MIRA INFORM REPORT

Report No. :	508715
Report Date :	10.05.2018

IDENTIFICATION DETAILS

Name :	FADIS - S.P.A.
Registered Office :	Via Colombera, 70, 21048- Solbiate Arno(VA)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	01.01.1960
Legal Form :	Joint stock company
Line of Business :	Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)
No. of Employees :	From 71 to 90

RATING & COMMENTS

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

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Italy	A1	A1

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 and address

Fadis - S.p.a.

Via

Colombera,

70

21048

- Solbiate Arno

(VA)

-IT-

Summary

Fiscal Code	:	00216410126
Legal Form	:	Joint stock company
start of Activities	:	07/09/1990
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 71 to 90

Activity

Manufacture of machinery for textile, apparel and leather industries (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00216410126

Foreign Trade Reg. no. : VA007396 since 16/12/1991

Chamber of Commerce no. : 81343 of Varese since 16/11/1960

Firms' Register : VA026-5713B of Varese

V.A.T. Code : 00216410126

Foundation date	: 01/01/1960
Establishment date	: 17/10/1960
Start of Activities	: 07/09/1990
Legal duration	: 31/12/2050
Nominal Capital	: 4.510.000
Subscribed Capital	: 4.510.000
Paid up Capital	: 4.510.000

Legal mail :

FADIS.SPA@PEC.IT

Members

Carabelli

Danilo

Born in Solbiate Arno

(VA)

on 18/03/1931

- Fiscal Code : CRBDNL31C18I793A

Residence:

Colombera

, 17

- 21048

Solbiate Arno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	29/04/2016
Director	29/04/2016
Managing Director	29/04/2016

No Prejudicial events are reported

No Protests registered

Carabelli

Giuseppe

Born in Sorengo

( )

on 23/11/1964

- Fiscal Code : CRBGPP64S23Z133R

Residence:

Fogazzaro

, 8

- 21013

Gallarate

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/04/2016
Managing Director	29/04/2016

No Prejudicial events are reported

No Protests registered

Carabelli

Debora Franca Maria

Born in Sorengo

( )

on 08/05/1966

- Fiscal Code : CRBDRF66E48Z133W

Residence:

Roma

, 5

- 21048

Solbiate Arno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/04/2016
Managing Director	29/04/2016

No Prejudicial events are reported

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.

Carabelli

Danilo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Chairman	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Vice-Chairman	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Liquidator	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Board Chairman	Withdrawn	Ceased
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Sole Director	Withdrawn	Registered
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Liquidator	Active	Registered
Industria E Universita' S.r.l.	Varese (VA) - IT -	01930490121	Director	Active	Registered
Industria E Universita' S.r.l.	Varese (VA) - IT -	01930490121	Director	Withdrawn	Registered
Iniziativa Universitaria 1991 S.p.a.	Varese (VA) - IT -	08526620151	Director	Active	Registered
Iniziativa Universitaria 1991 S.p.a.	Varese (VA) - IT -	08526620151	Director	Withdrawn	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Director	Withdrawn	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Partner	Withdrawn	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Managing Director	Withdrawn	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Board Chairman	Withdrawn	Registered
Sirtex S.p.a.	Rozzano (MI) - IT -	05936140150	Liquidator	Withdrawn	Ceased
Agatex S.r.l. - In Liquidazione	Varese (VA) - IT -	02561590122	Board Chairman	Withdrawn	Ceased
Maxit Srl	Rozzano (MI) - IT -	06356820156	Liquidator	Withdrawn	Ceased
Iniziativa Universitaria 1991 Srl	Milano (MI) - IT -	08526620151	Director	Withdrawn	Ceased
Iniziativa Universitaria 1991 Srl	Milano (MI) - IT -	08526620151	Director	Withdrawn	Ceased

Carabelli

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Director	Withdrawn	Ceased
Mabu Jersey S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216420125	Director	Withdrawn	Ceased
Carabelli S.r.l. - In Liquidazione	Solbiate Arno (VA) - IT -	00216070128	Director	Withdrawn	Registered
X 14 S.r.l. - In Liquidazione	Gallarate (VA) - IT -	02234780126	Sole partner	Withdrawn	Ceased
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Director	Withdrawn	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Partner	Active	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Managing Director	Withdrawn	Registered
Rpd Srl - In Liquidazione	Varese (VA) - IT -	02376340127	Sole Director	Withdrawn	Bankrupt
Agatex S.r.l. - In Liquidazione	Varese (VA) - IT -	02561590122	Director	Withdrawn	Ceased

Carabelli

Debora Franca Maria

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Director	Withdrawn	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Partner	Active	Registered
Mandricardo Societa' Semplice	Solbiate Arno (VA) - IT -	00589950120	Managing Director	Withdrawn	Registered
Immobiliare Jana Di Marco Riganti E C.S.a.s.	Gallarate (VA) - IT -	00259640126	Limited Partner	Active	Registered
Marianna Societa' Semplice	Varese (VA) - IT -	02246530121	Partner	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
Carabelli Giuseppe	Gallarate - IT -	CRBGPP64S23Z133R	902.000 .Eur	19,99
Carabelli Debora Franca Maria	Solbiate Arno - IT -	CRBDRF66E48Z133W	902.000 .Eur	19,99
Carabelli Raffaella		CRBRFL63L50Z133W	902.000 .Eur	19,99
Carabelli Elena Dora Maria		CRBLDR69C58Z133P	902.000 .Eur	19,99
Canton Vanda		CNTVND51D67I793F	300.666 .Eur	6,66
Canton Tiziana		CNTTZN55E45I793Q	300.666 .Eur	6,66
Canton Daniela		CNTDNL61M47L682E	300.666 .Eur	6,66

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
Carabelli S.r.l. - In Liquidazione	Solbiate Arno - IT -	00216070128	13.494 .Eur	65,26			Active
Industria E Universita' S.r.l.	Varese - IT -	01930490121	255.000 .Eur	1,89			Active
Consorzio Per L'energia Varese (in Breve Energi.va )	Varese - IT -	02513640124					Active

Firm's location and structure

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

-	Legal and operative seat

Colombera

, 70

- 21048

- Solbiate Arno

(VA)

- IT -

PHONE

: 0331994444

PHONE

: 0331989511

FAX	: 0331989532

Legal mail

: FADIS.SPA@PEC.IT

Employees

: 72

Fittings and Equipment for a value of 1.740.000

Eur

Stocks for a value of 3.800.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Carabelli S.r.l. - In Liquidazione

Colombera

, 70

, 21048

, Solbiate Arno

(VA)

- IT -

Fiscal Code: 00216070128

Date

Merging/splitting-up project:

30/07/1998

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result:

Legal Mortgage on 03/06/2010. for an amount of 3.502.950 Euro. Event writing-off

 EQUITALIA ESATRI SPA

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

Company's starting of activities dates back to 1990.

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 36,29% on 2016) thanks to a progressive increase in turnover (+32,93% in 2016 compared to 2015 and +19,59% in 2015 compared to 2014).

The operating result in 2016 was positive (24,05%) and even better than sector's average.

The amount of the operating result is equal to Eur. 7.022.801 showing an upward trend more then 100% compared to the previous financial year.

During the latest financial year the gross operating margin amounted to Eur. 7.781.929 growing by more then 100% if compared to the year before.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,13 lower than in 2015.

The management generated equity capital for an amount of Eur. 14.955.128 with a growth of 51,4% in 2016.

During the last financial year total debts volume reached Eur. 13.588.199 (Eur. 2.212.478 were m/l term ones) , showing an upward trend if compared to 2015.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lined up with the field's average.

It shows a good range of liquidity.

Accounts receivable average term is 45,75 days. , a better value than the sector's average.

2016 financial year closed with a cash flow of Eur. 6.186.032

Labour cost amounts to Eur. 5.214.249, with a 23,68% incidence on production costs. , with a 19,74% incidence on turnover.

Financial charges have a limited incidence (-0,13%) on sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	26.418.073
Profit (Loss) for the period	5.426.904

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	19.873.482
Profit (Loss) for the period	1.207.322

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	16.617.190
Profit (Loss) for the period	813.237

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	17.612.706
Profit (Loss) for the period	937.520

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	14.147.944
Profit (Loss) for the period	379.208

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.	45.704	117.098	241.452
. . Industrial patent rights	32.300
. . Concessions,licenses,trademarks,etc.		18.257	36.514
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	78.004	135.355	277.966
. TANGIBLE FIXED ASSETS
. . Real estate	8.759.541	9.048.207	9.336.872
. . Plant and machinery	1.656.028	1.333.618	1.508.197
. . Industrial and commercial equipment	85.495	22.109	14.717
. . Other assets	311.609	211.071	78.114
. . Assets under construction and advances
. Total Tangible fixed assets	10.812.673	10.615.005	10.937.900
. FINANCIAL FIXED ASSETS
. . Equity investments	50.000	50.000	50.000
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	50.000	50.000	50.000
. . 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	50.000	50.000	50.000
Total fixed assets	10.940.677	10.800.360	11.265.866
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	3.619.106	2.124.673	2.077.107
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	179.600	344.200	489.700
. . Advance payments
. Total Inventories	3.798.706	2.468.873	2.566.807
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	4.835.076	1.874.044	2.967.792
. . Beyond 12 months
. . Trade receivables	3.357.160	961.998	1.988.077
. . . . Within 12 months	3.357.160	961.998	1.988.077
. . . . 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	1.331.758	772.429	875.790
. . . . Within 12 months	1.331.758	772.429	875.790
. . . . Beyond 12 months
. . Receivables for anticipated taxes		13.200	13.200
. . . . Within 12 months		13.200	13.200
. . . . Beyond 12 months
. . Receivables due from third parties	146.158	126.417	90.725
. . . . Within 12 months	146.158	126.417	90.725
. . . . Beyond 12 months
. Total Credits not held as fixed assets	4.835.076	1.874.044	2.967.792
. 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	103.516	103.516	103.516
. Total Financial Assets	103.516	103.516	103.516
. LIQUID FUNDS
. . Bank and post office deposits	9.475.632	5.386.602	2.537.874
. . Checks
. . Banknotes and coins	5.000	5.000	5.000
. Total Liquid funds	9.480.632	5.391.602	2.542.874
Total current assets	18.217.930	9.838.035	8.180.989
ADJUSTMENT ACCOUNTS
. Discount on loans		26.290	42.709
. Other adjustment accounts	47.835
Total adjustments accounts	47.835	26.290	42.709
TOTAL ASSETS	29.206.442	20.664.685	19.489.564
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	4.510.000	4.510.000	4.510.000
. Additional paid-in capital
. Revaluation reserves	1.543.137	1.543.137	1.543.137
. Legal reserve	404.609	343.609	302.947
. Reserve for Own shares
. Statute reserves
. Other reserves	3.070.478	2.273.404	1.751.081
. Accumulated Profits (Losses)
. Profit( loss) of the year	5.426.904	1.207.322	813.237
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	14.955.128	9.877.472	8.920.402
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed			234.147
. . Other funds
Total Reserves for Risks and Charges			234.147
Employee termination indemnities	663.115	707.510	830.110
ACCOUNTS PAYABLE
. . . . Within 12 months	11.375.721	6.886.408	7.406.521
. . . . Beyond 12 months	2.212.478	3.193.295	2.098.384
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing	100.000	640.000	640.000
. . . . Within 12 months
. . . . Beyond 12 months	100.000	640.000	640.000
. . Due to banks	2.426.828	2.572.000	1.363.636
. . . . Within 12 months	322.673	145.172	181.818
. . . . Beyond 12 months	2.104.155	2.426.828	1.181.818
. . Due to other providers of finance	151.442	281.343	510.600
. . . . Within 12 months	143.119	154.876	234.034
. . . . Beyond 12 months	8.323	126.467	276.566
. . Advances from customers	2.436.720	1.387.113	2.212.466
. . . . Within 12 months	2.436.720	1.387.113	2.212.466
. . . . Beyond 12 months
. . Trade payables	6.229.318	3.722.427	3.454.528
. . . . Within 12 months	6.229.318	3.722.427	3.454.528
. . . . 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	1.787.444	993.889	833.365
. . . . Within 12 months	1.787.444	993.889	833.365
. . . . Beyond 12 months
. . Due to social security and welfare inst.	281.994	271.772	259.822
. . . . Within 12 months	281.994	271.772	259.822
. . . . Beyond 12 months
. . Other payables	174.453	211.159	230.488
. . . . Within 12 months	174.453	211.159	230.488
. . . . Beyond 12 months
Total accounts payable	13.588.199	10.079.703	9.504.905
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	29.206.442	20.664.685	19.489.564

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	26.418.073	19.873.482	16.617.190
. Changes in work in progress	-164.600	-145.500	361.000
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	2.785.289	333.813	215.271
. . Contributions for operating expenses		174.962	16.265
. . Different income and revenues	2.785.289	158.851	199.006
Total value of production	29.038.762	20.061.795	17.193.461
PRODUCTION COSTS
. Raw material,other materials and consum.	10.841.920	7.207.349	6.666.364
. Services received	6.218.983
. Leases and rentals	263.540	5.151.084	4.111.068
. Payroll and related costs	5.214.249	4.668.202	4.353.581
. . Wages and salaries	3.951.751	3.433.239	2.953.692
. . Social security contributions	935.701	944.295	899.414
. . Employee termination indemnities	200.962	192.385	185.079
. . Pension and similar
. . Other costs	125.835	98.283	315.396
. Amortization and depreciation	759.128	732.704	764.925
. . Amortization of intangible fixed assets	97.726	142.611	179.771
. . Amortization of tangible fixed assets	644.902	585.167	575.154
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	16.500	4.926	10.000
. Changes in raw materials	-1.494.433	-47.566	-333.107
. Provisions to risk reserves
. Other provisions
. Other operating costs	212.574	164.013	110.444
Total production costs	22.015.961	17.875.786	15.673.275
Diff. between value and cost of product.	7.022.801	2.186.009	1.520.186
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	25.371	2.182	20.036
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	25.371	2.182	20.036
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	25.371	2.182	20.036
. Interest and other financial expense	-60.267	-55.951	-80.005
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-55.951	-80.005
Total financial income and expense	-34.896	-53.769	-59.969
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		4.491	20.634
. . Gains on disposals
. . Other extraordinary income		4.491	20.634
. Extraordinary expense		-214.193	-105.535
. . Losses on disposals		-6.790
. . Taxes relating to prior years		-75.857
. . Other extraordinary expense		-131.546	-105.535
Total extraordinary income and expense		-209.702	-84.901
Results before income taxes	6.987.905	1.922.538	1.375.316
. Taxes on current income	1.561.001	715.216	562.079
. . current taxes	1.495.027	715.216	562.079
. . differed taxes(anticip.)
. Net income for the period	5.426.904	1.207.322	813.237
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	5.426.904	1.207.322	813.237

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	0,37	0,52	0,58	0,18
Elasticity Ratio	Units	0,62	0,48	0,42	0,80
Availability of stock	Units	0,13	0,12	0,13	0,24
Total Liquidity Ratio	Units	0,49	0,36	0,29	0,48
Quick Ratio	Units	0,33	0,27	0,14	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,13	0,15	0,55	3,25
Self Financing Ratio	Units	0,51	0,48	0,46	0,19
Capital protection Ratio	Units	0,34	0,42	0,40	0,63
Liabilities consolidation quotient	Units	0,25	0,57	0,40	0,19
Financing	Units	0,91	1,02	1,07	3,80
Permanent Indebtedness Ratio	Units	0,61	0,67	0,61	0,36
M/L term Debts Ratio	Units	0,10	0,19	0,15	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	1,63	1,28	1,05	1,75
Current ratio	Units	1,60	1,43	1,10	1,21
Acid Test Ratio-Liquidity Ratio	Units	1,27	1,07	0,76	0,81
Structure's primary quotient	Units	1,37	0,91	0,79	1,03
Treasury's primary quotient	Units	0,84	0,80	0,36	0,06
Rate of indebtedness ( Leverage )	%	195,29	209,21	218,48	516,42
Current Capital ( net )	Value	6.842.209	2.951.627	774.468	422.465
RETURN
Return on Sales	%	23,42	9,76	9,50	3,35
Return on Equity - Net- ( R.O.E. )	%	36,29	12,22	9,12	5,13
Return on Equity - Gross - ( R.O.E. )	%	46,73	19,46	15,42	14,77
Return on Investment ( R.O.I. )	%	24,05	10,58	7,80	4,16
Return/ Sales	%	26,58	11,00	9,15	4,11
Extra Management revenues/charges incid.	%	77,28	55,23	53,50	28,57
Cash Flow	Value	6.186.032	1.940.026	1.578.162	122.482
Operating Profit	Value	7.022.801	2.186.009	1.520.186	144.752
Gross Operating Margin	Value	7.781.929	2.918.713	2.285.111	241.990
MANAGEMENT
Credits to clients average term	Days	45,75	17,43	43,07	111,85
Debts to suppliers average term	Days	129,44	108,43	115,39	128,30
Average stock waiting period	Days	51,77	44,72	55,61	80,43
Rate of capital employed return ( Turnover )	Units	0,90	0,96	0,85	1,08
Rate of stock return	Units	6,95	8,05	6,47	4,45
Labour cost incidence	%	19,74	23,49	26,20	19,12
Net financial revenues/ charges incidence	%	-0,13	-0,27	-0,36	-1,08
Labour cost on purchasing expenses	%	23,68	26,11	27,78	19,02
Short-term financing charges	%	0,44	0,56	0,84	2,68
Capital on hand	%	110,55	103,98	117,29	91,91
Sales pro employee	Value	163.074	137.058	122.185	198.432
Labour cost pro employee	Value	32.186	32.194	32.011	35.779

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	:	843.250
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 4.597.

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

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.38
UK Pound	1	INR 91.09
Euro	1	INR 79.75
Euro	1	INR 79.98

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

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.