3decades

MIRA INFORM REPORT

Report No. :	508057
Report Date :	08.05.2018

IDENTIFICATION DETAILS

Name :	TREND GROUP S.P.A.

Registered Office :	Piazzale Torquato Fraccon, 8 , 36100 – Vicenza (VI)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	05.08.1999

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of Glass and Glass Products

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

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. 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

TREND GROUP S.P.A.

Piazzale Torquato Fraccon, 8

36100 - Vicenza (VI) -IT-

Summary

Fiscal Code	:	02780620247
Legal Form	:	Joint Stock Company
start of Activities	:	07/03/2000
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	From 51 To 70

Activity

Manufacture of Glass and Glass Products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02780620247

Chamber of Commerce no. : 572060 of Brescia

Chamber of Commerce no. : 75339 of Pordenone

Chamber of Commerce no. : 274358 of Vicenza since 26/10/1999

Firms' Register : VI-1999-48918 of Vicenza since 04/11/1999

V.A.T. Code : 02780620247

Establishment date	: 05/08/1999
Start of Activities	: 07/03/2000
Legal duration	: 31/12/2050
Nominal Capital	: 1.875.000
Subscribed Capital	: 1.875.000
Paid up Capital	: 1.875.000

Legal mail :

TRENDGROUP@LEGALMAIL.IT

Members

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Bisazza

Giuseppe

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Born in Trissino

(VI)

on 17/10/1936

- Fiscal Code : BSZGPP36R17L433E

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Residence:

Busa San Michele

, 10

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017
Board Chairman	13/07/2017
Managing Director	13/07/2017

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No Prejudicial events are reported

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No Protests registered

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Di Giuseppe

Andrea

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Born in Roma

(RM)

on 20/05/1968

- Fiscal Code : DGSNDR68E20H501N

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Residence:

South Pointe Drive

, 300

Miami - Beach - Florida

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017
Partner

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No Prejudicial events are reported

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No Protests registered

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Bisazza

Federica

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Born in Thiene

(VI)

on 19/01/1967

- Fiscal Code : BSZFRC67A59L157I

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Residence:

San Michele

, 9

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017
Managing Director	13/07/2017

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No Prejudicial events are reported

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No Protests registered

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Bisazza

Riccardo

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Born in Thiene

(VI)

on 09/07/1971

- Fiscal Code : BSZRCR71L09L157A

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Residence:

Torretti

, 15

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017
Managing Director	13/07/2017

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No Prejudicial events are reported

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No Protests registered

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Finpi Societa' Semplice

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Fraccon

, 8

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Laverda

Giovanna

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Vuoto.gif$

Born in Breganze

(VI)

on 02/04/1942

- Fiscal Code : LVRGNN42D42B132E

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Residence:

Busa San Michele

, 10

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017

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Bisazza

Stefano

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Vuoto.gif$

Born in Thiene

(VI)

on 04/05/1969

- Fiscal Code : BSZSFN69E04L157E

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Residence:

Costa

, 21

- 36064

Mason Vicentino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017

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Fano

Giuseppe

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Vuoto.gif$

Born in Napoli

(NA)

on 21/10/1962

- Fiscal Code : FNAGPP62R21F839W

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Residence:

Governolo

, 1

- 10128

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	13/07/2017

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Baldin

Gianfranco

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Vuoto.gif$

Born in Padova

(PD)

on 05/01/1961

- Fiscal Code : BLDGFR61A05G224C

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Residence:

San Fermo

, 92

- 35137

Padova

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	27/11/2017

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No Prejudicial events are reported

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No Protests registered

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Tedesco

Michela

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Vuoto.gif$

Born in Sandrigo

(VI)

on 12/08/1971

- Fiscal Code : TDSMHL71M52H829I

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Residence:

Riviera Berica

, 245/U

- 36100

Vicenza

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	19/07/2010

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No Prejudicial events are reported

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No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

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Bisazza

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Comem S.p.A.	Montebello Vicentino (VI) - IT -	00152130241	Managing Director	Withdrawn	Merged
Comem S.p.A.	Montebello Vicentino (VI) - IT -	00152130241	Director	Withdrawn	Merged
Societa' Finanziaria Ed Editoriale SanMarco S.p.a.	Venezia (VE) - IT -	00170120273	Director	Withdrawn	Ceased
Veneta Isolatori - S.r.l.	Ceggia (VE) - IT -	01222840264	Director	Withdrawn	Registered
Repla S.r.l.	Calusco d'Adda (BG) - IT -	01752290153	Managing Director	Withdrawn	Registered
Repla S.r.l.	Calusco d'Adda (BG) - IT -	01752290153	Board Chairman	Withdrawn	Registered
Societa' Athesis S.p.a.	Verona (VR) - IT -	00213960230	Director	Withdrawn	Registered
SOCIETA' IN ACCOMANDITA SEMPLICE VETRICOLOR DI RENATO BISAZZA eamp; C.	Montecchio Maggiore (VI) - IT -	00142850247	General Partner	Withdrawn	Registered
Imprese Tipografiche Venete Spa Con Socio Unico	Roma (RM) - IT -	00188600274	Director	Withdrawn	Registered
BISAZZA VETRO S.R.L.	Venezia (VE) - IT -	02045230279	Chairman	Withdrawn	Registered
TESAN S.P.A.	Vicenza (VI) - IT -	01884560242	Director	Withdrawn	Registered
GRUPPO SAN ZENO EDITRICE IL NUOVO VERONESE SRL	Verona (VR) - IT -	00782210231	Director	Withdrawn	Registered
Bisazza Vetro Srl	Venezia (VE) - IT -		Chairman and Managing Director	Withdrawn	Registered
Area Nord Concessionaria di Pubblicita'SpA	Venezia - Mestre (VE) - IT -		Director	Withdrawn	Registered
Societa' Editrice Padana S.E.P. SpA	Venezia - Mestre (VE) - IT -		Director	Withdrawn	Registered
Ved SpA	Venezia - Mestre (VE) - IT -		Chairman	Withdrawn	Registered
Finvi Srl	Vicenza (VI) - IT -		Chairman	Withdrawn	Registered
Finanziaria Gruppo Bisazza Sas di Giuseppe Bisazza eamp; C.	Montecchio Maggiore (VI) - IT -		General Partner	Withdrawn	Registered
Finpi Sas di Pino Bisazza eamp; C.	Montecchio Maggiore (VI) - IT -		General Partner	Withdrawn	Registered
Editrice T.N.V. SpA	Verona (VR) - IT -		Director	Withdrawn	Registered
Palladio Partecipazioni S.p.a.	Vicenza (VI) - IT -	09287810155	Director	Withdrawn	Ceased
VED S.P.A.	Venezia (VE) - IT -	01596880243	Sole Director	Withdrawn	Merged
2vfin Spa	Vicenza (VI) - IT -	02778190237	Director	Withdrawn	Registered
Palladio Corporate Finance S.r.l.	Vicenza (VI) - IT -	01474110242	Director	Withdrawn	Registered
SOCIETA' EDITRICE PADANA - S.E.P. S.P.A.IN FORMA ABBREVIATA S.E.P. S.P.A.	- -	00744300286	Director	Withdrawn	Registered
GRUPPO BISAZZA S.P.A.	SPILIMBERGO - IT -		Managing Director	Withdrawn	Registered
SILEX S.P.A.	SAREGO - IT -		Managing Director	Withdrawn	Registered
Finpi Societa' Semplice	Vicenza (VI) - IT -	00885390245	Partner	Active	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Managing Director	Withdrawn	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Director	Withdrawn	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Person in charge	Withdrawn	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Representative in charge of italian branch	Withdrawn	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Liquidator	Active	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Board Chairman	Withdrawn	Registered
TISTONE S.R.L.	Reggio Calabria (RC) - IT -	03108570247	Liquidator	Withdrawn	Registered
TISTONE S.R.L.	Reggio Calabria (RC) - IT -	03108570247	Board Chairman	Withdrawn	Registered
METALLURGICA UDINESE S.R.L.	Udine (UD) - IT -	00167850304	Sole Director	Withdrawn	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Managing Director	Active	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Director	Active	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Person in charge	Active	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Managing Director	Withdrawn	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Board Chairman	Withdrawn	Registered
Immobiliare Alle Scalette S.a.s. Di PinoBisazza E C.	Vicenza (VI) - IT -	03171790243	General Partner	Active	Registered

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Bisazza

Federica

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Finpi Societa' Semplice	Vicenza (VI) - IT -	00885390245	Partner	Active	Registered

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Bisazza

Riccardo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Finpi Societa' Semplice	Vicenza (VI) - IT -	00885390245	Partner	Active	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Managing Director	Withdrawn	Registered
Arteapulia S.r.l. - In Liquidazione	Vicenza (VI) - IT -	05431610723	Director	Withdrawn	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Managing Director	Active	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Director	Active	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	Managing Director	Withdrawn	Registered
Angelo Orsoni S.r.l.	Venezia (VE) - IT -	03419810274	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
Bisazza Giuseppe	Vicenza - IT -	BSZGPP36R17L433E	141.375 .Eur	7,54
Ge Capital Interbanca S.p.a.	Milano - IT -	00776620155	328.125 .Eur	17,50
Di Giuseppe Andrea	Miami - Beach - Florida - IT -	DGSNDR68E20H501N	469.500 .Eur	25,04
Finpi Societa' Semplice	Vicenza - IT -	00885390245	936.000 .Eur	49,92

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
Pordenone Energia - Societa' Consortile Per Azioni	Pordenone - IT -	01400720932	250 .Eur	0,06			Active
Arteapulia S.r.l. - In Liquidazione	Vicenza - IT -	05431610723	70.000 .Eur	100,00			Active
Angelo Orsoni S.r.l.	Venezia - IT -	03419810274	100.000 .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

Torquato Fraccon

, 8

- 36100

- Vicenza

(VI)

- IT -

PHONE

: 04440

FAX

: 0

Legal mail

: TRENDGROUP@LEGALMAIL.IT

Branch

(Factory)

since 01/07/2000

Zona Industriale

- 33099

- Vivaro

(PN)

- IT -

Trading Style: TREND GROUP SPA

Branch

(Warehouse)

since 01/03/2017

Brolo

, 59/61

- 25075

- Nave

(BS)

- IT -

Employees

: 51

Fittings and Equipment for a value of 320.000

Eur

Stocks for a value of 8.310.000

Eur

Sales are on an international scale.

The company sells mainly to converting industries.

The firm operates abroad as importer / exporter..

Usually the terms of sale are within 90-120 days.

Subject usually collects by cash order and drafts.

Purchases are mainly paid with terms of 30/90 days.

Payments are settled by cash order and drafts.

The subject firm uses the following own selling brands:

- Le Chianche

- Orsoni

- Trend Group S.r.l.

Traded Brands / Suppliers

- Trend Group S.r.l.

- Orsoni

- Le Chianche

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	21/01/2000

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:

Mortgage by Court Injunction on 09/08/2012. for an amount of 600.000 Euro. Event writing-off

 HYPO ALPE ADRIA BANK S. P. A.

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
Veneto Banca	0444/386811	Viale Francesco Crispi 4		Vicenza	05418	11801

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
VIVARO (PN)	Buildings	4	04/05/2018
VIVARO (PN)	Land	7	04/05/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	VIVARO (PN) VIA MANIAGO, Piano T-1	13	345	2	cat. A/2	2	10 vani	Euro:671,39
B	Proprieta' per 1/1	VIVARO (PN) VIA MANIAGO, Piano S1	13	345	3	cat. C/6	2	140 mq	Euro:202,45
B	Proprieta' per 1/1	VIVARO (PN) VIA MANIAGO, Piano T-2	13	345	4	cat. A/10	1	12,5 vani	Euro:2.517,73
B	Proprieta' per 1/1	VIVARO (PN) VIA MANIAGO, Piano T-1	13	345	7	cat. D/7			Euro: 102.534,00

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	VIVARO (PN)	13	203		SEMIN IRRIG	3	23 are 50 ca	R.D.Euro:18,81 R.A. Euro: 9,71	1745
L	Proprieta' per 1/1	VIVARO (PN)	13	351		SEMIN IRRIG	3	1 are 35 ca	R.D.Euro:1,08 R.A. Euro: 0,56
L	Proprieta' per 1/1	VIVARO (PN)	13	388		SEMIN IRRIG	3	19 are 70 ca	R.D.Euro:15,77 R.A. Euro: 8,14
L	Proprieta' per 1/1	VIVARO (PN)	13	41		SEMIN IRRIG	3	25 are	R.D.Euro:20,01 R.A. Euro: 10,33	1199
L	Proprieta' per 1/1	VIVARO (PN)	13	65		SEMIN IRRIG	3	23 are 70 ca	R.D.Euro:18,97 R.A. Euro: 9,79
L	Proprieta' per 1/1	VIVARO (PN)	13	66		SEM IRR ARB	3	26 are 60 ca	R.D.Euro:21,29 R.A. Euro: 10,99	362
L	Proprieta' per 1/1	VIVARO (PN)	13	70		SEMIN IRRIG	3	53 are 30 ca	R.D.Euro:42,67 R.A. Euro: 22,02	2007

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

Financial and Economical Analysis

Subject is active since 2000

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

Under the financial profile unstable results are noted. with a loss in the last financial year.

The operating result is negative.

The operating loss amounts to Eur. -2.581.225 .

With regard to GOM, subject closed 2016 financial account with a negative result (Eur. -1.218.553).

Company's financial status is balanced since indebtedness is not high (2,3) even though on the increase if compared to 2015.

With regard to equity capital, an amount of Eur. 8.910.298 is registered. , unchanged as opposed to the preceding year.

Total debts recorded amounted to Eur. 59.389.135 (Eur. 37.008.491 of which were m/l term debts) , with no sensible variation.

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

Liquidity is however good.

On average trade credits are collected in 39,16 days. , that compared to the sector's average is shorter.

A negative cash flow marked the year 2016 totalling Eur. -1.351.659.

In the last financial year labour cost was of Eur. 3.292.638, with a 12,45% incidence on total costs of production. , with a 15,34% incidence on turnover.

If compared to the sales volume (-1,27%), the impact of the financial charges is limited.

Financial Data

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	21.459.199
Profit (Loss) for the period	-2.273.365

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	22.659.577
Profit (Loss) for the period	197.407

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	23.875.559
Profit (Loss) for the period	-490.533

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	22.552.093
Profit (Loss) for the period	-1.871.562

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	23.408.904
Profit (Loss) for the period	-2.320.135

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	56.558
. . Research,develop. and advert.expens.	128.421	36.681	48.907
. . Industrial patent rights	952	31.653	63.749
. . Concessions,licenses,trademarks,etc.	69.474	68.076	29.798
. . Goodwill
. . Assets in formation and advance paymen.	147.692	272.742	78.833
. . Other intangible fixed assets	277.229		3.720
. Total Intangible Fixed Assets	680.326	409.152	225.007
. TANGIBLE FIXED ASSETS
. . Real estate	2.068.865	2.429.132	2.813.289
. . Plant and machinery	291.062	537.370	793.095
. . Industrial and commercial equipment	24.047	7.744	13.373
. . Other assets	193.412	201.789	181.691
. . Assets under construction and advances		13.560	66.983
. Total Tangible fixed assets	2.577.386	3.189.595	3.868.431
. FINANCIAL FIXED ASSETS
. . Equity investments	15.189.633	10.655.509	10.745.201
. . . Equity invest. in subsidiary companies	15.188.878	10.654.754	10.744.446
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	755	755	755
. . Financial receivables	21.977.069	19.826.016	18.666.412
. . . . Within 12 months	1.534.256	2.615.825	3.391.000
. . . . Beyond 12 months	20.442.813	17.210.191	15.275.412
. . . Receivab due from subsidiaries	21.972.746	19.503.227	18.662.575
. . . . Within 12 months	1.534.256	2.297.350	3.391.000
. . . . Beyond 12 months	20.438.490	17.205.877	15.271.575
. . . 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	4.323	322.789	3.837
. . . . Within 12 months		318.475
. . . . Beyond 12 months	4.323	4.314	3.837
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	37.166.702	30.481.525	29.411.613
Total fixed assets	40.424.414	34.080.272	33.505.051
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	771.825	899.926	890.583
. . Work in progress and semimanufactured	2.328.221	2.450.591	2.348.842
. . Work in progress on order
. . Finished goods	5.155.329	4.983.306	5.053.332
. . Advance payments	51.464	39.893	33.871
. Total Inventories	8.306.839	8.373.716	8.326.628
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	18.418.690	19.565.666	18.435.754
. . Beyond 12 months			3.166.123
. . Trade receivables	2.334.097	3.659.064	4.459.068
. . . . Within 12 months	2.334.097	3.659.064	4.459.068
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	12.336.650	12.528.472	13.258.132
. . . . Within 12 months	12.336.650	12.528.472	13.258.132
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	17.542	17.452
. . . . Within 12 months	17.542	17.452
. . . . Beyond 12 months
. . Receivables due from holding comp.		183	122
. . . . Within 12 months		183	122
. . . . Beyond 12 months
. . Fiscal Receivables	291.455	472.073	331.939
. . . . Within 12 months	291.455	472.073	323.387
. . . . Beyond 12 months			8.552
. . Receivables for anticipated taxes	3.384.345	2.806.105	3.357.571
. . . . Within 12 months	3.384.345	2.806.105	200.000
. . . . Beyond 12 months			3.157.571
. . Receivables due from third parties	54.601	82.317	195.045
. . . . Within 12 months	54.601	82.317	195.045
. . . . Beyond 12 months
. Total Credits not held as fixed assets	18.418.690	19.565.666	21.601.877
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies			20.980
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities
. Total Financial Assets			20.980
. LIQUID FUNDS
. . Bank and post office deposits	1.853.239	457.227	2.151.475
. . Checks			6.290
. . Banknotes and coins	5.771	6.587	3.893
. Total Liquid funds	1.859.010	463.814	2.161.658
Total current assets	28.584.539	28.403.196	32.111.143
ADJUSTMENT ACCOUNTS
. Discount on loans			175.247
. Other adjustment accounts	39.832	82.812
Total adjustments accounts	39.832	82.812	175.247
TOTAL ASSETS	69.048.785	62.566.280	65.791.441

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	1.875.000	1.560.000	1.560.000
. Additional paid-in capital	2.693.955
. Revaluation reserves
. Legal reserve	196.121	186.251	186.251
. Reserve for Own shares
. Statute reserves
. Other reserves	17.252.987	17.252.989	12.745.935
. Accumulated Profits (Losses)	-10.834.400	-11.021.937	-10.531.405
. Profit( loss) of the year	-2.273.365	197.407	-490.533
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	8.910.298	8.174.710	3.470.248
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	299.089	289.831	271.629
. . Taxation fund, also differed	97.500	69.000	45.000
. . Other funds	127.662	327.747	218.062
Total Reserves for Risks and Charges	524.251	686.578	534.691
Employee termination indemnities	191.070	426.669	448.141
ACCOUNTS PAYABLE
. . . . Within 12 months	22.380.644	17.076.253	54.844.320
. . . . Beyond 12 months	37.008.491	36.146.102	6.263.815
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing			4.507.052
. . . . Within 12 months
. . . . Beyond 12 months			4.507.052
. . Due to banks	27.350.781	22.843.686	25.231.744
. . . . Within 12 months	7.635.418	3.990.712	23.474.981
. . . . Beyond 12 months	19.715.363	18.852.974	1.756.763
. . Due to other providers of finance	17.293.128	17.293.128	17.293.128
. . . . Within 12 months			17.293.128
. . . . Beyond 12 months	17.293.128	17.293.128
. . Advances from customers	392.318	831.737	418.618
. . . . Within 12 months	392.318	831.737	418.618
. . . . Beyond 12 months
. . Trade payables	2.093.681	1.453.346	3.800.098
. . . . Within 12 months	2.093.681	1.453.346	3.800.098
. . . . Beyond 12 months
. . Securities issued	21.453
. . . . Within 12 months	21.453
. . . . Beyond 12 months
. . Due to subsidiary companies	9.111.259	8.236.907	7.772.155
. . . . Within 12 months	9.111.259	8.236.907	7.772.155
. . . . Beyond 12 months
. . Due to associated companies	1.160.716	869.257
. . . . Within 12 months	1.160.716	869.257
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	225.007	178.737	253.421
. . . . Within 12 months	225.007	178.737	253.421
. . . . Beyond 12 months
. . Due to social security and welfare inst.	330.141	334.264	397.876
. . . . Within 12 months	330.141	334.264	397.876
. . . . Beyond 12 months
. . Other payables	1.410.651	1.181.293	1.434.043
. . . . Within 12 months	1.410.651	1.181.293	1.434.043
. . . . Beyond 12 months
Total accounts payable	59.389.135	53.222.355	61.108.135
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	34.031	55.968	230.226
Total adjustment accounts	34.031	55.968	230.226
TOTAL LIABILITIES	69.048.785	62.566.280	65.791.441

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts			1.518.475
Risk accounts			4.736.018
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	21.459.199	22.659.577	23.875.559
. Changes in work in progress	372.917	229.304	451.787
. Changes in semi-manufact. products
. Capitalization of internal work	119.073	124.444	97.699
. Other income and revenues	1.915.226	1.940.994	2.358.031
. . Contributions for operating expenses	1.100	20.330	11.950
. . Different income and revenues	1.914.126	1.920.664	2.346.081
Total value of production	23.866.415	24.954.319	26.783.076
PRODUCTION COSTS
. Raw material,other materials and consum.	13.095.014	12.813.398	13.523.546
. Services received	7.506.892	6.388.037
. Leases and rentals	586.118	778.220	7.115.882
. Payroll and related costs	3.292.638	3.351.798	3.569.433
. . Wages and salaries	2.370.025	2.371.222	2.406.118
. . Social security contributions	599.393	744.371	756.072
. . Employee termination indemnities	177.814	206.523	242.945
. . Pension and similar
. . Other costs	145.406	29.682	164.298
. Amortization and depreciation	921.706	848.100	932.814
. . Amortization of intangible fixed assets	177.599	61.036	78.118
. . Amortization of tangible fixed assets	664.361	730.120	756.128
. . Depreciation of tangible fixed assets	42.822
. . Writedown of current receiv.and of liquid	36.924	56.944	98.568
. Changes in raw materials	125.976	-11.762	53.716
. Provisions to risk reserves	28.500	36.280	23.797
. Other provisions	412.466	359.555	275.599
. Other operating costs	478.330	563.352	249.642
Total production costs	26.447.640	25.126.978	25.744.429
Diff. between value and cost of product.	-2.581.225	-172.659	1.038.647
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	773.598	1.771.564	1.173.238
. . Financ.income from receivables	535.459	443.846	567.790
. . . Towards subsidiary companies	535.459	443.846	567.790
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	238.139	1.327.718	605.448
. . . - Subsidiary companies	236.614	521.398	603.953
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.525	806.320	1.495
. Interest and other financial expense	-1.047.148	-730.855	-1.529.836
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-1.529.836
Total financial income and expense	-273.550	1.040.709	-356.598
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	6.694
. . Of equity investments	6.694
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation		-89.692	-555.237
. . Of equity investments		-89.692	-505.237
. . Of financial fixed assets (no equity inv)			-50.000
. . Of securities included among current ass
Total adjustments to financial assets	6.694	-89.692	-555.237
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			4.748
. . Gains on disposals
. . Other extraordinary income			4.748
. Extraordinary expense			-277.482
. . Losses on disposals
. . Taxes relating to prior years			-1.138
. . Other extraordinary expense			-276.344
Total extraordinary income and expense			-272.734
Results before income taxes	-2.848.081	778.358	-145.922
. Taxes on current income	-574.716	580.951	344.611
. . current taxes		57.196	289.816
. . differed taxes(anticip.)			54.795
. Net income for the period	-2.273.365	197.407	-490.533
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-2.273.365	197.407	-490.533

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	0,59	0,54	0,51	0,30
Elasticity Ratio	Units	0,41	0,45	0,49	0,66
Availability of stock	Units	0,12	0,13	0,13	0,15
Total Liquidity Ratio	Units	0,29	0,32	0,36	0,44
Quick Ratio	Units	0,03	0,01	0,03	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,30	2,03	15,18	2,50
Self Financing Ratio	Units	0,13	0,13	0,05	0,21
Capital protection Ratio	Units	1,04	0,79	0,69	0,64
Liabilities consolidation quotient	Units	1,66	2,14	0,12	0,29
Financing	Units	6,67	6,51	17,61	3,40
Permanent Indebtedness Ratio	Units	0,67	0,72	0,15	0,41
M/L term Debts Ratio	Units	0,54	0,58	0,10	0,15
Net Financial Indebtedness Ratio	Units	4,80	4,85	12,93	0,68
CORRELATION
Fixed assets ratio	Units	1,14	1,31	0,30	1,30
Current ratio	Units	1,28	1,66	0,59	1,18
Acid Test Ratio-Liquidity Ratio	Units	0,91	1,17	0,43	0,84
Structure's primary quotient	Units	0,22	0,24	0,10	0,68
Treasury's primary quotient	Units	0,08	0,03	0,04	0,04
Rate of indebtedness ( Leverage )	%	774,93	765,36	1895,87	441,03
Current Capital ( net )	Value	6.203.895	11.326.943	-22.733.177	97.133
RETURN
Return on Sales	%	-6,30	4,61	1,85	4,81
Return on Equity - Net- ( R.O.E. )	%	-25,51	2,41	-14,14	4,41
Return on Equity - Gross - ( R.O.E. )	%	-31,96	9,52	-4,20	14,30
Return on Investment ( R.O.I. )	%	-3,74	-0,28	1,58	4,16
Return/ Sales	%	-12,03	-0,76	4,35	4,40
Extra Management revenues/charges incid.	%	n.c.	n.c.	-47,23	23,79
Cash Flow	Value	-1.351.659	1.045.507	442.281	85.628
Operating Profit	Value	-2.581.225	-172.659	1.038.647	75.073
Gross Operating Margin	Value	-1.218.553	1.071.276	2.270.857	198.441
MANAGEMENT
Credits to clients average term	Days	39,16	58,13	67,23	110,77
Debts to suppliers average term	Days	210,47	190,26	201,85	124,20
Average stock waiting period	Days	139,36	133,04	125,55	53,64
Rate of capital employed return ( Turnover )	Units	0,31	0,36	0,36	1,02
Rate of stock return	Units	2,58	2,71	2,87	6,62
Labour cost incidence	%	15,34	14,79	14,95	19,95
Net financial revenues/ charges incidence	%	-1,27	4,59	-1,49	-1,87
Labour cost on purchasing expenses	%	12,45	13,34	13,86	20,58
Short-term financing charges	%	1,76	1,37	2,50	3,00
Capital on hand	%	321,77	276,11	275,56	97,63
Sales pro employee	Value	210.384	217.880	215.095	155.908
Labour cost pro employee	Value	32.280	32.228	32.157	33.115

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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Spazio.gif$ 831.356
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Spazio.gif$ 456
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Spazio.gif$ 2.052
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.556\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 434 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 124 dd.

The sector's profitability is on an average of 4,81%.

The labour cost affects the turnover in the measure of 19,95%.

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 1,02.

The employees costs represent the 20,58% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, , while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.11
UK Pound	1	INR 90.85
Euro	1	INR 80.12
Euro	1	INR 79.59

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

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