3decades

MIRA INFORM REPORT

Report No. :	500159
Report Date :	28.03.2018

IDENTIFICATION DETAILS

Name :	PROFILINOX - S.P.A.

Registered Office :	Via Alfred Bernhard Nobel, 3/A 43122 – Parma (PR)-IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	25.03.1986

Legal Form :	Joint stock company

Line of Business :	· Manufacture of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel) · Wholesale of metalliferous minerals, ferrous metals and semi-finished products

No. of Employees :	36 to 50

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 :	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 and address

Profilinox - S.p.a.

Via Alfred Bernhard Nobel, 3/A

43122 - Parma (PR)-IT-

Summary

Fiscal Code	:	01543470346
Legal Form	:	Joint stock company
start of Activities	:	25/09/1986
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of tubes, pipes, hollow profiles and related fittings in steel (except those in refined steel)

Wholesale of metalliferous minerals, ferrous metals and semi-finished products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01543470346

Foreign Trade Reg. no. : PR010563 since 01/12/1992

Chamber of Commerce no. : 161498 of Parma since 22/04/1986

Firms' Register : PR027-16737 of Parma

V.A.T. Code : 01543470346

Tribunal Co. Register : 16737 of

Foundation date	: 25/09/1986
Establishment date	: 20/03/1986
Start of Activities	: 25/09/1986
Legal duration	: 31/12/2050
Nominal Capital	: 1.000.000
Subscribed Capital	: 1.000.000
Paid up Capital	: 1.000.000

Legal mail :

PROFILINOX@PEC.PROFILINOX.IT

Members

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Vender

Giovanni

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Born in Parma

(PR)

on 15/08/1942

- Fiscal Code : VNDGNN42M15G337P

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Residence:

Delle Rimembranze

, 19

- 43123

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/05/2016
Managing Director	24/05/2016
Assistant board Chairman	24/05/2016

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Mattioli

Manuela

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Born in Parma

(PR)

on 10/03/1947

- Fiscal Code : MTTMNL47C50G337Y

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Residence:

Rimembranze

, 19

- 43100

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/05/2016
Board Chairman	24/05/2016

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Vender

Laura

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Born in Parma

(PR)

on 08/11/1976

- Fiscal Code : VNDLRA76S48G337K

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Residence:

Trieste

, 3/1

- 43122

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	24/05/2016

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Vender S.p.a.

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Meani

, SNC

- 20861

Brugherio

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Acciai Vender Societa' Per Azioni

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Residence:

Meani

, SNC

- 20861

Brugherio

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Vender

Enrico

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Born in Parma

(PR)

on 14/03/1983

- Fiscal Code : VNDNRC83C14G337T

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Residence:

I E Cleofonte Campanini

, 31

- 43123

Parma

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Assistant board Chairman	24/05/2016
Director	24/05/2016
Managing Director	24/05/2016

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Rivara

Giancarlo

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Born in Parma

(PR)

on 26/05/1970

- Fiscal Code : RVRGCR70E26G337L

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

Residence:

Campirolo

, 2

- 43044

Collecchio

(PR)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	16/05/2014

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Vuoto.gif$

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Vender

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
S.l.m. Service S.r.l.	Parma (PR) - IT -	02313550267	Director	Withdrawn	Registered
M.a. Centro Inossidabili Societa' Per Azioni	Calenzano (FI) - IT -	04059840480	Director	Withdrawn	Registered
M.a. Centro Inossidabili Societa' Per Azioni	Calenzano (FI) - IT -	04059840480	Board Chairman	Withdrawn	Registered
Albergo Tre Ville S.r.l.	Parma (PR) - IT -	02052210347	Director	Withdrawn	Registered
Albergo Tre Ville S.r.l.	Parma (PR) - IT -	02052210347	Board Chairman	Withdrawn	Registered
Gruppo Inox - Societa' Per Azioni	Monza (MB) - IT -	02766730960	Director	Withdrawn	Merged
Gruppo Inox - Societa' Per Azioni	Monza (MB) - IT -	02766730960	Assistant board Chairman	Withdrawn	Merged
Vender S.p.a.	Brugherio (MB) - IT -	02084770342	Sole Director	Active	Registered
Capital E Consulting S.r.l.	Parma (PR) - IT -	02172960342	Board Chairman	Withdrawn	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Managing Director	Withdrawn	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Director	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Managing Director	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Board Chairman	Active	Registered
Mariven S.r.l.	Gazoldo degli Ippoliti (MN) - IT -	02238870204	Director	Active	Registered
Mariven S.r.l.	Gazoldo degli Ippoliti (MN) - IT -	02238870204	Sole Director	Withdrawn	Registered
Centro Acciai Inox S.r.l.	Modugno (BA) - IT -	03986610727	Director	Withdrawn	Registered
Centro Acciai Inox S.r.l.	Modugno (BA) - IT -	03986610727	Assistant board Chairman	Withdrawn	Registered
Centro Acciai Inox S.r.l.	Modugno (BA) - IT -	03986610727	Board Chairman	Withdrawn	Registered
E.l. Gioe S.r.l.	Parma (PR) - IT -	02362970341	Board Chairman	Withdrawn	Registered
G.v. International S.p.a.	Parma (PR) - IT -	02238820340	Director	Withdrawn	Registered
G.v. International S.p.a.	Parma (PR) - IT -	02238820340	Board Chairman	Withdrawn	Registered
Finven Immobiliare S.r.l.	Parma (PR) - IT -	02362990349	Director	Withdrawn	Registered
Gv - Fin S.r.l.	Parma (PR) - IT -	02387140342	Director	Withdrawn	Registered
Gv - Fin S.r.l.	Parma (PR) - IT -	02387140342	Board Chairman	Withdrawn	Registered
G.r.t. Capital And Consulting S.r.l.	Trieste (TS) - IT -	01109910321	Director	Withdrawn	Registered
G.r.t. Capital And Consulting S.r.l.	Trieste (TS) - IT -	01109910321	Board Chairman	Withdrawn	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Director	Active	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Managing Director	Active	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Board Chairman	Active	Registered
Metaltrading S.r.l.	Parma (PR) - IT -	02315640348	Director	Withdrawn	Registered
Metaltrading S.r.l.	Parma (PR) - IT -	02315640348	Board Chairman	Withdrawn	Registered
S.l.m. S.r.l.	Parma (PR) - IT -	02630580344	Director	Active	Registered
E.l.v. Service Srl In Liquidazione	Parma (PR) - IT -	02615410343	Managing Director	Withdrawn	Registered
E.l.v. Service Srl In Liquidazione	Parma (PR) - IT -	02615410343	Director	Withdrawn	Registered
Gruppo Inox Spa	Monza (MB) - IT -	08048950961	Director	Withdrawn	Registered
Gruppo Inox Spa	Monza (MB) - IT -	08048950961	Assistant board Chairman	Withdrawn	Registered
Primavera S.r.l.	Parma (PR) - IT -	02790790345	Director	Active	Registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Mattioli

Manuela

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Veneta Inoxservice S.r.l.	Thiene (VI) - IT -	00891020240	Director	Withdrawn	Ceased
Finven Spa	Monza (MI) - IT -	07788450158	Director	Withdrawn	Registered
Finven Spa	Monza (MI) - IT -	07788450158	Managing Director	Withdrawn	Registered
Sidernastri Inox Srl	Monza (MI) - IT -	02471200960	Attorney with special power	Withdrawn	Ceased
FINANZIARIA FINAI S.R.L.	Parma (PR) - IT -	01793980341	Board Chairman	Withdrawn	Registered
EREDI GIULIANI EMMA VENDER - SOCIETA' INACCOMANDITA SEMPLICE	- -	00226770345	Liquidator	Withdrawn	Registered
M.a. Centro Inossidabili Societa' Per Azioni	Calenzano (FI) - IT -	04059840480	Director	Withdrawn	Registered
Gruppo Inox - Societa' Per Azioni	Monza (MB) - IT -	02766730960	Director	Withdrawn	Merged
Vender S.p.a.	Brugherio (MB) - IT -	02084770342	Procurator	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Managing Director	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Director	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Assistant board Chairman	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Board Chairman	Withdrawn	Registered
E.l. Gioe S.r.l.	Parma (PR) - IT -	02362970341	Director	Withdrawn	Registered
G.v. International S.p.a.	Parma (PR) - IT -	02238820340	Procurator	Withdrawn	Registered
I.V.P. S.R.L.	Parma (PR) - IT -	02278090341	Procurator	Withdrawn	Registered
Finven Immobiliare S.r.l.	Parma (PR) - IT -	02362990349	Director	Withdrawn	Registered
FININOX S.R.L.	Parma (PR) - IT -	02363050341	Director	Withdrawn	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Director	Active	Registered
Metaltrading S.r.l.	Parma (PR) - IT -	02315640348	Procurator	Withdrawn	Registered
E.l.v. Service Srl In Liquidazione	Parma (PR) - IT -	02615410343	Procurator	Withdrawn	Registered
Gruppo Inox Spa	Monza (MB) - IT -	08048950961	Director	Withdrawn	Registered

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Vender

Enrico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Minox S.r.l.	Minervino Murge (BA) - IT -	04742720727	Partner	Withdrawn	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Managing Director	Withdrawn	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Director	Active	Registered
Acciai Vender Societa' Per Azioni	Brugherio (MB) - IT -	00426590345	Assistant board Chairman	Active	Registered
E.l. Gioe S.r.l.	Parma (PR) - IT -	02362970341	Director	Withdrawn	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Director	Active	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Managing Director	Withdrawn	Registered
Arena Acciai S.r.l.	San Martino Buon Albergo (VR) - IT -	03875160230	Board Chairman	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
Profilinox - S.p.a.	Parma - IT -	01543470346	100.000 .Eur	10,00
Vender S.p.a.	Brugherio - IT -	02084770342	350.000 .Eur	35,00
Acciai Vender Societa' Per Azioni	Brugherio - IT -	00426590345	550.000 .Eur	55,00

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
Profilinox - S.p.a.	Parma - IT -	01543470346	100.000 .Eur	10,00			Active
Centro Commercio Ingrosso Parma - S.p.a.	Parma - IT -	92005660342	4.068 .Eur	3,38			Active
Mariven S.r.l.	Gazoldo degli Ippoliti - IT -	02238870204	15.000 .Eur	15,00			Active

Firm's location and structure

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

Legal and operative seat

since 30/01/1990

Alfred Bernhard Nobel

, 3/A

- 43100

- Parma

(PR)

- IT -

PHONE

: 0521 607801

Legal mail

: PROFILINOX@PEC.PROFILINOX.IT

Employees

: 46

Fittings and Equipment for a value of 520.000

Eur

Stocks for a value of 15.110.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	16/06/1987

COMPANY'S CAPITAL CHANGES:

Former Type	Former Amount	New Type	New Amount	Changement Date
subcribed,nominal and issued	46.481 $Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ Eur	subcribed,nominal and issued	103.291 $Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ Eur

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
CALENZANO (FI)	Buildings	1	19/03/2018
CALENZANO (FI)	Land	3	19/03/2018
PARMA (PR)	Buildings	13	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	CALENZANO (FI) VIA DI PRATIGNONE, Piano T-1 - S1	69	83		cat. D/7			Euro: 23.415,12
B	Proprieta' per 1/1	PARMA (PR) VIALE PIACENZA, 23 Piano T	001/2	785	101	zona1 cat. C/6	2	12 mq	Euro:32,85	45778
B	Proprieta' per 1/1	PARMA (PR) VIALE PIACENZA, 23 Piano T	001/2	785	102	zona1 cat. C/6	2	12 mq	Euro:32,85	45778
B	Proprieta' per 1/1	PARMA (PR) VIALE PIACENZA, 23 Piano T	001/2	785	17	zona1 cat. C/1	8	67 mq	Euro:2.560,59	1058344
B	Proprieta' per 1/1	PARMA (PR) VIA ANSELMI MICHELANGELO, 1/D Piano S1-T	001/2	785	9	zona1 cat. C/1	8	46 mq	Euro:1.758,02
B	Proprieta' per 1/1	PARMA (PR) VIALE PIACENZA, 23 Piano S1	001/2	785	93	zona1 cat. C/6	6	12 mq	Euro:65,69	45778
B	Proprieta' per 1/1	PARMA (PR) VIALE PIACENZA, 23 Piano S1	001/2	785	94	zona1 cat. C/6	6	12 mq	Euro:65,69	45778
B	Proprieta' per 1000/1000	PARMA (PR) BORGO DELLA POSTA, 7 Piano S1	001/33	648	10	zona1 cat. C/6	6	29 mq	Euro:158,76	1073145
B	Proprieta' per 1000/1000	PARMA (PR) BORGO DELLA POSTA, 7 Piano 1	001/33	648	3	zona1 cat. A/10	4	9 vani	Euro:3.053,81	1073145
B	Proprieta' per 1000/1000	PARMA (PR) VIA FRANKLIN BENJAMIN, SNC Piano T - 0001	003/27	130		zona3 cat. D/7			Euro: 6.843,05
B	Proprieta' per 1000/1000	PARMA (PR) VIA FRANKLIN BENJAMIN, SNC Piano T - 0001	003/27	133		zona3 cat. D/7			Euro: 6.843,05
B	Proprieta' per 1/1	PARMA (PR) STRADA UGOZZOLO, 123/A Piano T-1	003/27	46	1	zona3 cat. D/7			Euro: 31.030,00
B	Proprieta' per 1/1	PARMA (PR) STRADA UGOZZOLO, 123 Piano T	003/27	46	2	zona3 cat. D/7			Euro: 10.406,61	1058362
B	Proprieta' per 1/1	PARMA (PR) STRADA UGOZZOLO, 40 Piano T	003/27	47		zona3 cat. D/1			Euro: 263,39

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 120/1000	CALENZANO (FI)	69	1392		SEMIN ARBOR	2	1 are 14 ca	R.D.Euro:0,51 (*) R.A. Euro: 0,32
L	Proprieta' per 120/1000	CALENZANO (FI)	69	415		SEMIN ARBOR	2	1 are 50 ca	R.D.Euro:0,67 (*) R.A. Euro: 0,43	1436
L	Proprieta' per 120/1000	CALENZANO (FI)	69	468		SEMINATIVO	2	50 ca	R.D.Euro:0,23 (*) R.A. Euro: 0,15	2950

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 1986.

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 7,98% in 2016 keeping the turnover steady during the last two years.

The operating result in 2016 was positive (4,37%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 4.016.922 increasing if compared to the yeart 2015.

A gross operating margine for a value of Eur. 5.852.537 was reached. with a 49,45% increase as opposed to the preceding year.

The financial status of the company is fairly balanced with an indebtedness level of 1,44 even though on the increase if compared to 2015.

Subject can manage an equity capital funds for an amount of Eur. 36.111.076 , unchanged if compared to 2015.

In the year 2016 total debts amounted to Eur. 52.777.036 increasing if compared to the previous year, during which they were equal to Eur. 40.591.928 (30,01%).

The company does not exceed in bank credits; payments average period is instead slightly high (132,58 gg.) and higher than sector's average.

Liquidity is good (1,48)

Accounts receivable average term is 86,63 days. , in line with the sector's average.

During financial year 2016 the cash flow amounted to Eur. 4.716.316

Labour cost expenses amount to Eur. 2.379.000 , representing 3,13% on the total of production costs. and a 3% incidence on sales volumes.

The financial management is positive as incomes are higher than the charges.

Financial Data

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	79.254.611
Profit (Loss) for the period	2.880.701

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	76.595.509
Profit (Loss) for the period	1.414.987

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	76.704.873
Profit (Loss) for the period	1.329.000

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	68.169.093
Profit (Loss) for the period	868.338

$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	74.678.244
Profit (Loss) for the period	792.151

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
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	92.349	103.785	115.222
. Total Intangible Fixed Assets	92.349	103.785	115.222
. TANGIBLE FIXED ASSETS
. . Real estate	8.960.845	8.926.929	10.928.128
. . Plant and machinery	414.379	415.518	501.743
. . Industrial and commercial equipment	108.365	86.807	52.701
. . Other assets	183.836	132.030	153.592
. . Assets under construction and advances
. Total Tangible fixed assets	9.667.425	9.561.284	11.636.164
. FINANCIAL FIXED ASSETS
. . Equity investments	2.105.432	2.105.432	2.105.432
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies	749.000	749.000	749.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.356.432	1.356.432	1.356.432
. . Financial receivables	2.233.200	1.639.200	993.450
. . . . Within 12 months
. . . . Beyond 12 months	2.233.200	1.639.200	993.450
. . . 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	2.233.200	1.639.200	993.450
. . . . Within 12 months
. . . . Beyond 12 months	2.233.200	1.639.200	993.450
. . Other securities
. . Own shares		1.000.000	1.000.000
. . . Total nominal value
. Total financial fixed assets	4.338.632	4.744.632	4.098.882
Total fixed assets	14.098.406	14.409.701	15.850.268
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	14.514.500	9.771.381	11.352.666
. . Advance payments	595.520	267.126	1.118.809
. Total Inventories	15.110.020	10.038.507	12.471.475
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	61.131.790	50.804.041	50.006.000
. . Beyond 12 months	1.189.710	2.243.594	1.361.781
. . Trade receivables	19.071.246	39.343.749	44.415.879
. . . . Within 12 months	19.071.246	39.343.749	44.415.879
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	23.798.486	240.238	266.914
. . . . Within 12 months	23.798.486	240.238	266.914
. . . . Beyond 12 months
. . Receivables due from holding comp.	17.312.710	11.028.346	4.779.683
. . . . Within 12 months	16.162.710	9.878.346	4.779.683
. . . . Beyond 12 months	1.150.000	1.150.000
. . Fiscal Receivables	325.093	730.431	955.669
. . . . Within 12 months	318.377	720.357	285.884
. . . . Beyond 12 months	6.716	10.074	669.785
. . Receivables for anticipated taxes	1.772.966	1.673.337	814.129
. . . . Within 12 months	1.772.966	605.311	137.627
. . . . Beyond 12 months		1.068.026	676.502
. . Receivables due from third parties	40.999	31.534	135.507
. . . . Within 12 months	8.005	16.040	120.013
. . . . Beyond 12 months	32.994	15.494	15.494
. Total Credits not held as fixed assets	62.321.500	53.047.635	51.367.781
. 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	331.187	298.859	442.080
. . Checks
. . Banknotes and coins	3.310	1.235	2.534
. Total Liquid funds	334.497	300.094	444.614
Total current assets	77.766.017	63.386.236	64.283.870
ADJUSTMENT ACCOUNTS
. Discount on loans		12.067	11.266
. Other adjustment accounts	57.698
Total adjustments accounts	57.698	12.067	11.266
TOTAL ASSETS	91.922.121	77.808.004	80.145.404

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.000.000	1.000.000	1.000.000
. Additional paid-in capital
. Revaluation reserves	7.491.045	7.491.045	7.491.045
. Legal reserve	200.000	200.000	200.000
. Reserve for Own shares		1.000.000	1.000.000
. Statute reserves
. Other reserves	25.539.330	23.124.344	21.795.343
. Accumulated Profits (Losses)	-1.000.000
. Profit( loss) of the year	2.880.701	1.414.987	1.329.000
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	36.111.076	34.230.376	32.815.388
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	11.870	8.443	5.125
. . Taxation fund, also differed	2.122.249	2.173.993	2.515.403
. . Other funds
Total Reserves for Risks and Charges	2.134.119	2.182.436	2.520.528
Employee termination indemnities	810.018	746.303	699.601
ACCOUNTS PAYABLE
. . . . Within 12 months	52.491.322	39.694.084	42.416.308
. . . . Beyond 12 months	285.714	897.844	1.632.120
. . 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	24.063.642	17.979.939	19.773.868
. . . . Within 12 months	23.777.928	17.122.796	18.345.296
. . . . Beyond 12 months	285.714	857.143	1.428.572
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	156.517	20.049
. . . . Within 12 months	156.517	20.049
. . . . Beyond 12 months
. . Trade payables	27.626.276	22.180.613	23.347.281
. . . . Within 12 months	27.626.276	22.180.613	23.347.281
. . . . 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	8.090
. . . . Within 12 months	8.090
. . . . Beyond 12 months
. . Due to holding companies	447.856		379.145
. . . . Within 12 months	447.856		379.145
. . . . Beyond 12 months
. . Due to the tax authorities		40.701	203.548
. . . . Within 12 months
. . . . Beyond 12 months		40.701	203.548
. . Due to social security and welfare inst.	227.739	146.077	150.576
. . . . Within 12 months	227.739	146.077	150.576
. . . . Beyond 12 months
. . Other payables	246.916	224.549	194.010
. . . . Within 12 months	246.916	224.549	194.010
. . . . Beyond 12 months
Total accounts payable	52.777.036	40.591.928	44.048.428
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	89.872	56.961	61.459
Total adjustment accounts	89.872	56.961	61.459
TOTAL LIABILITIES	91.922.121	77.808.004	80.145.404

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	79.254.611	76.595.509	76.704.873
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	731.421	763.849	582.920
. . Contributions for operating expenses			5.400
. . Different income and revenues	731.421	763.849	577.520
Total value of production	79.986.032	77.359.358	77.287.793
PRODUCTION COSTS
. Raw material,other materials and consum.	73.934.282	67.196.331	71.410.467
. Services received	1.896.642
. Leases and rentals	421.732	2.258.090	2.069.674
. Payroll and related costs	2.379.000	2.270.892	2.154.711
. . Wages and salaries	1.632.124	1.509.114	1.485.524
. . Social security contributions	478.547	438.241	446.757
. . Employee termination indemnities	125.615	114.244	115.688
. . Pension and similar
. . Other costs	142.714	209.293	106.742
. Amortization and depreciation	1.835.615	2.228.678	3.218.857
. . Amortization of intangible fixed assets	11.437	11.437	14.178
. . Amortization of tangible fixed assets	491.244	457.241	439.452
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	1.332.934	1.760.000	2.765.227
. Changes in raw materials	-4.743.119	1.581.285	-3.717.280
. Provisions to risk reserves
. Other provisions
. Other operating costs	244.958	136.807	137.075
Total production costs	75.969.110	75.672.083	75.273.504
Diff. between value and cost of product.	4.016.922	1.687.275	2.014.289
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	151	142	257
. . In subsidiary companies
. . In associated companies
. . In other companies	151	142	257
. Other financial income	568.273	488.750	508.414
. . 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		813
. . Financ.income other than the above	568.273	487.937	508.414
. . . - Subsidiary companies
. . . - Associated companies	8.004	8.246
. . . - Holding companies	237.066	149.422	45.387
. . . - Other companies	1.243	330.269	463.027
. Interest and other financial expense	-276.854	-334.966	-425.242
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies		-8.724
. . Towards other companies		-326.242	-425.242
Total financial income and expense	291.570	153.926	83.429
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		83.025	26.201
. . Gains on disposals
. . Other extraordinary income		83.025	26.201
. Extraordinary expense		-18.033	-29.398
. . Losses on disposals
. . Taxes relating to prior years			-12.957
. . Other extraordinary expense		-18.033	-16.441
Total extraordinary income and expense		64.992	-3.197
Results before income taxes	4.308.492	1.906.193	2.094.521
. Taxes on current income	1.427.791	491.206	765.521
. . current taxes	1.579.091	1.056.501	1.367.718
. . differed taxes(anticip.)		-565.295	-602.197
. Net income for the period	2.880.701	1.414.987	1.329.000
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	2.880.701	1.414.987	1.329.000

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,15	0,19	0,20	0,33
Elasticity Ratio	Units	0,85	0,81	0,80	0,64
Availability of stock	Units	0,16	0,13	0,16	0,22
Total Liquidity Ratio	Units	0,68	0,69	0,65	0,41
Quick Ratio	Units	0,00	0,00	0,01	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,44	1,15	1,28	1,76
Self Financing Ratio	Units	0,39	0,44	0,41	0,28
Capital protection Ratio	Units	0,89	0,93	0,93	0,65
Liabilities consolidation quotient	Units	0,02	0,04	0,05	0,21
Financing	Units	1,46	1,19	1,34	2,32
Permanent Indebtedness Ratio	Units	0,40	0,46	0,44	0,44
M/L term Debts Ratio	Units	0,01	0,02	0,03	0,10
Net Financial Indebtedness Ratio	Units	0,66	0,52	0,59	1,23
CORRELATION
Fixed assets ratio	Units	2,64	2,49	2,22	1,38
Current ratio	Units	1,48	1,60	1,52	1,17
Acid Test Ratio-Liquidity Ratio	Units	1,19	1,34	1,22	0,80
Structure's primary quotient	Units	2,56	2,38	2,07	0,84
Treasury's primary quotient	Units	0,01	0,01	0,01	0,02
Rate of indebtedness ( Leverage )	%	254,55	227,31	244,23	353,85
Current Capital ( net )	Value	25.274.695	23.692.152	21.867.562	1.089.006
RETURN
Return on Sales	%	5,95	4,76	5,93	4,21
Return on Equity - Net- ( R.O.E. )	%	7,98	4,13	4,05	5,65
Return on Equity - Gross - ( R.O.E. )	%	11,93	5,57	6,38	10,45
Return on Investment ( R.O.I. )	%	4,37	2,17	2,51	5,10
Return/ Sales	%	5,07	2,20	2,63	5,37
Extra Management revenues/charges incid.	%	71,71	83,86	65,98	32,26
Cash Flow	Value	4.716.316	3.643.665	4.547.857	656.826
Operating Profit	Value	4.016.922	1.687.275	2.014.289	725.724
Gross Operating Margin	Value	5.852.537	3.915.953	5.233.146	1.207.677
MANAGEMENT
Credits to clients average term	Days	86,63	184,92	208,46	103,53
Debts to suppliers average term	Days	132,58	114,97	116,24	107,64
Average stock waiting period	Days	68,63	47,18	58,53	64,91
Rate of capital employed return ( Turnover )	Units	0,86	0,98	0,96	1,09
Rate of stock return	Units	5,25	7,63	6,15	5,55
Labour cost incidence	%	3,00	2,96	2,81	10,69
Net financial revenues/ charges incidence	%	0,37	0,20	0,11	-1,62
Labour cost on purchasing expenses	%	3,13	3,00	2,86	11,43
Short-term financing charges	%	0,52	0,83	0,97	3,56
Capital on hand	%	115,98	101,58	104,49	91,63
Sales pro employee	Value	1.071.008	1.094.221	1.144.848	358.274
Labour cost pro employee	Value	32.148	32.441	32.159	35.860

Market / Territory Data

Population living in the province	:	$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ 413.198
Population living in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ 425
- per non food products	:	$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\vivek-pc\123 Foreign Report Raw\Profilinox - S.p.a. - Vs. Rif. 500159_files\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 185 significant companies.

The companies cash their credits on an average of 104 dd.

The average duration of suppliers debts is about 108 dd.

The sector's profitability is on an average of 4,21%.

The labour cost affects the turnover in the measure of 10,69%.

Goods are held in stock in a range of 65 dd.

The difference between the sales volume and the resources used to realize it is about 1,09.

The employees costs represent the 11,43% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.231.

The insolvency index for the region is 0,46, , while for the province it is 0,31.

Total Bankrupt companies in the province : 1.624.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.80
UK Pound	1	INR 92.26
Euro	1	INR 80.76
Euro	1	INR 80.63

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

INFORMATION DETAILS

Analysis Done by :	PRA

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

Financial and Economical Analysis

Financial Data

financials

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit