MIRA INFORM REPORT

Report No. :	495558
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	MONTI ANTONIO S.P.A
Registered Office :	Via Dell'elettronica, 5, 36016- Thiene(VI)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	21.12.1987
Legal Form :	Joint stock company
Line of Business :	· Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories) · Manufacture of apparatus and machinery for laundries and ironing establishments (including spare parts and accessories)
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	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 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. 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

Monti Antonio S.p.a.

Via

Dell'elettronica,

5

36016

- Thiene

(VI)

-IT-

Summary

Fiscal Code	:	01960870242
Legal Form	:	Joint stock company
start of Activities	:	21/12/1987
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 71 to 90

Activity

Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spare parts and accessories)

Manufacture of apparatus and machinery for laundries and ironing establishments (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01960870242

Foreign Trade Reg. no. : VI016589 since 19/12/1991

Chamber of Commerce no. : 197931 of Vicenza since 05/04/1988

V.A.T. Code : 01960870242

Establishment date	: 21/12/1987
Start of Activities	: 21/12/1987
Legal duration	: 31/12/2050
Nominal Capital	: 208.000
Subscribed Capital	: 208.000
Paid up Capital	: 208.000

Legal mail :

MONTIANTONIOSPA@PCERT.IT

Members

Monti

Antonio

Born in Villaverla

(VI)

on 22/07/1926

- Fiscal Code : MNTNTN26L22M032Y

Residence:

Monte Grappa

, 15

- 36016

Thiene

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2015
Board Chairman	29/06/2015
Managing Director	29/06/2015

No Prejudicial events are reported

No Protests registered

Monti

Antonella

Born in Thiene

(VI)

on 13/06/1961

- Fiscal Code : MNTNNL61H53L157L

Residence:

Isonzo

, 20

- 36016

Thiene

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2015

Monti

Vincenzo

Born in Thiene

(VI)

on 04/11/1963

- Fiscal Code : MNTVCN63S04L157A

Residence:

Garibaldi

, 122

- 36016

Thiene

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2015
Managing Director	29/06/2015

No Prejudicial events are reported

No Protests registered

Monti

Clementina

Born in Thiene

(VI)

on 14/04/1970

- Fiscal Code : MNTCMN70D54L157T

Residence:

Tagliamento

, 17

- 36030

Zugliano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2015

Antonio Monti S.r.l.

Residence:

Dell'elettronica

, 5

- 36016

Thiene

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
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.

Monti

Antonio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03470730247	Managing Director	Active	Registered
Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03470730247	Director	Active	Registered
Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03470730247	Board Chairman	Active	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Managing Director	Active	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Director	Active	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Partner	Withdrawn	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Board Chairman	Active	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	Managing Director	Active	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	Director	Active	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	Partner	Withdrawn	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	Board Chairman	Active	Registered

Monti

Vincenzo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03470730247	Managing Director	Active	Registered
Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03470730247	Director	Active	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Managing Director	Active	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Director	Active	Registered
Antonio Monti S.r.l.	Thiene (VI) - IT -	01520650241	Partner	Withdrawn	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	Managing Director	Active	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	Director	Active	Registered
Antonio Monti Immobiliare S.r.l.	Thiene (VI) - IT -	03560130241	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
Monti Antonio	Thiene - IT -	MNTNTN26L22M032Y	2.080 .Eur	1,00
Antonio Monti S.r.l.	Thiene - IT -	01520650241	205.920 .Eur	99,00

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
Monti Immobiliare S.r.l.	Thiene - IT -	03470730247	6.000 .Eur	37,50			Active

Firm's location and structure

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

-	Legal and operative seat

Dell'elettronica

, 5

- 36016

- Thiene

(VI)

- IT -

PHONE

: 0445364619

Legal mail

: MONTIANTONIOSPA@PCERT.IT

-

Branch

(Factory)

since 14/09/2005

Dei Mestieri

, 13-23

- 36016

- Thiene

(VI)

- IT -

-

Branch

(Factory)

since 01/12/2014

Della Fisica

, 6

- 36016

- Thiene

(VI)

- IT -

Employees

: 83

Fittings and Equipment for a value of 210.000

Eur

Stocks for a value of 4.130.000

Eur

The firm operates abroad as exporter..

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

Products abroad are placed by :

- its own agents

- direct orders from foreign companies

Export is mainly towards:

- Italy

- Ireland

- Bulgaria

- Belgium

- France

- Germany

- Great Britain

- Greece

- Austria

- Cyprus

- Somalia

- Gabon

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

25/06/2007

Splitting-up and setting-up of a new company

Monti Immobiliare S.r.l.

Dell'elettronica

, 5

, 36016

, Thiene

(VI)

- IT -

Fiscal Code: 03470730247

Date

Splitting-up:

18/04/2008

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
THIENE (VI)	Buildings	5	28/02/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	THIENE (VI) VIA DEI PINI, SNC Piano T	10	713	100	cat. C/6	1	19 mq	Euro:33,36
B	Proprieta' per 1/1	THIENE (VI) VIA DEI PINI, SNC Piano T-1	10	713	118	cat. D/1			Euro: 6.100,00
B	Proprieta' per 1/1	THIENE (VI) VIA DEI PINI, SNC Piano T	10	713	97	cat. C/6	1	14 mq	Euro:24,58
B	Proprieta' per 1/1	THIENE (VI) VIA DEI PINI, SNC Piano T	10	713	98	cat. C/6	1	14 mq	Euro:24,58
B	Proprieta' per 1/1	THIENE (VI) VIA DEI PINI, SNC Piano T	10	713	99	cat. C/6	1	13 mq	Euro:22,83

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 1987

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 30,75% in 2016 but without a significant increase in the turnover.

The operating result was positive in the last financial year (18,71%) and higler than the field average.

An operating result of Eur. 3.640.057 has been registered. with a more then 100% growth.

During the latest financial year the gross operating margin amounted to Eur. 4.480.192 showing a 70,01% growth.

Excellent equity structure since liquidity is higher than short term liabilities.

It's shareholders funds amount to Eur. 8.182.769 , unchanged if compared to 2015.

Total indebtedness amounts to Eur. 8.744.786, on the same levels as the year before.

Moderate recourse to bank credit while the exposure towards suppliers is rather high however still within the sector's average.

Liquidity is good (2,03)

Credits are collected in 32,26 days on the average. , a better value than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 2.655.975

In the last financial year labour cost was of Eur. 4.536.192, with a 22,2% incidence on total costs of production. , whereas 18,69% is the incidence on sales revenues.

No incidence of financial charges as lower than the incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	24.267.420
Profit (Loss) for the period	2.515.840

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	23.831.382
Profit (Loss) for the period	1.155.087

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	20.917.457
Profit (Loss) for the period	1.911.663

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	15.320.489
Profit (Loss) for the period	1.593.400

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	13.867.837
Profit (Loss) for the period	978.574

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.			32.883
. . Industrial patent rights	13.842
. . Concessions,licenses,trademarks,etc.	2.566	22.029	19.887
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	178.609	681	1.573
. Total Intangible Fixed Assets	195.017	22.710	54.343
. TANGIBLE FIXED ASSETS
. . Real estate	20.698
. . Plant and machinery	138.305	162.159	187.269
. . Industrial and commercial equipment	71.067	39.710	21.312
. . Other assets	222.027	252.515	53.523
. . Assets under construction and advances
. Total Tangible fixed assets	452.097	454.384	262.104
. FINANCIAL FIXED ASSETS
. . Equity investments	900.066	900.066	900.066
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	900.066	900.066	900.066
. . Financial receivables	100.000	100.000	100.000
. . . . Within 12 months	100.000	100.000	100.000
. . . . 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	100.000	100.000	100.000
. . . . Within 12 months	100.000	100.000	100.000
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.000.066	1.000.066	1.000.066
Total fixed assets	1.647.180	1.477.160	1.316.513
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.845.347	2.084.770	1.870.355
. . Work in progress and semimanufactured	1.015.746	1.294.506	1.991.038
. . Work in progress on order
. . Finished goods	1.267.753	1.272.680	883.950
. . Advance payments
. Total Inventories	4.128.846	4.651.956	4.745.343
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.118.999	4.018.627	3.630.604
. . Beyond 12 months			74.314
. . Trade receivables	2.174.945	2.653.734	1.722.938
. . . . Within 12 months	2.174.945	2.653.734	1.722.938
. . . . 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	1.029.717	504.957	1.388.492
. . . . Within 12 months	1.029.717	504.957	1.314.178
. . . . Beyond 12 months			74.314
. . Receivables for anticipated taxes	600.750	405.912	236.072
. . . . Within 12 months	600.750	405.912	236.072
. . . . Beyond 12 months
. . Receivables due from third parties	313.587	454.024	357.416
. . . . Within 12 months	313.587	454.024	357.416
. . . . Beyond 12 months
. Total Credits not held as fixed assets	4.118.999	4.018.627	3.704.918
. 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	736.402	1.155.024	1.240.514
. Total Financial Assets	736.402	1.155.024	1.240.514
. LIQUID FUNDS
. . Bank and post office deposits	8.788.695	6.467.919	4.921.933
. . Checks
. . Banknotes and coins	1.918	3.206	2.900
. Total Liquid funds	8.790.613	6.471.125	4.924.833
Total current assets	17.774.860	16.296.732	14.615.608
ADJUSTMENT ACCOUNTS
. Discount on loans		12.410	15.090
. Other adjustment accounts	30.409
Total adjustments accounts	30.409	12.410	15.090
TOTAL ASSETS	19.452.449	17.786.302	15.947.211
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	208.000	208.000	208.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	41.600	41.600	41.600
. Reserve for Own shares
. Statute reserves
. Other reserves	5.417.329	6.342.241	4.430.581
. Accumulated Profits (Losses)
. Profit( loss) of the year	2.515.840	1.155.087	1.911.663
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	8.182.769	7.746.928	6.591.844
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	432	1.195	257
. . Other funds	2.100.000	1.400.000	700.000
Total Reserves for Risks and Charges	2.100.432	1.401.195	700.257
Employee termination indemnities	415.130	422.278	435.616
ACCOUNTS PAYABLE
. . . . Within 12 months	8.744.786	8.215.901	8.200.717
. . . . Beyond 12 months			18.777
. . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance		18.228	54.260
. . . . Within 12 months		18.228	35.483
. . . . Beyond 12 months			18.777
. . Advances from customers	1.439.365	1.452.459	1.462.843
. . . . Within 12 months	1.439.365	1.452.459	1.462.843
. . . . Beyond 12 months
. . Trade payables	4.792.171	5.536.078	4.544.048
. . . . Within 12 months	4.792.171	5.536.078	4.544.048
. . . . 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	1.664.602	257.278	1.389.651
. . . . Within 12 months	1.664.602	257.278	1.389.651
. . . . Beyond 12 months
. . Due to social security and welfare inst.	298.009	326.674	320.523
. . . . Within 12 months	298.009	326.674	320.523
. . . . Beyond 12 months
. . Other payables	550.639	625.184	448.169
. . . . Within 12 months	550.639	625.184	448.169
. . . . Beyond 12 months
Total accounts payable	8.744.786	8.215.901	8.219.494
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	9.332
Total adjustment accounts	9.332
TOTAL LIABILITIES	19.452.449	17.786.302	15.947.211

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	24.267.420	23.831.382	20.917.457
. Changes in work in progress	-283.688	-307.801	1.095.732
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	85.079	168.430	122.431
. . Contributions for operating expenses
. . Different income and revenues	85.079	168.430	122.431
Total value of production	24.068.811	23.692.011	22.135.620
PRODUCTION COSTS
. Raw material,other materials and consum.	6.676.223	8.365.370	7.418.989
. Services received	7.631.750	7.940.992
. Leases and rentals	340.592	435.352	7.534.151
. Payroll and related costs	4.536.192	4.430.051	3.998.978
. . Wages and salaries	3.340.373	3.221.701	2.896.194
. . Social security contributions	960.281	1.011.198	928.598
. . Employee termination indemnities	216.538	197.152	174.186
. . Pension and similar
. . Other costs	19.000
. Amortization and depreciation	140.135	143.394	106.678
. . Amortization of intangible fixed assets	7.789	46.287	39.552
. . Amortization of tangible fixed assets	121.058	83.987	58.176
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	11.288	13.120	8.950
. Changes in raw materials	239.423	-214.415	-582.680
. Provisions to risk reserves	700.000	700.000	700.000
. Other provisions
. Other operating costs	164.439	99.524	85.623
Total production costs	20.428.754	21.900.268	19.261.739
Diff. between value and cost of product.	3.640.057	1.791.743	2.873.881
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	47.536
. . In subsidiary companies
. . In associated companies
. . In other companies	47.536
. Other financial income	42.141	25.343	32.458
. . Financ.income from receivables	1.000	1.000
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies	1.000	1.000
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	41.141	24.343	32.458
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	41.141	24.343	32.458
. Interest and other financial expense	5.702	-37.665	-27.593
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-27.593
Total financial income and expense	95.379	-12.322	4.865
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		44.724	44.014
. . Gains on disposals		15.031	25.292
. . Other extraordinary income		29.693	18.722
. Extraordinary expense		-46.865	-21.614
. . Losses on disposals		-10.584	-18.830
. . Taxes relating to prior years
. . Other extraordinary expense		-36.281	-2.784
Total extraordinary income and expense		-2.141	22.400
Results before income taxes	3.735.436	1.777.280	2.901.146
. Taxes on current income	1.219.596	622.193	989.483
. . current taxes	1.415.197	791.095	1.160.759
. . differed taxes(anticip.)		-168.902	-171.276
. Net income for the period	2.515.840	1.155.087	1.911.663
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	2.515.840	1.155.087	1.911.663

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	0,08	0,08	0,08	0,18
Elasticity Ratio	Units	0,91	0,92	0,92	0,80
Availability of stock	Units	0,21	0,26	0,30	0,24
Total Liquidity Ratio	Units	0,70	0,65	0,62	0,48
Quick Ratio	Units	0,49	0,43	0,39	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	0,23	0,50	3,25
Self Financing Ratio	Units	0,42	0,44	0,41	0,19
Capital protection Ratio	Units	0,67	0,82	0,68	0,63
Liabilities consolidation quotient	Units	0,05	0,05	0,06	0,19
Financing	Units	1,07	1,06	1,25	3,80
Permanent Indebtedness Ratio	Units	0,44	0,46	0,44	0,36
M/L term Debts Ratio	Units	0,02	0,02	0,03	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	5,22	5,53	5,35	1,75
Current ratio	Units	2,03	1,98	1,78	1,21
Acid Test Ratio-Liquidity Ratio	Units	1,56	1,42	1,20	0,81
Structure's primary quotient	Units	4,97	5,24	5,01	1,03
Treasury's primary quotient	Units	1,09	0,93	0,75	0,06
Rate of indebtedness ( Leverage )	%	237,72	229,59	241,92	516,42
Current Capital ( net )	Value	9.030.074	8.080.831	6.414.891	422.465
RETURN
Return on Sales	%	10,94	5,45	9,65	3,35
Return on Equity - Net- ( R.O.E. )	%	30,75	14,91	29,00	5,13
Return on Equity - Gross - ( R.O.E. )	%	45,65	22,94	44,01	14,77
Return on Investment ( R.O.I. )	%	18,71	10,07	18,02	4,16
Return/ Sales	%	15,00	7,52	13,74	4,11
Extra Management revenues/charges incid.	%	69,12	64,47	66,52	28,57
Cash Flow	Value	2.655.975	1.298.481	2.018.341	122.482
Operating Profit	Value	3.640.057	1.791.743	2.873.881	144.752
Gross Operating Margin	Value	4.480.192	2.635.137	3.680.559	241.990
MANAGEMENT
Credits to clients average term	Days	32,26	40,09	29,65	111,85
Debts to suppliers average term	Days	117,77	119,04	109,40	128,30
Average stock waiting period	Days	61,25	70,27	81,67	80,43
Rate of capital employed return ( Turnover )	Units	1,25	1,34	1,31	1,08
Rate of stock return	Units	5,88	5,12	4,41	4,45
Labour cost incidence	%	18,69	18,59	19,12	19,12
Net financial revenues/ charges incidence	%	0,39	-0,05	0,02	-1,08
Labour cost on purchasing expenses	%	22,20	20,23	20,76	19,02
Short-term financing charges	%	n.c.	0,46	0,34	2,68
Capital on hand	%	80,16	74,63	76,24	91,91
Sales pro employee	Value	172.109	172.691	168.689	198.432
Labour cost pro employee	Value	32.171	32.101	32.249	35.779

Remarks

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

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

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

Market / Territory Data

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

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

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

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% 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 13.782 protested subjects are found; in the province they count to 2.234.

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

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 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 :	NIS
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.