3decades

MIRA INFORM REPORT

Report No. :	498536
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	BOSSINI S.P.A.

Registered Office :	Via Giacomo Matteotti, 170/A San Sebastiano, 25014 – Castenedolo (BS)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	29.08.1988

Legal Form :	Joint Stock Company with Sole Shareholder

Line of Business :	Manufacture of Other Taps and Valves

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

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

BOSSINI S.P.A.

Via Giacomo Matteotti, 170/A San Sebastiano

25014 – Castenedolo (BS) -IT-

Summary

Fiscal Code	:	03032120176
Legal Form	:	Joint Stock Company with Sole Shareholder
start of Activities	:	24/10/1988
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	From 150 To 175

Activity

Manufacture of other taps and valves

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 03032120176

Foreign Trade Reg. no. : BS009057 since 12/12/1991

Foreign Trade Reg. no. : 9057 of Brescia since 12/12/1991

Chamber of Commerce no. : 312869 of Brescia since 28/09/1988

Chamber of Commerce no. : 299803 of Como

Chamber of Commerce no. : 1752185 of Milano

Firms' Register : BS029-39508 of Brescia since 19/02/1996

V.A.T. Code : 00721290989

Tribunal Co. Register : 39508 of since 22/09/1988

Foundation date	: 29/08/1988
Establishment date	: 29/08/1988
Start of Activities	: 24/10/1988
Legal duration	: 31/12/2050
Nominal Capital	: 5.000.000
Subscribed Capital	: 5.000.000
Paid up Capital	: 5.000.000

Legal mail :

BOSSINI@LEGALMAIL.IT

Members

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Bossini

Leonardo

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Born in Lumezzane

(BS)

on 07/10/1939

- Fiscal Code : BSSLRD39R07E738G

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Residence:

Patuzza

, 13

- 25080

Mazzano

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	29/06/2017
Sole partner
Director	29/06/2017
Managing Director	29/06/2017

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No Prejudicial events are reported

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No Protests registered

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Frugoni

Davide

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Born in Brescia

(BS)

on 08/10/1957

- Fiscal Code : FRGDVD57R08B157B

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Residence:

Matteotti

, 170/A

- 25014

Castenedolo

(BS)

- IT -

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

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Bossini

Anna Maria

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Born in Brescia

(BS)

on 20/05/1966

- Fiscal Code : BSSNMR66E60B157I

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Residence:

Orientale

, 21

- 25121

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017
Managing Director	29/06/2017

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No Prejudicial events are reported

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No Protests registered

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Bossini

Nadia

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Born in Brescia

(BS)

on 01/10/1971

- Fiscal Code : BSSNDA71R41B157Z

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Residence:

Martinengo Da Barco

, 9

- 25121

Brescia

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017
Managing Director	29/06/2017

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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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Bossini

Leonardo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Snia S.p.a.	Milano (MI) - IT -	00736220153	Director	Withdrawn	Registered
Fonderia Regali S.r.l.	Travagliato (BS) - IT -	00275950178	Director	Withdrawn	Ceased
BOSSINI LEONARDO eamp; F.LLO S.P.A.	Lumezzane (BS) - IT -	00035700178	Sole Director	Withdrawn	Registered
Societa' Agricola Bersi Serlini Srl	Provaglio d'Iseo (BS) - IT -	02927460176	Director	Withdrawn	Registered
JOTA SRL	Villa Carcina (BS) - IT -	02882800176	Board Chairman	Withdrawn	Registered
Bossini Tornerie Metalliche E Affini S.r.l.	Lumezzane (BS) - IT -	03032130175	Chairman	Withdrawn	Registered
Bossini Service S.r.l. In Liquidazione	Castenedolo (BS) - IT -	03131160172	Managing Director	Withdrawn	In liquidation
Bossini Service S.r.l. In Liquidazione	Castenedolo (BS) - IT -	03131160172	Director	Withdrawn	In liquidation
Bossini Service S.r.l. In Liquidazione	Castenedolo (BS) - IT -	03131160172	Liquidator	Withdrawn	In liquidation
Bossini Service S.r.l. In Liquidazione	Castenedolo (BS) - IT -	03131160172	Board Chairman	Withdrawn	In liquidation
Raviolificio Bertarini S.r.l.	Reggio Emilia (RE) - IT -	00723240198	Director	Withdrawn	Registered
Bresciauno S.p.a.	Brescia (BS) - IT -	01854170170	Chairman	Withdrawn	Ceased
Emmegi S.p.a.	Castelleone di Suasa (AN) - IT -	01154940421	Director	Withdrawn	Registered
Emmegi S.p.a.	Castelleone di Suasa (AN) - IT -	01154940421	Board Chairman	Withdrawn	Registered
BASILEUS S.P.A.	Bologna (BO) - IT -	02314210374	Director	Withdrawn	Registered
Hopa - Societa' Per Azioni - Holding DiPartecipazioni Aziendali In Sigla Hopa	Brescia (BS) - IT -	03051180176	Director	Withdrawn	Ceased
Hopa - Societa' Per Azioni - Holding DiPartecipazioni Aziendali In Sigla Hopa	Brescia (BS) - IT -	03051180176	Memb.of the Executive Committee	Withdrawn	Ceased
Bossini Immobiliare S.r.l.	Brescia (BS) - IT -	03229650175	Chairman	Withdrawn	Registered
Hopa - S.p.a.	Brescia (BS) - IT -	03062100171	Assistant board Chairman	Withdrawn	Ceased
Tesi Costruzioni S.r.l.	Brescia (BS) - IT -	01958160986	Board Chairman	Withdrawn	Ceased
Fonderia Regali S.p.a.	Travagliato (BS) - IT -	03273850176	Director	Withdrawn	Ceased
Fingruppo Holding S.p.a. In Liquidazione	Brescia (BS) - IT -	02891290179	Director	Withdrawn	Registered
Fin-boss S.p.a.	Brescia (BS) - IT -	02992250171	Chairman	Withdrawn	Ceased
Fin-boss S.p.a.	Brescia (BS) - IT -	02992250171	Director	Withdrawn	Ceased
Dedrafin Immobiliare S.r.l.	Brescia (BS) - IT -	03190600175	Managing Director	Active	Registered
Dedrafin Immobiliare S.r.l.	Brescia (BS) - IT -	03190600175	Director	Active	Registered
Dedrafin Immobiliare S.r.l.	Brescia (BS) - IT -	03190600175	Board Chairman	Active	Registered
Societa' Italiana Lastre S.p.a.	Verolanuova (BS) - IT -	02005180985	Assistant board Chairman	Withdrawn	Ceased
Societa' Italiana Lastre S.p.a.	Verolanuova (BS) - IT -	03489180178	Assistant board Chairman	Withdrawn	Registered
Societa' Italiana Lastre S.p.a.	Verolanuova (BS) - IT -	03489180178	Managing Director	Withdrawn	Registered
Banco Di Brescia San Paolo Cab Societa'Per Azioni Con Denominazione Abbreviata	Brescia (BS) - IT -	03480180177	Director	Withdrawn	Ceased
Bipielle Investimenti S.p.a.	Brescia (BS) - IT -	12875640158	Director	Withdrawn	Ceased
Holy Srl Unipersonale	Brescia (BS) - IT -	03517530170	Director	Withdrawn	Ceased
Holinvest S.r.l.	Brescia (BS) - IT -	03562710172	Director	Withdrawn	Ceased
Franco Montini S.p.a.	Roncadelle (BS) - IT -	03576720175	Director	Withdrawn	Ceased
Montini S.p.a.	Roncadelle (BS) - IT -	03579140173	Director	Withdrawn	Registered
FRABBONI S.P.A.	Bologna (BO) - IT -	02127321202	Director	Withdrawn	Registered
BOSSINI DUE S.R.L.	Lumezzane (BS) - IT -	02084680178	Chairman	Withdrawn	Registered
Autodromo Del Veneto S.p.a.	Venezia (VE) - IT -	03314480272	Director	Withdrawn	Registered
Colmark - S.p.a.	Rodengo-Saiano (BS) - IT -	01949100166	Director	Withdrawn	Ceased
Sorin Spa	Milano (MI) - IT -	04160490969	Director	Withdrawn	Registered
Immobiliare Venti Settembre S.r.l.	Lodi (LO) - IT -	03632880963	Director	Withdrawn	Ceased
BRESCIAFIDI S.P.A.	Sarnico (BG) - IT -	02094860174	Director	Withdrawn	Registered
BRESCIAFIDI S.P.A.	Brescia (BS) - IT -	02094860174	Director	Withdrawn	Registered
Bresciafidi S.p.a.	Brescia (BS) - IT -	02094860174	Director	Withdrawn	Ceased
Regali Sfera S.p.a.	Roncadelle (BS) - IT -	02649190986	Director	Withdrawn	Registered
Dolcetto Otto S.r.l. In Liquidazione	Cagliari (CA) - IT -	03359270968	Director	Withdrawn	Registered
NIVOLA S.R.L.	Milano (MI) - IT -	04761220963	Director	Withdrawn	Registered
Immobiliare La Bolina S.r.l.	Castenedolo (BS) - IT -	02315550984	Sole 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
Bossini Leonardo	Mazzano - IT -	BSSLRD39R07E738G		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
Fingruppo Holding S.p.a. In Liquidazion e	Brescia - IT -	02891290179	1.854.146 .Eur	0,59			Active
Lumenergia S.p.a.	Lumezzane - IT -	03405300173	1.352 .Eur	0,45			Active
Societa' Agricola Bersi Serlini Srl	Provaglio d'Iseo - IT -	02927460176	50.000 .Eur	5,00			Active

Firm's location and structure

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

Legal and operative seat

since 29/08/1988

Giacomo Matteotti

, 170/A

- 25014

- Castenedolo

(BS)

- IT -

Legal mail

: BOSSINI@LEGALMAIL.IT

Branch

(Factory)

since 30/03/1993

Mantova

, 192/194

- 25018

- Montichiari

(BS)

- IT -

PHONE

: 0309981199

Branch

(Warehouse)

since 01/07/2004

Antonio Meucci

, 39

- 20100

- Milano

(MI)

- IT -

Branch

(Warehouse)

since 01/07/2004

Gaspare Rosales

, 3

- 20100

- Milano

(MI)

- IT -

Employees

: 159

Fittings and Equipment for a value of 2.470.000

Eur

Stocks for a value of 10.320.000

Eur

Furniture and fittings for a value of 130.000

Eur

Vehicles for a value of 280.000

Eur

The firm operates abroad as importer / exporter..

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

- importers

- trading companies

- its own sales net-work

- its own agents

- its own foreign branches

- direct orders from foreign companies

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Date

16/12/1988

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Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$ Fin-boss S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Malta

, 7/C

, 25124

, Brescia

(BS)

- IT -

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Fiscal Code: 02992250171

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Date

Merging/splitting-up project:

25/02/2014

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$ Bossini Leonardo Srl

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Monte Suello

, 18

, 25128

, Brescia

(BS)

- IT -

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Fiscal Code: 03568170983

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Date

10/06/2014

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Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$ Bossini Tornerie Metalliche E Affini S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

G. Rossini

, 21

, 25065

, Lumezzane

(BS)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Fiscal Code: 03032130175

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Date

Merging/splitting-up project:

14/09/2015

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$ Bossini Tornerie Metalliche E Affini S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

G. Rossini

, 21

, 25065

, Lumezzane

(BS)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Fiscal Code: 03032130175

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Vuoto.gif$

Date

09/12/2015

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
CASTENEDOLO (BS)	Buildings	3	14/03/2018
MONTICHIARI (BS)	Buildings	6	14/03/2018
MONTICHIARI (BS)	Land	1	14/03/2018
VILLANOVA DEL SILLARO (LO)	Buildings	2	14/03/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	CASTENEDOLO (BS) VIA GIACOMO MATTEOTTI, 170A Piano S1-T - 1	NCT/21	86	8	cat. D/7			Euro: 64.200,00
B	Proprieta' per 1/1	CASTENEDOLO (BS) VIA GIACOMO MATTEOTTI, 170A Piano 1	NCT/21	86	9	cat. A/3	3	6 vani	Euro:291,28
B	Proprieta' per 1/1	CASTENEDOLO (BS) VIA GIACOMO MATTEOTTI, 162C Piano T-1	NCT/22	156		cat. D/7			Euro: 36.734,00
B	Proprieta' per 1/1	MONTICHIARI (BS) VIA MANTOVA, 174 Piano T	NCT/81	5		cat. D/7			Euro: 44.056,00
B	Proprieta' per 1/1	MONTICHIARI (BS) VIA MANTOVA, SNC Piano T	NCT/81	7	1	cat. F/1
B	Proprieta' per 1/1	MONTICHIARI (BS) VIA MANTOVA, SNC Piano T	NCT/81	94	2	cat. A/2	3	6 vani	Euro:340,86
B	Proprieta' per 1/1	MONTICHIARI (BS) VIA MANTOVA, SNC Piano 1	NCT/81	94	3	cat. A/2	3	4,5 vani	Euro:255,65
B	Proprieta' per 1/1	MONTICHIARI (BS) VIA MANTOVA, SNC Piano T	NCT/81	94	4	cat. F/1
B	Proprieta' per 1/1	MONTICHIARI (BS) VIA MANTOVA, 194 Piano T-1	NCT/81	94	9	cat. D/7			Euro: 37.812,00
B	Proprieta' per 1/1	VILLANOVA DEL SILLARO (LO) CASCINA SAN TOMMASO, SNC Piano T	9	263	3	cat. A/3	4	5,5 vani	Euro:207,36
B	Proprieta' per 1/1	VILLANOVA DEL SILLARO (LO) CASCINA SAN TOMMASO, SNC Piano T	9	264	3	cat. C/6	3	15 mq	Euro:39,51

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	MONTICHIARI (BS)	81	6		PASCOLO	U	1 are	R.D.Euro:0,05 R.A. Euro: 0,03	16420

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 1988

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 3,85% in 2016 with a remarkable upward trend (+9,42% on 2016 compared to 2015 and +6,42% on 2015 compared to 2014).

The operating result was positive in the last financial year (3,59%) and reflects the field's average.

The operating result is positive and amounts to Eur. 1.655.579 with an increase of more then 100% if the compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 3.183.609 showing a 33,95% growth.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,25 which is yet rising if compared to 2015.

It's shareholders funds amount to Eur. 25.936.303 on the same levels as the year before.

Total debts recorded amounted to Eur. 17.280.708 (Eur. 4.977.036 of which were m/l term debts) whereas in the year before they amounted to Eur. 22.324.368, with a -22,59% drop.

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

Liquidity is good (2,15)

As far as the collection of credit goes, the average is high (107,32 days). but on the same levels as the average of the sector.

During financial year 2016 the cash flow amounted to Eur. 2.527.869

In the last financial year labour cost was of Eur. 8.592.628, with a 29,95% incidence on total costs of production. and a 28,93% incidence on sales volumes.

The incidence of the financial charges is of -0,51% on the sales amount.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	29.701.469
Profit (Loss) for the period	938.829

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	27.142.049
Profit (Loss) for the period	450.224

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	25.503.424
Profit (Loss) for the period	646.497

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	28.772.723
Profit (Loss) for the period	544.076

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	29.024.323
Profit (Loss) for the period	1.349.286

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	35.449	53.174	70.899
. . Research,develop. and advert.expens.	77.380	154.320	272.769
. . Industrial patent rights	28.362	52.447	58.440
. . Concessions,licenses,trademarks,etc.	32.066
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets			1.804
. Total Intangible Fixed Assets	173.257	259.941	403.912
. TANGIBLE FIXED ASSETS
. . Real estate	15.970.989	16.268.962	16.634.534
. . Plant and machinery	1.706.319	1.363.876	1.194.541
. . Industrial and commercial equipment	768.277	542.911	568.838
. . Other assets	255.394	176.422	195.999
. . Assets under construction and advances	2.200	231.391	35.833
. Total Tangible fixed assets	18.703.179	18.583.562	18.629.745
. FINANCIAL FIXED ASSETS
. . Equity investments	659.102	660.632	259.804
. . . Equity invest. in subsidiary companies	4.864	4.864	198.536
. . . Equity invest. in associated companies	37.500	37.730	37.730
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	616.738	618.038	23.538
. . Financial receivables	14.071	13.286	8.003
. . . . Within 12 months		13.286	8.003
. . . . Beyond 12 months	14.071
. . . 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	14.071	13.286	8.003
. . . . Within 12 months		13.286	8.003
. . . . Beyond 12 months	14.071
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	673.173	673.918	267.807
Total fixed assets	19.549.609	19.517.421	19.301.464
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.716.538	3.515.169	3.213.996
. . Work in progress and semimanufactured	4.413.838	4.695.676	5.073.491
. . Work in progress on order
. . Finished goods	2.193.395	1.853.581	1.509.749
. . Advance payments
. Total Inventories	10.323.771	10.064.426	9.797.236
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	10.163.411	10.143.546	10.071.395
. . Beyond 12 months	146.778	399.148	785.599
. . Trade receivables	8.854.197	8.862.821	8.666.848
. . . . Within 12 months	8.854.197	8.862.821	8.666.848
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	213.606	191.377	308.024
. . . . Within 12 months	213.606	191.377	308.024
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	132.879	250.912
. . . . Within 12 months	132.879	250.912
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	701.877	871.531	1.279.649
. . . . Within 12 months	555.099	811.983	917.600
. . . . Beyond 12 months	146.778	59.548	362.049
. . Receivables for anticipated taxes	334.800	339.600	423.550
. . . . Within 12 months	334.800
. . . . Beyond 12 months		339.600	423.550
. . Receivables due from third parties	72.830	26.453	178.923
. . . . Within 12 months	72.830	26.453	178.923
. . . . Beyond 12 months
. Total Credits not held as fixed assets	10.310.189	10.542.694	10.856.994
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments		90.000	90.000
. . Own shares
. . . Total nominale value
. . Other securities	70.000
. Total Financial Assets	70.000	90.000	90.000
. LIQUID FUNDS
. . Bank and post office deposits	5.730.837	9.923.484	10.909.460
. . Checks
. . Banknotes and coins	1.006	1.032	907
. Total Liquid funds	5.731.843	9.924.516	10.910.367
Total current assets	26.435.803	30.621.636	31.654.597
ADJUSTMENT ACCOUNTS
. Discount on loans		47.050	30.388
. Other adjustment accounts	84.319
Total adjustments accounts	84.319	47.050	30.388
TOTAL ASSETS	46.069.731	50.186.107	50.986.449

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	5.000.000	5.000.000	5.000.000
. Additional paid-in capital
. Revaluation reserves	9.700.000	9.700.000	9.700.000
. Legal reserve	1.043.386	1.043.386	1.043.386
. Reserve for Own shares
. Statute reserves
. Other reserves	9.254.088	8.803.864	7.632.392
. Accumulated Profits (Losses)
. Profit( loss) of the year	938.829	450.224	646.497
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	25.936.303	24.997.474	24.022.275
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	349.107	320.616	291.022
. . Taxation fund, also differed	1.607.003	1.607.003	1.808.598
. . Other funds		20.000	20.000
Total Reserves for Risks and Charges	1.956.110	1.947.619	2.119.620
Employee termination indemnities	872.636	887.203	851.367
ACCOUNTS PAYABLE
. . . . Within 12 months	12.303.672	11.230.589	9.488.470
. . . . Beyond 12 months	4.977.036	11.093.779	14.485.400
. . 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	6.813.502	10.368.958	10.741.420
. . . . Within 12 months	1.836.466	2.075.179	1.781.020
. . . . Beyond 12 months	4.977.036	8.293.779	8.960.400
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		66.162
. . . . Within 12 months		66.162
. . . . Beyond 12 months
. . Trade payables	5.911.074	4.749.352	4.034.708
. . . . Within 12 months	5.911.074	4.749.352	4.034.708
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies		10.000
. . . . Within 12 months		10.000
. . . . Beyond 12 months
. . Due to associated companies	1.361	7.149	230
. . . . Within 12 months	1.361	7.149	230
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	515.079	236.847	196.178
. . . . Within 12 months	515.079	236.847	196.178
. . . . Beyond 12 months
. . Due to social security and welfare inst.	473.530	428.424	486.443
. . . . Within 12 months	473.530	428.424	486.443
. . . . Beyond 12 months
. . Other payables	3.566.162	6.457.476	8.514.891
. . . . Within 12 months	3.566.162	3.657.476	2.989.891
. . . . Beyond 12 months		2.800.000	5.525.000
Total accounts payable	17.280.708	22.324.368	23.973.870
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	23.974	29.443	19.317
Total adjustment accounts	23.974	29.443	19.317
TOTAL LIABILITIES	46.069.731	50.186.107	50.986.449

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	5.525.000	8.025.000
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	29.701.469	27.142.049	25.503.424
. Changes in work in progress	-25.024	-340.345	-928.690
. Changes in semi-manufact. products
. Capitalization of internal work		27.555	15.794
. Other income and revenues	669.192	630.544	372.566
. . Contributions for operating expenses	319.414	193.723
. . Different income and revenues	349.778	436.821	372.566
Total value of production	30.345.637	27.459.803	24.963.094
PRODUCTION COSTS
. Raw material,other materials and consum.	9.239.266	8.229.943	7.269.381
. Services received	9.228.160	8.228.315	7.244.244
. Leases and rentals	24.364	5.400	11.226
. Payroll and related costs	8.592.628	8.316.327	7.808.568
. . Wages and salaries	5.832.367	5.598.826	5.257.172
. . Social security contributions	1.796.401	1.808.146	1.732.054
. . Employee termination indemnities	397.312	378.703	354.266
. . Pension and similar
. . Other costs	566.548	530.652	465.076
. Amortization and depreciation	1.528.030	1.631.418	1.566.284
. . Amortization of intangible fixed assets	122.391	170.226	178.188
. . Amortization of tangible fixed assets	1.339.538	1.314.850	1.342.242
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	66.101	146.342	45.854
. Changes in raw materials	-284.369	-66.318	52.479
. Provisions to risk reserves
. Other provisions
. Other operating costs	361.979	369.567	528.376
Total production costs	28.690.058	26.714.652	24.480.558
Diff. between value and cost of product.	1.655.579	745.151	482.536
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	600	451.000	676.875
. . In subsidiary companies	600	451.000	676.875
. . In associated companies
. . In other companies
. Other financial income	107.795	217.933	338.210
. . 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	107.795	217.933	338.210
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	107.795	217.933	338.210
. Interest and other financial expense	-260.370	-345.943	-584.269
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-151.975	322.990	430.816
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-328.244
. . Of equity investments
. . Of financial fixed assets (no equity inv)		-328.244
. . Of securities included among current ass
Total adjustments to financial assets		-328.244
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			31.823
. . Gains on disposals
. . Other extraordinary income			31.823
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense			31.823
Results before income taxes	1.503.604	739.897	945.175
. Taxes on current income	503.765	289.673	298.678
. . current taxes	498.965	205.723	298.678
. . differed taxes(anticip.)		83.950
. Net income for the period	938.829	450.224	646.497
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	938.829	450.224	646.497

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	0,42	0,39	0,38	0,26
Elasticity Ratio	Units	0,57	0,61	0,62	0,73
Availability of stock	Units	0,22	0,20	0,19	0,23
Total Liquidity Ratio	Units	0,35	0,41	0,43	0,44
Quick Ratio	Units	0,13	0,20	0,22	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,25	0,05	n.c.	1,74
Self Financing Ratio	Units	0,56	0,50	0,47	0,29
Capital protection Ratio	Units	0,77	0,78	0,76	0,64
Liabilities consolidation quotient	Units	0,48	1,07	1,62	0,22
Financing	Units	0,67	0,89	1,00	2,30
Permanent Indebtedness Ratio	Units	0,69	0,74	0,77	0,46
M/L term Debts Ratio	Units	0,13	0,24	0,30	0,11
Net Financial Indebtedness Ratio	Units	0,04	0,02	0,00	0,49
CORRELATION
Fixed assets ratio	Units	1,63	1,89	2,04	1,63
Current ratio	Units	2,15	2,73	3,34	1,32
Acid Test Ratio-Liquidity Ratio	Units	1,31	1,83	2,30	0,86
Structure's primary quotient	Units	1,33	1,28	1,24	1,05
Treasury's primary quotient	Units	0,47	0,89	1,16	0,04
Rate of indebtedness ( Leverage )	%	177,63	200,76	212,25	349,01
Current Capital ( net )	Value	14.132.131	19.391.047	22.166.127	753.266
RETURN
Return on Sales	%	8,51	7,67	8,68	5,13
Return on Equity - Net- ( R.O.E. )	%	3,85	1,80	2,69	7,27
Return on Equity - Gross - ( R.O.E. )	%	5,80	2,96	3,93	15,95
Return on Investment ( R.O.I. )	%	3,59	1,48	0,95	5,36
Return/ Sales	%	5,57	2,75	1,89	5,57
Extra Management revenues/charges incid.	%	60,39	60,42	133,98	42,11
Cash Flow	Value	2.527.869	2.081.642	2.212.781	344.143
Operating Profit	Value	1.655.579	745.151	482.536	359.008
Gross Operating Margin	Value	3.183.609	2.376.569	2.048.820	705.726
MANAGEMENT
Credits to clients average term	Days	107,32	117,55	122,34	101,37
Debts to suppliers average term	Days	115,10	104,23	100,01	115,52
Average stock waiting period	Days	125,13	133,49	138,30	80,62
Rate of capital employed return ( Turnover )	Units	0,64	0,54	0,50	1,07
Rate of stock return	Units	2,88	2,70	2,60	4,40
Labour cost incidence	%	28,93	30,64	30,62	16,91
Net financial revenues/ charges incidence	%	-0,51	1,19	1,69	-1,19
Labour cost on purchasing expenses	%	29,95	31,13	31,90	17,25
Short-term financing charges	%	1,51	1,55	2,44	2,71
Capital on hand	%	155,11	184,90	199,92	93,00
Sales pro employee	Value	110.826	104.795	104.522	223.920
Labour cost pro employee	Value	32.062	32.109	32.002	35.625

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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Spazio.gif$ 1.169.259
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.430\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 918 significant companies.

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

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 5,13%.

The labour cost affects the turnover in the measure of 16,91%.

Goods are held in stock in a range of 81 dd.

The difference between the sales volume and the resources used to realize it is about 1,07.

The employees costs represent the 17,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 5.551.

The insolvency index for the region is 0,55, , while for the province it is 0,48.

Total Bankrupt companies in the province : 3.452.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.13
UK Pound	1	INR 91.95
Euro	1	INR 80.34
Euro	1	INR 80.34

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

INFORMATION DETAILS

Analysis Done by :	PRI

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