MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	SIR SAFETY SYSTEM S.P.A.
Registered Office :	Via Dei Fornaciai, 9 06081 – Assisi (PG)
Country :	Italy
Date of Incorporation :	31.01.2014
Legal Form :	Joint stock company with sole shareholder
Line of Business :	Manufacture of workwear
No. of Employees :	From 111 to 130

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Company
Payment Behaviour :	Unknown
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

SIR SAFETY SYSTEM S.P.A.

Via Dei Fornaciai, 9 06081 – Assisi (PG)

Summary

Fiscal Code	:	03359340548
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	13/01/2014
Number of Employees	:	from 111 to 130

Activity

Manufacture of workwear

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 03359340548

Chamber of Commerce no. : 2031524 of Milano

Chamber of Commerce no. : 283620 of Perugia since 02/01/2014

V.A.T. Code : 03359340548

Establishment date	: 19/12/2013
Start of Activities	: 13/01/2014
Legal duration	: 31/12/2100
Nominal Capital	: 3.500.000
Subscribed Capital	: 3.500.000
Paid up Capital	: 3.500.000

Members

Sirci

Gino

Born in Assisi

(PG)

on 23/05/1956

- Fiscal Code : SRCGNI56E23A475E

Residence:

Ettore Maiorana

, 11

- 06083

Bastia Umbra

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2013
Board Chairman	19/12/2013
Managing Director	19/12/2013

No Prejudicial events are reported

No Protests registered

Sirci

Francesco

Born in Assisi

(PG)

on 17/11/1962

- Fiscal Code : SRCFNC62S17A475H

Residence:

Gemelli Baldoni

, 4

- 06083

Bastia Umbra

(PG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/12/2013

Sir Holding S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

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.

Sirci

Gino

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sir Holding S.r.l.	Assisi (PG) - IT -	01748360540	Chairman	Withdrawn	Registered
Sir Holding S.r.l.	Assisi (PG) - IT -	01748360540	Managing Director	Active	Registered
Sir Holding S.r.l.	Assisi (PG) - IT -	01748360540	Director	Active	Registered
Sir Holding S.r.l.	Assisi (PG) - IT -	01748360540	Partner	Withdrawn	Registered
Sir Holding S.r.l.	Assisi (PG) - IT -	01748360540	Board Chairman	Active	Registered
Edizioni Il Rubino Di Barbini Bruno S.a.s. - In Siglia Edizioni Il Rubino S.a.s	Assisi (PG) - IT -	01719430546	Limited Partner	Active	Registered
Sir Safety Umbria Volley Perugia Soc. Coop. Sportiva Dilettantist Ica A R.l.	Bastia Umbra (PG) - IT -	02012060543	Director	Active	Registered
Sir Safety Umbria Volley Perugia Soc. Coop. Sportiva Dilettantist Ica A R.l.	Bastia Umbra (PG) - IT -	02012060543	Board Chairman	Active	Registered
SIR INFORTUNISTICA (SEZIONE INFORTUNISTICA REGIONALE) DI SIRCI GINO	Assisi (PG) - IT -	SRCGNI56E23A475E	Proprietor	Withdrawn	Registered
Antincendi Sir S.a.s. Di Sirci Gino E C.- In Liquidazione	Assisi (PG) - IT -	02002970545	General Partner	Withdrawn	Registered
Antincendi Sir S.a.s. Di Sirci Gino E C.- In Liquidazione	Assisi (PG) - IT -	02002970545	Liquidator	Withdrawn	Registered
Key Business S.r.l.	Perugia (PG) - IT -	02190600540	Director	Withdrawn	Registered
Key Business S.r.l.	Perugia (PG) - IT -	02190600540	Assistant board Chairman	Withdrawn	Registered
Sir Costruzioni S.r.l. - In Liquidazione	Bastia Umbra (PG) - IT -	02681680548	Sole Director	Withdrawn	Registered
Sir Costruzioni S.r.l. - In Liquidazione	Bastia Umbra (PG) - IT -	02681680548	Liquidator	Withdrawn	Registered
Servizi Finanziari S.r.l.	Perugia (PG) - IT -	03094020546	Sole 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
Sir Holding S.r.l.		01748360540	3.500.000 .Eur	100,00

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 Fornaciai

, 9

- 06081

- Assisi

(PG)

- IT -

-

Branch

(Sales office)

since 02/01/2014

Europa

, 74

- 20090

- Cusago

(MI)

- IT -

Employees

: 123

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.

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	:	632.420
Population living in the region	:	858.938
Number of families in the region	:	331.385

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

- per food products	:	508
- per non food products	:	1.747
- per energy consume	:	125

Sector Data

The values are calculated on a base of 864 significant companies.

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

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 2,26%.

The labour cost affects the turnover in the measure of 12,27%.

Goods are held in stock in a range of 78 dd.

The difference between the sales volume and the resources used to realize it is about 1,14.

The employees costs represent the 12,16% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered remarkably risky.

In the region 7.230 protested subjects are found; in the province they count to 5.173.

The insolvency index for the region is 0,85, , while for the province it is 0,83.

Total Bankrupt companies in the province : 2.808.

Total Bankrupt companies in the region : 3.572.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.52
Euro	1	Rs.76.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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%)

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.