3decades

MIRA INFORM REPORT

Report No. :	511949
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	IMS TECHNOLOGIES S.P.A.

Registered Office :	Via C.A. Beretta, 25, 24050 - Calcinate (BG)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	31.01.1980

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of industrial robots for multiple usage (including spare parts and accessories)

No. of Employees :	From 201 To 250

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

Status :	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

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 & address

IMS TECHNOLOGIES S.P.A.

Via C.A. Beretta, 25

24050 - Calcinate (BG) -IT-

Summary

Fiscal Code	:	04698340157
Legal Form	:	Joint Stock Company
Establishment Date	:	31/01/1980
Equity	:	Over 2.582.254
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	From 201 To 250

Activity

Manufacture of industrial robots for multiple usage (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 04698340157

Foreign Trade Reg. no. : BG066663 since 18/06/2013

Chamber of Commerce no. : 408244 of Bergamo since 04/02/2013

V.A.T. Code : 04698340157

Establishment date	: 31/01/1980
Legal duration	: 31/12/2100
Nominal Capital	: 4.470.000
Subscribed Capital	: 4.470.000
Paid up Capital	: 4.470.000

Legal mail :

IMSDELTAMATIC@PEC.IMSDELTAMATIC.COM

Members

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Clerici

Paolo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Genova

(GE)

on 04/09/1945

- Fiscal Code : CLRPLA45P04D969Q

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Residence:

Sassoferrato

, 1

- 20135

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/04/2018
Board Chairman	18/04/2018

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No Prejudicial events are reported

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No Protests registered

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Gaudio

Teresio Gigi

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Vignale Monferrato

(AL)

on 05/01/1938

- Fiscal Code : GDATSG38A05L881T

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Residence:

Ca' Morneto

, 1

- 15049

Vignale Monferrato

(AL)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/04/2018
Assistant board Chairman	14/12/2017

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No Prejudicial events are reported

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No Protests registered

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Faina

Urbano

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Roma

(RM)

on 20/11/1945

- Fiscal Code : FNARBN45S20H501C

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Residence:

Carlo Osma

, 2

- 20151

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/11/2016

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Cattaneo

Aldo

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Bergamo

(BG)

on 12/03/1966

- Fiscal Code : CTTLDA66C12A794T

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Residence:

Andrea Fantoni

, 14

- 24121

Bergamo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/11/2016

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Coeclerici S.p.a. Enunciabile Cc S.

p.a.

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Residence:

Generale Armando Diaz

, 7

- 20123

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	11/12/2017

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No Prejudicial events are reported

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

No Protests registered

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Zalonis

Alessandro

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Roma

(RM)

on 01/07/1963

- Fiscal Code : ZLNLSN63L01H501C

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Residence:

Belgioioso

, 2

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/11/2016

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Cederle

Andrea

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Milano

(MI)

on 16/04/1965

- Fiscal Code : CDRNDR65D16F205P

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Residence:

Generale Armando Diaz

, 7

- 20123

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/11/2016

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Monterisi

Marco

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Milano

(MI)

on 26/03/1979

- Fiscal Code : MNTMRC79C26F205I

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Residence:

Luigi Settembrini

, 18

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	14/12/2017

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Vaglietti

Daniele

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Bergamo

(BG)

on 28/03/1976

- Fiscal Code : VGLDNL76C28A794I

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Residence:

Castagneta

, 39/A

- 24129

Bergamo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/11/2016

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Iannace

Luigi

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Born in Verbania

(NO)

on 02/07/1966

- Fiscal Code : NNCLGU66L02L746F

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Residence:

C.a.beretta

, 25

- 24050

Calcinate

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	20/02/2018

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No Prejudicial events are reported

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No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

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Clerici

Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Edilcoke Spa	Milano (MI) - IT -	07628420155	Board Chairman	Withdrawn	Ceased
Coeclerici Armatori S.p.a.	Milano (MI) - IT -	02620940102	Director	Withdrawn	Ceased
Coeclerici Coal And Fuels S.p.a	Milano (MI) - IT -	03047850106	Director	Withdrawn	Registered
Coeclerici Coal And Fuels S.p.a	Milano (MI) - IT -	03047850106	Branch agent	Withdrawn	Registered
Coeclerici Coal And Fuels S.p.a	Milano (MI) - IT -	03047850106	Board Chairman	Withdrawn	Registered
Coeclerici Logistics Societa' Per Azioni- In Forma Abbreviata Coeclerici Logist	Trieste (TS) - IT -	03134980105	Chairman	Withdrawn	Ceased
Coeclerici Logistics Societa' Per Azioni- In Forma Abbreviata Coeclerici Logist	Trieste (TS) - IT -	03134980105	Director	Withdrawn	Ceased
TRITRADE - TRIPCOVICH TRADING CORPORATION S.R.L.	Milano (GE) - IT -	04143860015	Director	Withdrawn	Registered
Compagnia Generale Telemar Societa' PerAzioni	Roma (RM) - IT -	00394550586	Director	Withdrawn	Registered
Ums - Immobiliare Genova S.p.a. In FormaAbbreviata Ums S.p.a.	Trieste (TS) - IT -	00881870109	Director	Withdrawn	Registered
Ums Generali Marine S.p.A.	Genova (GE) - IT -	00881870109	Director	Withdrawn	Registered
Fincler S.r.l.	Milano (MI) - IT -	03442180109	Director	Active	Registered
Fincler S.r.l.	Milano (MI) - IT -	03442180109	General Partner	Withdrawn	Registered
Fincler S.r.l.	Milano (MI) - IT -	03442180109	Board Chairman	Active	Registered
Intertrading Srl In Liquidazione	Milano (MI) - IT -	02365640107	Sole partner	Active	Registered
Coeclerici S.p.a.	Milano (MI) - IT -	12307890157	Managing Director	Withdrawn	Ceased
Coeclerici S.p.a.	Milano (MI) - IT -	12307890157	Director	Withdrawn	Ceased
Coeclerici S.p.a.	Milano (MI) - IT -	12307890157	Chariman of the Exec. Committee	Withdrawn	Ceased
Coeclerici S.p.a.	Milano (MI) - IT -	12307890157	Board Chairman	Withdrawn	Ceased
Coeclerici S.p.a.	Genova (GE) - IT -	12307910153	Director	Withdrawn	Ceased
FINANZIARIA TIRRENO S.P.A.	Milano (GE) - IT -	06317690151	Director	Withdrawn	Registered
Consorzio Per Lo Studio E La Ricerca SulLe Regole Europee In Materia Di Trasport	Roma (RM) - IT -	05813501003	Director	Withdrawn	Registered
Coeclerici Logistics S.p.a.	Milano (MI) - IT -	03781980101	Director	Withdrawn	Registered
Confitarma - Confederazione Italiana Armatori	Roma (RM) - IT -		Chairman	Active	Registered
Maricom S.r.l.	Genova (GE) - IT -	01181690999	Director	Withdrawn	Ceased
Coeclerici S.p.a. Enunciabile Cc S.p.a.	Milano (MI) - IT -	00269690103	Managing Director	Withdrawn	Registered
Coeclerici S.p.a. Enunciabile Cc S.p.a.	Milano (MI) - IT -	00269690103	Director	Active	Registered
Coeclerici S.p.a. Enunciabile Cc S.p.a.	Milano (MI) - IT -	00269690103	Board Chairman	Active	Registered
Commerciale Coke S.p.a.	Milano (MI) - IT -	07510200152	Director	Withdrawn	Ceased
Leadfin Societa' Per Azioni	Milano (MI) - IT -	02849370107	Director	Withdrawn	Ceased
Residenza Bigli Societa' Semplice	Milano (MI) - IT -	03537770152	Partner	Active	Registered
Sangiacomo Societa' Semplice	Milano (MI) - IT -	10306790154	Partner	Active	Registered
Mepeg S.p.a.	Savona (SV) - IT -	01354360099	Director	Withdrawn	Registered

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Gaudio

Teresio Gigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Coeclerici Armatori S.p.a.	Milano (MI) - IT -	02620940102	Managing Director	Withdrawn	Ceased
Moto Guzzi S.p.a.	Mandello del Lario (LC) - IT -	00113050413	Director	Withdrawn	Ceased
Coeclerici Coal And Fuels S.p.a	Milano (MI) - IT -	03047850106	Assistant board Chairman	Withdrawn	Registered
Clerici Logistics Societa' A ResponsabilIta' Limiatata O Anche In Forma Abbrevia	Genova (GE) - IT -	06378600156	Director	Withdrawn	Registered
Fiamm Sealed Power S.r.l.	Montecchio Maggiore (VI) - IT -	01210730667	Board Chairman	Withdrawn	Registered
Carboghise S.p.A.	Milano (MI) - IT -	09919040155	Chairman	Withdrawn	Registered
Porto Ercole Societa' Di Navigazione S.p.a.	Milano (MI) - IT -	03111250100	Director	Withdrawn	Ceased
DERIVAZIONE ADDA S.C.A R.L.	Milano (MI) - IT -	08520350151	Procurator	Withdrawn	Registered
Aprilia S.p.a.	Noale (VE) - IT -	10089520158	Director	Withdrawn	Ceased
Aprilia S.p.a.	Noale (VE) - IT -	10089520158	Assistant board Chairman	Withdrawn	Ceased
Aprilia S.p.a.	Noale (VE) - IT -	10089520158	Managing Director	Withdrawn	Ceased
Ferretti*craft S.r.l.	Bologna (BO) - IT -	00386290407	Director	Withdrawn	Ceased
Pardo S.p.a.	Montecchio Maggiore (VI) - IT -	02547240248	Managing Director	Withdrawn	Registered
Pardo S.p.a.	Montecchio Maggiore (VI) - IT -	02547240248	Director	Withdrawn	Registered
Waste Management Italia S.r.l.	Milano (MI) - IT -	08969190159	Director	Withdrawn	Ceased
Waste Management Italia S.r.l.	Milano (MI) - IT -	08969190159	Board Chairman	Withdrawn	Ceased
LOCONE SOCIETA' CONSORTILE A.R.L.	- -	06074830156	Procurator	Active	Registered
SIDERMAR DI NAVIGAZIONE S.P.A. (IN FORMAABBREVIATA SIDERMAR S.P.A.)	Milano (MI) - IT -	03500240100	Chairman	Withdrawn	Registered
SIDERMAR DI NAVIGAZIONE S.P.A. (IN FORMAABBREVIATA SIDERMAR S.P.A.)	Milano (MI) - IT -	03500240100	Board Chairman	Withdrawn	Registered
Fabbrica Italiana Accumulatori MotocarriMontecchio - F.i.a.m.m. S.p.a., In Form	Montecchio Maggiore (VI) - IT -	02870970247	Managing Director	Withdrawn	Registered
Fabbrica Italiana Accumulatori MotocarriMontecchio - F.i.a.m.m. S.p.a., In Form	Montecchio Maggiore (VI) - IT -	02870970247	Director	Withdrawn	Registered
Fabbrica Italiana Accumulatori MotocarriMontecchio - F.i.a.m.m. S.p.a., In Form	Montecchio Maggiore (VI) - IT -	02870970247	Board Chairman	Withdrawn	Registered
Coeclerici S.p.a. Enunciabile Cc S.p.a.	Milano (MI) - IT -	00269690103	Director	Active	Registered
Coeclerici S.p.a. Enunciabile Cc S.p.a.	Milano (MI) - IT -	00269690103	Procurator	Active	Registered
Coeclerici S.p.a. Enunciabile Cc S.p.a.	Milano (MI) - IT -	00269690103	Assistant board Chairman	Withdrawn	Registered
SOC. CONS.CANAL BIANCO A R.L.	Milano (MI) - IT -	05105130156	Procurator	Withdrawn	Registered
Centrofin S.p.a. - In Amministrazione Straordinaria	Torino (TO) - IT -	02391680580	Managing Director	Withdrawn	Registered
Centrofin S.p.a. - In Amministrazione Straordinaria	Torino (TO) - IT -	02391680580	Director	Active	Registered
Fermar S.p.a	Milano (MI) - IT -	00700930399	Director	Withdrawn	Ceased
SOGEPAR S.P.A.	Trieste (TS) - IT -	01094380100	Chairman	Withdrawn	Registered
FMP S.R.L.	Montecchio Maggiore (VI) - IT -	04788570960	Sole Director	Withdrawn	Registered
Icona Stc S.r.l.	Torino (TO) - IT -	10231550012	Director	Active	Registered

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Coeclerici S.p.a. Enunciabile Cc S.

p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Coeclerici Logistics S.p.a., In Via Abbreviata Ccl Spa	Milano (MI) - IT -	08053460963	Sole 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
Coeclerici S.p.a. Enunciabile Cc S. p.a.	Milano - IT -	00269690103	4.470.000 .Eur	100,00

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
Slitters Rewinders Machines S.r.l. In V ia Abbreviata Srm Srl		04290930165	50.000 .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

C.a. Beretta

, 25

- 24050

- Calcinate

(BG)

- IT -

Legal mail

: IMSDELTAMATIC@PEC.IMSDELTAMATIC.COM

Branch

(Warehouse)

since 07/01/2013

C.a. Beretta

, 22

- 24050

- Calcinate

(BG)

- IT -

Branch

(Factory)

since 31/03/2016

Comonte

, 10

- 24068

- Seriate

(BG)

- IT -

Branch

(office)

since 01/02/2018

Stezzano

, 87

- 24100

- Bergamo

(BG)

- IT -

Employees

: 232

Fittings and Equipment for a value of 240.000

Eur

Stocks for a value of 10.550.000

Eur

Work in progress for a value of 7.390.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

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Project of merging by taking over of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$ GOEBEL BETEILIGUNGS GMBH

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

, Darmstadt - Assia (germania)

- IT -

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Date

Merging/splitting-up project:

28/04/2015

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$ GOEBEL BETEILIGUNGS GMBG

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

, Darmstadt-assia

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Date

16/12/2015

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Project of merging by taking over of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$ DELTAMOULD S.R.L.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

, Seriate

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Fiscal Code: 04133740169

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Date

Merging/splitting-up project:

09/02/2017

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The firm absorbed by merging of

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$ DELTAMOULD S.R.L.

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

, Seriate

- IT -

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Fiscal Code: 04133740169

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Vuoto.gif$

Date

27/06/2017

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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Prejudicial Events Search Result: 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 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 1980.

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 2,11% in 2016 but without a significant increase in the turnover.

The operating result in 2016 was positive (0,6%) and reflects the field's average.

The amount of the operating result is equal to Eur. 196.063 recording a drop as opposed to the year before (-80,13%).

The economic management produced a gross operating margin of Eur. 1.053.855 recording a -30,81% decrease.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,19) and falling as against the previous year (2,51).

It's shareholders funds amount to Eur. 7.901.617 , stable in comparison with the value of the previous year.

During the last financial year debts totalled Eur. 23.480.006 (Eur. 1.663.048 of which were m/l term debts) , with no sensible variation.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent however still within the sector's average.

Liquidity is not completely adequate.

Trade credits average terms are 41,37 days. , shorter than the sector's average.

The financial management generated a cash flow of Eur. 725.829.

Labour cost amounts to Eur. 9.912.681, with a 30,98% incidence on production costs. , whereas the incidence on sales revenues is of 34,18%.

Limited financial charges in relation to sales volume.

Financial Data

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	29.001.737
Profit (Loss) for the period	166.397

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	27.932.622
Profit (Loss) for the period	520.287

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	38.508.774
Profit (Loss) for the period	452.983

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	27.207.274
Profit (Loss) for the period	34.632

$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	5.613.643
Profit (Loss) for the period	196.038

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	44.557	59.409
. . Research,develop. and advert.expens.	512.422	96.690	176.587
. . Industrial patent rights	65.574
. . Concessions,licenses,trademarks,etc.	1.145	3.093	8.895
. . Goodwill
. . Assets in formation and advance paymen.	443.237	779.743	676.718
. . Other intangible fixed assets	755.054	1.103.059	1.202.420
. Total Intangible Fixed Assets	1.821.989	2.041.994	2.064.620
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery	145.263	273.791	253.497
. . Industrial and commercial equipment	95.626	135.245	131.872
. . Other assets	433.603	295.649	227.036
. . Assets under construction and advances	2.560	1.170	25.864
. Total Tangible fixed assets	677.052	705.855	638.269
. FINANCIAL FIXED ASSETS
. . Equity investments	8.864.411	7.870.647	4.463.861
. . . Equity invest. in subsidiary companies	8.863.422	7.869.658	4.462.872
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	989	989	989
. . 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	8.864.411	7.870.647	4.463.861
Total fixed assets	11.363.452	10.618.496	7.166.750
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	1.083.188	1.859.575	1.944.238
. . Work in progress and semimanufactured	1.783.367	949.070
. . Work in progress on order	7.388.999	7.424.075	4.356.457
. . Finished goods	90.435	1.249
. . Advance payments	206.685	23.164	6.608
. Total Inventories	10.552.674	10.257.133	6.307.303
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	5.019.393	8.902.313	10.731.239
. . Beyond 12 months	1.304.257	1.264.516	3.137.953
. . Trade receivables	3.332.985	5.545.012	7.542.846
. . . . Within 12 months	3.332.985	5.545.012	7.542.846
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.500.285	1.624.595	4.381.960
. . . . Within 12 months	234.707	399.238	1.283.166
. . . . Beyond 12 months	1.265.578	1.225.357	3.098.794
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.		2.257.353	835.787
. . . . Within 12 months		2.257.353	835.787
. . . . Beyond 12 months
. . Fiscal Receivables	1.113.730	684.643	257.377
. . . . Within 12 months	1.076.777	647.690	220.424
. . . . Beyond 12 months	36.953	36.953	36.953
. . Receivables for anticipated taxes	303.256	700	150
. . . . Within 12 months	303.256	700	150
. . . . Beyond 12 months
. . Receivables due from third parties	73.394	54.526	851.072
. . . . Within 12 months	71.668	52.320	848.866
. . . . Beyond 12 months	1.726	2.206	2.206
. Total Credits not held as fixed assets	6.323.650	10.166.829	13.869.192
. 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	4.529.699	1.100.722	2.406.124
. . Checks
. . Banknotes and coins	7.429	6.885	7.358
. Total Liquid funds	4.537.128	1.107.607	2.413.482
Total current assets	21.413.452	21.531.569	22.589.977
ADJUSTMENT ACCOUNTS
. Discount on loans			196.233
. Other adjustment accounts	147.315	151.324
Total adjustments accounts	147.315	151.324	196.233
TOTAL ASSETS	32.924.219	32.301.389	29.952.960

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	3.000.000	3.000.000	3.000.000
. Additional paid-in capital
. Revaluation reserves	1.082	1.082	1.082
. Legal reserve	52.473	26.461	3.812
. Reserve for Own shares
. Statute reserves
. Other reserves	4.644.505	4.150.228	393.341
. Accumulated Profits (Losses)	37.160	37.160	37.160
. Profit( loss) of the year	166.397	520.287	452.983
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	7.901.617	7.735.218	3.888.378
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	8.649	6.015	4.137
. . Taxation fund, also differed	55.350	78.663	95.377
. . Other funds	298.360
Total Reserves for Risks and Charges	362.359	84.678	99.514
Employee termination indemnities	1.172.269	1.538.984	1.837.583
ACCOUNTS PAYABLE
. . . . Within 12 months	21.816.958	20.504.118	20.983.097
. . . . Beyond 12 months	1.663.048	2.426.708	3.130.081
. . 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	6.851.968	9.247.149	11.568.647
. . . . Within 12 months	5.188.920	6.820.441	8.438.566
. . . . Beyond 12 months	1.663.048	2.426.708	3.130.081
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	6.478.078	4.876.211	2.906.540
. . . . Within 12 months	6.478.078	4.876.211	2.906.540
. . . . Beyond 12 months
. . Trade payables	3.493.772	5.329.019	6.686.804
. . . . Within 12 months	3.493.772	5.329.019	6.686.804
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	4.189.605	419.582	202.293
. . . . Within 12 months	4.189.605	419.582	202.293
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies		208.696	87.372
. . . . Within 12 months		208.696	87.372
. . . . Beyond 12 months
. . Due to the tax authorities	377.579	619.154	470.485
. . . . Within 12 months	377.579	619.154	470.485
. . . . Beyond 12 months
. . Due to social security and welfare inst.	591.471	737.929	731.650
. . . . Within 12 months	591.471	737.929	731.650
. . . . Beyond 12 months
. . Other payables	1.497.533	1.493.086	1.459.387
. . . . Within 12 months	1.497.533	1.493.086	1.459.387
. . . . Beyond 12 months
Total accounts payable	23.480.006	22.930.826	24.113.178
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	7.968	11.683	14.307
Total adjustment accounts	7.968	11.683	14.307
TOTAL LIABILITIES	32.924.219	32.301.389	29.952.960

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	28.973.737	27.932.622	38.508.774
. Changes in work in progress	923.483		-4.255.543
. Changes in semi-manufact. products	108.173	4.017.937
. Capitalization of internal work	144.383	101.900	248.041
. Other income and revenues	2.040.400	615.397	563.367
. . Contributions for operating expenses	432.876	266.186
. . Different income and revenues	1.607.524	349.211	563.367
Total value of production	32.190.176	32.667.856	35.064.639
PRODUCTION COSTS
. Raw material,other materials and consum.	10.566.167	11.169.696	13.341.265
. Services received	7.750.782	6.456.626	7.540.441
. Leases and rentals	1.806.198	1.994.960	1.745.491
. Payroll and related costs	9.912.681	11.253.086	10.872.540
. . Wages and salaries	7.302.214	8.089.177	7.801.614
. . Social security contributions	2.088.618	2.483.772	2.434.555
. . Employee termination indemnities	113.047	77.396	84.397
. . Pension and similar	408.802	522.741	489.706
. . Other costs		80.000	62.268
. Amortization and depreciation	559.432	536.188	529.837
. . Amortization of intangible fixed assets	376.964	279.323	272.594
. . Amortization of tangible fixed assets	176.801	226.865	214.243
. . Depreciation of tangible fixed assets	5.667
. . Writedown of current receiv.and of liquid		30.000	43.000
. Changes in raw materials	567.299	84.663	-186.238
. Provisions to risk reserves	298.360
. Other provisions
. Other operating costs	533.194	185.661	141.210
Total production costs	31.994.113	31.680.880	33.984.546
Diff. between value and cost of product.	196.063	986.976	1.080.093
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	32.368	30.956	194.911
. . 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	32.368	30.956	194.911
. . . - Subsidiary companies	31.927	30.598	193.121
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	441	358	1.790
. Interest and other financial expense	-347.221	-244.141	-364.594
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-347.221	-244.141	-364.594
Total financial income and expense	-314.853	-213.185	-169.683
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			253
. . Gains on disposals
. . Other extraordinary income			253
. Extraordinary expense			-8.246
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-8.246
Total extraordinary income and expense			-7.993
Results before income taxes	-118.790	773.791	902.417
. Taxes on current income	-285.187	253.504	449.434
. . current taxes	29.694	270.768	394.743
. . differed taxes(anticip.)			54.691
. Net income for the period	166.397	520.287	452.983
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	166.397	520.287	452.983

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	0,35	0,33	0,24	0,18
Elasticity Ratio	Units	0,65	0,67	0,75	0,80
Availability of stock	Units	0,32	0,32	0,21	0,24
Total Liquidity Ratio	Units	0,33	0,35	0,54	0,48
Quick Ratio	Units	0,14	0,03	0,08	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	2,19	2,51	4,78	3,25
Self Financing Ratio	Units	0,24	0,24	0,13	0,19
Capital protection Ratio	Units	0,60	0,54	0,11	0,63
Liabilities consolidation quotient	Units	0,13	0,19	0,24	0,19
Financing	Units	2,97	2,96	6,20	3,80
Permanent Indebtedness Ratio	Units	0,33	0,36	0,30	0,36
M/L term Debts Ratio	Units	0,09	0,12	0,17	0,11
Net Financial Indebtedness Ratio	Units	0,29	1,05	2,35	0,63
CORRELATION
Fixed assets ratio	Units	0,94	1,10	1,24	1,75
Current ratio	Units	0,98	1,05	1,08	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,50	0,55	0,78	0,81
Structure's primary quotient	Units	0,70	0,73	0,54	1,03
Treasury's primary quotient	Units	0,21	0,05	0,12	0,06
Rate of indebtedness ( Leverage )	%	416,68	417,59	770,32	516,42
Current Capital ( net )	Value	-403.506	1.027.451	1.606.880	422.465
RETURN
Return on Sales	%	2,50	3,78	2,55	3,35
Return on Equity - Net- ( R.O.E. )	%	2,11	6,73	11,65	5,13
Return on Equity - Gross - ( R.O.E. )	%	-1,50	10,00	23,21	14,77
Return on Investment ( R.O.I. )	%	0,60	3,06	3,61	4,16
Return/ Sales	%	0,68	3,53	2,80	4,11
Extra Management revenues/charges incid.	%	84,87	52,72	41,94	28,57
Cash Flow	Value	725.829	1.056.475	982.820	122.482
Operating Profit	Value	196.063	986.976	1.080.093	144.752
Gross Operating Margin	Value	1.053.855	1.523.164	1.609.930	241.990
MANAGEMENT
Credits to clients average term	Days	41,37	71,46	70,51	111,85
Debts to suppliers average term	Days	137,45	109,30	111,00	128,30
Average stock waiting period	Days	130,99	132,20	58,96	80,43
Rate of capital employed return ( Turnover )	Units	0,88	0,86	1,29	1,08
Rate of stock return	Units	2,75	2,72	6,11	4,45
Labour cost incidence	%	34,18	40,29	28,23	19,12
Net financial revenues/ charges incidence	%	-1,09	-0,76	-0,44	-1,08
Labour cost on purchasing expenses	%	30,98	35,52	31,99	19,02
Short-term financing charges	%	1,48	1,06	1,51	2,68
Capital on hand	%	113,52	115,64	77,78	91,91
Sales pro employee	Value	93.856	79.580	113.595	198.432
Labour cost pro employee	Value	32.079	32.060	32.072	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	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Spazio.gif$ 1.022.428
Population living in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Spazio.gif$ 9.393.092
Number of families in the region	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Spazio.gif$ 3.858.736

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

- per food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Spazio.gif$ 460
- per non food products	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Spazio.gif$ 2.090
- per energy consume	:	$Description: C:\Users\User\AppData\Local\Temp\Rar$EXa0.707\Spazio.gif$ 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

Statistically 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 4.150.

The insolvency index for the region is 0,55, , while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.44
UK Pound	1	INR 89.89
Euro	1	INR 79.00
Euro	1	INR 78.62

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

INFORMATION DETAILS

Analysis Done by :	PRI

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Company name & address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit