MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	TONO MORENO
Registered Office :	Via Roma,181, 45020 - Villanova del Ghebbo (RO)
Country :	Italy
Date of Incorporation :	10.06.2013
Legal Form :	Sole Proprietorship
Line of Business :	Wholesale of haberdashery, threads, yarns and braiding
No. of Employees :	From 1 to 5

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Recently commenced its commercial operations
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Italy	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. 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, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

Source : CIA

Company Name and address

TONO MORENO

Via Roma, 181

45020 - Villanova del Ghebbo (RO) -IT-

Summary

Fiscal Code	:	TNOMRN67A30L985V
Legal Form	:	Sole proprietorship
start of Activities	:	10/06/2013
Turnover Range	:	750.000/1.000.000
Number of Employees	:	from 1 to 5

Activity

Wholesale of haberdashery, threads, yarns and braiding

Legal Data

Legal Form : Sole proprietorship

Fiscal Code : TNOMRN67A30L985V

Chamber of Commerce no. : 159699 of Rovigo since 10/06/2013

V.A.T. Code : 01470520295

Start of Activities

: 10/06/2013

Members

Tono

Moreno

Born in Villanova del Ghebbo

(RO)

on 30/01/1967

- Fiscal Code : TNOMRN67A30L985V

Residence:

Roma

, 183

- 45020

Villanova del Ghebbo

(RO)

- IT -

Position	Since	Shares Amount	% Ownership
Proprietor

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

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

Roma

, 181

- 45020

- Villanova del Ghebbo

(RO)

- IT -

Employees

: 2

Assistants

: 2

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.

Financial and Economical Analysis

Enterprise started a few years ago.

Current liquid assets allow a normal managment.

Nowaday, subject settles its engagments sufficiently.

Indebtedness rate stands on balance with current liquid assets. The recourse to bank and supplier credit is not excessive.

No irregularities are registered.

Trade relations have proved correct so far. No detrimental remarks come from usual suppliers.

Financial Data

Estimated Financial Data

Item Type	Value
Sales	1.000.000

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	:	244.625
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 13.782 protested subjects are found; in the province they count to 1.048.

The insolvency index for the region is 0,30, , while for the province it is 0,43.

Total Bankrupt companies in the province : 731.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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