3decades

MIRA INFORM REPORT

Report No. :	500360
Report Date :	31.03.2018

IDENTIFICATION DETAILS

Name :	GRANDI LAVORI FINCOSIT SOCIETA' PER AZIO NI

Registered Office :	Piazza Fernando De Lucia, 60/65, 00139 – Roma (RM)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	05.05.1981

Legal Form :	Joint Stock Company

Line of Business :	· Construction of buildings · Construction of roads and railways · Construction of utility projects for the transport of fluids · Demolition · Electrical, plumbing and other construction installation activities · Electrical installation · Other construction and installations activities n.e.c.

No. of Employees :	From 251 To 500

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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

GRANDI LAVORI FINCOSIT SOCIETA' PER AZIO NI

Piazza Fernando De Lucia, 60/65

00139 – Roma (RM) -IT-

Summary

Fiscal Code	:	03120030378
Legal Form	:	Joint Stock Company
start of Activities	:	11/01/1965
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	From 251 To 500

Activity

Construction of buildings

Construction of roads and railways

Construction of utility projects for the transport of fluids

Demolition

Electrical, plumbing and other construction installation activities

Electrical installation

Other construction and installations activities n.e.c.

Legal Data

Legal Form : Joint stock company

Fiscal Code : 03120030378

Foreign Trade Reg. no. : RM014246 since 03/04/1992

Chamber of Commerce no. : 238110 of Alessandria

Chamber of Commerce no. : 531230 of Bari

Chamber of Commerce no. : 357042 of Bologna

Chamber of Commerce no. : 65592 of Brindisi

Chamber of Commerce no. : 269834 of Cagliari

Chamber of Commerce no. : 134278 of Catanzaro

Chamber of Commerce no. : 628274 of Firenze

Chamber of Commerce no. : 320367 of Genova

Chamber of Commerce no. : 171064 of Macerata

Chamber of Commerce no. : 1367807 of Milano

Chamber of Commerce no. : 2050263 of Milano

Chamber of Commerce no. : 373888 of Modena

Chamber of Commerce no. : 127400 of Massa

Chamber of Commerce no. : 267077 of Perugia

Chamber of Commerce no. : 134219 of Potenza

Chamber of Commerce no. : 504690 of Roma since 13/12/1982

Chamber of Commerce no. : 196574 of Sassari

Chamber of Commerce no. : 167133 of Savona

Chamber of Commerce no. : 96695 of Taranto

Chamber of Commerce no. : 296951 of Udine

Chamber of Commerce no. : 335830 of Venezia

Chamber of Commerce no. : 134278 of Vibo Valentia

Firms' Register : RM091-1982-6850 of Roma since 19/02/1996

V.A.T. Code : 00866011000

Tribunal Co. Register : 685082 of

Foundation date	: 05/05/1981
Establishment date	: 05/05/1981
Start of Activities	: 11/01/1965
Legal duration	: 31/12/2100
Nominal Capital	: 80.000.000
Subscribed Capital	: 80.000.000
Paid up Capital	: 80.000.000

Legal mail :

GLFPEC@LEGALMAIL.IT

Members

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Giorgio

Francesco

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Napoli

(NA)

on 09/04/1965

- Fiscal Code : GRGFNC65D09F839O

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Residence:

Fernando De Lucia

, 60/65

- 00139

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	21/02/2017

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Calabi

Claudio Roberto

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Torino

(TO)

on 20/04/1948

- Fiscal Code : CLBCDR48D20L219D

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Residence:

Italia

, 13

- 20122

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	31/05/2017
Assistant board Chairman	31/05/2017

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No Prejudicial events are reported

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No Protests registered

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Sarpero

Salvatore

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Ovada

(AL)

on 22/08/1951

- Fiscal Code : SRPSVT51M22G197U

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Residence:

Brigate Partigiane

, 18

- 16129

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Person in charge	23/07/2012
Technical Manager	28/03/1996
Legal repres. of branch office	17/07/2000
Director	21/02/2017
Managing Director	21/02/2017
Board Chairman	21/02/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Italholding S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Majno Luigi

, 10

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Costantino

Vincenzo

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in San Pietro a Maida

(CZ)

on 06/09/1963

- Fiscal Code : CSTVCN63P06I093H

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Residence:

Fernando De Lucia

, 60/65

- 00139

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Technical Manager	30/05/2007

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Grandori

Remo Giuseppe Pietro

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Milano

(MI)

on 11/10/1960

- Fiscal Code : GRNRGS60R11F205T

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Residence:

Fernando De Lucia

, 60/65

- 00139

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	21/02/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Sardella

Franco

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Roma

(RM)

on 12/12/1948

- Fiscal Code : SRDFNC48T12H501Q

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Residence:

De Lucia Fernando

, 65/68

- 00139

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	28/02/2017
Assistant Branch Manager	20/12/2004

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Biancone

Lamberto

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Roma

(RM)

on 16/01/1961

- Fiscal Code : BNCLBR61A16H501V

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Residence:

Fernando De Lucia

, 60/65

- 00139

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Technical Manager	07/11/2002

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Rossi

Enrico

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Born in Genova

(GE)

on 18/05/1959

- Fiscal Code : RSSNRC59E18D969H

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$

Residence:

Fernando De Lucia

, 60/65

- 00139

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Technical Manager	07/11/2002

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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Calabi

Claudio Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Jucker S.p.a.	Milano (MI) - IT -	00742140155	Managing Director	Withdrawn	Registered
Jucker S.p.a.	Milano (MI) - IT -	00742140155	Director	Withdrawn	Registered
INCISA - IMPRESA COSTRUZIONI GENERALI -SOCIETA' PER AZIONI	Parma (PR) - IT -	00165180340	Chairman	Withdrawn	Registered
Grassetto S.p.a. In Liquidazione	Roma (RM) - IT -	00223650284	Managing Director	Withdrawn	Registered
Esa Software S.p.a.	Rimini (RN) - IT -	01401810401	Director	Withdrawn	Ceased
Grassetto Costruzioni S.p.a.	Roma (RM) - IT -	01261590242	Vice-Chairman	Withdrawn	Registered
Cisfi S.p.a.	Napoli (NA) - IT -	05425180634	Director	Withdrawn	Registered
Intown S.r.l.	Milano (MI) - IT -	08902770968	Director	Active	Registered
Flavour Of Italy 1 S.p.a.	Milano (MI) - IT -	10134430965	Director	Active	Registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Sarpero

Salvatore

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Consorzio Venezia Nuova	Venezia (VE) - IT -	05811860583	Director	Active	Registered
Consorzio Bocca Di Lido	Sesto San Giovanni (MI) - IT -	10993130151	Director	Withdrawn	Ceased
Consorzio Bocca Di Lido	Sesto San Giovanni (MI) - IT -	10993130151	Board of Directors' active member	Withdrawn	Ceased
Consorzio Bocca Di Lido	Sesto San Giovanni (MI) - IT -	10993130151	Board of directors' active chairman	Withdrawn	Ceased
Consorzio Bocca Di Lido	Sesto San Giovanni (MI) - IT -	10993130151	Board Chairman	Withdrawn	Ceased
Consorzio Lavori Porto San Giorgio	Roma (RM) - IT -	00897570446	Union's chairman	Withdrawn	Registered
CONSORTILE LIGURE MARITTIMA S.C. A R.L.	Genova (GE) - IT -	03419630102	Director	Withdrawn	Registered
CONSORTILE LIGURE MARITTIMA S.C. A R.L.	Genova (GE) - IT -	03419630102	Liquidator	Withdrawn	Registered
Palomar S.r.l.	Venezia (VE) - IT -	02463920278	Director	Withdrawn	Registered
T.s.i. - 1 Societa' Consortile A R.l.	Sesto San Giovanni (MI) - IT -	02617780966	Director	Withdrawn	Ceased
Banchina Boselli Societa Consortile A Responsabilta Limitata In L Iquidazione	Roma (RM) - IT -	05621991008	Board Chairman	Withdrawn	Ceased
Antemurale Civitavecchia Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	05622001005	Board Chairman	Withdrawn	Ceased
Porto Di Ostia Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	05702391003	Board Chairman	Withdrawn	Ceased
Molo Polisettoriale Taranto Societa' Consortile A Responsabilita' Limitata In Li	Roma (RM) - IT -	05810671007	Board Chairman	Withdrawn	Registered
Molo Sali Societa' Consortile A R.l. InLiquidazione	Padova (PD) - IT -	03591110287	Assistant board Chairman	Withdrawn	Ceased
Marina Di Chiariventi S.r.l.	Roma (RM) - IT -	06181941003	Director	Withdrawn	Registered
Marina Di Chiariventi S.r.l.	Roma (RM) - IT -	06181941003	Sole Director	Withdrawn	Registered
Parco San Giuliano Societa' Consortile AR.l. In Liquidazione	Padova (PD) - IT -	03663960288	Assistant board Chairman	Withdrawn	Ceased
Tauros Opere Portuali Societa' Consortile A Responsabilita' Limitata In Liquida	Roma (RM) - IT -	09153631008	Director	Withdrawn	Ceased
Multedo Societa' Consortile A R.l.	Genova (GE) - IT -	01561700996	Director	Withdrawn	Registered
Giotto - Societa' Consortile A Responsabilita' Limitata In Liquidazione	Roma (RM) - IT -	10096651004	Director	Withdrawn	Ceased
Giotto - Societa' Consortile A Responsabilita' Limitata In Liquidazione	Roma (RM) - IT -	10096651004	Assistant board Chairman	Withdrawn	Ceased
Terminal Container S.c. A R.l. In Liquidazione	Roma (RM) - IT -	06982921006	Director	Withdrawn	Ceased
Terminal Container S.c. A R.l. In Liquidazione	Roma (RM) - IT -	06982921006	Board Chairman	Withdrawn	Ceased
Antemurale Due Civitavecchia Societa Consortile A Responsabilita Limitata In Li	Roma (RM) - IT -	07053001009	Director	Withdrawn	Ceased
Antemurale Due Civitavecchia Societa Consortile A Responsabilita Limitata In Li	Roma (RM) - IT -	07053001009	Board Chairman	Withdrawn	Ceased
Rafant In Liquidazione	Roma (RM) - IT -	08246841004	Director	Withdrawn	Ceased
Rafant In Liquidazione	Roma (RM) - IT -	08246841004	Board Chairman	Withdrawn	Ceased
Molo Italia Societa' Consortile A Responsabilita' Limitata In Liquidazione	Roma (RM) - IT -	07310501007	Board Chairman	Withdrawn	Ceased
Venere A - Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	10705211000	Director	Withdrawn	Registered
Venere A - Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	10705211000	Assistant board Chairman	Withdrawn	Registered
Costa Morena Societa Consortile A Responsabilita Limitata In Liqu Idazione	Roma (RM) - IT -	08605511008	Board Chairman	Withdrawn	Ceased
Costruzioni Arsenale Di Venezia Societa'Consortile A Responsabi Lita' Limitata	Venezia (VE) - IT -	03721660276	Director	Withdrawn	Registered
Costruzioni Arsenale Di Venezia Societa'Consortile A Responsabi Lita' Limitata	Venezia (VE) - IT -	03721660276	Assistant board Chairman	Withdrawn	Registered
Piattaforma Taranto Societa Consortile AR.l.	Taranto (TA) - IT -	02624550733	Director	Withdrawn	Registered
Costruzioni Mose Arsenale - Comar Scarl	Venezia (VE) - IT -	03942090279	Director	Active	Registered
Costruzioni Mose Arsenale - Comar Scarl	Venezia (VE) - IT -	03942090279	Assistant board Chairman	Active	Registered
Darsene Nord Civitavecchia Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	11927961000	Director	Active	Registered
Darsene Nord Civitavecchia Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	11927961000	Board Chairman	Active	Registered
Vipp Lavori Speciali S.r.l.	Angiari (VR) - IT -	04182430233	Director	Active	Registered
Vipp Lavori Speciali S.r.l.	Angiari (VR) - IT -	04182430233	Managing Director	Withdrawn	Registered
Piemme - Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	12107851003	Director	Active	Registered
Piemme - Societa' Consortile A Responsabilita' Limitata	Roma (RM) - IT -	12107851003	Board Chairman	Active	Registered
Fincosit S.r.l.	Genova (GE) - IT -	02528940998	Director	Active	Registered
Fincosit S.r.l.	Genova (GE) - IT -	02528940998	Board Chairman	Active	Registered
Grandi Lavori S.r.l.	Roma (RM) - IT -	14713921006	Board Chairman	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Italholding S.r.l.	Milano - IT -	01804680153	79.940.545 .Eur	99,92
Mazzi Giorgio	Roma - IT -	MZZGRG67R13L781E	59.455 .Eur	0,07

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
Cisfi S.p.a.	Napoli - IT -	05425180634	128.571 .Eur	0,24			Active
Interporto Campano S.p.a.	Napoli - IT -	05463270636	908.962 .Eur	2,71			Active
Thetis S.p.a.	Venezia - IT -	02722990278	914.773 .Eur	8,38			Active
Banca Regionale Di Sviluppo S.p.a.in For Ma Abbrevia "brs S.p.a"	Napoli - IT -	07634270636		0,04			Active
Apm Terminals Vado Ligure Societa' Per A zioni	Bergeggi - IT -	06259850961	80.000 .Eur	2,00			Active
Marina Di Cicerone S.p.a.	Roma - IT -	10108571000	249.990 .Eur	24,99			Active
Pedemontana Veneta Societa' Per Azioni I n Liquidazione	Verona - IT -	03238010239	23.000 .Eur	0,38			Active
Societa' Di Progetto Autostrada Diretta Brescia Milano S.p.a. In Forma Abbreviat	Brescia - IT -	02508160989					Active
Tram Di Firenze S.p.a.	Firenze - IT -	05529970484	394.884 .Eur	3,58			Active
Taranto Logistica S.p.a.	Tortona - IT -	02618180737	130.000 .Eur	1,00			Active
Seli Overseas S.p.a.	Roma - IT -	12720621007	120.000 .Eur	100,00			Active
Marine S.r.l.	Roma - IT -	01224390441	800 .Eur	1,70			Active
Cisail S.c.r.l.	Roma - IT -	03967381009	197 .Eur	1,90			Active
Coinfra	Napoli - IT -	03805660630					Ceased
Novocen Consorzio Per L'edilizia Napolet ana O Novocen In Liquidazione	Napoli - IT -	03490360637	11.383 .Eur	22,04			Active
Consorzio Ferroviario Vesuviano	Napoli - IT -	06050380630					Active
Consorzio Lavori Marittimi Iv Sporgente porto Di Taranto	Roma - IT -	01262550583					Active
High Tide S.c.r.l.	Roma - IT -	02226070239	95.333 .Eur	47,66			Active
Cepav (consorzio Eni Per L'alta Velocita ') Uno	San Donato Milanese - IT -	10427590152					Active
Asg Societa' Consortile A Responsabilita ' Limitata O, In Forma Abbreviata Asg	San Donato Milanese - IT -	13336110153	22.330 .Eur	43,90			Active
Gsg Tunneling Societa' A Responsabilita' Limitata - In Liquidaz Ione	Roma - IT -	06679731007	3.400 .Eur	34,00			Active
Multedo Societa' Consortile A R.l.	Genova - IT -	01561700996	6.000 .Eur	50,00			Active
Vesuvio Societa' Consortile A Responsabi lita' Limitata In Liquidazione	Roma - IT -	07841610632	3.444 .Eur	34,44			Active
Passante Di Mestre Societa' Consortile P er Azioni In Liquidazione	Mogliano Veneto - IT -	03549420275	1.235.000 .Eur	19,00			Active
Val Di Chienti Societa' Consortile Per A zioni Anche Val Di Chienti Scpa	Ravenna - IT -	02238160390	19.600.000 .Eur	28,00			Ceased
G E P S.c. A R.l.	Roma - IT -	03080210366	8.983 .Eur	89,83			Active
Colfiorito - Societa' Consortile A Respo nsabilita' Limitata	Roma - IT -	10837441004	4.799 .Eur	47,99			Active
Costruzioni Emmegi Societa' Consortile A Responsabilita' Limitat In Liquidazione	Roma - IT -	07309961006	5.000 .Eur	50,00			Active
Costruzioni Mose Arsenale - Comar Scarl	Venezia - IT -	03942090279	33.330 .Eur	33,33			Active
Darsene Nord Civitavecchia Societa' Cons ortile A Responsabilita' Limitata	Roma - IT -	11927961000	10.000 .Eur	50,00			Active
Nuova Briantea Scarl	Bologna - IT -	03217521206	26.000 .Eur	26,00			Active
Galleria Di Tenda-societa' Consortile A Responsabilita' Limitata	Roma - IT -	12080671006	9.999 .Eur	99,99			Active
Piemme - Societa' Consortile A Responsab ilita' Limitata	Roma - IT -	12107851003	6.500 .Eur	65,00			Active
Paderno - Societa' Consortile A Responsa bilita' Limitata	Roma - IT -	13081801006	5.500 .Eur	55,00			Active
Campania Lavori S.r.l.		08427151215	6.500 .Eur	65,00			Active
Zg Societa' Consortile A Responsabilita' Limitata	Torino - IT -	11658620015	4.900 .Eur	49,00			Active
Fincosit S.r.l.	Genova - IT -	02528940998	10.000 .Eur	100,00			Active
Grandi Lavori S.r.l.	Roma - IT -	14713921006	10.000 .Eur	100,00			Ceased
Jv Government Contracting Societa' Conso rtile A Responsabilita' Limitata - In Li		04091580243	8.000 .Eur	80,00			Active
Sofim Societa' Finanziaria Immobiliare S.p.a.	Genova - IT -	03042960108	103.292 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

since 15/11/1989

Fernando De Lucia

, 60/65

- 00100

- Roma

(RM)

- IT -

PHONE

: 06881711

FAX

: 068813051

Legal mail

: GLFPEC@LEGALMAIL.IT

Secondary office

since 09/11/1993

- Santa Fe' Di Bogota'

(EE)

- CO -

Secondary office

since 15/11/1989

Fieschi

, 6/13

- 16100

- Genova

(GE)

- IT -

Secondary office

since 13/07/1995

- Manila

(EE)

- -

Secondary office

Torino

, 105

- 30100

- Venezia

(VE)

- IT -

Secondary office

since 26/07/2012

M. Albaharija

, 10A

- Rijeka 51000

(EE)

- CR -

Secondary office

since 06/05/2014

Rua Da Alcantara

, 921

- Matola

- IT -

Secondary office

since 23/07/2014

Windowist Tower Eski Byukdere

, 26

- Istanbul

(EE)

- TR -

Secondary office

since 03/11/2016

Crystal Tower 5th Floor Office

, 503

- Dubai - Business Bay

- IT -

Trading Style: GRANDI LAVORI FINCOSIT - UAE B

Branch

(Yard)

since 05/08/2008

Santa Maria Del Mare

, SNC

- 30100

- Venezia

(VE)

- IT -

Branch

(Yard)

since 01/01/2006

Klinger

, SNC

- 30100

- Venezia

(VE)

- IT -

Branch

(Yard)

since 14/12/1989

Fiume Grande

- 72100

- Brindisi

(BR)

- IT -

Branch

(Yard)

since 16/10/2014

Antonio Gramsci

, 156A

- 20037

- Paderno Dugnano

(MI)

- IT -

Branch

(Yard)

since 14/12/1989

Porto Industriale

- 74100

- Taranto

(TA)

- IT -

Branch

(Warehouse)

since 17/12/2008

35 Dei Giovi

, 6

- 15050

- Carbonara Scrivia

(AL)

- IT -

Branch

(Administrative office)

since 15/05/2008

Francesconi

, SNC

- 62029

- Tolentino

(MC)

- IT -

Branch

(Administrative office)

since 16/06/2009

G.b.marino

, SNC

- 41100

- Modena

(MO)

- IT -

Branch

(Yard)

since 13/10/2010

Balleydier

, SNC

- 16100

- Genova

(GE)

- IT -

Branch

(Yard)

since 13/05/2010

Varnelli

, 12/B

- 62034

- Muccia

(MC)

- IT -

Branch

(Yard)

since 13/05/2010

Per La Franca

, SNC

- 06034

- Foligno

(PG)

- IT -

Branch

(Yard)

since 01/01/2008

Antonio De Tullio

, 1

- 70100

- Bari

(BA)

- IT -

Branch

(Factory)

since 03/01/2011

Ronchi

, SNC

- 16100

- Genova

(GE)

- IT -

Branch

(Yard)

since 01/03/2012

Carciano

, 4

- 00100

- Roma

(RM)

- IT -

Branch

(Yard)

since 01/03/2012

Su Loi Tanca Nissa

, SNC

- 09012

- Capoterra

(CA)

- IT -

Branch

(Yard)

since 10/02/2011

Mosella - Loc.galdo

, SNC

- 85044

- Lauria

(PZ)

- IT -

Branch

(Yard)

since 10/02/2014

Corsica

, 26/28

- 50100

- Firenze

(FI)

- IT -

Branch

(Yard)

since 20/02/2014

Aurelia

, 75/B

- 17047

- Vado Ligure

(SV)

- IT -

Branch

(Yard)

since 14/09/2016

35 Ter

, SNC

- 15067

- Novi Ligure

(AL)

- IT -

Branch

(Yard)

since 12/12/2017

Val Lemme Sp 160

, SNC

- 15060

- Voltaggio

(AL)

- IT -

Branch

(office)

since 27/01/2017

Artigianale S'utturru

, SNC

- 07027

- Oschiri

(SS)

- IT -

Branch

(Yard)

since 28/09/2017

Chiusaforte

, SNC

- 33100

- Udine

(UD)

- IT -

Employees

: 378

Fittings and Equipment for a value of 32.640.000

Eur

Stocks for a value of 324.190.000

Eur

Furniture and fittings for a value of 2.580.000

Eur

Vehicles for a value of 2.580.000

Eur

Work in progress for a value of 318.870.000

Eur

Sales are on an international scale.

Subject also gives order in subcontract to third parties.

Transports are usually done by own vehicles.

To purchase foreign products the firm uses the following channels :

- national or foreign important buyers

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own foreign branches

- joint-ventures with foreign companies

- consortium with other companies

Purchase terms: 60-90-120 days.

Subject company generally settles its engagements by issueing of

cheques and cash orders.

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$ SOGENCOS S.R.L.

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, ROMA

- IT -

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Fiscal Code: 05995411005

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Date

Merging/splitting-up project:

02/10/2002

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The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Vuoto.gif$ SOGENCOS S.R.L.

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, ROMA

- IT -

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Fiscal Code: 05995411005

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Date

19/03/2003

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCO DI SARDEGNA SPA	ROMA	VIA BONCOMPAGNI	00100	Roma	1015	3200

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
CARBONARA SCRIVIA (AL)	Buildings	1	19/03/2018
SASSO MARCONI (BO)	Buildings	1	19/03/2018
SASSO MARCONI (BO)	Land	6	19/03/2018
FERRARA (FE)	Buildings	1	19/03/2018
GENOVA (GE)	Buildings	1	19/03/2018
SUVERETO (LI)	Land	3	19/03/2018
PISA (PI)	Land	6	19/03/2018
FIESSO UMBERTIANO (RO)	Buildings	1	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	CARBONARA SCRIVIA (AL) CORSO GENOVA, 6 Piano T	3	154		cat. D/7			Euro: 4.792,00
B	Proprieta'	SASSO MARCONI (BO) VIA SAGITTARIO, 2 Piano T-1 - 2-3	25	680	1	cat. F/2
B	Proprieta' per 1/1	FERRARA (FE) VIA DEL COMMERCIO, Piano 1	66	8	6	zona2 cat. A/10	1	16 vani	Euro:5.288,52
B	Proprieta' per 1/1	GENOVA (GE) Sez.Q VIA FIESCHI, 6 Piano 6 int. 12	GEA/97	435	68	zona1 cat. A/10	5	45 vani	Euro:23.472,97
B	Proprieta' per 1/1	FIESSO UMBERTIANO (RO) VIA LEONARDO DA VINCI, Piano T - 0001	28	16		cat. D/7			Euro: 36.151,98	1193

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1000/1000	SASSO MARCONI (BO)	25	257		PRATO	2	10 are 20 ca	R.D.Euro:3,42 R.A. Euro: 2,11	1985
L	Proprieta' per 1000/1000	SASSO MARCONI (BO)	25	499		SEMIN ARBOR	1	29 are 35 ca	R.D.Euro:21,22 R.A. Euro: 15,16	6539
L	Proprieta' per 1000/1000	SASSO MARCONI (BO)	25	500		SEMIN ARBOR	1	9 are 80 ca	R.D.Euro:7,09 R.A. Euro: 5,06	6539
L	Proprieta' per 1000/1000	SASSO MARCONI (BO)	25	502		SEMIN ARBOR	1	40 are 35 ca	R.D.Euro:29,17 R.A. Euro: 20,84	5941
L	Proprieta' per 1000/1000	SASSO MARCONI (BO)	25	724		VIGNETO	1	4 are 60 ca	R.D.Euro:6,41 R.A. Euro: 3,80
L	Proprieta' per 1000/1000	SASSO MARCONI (BO)	25	726		VIGNETO	1	16 are 82 ca	R.D.Euro:23,45 R.A. Euro: 13,90
L	Proprieta' per 1000/1000	SUVERETO (LI)	56	129		INCOLT PROD	U	10 ha 69 are 20 ca	() R.A. Euro: 16,57 () R.A. Euro: 16,57	805
L	Proprieta' per 1000/1000	SUVERETO (LI)	56	130		SEMINATIVO	2	1 ha 41 are 60 ca	R.D.Euro:84,83 (*) R.A. Euro: 51,19	805
L	Proprieta' per 1000/1000	SUVERETO (LI)	56	131		SEMINATIVO	3	93 are 70 ca	R.D.Euro:31,94 (*) R.A. Euro: 26,62	805
L	Proprieta' per 1000/1000	PISA (PI)	33	20		SEMIN ARBOR	2	1 ha 77 are 60 ca	R.D.Euro:87,87 (*) R.A. Euro: 45,86	229471
L	Proprieta' per 1000/1000	PISA (PI)	33	468		SEMIN ARBOR	2	64 ca	R.D.Euro:0,32 (*) R.A. Euro: 0,17	19656
L	Proprieta' per 1000/1000	PISA (PI)	33	469		SEMIN ARBOR	2	24 ca	R.D.Euro:0,12 (*) R.A. Euro: 0,06	229471
L	Proprieta' per 1/1	PISA (PI)	33	472		SEMIN ARBOR	2	64 ca	R.D.Euro:0,32 (*) R.A. Euro: 0,17	223678
L	Proprieta' per 1000/1000	PISA (PI)	33	600		SEMIN ARBOR	2	1 ha 18 are	R.D.Euro:58,38 (*) R.A. Euro: 30,47	223678
L	Proprieta' per 1000/1000	PISA (PI)	33	606		SEMIN ARBOR	2	40 ca	R.D.Euro:0,20 (*) R.A. Euro: 0,10	223678

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 1965.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

During the last years, it recorded positive net results (r.o.e. 0,18% in 2016) and during the last financial year an increase in sales volume was registered (+89,48% in 2016).

The return on Investment in the last financial year was positive (1,98%) and reflects the field's average.

The amount of the operating result for the year 2016 is of Eur. 13.532.052 with a -21,39% drop.

A gross operating margine for a value of Eur. 23.663.001 was reached. with a -23,83% fall.

The ratio between shareholder's equity and borrowed capital is not well balanced, the indebtedness level is equal to 4,07 increasing as against 2015.

It's shareholders funds amount to Eur. 131.003.188 , unchanged as opposed to the preceding year.

Total indebtedness amounts to Eur. 547.589.415, with no important change.

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high even in comparison with the sector's.

Liquidity is however good.

Trade credits are collected slowly, average term is 163,89 days. even higher than the average of the specific sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 10.179.672

During 2016 financial year labour costs amounted to Eur. 23.522.551, with a 8,58% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 5,52%.

The incidence percentage of financial charges on sales volume is equal to -2,82%.

Financial Data

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	426.134.514
Profit (Loss) for the period	231.335

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	224.892.666
Profit (Loss) for the period	2.123.655

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	330.170.165
Profit (Loss) for the period	6.270.913

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Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	149.530.134
Profit (Loss) for the period	5.165.357

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Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	109.275.055
Profit (Loss) for the period	4.298.475

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	81.796	124.941	166.923
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	888.562	899.644	1.868.499
. Total Intangible Fixed Assets	970.358	1.024.585	2.035.422
. TANGIBLE FIXED ASSETS
. . Real estate	5.732.142	6.514.024	7.330.346
. . Plant and machinery	31.582.731	29.236.394	32.153.599
. . Industrial and commercial equipment	1.056.790	748.494	1.238.557
. . Other assets	503.380	674.901	856.430
. . Assets under construction and advances			2.047.494
. Total Tangible fixed assets	38.875.043	37.173.813	43.626.426
. FINANCIAL FIXED ASSETS
. . Equity investments	46.376.404	43.752.539	43.272.584
. . . Equity invest. in subsidiary companies	14.181.661	11.552.782	10.865.579
. . . Equity invest. in associated companies	20.847.529	20.841.703	20.886.315
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	11.347.214	11.358.054	11.520.690
. . Financial receivables	16.626.539	55.322.462	49.186.217
. . . . Within 12 months	16.626.539	55.322.462	49.186.217
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	4.068.123	3.579.675	3.559.650
. . . . Within 12 months	4.068.123	3.579.675	3.559.650
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.	7.938.248	45.237.740	31.354.874
. . . . Within 12 months	7.938.248	45.237.740	31.354.874
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	4.620.168	6.505.047	14.271.693
. . . . Within 12 months	4.620.168	6.505.047	14.271.693
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	63.002.943	99.075.001	92.458.801
Total fixed assets	102.848.344	137.273.399	138.120.649
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	2.607.770	3.142.415	3.831.839
. . Work in progress and semimanufactured
. . Work in progress on order	318.865.818	304.808.230	311.342.889
. . Finished goods	2.715.434	2.715.434	2.715.434
. . Advance payments
. Total Inventories	324.189.022	310.666.079	317.890.162
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	236.345.535	191.144.550	167.125.999
. . Beyond 12 months
. . Trade receivables	57.485.326	67.208.678	54.665.107
. . . . Within 12 months	57.485.326	67.208.678	54.665.107
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	38.475.692	14.681.135	11.480.837
. . . . Within 12 months	38.475.692	14.681.135	11.480.837
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	97.909.028	69.827.805	68.379.532
. . . . Within 12 months	97.909.028	69.827.805	68.379.532
. . . . Beyond 12 months
. . Receivables due from holding comp.	122.260		574.153
. . . . Within 12 months	122.260		574.153
. . . . Beyond 12 months
. . Fiscal Receivables	6.526.850	6.951.739	5.600.057
. . . . Within 12 months	6.526.850	6.951.739	5.600.057
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.197.689	697.000	287.000
. . . . Within 12 months	1.197.689	697.000	287.000
. . . . Beyond 12 months
. . Receivables due from third parties	34.628.690	31.778.193	26.139.313
. . . . Within 12 months	34.628.690	31.778.193	26.139.313
. . . . Beyond 12 months
. Total Credits not held as fixed assets	236.345.535	191.144.550	167.125.999
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.	1.263.721	366.522	1.263.721
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets	1.263.721	366.522	1.263.721
. LIQUID FUNDS
. . Bank and post office deposits	12.949.273	20.552.224	100.819.872
. . Checks	1.000.548
. . Banknotes and coins	20.745	24.174	20.563
. Total Liquid funds	13.970.566	20.576.398	100.840.435
Total current assets	575.768.844	522.753.549	587.120.317
ADJUSTMENT ACCOUNTS
. Discount on loans		6.598.231	4.061.869
. Other adjustment accounts	6.127.121
Total adjustments accounts	6.127.121	6.598.231	4.061.869
TOTAL ASSETS	684.744.309	666.625.179	729.302.835

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	80.000.000	80.000.000	80.000.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	2.535.625	2.429.441	2.115.896
. Reserve for Own shares
. Statute reserves
. Other reserves	48.220.632	46.203.160	40.245.793
. Accumulated Profits (Losses)	15.596	15.596	15.596
. Profit( loss) of the year	231.335	2.123.655	6.270.913
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	131.003.188	130.771.852	128.648.198
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	1.842.000	1.996.000	1.954.000
. . Other funds	1.285.342	3.053.321	2.659.691
Total Reserves for Risks and Charges	3.127.342	5.049.321	4.613.691
Employee termination indemnities	2.206.271	2.288.667	2.494.360
ACCOUNTS PAYABLE
. . . . Within 12 months	547.589.415	527.871.360	498.033.002
. . . . Beyond 12 months			94.710.058
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	23.070.605
. . . . Within 12 months	23.070.605
. . . . Beyond 12 months
. . Due to banks	149.716.096	119.646.040	119.890.164
. . . . Within 12 months	149.716.096	119.646.040	59.966.252
. . . . Beyond 12 months			59.923.912
. . Due to other providers of finance	12.279.962	16.166.504	25.127.615
. . . . Within 12 months	12.279.962	16.166.504	9.040.915
. . . . Beyond 12 months			16.086.700
. . Advances from customers	1.694.931	6.301.884	5.323.454
. . . . Within 12 months	1.694.931	6.301.884	2.432.368
. . . . Beyond 12 months			2.891.086
. . Trade payables	181.697.010	202.032.104	260.150.444
. . . . Within 12 months	181.697.010	202.032.104	244.342.084
. . . . Beyond 12 months			15.808.360
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	58.913.558	24.405.423	15.401.843
. . . . Within 12 months	58.913.558	24.405.423	15.401.843
. . . . Beyond 12 months
. . Due to associated companies	111.857.543	151.343.276	158.510.986
. . . . Within 12 months	111.857.543	151.343.276	158.510.986
. . . . Beyond 12 months
. . Due to holding companies	696.532	1.842.379	998.378
. . . . Within 12 months	696.532	1.842.379	998.378
. . . . Beyond 12 months
. . Due to the tax authorities	1.371.624	907.971	1.384.333
. . . . Within 12 months	1.371.624	907.971	1.384.333
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.170.012	971.425	1.336.117
. . . . Within 12 months	1.170.012	971.425	1.336.117
. . . . Beyond 12 months
. . Other payables	5.121.542	4.254.354	4.619.726
. . . . Within 12 months	5.121.542	4.254.354	4.619.726
. . . . Beyond 12 months
Total accounts payable	547.589.415	527.871.360	592.743.060
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	818.093	643.979	803.526
Total adjustment accounts	818.093	643.979	803.526
TOTAL LIABILITIES	684.744.309	666.625.179	729.302.835

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	720.791.768	1.065.023.187
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	426.134.514	224.892.666	330.170.165
. Changes in work in progress
. Changes in semi-manufact. products	-163.502.163	100.816.747	161.504.113
. Capitalization of internal work	448.681	112.399	1.655.510
. Other income and revenues	24.463.812	20.875.158	24.470.622
. . Contributions for operating expenses
. . Different income and revenues	24.463.812	20.875.158	24.470.622
Total value of production	287.544.844	346.696.970	517.800.410
PRODUCTION COSTS
. Raw material,other materials and consum.	36.781.284	36.534.876	92.369.176
. Services received	184.229.032
. Leases and rentals	12.836.420	250.579.156	354.058.867
. Payroll and related costs	23.522.551	24.224.421	29.571.423
. . Wages and salaries	16.239.520	16.677.236	20.299.623
. . Social security contributions	5.928.246	6.171.529	7.893.549
. . Employee termination indemnities	1.119.460	1.098.818	1.209.384
. . Pension and similar
. . Other costs	235.325	276.838	168.867
. Amortization and depreciation	9.948.337	13.091.165	11.649.940
. . Amortization of intangible fixed assets	502.910	1.123.237	1.726.572
. . Amortization of tangible fixed assets	8.945.427	9.564.276	9.405.097
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	500.000	2.403.652	518.271
. Changes in raw materials	534.645	689.424	1.601.957
. Provisions to risk reserves			415.226
. Other provisions	182.612	759.792	112.935
. Other operating costs	5.977.911	3.601.936	4.569.062
Total production costs	274.012.792	329.480.770	494.348.586
Diff. between value and cost of product.	13.532.052	17.216.200	23.451.824
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		10.438	44.833
. . In subsidiary companies
. . In associated companies
. . In other companies		10.438	44.833
. Other financial income	1.040.899	1.214.022	2.036.073
. . Financ.income from receivables	675.744	588.472	1.617.728
. . . Towards subsidiary companies	36.834	238.507	8.637
. . . Towards associated companies	589.121	290.000	1.030.000
. . . Towards holding companies
. . . Towards other companies	49.789	59.965	579.091
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	365.155	625.550	418.345
. . . - Subsidiary companies	101.602
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	263.553	625.550	418.345
. Interest and other financial expense	-13.063.585	-13.508.881	-14.583.218
. . Towards subsidiary companies		-21.364
. . Towards associated companies
. . Towards holding companies		-988.850
. . Towards other companies		-12.498.667	-14.583.218
Total financial income and expense	-12.022.686	-12.284.421	-12.502.312
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-10.020	-960.705	-11.023
. . Of equity investments	-10.020	-960.705	-11.023
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-10.020	-960.705	-11.023
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		599.173	675.402
. . Gains on disposals
. . Other extraordinary income		599.173	675.402
. Extraordinary expense		-52.903	-260.065
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-52.903	-260.065
Total extraordinary income and expense		546.270	415.337
Results before income taxes	1.499.346	4.517.344	11.353.826
. Taxes on current income	1.268.011	2.393.689	5.082.913
. . current taxes	1.268.011		4.902.913
. . differed taxes(anticip.)			180.000
. Net income for the period	231.335	2.123.655	6.270.913
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	231.335	2.123.655	6.270.913

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	0,21	0,19	0,11
Elasticity Ratio	Units	0,84	0,78	0,81	0,87
Availability of stock	Units	0,47	0,47	0,44	0,38
Total Liquidity Ratio	Units	0,37	0,32	0,37	0,41
Quick Ratio	Units	0,02	0,03	0,14	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	4,07	3,88	3,09	6,01
Self Financing Ratio	Units	0,19	0,20	0,18	0,10
Capital protection Ratio	Units	0,39	0,37	0,33	0,62
Liabilities consolidation quotient	Units	0,00	0,00	0,20	0,17
Financing	Units	4,18	4,04	4,61	8,55
Permanent Indebtedness Ratio	Units	0,19	0,20	0,31	0,29
M/L term Debts Ratio	Units	0,00	0,00	0,13	0,11
Net Financial Indebtedness Ratio	Units	1,31	0,88	0,34	1,73
CORRELATION
Fixed assets ratio	Units	1,30	0,97	1,64	1,99
Current ratio	Units	1,05	0,99	1,18	1,15
Acid Test Ratio-Liquidity Ratio	Units	0,46	0,40	0,54	0,67
Structure's primary quotient	Units	1,27	0,95	0,93	0,91
Treasury's primary quotient	Units	0,03	0,04	0,21	0,03
Rate of indebtedness ( Leverage )	%	522,69	509,76	566,90	992,02
Current Capital ( net )	Value	28.179.429	-5.117.811	89.087.315	300.976
RETURN
Return on Sales	%	2,39	6,77	5,43	2,89
Return on Equity - Net- ( R.O.E. )	%	0,18	1,62	4,87	4,55
Return on Equity - Gross - ( R.O.E. )	%	1,14	3,45	8,83	16,58
Return on Investment ( R.O.I. )	%	1,98	2,58	3,22	3,57
Return/ Sales	%	3,18	7,66	7,10	5,28
Extra Management revenues/charges incid.	%	1,71	12,34	26,74	15,49
Cash Flow	Value	10.179.672	15.214.820	17.920.853	64.082
Operating Profit	Value	13.532.052	17.216.200	23.451.824	132.680
Gross Operating Margin	Value	23.663.001	31.067.157	35.629.925	196.841
MANAGEMENT
Credits to clients average term	Days	163,89	242,86	147,31	128,08
Debts to suppliers average term	Days	543,69	475,99	350,83	166,98
Average stock waiting period	Days	273,88	497,30	346,61	100,80
Rate of capital employed return ( Turnover )	Units	0,62	0,34	0,45	0,79
Rate of stock return	Units	1,31	0,72	1,04	2,46
Labour cost incidence	%	5,52	10,77	8,96	18,23
Net financial revenues/ charges incidence	%	-2,82	-5,46	-3,79	-2,18
Labour cost on purchasing expenses	%	8,58	7,35	5,98	16,45
Short-term financing charges	%	2,39	2,56	2,46	2,40
Capital on hand	%	160,69	296,42	220,89	126,11
Sales pro employee	Value	579.775	297.084	357.327	192.424
Labour cost pro employee	Value	32.003	32.001	32.004	33.702

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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Spazio.gif$ 3.807.992
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Spazio.gif$ 5.269.972
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Spazio.gif$ 2.091.220

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Spazio.gif$ 472
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Spazio.gif$ 1.832
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.423\Spazio.gif$ 102

Sector Data

The values are calculated on a base of 2 significant companies.

The companies cash their credits on an average of 83 dd.

The average duration of suppliers debts is about 74 dd.

The sector's profitability is on an average of 2,95%.

The labour cost affects the turnover in the measure of 13,54%.

Goods are held in stock in a range of 54 dd.

The difference between the sales volume and the resources used to realize it is about 1,50.

The employees costs represent the 13,73% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 53.924 protested subjects are found; in the province they count to 34.465.

The insolvency index for the region is 1,04, , while for the province it is 0,92.

Total Bankrupt companies in the province : 31.914.

Total Bankrupt companies in the region : 37.442.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
Euro	1	INR 80.25

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

INFORMATION DETAILS

Analysis Done by :	VAR

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

Bankers

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit