MIRA INFORM REPORT

Report No. :	495473
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	THERMO RAMSEY ITALIA S.R.L.
Registered Office :	Via Rivoltana Km. 6,7, 20090- Rodano(MI)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	09.02.1968
Legal Form :	Sole-Member Limited Liability Company
Line of Business :	· Manufacture of automatic machines for dosing, wrapping and packaging · (including seperate parts and accessories) · Agents and representatives of office machinery and equipment
No. of Employees :	From 51 to 70

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

Thermo Ramsey Italia S.r.l.

Via	Rivoltana Km. 6,7,

20090

- Rodano

(MI)

-IT-

Summary

Fiscal Code	:	00795140151
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	04/03/1968
Equity	:	2.500.000
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 51 to 70

Activity

Manufacture of automatic machines for dosing, wrapping and packaging

(including seperate parts and accessories)

Agents and representatives of office machinery and equipment

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 00795140151

Foreign Trade Reg. no. : MI227138 since 06/06/1995

Chamber of Commerce no. : 756343 of Milano since 04/03/1968

Chamber of Commerce no. : 236038 of Parma

Firms' Register : MI149-135138 of Milano since 19/02/1996

V.A.T. Code : 00693890964

Foundation date	: 09/02/1968
Establishment date	: 09/02/1968
Start of Activities	: 04/03/1968
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

HR.THERMORAMSEY.IT@PEC.THERMOFISHER.COM

Members

Galli

Daniele Giovanni

Born in Carate Brianza

(MB)

on 13/06/1957

- Fiscal Code : GLLDLG57H13B729Z

Residence:

Della Birona

, 26

- 20900

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/12/2015
Board Chairman	10/12/2015

No Prejudicial events are reported

No Protests registered

Ranieri

Valentina

Born in Salerno

(SA)

on 27/08/1979

- Fiscal Code : RNRVNT79M67H703F

Residence:

Rivoltana

, KM 6,7

- 20090

Rodano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	03/08/2017

No Prejudicial events are reported

No Protests registered

Ambrosio

Alessandro

Born in Monza

(MB)

on 21/11/1968

- Fiscal Code : MBRLSN68S21F704B

Residence:

Rivoltana Km 6,7

, .

- 20090

Rodano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	24/07/2003

No Prejudicial events are reported

No Protests registered

Gaidano

Massimo

Born in Milano

(MI)

on 11/07/1968

- Fiscal Code : GDNMSM68L11F205V

Residence:

Rivoltana Km. 6,7

, .

- 20090

Rodano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/10/2006

No Prejudicial events are reported

No Protests registered

Cavatorta

Daniele

Born in Parma

(PR)

on 11/09/1957

- Fiscal Code : CVTDNL57P11G337B

Residence:

Rivoltana Km. 6,7

, .

- 20090

Rodano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/12/2007

No Prejudicial events are reported

No Protests registered

Van Der Zande

Petrus Thomas Adrianus

Born in Halsteren

( )

on 20/02/1966

- Fiscal Code : VNDPRS66B20Z126H

Residence:

Nieuwe Molenweg

, 53

Halsteren

- NL -

Position	Since	Shares Amount	% Ownership
Director	27/04/2015

Rollo

Maurizio

Born in Milano

(MI)

on 24/05/1970

- Fiscal Code : RLLMRZ70E24F205Y

Residence:

Cadorna

, 8/121

- 20090

Buccinasco

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	27/04/2017

Thermo Electron (management Services) Li

Mited

Position	Since	Shares Amount	% Ownership
Sole partner

No Protests registered

Rubini

Gianfranco

Born in Parma

(PR)

on 24/10/1967

- Fiscal Code : RBNGFR67R24G337J

Residence:

Rivoltana Km 6,7

, .

- 20090

Rodano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/07/2016

No Prejudicial events are reported

No Protests registered

Froni

Daniele

Born in San Secondo Parmense

(PR)

on 29/12/1971

- Fiscal Code : FRNDNL71T29I153D

Residence:

Rivoltana Km. 6,7

, .

- 20090

Rodano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/07/2016

No Prejudicial events are reported

No Protests registered

Thermo Electron (management Services) Li

mited

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.

Galli

Daniele Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Thermo Fisher Diagnostics S.p.a.	Rodano (MI) - IT -	00889160156	Director	Active	Registered
Thermo Fisher Diagnostics S.p.a.	Rodano (MI) - IT -	00889160156	Board Chairman	Active	Registered
Thermo Fisher Scientific Milano S.r.l.	Rodano (MI) - IT -	10282490159	Procurator	Withdrawn	Registered
THERMO OPTEK ITALIA SPA	Cinisello Balsamo (MI) - IT -	02118080965	Managing Director	Withdrawn	Registered
THERMO OPTEK ITALIA SPA	Cinisello Balsamo (MI) - IT -	02118080965	Director	Withdrawn	Registered
Ahsi S.p.a.	Bernareggio (MB) - IT -	02481080964	Director	Active	Registered
Beamp;#183;reamp;#183;aeamp;#183;heamp;#183;meamp;#183;s Italia S.r.l. Riproducibile Anche B.r.a.h.m	Milano (MI) - IT -	06057300961	Director	Withdrawn	Registered
Beamp;#183;reamp;#183;aeamp;#183;heamp;#183;meamp;#183;s Italia S.r.l. Riproducibile Anche B.r.a.h.m	Milano (MI) - IT -	06057300961	Board Chairman	Withdrawn	Registered
Phadia S.r.l.	Milano (MI) - IT -	04338170964	Director	Withdrawn	Registered
Phadia S.r.l.	Milano (MI) - IT -	04338170964	Board Chairman	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
Thermo Electron (management Services) Li Mited				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
Consorzio Ecoped	Milano - IT -	05157260968					Active

Firm's location and structure

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

-	Legal and operative seat

Rivoltana Km. 6,7

- 20090

- Rodano

(MI)

- IT -

Legal mail

: HR.THERMORAMSEY.IT@PEC.THERMOFISHER.COM

-

Branch

since 01/07/2006

P. Campanini

, 11/A

- 43100

- Parma

(PR)

- IT -

Employees

: 56

Fittings and Equipment for a value of 68.000

Eur

Stocks for a value of 1.980.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Other forms	Limited liability company	02/12/1980

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Thermo Ramsey Tecnoeuropa S.r.l.

Rivoltana

, SNC

, 20090

, Rodano

(MI)

- IT -

Fiscal Code: 00734120348

Date

Merging/splitting-up project:

20/04/2006

The firm absorbed by merging of

Thermo Ramsey Tecnoeuropa S.r.l.

Rivoltana

, SNC

, 20090

, Rodano

(MI)

- IT -

Fiscal Code: 00734120348

Date

:

27/06/2006

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 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

Company's starting of activities dates back to 1968.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 0,25% in 2016 with a good increase in turnover (+12,62% in 2016 compared to 2015 and +7,4% in 2015 compared to 2014).

The operating result in 2016 was positive (1,63%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 214.176 showing a downwards trend equal to -59,09% if compared to the value of the financial year 2015.

The economic management produced a gross operating margin of Eur. 569.931 recording a -26,92% decrease.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,7) and falling as against the previous year (4,36).

With regard to equity capital, an amount of Eur. 2.345.005 is registered. , unchanged as opposed to the preceding year.

Total debts (both short and M/L term) equals Eur. 9.397.937, with no important change.

Financial indebdtedness is under control whereas debts to suppliers are frequent even if it still falls within the sector's average.

Liquidity is however good.

As to due from customers, the average terms are 87,67 days. , lower than the sector's average.

The financial management generated a cash flow of Eur. 361.713.

Subordinate employment cost is of Eur. 4.151.623, i.e. 18,19% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 17,95%.

If compared to the sales volume (-0,65%), the impact of the financial charges is limited.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	23.130.819
Profit (Loss) for the period	5.958

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	20.538.776
Profit (Loss) for the period	343.137

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	19.122.267
Profit (Loss) for the period	332.454

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	18.411.232
Profit (Loss) for the period	112.332

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	20.062.311
Profit (Loss) for the period	254.541

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
. . Concessions,licenses,trademarks,etc.
. . Goodwill	2.341.446	2.243.149	2.392.706
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	72.593	80.961	29.755
. Total Intangible Fixed Assets	2.414.039	2.324.110	2.422.461
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	61.219	65.451	78.669
. . Industrial and commercial equipment	6.459	2.793	1.802
. . Other assets	28.795	9.889	13.114
. . Assets under construction and advances
. Total Tangible fixed assets	96.473	78.133	93.585
. FINANCIAL FIXED ASSETS
. . Equity investments	20	20	20
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	20	20	20
. . Financial receivables	1.692	1.692	1.692
. . . . Within 12 months
. . . . Beyond 12 months	1.692	1.692	1.692
. . . 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	1.692	1.692	1.692
. . . . Within 12 months
. . . . Beyond 12 months	1.692	1.692	1.692
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.712	1.712	1.712
Total fixed assets	2.512.224	2.403.955	2.517.758
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	247.286	128.226	194.094
. . Work in progress and semimanufactured	558.452	516.493	243.744
. . Work in progress on order
. . Finished goods	1.102.908	1.339.045	1.109.669
. . Advance payments	69.673	58.235	46.183
. Total Inventories	1.978.319	2.041.999	1.593.690
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	6.808.625	9.441.676	8.072.591
. . Beyond 12 months		231.190	265.543
. . Trade receivables	5.632.916	5.429.287	4.967.012
. . . . Within 12 months	5.632.916	5.429.287	4.967.012
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	216.356
. . . . Within 12 months	216.356
. . . . Beyond 12 months
. . Receivables due from holding comp.		2.359.512	822.253
. . . . Within 12 months		2.359.512	822.253
. . . . Beyond 12 months
. . Fiscal Receivables	694.654	1.648.127	2.260.182
. . . . Within 12 months	694.654	1.648.127	2.260.182
. . . . Beyond 12 months
. . Receivables for anticipated taxes	260.027	231.190	265.543
. . . . Within 12 months	260.027
. . . . Beyond 12 months		231.190	265.543
. . Receivables due from third parties	4.672	4.750	23.144
. . . . Within 12 months	4.672	4.750	23.144
. . . . Beyond 12 months
. Total Credits not held as fixed assets	6.808.625	9.672.866	8.338.134
. 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	1.051.157
. Total Financial Assets	1.051.157
. LIQUID FUNDS
. . Bank and post office deposits	709.860	1.124.261	879.399
. . Checks
. . Banknotes and coins	3.284	1.762	2.177
. Total Liquid funds	713.144	1.126.023	881.576
Total current assets	10.551.245	12.840.888	10.813.400
ADJUSTMENT ACCOUNTS
. Discount on loans		46.433	50.297
. Other adjustment accounts	44.222
Total adjustments accounts	44.222	46.433	50.297
TOTAL ASSETS	13.107.691	15.291.276	13.381.455
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	1.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	200.000	200.000	200.000
. Reserve for Own shares
. Statute reserves
. Other reserves	287.366	276.993	276.993
. Accumulated Profits (Losses)	851.681	518.918	186.464
. Profit( loss) of the year	5.958	343.137	332.454
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	2.345.005	2.339.048	1.995.911
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	174.515	179.981	183.015
. . Taxation fund, also differed	9	10	52
. . Other funds	33.013	53.908	51.569
Total Reserves for Risks and Charges	207.537	233.899	234.636
Employee termination indemnities	907.723	1.128.106	1.146.902
ACCOUNTS PAYABLE
. . . . Within 12 months	9.397.937	11.326.047	9.766.431
. . . . Beyond 12 months
. . 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	76.550	3.745.335	5.019.243
. . . . Within 12 months	76.550	3.745.335	5.019.243
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	855.545	567.052	486.802
. . . . Within 12 months	855.545	567.052	486.802
. . . . Beyond 12 months
. . Trade payables	2.199.493	3.571.568	3.202.911
. . . . Within 12 months	2.199.493	3.571.568	3.202.911
. . . . 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	1.002.564
. . . . Within 12 months	1.002.564
. . . . Beyond 12 months
. . Due to holding companies	4.353.081	2.327.447	673
. . . . Within 12 months	4.353.081	2.327.447	673
. . . . Beyond 12 months
. . Due to the tax authorities	241.831	292.573	344.735
. . . . Within 12 months	241.831	292.573	344.735
. . . . Beyond 12 months
. . Due to social security and welfare inst.	265.852	329.577	305.249
. . . . Within 12 months	265.852	329.577	305.249
. . . . Beyond 12 months
. . Other payables	403.021	492.495	406.818
. . . . Within 12 months	403.021	492.495	406.818
. . . . Beyond 12 months
Total accounts payable	9.397.937	11.326.047	9.766.431
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	249.489	264.176	237.575
Total adjustment accounts	249.489	264.176	237.575
TOTAL LIABILITIES	13.107.691	15.291.276	13.381.455

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	555.107
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	23.130.819	20.538.776	19.122.267
. Changes in work in progress	-194.178	502.125	-203.366
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	97.508	10.965	16.176
. . Contributions for operating expenses
. . Different income and revenues	97.508	10.965	16.176
Total value of production	23.034.149	21.051.866	18.935.077
PRODUCTION COSTS
. Raw material,other materials and consum.	11.274.321	10.453.496	9.039.841
. Services received	5.785.607	4.579.776	4.441.023
. Leases and rentals	1.049.020	1.028.363	920.175
. Payroll and related costs	4.151.623	4.004.665	3.700.764
. . Wages and salaries	3.105.189	2.880.902	2.651.118
. . Social security contributions	803.941	879.929	820.506
. . Employee termination indemnities	195.952	199.695	184.459
. . Pension and similar
. . Other costs	46.541	44.139	44.681
. Amortization and depreciation	355.755	247.866	194.955
. . Amortization of intangible fixed assets	200.653	166.664	163.772
. . Amortization of tangible fixed assets	22.509	18.570	14.538
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	132.593	62.632	16.645
. Changes in raw materials	-119.059	65.868	-41.416
. Provisions to risk reserves		8.498	6.131
. Other provisions
. Other operating costs	322.706	139.723	137.446
Total production costs	22.819.973	20.528.255	18.398.919
Diff. between value and cost of product.	214.176	523.611	536.158
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	383	12.334	1.335
. . 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	383	12.334	1.335
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	383	12.334	1.335
. Interest and other financial expense	-149.910	-46.918	-17.997
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-149.527	-34.584	-16.662
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		160.247	30.705
. . Gains on disposals			57
. . Other extraordinary income		160.247	30.648
. Extraordinary expense		-202.353	-34.210
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-202.353	-34.210
Total extraordinary income and expense		-42.106	-3.505
Results before income taxes	64.649	446.921	515.991
. Taxes on current income	58.691	103.784	183.537
. . current taxes	54.721	69.473	158.817
. . differed taxes(anticip.)		34.311	24.720
. Net income for the period	5.958	343.137	332.454
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	5.958	343.137	332.454

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	0,19	0,16	0,19	0,18
Elasticity Ratio	Units	0,80	0,84	0,81	0,79
Availability of stock	Units	0,15	0,13	0,12	0,21
Total Liquidity Ratio	Units	0,65	0,71	0,69	0,52
Quick Ratio	Units	0,13	0,07	0,07	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,70	4,36	4,45	3,01
Self Financing Ratio	Units	0,18	0,15	0,15	0,19
Capital protection Ratio	Units	0,57	0,43	0,33	0,66
Liabilities consolidation quotient	Units	0,10	0,10	0,12	0,16
Financing	Units	4,01	4,84	4,89	3,56
Permanent Indebtedness Ratio	Units	0,25	0,23	0,23	0,34
M/L term Debts Ratio	Units	0,07	0,07	0,09	0,10
Net Financial Indebtedness Ratio	Units	0,00	1,12	2,07	0,69
CORRELATION
Fixed assets ratio	Units	1,29	1,44	1,25	1,65
Current ratio	Units	1,12	1,13	1,11	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,91	0,95	0,94	0,86
Structure's primary quotient	Units	0,93	0,97	0,79	1,02
Treasury's primary quotient	Units	0,19	0,10	0,09	0,06
Rate of indebtedness ( Leverage )	%	558,96	653,74	670,44	509,92
Current Capital ( net )	Value	1.153.308	1.514.841	1.046.969	330.495
RETURN
Return on Sales	%	1,56	2,88	2,76	3,79
Return on Equity - Net- ( R.O.E. )	%	0,25	14,67	16,66	6,70
Return on Equity - Gross - ( R.O.E. )	%	2,76	19,11	25,85	18,82
Return on Investment ( R.O.I. )	%	1,63	3,42	4,01	4,89
Return/ Sales	%	0,93	2,55	2,80	4,78
Extra Management revenues/charges incid.	%	2,78	65,53	62,01	29,96
Cash Flow	Value	361.713	591.003	527.409	165.166
Operating Profit	Value	214.176	523.611	536.158	225.594
Gross Operating Margin	Value	569.931	779.975	737.244	376.080
MANAGEMENT
Credits to clients average term	Days	87,67	95,16	93,51	111,07
Debts to suppliers average term	Days	150,19	132,22	80,08	127,44
Average stock waiting period	Days	30,79	35,79	30,00	62,88
Rate of capital employed return ( Turnover )	Units	1,76	1,34	1,43	1,10
Rate of stock return	Units	11,69	10,06	12,00	5,58
Labour cost incidence	%	17,95	19,50	19,35	18,94
Net financial revenues/ charges incidence	%	-0,65	-0,17	-0,09	-1,15
Labour cost on purchasing expenses	%	18,19	19,51	20,11	18,99
Short-term financing charges	%	1,60	0,41	0,18	2,55
Capital on hand	%	56,67	74,45	69,98	90,89
Sales pro employee	Value	179.308	164.310	166.280	199.007
Labour cost pro employee	Value	32.183	32.037	32.180	34.820

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	:	3.839.216
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 1.964 significant companies.

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

The average duration of suppliers debts is about 127 dd.

The sector's profitability is on an average of 3,79%.

The labour cost affects the turnover in the measure of 18,94%.

Goods are held in stock in a range of 63 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 18,99% 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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

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 :	PRI
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.