MIRA INFORM REPORT

Report No. :	494310
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	IRIS S.R.L
Registered Office :	Via Della Cernaia, 5, 50129-Firenze(FI)-IT
Country :	Italy
Financials (as on) :	31.12.2016
Date of Incorporation :	16.12.2009
Legal Form :	Limited liability company
Line of Business :	Activities of holding companies
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 :	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

Iris S.r.l.

Via

Della Cernaia,

5

50129

- Firenze

(FI)

-IT-

Summary

Fiscal Code	:	01945540506
Legal Form	:	Limited liability company
start of Activities	:	10/03/2010
Equity	:	1.500.000
Turnover Range	:	unknown
Number of Employees	:	fom 6 to 10

Activity

Activities of holding companies

Legal Data

Legal Form : Limited liability company

Fiscal Code : 01945540506

Chamber of Commerce no. : 629243 of Firenze since 05/05/2014

V.A.T. Code : 01945540506

Establishment date	: 16/12/2009
Start of Activities	: 10/03/2010
Legal duration	: 31/12/2030
Nominal Capital	: 10.000
Subscribed Capital	: 10.000
Paid up Capital	: 10.000

Legal mail :

IRISPEC@LEGALMAIL.IT

Members

Balducci

Paolo

Born in Castelfranco di Sotto

(PI)

on 22/07/1960

- Fiscal Code : BLDPLA60L22C113V

Residence:

Volta

, 8

- 56022

Castelfranco di Sotto

(PI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Balducci

Graziano

Born in Castelfranco di Sotto

(PI)

on 15/08/1952

- Fiscal Code : BLDGZN52M15C113N

Residence:

Pozzo

, 3

- 56020

Santa Maria a Monte

(PI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Bini

Antonella

Born in Santa Croce sull'Arno

(PI)

on 16/12/1952

- Fiscal Code : BNINNL52T56I177B

Residence:

Pozzo

, 3

- 56020

Santa Maria a Monte

(PI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	16/12/2009

No Prejudicial events are reported

No Protests registered

Balducci Laura

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Balducci Lorenzo

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Balducci Niccolo'

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.

Bini

Antonella

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Vega S.r.l.	Ponsacco (PI) - IT -	01981580507	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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Balducci Paolo	Castelfranco di Sotto - IT -	BLDPLA60L22C113V	5.000 .Eur	50,00
Balducci Graziano	Santa Maria a Monte - IT -	BLDGZN52M15C113N	5.000 .Eur	50,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Balfin S.r.l.	Firenze - IT -	01135720504	4.159 .Eur	39,99			Active
La Bottega Italia Srl		06489660487	10.000 .Eur	100,00			Active
Aldebaran Srl		06631590483	2.000 .Eur	20,00			Active
Irba S.r.l.		11942841005	15.000 .Eur	75,00			Active

Firm's location and structure

In order to carry out its activities the firm uses the following locations:

-

Legal and operative seat

since 22/04/2014

Della Cernaia

, 5

- 50100

- Firenze

(FI)

- IT -

Legal mail

: IRISPEC@LEGALMAIL.IT

-

Legal and operative seat

until 22/04/2014

della Misericordia

, 68

- 56025

- Pontedera

(PI)

- IT -

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 is active since 2010

The analysis is based on the latest 3 balance sheets.

During the last years, it achieved profits (r.o.e. 0,97% on 2016) with a stable trend in the turnover.

The return on investment in the last financial year was negative (-0,76%).

the operating loss amounts to Eur. -15.555.

The GOM is negative and amounts to Eur. -14.924.

From a financial aspect the company's status covers total short-term debts; the indebtedness volume in 2016 is in fact 0,45

With regard to equity capital, an amount of Eur. 1.244.437 is registered. on the same levels as the year before.

Total indebtedness totalled Eur. 810.008, increasing if compared to the previous year, during which they were equal to Eur. 3.698 (more then 100%).

Liquid assets are not proportional to subject's needs.

The financial management generated a cash flow of Eur. 12.721.

Financial Data

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	12.090

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	27.247

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	506.189

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	112.158

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Profit (Loss) for the period	208.640

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	1.262	1.893	2.524
. TANGIBLE FIXED ASSETS
. . Real estate
. . Plant and machinery
. . Industrial and commercial equipment
. . Other assets
. . Assets under construction and advances
. Total Tangible fixed assets
. 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		799.054	799.054
. . Own shares
. . . Total nominal value
. Total financial fixed assets	1.597.567	799.054	799.054
Total fixed assets	1.598.829	800.947	801.578
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	211.456	273.913	218.539
. . 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.		265.013	210.000
. . . . Within 12 months		265.013	210.000
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables		8.857	5.830
. . . . Within 12 months		8.857	5.830
. . . . Beyond 12 months
. . Receivables for anticipated taxes
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from third parties		43	2.709
. . . . Within 12 months		43	2.709
. . . . Beyond 12 months
. Total Credits not held as fixed assets	211.456	273.913	218.539
. 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		161.166	194.282
. . Checks
. . Banknotes and coins		19	19
. Total Liquid funds	244.030	161.185	194.301
Total current assets	455.486	435.098	412.840
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	130
Total adjustments accounts	130
TOTAL ASSETS	2.054.445	1.236.045	1.214.418
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	10.000	10.000	10.000
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	2.000	2.000	2.000
. Reserve for Own shares
. Statute reserves
. Other reserves
. Accumulated Profits (Losses)	1.220.347	1.193.100	686.911
. Profit( loss) of the year	12.090	27.247	506.189
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	1.244.437	1.232.347	1.205.100
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
ACCOUNTS PAYABLE
. . . . Within 12 months	810.008	3.698	9.318
. . . . Beyond 12 months
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing		98	98
. . . . Within 12 months		98	98
. . . . 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		3.600	8.911
. . . . Within 12 months		3.600	8.911
. . . . 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			309
. . . . Within 12 months			309
. . . . 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	810.008	3.698	9.318
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts
Total adjustment accounts
TOTAL LIABILITIES	2.054.445	1.236.045	1.214.418

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
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	98	309
. . Contributions for operating expenses
. . Different income and revenues	98	309
Total value of production	98	309
PRODUCTION COSTS
. Raw material,other materials and consum.
. Services received	14.459
. Leases and rentals		7.506	9.064
. Payroll and related costs
. . Wages and salaries
. . Social security contributions
. . Employee termination indemnities
. . Pension and similar
. . Other costs
. Amortization and depreciation	631	631	1.031
. . Amortization of intangible fixed assets	631	631	1.031
. . Amortization of tangible fixed assets
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials
. Provisions to risk reserves
. Other provisions
. Other operating costs	563	542	761
Total production costs	15.653	8.679	10.856
Diff. between value and cost of product.	-15.555	-8.370	-10.856
FINANCIAL INCOME AND EXPENSE
. Income from equity investments	26.496	34.001	199.652
. . In subsidiary companies			199.652
. . In associated companies
. . In other companies	26.496	34.001
. Other financial income	1.149	1.616	317.756
. . 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	1.149	1.616	317.756
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	1.149	1.616	317.756
. Interest and other financial expense			-55
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-55
Total financial income and expense	27.645	35.617	517.353
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			1
. . Gains on disposals
. . Other extraordinary income			1
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense			1
Results before income taxes	12.090	27.247	506.498
. Taxes on current income			309
. . current taxes			309
. . differed taxes(anticip.)
. Net income for the period	12.090	27.247	506.189
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	12.090	27.247	506.189

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	0,78	0,65	0,66	0,81
Elasticity Ratio	Units	0,22	0,35	0,34	0,20
Availability of stock	Units	n.c.	n.c.	n.c.	0,04
Total Liquidity Ratio	Units	0,22	0,35	0,34	0,19
Quick Ratio	Units	0,12	0,13	0,16	0,00
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,45	n.c.	n.c.	0,52
Self Financing Ratio	Units	0,61	1,00	0,99	0,57
Capital protection Ratio	Units	0,98	0,97	0,57	0,61
Liabilities consolidation quotient	Units	n.c.	n.c.	n.c.	0,58
Financing	Units	0,65	0,00	0,01	0,80
Permanent Indebtedness Ratio	Units	0,61	1,00	0,99	0,77
M/L term Debts Ratio	Units	n.c.	n.c.	n.c.	0,10
Net Financial Indebtedness Ratio	Units	n.c.	0,00	0,00	0,20
CORRELATION
Fixed assets ratio	Units	0,78	1,54	1,50	0,99
Current ratio	Units	0,56	117,66	44,31	0,94
Acid Test Ratio-Liquidity Ratio	Units	0,56	117,66	44,31	0,89
Structure's primary quotient	Units	0,78	1,54	1,50	0,73
Treasury's primary quotient	Units	0,30	43,59	20,85	0,02
Rate of indebtedness ( Leverage )	%	165,09	100,30	100,77	174,62
Current Capital ( net )	Value	-354.522	431.400	403.522	-22.843
RETURN
Return on Sales	%	n.c.	n.c.	n.c.	9,67
Return on Equity - Net- ( R.O.E. )	%	0,97	2,21	42,00	0,05
Return on Equity - Gross - ( R.O.E. )	%	0,97	2,21	42,03	0,30
Return on Investment ( R.O.I. )	%	-0,76	-0,68	-0,89	-0,11
Return/ Sales	%	n.c.	n.c.	n.c.	1,19
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	61,44
Cash Flow	Value	12.721	27.878	507.220	21.248
Operating Profit	Value	-15.555	-8.370	-10.856	-29.284
Gross Operating Margin	Value	-14.924	-7.739	-9.825	-751
MANAGEMENT
Credits to clients average term	Days	n.c.	n.c.	n.c.	26,32
Debts to suppliers average term	Days	n.c.	172,66	353,92	119,44
Average stock waiting period	Days	n.c.	n.c.	n.c.	52,98
Rate of capital employed return ( Turnover )	Units	n.c.	n.c.	n.c.	0,05
Rate of stock return	Units	n.c.	n.c.	n.c.	4,45
Labour cost incidence	%	n.c.	n.c.	n.c.	29,73
Net financial revenues/ charges incidence	%	n.c.	n.c.	n.c.	-1,20
Labour cost on purchasing expenses	%	n.c.	n.c.	n.c.	20,95
Short-term financing charges	%	n.c.	n.c.	0,59	3,44
Capital on hand	%	n.c.	n.c.	n.c.	1641,34
Sales pro employee	Value				147.827
Labour cost pro employee	Value				34.326

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	:	965.388
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 264 significant companies.

The companies cash their credits on an average of 26 dd.

The average duration of suppliers debts is about 119 dd.

The sector's profitability is on an average of 9,67%.

The labour cost affects the turnover in the measure of 29,73%.

Goods are held in stock in a range of 53 dd.

The difference between the sales volume and the resources used to realize it is about 0,05.

The employees costs represent the 20,95% 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 5.242.

The insolvency index for the region is 0,70, , while for the province it is 0,55.

Total Bankrupt companies in the province : 6.520.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.10
UK Pound	1	INR 90.44
Euro	1	INR 79.59
Euro	1	INR 79.48

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.