MIRA INFORM REPORT

Report No. :	495329
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	PLASTI- APE - S.P.A
Registered Office :	Via Primo Maggio, 8 , 23875- Osnago(LC)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	27.02.1969
Legal Form :	Joint stock company
Line of Business :	· Manufacture of plastics in primary forms · Manufacture of plastics products
No. of Employees :	From 251 to 500

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 (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

Plasti- Ape - S.p.a.

Via

Primo Maggio,

8

23875

- Osnago

(LC)

-IT-

Summary

Fiscal Code	:	00231050139
Legal Form	:	Joint stock company
start of Activities	:	24/07/1992
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	from 251 to 500

Activity

Manufacture of plastics in primary forms

Manufacture of plastics products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00231050139

Foreign Trade Reg. no. : MI231452 since 19/09/1995

Foreign Trade Reg. no. : 231452 of Milano since 19/09/1995

Chamber of Commerce no. : 124783 of Lecco since 01/07/2015

Chamber of Commerce no. : 1405021 of Milano since 30/11/1992

Firms' Register : MI146-329893 of Milano since 19/02/1996

V.A.T. Code : 10728530154

Tribunal Co. Register : 329893 of since 09/11/1992

Foundation date	: 27/02/1969
Establishment date	: 27/02/1969
Start of Activities	: 24/07/1992
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

PLASTIAPE@PCERT.POSTECERT.IT

Members

Masuello

Alfredo

Born in Torino

(TO)

on 18/09/1963

- Fiscal Code : MSLLRD63P18L219L

Residence:

Primo Maggio

, 8

- 23875

Osnago

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/11/2016
Managing Director	24/11/2016

No Prejudicial events are reported

No Protests registered

Baraldi

Riccardo

Born in Milano

(MI)

on 10/09/1957

- Fiscal Code : BRLRCR57P10F205E

Residence:

Traiano Marco Ulpio

, 38

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	03/11/2016
Attorney with special power	22/12/2016

No Prejudicial events are reported

No Protests registered

Magni

Pierluigi

Born in Merate

(CO)

on 09/10/1967

- Fiscal Code : MGNPLG67R09F133F

Residence:

Degli Ulivi

, 12

- 23873

Missaglia

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/11/2016
Attorney with special power	13/04/2011

No Prejudicial events are reported

No Protests registered

Citterio

Mauro

Born in Monza

(MB)

on 19/02/1971

- Fiscal Code : CTTMRA71B19F704Z

Residence:

Monsignor Luigi Nava

, 1/E

- 23807

Merate

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/11/2016
Attorney with special power	13/04/2011

No Prejudicial events are reported

No Protests registered

Ghezzi

Barbara

Born in Merate

(CO)

on 31/07/1966

- Fiscal Code : GHZBBR66L71F133G

Residence:

Mons. Nava

, 1/E

- 23807

Merate

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/01/2009

No Prejudicial events are reported

No Protests registered

Franza

Marco

Born in Cles

(TN)

on 25/11/1959

- Fiscal Code : FRNMRC59S25C794C

Residence:

S. Carlo

, 17

- 23875

Osnago

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	13/04/2011

No Prejudicial events are reported

No Protests registered

Beretta

Marco

Born in Desio

(MB)

on 28/09/1955

- Fiscal Code : BRTMRC55P28D286W

Residence:

Privata Perego

, 9

- 22044

Inverigo

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/01/2011

No Prejudicial events are reported

No Protests registered

Sesana

Valeria

Born in Bosisio Parini

(CO)

on 08/05/1971

- Fiscal Code : SSNVLR71E48B081W

Residence:

Papa Giovanni Xxiii

, 84

- 23847

Molteno

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/01/2011

No Prejudicial events are reported

No Protests registered

Kesterton

Simon John

Born in Bromsgrove

( )

on 05/11/1973

- Fiscal Code : KSTSNJ73S05Z114F

Residence:

I Maggio

, 8

- 23875

Osnago

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	24/11/2016

No Prejudicial events are reported

No Protests registered

Vervaat

Petrus Rudolf Maria

Born in Velsen

( )

on 02/04/1965

- Fiscal Code : VRVPRS65D02Z126W

Residence:

I Maggio

, 8

- 23875

Osnago

(LC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/11/2016

Rpc Pisces Holdings Ltd

Position	Since	Shares Amount	% Ownership
Sole partner	24/11/2016

No Protests registered

Rpc Pisces Holdings Limited

Position	Since	Shares Amount	% Ownership
Partner

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.

Masuello

Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Co-sta S.p.a.	Milano (MI) - IT -	00811750132	Director	Withdrawn	Ceased
Co-sta S.p.a.	Milano (MI) - IT -	00811750132	Board Chairman	Withdrawn	Ceased
Prysmian Cavi E Sistemi Italia S.r.l.	Milano (MI) - IT -	04963770013	Procurator	Withdrawn	Registered
Nexans Italia S.p.a.	Pioltello (MI) - IT -	05111040159	Chairman	Withdrawn	Registered
Nexans Italia S.p.a.	Pioltello (MI) - IT -	05111040159	Director	Withdrawn	Registered
Iml S.p.a.	Milano (MI) - IT -	04476960150	Director	Withdrawn	Registered
Union Service Srl	Lecco (LC) - IT -	00632810131	Director	Active	Registered

Kesterton

Simon John

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Obrist Italia S.r.l.	Milano (MI) - IT -	00845250158	Director	Active	Registered
Zeller Plastik Italia S.r.l.	Milano (MI) - IT -	04347110159	Director	Active	Registered
Promens Firenze S.r.l.	Lainate (MI) - IT -	03303260487	Director	Active	Registered
Promens Italy S.r.l.	Prato (PO) - IT -	01982220970	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
Rpc Pisces Holdings Limited			1.000.000 .Eur	100,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Apiservizi S.r.l.	Lecco - IT -	01575380132	5.170 .Eur	0,78			Active
Consorzio Adda Energia	Lecco - IT -	02486590132					Active

Firm's location and structure

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

-	Legal and operative seat

Primo Maggio

, 8

- 22058

- Osnago

(LC)

- IT -

Legal mail

: PLASTIAPE@PCERT.POSTECERT.IT

-

Branch

(Factory)

since 31/12/2010

Rimembranze

, 32

- 22040

- Sirone

(LC)

- IT -

Employees

: 283

Fittings and Equipment for a value of 8.530.000

Eur

Stocks for a value of 5.430.000

Eur

Furniture and fittings for a value of 250.000

Eur

Vehicles for a value of 97.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

Transports are mainly done using own vehicles and third parties ones

The company 's mainly customers are companies.

The firm operates abroad as exporter..

Export trade is the 50 % of the global turnover.

Company generally accepts payments with terms of 60/90 days.

Financial means used for sale: bank transfers and bank orders.

Purchase terms: 60-90-120 days.

Payments are settled by cash order and drafts.

Export is mainly towards:

- Europa

- Stati Uniti

- Australia

- Brasile

- Argentina

The subject firm uses the following own selling brands:

- PLASTI APE

Traded Brands / Suppliers

- CLARIANT

- MDC SRL

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

LIBERTY MIELE S.P.A.

, Milano

- IT -

Fiscal Code: 06345420969

Date

Merging/splitting-up project:

08/04/2009

The firm absorbed by merging of

LIBERTY MIELE S.P.A.

, Milano

- IT -

Fiscal Code: 06345420969

Date

:

22/09/2009

Project of merging by taking over of

Co-sta S.p.a.

Di Porta Venezia

, 1

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 00811750132

Date

Merging/splitting-up project:

08/04/2009

The firm absorbed by merging of

Co-sta S.p.a.

Di Porta Venezia

, 1

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 00811750132

Date

:

21/10/2010

Project of merging by taking over of

PLASTI - HONEY S.P.A.

, Milano

- IT -

Fiscal Code: 08258360968

Date

Merging/splitting-up project:

10/07/2013

The firm absorbed by merging of

PLASTI - HONEY S.P.A.

, Milano

- IT -

Fiscal Code: 08258360968

Date

:

20/11/2013

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. FUS. INTESA SAN PAO	SUCCURSALE DI MERATE	VIALE LOMBARDIA,2	22055	Merate	1025	51530
BANCO DI BRESCIA SAN PAOLO CAB S.P.A.	FILIALE DI TREZZO SULL ADDA	VIA BAZZONI	20056	Trezzo sull Adda	3500	33920
BANCA POP. MILANO					5584	0

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

The company is active since 1992

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

Under the financial profile unstable results are noted. with a profit (r.o.e. 3,75%) in the last financial year

The return on Investment in the last financial year was positive (7,34%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 5.782.859 ,showing stability in respect to the value of 2015.

A gross operating margine for a value of Eur. 14.062.140 was reached. stable if compared to the financial year 2015.

The financial status of the company is fairly balanced with an indebtedness level of 1,82 but with an increase as against the previous accounting period.

With regard to equity capital, an amount of Eur. 25.091.536 is registered. on the same levels as the year before.

Eur. 50.021.995 is the amount of total debts, both commercial and of different nature, with no important change.

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high even in comparison with the sector's.

Liquid assets are not adequatel to subject's needs.

Accounts receivable average term is 82,18 days. , a value lower than the sector's average.

The financial management generated a cash flow of Eur. 8.920.711.

In the last financial year labour cost was of Eur. 15.996.833, with a 30,7% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 29,76%.

High incidence of financial charges on turnover.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	53.747.914
Profit (Loss) for the period	941.430

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	51.014.790
Profit (Loss) for the period	1.745.886

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	48.318.720
Profit (Loss) for the period	-25.511

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	46.582.800
Profit (Loss) for the period	429.732

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	47.391.760
Profit (Loss) for the period	4.022.113

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	56.008	95.547	135.087
. . Research,develop. and advert.expens.	196.279	110.985
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	2.635	15.458	32.766
. . Goodwill	34.869.101	40.164.324	45.459.547
. . Assets in formation and advance paymen.	366.333		36.492
. . Other intangible fixed assets	566.662	1.361.746	1.637.572
. Total Intangible Fixed Assets	36.057.018	41.748.060	47.301.464
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	6.430.760	3.771.287	1.956.905
. . Industrial and commercial equipment	2.097.026	1.611.997	1.221.523
. . Other assets	148.460	151.410	148.654
. . Assets under construction and advances	313.899	2.798.665	4.303.407
. Total Tangible fixed assets	8.990.145	8.333.359	7.630.489
. FINANCIAL FIXED ASSETS
. . Equity investments	7.007.604	7.007.604	7.007.604
. . . Equity invest. in subsidiary companies	7.000.000	7.000.000	7.000.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	7.604	7.604	7.604
. . Financial receivables	450.000	250.000
. . . . Within 12 months	450.000	250.000
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	450.000	250.000
. . . . Within 12 months	450.000	250.000
. . . . 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	7.457.604	7.257.604	7.007.604
Total fixed assets	52.504.767	57.339.023	61.939.557
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.144.279	955.343	952.486
. . Work in progress and semimanufactured	989.123	850.333	874.564
. . Work in progress on order
. . Finished goods	2.493.598	2.284.084	2.179.291
. . Advance payments	803.729	227.000
. Total Inventories	5.430.729	4.316.760	4.006.341
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	16.338.257	13.775.301	13.668.240
. . Beyond 12 months		437.515	228.677
. . Trade receivables	12.269.014	12.308.190	12.324.340
. . . . Within 12 months	12.269.014	12.308.190	12.324.340
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	273.430	174.132	99.333
. . . . Within 12 months	273.430	174.132	99.333
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.	2.861.658
. . . . Within 12 months	2.861.658
. . . . Beyond 12 months
. . Fiscal Receivables	585.794	1.462.700	1.092.005
. . . . Within 12 months	585.794	1.027.937	870.380
. . . . Beyond 12 months		434.763	221.625
. . Receivables for anticipated taxes	183.115	18.329	18.329
. . . . Within 12 months	183.115	18.329	18.329
. . . . Beyond 12 months
. . Receivables due from third parties	165.246	249.465	362.910
. . . . Within 12 months	165.246	246.713	355.858
. . . . Beyond 12 months		2.752	7.052
. Total Credits not held as fixed assets	16.338.257	14.212.816	13.896.917
. 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	4.354.485	4.067.123	1.793.457
. . Checks
. . Banknotes and coins	2.588	2.843	2.564
. Total Liquid funds	4.357.073	4.069.966	1.796.021
Total current assets	26.126.059	22.599.542	19.699.279
ADJUSTMENT ACCOUNTS
. Discount on loans			146.419
. Other adjustment accounts	125.175	125.137
Total adjustments accounts	125.175	125.137	146.419
TOTAL ASSETS	78.756.001	80.063.702	81.785.255
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	1.000.000
. Additional paid-in capital	561.955	561.955	561.955
. Revaluation reserves
. Legal reserve	478.400	478.400	478.400
. Reserve for Own shares
. Statute reserves
. Other reserves	22.109.751	22.871.625	40.959.645
. Accumulated Profits (Losses)			429.732
. Profit( loss) of the year	941.430	1.745.886	-25.511
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	25.091.536	26.657.866	43.404.221
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	47.941	49.069	40.051
. . Taxation fund, also differed
. . Other funds	300.000	492.241
Total Reserves for Risks and Charges	347.941	541.310	40.051
Employee termination indemnities	3.089.124	3.102.461	3.193.183
ACCOUNTS PAYABLE
. . . . Within 12 months	50.021.995	12.157.809	11.373.205
. . . . Beyond 12 months		37.360.000	23.579.586
. . 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		40.500.000	26.894.958
. . . . Within 12 months		3.140.000	3.315.372
. . . . Beyond 12 months		37.360.000	23.579.586
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	774.713	424.213	128.274
. . . . Within 12 months	774.713	424.213	128.274
. . . . Beyond 12 months
. . Trade payables	5.705.434	5.675.731	5.062.612
. . . . Within 12 months	5.705.434	5.675.731	5.062.612
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	159.354	11.017
. . . . Within 12 months	159.354	11.017
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	39.922.603
. . . . Within 12 months	39.922.603
. . . . Beyond 12 months
. . Due to the tax authorities	575.186	884.504	751.437
. . . . Within 12 months	575.186	884.504	751.437
. . . . Beyond 12 months
. . Due to social security and welfare inst.	792.900	661.430	657.767
. . . . Within 12 months	792.900	661.430	657.767
. . . . Beyond 12 months
. . Other payables	2.091.805	1.360.914	1.457.743
. . . . Within 12 months	2.091.805	1.360.914	1.457.743
. . . . Beyond 12 months
Total accounts payable	50.021.995	49.517.809	34.952.791
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	205.405	244.256	195.009
Total adjustment accounts	205.405	244.256	195.009
TOTAL LIABILITIES	78.756.001	80.063.702	81.785.255

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	-6.000.000
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	53.747.914	51.014.790	48.318.720
. Changes in work in progress	348.304	131.817	-187.672
. Changes in semi-manufact. products
. Capitalization of internal work	197.394	274.480	512
. Other income and revenues	3.597.542	1.368.175	633.106
. . Contributions for operating expenses	53.576	63.861	34.868
. . Different income and revenues	3.543.966	1.304.314	598.238
Total value of production	57.891.154	52.789.262	48.764.666
PRODUCTION COSTS
. Raw material,other materials and consum.	14.089.251	13.802.976	13.285.221
. Services received	11.277.966	8.926.762	9.049.019
. Leases and rentals	2.453.112	2.259.390	2.139.285
. Payroll and related costs	15.996.833	14.027.313	12.661.685
. . Wages and salaries	12.259.588	10.349.354	9.129.056
. . Social security contributions	3.078.853	3.083.694	2.953.581
. . Employee termination indemnities	628.781	564.480	547.466
. . Pension and similar
. . Other costs	29.611	29.785	31.582
. Amortization and depreciation	7.979.281	8.210.010	7.311.769
. . Amortization of intangible fixed assets	5.720.970	5.706.634	5.672.104
. . Amortization of tangible fixed assets	1.462.899	1.364.988	1.577.381
. . Depreciation of tangible fixed assets	731.616	1.075.211
. . Writedown of current receiv.and of liquid	63.796	63.177	62.284
. Changes in raw materials	-188.936	-2.857	39.638
. Provisions to risk reserves	300.000
. Other provisions		51.255
. Other operating costs	200.788	206.982	140.983
Total production costs	52.108.295	47.481.831	44.627.600
Diff. between value and cost of product.	5.782.859	5.307.431	4.137.066
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	21.109	12.449	8.390
. . Financ.income from receivables	14.212	5.006
. . . Towards subsidiary companies	14.212	5.006
. . . 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	6.897	7.443	8.390
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	6.897	7.443	8.390
. Interest and other financial expense	-1.678.212	-1.466.731	-1.602.448
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-1.657.103	-1.454.282	-1.594.058
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-486.364
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-486.364
Total adjustments to financial assets	-486.364
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			104.693
. . Gains on disposals
. . Other extraordinary income			104.693
. Extraordinary expense			-2
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-2
Total extraordinary income and expense			104.691
Results before income taxes	3.639.392	3.853.149	2.647.699
. Taxes on current income	2.697.962	2.107.263	2.673.210
. . current taxes	2.862.748	2.703.535	2.665.306
. . differed taxes(anticip.)			7.904
. Net income for the period	941.430	1.745.886	-25.511
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	941.430	1.745.886	-25.511

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	0,67	0,72	0,76	0,33
Elasticity Ratio	Units	0,33	0,28	0,24	0,65
Availability of stock	Units	0,07	0,05	0,05	0,14
Total Liquidity Ratio	Units	0,26	0,23	0,19	0,47
Quick Ratio	Units	0,06	0,05	0,02	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,82	0,30	0,22	2,54
Self Financing Ratio	Units	0,32	0,33	0,53	0,22
Capital protection Ratio	Units	0,92	0,90	0,98	0,74
Liabilities consolidation quotient	Units	0,06	3,33	2,35	0,24
Financing	Units	1,99	1,86	0,81	3,21
Permanent Indebtedness Ratio	Units	0,36	0,84	0,86	0,41
M/L term Debts Ratio	Units	0,04	0,51	0,33	0,13
Net Financial Indebtedness Ratio	Units	0,00	1,37	0,58	1,12
CORRELATION
Fixed assets ratio	Units	0,54	1,17	1,13	1,17
Current ratio	Units	0,52	1,86	1,73	1,10
Acid Test Ratio-Liquidity Ratio	Units	0,41	1,50	1,38	0,82
Structure's primary quotient	Units	0,48	0,46	0,70	0,68
Treasury's primary quotient	Units	0,09	0,33	0,16	0,03
Rate of indebtedness ( Leverage )	%	313,87	300,34	188,43	455,17
Current Capital ( net )	Value	-23.895.936	10.441.733	8.326.074	135.108
RETURN
Return on Sales	%	16,60	19,52	15,08	3,71
Return on Equity - Net- ( R.O.E. )	%	3,75	6,55	-0,06	2,32
Return on Equity - Gross - ( R.O.E. )	%	14,50	14,45	6,10	8,76
Return on Investment ( R.O.I. )	%	7,34	6,63	5,06	3,87
Return/ Sales	%	10,76	10,40	8,56	3,60
Extra Management revenues/charges incid.	%	16,28	32,90	-0,62	16,69
Cash Flow	Value	8.920.711	9.955.896	7.286.258	147.669
Operating Profit	Value	5.782.859	5.307.431	4.137.066	140.969
Gross Operating Margin	Value	14.062.140	13.568.696	11.448.835	283.954
MANAGEMENT
Credits to clients average term	Days	82,18	86,86	91,82	110,91
Debts to suppliers average term	Days	592,50	81,92	74,47	113,90
Average stock waiting period	Days	36,37	30,46	29,85	47,23
Rate of capital employed return ( Turnover )	Units	0,68	0,64	0,59	1,09
Rate of stock return	Units	9,90	11,82	12,06	7,61
Labour cost incidence	%	29,76	27,50	26,20	15,52
Net financial revenues/ charges incidence	%	-3,08	-2,85	-3,30	-1,76
Labour cost on purchasing expenses	%	30,70	29,54	28,37	15,56
Short-term financing charges	%	3,35	2,96	4,58	3,19
Capital on hand	%	146,53	156,94	169,26	91,39
Sales pro employee	Value	107.711	116.472	122.325	214.336
Labour cost pro employee	Value	32.057	32.025	32.054	32.630

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	:	322.150
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 2.727 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 114 dd.

The sector's profitability is on an average of 3,71%.

The labour cost affects the turnover in the measure of 15,52%.

Goods are held in stock in a range of 47 dd.

The difference between the sales volume and the resources used to realize it is about 1,09.

The employees costs represent the 15,56% of the production costs.

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 1.666.

The insolvency index for the region is 0,55, , while for the province it is 0,52.

Total Bankrupt companies in the province : 940.

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 :	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)

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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.