MIRA INFORM REPORT

Report No. :	511329
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	CERAMICHE MUTINA S.P.A.
Registered Office :	Via Ghiarola Nuova, 16 41042 - Fiorano Modenese (MO)-IT-
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	30.11.1973
Legal Form :	Joint stock company
Line of Business :	· Manufacture of clay building materials · Wholesale of building materials (including sanitary fixtures) · Wholesale of other coverings (including sanitary fixtures)
No. of Employees :	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 :	Good
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

Ceramiche Mutina S.p.a.

Via Ghiarola Nuova, 16

41042 - Fiorano Modenese (MO)-IT-

Summary

Fiscal Code	:	00336880364
Legal Form	:	Joint stock company
start of Activities	:	20/04/2001
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of clay building materials

Wholesale of building materials (including sanitary fixtures)

Wholesale of other coverings (including sanitary fixtures)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00336880364

Foreign Trade Reg. no. : MO015824 since 29/01/1992

Chamber of Commerce no. : 159405 of Modena since 10/12/1973

Firms' Register : MO023-7177 of Modena since 19/02/1996

V.A.T. Code : 00336880364

Establishment date	: 30/11/1973
Start of Activities	: 20/04/2001
Legal duration	: 31/12/2050
Nominal Capital	: 200.000
Subscribed Capital	: 200.000
Paid up Capital	: 200.000

Legal mail :

CERAMICHEMUTINA@LEGALMAIL.IT

Members

Orsini

Massimo Antonio

Born in Reggio Emilia

(RE)

on 09/03/1967

- Fiscal Code : RSNMSM67C09H223V

Residence:

Fabbrica Rubbiani

, 30

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/12/2016
Board Chairman	05/12/2016
Managing Director	05/12/2016

No Prejudicial events are reported

No Protests registered

Dallafiora

Michel

Born in Tirano

(SO)

on 01/12/1973

- Fiscal Code : DLLMHL73T01L175X

Residence:

Fabbrica Rubbiani

, 4

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/12/2016
Managing Director	05/12/2016

No Prejudicial events are reported

No Protests registered

Marcato

Emanuele

Born in Ferrara

(FE)

on 25/02/1973

- Fiscal Code : MRCMNL73B25D548B

Residence:

Fabbrica Rubbiani

, 28

- 41049

Sassuolo

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/12/2016
Managing Director	05/12/2016

No Prejudicial events are reported

No Protests registered

Ricci

Giuliana

Born in Pavullo nel Frignano

(MO)

on 16/01/1966

- Fiscal Code : RCCGLN66A56G393F

Residence:

Marconi

, 56

- 41026

Pavullo nel Frignano

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/12/2016
Managing Director	05/12/2016

No Prejudicial events are reported

No Protests registered

Moroni

Massimo

Born in Milano

(MI)

on 23/01/1976

- Fiscal Code : MRNMSM76A23F205R

Residence:

Ghiarola Nuova

, 16

- 41042

Fiorano Modenese

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/12/2016
Managing Director	05/12/2016

No Prejudicial events are reported

No Protests registered

Vellani

Davide

Born in Modena

(MO)

on 17/01/1969

- Fiscal Code : VLLDVD69A17F257M

Residence:

Schiocchi

, 60

- 41124

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/12/2016

Rossi

Monica

Born in Prato

(FI)

on 18/11/1961

- Fiscal Code : RSSMNC61S58G999Z

Residence:

Ghiarola Nuova

, 16

- 41042

Fiorano Modenese

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	07/12/2016

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.

Orsini

Massimo Antonio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ceramiche Provenza S.r.l. In LiquidazionE	Fiorano Modenese (MO) - IT -	00174540369	Director	Withdrawn	Ceased
Ceramiche Provenza S.r.l. In LiquidazionE	Fiorano Modenese (MO) - IT -	00174540369	Assistant board Chairman	Withdrawn	Ceased
Cer-fin - S.a R.l.	Maranello (MO) - IT -	01427160369	Director	Withdrawn	Ceased
Cer-fin - S.a R.l.	Maranello (MO) - IT -	01427160369	Assistant board Chairman	Withdrawn	Ceased
Nativa S.r.l.	Sassuolo (MO) - IT -	13164630157	Director	Withdrawn	Registered
Fin.abita S.r.l.	Modena (MO) - IT -	03023260361	Sole Director	Withdrawn	Registered
Actunova S.r.l. In Liquidazione	Sassuolo (MO) - IT -	02822800369	Liquidator	Withdrawn	Registered

Moroni

Massimo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Rosenthal Italia Srl	Milano (MI) - IT -	00744850157	General Director	Withdrawn	Registered

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

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

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Orsini Massimo Antonio	Sassuolo - IT -	RSNMSM67C09H223V	140.000 .Eur	70,00
Dallafiora Michel	Sassuolo - IT -	DLLMHL73T01L175X	20.000 .Eur	10,00
Marcato Emanuele	Sassuolo - IT -	MRCMNL73B25D548B	20.000 .Eur	10,00
Ricci Giuliana	Pavullo nel Frignano - IT -	RCCGLN66A56G393F	20.000 .Eur	10,00

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
Immobildue S.r.l.	Formigine - IT -	02125960365	15.000.000 .Eur	75,00			Ceased

Firm's location and structure

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

-	Legal and operative seat

Ghiarola Nuova

, 16

- 41042

- Fiorano Modenese

(MO)

- IT -

PHONE

: 0536/850251

Legal mail

: CERAMICHEMUTINA@LEGALMAIL.IT

-

Branch

(Store)

since 07/01/2014

Ghiarola Nuova

, 146

- 41042

- Fiorano Modenese

(MO)

- IT -

-

Branch

(Warehouse)

since 07/01/2016

Ghiarola Nuova

, 140

- 41042

- Fiorano Modenese

(MO)

- IT -

Employees

: 45

Fittings and Equipment for a value of 84.000

Eur

Stocks for a value of 5.370.000

Eur

The firm operates abroad as exporter..

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- importers

- direct orders from foreign companies

Export is mainly towards:

- Italy

- France

- Greece

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

Project of merging by taking over of

Fin.abita S.r.l.

Vittorio Veneto

, 2

, 41100

, Modena

(MO)

- IT -

Fiscal Code: 03023260361

Date

Merging/splitting-up project:

04/06/2013

The firm absorbed by merging of

Fin.abita S.r.l.

Vittorio Veneto

, 2

, 41100

, Modena

(MO)

- IT -

Fiscal Code: 03023260361

Date

:

10/10/2013

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.

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
MODENA (MO)	Buildings	4	22/05/2018
RIMINI (RN)	Buildings	1	22/05/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	MODENA (MO) VIA BLASIA, 23 Piano 1 - 0003	143	51	21	zona1 cat. A/4	3	5 vani	Euro:222,08	1043510
B	Proprieta' per 1/1	MODENA (MO) VIA BLASIA, 23 Piano 2 - 0003	143	51	22	zona1 cat. A/4	4	4 vani	Euro:206,58	1043510
B	Proprieta' per 1/1	MODENA (MO) VIA BLASIA, 23 Piano 5	143	51	26	zona1 cat. A/5	3	5,5 vani	Euro:284,05	7539
B	Proprieta' per 1/1	MODENA (MO) VIA BLASIA, 21 Piano T	143	51	57	zona1 cat. C/6	5	23 mq	Euro:118,79
B	Da verificare	RIMINI (RN) VIALE SABOTINO, Piano 1	59	194	12	zona2 cat. A/3	5	3 vani	Euro:352,02

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 2001

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. 46,76% on 2016) keeping the turnover steady during the last two years.

The operating result in 2016 was positive (40,12%) and is higher than the sector's average.

The operating result is positive and amounts to Eur. 6.739.720 , on more or less the same values as in the year before.

During the latest financial year the gross operating margin amounted to Eur. 6.880.872 ,with no change if compared to the year before.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,31 but slighlty increasing.

It's shareholders funds amount to Eur. 9.648.564 , unchanged as opposed to the preceding year.

Total indebtedness amounts to Eur. 6.350.530, on the same levels as the year before.

Moderate recourse to bank credit while the exposure towards suppliers is rather high even if it still falls within the sector's average.

The available funds are good.

On average trade credits are collected in 79,41 days. , a better value than the sector's average.

During financial year 2016 the cash flow amounted to Eur. 4.653.077

In the last financial year labour cost was of Eur. 2.392.037, with a 11,97% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 9,04%.

Limited financial charges in relation to sales volume.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	26.447.859
Profit (Loss) for the period	4.511.925

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	25.521.280
Profit (Loss) for the period	4.302.548

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	23.564.604
Profit (Loss) for the period	3.928.407

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	20.573.791
Profit (Loss) for the period	2.760.240

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	16.846.257
Profit (Loss) for the period	2.182.453

Financials

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		493	986
. . Research,develop. and advert.expens.
. . Industrial patent rights	7.238	16.874	18.071
. . Concessions,licenses,trademarks,etc.	101.842	960	746
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	16.975	25.078	39.904
. Total Intangible Fixed Assets	126.055	43.405	59.707
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery		8.237	17.651
. . Industrial and commercial equipment	84.068	98.747	81.372
. . Other assets	121.564	141.519	87.498
. . Assets under construction and advances	5.570	89.783	6.359
. Total Tangible fixed assets	211.202	338.286	192.880
. FINANCIAL FIXED ASSETS
. . Equity investments	7	7	7
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	7	7	7
. . Financial receivables	160.000	120.000	80.000
. . . . Within 12 months	160.000	120.000	80.000
. . . . 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	160.000	120.000	80.000
. . . . Within 12 months	160.000	120.000	80.000
. . . . Beyond 12 months
. . Other securities	799.000	649.000
. . Own shares
. . . Total nominal value
. Total financial fixed assets	959.007	769.007	80.007
Total fixed assets	1.296.264	1.150.698	332.594
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	5.048.132	5.074.422	4.813.672
. . Advance payments	320.112	474.678	277.823
. Total Inventories	5.368.244	5.549.100	5.091.495
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	6.621.169	5.599.714	5.456.946
. . Beyond 12 months	20.817	20.817	20.817
. . Trade receivables	5.834.249	4.862.643	4.683.615
. . . . Within 12 months	5.834.249	4.862.643	4.683.615
. . . . 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	714.129	731.489	714.195
. . . . Within 12 months	693.312	710.672	693.378
. . . . Beyond 12 months	20.817	20.817	20.817
. . Receivables for anticipated taxes	26.720	20.858	52.202
. . . . Within 12 months	26.720	20.858	52.202
. . . . Beyond 12 months
. . Receivables due from third parties	66.888	5.541	27.751
. . . . Within 12 months	66.888	5.541	27.751
. . . . Beyond 12 months
. Total Credits not held as fixed assets	6.641.986	5.620.531	5.477.763
. 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	3.351.437	4.290.554	3.320.672
. . Checks
. . Banknotes and coins	4.058	5.165	3.935
. Total Liquid funds	3.355.495	4.295.719	3.324.607
Total current assets	15.365.725	15.465.350	13.893.865
ADJUSTMENT ACCOUNTS
. Discount on loans		87.202	84.676
. Other adjustment accounts	136.274
Total adjustments accounts	136.274	87.202	84.676
TOTAL ASSETS	16.798.263	16.703.250	14.311.135
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	200.000	200.000	200.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	40.000	40.000	40.000
. Reserve for Own shares
. Statute reserves
. Other reserves	4.896.639	4.604.899	2.926.492
. Accumulated Profits (Losses)
. Profit( loss) of the year	4.511.925	4.302.548	3.928.407
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	9.648.564	9.147.447	7.094.899
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	401.738	340.147	270.377
. . Taxation fund, also differed	1.450	5.536	4.464
. . Other funds		36.000	65.000
Total Reserves for Risks and Charges	403.188	381.683	339.841
Employee termination indemnities	364.137	286.000	229.717
ACCOUNTS PAYABLE
. . . . Within 12 months	6.350.530	6.888.120	6.631.803
. . . . Beyond 12 months			14.546
. . 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	30.210	16.368	96.696
. . . . Within 12 months	30.210	16.368	82.150
. . . . Beyond 12 months			14.546
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	125.354	52.832	109.907
. . . . Within 12 months	125.354	52.832	109.907
. . . . Beyond 12 months
. . Trade payables	5.287.151	5.939.074	5.283.985
. . . . Within 12 months	5.287.151	5.939.074	5.283.985
. . . . 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	424.733	419.270	765.484
. . . . Within 12 months	424.733	419.270	765.484
. . . . Beyond 12 months
. . Due to social security and welfare inst.	186.878	164.866	136.164
. . . . Within 12 months	186.878	164.866	136.164
. . . . Beyond 12 months
. . Other payables	296.204	295.710	254.113
. . . . Within 12 months	296.204	295.710	254.113
. . . . Beyond 12 months
Total accounts payable	6.350.530	6.888.120	6.646.349
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	31.844		329
Total adjustment accounts	31.844		329
TOTAL LIABILITIES	16.798.263	16.703.250	14.311.135

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	184.267	251.205
Risk accounts	145.104	35.000
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	26.447.859	25.521.280	23.564.604
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	275.495	199.021	288.810
. . Contributions for operating expenses
. . Different income and revenues	275.495	199.021	288.810
Total value of production	26.723.354	25.720.301	23.853.414
PRODUCTION COSTS
. Raw material,other materials and consum.	8.243.467	8.364.296	8.631.409
. Services received	8.501.656	8.195.040	8.016.168
. Leases and rentals	587.020	474.710	491.145
. Payroll and related costs	2.392.037	2.258.095	1.883.319
. . Wages and salaries	1.719.993	1.623.890	1.243.424
. . Social security contributions	445.478	422.782	347.599
. . Employee termination indemnities	126.489	102.516	87.243
. . Pension and similar	40.000	40.000	40.000
. . Other costs	60.077	68.907	165.053
. Amortization and depreciation	141.152	165.704	187.006
. . Amortization of intangible fixed assets	37.022	24.026	23.929
. . Amortization of tangible fixed assets	72.719	78.465	84.608
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	31.411	63.213	78.469
. Changes in raw materials	26.290	-260.750	-1.280.053
. Provisions to risk reserves
. Other provisions
. Other operating costs	92.012	137.953	62.334
Total production costs	19.983.634	19.335.048	17.991.328
Diff. between value and cost of product.	6.739.720	6.385.253	5.862.086
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	25.125	34.772	39.882
. . 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		34.772	39.882
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies		34.772	39.882
. Interest and other financial expense	-111.595	-94.554	-35.945
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-86.470	-59.782	3.937
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		69.323	20.527
. . Gains on disposals
. . Other extraordinary income		69.323	20.527
. Extraordinary expense		-43.872	-24.539
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-43.872	-24.539
Total extraordinary income and expense		25.451	-4.012
Results before income taxes	6.653.250	6.350.922	5.862.011
. Taxes on current income	2.141.325	2.048.374	1.933.604
. . current taxes	2.126.768	2.015.958	1.939.770
. . differed taxes(anticip.)		32.416	-6.166
. Net income for the period	4.511.925	4.302.548	3.928.407
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	4.511.925	4.302.548	3.928.407

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	0,08	0,07	0,02	0,11
Elasticity Ratio	Units	0,91	0,93	0,97	0,87
Availability of stock	Units	0,32	0,33	0,36	0,22
Total Liquidity Ratio	Units	0,60	0,59	0,62	0,56
Quick Ratio	Units	0,20	0,26	0,23	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,31	0,28	0,47	3,81
Self Financing Ratio	Units	0,57	0,55	0,50	0,17
Capital protection Ratio	Units	0,51	0,51	0,42	0,65
Liabilities consolidation quotient	Units	0,06	0,04	0,04	0,12
Financing	Units	0,66	0,75	0,94	4,72
Permanent Indebtedness Ratio	Units	0,60	0,56	0,51	0,30
M/L term Debts Ratio	Units	0,02	0,02	0,02	0,07
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,28
CORRELATION
Fixed assets ratio	Units	7,72	8,20	22,07	2,06
Current ratio	Units	2,42	2,25	2,10	1,16
Acid Test Ratio-Liquidity Ratio	Units	1,57	1,44	1,33	0,84
Structure's primary quotient	Units	7,44	7,95	21,33	1,28
Treasury's primary quotient	Units	0,53	0,62	0,50	0,03
Rate of indebtedness ( Leverage )	%	174,10	182,60	201,71	591,61
Current Capital ( net )	Value	9.015.195	8.577.231	7.262.062	219.071
RETURN
Return on Sales	%	17,59	17,51	17,46	2,22
Return on Equity - Net- ( R.O.E. )	%	46,76	47,04	55,37	6,27
Return on Equity - Gross - ( R.O.E. )	%	68,96	69,43	82,62	15,95
Return on Investment ( R.O.I. )	%	40,12	38,23	40,96	4,19
Return/ Sales	%	25,48	25,02	24,88	3,42
Extra Management revenues/charges incid.	%	66,95	67,38	67,01	29,26
Cash Flow	Value	4.653.077	4.468.252	4.115.413	61.669
Operating Profit	Value	6.739.720	6.385.253	5.862.086	95.558
Gross Operating Margin	Value	6.880.872	6.550.957	6.049.092	144.934
MANAGEMENT
Credits to clients average term	Days	79,41	68,59	71,55	120,94
Debts to suppliers average term	Days	109,82	125,52	110,99	120,04
Average stock waiting period	Days	73,07	78,27	77,78	61,92
Rate of capital employed return ( Turnover )	Units	1,57	1,53	1,65	1,27
Rate of stock return	Units	4,93	4,60	4,63	5,74
Labour cost incidence	%	9,04	8,85	7,99	7,77
Net financial revenues/ charges incidence	%	-0,33	-0,23	0,02	-1,26
Labour cost on purchasing expenses	%	11,97	11,68	10,47	7,90
Short-term financing charges	%	1,76	1,37	0,54	2,67
Capital on hand	%	63,51	65,45	60,73	78,39
Sales pro employee	Value	678.150	364.589	406.286	437.713
Labour cost pro employee	Value	61.334	32.258	32.471	33.928

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 6.137 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 2,22%.

The labour cost affects the turnover in the measure of 7,77%.

Goods are held in stock in a range of 62 dd.

The difference between the sales volume and the resources used to realize it is about 1,27.

The employees costs represent the 7,90% 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 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
Euro	1	INR 78.95

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	KET

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.