3decades

MIRA INFORM REPORT

Report No. :	499269
Report Date :	23.03.2018

IDENTIFICATION DETAILS

Name :	BOTTEGA SPA

Registered Office :	Vicolo Aldo Bottega, 2 Bibano, 31010 - Godega Di Sant'Urbano (TV)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	01.04.1977

Legal Form :	Joint Stock Company

Line of Business :	Distilling, Rectifying and Blending of Spirits

No. of Employees :	From 131 To 150

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 :	Excellent

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

BOTTEGA SPA ENUNCIABILE ANCHE IN BTG SP A O B SPA O EGA SPA

Vicolo Aldo Bottega, 2 Bibano

31010 - Godega Di Sant'Urbano (TV) -IT-

Summary

Fiscal Code	:	00541680260
Legal Form	:	Joint Stock Company
start of Activities	:	19/01/1985
Equity	:	Over 2.582.254
Turnover Range	:	50.000.000/75.000.000
Number of Employees	:	From 131 To 150

Activity

Distilling, rectifying and blending of spirits

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00541680260

Foreign Trade Reg. no. : TV002501 since 02/12/1991

Foreign Trade Reg. no. : 2501 of Treviso since 02/12/1991

Foreign Trade Reg. no. : 002501 of Treviso since 02/12/1991

Chamber of Commerce no. : 603820 of Firenze

Chamber of Commerce no. : 1475766 of Lodi

Chamber of Commerce no. : 135986 of Siena

Chamber of Commerce no. : 126054 of Treviso since 28/04/1977

Chamber of Commerce no. : 372597 of Verona

Firms' Register : TV086-8926 of Treviso since 19/02/1996

V.A.T. Code : 00541680260

Tribunal Co. Register : 8926 of

Foundation date	: 01/04/1977
Establishment date	: 01/04/1977
Start of Activities	: 19/01/1985
Legal duration	: 31/12/2050
Nominal Capital	: 5.000.000
Subscribed Capital	: 5.000.000
Paid up Capital	: 5.000.000

Legal mail :

BOTTEGASPA@LEGALMAIL.IT

Members

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Bottega

Sandro

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Born in Conegliano

(TV)

on 08/12/1963

- Fiscal Code : BTTSDR63T08C957P

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Residence:

Tarlazzi

, 43

- 31014

Colle Umberto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/12/2016
Board Chairman	22/12/2016
Managing Director	22/12/2016
Legal representative	23/07/2007

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No Prejudicial events are reported

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No Protests registered

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Bottega

Barbara

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Born in Conegliano

(TV)

on 10/09/1967

- Fiscal Code : BTTBBR67P50C957X

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Residence:

Giuseppe E Luigi Olivi

, 38

- 31100

Treviso

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/02/1996
Director	22/12/2016
Managing Director	22/12/2016

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No Prejudicial events are reported

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No Protests registered

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Bottega

Stefano

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Born in Conegliano

(TV)

on 18/06/1969

- Fiscal Code : BTTSFN69H18C957B

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Residence:

Iv Novembre

, 14

- 31020

San Pietro di Feletto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/12/2016

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Sandro Bottega S.r.l.

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San Cristoforo

, 1

- 31010

Godega di Sant'Urbano

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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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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Bottega

Sandro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Azienda Agraria Molino Delle Botte S.r.l. In Liquidazione	Collazzone (PG) - IT -	01493740540	Chairman	Withdrawn	Registered
Quarzia Srl	Godega di Sant'Urbano (TV) - IT -	03100760267	Sole Director	Active	Registered
Quarzia Srl	Godega di Sant'Urbano (TV) - IT -	03100760267	Legal representative	Active	Registered
Quarzia Srl	Godega di Sant'Urbano (TV) - IT -	03100760267	Sole partner	Active	Registered
Societa' Agricola Collina Del Sole S.r.l.	Godega di Sant'Urbano (TV) - IT -	03932120268	Director	Active	Registered
Societa' Agricola Collina Del Sole S.r.l.	Godega di Sant'Urbano (TV) - IT -	03932120268	Board Chairman	Active	Registered
Sandro Bottega S.r.l.	Godega di Sant'Urbano (TV) - IT -	04751860265	Sole Director	Active	Registered

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Bottega

Barbara

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Azienda Agraria Molino Delle Botte S.r.l. In Liquidazione	Collazzone (PG) - IT -	01493740540	Liquidator	Withdrawn	Registered
Bottega Barbara	Conegliano (TV) - IT -	BTTBBR67P50C957X	Proprietor	Withdrawn	Ceased
Societa' Agricola Collina Del Sole S.r.l.	Godega di Sant'Urbano (TV) - IT -	03932120268	Managing Director	Active	Registered
Societa' Agricola Collina Del Sole S.r.l.	Godega di Sant'Urbano (TV) - IT -	03932120268	Director	Active	Registered
Immobilservice S.r.l.	Treviso (TV) - IT -	04905820264	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
Quarzia Srl	Godega di Sant'Urbano - IT -	03100760267	1.185.000 .Eur	23,70
Bottega Barbara	Treviso - IT -	BTTBBR67P50C957X	1.377.333 .Eur	27,54
Bottega Stefano	San Pietro di Feletto - IT -	BTTSFN69H18C957B	828.834 .Eur	16,57
Sandro Bottega S.r.l.	Godega di Sant'Urbano - IT -	04751860265	1.608.833 .Eur	32,17

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

Legal and operative seat

(Workshop)

since 01/04/1977

Aldo Bottega

, 2

- 31010

- Godega di Sant'Urbano

(TV)

- IT -

PHONE

: 04384067

FAX

: 0438406858

FAX

: 0438401006

Legal mail

: BOTTEGASPA@LEGALMAIL.IT

Branch

(Factory)

since 18/07/2002

Sant'urbano

, 26

- 31010

- Godega di Sant'Urbano

(TV)

- IT -

Branch

(office)

since 27/09/2007

S. Cristoforo

, 1

- 31010

- Godega di Sant'Urbano

(TV)

- IT -

Branch

(Factory)

since 31/08/2009

Pascoli

, 2/A

- 31010

- Godega di Sant'Urbano

(TV)

- IT -

Branch

(Warehouse)

since 08/03/2011

Del Botteghino

, 19

- 50018

- Scandicci

(FI)

- IT -

Branch

(Warehouse)

since 01/06/2015

Delle Spesse

, 50-50/A

- 31018

- Gaiarine

(TV)

- IT -

Branch

(Store)

since 01/01/2016

Europa

, 39/B

- 31018

- Gaiarine

(TV)

- IT -

Branch

(Warehouse)

since 01/08/2016

Delle Industrie

, 2

- 31047

- Ponte di Piave

(TV)

- IT -

Branch

(Factory)

since 08/11/2016

Sant'urbano

, 28

- 31010

- Godega di Sant'Urbano

(TV)

- IT -

Branch

(Store)

since 14/10/2016

Delle Industrie

, -

- 20075

- Massalengo

(LO)

- IT -

Branch

(Wine-shop)

since 10/12/2014

La Sorgente

, 62

- 53024

- Montalcino

(SI)

- IT -

Employees

: 134

Fittings and Equipment for a value of 2.460.000

Eur

Stocks for a value of 7.990.000

Eur

Trade organization: direct or by agents.

Import comes generally from the following nations:

- France

The subject firm uses the following own selling brands:

- Alexander

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
General partnership	Limited liability company	27/04/1993

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Distilleria Bottega S.n.c. di Bottega Sandro e C.		27/04/1993

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

Town	Cadastre	No. Immovables	Up to Date
GODEGA DI SANT'URBANO (TV)	Buildings	4	19/03/2018
GODEGA DI SANT'URBANO (TV)	Land	1	19/03/2018
MARANO DI VALPOLICELLA (VR)	Buildings	1	19/03/2018
MARANO DI VALPOLICELLA (VR)	Land	8	19/03/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	GODEGA DI SANT'URBANO (TV) VIA SAN URBANO, Piano S1-1	A/6	39	10	cat. A/3	3	5,5 vani	Euro:355,06
B	Proprieta' per 1/1	GODEGA DI SANT'URBANO (TV) VIA SAN URBANO, Piano T	A/6	39	11	cat. A/3	3	4,5 vani	Euro:290,51
B	Proprieta' per 1/1	GODEGA DI SANT'URBANO (TV) VIA SAN URBANO, Piano T	A/6	39	7	cat. C/2	2	416 mq	Euro:837,90
B	Proprieta' per 1/1	GODEGA DI SANT'URBANO (TV) VIA SAN URBANO, Piano T	A/6	39	9	cat. C/3	2	158 mq	Euro:269,28
B	Proprieta' per 1/1	MARANO DI VALPOLICELLA (VR) VIA POZZO, Piano T	17	1343		cat. F/1

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	GODEGA DI SANT'URBANO (TV)	22	495		VIGNETO	U	1 are 92 ca	R.D.Euro:1,74 R.A. Euro: 0,99
L	Proprieta' per 1/1	MARANO DI VALPOLICELLA (VR)	17	1447		PRATO	3	14 are 42 ca	R.D.Euro:5,96 R.A. Euro: 2,98
L	Proprieta' per 1/2	MARANO DI VALPOLICELLA (VR)	17	1451		INCOLT PROD	2	6 are 58 ca	R.D.Euro:0,24 R.A. Euro: 0,07
L	Proprieta' per 1/4	MARANO DI VALPOLICELLA (VR)	17	1452		VIGNETO	1	42 ca	R.D.Euro:0,66 R.A. Euro: 0,34
L	Proprieta' per 9/72	MARANO DI VALPOLICELLA (VR)	17	791		PRATO ARBOR	3	1 are 3 ca	R.D.Euro:0,59 R.A. Euro: 0,29	3126
L	Proprieta' per 18/72	MARANO DI VALPOLICELLA (VR)	17	792		PRATO ARBOR	3	4 are 73 ca	R.D.Euro:2,69 R.A. Euro: 1,34	3126
L	Proprieta' per 9/72	MARANO DI VALPOLICELLA (VR)	17	793		SEMINATIVO	2	1 are 22 ca	R.D.Euro:1,17 R.A. Euro: 0,63	3126
L	Proprieta' per 9/72	MARANO DI VALPOLICELLA (VR)	17	807		VIGNETO	1	1 are 51 ca	R.D.Euro:2,38 R.A. Euro: 1,21	4333
L	Proprieta' per 1/1	MARANO DI VALPOLICELLA (VR)	17	809		PRATO	3	40 ca	R.D.Euro:0,17 R.A. Euro: 0,08	4333

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 1985

The eonomic-financial analysis is based on the latest 3 b/s.

During the last years, it achieved profits (r.o.e. 14,4% on 2016) with a remarkable upward trend (+11,31% on 2016 compared to 2015 and +13,4% on 2015 compared to 2014).

The operating result in 2016 was positive (11,17%) and in line with the sector's average.

The amount of the operating result for the year 2016 is of Eur. 3.625.725 ,showing stability in respect to the value of 2015.

The G.O.M. amounted to Eur. 4.523.072 with no sensible increase as against 2015.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,52) improved in comparison with the year before (0,54.).

Subject can manage an equity capital funds for an amount of Eur. 16.886.522 on stable levels.

Total indebtedness totalled Eur. 14.409.265, on the same levels as the year before.

Moderate recourse to bank credit while the exposure towards suppliers is rather high anyway better than the field's average.

The available funds are good.

Credits are collected in 84,89 days on the average. , a value lower than the sector's average.

During financial year 2016 the cash flow amounted to Eur. 3.328.357

Labour cost amounts to Eur. 5.885.615, with a 11,1% incidence on production costs. , with a 11,2% incidence on turnover.

The financial management has a limited economic impact, equal to -0,11% on the sales.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	52.568.745
Profit (Loss) for the period	2.431.010

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	47.225.779
Profit (Loss) for the period	2.404.694

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	41.643.192
Profit (Loss) for the period	2.234.431

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	37.052.349
Profit (Loss) for the period	1.461.897

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	34.494.525
Profit (Loss) for the period	1.299.814

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.
. . Industrial patent rights	10.810	17.789	16.885
. . Concessions,licenses,trademarks,etc.	804.763	894.627	984.492
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	823.652	952.126	1.026.163
. Total Intangible Fixed Assets	1.639.225	1.864.542	2.027.540
. TANGIBLE FIXED ASSETS
. . Real estate	527.791	550.232	509.781
. . Plant and machinery	2.419.120	2.079.187	1.581.723
. . Industrial and commercial equipment	37.976	57.615	347.585
. . Other assets	211.950	231.563	274.351
. . Assets under construction and advances		489.595
. Total Tangible fixed assets	3.196.837	3.408.192	2.713.440
. FINANCIAL FIXED ASSETS
. . Equity investments	684	684	1.368
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies			684
. . . Equity invest. in other companies	684	684	684
. . Financial receivables			31.460
. . . . Within 12 months			31.460
. . . . Beyond 12 months
. . . 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			31.460
. . . . Within 12 months			31.460
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	684	684	32.828
Total fixed assets	4.836.746	5.273.418	4.773.808
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.565.437	3.835.428	2.161.320
. . Work in progress and semimanufactured	2.523.971	522.409	1.471.360
. . Work in progress on order
. . Finished goods	2.903.731	1.536.263	1.428.115
. . Advance payments
. Total Inventories	7.993.139	5.894.100	5.060.795
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	13.871.226	12.745.973	10.944.804
. . Beyond 12 months
. . Trade receivables	12.395.505	12.192.805	10.901.751
. . . . Within 12 months	12.395.505	12.192.805	10.901.751
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	342.274
. . . . Within 12 months	342.274
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	48.528	430.444
. . . . Within 12 months	48.528	430.444
. . . . Beyond 12 months
. . Receivables for anticipated taxes	10.696
. . . . Within 12 months	10.696
. . . . Beyond 12 months
. . Receivables due from third parties	1.074.223	122.724	43.053
. . . . Within 12 months	1.074.223	122.724	43.053
. . . . Beyond 12 months
. Total Credits not held as fixed assets	13.871.226	12.745.973	10.944.804
. 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	5.647.108	4.411.328	4.940.806
. . Checks	26.974		7.615
. . Banknotes and coins	1.447	1.742	992
. Total Liquid funds	5.675.529	4.413.070	4.949.413
Total current assets	27.539.894	23.053.143	20.955.012
ADJUSTMENT ACCOUNTS
. Discount on loans		102.331	44.830
. Other adjustment accounts	73.104
Total adjustments accounts	73.104	102.331	44.830
TOTAL ASSETS	32.449.744	28.428.892	25.773.650

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.000.000	5.000.000	5.000.000
. Additional paid-in capital
. Revaluation reserves	1.683.945	1.683.945	1.683.945
. Legal reserve	650.842	530.607	418.886
. Reserve for Own shares
. Statute reserves
. Other reserves	7.120.725	5.336.268	3.713.558
. Accumulated Profits (Losses)
. Profit( loss) of the year	2.431.010	2.404.694	2.234.431
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	16.886.522	14.955.514	13.050.820
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	95.849	67.275	6.948
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges	95.849	67.275	6.948
Employee termination indemnities	352.351	362.847	362.847
ACCOUNTS PAYABLE
. . . . Within 12 months	14.409.265	12.495.802	11.547.144
. . . . 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	7.991	2.363
. . . . Within 12 months	7.991	2.363
. . . . Beyond 12 months
. . Trade payables	13.058.579	11.674.044	10.359.882
. . . . Within 12 months	13.058.579	11.674.044	10.359.882
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	523.547	298.964	630.215
. . . . Within 12 months	523.547	298.964	630.215
. . . . Beyond 12 months
. . Due to social security and welfare inst.	300.753	264.628	326.221
. . . . Within 12 months	300.753	264.628	326.221
. . . . Beyond 12 months
. . Other payables	518.395	255.803	230.826
. . . . Within 12 months	518.395	255.803	230.826
. . . . Beyond 12 months
Total accounts payable	14.409.265	12.495.802	11.547.144
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	705.757	547.454	530.856
Total adjustment accounts	705.757	547.454	530.856
TOTAL LIABILITIES	32.449.744	28.428.892	25.498.615

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	52.568.745	47.225.779	41.643.192
. Changes in work in progress	3.266.583	686.321	246.258
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	807.685	1.026.420	78.139
. . Contributions for operating expenses		185.760
. . Different income and revenues	807.685	840.660	78.139
Total value of production	56.643.013	48.938.520	41.967.589
PRODUCTION COSTS
. Raw material,other materials and consum.	31.713.083	26.592.228	22.384.006
. Services received	11.053.992	10.963.876	10.172.448
. Leases and rentals	651.321	664.367	531.837
. Payroll and related costs	5.885.615	5.290.701	4.932.747
. . Wages and salaries	4.562.945	3.883.160	3.641.902
. . Social security contributions	1.051.254	1.048.542	1.035.348
. . Employee termination indemnities	271.416	358.999	215.712
. . Pension and similar
. . Other costs			39.785
. Amortization and depreciation	897.347	843.650	753.000
. . Amortization of intangible fixed assets	346.925	344.625	327.132
. . Amortization of tangible fixed assets	486.422	437.715	371.068
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	64.000	61.310	54.800
. Changes in raw materials	1.167.545	-146.984	-300.786
. Provisions to risk reserves
. Other provisions
. Other operating costs	1.648.385	1.459.878	179.921
Total production costs	53.017.288	45.667.716	38.653.173
Diff. between value and cost of product.	3.625.725	3.270.804	3.314.416
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.056	4.637	15.493
. . 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	1.056	4.637	15.493
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.056	4.637	15.493
. Interest and other financial expense	-56.873	-36.300	80.759
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-55.817	-31.663	96.252
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		158.214	6.991
. . Gains on disposals
. . Other extraordinary income		158.214	6.991
. Extraordinary expense			-262
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-262
Total extraordinary income and expense		158.214	6.729
Results before income taxes	3.569.908	3.397.355	3.417.397
. Taxes on current income	1.138.898	992.661	1.182.966
. . current taxes	1.149.594	992.661	1.182.966
. . differed taxes(anticip.)
. Net income for the period	2.431.010	2.404.694	2.234.431
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	2.431.010	2.404.694	2.234.431

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	0,15	0,19	0,19	0,35
Elasticity Ratio	Units	0,85	0,81	0,81	0,63
Availability of stock	Units	0,25	0,21	0,20	0,20
Total Liquidity Ratio	Units	0,60	0,60	0,62	0,37
Quick Ratio	Units	0,17	0,16	0,19	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,52	0,54	0,51	1,93
Self Financing Ratio	Units	0,52	0,53	0,51	0,25
Capital protection Ratio	Units	0,56	0,50	0,45	0,69
Liabilities consolidation quotient	Units	0,02	0,03	0,03	0,32
Financing	Units	0,85	0,84	0,88	2,72
Permanent Indebtedness Ratio	Units	0,53	0,54	0,52	0,44
M/L term Debts Ratio	Units	0,01	0,01	0,01	0,15
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,11
CORRELATION
Fixed assets ratio	Units	3,56	2,90	2,81	1,19
Current ratio	Units	1,91	1,84	1,81	1,13
Acid Test Ratio-Liquidity Ratio	Units	1,36	1,37	1,38	0,75
Structure's primary quotient	Units	3,49	2,84	2,73	0,68
Treasury's primary quotient	Units	0,39	0,35	0,43	0,02
Rate of indebtedness ( Leverage )	%	192,16	190,09	197,49	399,07
Current Capital ( net )	Value	13.130.629	10.557.341	9.407.868	386.653
RETURN
Return on Sales	%	6,33	6,88	7,17	4,01
Return on Equity - Net- ( R.O.E. )	%	14,40	16,08	17,12	1,00
Return on Equity - Gross - ( R.O.E. )	%	21,14	22,72	26,19	4,06
Return on Investment ( R.O.I. )	%	11,17	11,51	12,86	2,39
Return/ Sales	%	6,90	6,93	7,96	3,25
Extra Management revenues/charges incid.	%	67,05	73,52	67,42	18,41
Cash Flow	Value	3.328.357	3.248.344	2.987.431	245.999
Operating Profit	Value	3.625.725	3.270.804	3.314.416	143.071
Gross Operating Margin	Value	4.523.072	4.114.454	4.067.416	371.841
MANAGEMENT
Credits to clients average term	Days	84,89	92,95	94,24	125,53
Debts to suppliers average term	Days	108,27	109,96	112,72	144,79
Average stock waiting period	Days	54,74	44,93	43,75	88,84
Rate of capital employed return ( Turnover )	Units	1,62	1,66	1,62	0,71
Rate of stock return	Units	6,58	8,01	8,23	4,03
Labour cost incidence	%	11,20	11,20	11,85	9,81
Net financial revenues/ charges incidence	%	-0,11	-0,07	0,23	-2,14
Labour cost on purchasing expenses	%	11,10	11,59	12,76	10,03
Short-term financing charges	%	0,39	0,29	n.c.	2,79
Capital on hand	%	61,73	60,20	61,89	140,06
Sales pro employee	Value	287.260	286.216	270.410	353.608
Labour cost pro employee	Value	32.161	32.064	32.030	33.797

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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.343\Spazio.gif$ 838.732
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.343\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.343\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.343\Spazio.gif$ 456
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.343\Spazio.gif$ 2.052
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.343\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 635 significant companies.

The companies cash their credits on an average of 126 dd.

The average duration of suppliers debts is about 145 dd.

The sector's profitability is on an average of 4,01%.

The labour cost affects the turnover in the measure of 9,81%.

Goods are held in stock in a range of 89 dd.

The difference between the sales volume and the resources used to realize it is about 0,71.

The employees costs represent the 10,03% 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 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37
Euro	1	INR 80.19

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

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

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit