.119.998	1.046.413
. . Wages and salaries	953.966	819.270	768.677
. . Social security contributions	278.907	245.301	226.398
. . Employee termination indemnities	64.213	55.427	51.338
. . Pension and similar
. . Other costs	270
. Amortization and depreciation	500.250	488.505	559.139
. . Amortization of intangible fixed assets	12.356	9.992	6.665
. . Amortization of tangible fixed assets	402.894	435.909	454.022
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	85.000	42.604	98.452
. Changes in raw materials	-1.100.826	-346.586	-77.599
. Provisions to risk reserves
. Other provisions
. Other operating costs	93.050	108.575	105.669
Total production costs	23.171.412	22.150.156	22.025.680
Diff. between value and cost of product.	1.971.537	1.898.322	1.988.808
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	4.593	16.146	17.224
. . 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	4.593	16.146	17.224
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	4.593	16.146	17.224
. Interest and other financial expense	-4.516	-5.197	-3.752
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			3.752
Total financial income and expense	77	10.949	13.472
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		1.295	4.798
. . Gains on disposals
. . Other extraordinary income		1.295	4.798
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		1.295	4.798
Results before income taxes	1.971.614	1.910.566	2.007.078
. Taxes on current income	614.764	596.415	659.812
. . current taxes	595.609	595.186	649.968
. . differed taxes(anticip.)		1.229	9.844
. Net income for the period	1.356.850	1.314.151	1.347.266
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.356.850	1.314.151	1.347.266

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	0,26	0,20	0,15	0,11
Elasticity Ratio	Units	0,74	0,80	0,85	0,87
Availability of stock	Units	0,22	0,21	0,22	0,22
Total Liquidity Ratio	Units	0,52	0,58	0,63	0,56
Quick Ratio	Units	0,12	0,18	0,14	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,65	0,44	0,52	3,81
Self Financing Ratio	Units	0,45	0,49	0,49	0,17
Capital protection Ratio	Units	0,89	0,88	0,86	0,65
Liabilities consolidation quotient	Units	0,12	0,05	0,05	0,12
Financing	Units	1,00	0,80	0,79	4,72
Permanent Indebtedness Ratio	Units	0,50	0,51	0,51	0,30
M/L term Debts Ratio	Units	0,05	0,02	0,02	0,07
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,28
CORRELATION
Fixed assets ratio	Units	1,90	2,55	3,36	2,06
Current ratio	Units	1,76	2,02	2,16	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,24	1,48	1,61	0,84
Structure's primary quotient	Units	1,71	2,46	3,23	1,28
Treasury's primary quotient	Units	0,30	0,45	0,35	0,03
Rate of indebtedness ( Leverage )	%	222,65	202,98	202,84	591,61
Current Capital ( net )	Value	8.460.227	8.905.100	9.010.722	219.071
RETURN
Return on Sales	%	7,52	7,61	8,05	2,22
Return on Equity - Net- ( R.O.E. )	%	11,36	12,07	13,78	6,27
Return on Equity - Gross - ( R.O.E. )	%	16,50	17,54	20,53	15,95
Return on Investment ( R.O.I. )	%	7,41	8,59	10,03	4,19
Return/ Sales	%	7,98	8,02	8,40	3,42
Extra Management revenues/charges incid.	%	68,82	69,23	67,74	29,26
Cash Flow	Value	1.857.100	1.802.656	1.906.405	61.669
Operating Profit	Value	1.971.537	1.898.322	1.988.808	95.558
Gross Operating Margin	Value	2.471.787	2.386.827	2.547.947	144.934
MANAGEMENT
Credits to clients average term	Days	139,44	127,44	145,33	120,94
Debts to suppliers average term	Days	163,75	137,19	121,63	120,04
Average stock waiting period	Days	83,97	71,63	65,58	61,92
Rate of capital employed return ( Turnover )	Units	0,93	1,07	1,19	1,27
Rate of stock return	Units	4,29	5,03	5,49	5,74
Labour cost incidence	%	5,25	4,73	4,42	7,77
Net financial revenues/ charges incidence	%	0,00	0,05	0,06	-1,26
Labour cost on purchasing expenses	%	5,60	5,06	4,75	7,90
Short-term financing charges	%	0,04	0,06	0,05	2,67
Capital on hand	%	107,72	93,36	83,76	78,39
Sales pro employee	Value	617.388	696.437	739.892	437.713
Labour cost pro employee	Value	32.433	32.941	32.700	33.928

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	569.987
Population living in the region	:	4.330.172
Number of families in the region	:	1.889.207

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

- per food products	:	429
- per non food products	:	1.789
- per energy consume	:	135

Sector Data

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

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

The average duration of suppliers debts is about 120 dd.

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

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

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

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

The employees costs represent the 7,90% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered 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 68.17
UK Pound	1	INR 90.47
Euro	1	INR 79.74
Euro	1	INR 79.82

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.