3decades

MIRA INFORM REPORT

Report No. :	496370
Report Date :	13.03.2018

IDENTIFICATION DETAILS

Name :	GEA COMAS S.P.A.

Registered Office :	Viale Dell'industria, 12 Pievebelvicino, 36036 – Torrebelvicino (VI)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	27.01.1994

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of Irradiation, Electro Medical and Electrotherapeutic Equipment

No. of Employees :	From 150 To 175

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

Maximum Credit Limit :	250.000 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ EUR

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name & address

GEA COMAS S.P.A.

Viale Dell'industria, 12 Pievebelvicino

36036 – Torrebelvicino (VI) -IT-

Summary

Fiscal Code	:	02387280247
Legal Form	:	Joint Stock Company
start of Activities	:	27/01/1994
Equity	:	Over 2.582.254
Turnover Range	:	35.000.000/50.000.000
Number of Employees	:	From 150 To 175

Credit Analysis

Credit Opinion

250.000 -

Activity

Manufacture of irradiation, electro medical and electrotherapeutic equipment

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02387280247

Foreign Trade Reg. no. : VI041702 since 23/07/1996

Foreign Trade Reg. no. : 041702 of Vicenza since 23/07/1996

Chamber of Commerce no. : 227641 of Vicenza since 07/03/1994

Firms' Register : 30450 of Vicenza

Firms' Register : VI116-30450 of Vicenza since 19/02/1996

V.A.T. Code : 02387280247

Establishment date	: 27/01/1994
Start of Activities	: 27/01/1994
Legal duration	: 31/12/2050
Nominal Capital	: 500.000
Subscribed Capital	: 500.000
Paid up Capital	: 500.000

Legal mail :

COMAS.SPA@LEGALMAIL.IT

Members

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Gea Mechanical Equipment Italia S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Angelo Maria Da Erba Edoari

, 29

- 43100

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	01/06/2016

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No Prejudicial events are reported

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No Protests registered

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Mele

Stefano

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Padova

(PD)

on 24/11/1964

- Fiscal Code : MLESFN64S24G224Q

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Residence:

Monte Rosa

, 5

- 20854

Vedano Al Lambro

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	08/01/2018
Director	08/01/2018

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No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Castagna

Paolo

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Tregnago

(VR)

on 18/01/1975

- Fiscal Code : CSTPLA75A18L364C

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Dell'industria

, 12

- 36036

Torrebelvicino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	21/12/2017

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No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Pisseri

Alberto

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Parma

(PR)

on 11/02/1971

- Fiscal Code : PSSLRT71B11G337T

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Coventry

, 8

- 43123

Parma

(PR)

- IT -

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

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Gandini

Marco

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Parma

(PR)

on 29/04/1967

- Fiscal Code : GNDMRC67D29G337M

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Dell'industria

, 12

- 36036

Torrebelvicino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	21/12/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Miccoli

Fabrizio

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Massa Lombarda

(RA)

on 29/03/1963

- Fiscal Code : MCCFRZ63C29F029I

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Sbago

, 4/A

- 40026

Imola

(BO)

- IT -

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

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Piccoli

Roberto

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Verona

(VR)

on 15/11/1971

- Fiscal Code : PCCRRT71S15L781E

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Dell'industria

, 12

- 36036

Torrebelvicino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	21/12/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Velludo

Ilario

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in San Dona' di Piave

(VE)

on 30/10/1973

- Fiscal Code : VLLLRI73R30H823P

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

San Simeone

, 27

- 36016

Thiene

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/03/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Da Ros

Mario

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Baden

( )

on 11/06/1977

- Fiscal Code : DRSMRA77H11Z133D

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Dell'industria

, 12

- 36036

Torrebelvicino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	13/03/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Molinari

David

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Verona

(VR)

on 25/10/1968

- Fiscal Code : MLNDVD68R25L781R

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Dell'industria

, 12

- 36036

Torrebelvicino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	21/12/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Santacatterina

Sergio

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Born in Schio

(VI)

on 29/01/1962

- Fiscal Code : SNTSRG62A29I531G

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Residence:

Dell'industria

, 12

- 36036

Torrebelvicino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	21/12/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

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Gea Mechanical Equipment Italia S.p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Gea Refrigeration Italy S.p.a.	Castel Maggiore (BO) - IT -	00285550372	Sole partner	Active	Registered
Gea Imaforni S.p.a.	Colognola Ai Colli (VR) - IT -	09555200154	Sole partner	Active	Registered
Gea Process Engineering S.p.a.	Segrate (MI) - IT -	02156020345	Partner	Active	Registered
Gea Procomac S.p.a.	Sala Baganza (PR) - IT -	02220940346	Sole partner	Active	Registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Mele

Stefano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Gea Refrigeration Italy S.p.a.	Castel Maggiore (BO) - IT -	00285550372	Director	Active	Registered
Gea Refrigeration Italy S.p.a.	Castel Maggiore (BO) - IT -	00285550372	Board Chairman	Active	Registered
Nylstar S.r.l.	Cesano Maderno (MB) - IT -	00536620776	Director	Withdrawn	Bankrupt
Nylstar S.r.l.	Cesano Maderno (MB) - IT -	00536620776	Procurator	Withdrawn	Bankrupt
Tam Srl	Marcallo Con Casone (MI) - IT -	09178450152	Director	Withdrawn	Registered
Tam Srl	Marcallo Con Casone (MI) - IT -	09178450152	Board Chairman	Withdrawn	Registered
Gea Food Solutions Italy S.r.l. A SocioUnico	Grumello del Monte (BG) - IT -	09553000150	Director	Active	Registered
Gea Food Solutions Italy S.r.l. A SocioUnico	Grumello del Monte (BG) - IT -	09553000150	Board Chairman	Active	Registered
Gea Imaforni S.p.a.	Colognola Ai Colli (VR) - IT -	09555200154	Director	Active	Registered
Gea Imaforni S.p.a.	Colognola Ai Colli (VR) - IT -	09555200154	Board Chairman	Active	Registered
Gea Mechanical Equipment Italia S.p.a.	Parma (PR) - IT -	03607500158	Director	Active	Registered
Surface Inspection S.r.l.	Fiorano Modenese (MO) - IT -	02486990365	Director	Active	Registered
Surface Inspection S.r.l.	Fiorano Modenese (MO) - IT -	02486990365	Managing Director	Active	Registered
S.i.a.t. Societa' Internazionale ApplicaZioni Tecniche S.p.a. Siglabile Siat S.p	Milano (MI) - IT -	12635750156	Managing Director	Withdrawn	Registered
S.i.a.t. Societa' Internazionale ApplicaZioni Tecniche S.p.a. Siglabile Siat S.p	Milano (MI) - IT -	12635750156	Director	Withdrawn	Registered
Gea Process Engineering S.p.a.	Segrate (MI) - IT -	02156020345	Director	Active	Registered
Gea Process Engineering S.p.a.	Segrate (MI) - IT -	02156020345	Board Chairman	Active	Registered
M.j. Maillis Systems S.r.l. In Liquidazione	Turate (CO) - IT -	02963320128	Liquidator	Withdrawn	Registered
A.f.m. S.r.l. In Liquidazione	Modena (MO) - IT -	04899310967	General Director	Active	Composition with creditors
A.f.m. S.r.l. In Liquidazione	Modena (MO) - IT -	04899310967	Liquidator	Active	In liquidation
Gea Procomac S.p.a.	Sala Baganza (PR) - IT -	02220940346	Director	Active	Registered
Gea Procomac S.p.a.	Sala Baganza (PR) - IT -	02220940346	Board Chairman	Active	Registered
3l Srl In Liquidazione	Sassuolo (MO) - IT -	02781740366	Director	Withdrawn	Registered
3l Srl In Liquidazione	Sassuolo (MO) - IT -	02781740366	Liquidator	Withdrawn	Registered
3l Srl In Liquidazione	Sassuolo (MO) - IT -	02781740366	Board Chairman	Withdrawn	Registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Miccoli

Fabrizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Gea Refrigeration Italy S.p.a.	Castel Maggiore (BO) - IT -	00285550372	Director	Active	Registered
Gea Refrigeration Italy S.p.a.	Castel Maggiore (BO) - IT -	00285550372	Attorney with special power	Active	Registered
Gea Refrigeration Italy S.p.a.	Castel Maggiore (BO) - IT -	00285550372	Procurator	Active	Registered
Gea Food Solutions Italy S.r.l. A SocioUnico	Grumello del Monte (BG) - IT -	09553000150	Director	Active	Registered
Gea Food Solutions Italy S.r.l. A SocioUnico	Grumello del Monte (BG) - IT -	09553000150	Managing Director	Active	Registered
Gea Imaforni S.p.a.	Colognola Ai Colli (VR) - IT -	09555200154	Director	Active	Registered
Gea Imaforni S.p.a.	Colognola Ai Colli (VR) - IT -	09555200154	Managing Director	Active	Registered
Gea Mechanical Equipment Italia S.p.a.	Parma (PR) - IT -	03607500158	Managing Director	Active	Registered
Gea Mechanical Equipment Italia S.p.a.	Parma (PR) - IT -	03607500158	Director	Active	Registered
Gea Mechanical Equipment Italia S.p.a.	Parma (PR) - IT -	03607500158	Board Chairman	Active	Registered
Gea Process Engineering S.p.a.	Segrate (MI) - IT -	02156020345	Director	Active	Registered
Gea Process Engineering S.p.a.	Segrate (MI) - IT -	02156020345	Managing Director	Active	Registered
Gea Procomac S.p.a.	Sala Baganza (PR) - IT -	02220940346	Director	Active	Registered
Gea Procomac S.p.a.	Sala Baganza (PR) - IT -	02220940346	Managing 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
Gea Mechanical Equipment Italia S.p.a.	Parma - IT -	03607500158	500.000 .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
Ceip Societa' Consortile Per Azioni O In Forma Abbreviata Ceip S.c.p.a.	Parma - IT -	02106590348	75 .Eur	0,04			Active

Firm's location and structure

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

Legal and operative seat

Dell'industria

, 12

- 36036

- Torrebelvicino

(VI)

- IT -

Legal mail

: COMAS.SPA@LEGALMAIL.IT

Branch

(Representative office)

since 20/06/2013

Sathom Square Tower

, 98

- Bangrak, Bangkok

- IT -

Employees

: 165

Fittings and Equipment for a value of 680.000

Eur

Stocks for a value of 8.490.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Transports are mainly done using own vehicles and third parties ones

The company 's mainly customers are companies.

Company uses to accept the following term of sales: 30-60-90 days.

Main sales modalities: issue cheques and bank transfers.

Purchase terms: 60-90-120 days.

Subject company generally settles its engagements by issueing of

cheques and cash orders.

Import comes generally from the following nations:

- France

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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Splitting-up project and setting-up of new co

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Date

Merging/Splitting-up Project-New Company:

30/05/2011

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Splitting-up and setting-up of a new company

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$ STEMAL DUE S.R.L.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

, 36100

, Vicenza

(VI)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Date

Splitting-up:

05/09/2011

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$ Finsamoc S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Trento

, 56/A

, 36100

, Vicenza

(VI)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Fiscal Code: 02387270248

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Date

Merging/splitting-up project:

11/02/2016

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$ Finsamoc S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Trento

, 56/A

, 36100

, Vicenza

(VI)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Fiscal Code: 02387270248

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Vuoto.gif$

Date

31/05/2016

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
TORREBELVICINO (VI)	Buildings	7	09/03/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, 8 Piano S1-T - 1-2	15	20	3	cat. D/7			Euro: 13.174,00
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, 8 Piano T	15	20	4	cat. D/1			Euro: 27.372,00
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, 8 Piano S1-T - 1	15	20	5	cat. D/1			Euro: 16.810,00
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, 8 Piano S1-T - 1-2	15	20	6	cat. D/7			Euro: 6.146,00
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, 8 Piano T	15	20	8	cat. D/1			Euro: 3.861,44
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, 8 Piano T	15	20	9	cat. D/1			Euro: 320,00
B	Proprieta' per 1/1	TORREBELVICINO (VI) VIALE DELL' INDUSTRIA, SNC Piano T	15	482	1	cat. D/1			Euro: 25.887,70

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 1994.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 16,74% in 2016 but without a significant increase in the turnover.

The operating result in 2016 was positive (12,29%) falling within the field's average.

An operating result of Eur. 5.363.947 has been registered. ,showing stability in respect to the value of 2015.

During the latest financial year the gross operating margin amounted to Eur. 5.942.055 with no sensible increase as against 2015.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,76 lower than in 2015.

The equity capital is equal to Eur. 22.465.219 , increasing by 76,15% if compared to the year before.

Eur. 17.980.744 is the amount of total debts, both commercial and of different nature, , decreasing if compared to 2015 (-43,74%).

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lined up with the field's average.

The available funds are good.

Accounts receivable average term is 71,95 days. , shorter than the sector's average.

Eur. 4.337.934 is the value of cash flow during the year 2016

In the last financial year labour cost was of Eur. 11.046.839, with a 27,22% incidence on total costs of production. , with a 25,28% incidence on turnover.

The financial charges do not negatively affect the management, as they are covered by the incomes.

Financial Data

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	43.701.725
Profit (Loss) for the period	3.759.826

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	43.866.905
Profit (Loss) for the period	4.299.887

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	48.665.875
Profit (Loss) for the period	7.582.246

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	49.055.958
Profit (Loss) for the period	5.192.951

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	33.397.194
Profit (Loss) for the period	2.360.589

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		1.191	3.534
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	66.131	66.594	42.371
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	12.688	78.751	82.888
. Total Intangible Fixed Assets	78.819	146.536	128.793
. TANGIBLE FIXED ASSETS
. . Real estate	5.009.293
. . Plant and machinery	559.192	572.085	234.198
. . Industrial and commercial equipment	117.943	135.404	168.980
. . Other assets	221.781	247.480	270.049
. . Assets under construction and advances			2.819
. Total Tangible fixed assets	5.908.209	954.969	676.046
. FINANCIAL FIXED ASSETS
. . Equity investments	15	15	15
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	15	15	15
. . Financial receivables	870	18.000.870	970
. . . . Within 12 months		18.000.000
. . . . Beyond 12 months	870	870	970
. . . 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.		18.000.000
. . . . Within 12 months		18.000.000
. . . . Beyond 12 months
. . . Receivables due from third parties	870	870	970
. . . . Within 12 months
. . . . Beyond 12 months	870	870	970
. . Other securities	125.000	125.000	125.000
. . Own shares
. . . Total nominal value
. Total financial fixed assets	125.885	18.125.885	125.985
Total fixed assets	6.112.913	19.227.390	930.824
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.167.210	1.189.367	1.037.365
. . Work in progress and semimanufactured	6.987.473	5.217.113	3.579.911
. . Work in progress on order
. . Finished goods	332.168	257.387	1.076.585
. . Advance payments
. Total Inventories	8.486.851	6.663.867	5.693.861
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	11.631.748	11.539.015	6.836.981
. . Beyond 12 months	271.538	293.194	369.289
. . Trade receivables	8.734.613	7.751.058	5.481.916
. . . . Within 12 months	8.734.613	7.751.058	5.481.916
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.		814.677	231.863
. . . . Within 12 months		582.814
. . . . Beyond 12 months		231.863	231.863
. . Fiscal Receivables	1.328.766	1.226.587	19.262
. . . . Within 12 months	1.057.228	1.167.074	19.262
. . . . Beyond 12 months	271.538	59.513
. . Receivables for anticipated taxes	501.174	507.391	388.128
. . . . Within 12 months	501.174	505.573	250.702
. . . . Beyond 12 months		1.818	137.426
. . Receivables due from third parties	1.338.733	1.532.496	1.085.101
. . . . Within 12 months	1.338.733	1.532.496	1.085.101
. . . . Beyond 12 months
. Total Credits not held as fixed assets	11.903.286	11.832.209	7.206.270
. 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	15.834.904
. LIQUID FUNDS
. . Bank and post office deposits	985.225	9.675.794	27.246.195
. . Checks
. . Banknotes and coins	13.696	18.634	14.337
. Total Liquid funds	998.921	9.694.428	27.260.532
Total current assets	37.223.962	28.190.504	40.160.663
ADJUSTMENT ACCOUNTS
. Discount on loans		68.023	85.772
. Other adjustment accounts	298.289
Total adjustments accounts	298.289	68.023	85.772
TOTAL ASSETS	43.635.164	47.485.917	41.177.259

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	500.000	500.000	500.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	100.000	100.000	100.000
. Reserve for Own shares
. Statute reserves
. Other reserves	18.105.393	7.852.958	270.712
. Accumulated Profits (Losses)
. Profit( loss) of the year	3.759.826	4.299.887	7.582.246
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	22.465.219	12.752.845	8.452.958
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	603.449	569.714	537.242
. . Taxation fund, also differed
. . Other funds	1.191.135	1.191.135	741.456
Total Reserves for Risks and Charges	1.794.584	1.760.849	1.278.698
Employee termination indemnities	797.302	868.120	923.831
ACCOUNTS PAYABLE
. . . . Within 12 months	17.980.744	31.962.943	30.448.273
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	7.058.462	7.199.883	5.728.098
. . . . Within 12 months	7.058.462	7.199.883	5.728.098
. . . . Beyond 12 months
. . Trade payables	8.172.665	10.807.450	8.148.711
. . . . Within 12 months	8.172.665	10.807.450	8.148.711
. . . . 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	107.741
. . . . Within 12 months	107.741
. . . . Beyond 12 months
. . Due to holding companies	46.374	11.850.000	13.830.583
. . . . Within 12 months	46.374	11.850.000	13.830.583
. . . . Beyond 12 months
. . Due to the tax authorities	413.389	476.148	700.441
. . . . Within 12 months	413.389	476.148	700.441
. . . . Beyond 12 months
. . Due to social security and welfare inst.	641.763	553.552	542.466
. . . . Within 12 months	641.763	553.552	542.466
. . . . Beyond 12 months
. . Other payables	1.540.350	1.075.910	1.497.974
. . . . Within 12 months	1.540.350	1.075.910	1.497.974
. . . . Beyond 12 months
Total accounts payable	17.980.744	31.962.943	30.448.273
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	597.315	141.160	73.499
Total adjustment accounts	597.315	141.160	73.499
TOTAL LIABILITIES	43.635.164	47.485.917	41.177.259

MEMORANDUM ACCOUNTS

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

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	43.701.725	43.866.905	48.665.875
. Changes in work in progress	1.845.140	818.004	3.175.533
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	397.365	361.728	398.472
. . Contributions for operating expenses
. . Different income and revenues	397.365	361.728	398.472
Total value of production	45.944.230	45.046.637	52.239.880
PRODUCTION COSTS
. Raw material,other materials and consum.	19.983.108	19.959.936	20.778.036
. Services received	8.703.319	7.802.864	8.997.319
. Leases and rentals	85.009	770.927	769.438
. Payroll and related costs	11.046.839	9.513.966	9.074.206
. . Wages and salaries	8.285.131	7.018.374	6.669.005
. . Social security contributions	2.331.403	2.117.784	2.064.055
. . Employee termination indemnities	430.305	377.808	341.146
. . Pension and similar
. . Other costs
. Amortization and depreciation	578.108	411.035	319.867
. . Amortization of intangible fixed assets	43.410	70.318	65.959
. . Amortization of tangible fixed assets	466.797	254.723	226.230
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	67.901	85.994	27.678
. Changes in raw materials	22.157	-152.002	7.568
. Provisions to risk reserves		18.364	97.336
. Other provisions		431.316	644.120
. Other operating costs	161.743	31.602	48.145
Total production costs	40.580.283	38.788.008	40.736.035
Diff. between value and cost of product.	5.363.947	6.258.629	11.503.845
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	1.250
. . In subsidiary companies
. . In associated companies
. . In other companies	1.250
. Other financial income	72.618	64.187	385.470
. . Financ.income from receivables		1.250	1.250
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies		1.250	1.250
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	72.618	62.937	384.220
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	72.618	62.937	384.220
. Interest and other financial expense	-14.665	-2.866	-16.245
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-14.665	-2.866	-16.245
Total financial income and expense	59.203	61.321	369.225
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense			-491.764
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-491.764
Total extraordinary income and expense			-491.764
Results before income taxes	5.423.150	6.319.950	11.381.306
. Taxes on current income	1.663.324	2.020.063	3.799.060
. . current taxes	290.628	361.255	742.298
. . differed taxes(anticip.)		-119.264	-386.680
. Net income for the period	3.759.826	4.299.887	7.582.246
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	3.759.826	4.299.887	7.582.246

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	0,14	0,40	0,02	0,18
Elasticity Ratio	Units	0,85	0,59	0,98	0,78
Availability of stock	Units	0,19	0,14	0,14	0,21
Total Liquidity Ratio	Units	0,66	0,45	0,84	0,51
Quick Ratio	Units	0,39	0,20	0,66	0,04
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,76	1,75	0,38	2,10
Self Financing Ratio	Units	0,51	0,27	0,21	0,25
Capital protection Ratio	Units	0,81	0,62	0,04	0,72
Liabilities consolidation quotient	Units	0,04	0,03	0,03	0,20
Financing	Units	0,80	2,51	3,60	2,77
Permanent Indebtedness Ratio	Units	0,53	0,29	0,23	0,42
M/L term Debts Ratio	Units	0,02	0,02	0,02	0,10
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,66
CORRELATION
Fixed assets ratio	Units	3,81	0,71	10,07	1,67
Current ratio	Units	2,07	0,88	1,32	1,29
Acid Test Ratio-Liquidity Ratio	Units	1,60	0,67	1,13	0,89
Structure's primary quotient	Units	3,68	0,66	9,08	1,07
Treasury's primary quotient	Units	0,94	0,30	0,90	0,09
Rate of indebtedness ( Leverage )	%	194,23	372,36	487,13	391,64
Current Capital ( net )	Value	19.243.218	-3.772.439	9.712.390	649.109
RETURN
Return on Sales	%	9,93	10,74	16,24	3,67
Return on Equity - Net- ( R.O.E. )	%	16,74	33,72	89,70	5,57
Return on Equity - Gross - ( R.O.E. )	%	24,14	49,56	134,64	15,37
Return on Investment ( R.O.I. )	%	12,29	13,18	27,94	4,68
Return/ Sales	%	12,27	14,27	23,64	4,26
Extra Management revenues/charges incid.	%	70,09	68,70	65,91	23,72
Cash Flow	Value	4.337.934	4.710.922	7.902.113	124.367
Operating Profit	Value	5.363.947	6.258.629	11.503.845	167.285
Gross Operating Margin	Value	5.942.055	7.119.344	12.565.168	316.896
MANAGEMENT
Credits to clients average term	Days	71,95	63,61	40,55	111,74
Debts to suppliers average term	Days	104,19	285,86	259,05	115,66
Average stock waiting period	Days	69,91	54,69	42,12	63,87
Rate of capital employed return ( Turnover )	Units	1,00	0,92	1,18	1,17
Rate of stock return	Units	5,15	6,58	8,55	5,58
Labour cost incidence	%	25,28	21,69	18,65	19,50
Net financial revenues/ charges incidence	%	0,14	0,14	0,76	-1,37
Labour cost on purchasing expenses	%	27,22	24,53	22,28	20,26
Short-term financing charges	%	0,08	0,01	0,05	2,70
Capital on hand	%	99,85	108,25	84,61	85,54
Sales pro employee	Value	126.671	147.700	171.964	218.436
Labour cost pro employee	Value	32.019	32.033	32.064	34.902

Credit Opinion Determination

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

250.000 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ Eur.

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ 831.356
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ 456
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ 2.052
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.444\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 564 significant companies.

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

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 3,67%.

The labour cost affects the turnover in the measure of 19,50%.

Goods are held in stock in a range of 64 dd.

The difference between the sales volume and the resources used to realize it is about 1,17.

The employees costs represent the 20,26% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.234.

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

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.02
UK Pound	1	INR 90.12
Euro	1	INR 80.09
Euro	1	INR 80.09

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TPT

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.

MIRA INFORM REPORT

Company name & address

Summary

Credit Analysis

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Credit Opinion Determination

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit