MIRA INFORM REPORT

Report No. :	494091
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	CAMET S.N.C. DI PICCIAFUOCHI LUCA E C.
Registered Office :	Localita' C.a. Fratta, 79/80 , 52044 - Cortona(AR) -IT-
Country :	Italy
Date of Incorporation :	29.07.1986
Legal Form :	General partnership
Line of Business :	Manufacture of jewellery in precious metals o plated with precious metals
No. of Employees :	1 to 5

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 :	Slow but Correct
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

Camet S.n.c. Di Picciafuochi Luca E C.

Localita' C.a. Fratta, 79/80

52044 - Cortona (AR) -IT-

Summary

Fiscal Code	:	01781160518
Legal Form	:	General partnership
start of Activities	:	29/07/1986
Turnover Range	:	75.000/100.000
Number of Employees	:	from 1 to 5

Activity

Manufacture of jewellery in precious metals o plated with precious metals

Legal Data

Legal Form : General partnership

Register of Handcraft firms : 48309 of Arezzo

Fiscal Code : 01781160518

Chamber of Commerce no. : 138785 of Arezzo since 13/01/2004

V.A.T. Code : 01781160518

Establishment date	: 29/12/2003
Start of Activities	: 29/07/1986
Legal duration	: 31/12/2050
Nominal Capital	: 20.000
Subscribed Capital	: 20.000
Paid up Capital	: 20.000

Legal mail :

CAMETSNC@ARUBAPEC.IT

Members

Picciafuochi

Matteo

Born in Cortona

(AR)

on 01/10/1980

- Fiscal Code : PCCMTT80R01D077G

Residence:

C.a. Fratta Di Cortona

, 77

- 52044

Cortona

(AR)

- IT -

Position	Since	Shares Amount	% Ownership
Partner	01/01/2004	10.000 -	50,00

No Prejudicial events are reported

No Protests registered

Picciafuochi

Luca

Born in Cortona

(AR)

on 25/03/1988

- Fiscal Code : PCCLCU88C25D077R

Residence:

Localita' C.a. La Fratta

, 78

- 52044

Cortona

(AR)

- IT -

Position	Since	Shares Amount	% Ownership
Partner	11/02/2013	10.000 -	50,00

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.

Picciafuochi

Matteo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Vittorio Argento Di Masini Marco E C. S.n.c.	Arezzo (AR) - IT -	01960930517	Partner	Withdrawn	Registered
Vittorio Argento Di Masini Marco E C. S.n.c.	Arezzo (AR) - IT -	01960930517	Silent Partner	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.

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

(Workshop)

C.a. Fratta

, 79/80

- 52044

- Cortona

(AR)

- IT -

Trading Style: CAMET

Total Surface: 80 Sq.mt.

Covered Surface: 80 Sq.mt.

Legal mail

: CAMETSNC@ARUBAPEC.IT

-

Branch

since 16/10/2013

Localita Manciano

, 49 INT.N

- 52043

- Castiglion Fiorentino

(AR)

- IT -

PHONE

: 0575617212

Assistants

: 1

Historical Information and/or Firm's Status

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

The subject started many years ago and from the financial point of

view it shows a regular trend.

Financial means are adequate and allow a normal fulfilment of

bonds towards third parties.

Subject's payment experiences we record are all positive.

Modest indebtedeness. Subject never exceeded the normal levels of

supplier and bank credit.

No notable criticism is expressed by common suppliers at to the

firm's business conduct which is said to be honest enough.

Financial Data

Estimated Financial Data

Item Type	Value
Sales	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	:	333.385
Population living in the region	:	3.598.269
Number of families in the region	:	1.474.681

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

- per food products	:	444
- per non food products	:	2.009
- per energy consume	:	122

Sector Data

The values are calculated on a base of 591 significant companies.

The companies cash their credits on an average of 100 dd.

The average duration of suppliers debts is about 105 dd.

The sector's profitability is on an average of 2,17%.

The labour cost affects the turnover in the measure of 13,32%.

Goods are held in stock in a range of 87 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 13,08% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 24.960 protested subjects are found; in the province they count to 2.227.

The insolvency index for the region is 0,70, , while for the province it is 0,67.

Total Bankrupt companies in the province : 1.151.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.82
Euro	1	INR 79.76

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

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.