MIRA INFORM REPORT

Report No. :	329595
Report Date :	29.06.2015

IDENTIFICATION DETAILS

Name :	ANBO-STILE S.R.L.

Registered Office :	Piazzetta, Gregorio Da Rimini, 1 47921- Rimini

Country :	Italy

Date of Incorporation :	10.04.2014

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	Subject is engage in sawmilling and planing of wood

No. of Employee :	from 36 to 50

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Italy

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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

ANBO-STILE S.R.L.

Piazzetta, Gregorio Da Rimini, 1

47921- Rimini, (RN), -IT-

Summary

Fiscal Code	:	04140050404
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	06/05/2014
Turnover Range	:	3.750.000/5.000.000
Number of Employees	:	from 36 to 50

Activity

Sawmilling and planing of wood

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 04140050404

Chamber of Commerce no. : 285638 of Perugia

Chamber of Commerce no. : 1409241 of Roma

Chamber of Commerce no. : 327299 of Rimini since 16/04/2014

V.A.T. Code : 04140050404

Establishment date	: 10/04/2014
Start of Activities	: 06/05/2014
Legal duration	: 31/12/2060
Nominal Capital	: 500.000
Subscribed Capital	: 500.000
Paid up Capital	: 500.000

Legal mail :

ANBOSTILE@PEC.IT

Members

Zhou

Guren

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

Born in Shanghai

( )

on 16/07/1984

- Fiscal Code : ZHOGRN84L16Z210N

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

Residence:

85 Canute Road, Chartee House

, 78

Southampton

- GB -

Position	Since	Shares Amount	% Ownership
Director	10/04/2014

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Protests registered

Taylor

Alan Derek

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

Born

on 30/03/1969

- Fiscal Code : TYLLDR69C30Z114P

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

Residence:

Middle Road

, 21

Southampton 5019 8fr

- GB -

Position	Since	Shares Amount	% Ownership
Director	05/05/2014

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Protests registered

Coleman

Michael David

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

Born

on 19/01/1957

- Fiscal Code : CLMMHL57A19Z114W

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

Residence:

114 Hapuku Street

, 0

North Island - Hastings

- NZ -

Position	Since	Shares Amount	% Ownership
Director	03/11/2014

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Protests registered

Anbo Stile Uk Limited

Position	Since	Shares Amount	% Ownership
Sole partner	19/05/2014

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Vuoto.gif$

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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Anbo Stile Uk Limited		91148880403		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

Gregorio Da Rimini

, 1

- 47037

- Rimini

(RN)

- IT -

Legal mail

: ANBOSTILE@PEC.IT

Branch

(Factory)

since 06/05/2014

Dei Laghi

, 18

- 06012

- Citta' di Castello

(PG)

- IT -

Branch

(office)

since 06/05/2014

Brofferio

, 7

- 00100

- Roma

(RM)

- IT -

Employees

: 41

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.

Financial and Economical Analysis

Enterprise started a few years ago.

Current liquid assets allow a normal managment.

Payments are settled on agreed terms.

Current indebtedness rate isnt' very high. Limited recourse to

bank and supplier credit.

No irregularities are registered.

Trade behaviour is said to be correct. Usual suppliers say that no

difficulties worthy of note are encountered as to payments.

Financial Data

Estimated Financial Data

Item Type	Value
Sales	4.100.000

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	:	$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Spazio.gif$ 286.796
Population living in the region	:	$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Spazio.gif$ 425
- per non food products	:	$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\VIVEK\Foreign Report Raw2\329595\329595_files\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 30 significant companies.

The companies cash their credits on an average of 120 dd.

The average duration of suppliers debts is about 110 dd.

The sector's profitability is on an average of 1,89%.

The labour cost affects the turnover in the measure of 15,65%.

Goods are held in stock in a range of 57 dd.

The difference between the sales volume and the resources used to realize it is about 0,87.

The employees costs represent the 14,72% 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 18.860 protested subjects are found; in the province they count to 2.270.

The insolvency index for the region is 0,46, , while for the province it is 0,81.

Total Bankrupt companies in the province : 749.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.60
UK Pound	1	Rs.100.09
Euro	1	Rs.71.23

INFORMATION DETAILS

Analysis Done by :	NB

Report Prepared by :	ASH

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.

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

Financial and Economical Analysis

Financial Data

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit