3decades

MIRA INFORM REPORT

Report No. :	494875
Report Date :	03.03.2018

IDENTIFICATION DETAILS

Name :	REPI - S.P.A.

Registered Office :	Via B. Franklin, 2, 21050 - Lonate Ceppino(VA)-IT

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	25.06.1973

Legal Form :	Joint stock company

Line of Business :	· Manufacture of chemicals and chemical products · Manufacture of dyes and pigments · Wholesale of chemical products

No. of Employees :	From 71 to 90

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

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’s economy compromises 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

Repi - S.p.a.

Via

B. Franklin,

21050

- Lonate Ceppino

(VA)

-IT-

Summary

Fiscal Code	:	00331580126
Legal Form	:	Joint stock company
start of Activities	:	25/06/1973
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 71 to 90

Activity

Manufacture of chemicals and chemical products

Manufacture of dyes and pigments

Wholesale of chemical products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00331580126

Foreign Trade Reg. no. : VA024235 since 12/02/1992

Chamber of Commerce no. : 201216 of Treviso

Chamber of Commerce no. : 127993 of Varese since 03/07/1973

Firms' Register : VA026-8934 of Varese since 19/02/1996

V.A.T. Code : 00331580126

Tribunal Co. Register : 8934 of

Foundation date	: 25/06/1973
Establishment date	: 25/06/1973
Start of Activities	: 25/06/1973
Legal duration	: 31/12/2050
Nominal Capital	: 1.100.000
Subscribed Capital	: 1.100.000
Paid up Capital	: 1.100.000

Legal mail :

REPI@CERTIMPRESE.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Angiolini

Ferruccio

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Born in Seregno

(MB)

on 29/11/1943

- Fiscal Code : NGLFRC43S29I625A

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Residence:

, SNC

- 19018

Vernazza

(SP)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	08/09/2015
Director	08/09/2015

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No Prejudicial events are reported

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No Protests registered

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Colombo

Mariarosa

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Born in Rho

(MI)

on 06/08/1945

- Fiscal Code : CLMMRS45M46H264U

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Residence:

Mameli

, 15

- 21052

Busto Arsizio

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/10/1995
Director	08/09/2015

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No Prejudicial events are reported

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No Protests registered

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Angiolini

Filippo

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Born in Milano

(MI)

on 06/07/1978

- Fiscal Code : NGLFPP78L06F205Q

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Residence:

Via Cortivallo

, 41

Sorengo

- CH -

Position	Since	Shares Amount	% Ownership
Attorney with special power	16/07/2012
Director	08/09/2015

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

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Angiolini

Ferruccio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
P.a.l. Coltronica-s.r.l. In Liquidazione	Busto Arsizio (VA) - IT -	00668770126	Liquidator	Withdrawn	Ceased
Repi Milano S.p.a.	Milano (MI) - IT -	07234840960	Sole Director	Active	Registered
Manitoba S.r.l.	Milano (MI) - IT -	07499120967	Sole 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
Angiolini Ferruccio	Vernazza - IT -	NGLFRC43S29I625A	682.000 .Eur	62,00
Colombo Mariarosa	Busto Arsizio - IT -	CLMMRS45M46H264U	418.000 .Eur	38,00

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
Industria E Universita' S.r.l.	Varese - IT -	01930490121	5.100 .Eur	0,03			Active
Consorzio Per La Promozione Della Cultur a Plastica (proplast)	Tortona - IT -	96029550066					Active

Firm's location and structure

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

Legal and operative seat

since 25/06/1973

B. Franklin

, 2

- 21050

- Lonate Ceppino

(VA)

- IT -

PHONE

: 0331819511

PHONE

: 0331614001

FAX

: 0331819581

Website

: www.repi.it

Legal mail

: REPI@CERTIMPRESE.IT

Employees

: 84

Fittings and Equipment for a value of 710.000

Eur

Stocks for a value of 1.850.000

Eur

Furniture and fittings for a value of 46.000

Eur

Vehicles for a value of 41.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

- direct orders to foreign companies

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- importers

- trading companies

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- France

Export is mainly towards:

- Greece

- Italy

- France

- Austria

- Stati Uniti

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	28/06/1995

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Repi Srl	Repi SpA	28/06/1995

CEASINGS/INCORPORATIONS/MERGES:

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Splitting-up project and setting-up of new co

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Date

Merging/Splitting-up Project-New Company:

10/01/2011

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Splitting-up and setting-up of a new company

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$ MANITOBA S.R.L.

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

, Milano

- IT -

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Vuoto.gif$

Date

Splitting-up:

20/06/2011

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

National Real Estates Survey

The requested subject is not present c/o the CADASTRE OFFICES.

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

Financial and Economical Analysis

Subject is active since 1973

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

During the last years, it achieved profits (r.o.e. 20,07% on 2016) but without a significant increase in the turnover.

The return on Investment in the last financial year was positive (16,75%) falling within the field's average.

The operating result is positive and amounts to Eur. 3.937.018 , on more or less the same values as in the year before.

The economic management produced a gross operating margin of Eur. 4.468.240 ,with no change if compared to the year before.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2016 is in fact 0,03 lower than in 2015.

The equity capital is equal to Eur. 15.199.272 , with an upward trend.

Total debts recorded amounted to Eur. 6.642.055 (Eur. 1.751.179 of which were m/l term debts) , a more or less stable value.

Bank and suppliers credit recourse is limited, 70,53 gg. is payment average period below field's average.

The management determines a good range of liquidity.

Accounts receivable average term is high (108,12 days). within the standard level of the average of the sector.

The financial management generated a cash flow of Eur. 3.533.996.

Labour cost expenses amount to Eur. 5.562.462 , representing 20,35% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 18,12%.

Financial incomes cover financial charges.

Financial Data

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	30.706.372
Profit (Loss) for the period	3.050.014

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	28.791.067
Profit (Loss) for the period	3.629.256

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	27.473.896
Profit (Loss) for the period	623.267

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	25.579.450
Profit (Loss) for the period	1.212.779

$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	26.110.470
Profit (Loss) for the period	1.320.258

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			2.404
. . Research,develop. and advert.expens.	17.174	25.010	29.126
. . Industrial patent rights	90.000	1.843	1.843
. . Concessions,licenses,trademarks,etc.	66.361	54.531	43.787
. . Goodwill
. . Assets in formation and advance paymen.	396.025
. . Other intangible fixed assets	165.388	47.237	49.304
. Total Intangible Fixed Assets	734.948	128.621	126.464
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	627.511	600.411	459.349
. . Industrial and commercial equipment	80.932	84.746	251.947
. . Other assets	392.259	238.836	232.390
. . Assets under construction and advances	621	21.360	3.000
. Total Tangible fixed assets	1.101.323	945.353	946.686
. FINANCIAL FIXED ASSETS
. . Equity investments	81.473	6.043	6.043
. . . Equity invest. in subsidiary companies	76.308	878	878
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	5.165	5.165	5.165
. . Financial receivables	257.245	332.675	332.675
. . . . Within 12 months
. . . . Beyond 12 months	257.245	332.675	332.675
. . . Receivab due from subsidiaries		75.431	75.431
. . . . Within 12 months
. . . . Beyond 12 months		75.431	75.431
. . . 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	257.245	257.244	257.244
. . . . Within 12 months
. . . . Beyond 12 months	257.245	257.244	257.244
. . Other securities	2.093.833	1.082.100	1.082.100
. . Own shares
. . . Total nominal value
. Total financial fixed assets	2.432.551	1.420.818	1.420.818
Total fixed assets	4.268.822	2.494.792	2.493.968
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.148.685	886.730	672.602
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	656.897	486.468	357.793
. . Advance payments	41.870	186.507	45.690
. Total Inventories	1.847.452	1.559.705	1.076.085
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	12.747.726	12.238.837	10.845.816
. . Beyond 12 months		5.813	245.787
. . Trade receivables	9.221.807	9.113.206	8.427.372
. . . . Within 12 months	9.221.807	9.113.206	8.427.372
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	2.656.294	2.571.874	2.306.235
. . . . Within 12 months	2.656.294	2.571.874	2.306.235
. . . . 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	716.979	409.790	112.209
. . . . Within 12 months	716.979	409.790	112.209
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties	152.646	149.780	245.787
. . . . Within 12 months	152.646	143.967
. . . . Beyond 12 months		5.813	245.787
. Total Credits not held as fixed assets	12.747.726	12.244.650	11.091.603
. 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	4.443.068	4.227.046	2.739.093
. . Checks
. . Banknotes and coins	6.795	5.186	4.614
. Total Liquid funds	4.449.863	4.232.232	2.743.707
Total current assets	19.045.041	18.036.587	14.911.395
ADJUSTMENT ACCOUNTS
. Discount on loans		122.444	148.474
. Other adjustment accounts	187.103
Total adjustments accounts	187.103	122.444	148.474
TOTAL ASSETS	23.500.966	20.653.823	17.553.837

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.100.000	1.100.000	1.100.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	220.000	220.000	220.000
. Reserve for Own shares
. Statute reserves
. Other reserves
. Accumulated Profits (Losses)	10.829.258	7.200.003	7.281.234
. Profit( loss) of the year	3.050.014	3.629.256	1.918.769
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	15.199.272	12.149.259	10.520.003
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	15.511	15.511	15.511
. . Other funds		80.000
Total Reserves for Risks and Charges	15.511	95.511	15.511
Employee termination indemnities	1.117.117	1.075.697	1.023.200
ACCOUNTS PAYABLE
. . . . Within 12 months	4.890.876	6.804.929	5.378.723
. . . . Beyond 12 months	1.751.179
. . Bonds	1.016.457	1.016.457	1.016.457
. . . . Within 12 months		1.016.457	1.016.457
. . . . Beyond 12 months	1.016.457
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks			98.027
. . . . Within 12 months			98.027
. . . . Beyond 12 months
. . Due to other providers of finance	912.778	280.000	46.296
. . . . Within 12 months	178.056	280.000	46.296
. . . . Beyond 12 months	734.722
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	4.028.182	3.786.895	3.362.092
. . . . Within 12 months	4.028.182	3.786.895	3.362.092
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	249.022	1.043.137	514.372
. . . . Within 12 months	249.022	1.043.137	514.372
. . . . Beyond 12 months
. . Due to social security and welfare inst.	245.939	209.000	202.365
. . . . Within 12 months	245.939	209.000	202.365
. . . . Beyond 12 months
. . Other payables	189.677	469.440	139.114
. . . . Within 12 months	189.677	469.440	139.114
. . . . Beyond 12 months
Total accounts payable	6.642.055	6.804.929	5.378.723
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	527.011	528.427	616.400
Total adjustment accounts	527.011	528.427	616.400
TOTAL LIABILITIES	23.500.966	20.653.823	17.553.837

MEMORANDUM ACCOUNTS

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

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	30.706.372	28.791.067	27.473.896
. Changes in work in progress	170.428	128.675	12.235
. Changes in semi-manufact. products
. Capitalization of internal work		22.695
. Other income and revenues	392.241	182.818	215.094
. . Contributions for operating expenses
. . Different income and revenues	392.241	182.818	215.094
Total value of production	31.269.041	29.125.255	27.701.225
PRODUCTION COSTS
. Raw material,other materials and consum.	15.762.035	14.916.519	14.208.216
. Services received	3.920.046	3.637.189
. Leases and rentals	878.347	760.230	4.368.580
. Payroll and related costs	5.562.462	5.171.088	5.250.831
. . Wages and salaries	4.086.408	3.797.302	3.876.700
. . Social security contributions	1.218.490	1.140.320	1.151.072
. . Employee termination indemnities	155.947	149.244	141.022
. . Pension and similar
. . Other costs	101.617	84.222	82.037
. Amortization and depreciation	483.982	438.864	491.219
. . Amortization of intangible fixed assets	124.315	36.427	29.923
. . Amortization of tangible fixed assets	359.667	402.437	461.296
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	-261.955	-214.128	8.646
. Provisions to risk reserves	47.240	127.220	41.627
. Other provisions
. Other operating costs	939.866	792.982	1.147.113
Total production costs	27.332.023	25.629.964	25.516.232
Diff. between value and cost of product.	3.937.018	3.495.291	2.184.993
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	54.798	44.455	49.111
. . 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	54.798	44.455	49.111
. . . - Subsidiary companies	14.333	18.343	23.385
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	40.465	26.112	25.726
. Interest and other financial expense	95.785	812.016	-647.751
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-647.751
Total financial income and expense	150.583	856.471	-598.640
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		172.323	44.673
. . Gains on disposals
. . Other extraordinary income		172.323	44.673
. Extraordinary expense			-4.393
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-4.393
Total extraordinary income and expense		172.323	40.280
Results before income taxes	4.087.601	4.524.085	1.626.633
. Taxes on current income	1.037.587	894.829	1.003.366
. . current taxes	1.185.486	1.173.454	760.832
. . differed taxes(anticip.)		-278.625	242.534
. Net income for the period	3.050.014	3.629.256	623.267
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	3.050.014	3.629.256	623.267

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	0,18	0,12	0,14	0,24
Elasticity Ratio	Units	0,81	0,87	0,85	0,75
Availability of stock	Units	0,08	0,08	0,06	0,17
Total Liquidity Ratio	Units	0,73	0,80	0,79	0,53
Quick Ratio	Units	0,19	0,20	0,16	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,03	0,21	0,25	1,43
Self Financing Ratio	Units	0,65	0,59	0,60	0,30
Capital protection Ratio	Units	0,73	0,61	0,71	0,68
Liabilities consolidation quotient	Units	0,59	0,16	0,19	0,23
Financing	Units	0,44	0,56	0,51	2,15
Permanent Indebtedness Ratio	Units	0,77	0,64	0,66	0,47
M/L term Debts Ratio	Units	0,12	0,05	0,06	0,12
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,91
CORRELATION
Fixed assets ratio	Units	4,23	5,30	4,63	1,67
Current ratio	Units	3,89	2,65	2,77	1,35
Acid Test Ratio-Liquidity Ratio	Units	3,52	2,42	2,57	1,06
Structure's primary quotient	Units	3,56	4,87	4,22	1,02
Treasury's primary quotient	Units	0,91	0,62	0,51	0,03
Rate of indebtedness ( Leverage )	%	154,62	170,00	166,86	325,45
Current Capital ( net )	Value	14.154.165	11.231.658	9.532.672	1.979.423
RETURN
Return on Sales	%	11,51	14,13	4,06	3,88
Return on Equity - Net- ( R.O.E. )	%	20,07	29,87	5,92	4,41
Return on Equity - Gross - ( R.O.E. )	%	26,89	37,24	15,46	7,90
Return on Investment ( R.O.I. )	%	16,75	16,92	12,45	3,65
Return/ Sales	%	12,82	12,14	7,95	3,68
Extra Management revenues/charges incid.	%	77,47	103,83	28,52	41,86
Cash Flow	Value	3.533.996	4.068.120	1.114.486	404.155
Operating Profit	Value	3.937.018	3.495.291	2.184.993	405.639
Gross Operating Margin	Value	4.468.240	4.061.375	2.717.839	701.807
MANAGEMENT
Credits to clients average term	Days	108,12	113,95	110,43	109,96
Debts to suppliers average term	Days	70,53	70,59	65,15	93,14
Average stock waiting period	Days	21,66	19,50	14,10	49,38
Rate of capital employed return ( Turnover )	Units	1,31	1,39	1,57	1,13
Rate of stock return	Units	16,62	18,46	25,53	7,29
Labour cost incidence	%	18,12	17,96	19,11	12,13
Net financial revenues/ charges incidence	%	0,49	2,97	-2,18	-1,16
Labour cost on purchasing expenses	%	20,35	20,18	20,58	11,75
Short-term financing charges	%	n.c.	n.c.	12,04	3,01
Capital on hand	%	76,53	71,74	63,89	88,05
Sales pro employee	Value	177.493	178.826	167.523	407.419
Labour cost pro employee	Value	32.152	32.118	32.017	48.289

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Spazio.gif$ 843.250
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Spazio.gif$ 460
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Spazio.gif$ 2.090
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\2\Repi - S.p.a. - Vs. Rif. 494875_files\Spazio.gif$ 114

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 4.597.

The insolvency index for the region is 0,55, , while for the province it is 0,55.

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.23
UK Pound	1	INR 89.71
Euro	1	INR 79.50
Euro	1	INR 80.31

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)

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.