3decades

MIRA INFORM REPORT

Report No. :	507092
Report Date :	04.05.2018

IDENTIFICATION DETAILS

Name :	GRUPPO CANTELLI S.R.L.

Registered Office :	Via Xx Settembre, 19 40026 – Imola (BO) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	09.02.2015

Legal Form :	Limited liability company

Line of Business :	Corporate logistic management consultancy activities

No. of Employees :	From 51 to 70

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

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. 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 summery

Gruppo Cantelli S.r.l.

Via Xx Settembre, 19

40026 - Imola (BO) -IT-

Summary

Fiscal Code	:	03440891202
Legal Form	:	Limited liability company
start of Activities	:	10/02/2015
Equity	:	125.000
Turnover Range	:	3.750.000/5.000.000
Number of Employees	:	from 51 to 70

Activity

Corporate logistic management consultancy activities

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03440891202

Chamber of Commerce no. : 203603 of Ascoli Piceno

Chamber of Commerce no. : 519224 of Bologna since 13/02/2015

Chamber of Commerce no. : 150487 of Brindisi

Chamber of Commerce no. : 364506 of Catania

Chamber of Commerce no. : 212584 of Ferrara

Chamber of Commerce no. : 301137 of Foggia

Chamber of Commerce no. : 337013 of Forli'

Chamber of Commerce no. : 314022 of Lecce

Chamber of Commerce no. : 205284 of Latina

Chamber of Commerce no. : 258797 of Mantova

Chamber of Commerce no. : 406304 of Modena

Chamber of Commerce no. : 939381 of Napoli

Chamber of Commerce no. : 326771 of Palermo

Chamber of Commerce no. : 186475 of Piacenza

Chamber of Commerce no. : 197634 of Pesaro

Chamber of Commerce no. : 215734 of Ravenna

Chamber of Commerce no. : 312571 of Reggio Emilia

Chamber of Commerce no. : 190664 of Taranto

Chamber of Commerce no. : 366916 of Vicenza

V.A.T. Code : 03440891202

Establishment date	: 09/02/2015
Start of Activities	: 10/02/2015
Legal duration	: 31/12/2050
Nominal Capital	: 150.000
Subscribed Capital	: 150.000
Paid up Capital	: 150.000

Legal mail :

GRUPPOCANTELLILEGALE@PEC.IT

Members

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Mario Caprioli S.r.l.

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Vigne Nuove

, 3

- 40050

Dozza

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Marangoni

Gianni

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Born in Castelmassa

(RO)

on 22/03/1965

- Fiscal Code : MRNGNN65C22C207U

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Residence:

Gramignazzi

, 426

- 45030

Castelnovo Bariano

(RO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/02/2015
Assistant board Chairman	23/02/2017

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Caroli

Susanna

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Born in Imola

(BO)

on 15/02/1974

- Fiscal Code : CRLSNN74B55E289Y

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Residence:

Marabini Anselmo

, 27/A

- 40060

Dozza

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	23/02/2017

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Caprioli

Mario

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Born in Orvieto

(TR)

on 02/11/1960

- Fiscal Code : CPRMRA60S02G148F

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

Residence:

Vigne Nuove

, 3

- 40060

Dozza

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/12/2015
Board Chairman	22/12/2015
Managing Director	23/02/2017

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Vuoto.gif$

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.

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Marangoni

Gianni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Progetto D Di Incani Alessandro E C. S.a.s.	Castelnovo Bariano (RO) - IT -	01183010295	Limited Partner	Withdrawn	Ceased
Gold Star Europe S.r.l.	Vicenza (VI) - IT -	03410450245	Managing Director	Withdrawn	Registered
Gold Star Europe S.r.l.	Vicenza (VI) - IT -	03410450245	Director	Withdrawn	Registered
Gold Star Europe S.r.l.	Vicenza (VI) - IT -	03410450245	Board Chairman	Withdrawn	Registered
C.g. Emmologia Di Marangoni Gianni	Castelnovo Bariano (RO) - IT -	MRNGNN65C22C207U	Proprietor	Withdrawn	Registered
Progetto G.s.e. S.r.l.	Vicenza (VI) - IT -	03475350249	Director	Withdrawn	Registered

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Caprioli

Mario

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mario Caprioli S.r.l.	Dozza (BO) - IT -	04248800379	Sole Director	Withdrawn	Registered

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

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

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Mario Caprioli S.r.l.	Dozza - IT -	04248800379	90.000 .Eur	60,00
Trevi Group S.r.l.	Vicenza - IT -	03407770241	30.000 .Eur	20,00
Marangoni Gianni	Castelnovo Bariano - IT -	MRNGNN65C22C207U	30.000 .Eur	20,00

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

Legal and operative seat

Xx Settembre

, 19

- 40026

- Imola

(BO)

- IT -

Legal mail

: GRUPPOCANTELLILEGALE@PEC.IT

Branch

(Store)

since 01/04/2015

Ada Negri

, 7

- 44100

- Ferrara

(FE)

- IT -

PHONE

: 054231796

Branch

(Warehouse)

since 01/07/2015

S.s. Lecce-brindisi Km 1,900

, SNC

- 73010

- Surbo

(LE)

- IT -

Branch

(Warehouse)

since 10/02/2016

Della Riserva Nuova

, SNC

- 04011

- Aprilia

(LT)

- IT -

Branch

(Warehouse)

since 01/09/2015

Emilia Ovest

, 1480

- 41100

- Modena

(MO)

- IT -

Branch

(Warehouse)

since 01/10/2015

Masullo

, 76

- 80010

- Quarto

(NA)

- IT -

Branch

(office)

since 09/02/2015

Vecchia Ferriera

, 70

- 36100

- Vicenza

(VI)

- IT -

Branch

(office)

since 06/09/2016

G.amendola

, 129

- 40026

- Imola

(BO)

- IT -

Branch

(Warehouse)

since 02/03/2017

Villanova

, 29

- 40055

- Castenaso

(BO)

- IT -

Branch

(Head office)

since 15/11/2016

Dei Mutilati Del Lavoro

, SNC

- 63100

- Ascoli Piceno

(AP)

- IT -

Branch

(Warehouse)

since 19/09/2016

Ss.7 Appia Km712

, SNC

- 72100

- Brindisi

(BR)

- IT -

Branch

(Warehouse)

since 02/11/2016

Salvatore Quasimodo

, 1

- 95030

- Gravina di Catania

(CT)

- IT -

Branch

(Warehouse)

since 23/11/2016

Provinciale

, 76

- 71100

- Foggia

(FG)

- IT -

Branch

(Warehouse)

since 11/07/2016

A.c. Jemolo

, 110

- 47023

- Cesena

(FO)

- IT -

Branch

(Warehouse)

since 17/11/2016

Cesare Beccaria

, 1/1

- 46100

- Mantova

(MN)

- IT -

Branch

(Warehouse)

since 13/06/2016

Pecoraino Ang.via Laudicin

, SNC

- 90100

- Palermo

(PA)

- IT -

Branch

(Warehouse)

since 26/09/2016

Emilia Parmense

, 151

- 29100

- Piacenza

(PC)

- IT -

Branch

(Warehouse)

since 20/04/2016

Provinciale

, 49

- 74100

- Statte

(TA)

- IT -

Branch

(Warehouse)

since 24/10/2017

Marco Polo

, 3

- 40100

- Bologna

(BO)

- IT -

Branch

(Warehouse)

since 06/04/2017

Dei Fonditori

, 1

- 61100

- Pesaro

(PS)

- IT -

Branch

(Warehouse)

since 17/11/2017

Marco Bussato

, 74

- 48100

- Ravenna

(RA)

- IT -

Branch

(Warehouse)

since 07/10/2017

Rodolfo Morandi

, 16

- 42100

- Reggio Emilia

(RE)

- IT -

Employees

: 64

Fittings and Equipment for a value of 24.000

Eur

Stocks for a value of 1.860.000

Eur

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

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 requested subject is not present c/o the CADASTRE OFFICES.

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

The company has been active for some years.

The balance-sheet analysis has been made on the base of the latest 2 financial years.

During the last years, it achieved profits (r.o.e. 44,25% on 2016) with an increase in 2016 (more then 100%).

The operating result in 2016 was positive (2,45%) and reflects the field's average.

The operating result is positive and amounts to Eur. 112.207 increasing if compared to the yeart 2015.

The G.O.M. amounted to Eur. 258.015 showing an upward trend if compared to 2015.

Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (35,11) which tends upward.

Subject can manage an equity capital funds for an amount of Eur. 108.466 , rising by 79,35%.

During the last financial year total debts volume reached Eur. 4.430.345 (Eur. 466.052 were m/l term ones) , rising as opposed to the previous year (+more then 100%).

Liquidity range isn't very considerable.

The financial management generated a cash flow of Eur. 193.799.

Labour cost expenses amount to Eur. 855.045 , representing 22,72% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 22,56%.

Financial charges have a limited incidence (-0,38%) on sales volume.

Financial Data

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	3.790.004
Profit (Loss) for the period	47.991

$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	1.127.666
Profit (Loss) for the period	30.475

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

Years

2016

2015

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		18.619
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.		4.274
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets		16.757
. Total Intangible Fixed Assets	117.509	39.650
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment		23.526
. . Other assets		251.946
. . Assets under construction and advances
. Total Tangible fixed assets	850.523	275.472
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . Financial receivables
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	142.560
Total fixed assets	1.110.592	315.122
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables		15.000
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods		464.650
. . Advance payments
. Total Inventories	1.858.077	479.650
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	1.402.949	432.753
. . Beyond 12 months
. . Trade receivables		416.184
. . . . Within 12 months		416.184
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables		16.569
. . . . Within 12 months		16.569
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	1.402.949	432.753
. 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		46.263
. . Checks
. . Banknotes and coins		1.236
. Total Liquid funds	156.143	47.499
Total current assets	3.417.169	959.902
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	56.976
Total adjustments accounts	56.976
TOTAL ASSETS	4.584.737	1.275.024

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	30.000	30.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	1.524
. Reserve for Own shares
. Statute reserves
. Other reserves	28.951	1
. Accumulated Profits (Losses)
. Profit( loss) of the year	47.991	30.475
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	108.466	60.476
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	39.175	8.326
ACCOUNTS PAYABLE
. . . . Within 12 months	3.964.293	1.088.731
. . . . Beyond 12 months	466.052	100.000
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing		100.000
. . . . Within 12 months
. . . . Beyond 12 months		100.000
. . Due to banks
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables		1.008.311
. . . . Within 12 months		1.008.311
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities		32.099
. . . . Within 12 months		32.099
. . . . Beyond 12 months
. . Due to social security and welfare inst.		11.838
. . . . Within 12 months		11.838
. . . . Beyond 12 months
. . Other payables		36.483
. . . . Within 12 months		36.483
. . . . Beyond 12 months
Total accounts payable	4.430.345	1.188.731
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	6.751	17.491
Total adjustment accounts	6.751	17.491
TOTAL LIABILITIES	4.584.737	1.275.024

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	3.790.004	1.127.666
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work	59.123
. Other income and revenues	26.385	6
. . Contributions for operating expenses	1.729
. . Different income and revenues	24.656	6
Total value of production	3.875.512	1.127.672
PRODUCTION COSTS
. Raw material,other materials and consum.	3.739.180	1.169.579
. Services received	351.174
. Leases and rentals	41.144	129.370
. Payroll and related costs	855.045	215.816
. . Wages and salaries	670.155	173.685
. . Social security contributions	142.721	32.666
. . Employee termination indemnities	41.969	9.465
. . Pension and similar
. . Other costs	200
. Amortization and depreciation	145.808	38.400
. . Amortization of intangible fixed assets	45.266	15.174
. . Amortization of tangible fixed assets	93.261	23.226
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	7.281
. Changes in raw materials	-1.378.428	-479.650
. Provisions to risk reserves
. Other provisions
. Other operating costs	9.382	297
Total production costs	3.763.305	1.073.812
Diff. between value and cost of product.	112.207	53.860
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	106	3
. . 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	100
. . Financ.income other than the above	6	3
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	6	3
. Interest and other financial expense	-14.556	-163
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-163
Total financial income and expense	-14.450	-160
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		1
. . Gains on disposals
. . Other extraordinary income		1
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense		1
Results before income taxes	97.757	53.701
. Taxes on current income	49.766	23.226
. . current taxes	49.766	23.226
. . differed taxes(anticip.)
. Net income for the period	47.991	30.475
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	47.991	30.475

RATIOS

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,24	0,25	0,12
Elasticity Ratio	Units	0,75	0,75	0,84
Availability of stock	Units	0,41	0,38	0,05
Total Liquidity Ratio	Units	0,34	0,38	0,80
Quick Ratio	Units	0,03	0,04	0,05
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	35,11	17,22	3,43
Self Financing Ratio	Units	0,02	0,05	0,20
Capital protection Ratio	Units	0,28	0,00	0,33
Liabilities consolidation quotient	Units	0,13	0,10	0,10
Financing	Units	40,85	19,66	3,78
Permanent Indebtedness Ratio	Units	0,13	0,13	0,28
M/L term Debts Ratio	Units	0,11	0,08	0,06
Net Financial Indebtedness Ratio	Units	n.c.	0,87	0,00
CORRELATION
Fixed assets ratio	Units	0,55	0,54	1,98
Current ratio	Units	0,86	0,88	1,14
Acid Test Ratio-Liquidity Ratio	Units	0,39	0,44	1,09
Structure's primary quotient	Units	0,10	0,19	1,29
Treasury's primary quotient	Units	0,04	0,04	0,10
Rate of indebtedness ( Leverage )	%	4226,89	2108,31	491,47
Current Capital ( net )	Value	-547.124	-128.831	35.543
RETURN
Return on Sales	%	5,11	6,11	3,05
Return on Equity - Net- ( R.O.E. )	%	44,25	50,39	7,55
Return on Equity - Gross - ( R.O.E. )	%	90,13	88,80	24,65
Return on Investment ( R.O.I. )	%	2,45	4,22	3,78
Return/ Sales	%	2,96	4,78	3,83
Extra Management revenues/charges incid.	%	42,77	56,58	32,71
Cash Flow	Value	193.799	68.875	20.105
Operating Profit	Value	112.207	53.860	19.999
Gross Operating Margin	Value	258.015	92.260	36.669
MANAGEMENT
Credits to clients average term	Days	n.c.	132,86	125,36
Debts to suppliers average term	Days	n.c.	279,45	114,98
Average stock waiting period	Days	176,49	153,13	14,52
Rate of capital employed return ( Turnover )	Units	0,83	0,88	1,20
Rate of stock return	Units	2,04	2,35	22,80
Labour cost incidence	%	22,56	19,14	21,33
Net financial revenues/ charges incidence	%	-0,38	-0,01	-0,41
Labour cost on purchasing expenses	%	22,72	20,10	18,51
Short-term financing charges	%	0,33	0,01	1,38
Capital on hand	%	120,97	113,07	83,01
Sales pro employee	Value	145.769	187.944	170.908
Labour cost pro employee	Value	32.886	35.969	34.338

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	:	$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Spazio.gif$ 944.297
Population living in the region	:	$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Spazio.gif$ 425
- per non food products	:	$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\vivek-pc\E\2\Gruppo Cantelli S.r.l. - Vs. Rif. 507092_files\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 707 significant companies.

The companies cash their credits on an average of 125 dd.

The average duration of suppliers debts is about 115 dd.

The sector's profitability is on an average of 3,05%.

The labour cost affects the turnover in the measure of 21,33%.

Goods are held in stock in a range of 15 dd.

The difference between the sales volume and the resources used to realize it is about 1,20.

The employees costs represent the 18,51% 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 3.720.

The insolvency index for the region is 0,46, , while for the province it is 0,40.

Total Bankrupt companies in the province : 4.335.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.61
UK Pound	1	INR 90.60
Euro	1	INR 79.86
Euro	1	INR 79.94

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

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 summery

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit