MIRA INFORM REPORT

Report No. :	496758
Report Date :	09.03.2018

IDENTIFICATION DETAILS

Name :	ECOR S.P.A. A SOCIO UNICO
Registered Office :	Via Veneto, 10 36015 – Schio (VI) -IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	06.08.1981
Legal Form :	Joint stock company with sole shareholder
Line of Business :	· Forging, drawing, stamping and roll-forming of metal; powder metallurgy · Manufacture of other electrical equipment
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	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 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

Ecor S.p.a. A Socio Unico

Via Veneto, 10

36015 - Schio (VI) -IT-

Summary

Fiscal Code	:	00793290248
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	06/08/1981
Equity	:	Over 2.582.254
Turnover Range	:	35.000.000/50.000.000
Number of Employees	:	from 71 to 90

Activity

Forging, drawing, stamping and roll-forming of metal; powder metallurgy

Manufacture of other electrical equipment

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 00793290248

Foreign Trade Reg. no. : VI035829 since 30/09/1993

Chamber of Commerce no. : 216024 of Bolzano

Chamber of Commerce no. : 295956 of Udine

Chamber of Commerce no. : 161467 of Vicenza since 11/08/1981

Firms' Register : VI116-12886 of Vicenza since 19/02/1996

V.A.T. Code : 00793290248

Tribunal Co. Register : 12886 of since 27/08/1981

Foundation date	: 06/08/1981
Establishment date	: 06/08/1981
Start of Activities	: 06/08/1981
Legal duration	: 31/12/2050
Nominal Capital	: 6.000.000
Subscribed Capital	: 6.000.000
Paid up Capital	: 6.000.000

Legal mail :

ECORSPA@LEGALMAIL.IT

Members

Luca S.p.a.

:

Veneto

, 10

- 36015

Schio

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	27/05/2008

No Prejudicial events are reported

No Protests registered

Casato

Mario Giuseppe

Born in Schio

(VI)

on 04/12/1947

- Fiscal Code : CSTMGS47T04I531P

Residence:

Della Valletta

, 19

- 36015

Schio

(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

Casato

Matteo

Born in Schio

(VI)

on 06/01/1976

- Fiscal Code : CSTMTT76A06I531P

Residence:

Degli Orti

, 26

- 36015

Schio

(VI)

- IT -

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

No Prejudicial events are reported

No Protests registered

Casato

Luca

Born in Schio

(VI)

on 05/03/1978

- Fiscal Code : CSTLCU78C05I531K

Residence:

Della Valletta

, 19

- 36015

Schio

(VI)

- IT -

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

No Prejudicial events are reported

No Protests registered

Balasso

Luca

Born in Thiene

(VI)

on 23/01/1975

- Fiscal Code : BLSLCU75A23L157U

Residence:

Noaro Don Guerrino V.

, 1

- 36034

Malo

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	29/06/2017

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.

Luca S.p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Giuse S.r.l. A Socio Unico	Schio (VI) - IT -	00439250242	Limited Partner	Active	Registered
Ecor International S.p.a.	Schio (VI) - IT -	03511040242	Sole partner	Withdrawn	Registered

Casato

Mario Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Scremac - S.r.l. - In Liquidazione	Thiene (VI) - IT -	01285230247	Liquidator	Withdrawn	Registered
Giuse S.r.l. A Socio Unico	Schio (VI) - IT -	00439250242	Director	Withdrawn	Registered
Giuse S.r.l. A Socio Unico	Schio (VI) - IT -	00439250242	Assistant board Chairman	Withdrawn	Registered
Giuse S.r.l. A Socio Unico	Schio (VI) - IT -	00439250242	Acting partner (in work)	Withdrawn	Registered
Euro Inox Quality S.r.l.	Schio (VI) - IT -	02053580243	Managing Director	Withdrawn	Registered
Euro Inox Quality S.r.l.	Schio (VI) - IT -	02053580243	Director	Withdrawn	Registered
Euro Inox Quality S.r.l.	Schio (VI) - IT -	02053580243	Board Chairman	Withdrawn	Registered
Sovem S.r.l.	Santorso (VI) - IT -	02085910244	Managing Director	Withdrawn	Registered
T.c.i. S.r.l.	Schio (VI) - IT -	02097230243	Managing Director	Active	Registered
T.c.i. S.r.l.	Schio (VI) - IT -	02097230243	Director	Active	Registered
T.c.i. S.r.l.	Schio (VI) - IT -	02097230243	Board Chairman	Active	Registered
Serma Italia S.r.l. - In Liquidazione -	Arsiero (VI) - IT -	02122860246	Sole Director	Withdrawn	Ceased
Serma Italia S.r.l. - In Liquidazione -	Arsiero (VI) - IT -	02122860246	Liquidator	Withdrawn	Ceased
Luca S.p.a.	Schio (VI) - IT -	02304550243	Director	Active	Registered
Luca S.p.a.	Schio (VI) - IT -	02304550243	Acting partner (in work)	Withdrawn	Registered
Luca S.p.a.	Schio (VI) - IT -	02304550243	Board Chairman	Active	Registered
Frau Impianti S.r.l.	Schio (VI) - IT -	02673070245	Managing Director	Active	Registered
Frau Impianti S.r.l.	Schio (VI) - IT -	02673070245	Director	Active	Registered
Frau Impianti S.r.l.	Schio (VI) - IT -	02673070245	Board Chairman	Active	Registered
Metallinox S.p.a.	Schio (VI) - IT -	02860230248	Director	Withdrawn	Ceased
Metallinox S.p.a.	Schio (VI) - IT -	02860230248	Board Chairman	Withdrawn	Ceased
Casato Mario Giuseppe	Malo (VI) - IT -	CSTMGS47T04I531P	Proprietor	Withdrawn	Ceased
N.p.c. - New Production Concept - SocietA' A Responsabilita' Limitata	Imola (BO) - IT -	02267021208	Director	Withdrawn	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Managing Director	Withdrawn	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Director	Withdrawn	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Assistant board Chairman	Withdrawn	Registered
Gili Creations S.r.l.	Schio (VI) - IT -	04018430241	Director	Active	Registered
Gili Creations S.r.l.	Schio (VI) - IT -	04018430241	Board Chairman	Active	Registered

Casato

Matteo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
T.c.i. S.r.l.	Schio (VI) - IT -	02097230243	Managing Director	Active	Registered
T.c.i. S.r.l.	Schio (VI) - IT -	02097230243	Director	Active	Registered
Luca S.p.a.	Schio (VI) - IT -	02304550243	Director	Active	Registered
Luca S.p.a.	Schio (VI) - IT -	02304550243	Assistant board Chairman	Active	Registered
Bp S.r.l.	Schio (VI) - IT -	03623250242	Managing Director	Active	Registered
Bp S.r.l.	Schio (VI) - IT -	03623250242	Director	Active	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Managing Director	Withdrawn	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Director	Withdrawn	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Assistant board Chairman	Withdrawn	Registered
Swissway Srl	Schio (VI) - IT -	03837840242	Board Chairman	Withdrawn	Registered
Gili Creations S.r.l.	Schio (VI) - IT -	04018430241	Director	Active	Registered

Casato

Luca

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Luca S.p.a.	Schio (VI) - IT -	02304550243	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
Luca S.p.a.	Schio - IT -	02304550243		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
Ng - Tech Srl		03776950242	5.000 .Eur	33,33			Active

Firm's location and structure

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

-	Legal and operative seat

Veneto

, 10

- 36015

- Schio

(VI)

- IT -

PHONE

: 0445575090

FAX	: 0445578484

Website

: WWW.ECOR.COM

Legal mail

: ECORSPA@LEGALMAIL.IT

-

Branch

(Factory)

since 17/03/2016

Dell'industria

, 68

- 36035

- Marano Vicentino

(VI)

- IT -

-

Branch

(Factory)

since 15/06/2016

Santa Corona

, 3

- 36060

- Schiavon

(VI)

- IT -

-

Branch

(Factory)

since 09/03/2016

Via Lahn

, 7

- 39040

- Ora

(BZ)

- IT -

-

Branch

(Factory)

since 08/01/2018

Lago Di Costanza

, 21/A/B

- 36015

- Schio

(VI)

- IT -

-

Branch

(Sales office)

since 19/05/2017

Dei Boschi

, 6

- 33040

- Pradamano

(UD)

- IT -

Employees

: 86

Fittings and Equipment for a value of 590.000

Eur

Stocks for a value of 19.240.000

Eur

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Cappaenne S.r.l.		06/11/1992

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Metallinox S.p.a.

Friuli

, 9

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02860230248

Date

Merging/splitting-up project:

27/06/2003

The firm absorbed by merging of

Metallinox S.p.a.

Friuli

, 9

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02860230248

Date

:

16/12/2003

Project of merging by taking over of

Giuse S.r.l. A Socio Unico

Friuli

, 9

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 00439250242

Date

Merging/splitting-up project:

26/06/2008

The firm absorbed by merging of

Giuse S.r.l. A Socio Unico

Friuli

, 9

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 00439250242

Date

:

23/07/2008

The firm absorbed by merging of

Giuse S.r.l. A Socio Unico

Friuli

, 9

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 00439250242

Date

:

20/10/2008

Project of splitting-up and tranfer into

Luca S.p.a.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02304550243

Date

Merging/splitting-up project:

06/10/2008

Splitting-up project and setting-up of new co

Date

Merging/Splitting-up Project-New Company:

06/10/2008

Splitting-up and transfer of assets to

Luca S.p.a.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02304550243

Date

Splitting-up:

22/12/2008

Splitting-up and setting-up of a new company

ECOR RESEARCH SPA

, Schio (vi)

- IT -

Date

Splitting-up:

22/12/2008

Project of merging by taking over of

Carrozzeria Luigi Dalla Via S.p.A.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 00163700248

Date

Merging/splitting-up project:

24/06/2009

The firm absorbed by merging of

Carrozzeria Luigi Dalla Via S.p.A.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 00163700248

Date

:

16/12/2009

Project of splitting-up and tranfer into

Luca S.p.a.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02304550243

Date

Merging/splitting-up project:

20/04/2012

Res.of Splitting-up and transfer of assets to

Luca S.p.a.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02304550243

Date

Splitting-up:

09/05/2012

Splitting-up and transfer of assets to

Luca S.p.a.

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 02304550243

Date

Splitting-up:

02/08/2012

Project of merging by taking over of

Swissway Srl

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 03837840242

Date

Merging/splitting-up project:

06/10/2017

The firm absorbed by merging of

Swissway Srl

Veneto

, 10

, 36015

, Schio

(VI)

- IT -

Fiscal Code: 03837840242

Date

:

27/12/2017

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

Subject is active since 1981

The analysis is based on the latest 3 balance sheets.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 10,66% in 2016 thanks to a progressive increase in turnover (+26,06% in 2016 compared to 2015 and +6,68% in 2015 compared to 2014).

The operating result in 2016 was positive (4,16%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 1.999.722 increasing if compared to the yeart 2015.

During the latest financial year the gross operating margin amounted to Eur. 2.688.078 with a more then 100% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,68) but with an increase as against the previous accounting period.

The equity capital is equal to Eur. 11.604.863 , unchanged if compared to 2015.

During the last financial year total debts volume reached Eur. 35.973.545 (Eur. 3.930.769 were m/l term ones) with a growth equal to 73,37%.

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average payment period equal to 126,68 gg. but lined up with the field's average.

Liquidity is good (1,37)

Trade credits average terms are slow, on average 152,02 days. also in relation to the average of the sector.

During financial year 2016 the cash flow amounted to Eur. 1.917.068

Labour cost expenses amount to Eur. 3.683.333 , representing 7,77% on the total of production costs. , whereas the incidence on sales revenues is of 7,72%.

The financial management has a limited economic impact, equal to -0,25% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	47.705.875
Profit (Loss) for the period	1.236.906

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	37.842.052
Profit (Loss) for the period	980.848

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	35.470.712
Profit (Loss) for the period	285.701

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	29.967.353
Profit (Loss) for the period	55.073

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	25.219.540
Profit (Loss) for the period	-563.896

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	12.981
. . Research,develop. and advert.expens.
. . Industrial patent rights	9.976	8.128	11.104
. . Concessions,licenses,trademarks,etc.
. . Goodwill		11.190	22.371
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	11.479	12.929	23.675
. Total Intangible Fixed Assets	34.436	32.247	57.150
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	591.636	601.745	592.954
. . Industrial and commercial equipment
. . Other assets	559.537	356.450	436.976
. . Assets under construction and advances
. Total Tangible fixed assets	1.151.173	958.195	1.029.930
. FINANCIAL FIXED ASSETS
. . Equity investments	312.192	312.192	1.886.460
. . . Equity invest. in subsidiary companies	255.767	255.767	1.876.603
. . . Equity invest. in associated companies	55.000	55.000	8.432
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.425	1.425	1.425
. . Financial receivables	2.330.901	3.058	3.830
. . . . Within 12 months	1.718.269
. . . . Beyond 12 months	612.632	3.058	3.830
. . . Receivab due from subsidiaries	600.424
. . . . Within 12 months
. . . . Beyond 12 months	600.424
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.	1.718.269
. . . . Within 12 months	1.718.269
. . . . Beyond 12 months
. . . Receivables due from third parties	12.208	3.058	3.830
. . . . Within 12 months
. . . . Beyond 12 months	12.208	3.058	3.830
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	2.643.093	315.250	1.890.290
Total fixed assets	3.828.702	1.305.692	2.977.370
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	19.244.238	11.393.604	8.901.826
. . Advance payments
. Total Inventories	19.244.238	11.393.604	8.901.826
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	23.742.155	17.895.822	17.941.187
. . Beyond 12 months		5.368	361.203
. . Trade receivables	20.144.685	15.992.431	15.837.950
. . . . Within 12 months	20.144.685	15.992.431	15.837.950
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	730.982	1.026.591	1.210.625
. . . . Within 12 months	730.982	1.026.591	1.210.625
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	1.335.356	486	81.075
. . . . Within 12 months	1.335.356	486	81.075
. . . . Beyond 12 months
. . Receivables due from holding comp.	24.196	569.659	55.917
. . . . Within 12 months	24.196	569.659	55.917
. . . . Beyond 12 months
. . Fiscal Receivables	1.288.635	150.525	582.147
. . . . Within 12 months	1.288.635	150.525	498.101
. . . . Beyond 12 months			84.046
. . Receivables for anticipated taxes	75.578	60.368	161.512
. . . . Within 12 months	75.578	55.000	154.355
. . . . Beyond 12 months		5.368	7.157
. . Receivables due from third parties	142.723	101.130	373.164
. . . . Within 12 months	142.723	101.130	103.164
. . . . Beyond 12 months			270.000
. Total Credits not held as fixed assets	23.742.155	17.901.190	18.302.390
. 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	65.491
. LIQUID FUNDS
. . Bank and post office deposits	956.194	1.478.226	402.179
. . Checks
. . Banknotes and coins	10.177	5.280	2.135
. Total Liquid funds	966.371	1.483.506	404.314
Total current assets	44.018.255	30.778.300	27.608.530
ADJUSTMENT ACCOUNTS
. Discount on loans		253.314	242.709
. Other adjustment accounts	257.317
Total adjustments accounts	257.317	253.314	242.709
TOTAL ASSETS	48.104.274	32.337.306	30.828.609
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.000.000	5.000.000	5.000.000
. Additional paid-in capital
. Revaluation reserves	992.738	992.738	992.738
. Legal reserve	469.775	420.733	406.448
. Reserve for Own shares
. Statute reserves
. Other reserves	5.892	9.971	9.966
. Accumulated Profits (Losses)	3.899.552	3.617.747	4.346.331
. Profit( loss) of the year	1.236.906	980.848	285.701
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	11.604.863	11.022.037	11.041.184
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	311.624	269.723	229.056
. . Taxation fund, also differed	6.810	5.352	7.611
. . Other funds	15.114	100.000	100.000
Total Reserves for Risks and Charges	333.548	375.075	336.667
Employee termination indemnities	169.015	177.268	197.243
ACCOUNTS PAYABLE
. . . . Within 12 months	32.042.776	14.808.440	12.237.380
. . . . Beyond 12 months	3.930.769	5.941.135	7.002.214
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	575.000		1.050.000
. . . . Within 12 months	575.000
. . . . Beyond 12 months			1.050.000
. . Due to banks	16.588.278	7.213.358	9.071.542
. . . . Within 12 months	12.657.509	1.372.189	3.319.294
. . . . Beyond 12 months	3.930.769	5.841.169	5.752.248
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	15.028.651	10.385.995	6.602.026
. . . . Within 12 months	15.028.651	10.385.995	6.602.026
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies		4.526
. . . . Within 12 months		4.526
. . . . Beyond 12 months
. . Due to associated companies	45.876		91.500
. . . . Within 12 months	45.876		91.500
. . . . Beyond 12 months
. . Due to holding companies	2.447.952	2.173.153	1.330.898
. . . . Within 12 months	2.447.952	2.173.153	1.330.898
. . . . Beyond 12 months
. . Due to the tax authorities	168.335	240.761	132.080
. . . . Within 12 months	168.335	240.761	132.080
. . . . Beyond 12 months
. . Due to social security and welfare inst.	202.402	151.655	157.775
. . . . Within 12 months	202.402	151.655	157.775
. . . . Beyond 12 months
. . Other payables	917.051	580.127	803.773
. . . . Within 12 months	917.051	480.161	603.807
. . . . Beyond 12 months		99.966	199.966
Total accounts payable	35.973.545	20.749.575	19.239.594
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	23.303	13.351	13.921
Total adjustment accounts	23.303	13.351	13.921
TOTAL LIABILITIES	48.104.274	32.337.306	30.828.609

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	918.555	1.334.759
Risk accounts	7.533.482	6.908.265
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	47.705.875	37.842.052	35.470.712
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.705.153	1.140.750	1.065.361
. . Contributions for operating expenses	147.259	19.464	13.250
. . Different income and revenues	1.557.894	1.121.286	1.052.111
Total value of production	49.411.028	38.982.802	36.536.073
PRODUCTION COSTS
. Raw material,other materials and consum.	45.061.544	28.956.040	29.852.979
. Services received	3.471.991	2.875.426
. Leases and rentals	1.261.996	991.409	3.643.512
. Payroll and related costs	3.683.333	2.810.475	2.607.323
. . Wages and salaries	2.627.227	1.979.965	1.850.226
. . Social security contributions	828.596	638.564	592.319
. . Employee termination indemnities	117.400	81.392	73.394
. . Pension and similar	44.836	42.469	42.984
. . Other costs	65.274	68.085	48.400
. Amortization and depreciation	680.162	445.896	785.449
. . Amortization of intangible fixed assets	30.046	40.259	60.971
. . Amortization of tangible fixed assets	293.330	257.735	232.123
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	356.786	147.902	492.355
. Changes in raw materials	-7.832.345	1.687.813	-1.719.326
. Provisions to risk reserves
. Other provisions	8.194		100.000
. Other operating costs	1.076.431	1.320.603	577.765
Total production costs	47.411.306	39.087.662	35.847.702
Diff. between value and cost of product.	1.999.722	-104.860	688.371
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	39.685	51.471	30.042
. . Financ.income from receivables	35.892	24.045
. . . Towards subsidiary companies	18.062	18.890
. . . Towards associated companies
. . . Towards holding companies	17.830	5.155
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	3.793	27.426	30.042
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	3.793	27.426	30.042
. Interest and other financial expense	-158.448	-171.219	-174.656
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies			-53.289
. . Towards other companies			174.656
Total financial income and expense	-118.763	-119.748	-144.614
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	67.756
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	67.756
. Devaluation	-67.756
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-67.756
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		4.182.130	1
. . Gains on disposals
. . Other extraordinary income		4.182.130	1
. Extraordinary expense		-1.656.714
. . Losses on disposals		-1.656.603
. . Taxes relating to prior years
. . Other extraordinary expense		-111
Total extraordinary income and expense		2.525.416	1
Results before income taxes	1.880.959	2.300.808	543.758
. Taxes on current income	644.053	1.319.960	258.057
. . current taxes	661.221	1.234.307	335.718
. . differed taxes(anticip.)		98.884	-77.661
. Net income for the period	1.236.906	980.848	285.701
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	1.236.906	980.848	285.701

RATIOS

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	0,04	0,10	0,29
Elasticity Ratio	Units	0,92	0,95	0,90	0,68
Availability of stock	Units	0,40	0,35	0,29	0,17
Total Liquidity Ratio	Units	0,52	0,60	0,61	0,46
Quick Ratio	Units	0,02	0,05	0,01	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,68	1,21	1,07	2,76
Self Financing Ratio	Units	0,24	0,34	0,36	0,19
Capital protection Ratio	Units	0,46	0,46	0,52	0,73
Liabilities consolidation quotient	Units	0,13	0,41	0,59	0,26
Financing	Units	3,10	1,88	1,74	3,72
Permanent Indebtedness Ratio	Units	0,33	0,53	0,59	0,40
M/L term Debts Ratio	Units	0,09	0,19	0,23	0,14
Net Financial Indebtedness Ratio	Units	1,40	0,52	0,88	1,43
CORRELATION
Fixed assets ratio	Units	4,10	13,13	6,13	1,26
Current ratio	Units	1,37	2,08	2,26	1,17
Acid Test Ratio-Liquidity Ratio	Units	0,77	1,31	1,53	0,82
Structure's primary quotient	Units	3,03	8,44	3,71	0,66
Treasury's primary quotient	Units	0,03	0,10	0,03	0,03
Rate of indebtedness ( Leverage )	%	414,52	293,39	279,21	525,76
Current Capital ( net )	Value	11.975.479	15.969.860	15.371.150	298.138
RETURN
Return on Sales	%	4,02	3,77	3,02	4,68
Return on Equity - Net- ( R.O.E. )	%	10,66	8,90	2,59	3,71
Return on Equity - Gross - ( R.O.E. )	%	16,21	20,87	4,92	13,44
Return on Investment ( R.O.I. )	%	4,16	-0,32	2,23	4,74
Return/ Sales	%	4,19	-0,28	1,94	4,15
Extra Management revenues/charges incid.	%	61,85	n.c.	41,50	21,51
Cash Flow	Value	1.917.068	1.426.744	1.071.150	185.471
Operating Profit	Value	1.999.722	-104.860	688.371	194.639
Gross Operating Margin	Value	2.688.078	341.036	1.573.820	390.334
MANAGEMENT
Credits to clients average term	Days	152,02	152,14	160,74	101,01
Debts to suppliers average term	Days	126,68	137,80	86,24	120,12
Average stock waiting period	Days	145,22	108,39	90,35	52,84
Rate of capital employed return ( Turnover )	Units	0,99	1,17	1,15	1,16
Rate of stock return	Units	2,48	3,32	3,98	6,79
Labour cost incidence	%	7,72	7,43	7,35	15,66
Net financial revenues/ charges incidence	%	-0,25	-0,32	-0,41	-1,77
Labour cost on purchasing expenses	%	7,77	7,19	7,27	16,92
Short-term financing charges	%	0,44	0,83	0,91	3,19
Capital on hand	%	100,84	85,45	86,91	85,76
Sales pro employee	Value	414.833	434.966	437.910	226.946
Labour cost pro employee	Value	32.028	32.304	32.189	33.958

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 680 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 4,68%.

The labour cost affects the turnover in the measure of 15,66%.

Goods are held in stock in a range of 53 dd.

The difference between the sales volume and the resources used to realize it is about 1,16.

The employees costs represent the 16,92% 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 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54
Euro	1	INR 80.12

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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.