MIRA INFORM REPORT

Report No. :	510646
Report Date :	22.05.2018

IDENTIFICATION DETAILS

Name :	OFM TOP LINE S.R.L.
Registered Office :	Piazza Dei Tintori, 6 41057 – Spilamberto (MO) -IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	01.01.1982
Legal Form :	Limited liability company
Line of Business :	· Artistic working of marble and other similar stone, mosaics · Manufacture of metal forming machinery
No. of Employees :	From 36 to 50

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

Ofm Top Line S.r.l.

Piazza Dei Tintori, 6

41057 - Spilamberto (MO) -IT-

Summary

Fiscal Code	:	02280790375
Legal Form	:	Limited liability company
start of Activities	:	21/12/1983
Equity	:	Over 2.582.254
Turnover Range	:	10.000.000/12.750.000
Number of Employees	:	from 36 to 50

Activity

Artistic working of marble and other similar stone, mosaics

Manufacture of metal forming machinery

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02280790375

Foreign Trade Reg. no. : MO021343 since 11/05/1994

Chamber of Commerce no. : 271861 of Bologna

Chamber of Commerce no. : 363534 of Bologna

Chamber of Commerce no. : 222297 of Modena since 16/01/1984

Chamber of Commerce no. : 397896 of Padova

Firms' Register : MO023-39826 of Modena

V.A.T. Code : 02216750360

Foundation date	: 01/01/1982
Establishment date	: 13/01/1982
Start of Activities	: 21/12/1983
Legal duration	: 31/12/2030
Nominal Capital	: 104.000
Subscribed Capital	: 104.000
Paid up Capital	: 104.000

Legal mail :

OFMTOPLINESRL@LEGALMAIL.IT

Members

Mosca

Floriano

Born in Bazzano

(BO)

on 04/01/1945

- Fiscal Code : MSCFRN45A04A726V

Residence:

Magazzino

, 64

- 40053

Bazzano

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/12/2004
Board Chairman	09/12/2004

No Prejudicial events are reported

No Protests registered

Mosca

Romano

Born in Savignano sul Panaro

(MO)

on 23/12/1932

- Fiscal Code : MSCRMN32T23I473W

Residence:

Magazzino

, 64

- 40053

Bazzano

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/12/2004
Assistant board Chairman	09/12/2004

No Prejudicial events are reported

No Protests registered

Mosca

Massimiliano

Born in Bologna

(BO)

on 29/09/1972

- Fiscal Code : MSCMSM72P29A726A

Residence:

Magazzino

, 64

- 40053

Bazzano

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/12/2004
Managing Director	03/01/2005

No Prejudicial events are reported

No Protests registered

Mosca

Patrizia

Born in Bazzano

(BO)

on 07/01/1963

- Fiscal Code : MSCPRZ63A47A726H

Residence:

Magazzino

, 64

- 40053

Bazzano

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	09/12/2004
Managing Director	03/01/2005

No Prejudicial events are reported

No Protests registered

Mosca

Paola

Born in Vignola

(TN)

on 01/06/1966

- Fiscal Code : MSCPLA66H41L885X

Residence:

San Giovanni

, 61

- 41057

Spilamberto

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	12/01/2006

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.

Mosca

Floriano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Officine F.lli Mosca Di Romano E Floriano Mosca E C. S.a.s.	Bazzano (BO) - IT -	00275330371	General Partner	Withdrawn	Ceased
Officine F.lli Mosca Di Romano E Floriano Mosca E C. S.a.s.	Bazzano (BO) - IT -	00275330371	Temporary director	Withdrawn	Ceased
Cir Consorzio Italiano Ricambi	San Donato Milanese (MI) - IT -	07589910152	Director	Withdrawn	Registered
Cir Consorzio Italiano Ricambi	San Donato Milanese (MI) - IT -	07589910152	Baord of Directors' member	Withdrawn	Registered
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Director	Withdrawn	Registered
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Partner	Withdrawn	Registered
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Assistant board Chairman	Withdrawn	Registered

Mosca

Romano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Officine F.lli Mosca Di Romano E Floriano Mosca E C. S.a.s.	Bazzano (BO) - IT -	00275330371	General Partner	Withdrawn	Ceased
Officine F.lli Mosca Di Romano E Floriano Mosca E C. S.a.s.	Bazzano (BO) - IT -	00275330371	Temporary director	Withdrawn	Ceased
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Director	Withdrawn	Registered
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Partner	Withdrawn	Registered
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Board Chairman	Withdrawn	Registered

Mosca

Massimiliano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Procurator	Withdrawn	Registered

Mosca

Patrizia

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Immobiliare F.lli Mosca S.r.l.	Modena (MO) - IT -	03129350371	Procurator	Withdrawn	Registered

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

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

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Mosca Floriano	Bazzano - IT -	MSCFRN45A04A726V	44.200 .Eur	42,50
Mosca Romano	Bazzano - IT -	MSCRMN32T23I473W	44.200 .Eur	42,50
Mosca Massimiliano	Bazzano - IT -	MSCMSM72P29A726A	3.900 .Eur	3,75
Mosca Patrizia	Bazzano - IT -	MSCPRZ63A47A726H	7.800 .Eur	7,50
Mosca Paola	Spilamberto - IT -	MSCPLA66H41L885X	3.900 .Eur	3,75

Direct Participations

The Company under review has no participations in other Companies.

Firm's location and structure

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

-	Legal and operative seat

Dei Tintori

, 6

- 41057

- Spilamberto

(MO)

- IT -

PHONE

: 059785750

Legal mail

: OFMTOPLINESRL@LEGALMAIL.IT

-

Branch

(Factory)

since 01/02/1996

Canaletta

, 3/A

- 40053

- Valsamoggia

(BO)

- IT -

PHONE

: 051832108

FAX	: 051831525

Email

: export@ofm.it

Employees

: 47

Fittings and Equipment for a value of 530.000

Eur

Stocks for a value of 6.630.000

Eur

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 :

- direct orders to foreign companies

Export trade is the 70 % of the global turnover.

Products abroad are placed by :

- its own agents

- direct orders from foreign companies

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

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

Import comes generally from the following nations:

- Europa

Export is mainly towards:

- Europa

-

-

Traded Brands / Suppliers

- Duferdofin Nucor Srl

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Immobiliare F.lli Mosca S.r.l.

Scaglia Est

, 33

, 41126

, Modena

(MO)

- IT -

Fiscal Code: 03129350371

Date

Merging/splitting-up project:

18/10/2016

The firm absorbed by merging of

Immobiliare F.lli Mosca S.r.l.

Scaglia Est

, 33

, 41126

, Modena

(MO)

- IT -

Fiscal Code: 03129350371

Date

:

07/12/2016

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
UNICREDIT BANCA SPA	MODENA 1	VIA FABRIANI, 3	41100	Modena	2008	12917
CASSA RISP. IN BOLOGNA SPA					6385	0
BANCA POP. EMILIA ROMAGNA					5387	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
VALSAMOGGIA (BO)	Buildings	2	19/05/2018
VALSAMOGGIA (BO)	Land	1	19/05/2018
SPILAMBERTO (MO)	Buildings	1	19/05/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	VALSAMOGGIA (BO) Sez.B VIA CANALETTA, 3/A Piano T	2	114	2	cat. D/1			Euro: 80,00
B	Proprieta' per 1/1	VALSAMOGGIA (BO) Sez.B VIA CANALETTA, 3/A Piano T-1	2	114	8	cat. D/7			Euro: 29.635,20
B	Proprieta' per 1/1	SPILAMBERTO (MO) PIAZZA DEI TINTORI, 6 Piano T	13	119	2	cat. D/7			Euro: 3.814,54
Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	VALSAMOGGIA (BO) Sez.B	2	213		SEM IRR ARB	1	4 are 38 ca	R.D.Euro:5,41 (*) R.A. Euro: 3,96

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

Financial and Economical Analysis

The company is active since 1983

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

During the last years, it achieved profits (r.o.e. 4,98% on 2016)

The operating result in 2016 was positive (4,86%) falling within the field's average.

The amount of the operating result is equal to Eur. 573.638 , on more or less the same values as in the year before.

The economic management produced a gross operating margin of Eur. 767.733 with no sensible increase as against 2015.

Company's financial status is balanced since indebtedness is not high (2,25) and decreasing as against 2015.

With regard to equity capital, an amount of Eur. 2.908.238 is registered. with a growth of 51,82% in 2016.

During the last financial year debts totalled Eur. 8.497.466 (Eur. 1.301.748 of which were m/l term debts) , a more or less stable value.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest which is also lower than the sector average.

The management determines a good range of liquidity.

As to due from customers, the average terms are 86,18 days. , a better value than the sector's average.

2016 financial year closed with a cash flow of Eur. 338.806

Labour cost amounts to Eur. 2.114.803, with a 19,78% incidence on production costs. and a 19,66% incidence on sales volumes.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-3,08%).

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	10.754.756
Profit (Loss) for the period	144.711

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	12.012.998
Profit (Loss) for the period	100.095

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	10.897.059
Profit (Loss) for the period	15.190

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	11.304.418
Profit (Loss) for the period	-606.015

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	15.941.833
Profit (Loss) for the period	93.670

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	27.488
. . Research,develop. and advert.expens.
. . Industrial patent rights	5.700	7.738	1.657
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	41.192	60.314	76.841
. Total Intangible Fixed Assets	74.380	68.052	78.498
. TANGIBLE FIXED ASSETS
. . Real estate	988.482
. . Plant and machinery	356.426	381.729	444.425
. . Industrial and commercial equipment	169.691	155.766	131.487
. . Other assets	36.844	43.591	59.546
. . Assets under construction and advances
. Total Tangible fixed assets	1.551.443	581.086	635.458
. FINANCIAL FIXED ASSETS
. . Equity investments	43.604	40.615	48.151
. . . Equity invest. in subsidiary companies	34.600	34.600	42.136
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	9.004	6.015	6.015
. . Financial receivables	15.011	11	11
. . . . Within 12 months
. . . . Beyond 12 months	15.011	11	11
. . . 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	15.011	11	11
. . . . Within 12 months
. . . . Beyond 12 months	15.011	11	11
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	58.615	40.626	48.162
Total fixed assets	1.684.438	689.764	762.118
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	123.605	88.224	75.834
. . Work in progress and semimanufactured	438.730	612.359	721.180
. . Work in progress on order
. . Finished goods	6.069.490	5.855.282	6.045.589
. . Advance payments
. Total Inventories	6.631.825	6.555.865	6.842.603
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	2.801.261	4.283.632	4.605.538
. . Beyond 12 months		52.400	104.839
. . Trade receivables	2.574.576	3.946.165	4.077.594
. . . . Within 12 months	2.574.576	3.946.165	4.077.594
. . . . 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.		232.509	323.444
. . . . Within 12 months		180.109	271.044
. . . . Beyond 12 months		52.400	52.400
. . Fiscal Receivables	112.274	83.315	195.024
. . . . Within 12 months	112.274	83.315	142.585
. . . . Beyond 12 months			52.439
. . Receivables for anticipated taxes	1.659
. . . . Within 12 months	1.659
. . . . Beyond 12 months
. . Receivables due from third parties	112.752	74.043	114.315
. . . . Within 12 months	112.752	74.043	114.315
. . . . Beyond 12 months
. Total Credits not held as fixed assets	2.801.261	4.336.032	4.710.377
. 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	643.758	359.614	194.098
. . Checks
. . Banknotes and coins	6.851	8.145	11.262
. Total Liquid funds	650.609	367.759	205.360
Total current assets	10.083.695	11.259.656	11.758.340
ADJUSTMENT ACCOUNTS
. Discount on loans		78.322	82.361
. Other adjustment accounts	44.416
Total adjustments accounts	44.416	78.322	82.361
TOTAL ASSETS	11.812.549	12.027.742	12.602.819
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	104.000	104.000	104.000
. Additional paid-in capital
. Revaluation reserves	367.558
. Legal reserve	20.800	20.800	20.800
. Reserve for Own shares
. Statute reserves
. Other reserves	2.271.169	1.690.584	1.075.394
. Accumulated Profits (Losses)
. Profit( loss) of the year	144.711	100.095	15.190
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	2.908.238	1.915.479	1.215.384
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	394.550	399.955	487.729
ACCOUNTS PAYABLE
. . . . Within 12 months	7.195.718	7.593.828	7.987.244
. . . . Beyond 12 months	1.301.748	2.102.850	2.894.254
. . 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	5.625.921	6.540.186	6.785.808
. . . . Within 12 months	4.324.173	4.437.336	3.912.430
. . . . Beyond 12 months	1.301.748	2.102.850	2.873.378
. . Due to other providers of finance			2.496
. . . . Within 12 months			2.496
. . . . Beyond 12 months
. . Advances from customers	402.817	336.186	329.442
. . . . Within 12 months	402.817	336.186	329.442
. . . . Beyond 12 months
. . Trade payables	1.789.887	2.079.897	2.459.300
. . . . Within 12 months	1.789.887	2.079.897	2.459.300
. . . . 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		18.389	438.870
. . . . Within 12 months		18.389	438.870
. . . . Beyond 12 months
. . Due to the tax authorities	111.183	80.217	127.163
. . . . Within 12 months	111.183	80.217	106.287
. . . . Beyond 12 months			20.876
. . Due to social security and welfare inst.	145.042	164.003	172.937
. . . . Within 12 months	145.042	164.003	172.937
. . . . Beyond 12 months
. . Other payables	422.616	477.800	565.482
. . . . Within 12 months	422.616	477.800	565.482
. . . . Beyond 12 months
Total accounts payable	8.497.466	9.696.678	10.881.498
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	12.295	15.630	18.208
Total adjustment accounts	12.295	15.630	18.208
TOTAL LIABILITIES	11.812.549	12.027.742	12.602.819

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	23.110	62.895
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	10.754.756	12.012.998	10.897.059
. Changes in work in progress	41.767	-108.821	188.525
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	468.423	426.356	465.790
. . Contributions for operating expenses	56.034	48.488	55.763
. . Different income and revenues	412.389	377.868	410.027
Total value of production	11.264.946	12.330.533	11.551.374
PRODUCTION COSTS
. Raw material,other materials and consum.	6.401.912	6.631.791	6.676.827
. Services received	1.888.710
. Leases and rentals	36.136	2.337.410	1.855.399
. Payroll and related costs	2.114.803	2.262.768	2.186.199
. . Wages and salaries	1.534.519	1.628.630	1.521.054
. . Social security contributions	466.301	519.695	535.376
. . Employee termination indemnities	107.924	110.292	123.603
. . Pension and similar
. . Other costs	6.059	4.151	6.166
. Amortization and depreciation	194.095	170.063	164.571
. . Amortization of intangible fixed assets	24.290	24.439	26.395
. . Amortization of tangible fixed assets	144.805	125.611	123.441
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	25.000	20.013	14.735
. Changes in raw materials	-34.194	177.917	-80.078
. Provisions to risk reserves
. Other provisions
. Other operating costs	89.846	78.922	56.118
Total production costs	10.691.308	11.658.871	10.859.036
Diff. between value and cost of product.	573.638	671.662	692.338
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.896	10.194	2.572
. . 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	1.896	10.194	2.572
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.896	10.194	2.572
. Interest and other financial expense	-333.292	-441.595	-359.712
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-441.595	-359.712
Total financial income and expense	-331.396	-431.401	-357.140
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense		-17.389	-206.833
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-17.389	-206.833
Total extraordinary income and expense		-17.389	-206.833
Results before income taxes	242.242	222.872	128.365
. Taxes on current income	97.531	122.777	113.175
. . current taxes	97.531	122.777	113.175
. . differed taxes(anticip.)
. Net income for the period	144.711	100.095	15.190
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	144.711	100.095	15.190

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	0,14	0,06	0,06	0,29
Elasticity Ratio	Units	0,85	0,94	0,93	0,69
Availability of stock	Units	0,56	0,55	0,54	0,23
Total Liquidity Ratio	Units	0,29	0,39	0,39	0,41
Quick Ratio	Units	0,06	0,03	0,02	0,01
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,25	3,77	6,40	1,78
Self Financing Ratio	Units	0,25	0,16	0,10	0,27
Capital protection Ratio	Units	0,91	0,89	0,90	0,69
Liabilities consolidation quotient	Units	0,24	0,33	0,42	0,23
Financing	Units	2,92	5,06	8,95	2,41
Permanent Indebtedness Ratio	Units	0,39	0,37	0,36	0,46
M/L term Debts Ratio	Units	0,14	0,21	0,27	0,13
Net Financial Indebtedness Ratio	Units	1,71	3,22	5,42	0,98
CORRELATION
Fixed assets ratio	Units	2,73	6,41	6,03	1,51
Current ratio	Units	1,40	1,48	1,47	1,20
Acid Test Ratio-Liquidity Ratio	Units	0,48	0,62	0,62	0,75
Structure's primary quotient	Units	1,73	2,78	1,59	0,83
Treasury's primary quotient	Units	0,09	0,05	0,03	0,02
Rate of indebtedness ( Leverage )	%	406,18	627,92	1036,94	366,48
Current Capital ( net )	Value	2.887.977	3.665.828	3.771.096	233.017
RETURN
Return on Sales	%	3,15	2,25	1,65	3,37
Return on Equity - Net- ( R.O.E. )	%	4,98	5,23	1,25	3,34
Return on Equity - Gross - ( R.O.E. )	%	8,33	11,64	10,56	11,22
Return on Investment ( R.O.I. )	%	4,86	5,58	5,49	4,00
Return/ Sales	%	5,33	5,59	6,35	4,88
Extra Management revenues/charges incid.	%	25,23	14,90	2,19	19,82
Cash Flow	Value	338.806	270.158	179.761	65.183
Operating Profit	Value	573.638	671.662	692.338	108.595
Gross Operating Margin	Value	767.733	841.725	856.909	167.146
MANAGEMENT
Credits to clients average term	Days	86,18	118,26	134,71	131,41
Debts to suppliers average term	Days	77,38	84,22	122,28	111,40
Average stock waiting period	Days	221,99	196,46	226,06	96,30
Rate of capital employed return ( Turnover )	Units	0,91	1,00	0,86	0,84
Rate of stock return	Units	1,62	1,83	1,59	3,72
Labour cost incidence	%	19,66	18,84	20,06	14,94
Net financial revenues/ charges incidence	%	-3,08	-3,59	-3,28	-2,29
Labour cost on purchasing expenses	%	19,78	19,41	20,13	14,35
Short-term financing charges	%	3,92	4,55	3,31	3,61
Capital on hand	%	109,84	100,12	115,65	118,11
Sales pro employee	Value	162.950	171.614	160.250	209.056
Labour cost pro employee	Value	32.042	32.325	32.149	33.287

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	:	659.925
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 588 significant companies.

The companies cash their credits on an average of 131 dd.

The average duration of suppliers debts is about 111 dd.

The sector's profitability is on an average of 3,37%.

The labour cost affects the turnover in the measure of 14,94%.

Goods are held in stock in a range of 96 dd.

The difference between the sales volume and the resources used to realize it is about 0,84.

The employees costs represent the 14,35% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.09
UK Pound	1	INR 91.41
Euro	1	INR 79.93
Euro	1	INR 80.07

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)

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.