MIRA INFORM REPORT

Report No. :	505654
Report Date :	28.04.2018

IDENTIFICATION DETAILS

Name :	PANTA REI SOC. COOPERATIVA
Registered Office :	Via Pio Xii, 88, 80026- Casoria(NA)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	02.10.2014
Legal Form :	Cooperative society
Line of Business :	Manufacture of other luggage, handbags and similars, leathergoods and saddlery
No. of Employees :	From 6 to 10

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 :	Satisfactory
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. 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

Panta Rei Soc. Cooperativa

Via

Pio Xii,

88

80026

- Casoria

(NA)

-IT-

Summary

Fiscal Code	:	07872171215
Legal Form	:	Cooperative society
Establishment Date	:	02/10/2014
Equity	:	35.000
Turnover Range	:	375.000/500.000
Number of Employees	:	fom 6 to 10

Activity

Manufacture of other luggage, handbags and similars, leathergoods and saddlery

Legal Data

Legal Form : Cooperative society

Fiscal Code : 07872171215

Chamber of Commerce no. : 916277 of Napoli since 10/10/2014

V.A.T. Code : 07872171215

Establishment date	: 02/10/2014
Legal duration	: 31/12/2050

Legal mail :

PANTAREISOCOOP@PEC.IT

Members

Forino

Luigi

Born in Napoli

(NA)

on 20/08/1965

- Fiscal Code : FRNLGU65M20F839D

Residence:

Pio Xii

, 88

- 80026

Casoria

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	02/10/2014

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.

Forino

Luigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Forino Luigi	Arzano (NA) - IT -	FRNLGU65M20F839D	Proprietor	Withdrawn	Registered
C.d.c. Immobiliare S.r.l.	Napoli (NA) - IT -	07728801213	Sole Director	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.

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

Pio Xii

, 88

- 80026

- Casoria

(NA)

- IT -

Legal mail

: PANTAREISOCOOP@PEC.IT

Employees

: 7

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 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

Subject under review started the activities in 2014.

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 recorded positive net results (r.o.e. 53,09% in 2016) with a good increase in turnover (more then 100% in 2016 compared to 2015 and +100% in 2015 compared to 2014).

The operating result was positive in the last financial year (11,3%) and in line with the sector's average.

The amount of the operating result is equal to Eur. 21.343 on stable levels if compared to the previous year.

The gross operating margin of the latest financial year is of Eur. 21.870 stable if compared to the financial year 2015.

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (5,85) but on the decrease if compared to the year before.

Subject can manage an equity capital funds for an amount of Eur. 26.086 , increasing by 113,15% if compared to the financial year 2015.

Total indebtedness amounts to Eur. 158.214, with no important change.

Current liquid assets is positive.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 14.375

Labour cost amounts to Eur. 102.708, with a 25,18% incidence on production costs. and a 24,81% incidence on sales volumes.

The financial management has a limited economic impact, equal to -0,31% on the sales.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	414.030
Profit (Loss) for the period	13.848

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	171.144
Profit (Loss) for the period	19.236

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	-10.597

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
. . Research,develop. and advert.expens.
. . Industrial patent rights
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets
. Total Intangible Fixed Assets	876	1.169	1.461
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets	1.838	999
. FINANCIAL FIXED ASSETS
. . Equity investments
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies
. . 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
Total fixed assets	2.714	2.168	1.461
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories		5.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	180.643	168.870	1.684
. . Beyond 12 months
. . Trade receivables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties
. . . . Within 12 months
. . . . Beyond 12 months
. Total Credits not held as fixed assets	180.643	168.870	1.684
. 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
. . Checks
. . Banknotes and coins
. Total Liquid funds	5.518	11.001
Total current assets	186.161	184.871	1.684
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts
Total adjustments accounts
TOTAL ASSETS	188.875	187.039	3.145
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	3.600	3.600	3.600
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	5.771
. Reserve for Own shares
. Statute reserves
. Other reserves	2.867
. Accumulated Profits (Losses)		-10.598
. Profit( loss) of the year	13.848	19.236	-10.597
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	26.086	12.238	-6.997
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds
Total Reserves for Risks and Charges
Employee termination indemnities	4.575
ACCOUNTS PAYABLE
. . . . Within 12 months	158.214	174.801	10.142
. . . . Beyond 12 months
. . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables
. . . . Within 12 months
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to social security and welfare inst.
. . . . Within 12 months
. . . . Beyond 12 months
. . Other payables
. . . . Within 12 months
. . . . Beyond 12 months
Total accounts payable	158.214	174.801	10.142
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	188.875	187.039	3.145

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	414.030	171.144
. Changes in work in progress		5.000
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	15.237
. . Contributions for operating expenses	15.237
. . Different income and revenues
Total value of production	429.267	176.144
PRODUCTION COSTS
. Raw material,other materials and consum.	214.153	91.495	6.369
. Services received	62.909	41.849	628
. Leases and rentals	22.627	18.160	3.600
. Payroll and related costs	102.708
. . Wages and salaries	79.162
. . Social security contributions	18.869
. . Employee termination indemnities	4.677
. . Pension and similar
. . Other costs
. Amortization and depreciation	527	356
. . Amortization of intangible fixed assets	292	292
. . Amortization of tangible fixed assets	235	64
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials	5.000
. Provisions to risk reserves
. Other provisions
. Other operating costs		14
Total production costs	407.924	151.874	10.597
Diff. between value and cost of product.	21.343	24.270	-10.597
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income
. . 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
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-1.302	-28
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-1.302	-28
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
. . Gains on disposals
. . Other extraordinary income
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense
Results before income taxes	20.041	24.242	-10.597
. Taxes on current income	6.193	5.006
. . current taxes	6.193	5.006
. . differed taxes(anticip.)
. Net income for the period	13.848	19.236	-10.597
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	13.848	19.236	-10.597

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	0,01	0,01	0,46	0,18
Elasticity Ratio	Units	0,99	0,99	0,54	0,80
Availability of stock	Units	n.c.	0,03	n.c.	0,20
Total Liquidity Ratio	Units	0,99	0,96	0,54	0,51
Quick Ratio	Units	0,03	0,06	n.c.	0,02
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	5,85	13,38	n.c.	2,38
Self Financing Ratio	Units	0,14	0,07	n.c.	0,24
Capital protection Ratio	Units	0,33	-0,87	n.c.	0,68
Liabilities consolidation quotient	Units	0,03	n.c.	n.c.	0,18
Financing	Units	6,07	14,28	n.c.	2,86
Permanent Indebtedness Ratio	Units	0,16	0,07	n.c.	0,38
M/L term Debts Ratio	Units	0,02	n.c.	n.c.	0,11
Net Financial Indebtedness Ratio	Units	n.c.	n.c.	n.c.	1,00
CORRELATION
Fixed assets ratio	Units	11,30	5,64	n.c.	1,78
Current ratio	Units	1,18	1,06	0,17	1,25
Acid Test Ratio-Liquidity Ratio	Units	1,18	1,03	0,17	0,84
Structure's primary quotient	Units	9,61	5,64	n.c.	1,07
Treasury's primary quotient	Units	0,03	0,06	n.c.	0,03
Rate of indebtedness ( Leverage )	%	724,05	1528,35	n.c.	408,81
Current Capital ( net )	Value	27.947	10.070	-8.458	312.424
RETURN
Return on Sales	%	3,47	11,45	n.c.	2,67
Return on Equity - Net- ( R.O.E. )	%	53,09	157,18	n.c.	3,20
Return on Equity - Gross - ( R.O.E. )	%	76,83	198,09	n.c.	8,58
Return on Investment ( R.O.I. )	%	11,30	12,98	-336,95	4,36
Return/ Sales	%	5,15	14,18	n.c.	3,63
Extra Management revenues/charges incid.	%	64,88	79,26	n.c.	23,99
Cash Flow	Value	14.375	19.592	-10.597	112.609
Operating Profit	Value	21.343	24.270	-10.597	127.644
Gross Operating Margin	Value	21.870	24.626	-10.597	230.719
MANAGEMENT
Credits to clients average term	Days	n.c.	n.c.	n.c.	101,46
Debts to suppliers average term	Days	n.c.	n.c.	n.c.	94,66
Average stock waiting period	Days	n.c.	10,52	n.c.	56,34
Rate of capital employed return ( Turnover )	Units	2,19	0,92	n.c.	1,34
Rate of stock return	Units	n.c.	34,23	n.c.	6,30
Labour cost incidence	%	24,81	n.c.	n.c.	12,44
Net financial revenues/ charges incidence	%	-0,31	-0,02	n.c.	-1,48
Labour cost on purchasing expenses	%	25,18	n.c.	n.c.	12,90
Short-term financing charges	%	0,82	0,02	n.c.	3,49
Capital on hand	%	45,62	109,29	n.c.	74,43
Sales pro employee	Value	138.010			253.464
Labour cost pro employee	Value	34.236			32.147

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	:	3.092.859
Population living in the region	:	5.788.986
Number of families in the region	:	1.966.064

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

- per food products	:	475
- per non food products	:	1.304
- per energy consume	:	79

Sector Data

The values are calculated on a base of 923 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 2,67%.

The labour cost affects the turnover in the measure of 12,44%.

Goods are held in stock in a range of 56 dd.

The difference between the sales volume and the resources used to realize it is about 1,34.

The employees costs represent the 12,90% 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 80.616 protested subjects are found; in the province they count to 41.815.

The insolvency index for the region is 1,40, , while for the province it is 1,36.

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
Euro	1	INR 80.93

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	SYL

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.