3decades

MIRA INFORM REPORT

Report No. :	498397
Report Date :	17.03.2018

IDENTIFICATION DETAILS

Name :	BOLZONI S.P.A.

Registered Office :	Via 1^ Maggio, 103 Localita' I Casoni, 29027 - Podenzano (Pc)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	02.08.1972

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of Lifting and Handling Equipment

No. of Employees :	From 251 To 500

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating

Explanation

Rating Comments

A+

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

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

BOLZONI S.P.A.

Via 1^ Maggio, 103 LOCALITA' I CASONI

29027 - Podenzano (PC) -IT-

Summary

Fiscal Code	:	00113720338
Legal Form	:	Joint Stock Company
start of Activities	:	20/08/1973
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	From 251 To 500

Activity

Manufacture of lifting and handling equipment

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00113720338

Foreign Trade Reg. no. : PC001197 since 10/12/1991

Foreign Trade Reg. no. : 1197 of Piacenza since 10/12/1991

Foreign Trade Reg. no. : 001197 of Piacenza since 10/12/1991

Foreign Trade Reg. no. : 610715 of Piacenza

Chamber of Commerce no. : 87382 of Piacenza since 04/09/1972

Firms' Register : PC032-3268 of Piacenza since 19/02/1996

V.A.T. Code : 00113720338

Tribunal Co. Register : 3268 of

Foundation date	: 02/08/1972
Establishment date	: 02/08/1972
Start of Activities	: 20/08/1973
Legal duration	: 31/12/2050
Nominal Capital	: 6.498.478
Subscribed Capital	: 6.498.478
Paid up Capital	: 6.498.478

Legal mail :

MARCO.BISAGNI@BOLZONI.SICUREZZAPOSTALE.IT

Members

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Scotti

Roberto

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Born in Piacenza

(PC)

on 13/02/1951

- Fiscal Code : SCTRRT51B13G535Z

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Residence:

I Maggio Localita I Casoni

, 103

- 29027

Podenzano

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	15/09/2016
Director	15/09/2016
Board Chairman	15/09/2016

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No Prejudicial events are reported

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No Protests registered

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Bisagni

Marco

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Born in Piacenza

(PC)

on 22/04/1964

- Fiscal Code : BSGMRC64D22G535T

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Residence:

Foppiani

, 8

- 29029

Rivergaro

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	23/07/2004

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No Prejudicial events are reported

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No Protests registered

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Rankin Jr.

Alfred Marshall

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Born in Cleveland Ohio

( )

on 08/10/1941

- Fiscal Code : RNKLRD41R08Z404V

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Residence:

I Maggio

, 103

- 29027

Podenzano

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/09/2016

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Wilson

Colin

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Born in Easington

( )

on 17/05/1954

- Fiscal Code : WLSCLN54E17Z114N

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Residence:

I Maggio

, 103

- 29027

Podenzano

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/09/2016

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Schilling

Kenneth Christopher

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Born in Ohio

( )

on 03/12/1959

- Fiscal Code : SCHKNT59T03Z404K

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Residence:

I Maggio Localita I Casoni

, 103

- 29027

Podenzano

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/09/2016

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Sands

Francis Harry Thomas

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Born in Banbridge Irlanda Del Nord

( )

on 13/02/1952

- Fiscal Code : SNDFNC52B13Z116T

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Residence:

I Maggio Localita I Casoni

, 103

- 29027

Podenzano

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	15/09/2016

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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Scotti

Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Teko - S.r.l.	Podenzano (PC) - IT -	00726490337	Chairman	Withdrawn	Ceased
Bolzoni Italia Societa' A Responsabilita' Limitata	Prato (PO) - IT -	03912670480	Managing Director	Active	Registered
Bolzoni Italia Societa' A Responsabilita' Limitata	Prato (PO) - IT -	03912670480	Board Chairman	Active	Registered
Auramo S.p.a.	Podenzano (PC) - IT -	01187060338	Director	Withdrawn	Ceased
Auramo S.p.a.	Podenzano (PC) - IT -	01187060338	Managing Director	Withdrawn	Ceased
Bolzoni Auramo S.r.l.	Bisceglie (BA) - IT -	03515270720	Managing Director	Withdrawn	Registered
Bolzoni Auramo S.r.l.	Bisceglie (BA) - IT -	03515270720	Director	Withdrawn	Registered
Bolzoni Holding S.p.a.	Podenzano (PC) - IT -	01464060332	Director	Active	Registered
Bolzoni Holding S.p.a.	Podenzano (PC) - IT -	01464060332	Managing Director	Withdrawn	Registered
Bolzoni Holding S.p.a.	Podenzano (PC) - IT -	01464060332	Board Chairman	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.

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 For.p.in.	Piacenza - IT -	01035560331	2.816 .Eur	5,55			Active
Consorzio Piacenza Energia	Piacenza - IT -	01303050338					Active
Bolzoni Italia Societa' A Responsabilita ' Limitata	Prato - IT -	03912670480	50.000 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

since 20/08/1973

1^ Maggio

, 103

- 29027

- Podenzano

(PC)

- IT -

PHONE

: 0523555511

FAX

: 0523555535

Website

: WWW.BOLZONI-AURAMO.COM

Legal mail

: MARCO.BISAGNI@BOLZONI.SICUREZZAPOSTALE.IT

Employees

: 254

Fittings and Equipment for a value of 3.210.000

Eur

Stocks for a value of 6.780.000

Eur

Furniture and fittings for a value of 130.000

Eur

Cars for a value of 21.000

Eur

Vehicles for a value of 52.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

The firm operates abroad as exporter..

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

Products abroad are placed by :

- its own agents

- its own foreign branches

- direct orders from foreign companies

Import comes generally from the following nations:

- Spain

- Great Britain

- Germany

- France

- Svizzera

Export is mainly towards:

- Somalia

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$ Teko - S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Galileo Galilei

, 29027

, Podenzano

(PC)

- IT -

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Fiscal Code: 00726490337

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Date

31/10/1987

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The firm absorved

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$ Auramo S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

I Casoni

, 29027

, Podenzano

(PC)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Fiscal Code: 01187060338

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Date

01/08/2003

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Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$ Auramo S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

I Casoni

, 29027

, Podenzano

(PC)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Fiscal Code: 01187060338

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Date

Merging/splitting-up project:

06/05/2003

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$ Auramo S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

I Casoni

, 29027

, Podenzano

(PC)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Fiscal Code: 01187060338

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Date

26/05/2003

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$ Auramo S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

I Casoni

, 29027

, Podenzano

(PC)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Fiscal Code: 01187060338

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Date

01/08/2003

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Resolution of merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$ Auramo S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

I Casoni

, 29027

, Podenzano

(PC)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Fiscal Code: 01187060338

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Vuoto.gif$

Date

26/05/2003

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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 1973

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 7,61% on 2016) with a stable trend in the turnover.

The operating result in 2016 was positive (5,44%) falling within the field's average.

An operating result of Eur. 5.557.000 has been registered. , with no sizeable change as opposed to the year before.

The G.O.M. amounted to Eur. 7.893.000 with no sensible increase as against 2015.

The financial status of the company is fairly balanced with an indebtedness level of 1,06 even though on the increase if compared to 2015.

Subject can manage an equity capital funds for an amount of Eur. 47.601.000 , unchanged if compared to 2015.

Total indebtedness totalled Eur. 52.207.000, , a more or less stable value.

The company does not exceed in bank credits; payments average period is instead slightly high (145,02 gg.) but lined up with the field's average.

Liquidity is not completely adequate.

As to due from customers, the average terms are 55,69 days. , a better value than the sector's average.

The financial management generated a cash flow of Eur. 5.812.000.

Subordinate employment cost is of Eur. 13.168.000, i.e. 19,98% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 18,44%.

No incidence of financial charges as lower than the incomes.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	71.397.000
Profit (Loss) for the period	3.621.000

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	70.920.000
Profit (Loss) for the period	3.226.000

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	63.353.000
Profit (Loss) for the period	2.277.000

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.	890.000	908.000	889.000
. . Industrial patent rights	12.000	14.000	9.000
. . Concessions,licenses,trademarks,etc.	259.000	255.000	307.000
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	1.161.000	1.177.000	1.205.000
. TANGIBLE FIXED ASSETS
. . Real estate	4.764.000	4.901.000	5.099.000
. . Plant and machinery	3.023.000	3.565.000	4.307.000
. . Industrial and commercial equipment	184.000	193.000	163.000
. . Other assets	263.000	347.000	380.000
. . Assets under construction and advances
. Total Tangible fixed assets	8.234.000	9.006.000	9.949.000
. FINANCIAL FIXED ASSETS
. . Equity investments	45.966.000	46.625.000	46.425.000
. . . Equity invest. in subsidiary companies	45.951.000	46.610.000	46.410.000
. . . Equity invest. in associated companies	15.000	15.000	15.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables	15.000	15.000	16.000
. . . . Within 12 months
. . . . Beyond 12 months	15.000	15.000	16.000
. . . 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	15.000	15.000	16.000
. . . . Within 12 months
. . . . Beyond 12 months	15.000	15.000	16.000
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	45.981.000	46.640.000	46.441.000
Total fixed assets	55.376.000	56.823.000	57.595.000
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.325.000	1.361.000	1.153.000
. . Work in progress and semimanufactured	3.838.000	3.617.000	3.480.000
. . Work in progress on order
. . Finished goods	1.612.000	1.634.000	1.869.000
. . Advance payments
. Total Inventories	6.775.000	6.612.000	6.502.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	38.046.000	31.154.000	26.252.000
. . Beyond 12 months		248.000	249.000
. . Trade receivables	11.044.000	10.034.000	8.970.000
. . . . Within 12 months	11.044.000	10.034.000	8.970.000
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	17.875.000	12.425.000	6.547.000
. . . . Within 12 months	17.875.000	12.425.000	6.547.000
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	8.218.000	8.027.000	9.923.000
. . . . Within 12 months	8.218.000	8.027.000	9.923.000
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	413.000	499.000	620.000
. . . . Within 12 months	413.000	499.000	620.000
. . . . Beyond 12 months
. . Receivables for anticipated taxes	298.000	248.000	249.000
. . . . Within 12 months	298.000
. . . . Beyond 12 months		248.000	249.000
. . Receivables due from third parties	198.000	169.000	192.000
. . . . Within 12 months	198.000	169.000	192.000
. . . . Beyond 12 months
. Total Credits not held as fixed assets	38.046.000	31.402.000	26.501.000
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets
. LIQUID FUNDS
. . Bank and post office deposits
. . Checks
. . Banknotes and coins
. Total Liquid funds	1.967.000	3.625.000	416.000
Total current assets	46.788.000	41.639.000	33.419.000
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts
Total adjustments accounts
TOTAL ASSETS	102.164.000	98.462.000	91.014.000

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	6.498.000	6.498.000	6.498.000
. Additional paid-in capital	17.543.000	17.543.000	17.543.000
. Revaluation reserves	2.330.000	2.330.000	2.330.000
. Legal reserve	1.789.000	1.628.000	1.514.000
. Reserve for Own shares
. Statute reserves
. Other reserves	15.820.000	12.415.000	11.168.000
. Accumulated Profits (Losses)
. Profit( loss) of the year	3.621.000	3.226.000	2.277.000
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	47.601.000	43.640.000	41.330.000
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	165.000	172.000	258.000
. . Other funds	215.000	200.000	190.000
Total Reserves for Risks and Charges	380.000	372.000	448.000
Employee termination indemnities	2.081.000	2.188.000	2.360.000
ACCOUNTS PAYABLE
. . . . Within 12 months	52.207.000	31.874.000	32.691.000
. . . . Beyond 12 months		20.316.000	13.954.000
. . 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	28.807.000	28.968.000	26.004.000
. . . . Within 12 months	28.807.000	9.014.000	12.573.000
. . . . Beyond 12 months		19.954.000	13.431.000
. . Due to other providers of finance		362.000	523.000
. . . . Within 12 months
. . . . Beyond 12 months		362.000	523.000
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	15.687.000	15.440.000	14.007.000
. . . . Within 12 months	15.687.000	15.440.000	14.007.000
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	3.100.000	2.785.000	3.065.000
. . . . Within 12 months	3.100.000	2.785.000	3.065.000
. . . . Beyond 12 months
. . Due to associated companies	1.398.000	1.254.000	1.025.000
. . . . Within 12 months	1.398.000	1.254.000	1.025.000
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	1.276.000	1.723.000	734.000
. . . . Within 12 months	1.276.000	1.723.000	734.000
. . . . Beyond 12 months
. . Due to social security and welfare inst.	676.000	524.000	469.000
. . . . Within 12 months	676.000	524.000	469.000
. . . . Beyond 12 months
. . Other payables	1.263.000	1.134.000	818.000
. . . . Within 12 months	1.263.000	1.134.000	818.000
. . . . Beyond 12 months
Total accounts payable	52.207.000	52.190.000	46.645.000
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	23.000	72.000	231.000
Total adjustment accounts	23.000	72.000	231.000
TOTAL LIABILITIES	102.292.000	98.462.000	91.014.000

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	71.397.000	70.920.000	63.353.000
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	68.000	69.000	64.000
. . Contributions for operating expenses
. . Different income and revenues	68.000	69.000	64.000
Total value of production	71.465.000	70.989.000	63.417.000
PRODUCTION COSTS
. Raw material,other materials and consum.	38.795.000	39.833.000	36.554.000
. Services received	11.044.000	10.314.000	9.144.000
. Leases and rentals	270.000	277.000	263.000
. Payroll and related costs	13.168.000	12.672.000	12.053.000
. . Wages and salaries	9.388.000	8.907.000	8.477.000
. . Social security contributions	3.004.000	2.997.000	2.868.000
. . Employee termination indemnities
. . Pension and similar
. . Other costs	776.000	768.000	708.000
. Amortization and depreciation	2.191.000	2.229.000	2.344.000
. . Amortization of intangible fixed assets	399.000	403.000	393.000
. . Amortization of tangible fixed assets	1.792.000	1.826.000	1.927.000
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid			24.000
. Changes in raw materials
. Provisions to risk reserves	145.000	154.000	101.000
. Other provisions
. Other operating costs	295.000	282.000	290.000
Total production costs	65.908.000	65.761.000	60.749.000
Diff. between value and cost of product.	5.557.000	5.228.000	2.668.000
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	831.000	502.000	1.193.000
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	107.000	201.000	142.000
. . 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	107.000	201.000
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-398.000	-387.000	-255.000
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	540.000	316.000	1.080.000
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-800.000	-650.000	-500.000
. . Of equity investments	-800.000	-650.000	-500.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-800.000	-650.000	-500.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			134.000
. . Gains on disposals
. . Other extraordinary income			134.000
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	7.000		134.000
Results before income taxes	5.304.000	4.894.000	3.382.000
. Taxes on current income	1.683.000	1.668.000	1.105.000
. . current taxes	1.683.000	1.668.000	1.105.000
. . differed taxes(anticip.)
. Net income for the period	3.621.000	3.226.000	2.277.000
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	3.621.000	3.226.000	2.277.000

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	0,54	0,58	0,63	0,18
Elasticity Ratio	Units	0,46	0,42	0,37	0,79
Availability of stock	Units	0,07	0,07	0,07	0,21
Total Liquidity Ratio	Units	0,39	0,36	0,30	0,52
Quick Ratio	Units	0,02	0,04	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,06	0,65	0,78	3,01
Self Financing Ratio	Units	0,47	0,44	0,45	0,19
Capital protection Ratio	Units	0,79	0,78	0,79	0,66
Liabilities consolidation quotient	Units	0,04	0,71	0,50	0,16
Financing	Units	1,10	1,20	1,13	3,56
Permanent Indebtedness Ratio	Units	0,49	0,67	0,63	0,34
M/L term Debts Ratio	Units	0,02	0,23	0,18	0,10
Net Financial Indebtedness Ratio	Units	0,56	0,59	0,63	0,69
CORRELATION
Fixed assets ratio	Units	0,90	1,16	1,00	1,65
Current ratio	Units	0,90	1,31	1,02	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,77	1,10	0,82	0,86
Structure's primary quotient	Units	0,86	0,77	0,72	1,02
Treasury's primary quotient	Units	0,04	0,11	0,01	0,06
Rate of indebtedness ( Leverage )	%	214,63	225,62	220,21	509,92
Current Capital ( net )	Value	-5.419.000	9.765.000	728.000	330.495
RETURN
Return on Sales	%	8,14	7,69	7,29	3,79
Return on Equity - Net- ( R.O.E. )	%	7,61	7,39	5,51	6,70
Return on Equity - Gross - ( R.O.E. )	%	11,14	11,21	8,18	18,82
Return on Investment ( R.O.I. )	%	5,44	5,31	2,93	4,89
Return/ Sales	%	7,78	7,37	4,21	4,78
Extra Management revenues/charges incid.	%	65,16	61,71	85,34	29,96
Cash Flow	Value	5.812.000	5.455.000	4.621.000	165.166
Operating Profit	Value	5.557.000	5.228.000	2.668.000	225.594
Gross Operating Margin	Value	7.893.000	7.611.000	5.113.000	376.080
MANAGEMENT
Credits to clients average term	Days	55,69	50,93	50,97	111,07
Debts to suppliers average term	Days	145,02	139,07	141,75	127,44
Average stock waiting period	Days	34,16	33,56	36,95	62,88
Rate of capital employed return ( Turnover )	Units	0,70	0,72	0,70	1,10
Rate of stock return	Units	10,54	10,73	9,74	5,58
Labour cost incidence	%	18,44	17,87	19,03	18,94
Net financial revenues/ charges incidence	%	0,76	0,45	1,70	-1,15
Labour cost on purchasing expenses	%	19,98	19,27	19,84	18,99
Short-term financing charges	%	0,76	0,74	0,55	2,55
Capital on hand	%	143,09	138,84	143,66	90,89
Sales pro employee	Value	173.715	179.090	269.587	199.007
Labour cost pro employee	Value	32.038	32.000	51.289	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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Spazio.gif$ 273.689
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Spazio.gif$ 425
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Spazio.gif$ 2.063
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.203\Spazio.gif$ 143

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 18.860 protested subjects are found; in the province they count to 804.

The insolvency index for the region is 0,46, , while for the province it is 0,30.

Total Bankrupt companies in the province : 915.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.87
UK Pound	1	INR 90.49
Euro	1	INR 79.91
Euro	1	INR 80.02

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

INFORMATION DETAILS

Analysis Done by :	VIV

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

Activity

Legal Data

Members

Companies connected to members *

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

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit