MIRA INFORM REPORT

Report No. :	498797
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	LEMIE - S.P.A.

Registered Office :	Via Camozzi, 2 24049 - Verdello (BG) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	15.03.1976

Legal Form :	Joint stock company

Line of Business :	· Manufacture of luggage, handbags and similars, leathergoods and sad lery · Retail sale of leatherwear and luggage

No. of Employees :	111 to 130

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	No Complaints

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 and address

Lemie - S.p.a.

Via Camozzi, 2

24049 - Verdello (BG) -IT-

Summary

Fiscal Code	:	00583700166
Legal Form	:	Joint stock company
start of Activities	:	15/03/1976
Equity	:	Over 2.582.254
Turnover Range	:	15.500.000/18.000.000
Number of Employees	:	from 111 to 130

Activity

Manufacture of luggage, handbags and similars, leathergoods and sad lery

Retail sale of leatherwear and luggage

Legal Data

Legal Form : Joint stock company

Warranty Association : 100 of Bergamo

Fiscal Code : 00583700166

Foreign Trade Reg. no. : BG014184 since 31/12/1991

Chamber of Commerce no. : 158061 of Bergamo since 17/03/1976

Chamber of Commerce no. : 451073 of Brescia

Chamber of Commerce no. : 1556304 of Milano

Chamber of Commerce no. : 1691689 of Milano

Firms' Register : BG024-11960 of Bergamo since 19/02/1996

V.A.T. Code : 00583700166

Foundation date	: 16/04/1977
Establishment date	: 16/04/1977
Start of Activities	: 15/03/1976
Legal duration	: 31/12/2087
Nominal Capital	: 2.786.400
Subscribed Capital	: 2.786.400
Paid up Capital	: 2.786.400

Legal mail :

AMMINISTRAZIONE@PEC.LEMIE.IT

Members

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Coffetti

Sergio

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Born in Verdello

(BG)

on 14/10/1949

- Fiscal Code : CFFSRG49R14L753B

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Residence:

I Maggio

, 8

- 24049

Verdello

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2016

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No Prejudicial events are reported

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Co.ro. 5 S.r.l.

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Angelo Maj

, 14/D

- 24121

Bergamo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Bettinelli

Giuseppe

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Born in Adrara San Martino

(BG)

on 03/03/1945

- Fiscal Code : BTTGPP45C03D588W

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Residence:

Marconi

, 6

- 24030

Brembate di Sopra

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2016
Board Chairman	28/04/2016

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No Prejudicial events are reported

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No Protests registered

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Bettinelli

Massimo

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Born in Bergamo

(BG)

on 30/05/1972

- Fiscal Code : BTTMSM72E30A794G

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Residence:

Guglielmo Marconi

, 6

- 24030

Brembate di Sopra

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2016

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Bettinelli

Veronica

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Born in Bergamo

(BG)

on 19/04/1975

- Fiscal Code : BTTVNC75D59A794K

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Residence:

Guglielmo Marconi

, 6

- 24030

Brembate di Sopra

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/04/2016

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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Bettinelli

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.e.m.i. Costruzioni Generali S.r.l. - IN Liquidazione	Bergamo (BG) - IT -	01307590164	Director	Withdrawn	Registered
La Compagnia Delle Pelli Spa	Bonate Sopra (BG) - IT -	04491581007	Director	Active	Registered
La Compagnia Delle Pelli Spa	Bonate Sopra (BG) - IT -	04491581007	Board Chairman	Active	Registered
Ita S.r.l. - In Liquidazione	Bergamo (BG) - IT -	02750720167	Sole Director	Withdrawn	Ceased
Ita S.r.l. - In Liquidazione	Bergamo (BG) - IT -	02750720167	Liquidator	Withdrawn	Ceased
Ita S.r.l. - In Liquidazione	Bergamo (BG) - IT -	02750720167	Sole partner	Withdrawn	Ceased
O'hara S.r.l.-in Liquidazione	Clusone (BG) - IT -	00927020164	Liquidator	Withdrawn	Ceased
La Compagnia Delle Pelli Logistic S.r.l.	Bonate Sopra (BG) - IT -	02864810169	Sole Director	Withdrawn	Ceased
La Compagnia Delle Pelli Logistic S.r.l.	Bonate Sopra (BG) - IT -	02864810169	Sole partner	Withdrawn	Ceased
Record S.p.a.	Bonate Sotto (BG) - IT -	01551190166	Attorney General	Withdrawn	Ceased
Cdp Per Roma 1 S.r.l.	Verdello (BG) - IT -	02960230163	Director	Withdrawn	Ceased
CDP PER CAGLIARI 1 S.R.L.	Verdello (BG) - IT -	02968200168	Director	Withdrawn	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
Co.ro. 5 S.r.l.	Bergamo - IT -	01010530168	696.600 .Eur	25,00
Bettinelli Giuseppe	Brembate di Sopra - IT -	BTTGPP45C03D588W	2.089.800 .Eur	75,00

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
Marlon S.R.L.	Rimini - IT -	01083120400	90.000.000 .Eur	20,00			Active

Firm's location and structure

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

Legal and operative seat

Camozzi

, 2

- 24049

- Verdello

(BG)

- IT -

PHONE

: 035489553

PHONE

: 035871451

PHONE

: 0354822711

FAX

: 0354822710

Legal mail

: AMMINISTRAZIONE@PEC.LEMIE.IT

Branch

(Factory)

since 21/12/1988

Dell'artigianato

- 24049

- Verdello

(BG)

- IT -

PHONE

: 035871451

Branch

(Warehouse)

since 14/12/2009

until 01/06/1992

Camozzi

, 13/14/15

- 24049

- Verdello

(BG)

- IT -

Branch

(Store)

since 29/12/1995

Dell'artigianato Ang.v.fantoni

, Loc: RAVAROLO

- 24049

- Verdello

(BG)

- IT -

PHONE

: 035871151

Employees

: 123

Fittings and Equipment for a value of 590.000

Eur

Stocks for a value of 6.430.000

Eur

Vehicles for a value of 34.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own agents

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own agents

Export is mainly towards:

- Italy

- Belgium

- Great Britain

- Austria

- Poland

- France

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
General partnership	Joint stock company	23/07/1987

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Lemie di Rovaris Claudio e Fulvio S.n.c.		23/07/1987

CEASINGS/INCORPORATIONS/MERGES:

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The firm absorbed by merging of

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Date

23/12/1988

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The firm absorbed by merging of

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Camozzi

, 2

, 24049

, Verdello

(BG)

- IT -

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Date

23/12/1988

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
VERDELLO (BG)	Buildings	10	17/03/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' superficiaria per 1000/1000	VERDELLO (BG) VIA CARLO CAMOZZI, 2 Piano T	8	2982	705	cat. D/7			Euro: 2.516,00
B	Proprieta' superficiaria per 1000/1000	VERDELLO (BG) VIA CARLO CAMOZZI, 2 Piano T	8	3090	705	cat. D/7			Euro: 2.490,00
B	Proprieta' superficiaria per 1000/1000	VERDELLO (BG) VIA ANDREA SERASSI, 1 Piano T-1	8	3091	704	cat. A/2	2	7,5 vani	Euro:735,95
B	Proprieta' superficiaria per 1000/1000	VERDELLO (BG) VIA ANDREA SERASSI, 3 Piano S1	8	3091	705	cat. C/6	1	56 mq	Euro:101,23
B	Proprieta' superficiaria per 1000/1000	VERDELLO (BG) VIA CARLO CAMOZZI, 2 Piano T	8	3092	705	cat. D/7			Euro: 4.966,00
B	Proprieta' per 1000/1000	VERDELLO (BG) VIALE DELL' ARTIGIANATO, SN Piano T	8	4494		cat. F/1
B	Proprieta' per 1/1	VERDELLO (BG) VIA ANDREA FANTONI, 23 Piano T-1	8	4574	702	cat. D/7			Euro: 13.106,00
B	Proprieta' per 1000/1000	VERDELLO (BG) VIALE DELL' ARTIGIANATO, 8 Piano T-1	8	703	701	cat. D/7			Euro: 43.580,00
B	Proprieta' per 1000/1000	VERDELLO (BG) VIALE DELL' ARTIGIANATO, SN Piano T-1	8	703	702	cat. A/2	2	6,5 vani	Euro:637,82
B	Proprieta' per 1000/1000	VERDELLO (BG) VIALE DELL' ARTIGIANATO, SN Piano T	8	703	703	cat. F/1

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Company's starting of activities dates back to 1976.

The analysis is based on the latest 3 balance sheets.

During the last years, net losses were registered; in 2016 r.o.e. is -1,21%.

The operating result was positive in the last financial year (0,64%) falling within the field's average.

The amount of the operating result for the year 2016 is of Eur. 135.068 with a more then 100% growth.

During the latest financial year the gross operating margin amounted to Eur. 527.912 showing a 49,33% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,93) but with an increase as against the previous accounting period.

With regard to equity capital, an amount of Eur. 5.153.029 is registered. , stable in comparison with the value of the previous year.

During the last financial year total debts volume reached Eur. 15.054.671 (Eur. 5.100.723 were m/l term ones) , a more or less stable value.

The exposure towards banks is slightly high, the recourse to suppliers' credit is limited which is within the sector's average.

The management determines a good range of liquidity.

Accounts receivable average term is high (129,23 days). even if compared to the average of the sector.

During financial year 2016 the cash flow amounted to Eur. 330.675

Labour cost expenses amount to Eur. 3.657.654 , representing 22,18% on the total of production costs. , whereas the incidence on sales revenues is of 22,85%.

If compared to the sales volume (-0,79%), the impact of the financial charges is limited.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	16.007.266
Profit (Loss) for the period	-62.169

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	16.876.047
Profit (Loss) for the period	-399.037

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	16.889.198
Profit (Loss) for the period	-145.192

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	15.877.045
Profit (Loss) for the period	-113.062

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	16.742.081
Profit (Loss) for the period	-473.286

Financials

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	130
. . Concessions,licenses,trademarks,etc.		195	260
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	130	195	260
. TANGIBLE FIXED ASSETS
. . Real estate	6.920.445	7.060.014	7.211.079
. . Plant and machinery	414.157	507.123	567.873
. . Industrial and commercial equipment	175.919	200.116	227.525
. . Other assets	148.176	160.462	180.306
. . Assets under construction and advances
. Total Tangible fixed assets	7.658.697	7.927.715	8.186.783
. FINANCIAL FIXED ASSETS
. . Equity investments		158	158
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies		158	158
. . Financial receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities	158
. . Own shares
. . . Total nominal value
. Total financial fixed assets	158	158	158
Total fixed assets	7.658.985	7.928.068	8.187.201
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.861.275	2.554.075	2.365.187
. . Work in progress and semimanufactured	570.299	183.443	240.398
. . Work in progress on order
. . Finished goods	3.003.080	2.869.327	3.119.922
. . Advance payments
. Total Inventories	6.434.654	5.606.845	5.725.507
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	6.554.069	5.965.335	6.375.128
. . Beyond 12 months	248.761	290.162	427.717
. . Trade receivables	5.746.368	5.010.984	5.600.780
. . . . Within 12 months	5.746.368	5.010.984	5.600.780
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	451.724	589.715	444.812
. . . . Within 12 months	451.724	589.715	334.300
. . . . Beyond 12 months			110.512
. . Receivables for anticipated taxes	297.012	335.607	357.735
. . . . Within 12 months	297.012	335.607	357.735
. . . . Beyond 12 months
. . Receivables due from third parties	307.726	319.191	399.518
. . . . Within 12 months	58.965	29.029	82.313
. . . . Beyond 12 months	248.761	290.162	317.205
. Total Credits not held as fixed assets	6.802.830	6.255.497	6.802.845
. 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	250	250	250
. Total Financial Assets	250	250	250
. LIQUID FUNDS
. . Bank and post office deposits	24.115	21.563	1.609
. . Checks
. . Banknotes and coins	1.025	2.473	3.950
. Total Liquid funds	25.140	24.036	5.559
Total current assets	13.262.874	11.886.628	12.534.161
ADJUSTMENT ACCOUNTS
. Discount on loans		147.800	145.105
. Other adjustment accounts	137.096
Total adjustments accounts	137.096	147.800	145.105
TOTAL ASSETS	21.058.955	19.962.496	20.866.467

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.786.400	2.786.400	2.786.400
. Additional paid-in capital
. Revaluation reserves	2.450.652	2.994.881	2.994.881
. Legal reserve	6.659	6.659	6.659
. Reserve for Own shares
. Statute reserves
. Other reserves	-28.513		1
. Accumulated Profits (Losses)		-145.191
. Profit( loss) of the year	-62.169	-399.037	-145.192
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	5.153.029	5.243.712	5.642.749
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	45.553	37.552	27.552
. . Taxation fund, also differed
. . Other funds	28.513
Total Reserves for Risks and Charges	74.066	37.552	27.552
Employee termination indemnities	626.553	656.016	686.161
ACCOUNTS PAYABLE
. . . . Within 12 months	9.953.948	9.273.939	9.201.701
. . . . Beyond 12 months	5.100.723	4.548.232	5.053.482
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	1.700.000	1.700.000	1.700.000
. . . . Within 12 months
. . . . Beyond 12 months	1.700.000	1.700.000	1.700.000
. . Due to banks	10.053.819	9.182.364	9.105.694
. . . . Within 12 months	6.653.096	6.334.132	5.752.212
. . . . Beyond 12 months	3.400.723	2.848.232	3.353.482
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	2.699.371	2.288.545	2.828.436
. . . . Within 12 months	2.699.371	2.288.545	2.828.436
. . . . 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	153.900	168.542	177.266
. . . . Within 12 months	153.900	168.542	177.266
. . . . Beyond 12 months
. . Due to social security and welfare inst.	190.454	263.064	251.197
. . . . Within 12 months	190.454	263.064	251.197
. . . . Beyond 12 months
. . Other payables	257.127	219.656	192.590
. . . . Within 12 months	257.127	219.656	192.590
. . . . Beyond 12 months
Total accounts payable	15.054.671	13.822.171	14.255.183
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	150.636	203.045	254.822
Total adjustment accounts	150.636	203.045	254.822
TOTAL LIABILITIES	21.058.955	19.962.496	20.866.467

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	9.750.000	9.750.000
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	16.007.264	16.876.047	16.889.198
. Changes in work in progress	488.380	-94.239	7.762
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	131.174	162.112	174.139
. . Contributions for operating expenses
. . Different income and revenues	131.174	162.112	174.139
Total value of production	16.626.818	16.943.920	17.071.099
PRODUCTION COSTS
. Raw material,other materials and consum.	9.948.900	8.945.086	8.438.142
. Services received	2.384.261
. Leases and rentals	332.575	3.441.199	3.487.016
. Payroll and related costs	3.657.654	3.984.323	3.984.752
. . Wages and salaries	2.626.479	2.851.325	2.869.555
. . Social security contributions	817.335	898.322	905.565
. . Employee termination indemnities	205.763	224.383	209.050
. . Pension and similar	8.000	10.000
. . Other costs	77	293	582
. Amortization and depreciation	392.844	360.200	389.319
. . Amortization of intangible fixed assets	65	65	474
. . Amortization of tangible fixed assets	313.484	334.954	360.636
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	79.295	25.181	28.209
. Changes in raw materials	-339.429	24.422	151.135
. Provisions to risk reserves
. Other provisions
. Other operating costs	114.945	195.392	197.336
Total production costs	16.491.750	16.950.622	16.647.700
Diff. between value and cost of product.	135.068	-6.702	423.399
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	9	3.556	150
. . 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	9	3.556	150
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	9	3.556	150
. Interest and other financial expense	-125.756	-401.579	-375.916
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-401.579	375.916
Total financial income and expense	-125.747	-398.023	-375.766
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		47.835	33.354
. . Gains on disposals
. . Other extraordinary income		47.835	33.354
. Extraordinary expense		-3.681	-79.567
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-3.681	-79.567
Total extraordinary income and expense		44.154	-46.213
Results before income taxes	9.321	-360.571	1.420
. Taxes on current income	71.490	38.466	146.612
. . current taxes	32.896	16.337	100.418
. . differed taxes(anticip.)		22.129	46.194
. Net income for the period	-62.169	-399.037	-145.192
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-62.169	-399.037	-145.192

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	0,36	0,40	0,39	0,18
Elasticity Ratio	Units	0,63	0,60	0,60	0,80
Availability of stock	Units	0,31	0,28	0,27	0,20
Total Liquidity Ratio	Units	0,32	0,31	0,33	0,51
Quick Ratio	Units	0,00	0,00	0,00	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,93	1,76	1,63	2,38
Self Financing Ratio	Units	0,24	0,26	0,27	0,24
Capital protection Ratio	Units	0,47	0,54	0,53	0,68
Liabilities consolidation quotient	Units	0,58	0,56	0,62	0,18
Financing	Units	2,92	2,64	2,53	2,86
Permanent Indebtedness Ratio	Units	0,52	0,52	0,55	0,38
M/L term Debts Ratio	Units	0,27	0,26	0,28	0,11
Net Financial Indebtedness Ratio	Units	2,28	2,07	1,91	1,00
CORRELATION
Fixed assets ratio	Units	1,42	1,32	1,39	1,78
Current ratio	Units	1,33	1,28	1,36	1,25
Acid Test Ratio-Liquidity Ratio	Units	0,69	0,68	0,74	0,84
Structure's primary quotient	Units	0,67	0,66	0,69	1,07
Treasury's primary quotient	Units	0,00	0,00	0,00	0,03
Rate of indebtedness ( Leverage )	%	408,67	380,69	369,79	408,81
Current Capital ( net )	Value	3.308.926	2.612.689	3.332.460	312.424
RETURN
Return on Sales	%	2,07	-0,23	1,45	2,67
Return on Equity - Net- ( R.O.E. )	%	-1,21	-7,61	-2,57	3,20
Return on Equity - Gross - ( R.O.E. )	%	0,18	-6,88	0,03	8,58
Return on Investment ( R.O.I. )	%	0,64	-0,03	2,03	4,36
Return/ Sales	%	0,84	-0,04	2,51	3,63
Extra Management revenues/charges incid.	%	-46,03	n.c.	-34,29	23,99
Cash Flow	Value	330.675	-38.837	244.127	112.609
Operating Profit	Value	135.068	-6.702	423.399	127.644
Gross Operating Margin	Value	527.912	353.498	812.718	230.719
MANAGEMENT
Credits to clients average term	Days	129,23	106,89	119,38	101,46
Debts to suppliers average term	Days	76,72	66,52	85,39	94,66
Average stock waiting period	Days	144,71	119,61	122,04	56,34
Rate of capital employed return ( Turnover )	Units	0,76	0,85	0,81	1,34
Rate of stock return	Units	2,49	3,01	2,95	6,30
Labour cost incidence	%	22,85	23,61	23,59	12,44
Net financial revenues/ charges incidence	%	-0,79	-2,36	-2,22	-1,48
Labour cost on purchasing expenses	%	22,18	23,51	23,94	12,90
Short-term financing charges	%	0,84	2,91	2,64	3,49
Capital on hand	%	131,56	118,29	123,55	74,43
Sales pro employee	Value	140.414	136.097	136.203	253.464
Labour cost pro employee	Value	32.084	32.131	32.135	32.147

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	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.510\Spazio.gif$ 1.022.428
Population living in the region	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.510\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.510\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.510\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.510\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\Kashyap\AppData\Local\Temp\Rar$EXa0.510\Spazio.gif$ 114

Sector Data

The values are calculated on a base of 923 significant companies.

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

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 2,67%.

The labour cost affects the turnover in the measure of 12,44%.

Goods are held in stock in a range of 56 dd.

The difference between the sales volume and the resources used to realize it is about 1,34.

The employees costs represent the 12,90% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.23
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 :	VAR

Report Prepared by :	KET

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 and 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

Financials

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit