MIRA INFORM REPORT

Report No. :	509793
Report Date :	17.05.2018

IDENTIFICATION DETAILS

Name :	INDUSTRIALE CHIMICA S.R.L.
Registered Office :	Via Abbondio Sangiorgio, 12 20145 – Milano (MI) -IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	01.06.1984
Legal Form :	Limited liability company
Line of Business :	· Manufacture of chemicals and chemical products · Manufacture of pharmaceutical-based products and pharmaceutical preparations
No. of Employees :	From 176 to 200

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 records. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name and address

Industriale Chimica S.r.l.

Via Abbondio Sangiorgio, 12

20145 - Milano (MI) -IT-

Summary

Fiscal Code	:	07462480158
Legal Form	:	Limited liability company
start of Activities	:	01/06/1984
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 176 to 200

Activity

MANUFACTURE OF CHEMICALS AND CHEMICAL PRODUCTS

MANUFACTURE OF PHARMACEUTICAL-BASED PRODUCTS AND PHARMACEUTICAL PREPARATIONS

Legal Data

Legal Form : Limited liability company

Fiscal Code : 07462480158

Foreign Trade Reg. no. : MI041810 since 16/12/1991

Foreign Trade Reg. no. : 041810 of Milano since 16/12/1991

Chamber of Commerce no. : 1887032 of Monza e Brianza

Chamber of Commerce no. : 1161631 of Milano since 23/07/1984

Chamber of Commerce no. : 184659 of Varese

Firms' Register : MI146-234408 of Milano since 19/02/1996

V.A.T. Code : 07462480158

Establishment date	: 01/06/1984
Start of Activities	: 01/06/1984
Legal duration	: 31/12/2030
Nominal Capital	: 852.800
Subscribed Capital	: 852.800
Paid up Capital	: 852.800

Legal mail :

COMUNICAZIONI@PEC.INDUSTRIALECHIMICA.IT

Members

Piet

Fred Douwe

Born in Harlem

( )

on 08/05/1963

- Fiscal Code : PTIFDD63E08Z126O

Residence:

Via Ponte Vecchio

, 18

- 6982

Agno

- CH -

Position	Since	Shares Amount	% Ownership
Director	06/03/1989

Benigni

Andrea Luigi Alfredo

Born in Milano

(MI)

on 17/11/1970

- Fiscal Code : BNGNRL70S17F205A

Residence:

Bertani Agostino

, 6

- 20154

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/04/2013
Director	23/05/2016
Managing Director	01/07/2016

No Prejudicial events are reported

No Protests registered

Radice

Marco

Born in Milano

(MI)

on 08/09/1958

- Fiscal Code : RDCMRC58P08F205A

Residence:

Carlo Troya 6

- 20144

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Technical Manager	18/03/2008

Colombo

Maurizio Virginio

Born in Milano

(MI)

on 22/03/1963

- Fiscal Code : CLMMZV63C22F205N

Residence:

Don Luigi Spotti

, 237/A

- 21050

Marnate

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/03/2008

No Prejudicial events are reported

No Protests registered

Fochi

Maria Cristina

Born in Parma

(PR)

on 04/02/1969

- Fiscal Code : FCHMCR69B44G337G

Residence:

Petrarca 7/b

- 21047

Saronno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/03/2008

No Prejudicial events are reported

No Protests registered

Martin Moran

Maria Sandra

Born in Madrid

( )

on 29/04/1971

- Fiscal Code : MRTMSN71D69Z131K

Residence:

Grieg

, 13

- 21047

Saronno

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	23/05/2016
Director	23/05/2016

No Prejudicial events are reported

No Protests registered

Mariotti

Giulio

Born in Treviso

(TV)

on 15/05/1978

- Fiscal Code : MRTGLI78E15L407W

Residence:

Santa Elisabetta

, 27

- 20015

Parabiago

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	24/07/2017

No Prejudicial events are reported

No Protests registered

Chemo Holding S.l.

Position	Since	Shares Amount	% Ownership
Partner

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.

Benigni

Andrea Luigi Alfredo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Chemo Biosynthesis Srl	Milano (MI) - IT -	09474600963	Procurator	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
Benigni Andrea Luigi Alfredo	Milano - IT -	BNGNRL70S17F205A	170.560 .Eur	20,00
Vanossi Sereno Agostino		VNSSNG49S20B785V	42.640 .Eur	5,00
Chemo Holding S.l.			639.600 .Eur	75,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Agenzia Per Le Relazioni Economiche Indu striali E Commerciali Con La Cina S.r.l.	Mediglia - IT -	07736980157	5.329 .Eur	0,94			Active
Chemo Biosynthesis Srl	Milano - IT -	09474600963	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

Abbondio Sangiorgio

, 12

- 20100

- Milano

(MI)

- IT -

PHONE

: 029604872

PHONE

: 029642641

FAX	: 029621997

Legal mail

: COMUNICAZIONI@PEC.INDUSTRIALECHIMICA.IT

-

Branch

(Factory)

since 23/12/1994

E. H. Grieg

, 13

- 21047

- Saronno

(VA)

- IT -

Employees

: 185

Fittings and Equipment for a value of 12.220.000

Eur

Stocks for a value of 19.760.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company 's mainly customers are companies.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- importers

- direct orders from foreign companies

Company generally accepts payments with terms of 60/90 days.

Financial means used for sale: bank transfers and bank orders.

Company's purchase terms are within 90 and 120 days.

Main used payment modalities are by cash orders and bank transfers.

Import comes generally from the following nations:

- Austria

- Spain

- France

Export is mainly towards:

- Austria

- France

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

LABOTECH S.R.L. CON SOCIO UNICO

, Vimercate

- IT -

Fiscal Code: 03693810966

Date

Merging/splitting-up project:

05/10/2012

The firm absorbed by merging of

LABOTECH S.R.L. CON SOCIO UNICO

, Vimercate

- IT -

Fiscal Code: 03693810966

Date

:

29/11/2012

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: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
B.POP.BERGAMO SPA					5428	0
BANCA POP. MILANO					5584	0

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
VIMERCATE (MI)	Buildings	3	15/05/2018
SARONNO (VA)	Buildings	10	15/05/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 21120/1000000	VIMERCATE (MI) VIALE JOHN FITZGERALD KENNEDY, SC Piano S1	3	134		cat. D/1			Euro: 122,00
B	Proprieta' per 1/1	VIMERCATE (MI) VIALE JOHN FITZGERALD KENNEDY, SC Piano 1	3	137	10	cat. C/3	4	122 mq	Euro:390,65
B	Proprieta' per 1/1	VIMERCATE (MI) VIALE JOHN FITZGERALD KENNEDY, SC Piano S1	3	137	706	cat. C/2	4	42 mq	Euro:123,64
B	Proprieta'	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, 13 Piano T-1 - S1	SA/16	144		cat. D/1			Euro: 26.253,00
B	Proprieta' per 1/1	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, 3 Piano 1	SA/16	193	4	cat. A/2	4	5,5 vani	Euro:610,71
B	Proprieta' per 1/1	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, 3 Piano T-1 - S1	SA/16	193	501	cat. D/1			Euro: 7.594,00
B	Proprieta' per 1/1	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, SNC Piano T	SA/16	220		cat. D/8			Euro: 25.259,39
B	Proprieta' per 1/1	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, Piano T - 0001	SA/16	239		cat. D/1			Euro: 5.092,00
B	Proprieta' per 1000/1000	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, 13 Piano T	SA/16	240	1	cat. D/1			Euro: 4.518,00
B	Proprieta' per 1/1	SARONNO (VA) VIA EDVAR HAGERUP GRIEG, SNC Piano T-1 - S1	SA/16	240	2	cat. D/1			Euro: 11.211,00
B	Proprieta' superficiaria per 1/1	SARONNO (VA) VIA GIOVANNI MORANDI, Piano T	SA/16	317	1	cat. F/1
B	Proprieta' superficiaria per 1/1	SARONNO (VA) VIA GIOVANNI MORANDI, Piano T	SA/16	317	2	cat. F/4
B	Proprieta' superficiaria per 1/1	SARONNO (VA) VIA GIOVANNI MORANDI, Piano T	SA/16	317	3	cat. F/4

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 1984.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 28,85% in 2016 with a remarkable upward trend (+25,57% on 2016 compared to 2015 and +10,45% on 2015 compared to 2014).

The operating result was positive in the last financial year (27,56%) and is higher than the sector's average.

The amount of the operating result for the year 2016 is of Eur. 21.654.028 rising (+more then 100%) in relation to the previous year.

During the latest financial year the gross operating margin amounted to Eur. 25.275.293 showing a more then 100% growth.

Excellent equity structure since liquidity is higher than short term liabilities.

The equity capital is equal to Eur. 52.878.720 with a growth of 40,55% in 2016.

During the last financial year debts totalled Eur. 22.519.588 (Eur. 8.700.156 of which were m/l term debts) , with no sensible variation.

Bank exsposure is limited and the suppliers' credit is modest too, 56,93 gg. is the payment average period below the sector's average.

The management determines a good range of liquidity.

Credits are collected in 6,61 days on the average. , a value lower than the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 18.877.704

During 2016 financial year labour costs amounted to Eur. 10.878.144, with a 17,21% incidence on production costs. , with a 13,57% incidence on turnover.

The financial charges do not negatively affect the management, as they are covered by the incomes.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	80.173.565
Profit (Loss) for the period	15.256.439

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	63.844.901
Profit (Loss) for the period	7.079.759

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	57.801.313
Profit (Loss) for the period	5.040.636

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	42.648.529
Profit (Loss) for the period	2.958.712

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	57.269.461
Profit (Loss) for the period	7.551.483

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		252	3.619
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.	171.546	84.170	71.280
. . Goodwill	184.138	220.965	257.793
. . Assets in formation and advance paymen.	34.263	59.533	110.860
. . Other intangible fixed assets	627.904	694.874	851.235
. Total Intangible Fixed Assets	1.017.851	1.059.794	1.294.787
. TANGIBLE FIXED ASSETS
. . Real estate	7.848.186	7.886.039	6.423.933
. . Plant and machinery	11.451.085	11.443.348	6.692.524
. . Industrial and commercial equipment	766.722	608.348	255.210
. . Other assets	231.785	223.516	135.339
. . Assets under construction and advances	63.196	561.155	785.340
. Total Tangible fixed assets	20.360.974	20.722.406	14.292.346
. FINANCIAL FIXED ASSETS
. . Equity investments	107.907	10.907	7.907
. . . Equity invest. in subsidiary companies	100.000	3.000
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	7.907	7.907	7.907
. . Financial receivables	2.257.547
. . . . Within 12 months	2.257.547
. . . . Beyond 12 months
. . . Receivab due from subsidiaries	2.257.547
. . . . Within 12 months	2.257.547
. . . . 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	2.365.454	10.907	7.907
Total fixed assets	23.744.279	21.793.107	15.595.040
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	5.809.977	7.391.565	3.695.074
. . Work in progress and semimanufactured	6.756.570	5.759.554	5.282.709
. . Work in progress on order
. . Finished goods	7.195.446	5.241.084	3.514.402
. . Advance payments
. Total Inventories	19.761.993	18.392.203	12.492.185
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	20.012.785	13.846.429	13.115.624
. . Beyond 12 months	396.081	895.472	121.401
. . Trade receivables	1.471.409	9.256.063	8.664.405
. . . . Within 12 months	1.471.409	9.256.063	8.664.405
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	37.290
. . . . Within 12 months	37.290
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	14.316.122
. . . . Within 12 months	14.316.122
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	3.487.158	4.397.068	3.607.104
. . . . Within 12 months	3.091.077	3.789.345	3.607.104
. . . . Beyond 12 months	396.081	607.723
. . Receivables for anticipated taxes	1.018.033	1.008.330	889.757
. . . . Within 12 months	1.018.033	720.581	768.356
. . . . Beyond 12 months		287.749	121.401
. . Receivables due from third parties	78.854	80.440	75.759
. . . . Within 12 months	78.854	80.440	75.759
. . . . Beyond 12 months
. Total Credits not held as fixed assets	20.408.866	14.741.901	13.237.025
. 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	14.432.528	10.637.879	5.589.184
. . Checks
. . Banknotes and coins	3.238	2.672	3.326
. Total Liquid funds	14.435.766	10.640.551	5.592.510
Total current assets	54.606.625	43.774.655	31.321.720
ADJUSTMENT ACCOUNTS
. Discount on loans		299.134	211.822
. Other adjustment accounts	232.367
Total adjustments accounts	232.367	299.134	211.822
TOTAL ASSETS	78.583.271	65.866.896	47.128.582
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	852.800	852.800	852.800
. Additional paid-in capital
. Revaluation reserves	63.475	63.475	63.475
. Legal reserve	170.560	170.560	170.560
. Reserve for Own shares
. Statute reserves
. Other reserves	36.535.446	29.455.685	24.415.049
. Accumulated Profits (Losses)
. Profit( loss) of the year	15.256.439	7.079.759	5.040.636
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	52.878.720	37.622.279	30.542.520
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	55.928	50.676	97.614
. . Other funds	2.000.000	2.000.000	2.000.000
Total Reserves for Risks and Charges	2.055.928	2.050.676	2.097.614
Employee termination indemnities	513.939	526.098	561.153
ACCOUNTS PAYABLE
. . . . Within 12 months	13.819.432	14.832.337	12.032.271
. . . . Beyond 12 months	8.700.156	10.153.794	1.783.237
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	9.756.570	11.361.945	2.348.281
. . . . Within 12 months	1.431.570	1.605.375	984.336
. . . . Beyond 12 months	8.325.000	9.756.570	1.363.945
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	6.505.768	10.494.293	8.118.307
. . . . Within 12 months	6.505.768	10.494.293	8.118.307
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	585.500
. . . . Within 12 months	585.500
. . . . Beyond 12 months
. . Due to associated companies	148.046
. . . . Within 12 months	148.046
. . . . Beyond 12 months
. . Due to holding companies	7.855	7.262	13.161
. . . . Within 12 months	7.855	7.262	13.161
. . . . Beyond 12 months
. . Due to the tax authorities	3.126.160	867.412	1.163.655
. . . . Within 12 months	3.126.160	867.412	1.163.655
. . . . Beyond 12 months
. . Due to social security and welfare inst.	752.163	595.618	598.324
. . . . Within 12 months	752.163	595.618	598.324
. . . . Beyond 12 months
. . Other payables	1.637.526	1.659.601	1.573.780
. . . . Within 12 months	1.262.370	1.262.377	1.154.488
. . . . Beyond 12 months	375.156	397.224	419.292
Total accounts payable	22.519.588	24.986.131	13.815.508
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	615.096	681.712	111.787
Total adjustment accounts	615.096	681.712	111.787
TOTAL LIABILITIES	78.583.271	65.866.896	47.128.582

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	26.148	26.148
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	80.173.565	63.844.901	57.801.313
. Changes in work in progress	2.951.378	2.203.527	-3.615.703
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	1.743.356	193.188	90.701
. . Contributions for operating expenses
. . Different income and revenues	1.743.356	193.188	90.701
Total value of production	84.868.299	66.241.616	54.276.311
PRODUCTION COSTS
. Raw material,other materials and consum.	34.125.780	37.507.940	26.177.691
. Services received	11.418.539
. Leases and rentals	285.000	10.431.514	9.334.564
. Payroll and related costs	10.878.144	9.428.658	8.909.306
. . Wages and salaries	7.434.275	6.343.483	6.074.283
. . Social security contributions	2.321.769	2.031.434	1.922.611
. . Employee termination indemnities	455.484	402.674	376.931
. . Pension and similar
. . Other costs	666.616	651.067	535.481
. Amortization and depreciation	3.621.265	3.010.026	2.626.909
. . Amortization of intangible fixed assets	230.423	232.646	291.004
. . Amortization of tangible fixed assets	3.390.842	2.777.380	2.332.675
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid			3.230
. Changes in raw materials	1.581.588	-3.696.491	-332.814
. Provisions to risk reserves
. Other provisions
. Other operating costs	1.303.955	778.763	665.966
Total production costs	63.214.271	57.460.410	47.381.622
Diff. between value and cost of product.	21.654.028	8.781.206	6.894.689
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	15.239	450.511	505.447
. . 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	15.239	450.511	505.447
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	15.239	450.511	505.447
. Interest and other financial expense	187.183	-189.382	-106.858
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-189.382	-106.858
Total financial income and expense	202.422	261.129	398.589
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations		3.000
. . Of equity investments		3.000
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation			-53.000
. . Of equity investments			-3.000
. . Of financial fixed assets (no equity inv)			-50.000
. . Of securities included among current ass
Total adjustments to financial assets		3.000	-53.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		877.767	270.953
. . Gains on disposals
. . Other extraordinary income		877.767	270.953
. Extraordinary expense		-33.473	-132.811
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-33.473	-132.811
Total extraordinary income and expense		844.294	138.142
Results before income taxes	21.856.450	9.889.629	7.378.420
. Taxes on current income	6.600.011	2.809.870	2.337.784
. . current taxes	6.608.009	2.975.382	2.463.103
. . differed taxes(anticip.)		-165.512	-125.319
. Net income for the period	15.256.439	7.079.759	5.040.636
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	15.256.439	7.079.759	5.040.636

RATIOS

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	0,30	0,33	0,33	0,24
Elasticity Ratio	Units	0,69	0,66	0,66	0,75
Availability of stock	Units	0,25	0,28	0,27	0,17
Total Liquidity Ratio	Units	0,44	0,39	0,40	0,53
Quick Ratio	Units	0,18	0,16	0,12	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	n.c.	0,11	0,21	1,43
Self Financing Ratio	Units	0,67	0,57	0,65	0,30
Capital protection Ratio	Units	0,70	0,79	0,81	0,68
Liabilities consolidation quotient	Units	0,67	0,72	0,19	0,23
Financing	Units	0,43	0,66	0,45	2,15
Permanent Indebtedness Ratio	Units	0,79	0,73	0,70	0,47
M/L term Debts Ratio	Units	0,12	0,16	0,05	0,12
Net Financial Indebtedness Ratio	Units	0,00	0,02	0,00	0,91
CORRELATION
Fixed assets ratio	Units	2,62	2,22	2,11	1,67
Current ratio	Units	3,95	2,95	2,60	1,35
Acid Test Ratio-Liquidity Ratio	Units	2,52	1,71	1,56	1,06
Structure's primary quotient	Units	2,23	1,73	1,96	1,02
Treasury's primary quotient	Units	1,04	0,72	0,46	0,03
Rate of indebtedness ( Leverage )	%	148,61	175,07	154,30	325,45
Current Capital ( net )	Value	40.787.193	28.942.318	19.289.449	1.979.423
RETURN
Return on Sales	%	23,55	15,80	13,27	3,88
Return on Equity - Net- ( R.O.E. )	%	28,85	18,82	16,50	4,41
Return on Equity - Gross - ( R.O.E. )	%	41,33	26,29	24,16	7,90
Return on Investment ( R.O.I. )	%	27,56	13,33	14,63	3,65
Return/ Sales	%	27,01	13,75	11,93	3,68
Extra Management revenues/charges incid.	%	70,46	80,62	73,11	41,86
Cash Flow	Value	18.877.704	10.089.785	7.667.545	404.155
Operating Profit	Value	21.654.028	8.781.206	6.894.689	405.639
Gross Operating Margin	Value	25.275.293	11.791.232	9.521.598	701.807
MANAGEMENT
Credits to clients average term	Days	6,61	52,19	53,96	109,96
Debts to suppliers average term	Days	56,93	78,86	82,43	93,14
Average stock waiting period	Days	88,74	103,71	77,80	49,38
Rate of capital employed return ( Turnover )	Units	1,02	0,97	1,23	1,13
Rate of stock return	Units	4,06	3,47	4,63	7,29
Labour cost incidence	%	13,57	14,77	15,41	12,13
Net financial revenues/ charges incidence	%	0,25	0,41	0,69	-1,16
Labour cost on purchasing expenses	%	17,21	16,41	18,80	11,75
Short-term financing charges	%	n.c.	0,76	0,77	3,01
Capital on hand	%	98,02	103,17	81,54	88,05
Sales pro employee	Value	236.500	217.159	207.918	407.419
Labour cost pro employee	Value	32.088	32.070	32.047	48.289

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	:	3.839.216
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

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.83
UK Pound	1	INR 91.68
Euro	1	INR 80.29
Euro	1	INR 80.02

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

INFORMATION DETAILS

Analysis Done by :	PRA
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)

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