MIRA INFORM REPORT

Report No. :	500034
Report Date :	23.03.2018

IDENTIFICATION DETAILS

Name :	NICK WINTERS ITALIA S.R.L.
Registered Office :	Via Eduardo De Filippo 22, 56029 Santa Croce sull'Arno
Country :	Italy
Financials (as on) :	31.05.2017
Date of Incorporation :	24.11.2006
Com. Reg. No.:	PI0156942
Legal Form :	One-person company with limited liability - SRLU
Line of Business :	Wholesale of Hides, Skins and Leather.
No. of Employees :	2

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 records. 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 Summary

Company name	Nick Winters Italia S.R.L.
Operative address	Via Eduardo De Filippo 22 56029 Santa Croce sull'Arno Italy
Status	Active
Legal form	One-person company with limited liability - SRLU
Registration number	Trade register number: PI0156942
VAT-number	IT01810780500

Year	2017	Mutation	2016	Mutation	2015
Fixed assets	24.165	-28,86	33.970	-23,43	44.367
Total receivables	2.896.630	88,21	1.539.055	-26,26	2.087.089
Total equity	475.684	18,06	402.927	12,51	358.131
Short term liabilities	3.425.834	23,51	2.773.815	5,01	2.641.482
Working capital	942.802	126,70	415.889	20,84	344.151
Quick ratio	0,90	34,33	0,67	-22,09	0,86

Contact information

Company name	Nick Winters Italia S.R.L.
Operative address	Via Eduardo De Filippo 22 56029 Santa Croce sull'Arno Italy
Correspondence address	Via Eduardo De Filippo 22 56029 Santa Croce sull'Arno Italy

Registration

Registration number	Trade register number: PI0156942
VAT-number	IT01810780500
Status	Active
Establishment date	2006-11-24

Legal form	One-person company with limited liability - SRLU
Subscribed share capital	EUR 115.000

Activities

NACE	4624: Wholesale of hides, skins and leather

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER Name: MR NICHOLAS WINTERS Type: One or more named individuals or families Share direct: 0.00% Share total: 100.00% ULTIMATE DOMESTIC SHAREHOLDER Name: NICK WINTERS ITALIA S.R.L. National id number: PI0156942 Address: VIA EDUARDO DE FILIPPO 22 City: SANTA CROCE SULL'ARNO Country: IT Type: Corporate Share direct: 100.00% Share total: 100.00% Turnover: 10.49817088 mil. EUR Total assets: 4.3935469 mil. EUR Profit loss before tax: 0.12197663 mil. EUR Profit loss after tax net income: 0.07275731 mil. EUR Shareholders funds: 0.47568389 mil. EUR SHAREHOLDERS Name: NICK WINTERS HIDES & SKINS National id number: 442959961-00024 Address: ZONE ARTISANALE LES BROSSES 2 City: LARCAY Country: FR Phone: +33 2 47 82 93 38 Website: www.nickwinters.com Type: Corporate Share direct: 100.00% Turnover: 54.10579517 mil. EUR Total assets: 10.31831421 mil. EUR Profit loss before tax: 0.60711669 mil. EUR Profit loss after tax net income: 0.39693601 mil. EUR Shareholders funds: 1.76322767 mil. EUR Number of employees: 7

Structure

SUBSIDIARIES Name: TOSCANA FRIDGE S.R.L. National id number: PI0191051 Address: VIA EDUARDO DE FILIPPO 22 City: SANTA CROCE SULL'ARNO Country: IT Type: Corporate Share direct: 5.00% Turnover: 0 mil. EUR Total assets: 0.00948677 mil. EUR Profit loss before tax: -0.00076558 mil. EUR Profit loss after tax net income: -0.00076558 mil. EUR Shareholders funds: 0.00923442 mil. EUR Name: CONSORZIO CUOIO-DEPUR SOCIETA' PER AZIONI National id number: PI0076314 Address: VIA ARGINALE OVEST 81 City: SAN MINIATO Country: IT Type: Corporate Phone: +39 0571450061 Website: www.cuoiodepur.it Share direct: NG% Turnover: 11.88692271 mil. EUR Total assets: 20.07400516 mil. EUR Profit loss before tax: 0.04761694 mil. EUR Profit loss after tax net income: 0.01037853 mil. EUR Shareholders funds: 4.22141909 mil. EUR Number of employees: 32

Management

Management

Fullname: Mr Giovanni Regoli Type: Individual Gender: Male date of birth: 1970/12/22 Age: 47 Country: Italy Number of involvements: 3 Function: Chairman of the Board of Directors Level of responsibility: President / Chairman Appointment date: 2012/07/02 Fullname: Mr Giovanni Regoli Type: Individual Gender: Male date of birth: 1970/12/22 Age: 47 Country: Italy Number of involvements: 3 Function: Adviser Level of responsibility: Senior Management employee Appointment date: 2012/07/02 Fullname: NICK WINTERS HIDES AND SKINS S.A.R.L Type: Company Number of involvements: 1 Function: Sole Partner Level of responsibility: Unspecified executive Appointment date: 2010/06/21 Fullname: Mr Fabrizio Mariani Type: Individual Gender: Male date of birth: 1964/08/11 Age: 53 Country: Italy Number of involvements: 2 Function: Adviser Level of responsibility: Senior Management employee Appointment date: 2015/01/20 Fullname: Mr Alessandro Monti Type: Individual Gender: Male date of birth: 1973/07/28 Age: 44 Country: Italy Number of involvements: 3 Function: Adviser Level of responsibility: Senior Management employee Appointment date: 2012/07/02

Employees

Year	2017	2016	2015	2014	2013
Annual	2	2	2	1	1

Financial analysis

Trend	Fluctuating
Profitability	Positive
Solvability	Limited
Liquidity	Sufficient
Show amount in	Euro

Key figures

Year	2017	2016	2015	2014	2013
Quick ratio	0,90	0,67	0,86	0,83	0,69
Current ratio	1,28	1,15	1,13	1,12	1,11
Working capital/ balance total	0,21	0,13	0,11	0,10	0,10
Equity / balance total	0,11	0,12	0,12	0,11	0,10
Equity / Fixed assets	19,68	11,86	8,07	7,17	4,23
Working capital	942.802	415.889	344.151	310.230	238.136
Equity	475.684	402.927	358.131	331.200	259.028
Mutation equity	18,06	12,51	8,13	27,86
Mutation short term liabilities	23,51	5,01	1,39	20,16
Average collection ratio	3,06	3,03	1,76	3,51	4,50
Average payment ratio	3,62	5,45	2,22	4,66	9,34
Equity turnover ratio	22,07	20,84	12,95	27,65	37,68
Total assets turnover ratio	2,39	2,60	1,53	3,09	3,96
Fixed assets turnover ratio	434,38	247,13	104,55	198,28	159,28
Inventory conversion ratio	8,10	6,35	6,60	12,36	10,82
Turnover	10.496.787	8.395.054	4.638.770	9.156.433	9.761.001
Operating result	188.796	180.200	87.725	155.134	164.036
Net result after taxes	72.757	44.795	26.933	72.172	51.805
Cashflow	84.162	60.991	36.442	95.180	65.148
Gross profit	266.554	241.649	119.645	266.402	233.644
EBITDA	200.201	196.396	97.234	178.142	177.379
Summary	The 2017 financial result structure is a positive working capital of 942.802 euro, which is in agreement with 21 % of the total assets of the company. The working capital has increased with 126.7 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2016 and 2017 has mainly been caused by a change of the current assets. The current ratio of the company in 2017 was 1.28. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2017 of the company was 0.9. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2016 financial result structure is a positive working capital of 415.889 euro, which is in agreement with 13 % of the total assets of the company. The working capital has increased with 20.84 % compared to previous year. The ratio, with respect to the total assets of the company has however, increased. The improvement between 2015 and 2016 has mainly been caused by a change of the current assets. The current ratio of the company in 2016 was 1.15. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2016 of the company was 0.67. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

Financial statement

Last annual account	2017
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	Nick Winters Italia S.R.L. Via Eduardo De Filippo 22 56029 Santa Croce sull'Arno Italy

Balance

Year	2017	2016	2015	2014	2013
End date	2017-05-31	2016-05-31	2015-05-31	2014-12-31	2013-12-31
Type of annual account	Corporate	Corporate	Corporate	Corporate	Corporate
Intangible fixed assets		396	4.970	6.862	12.096
Tangible fixed assets	9.757	19.666	30.489	30.409	40.287
Other fixed assets	14.408	13.908	8.908	8.908	8.899
Fixed assets	24.165	33.970	44.367	46.179	61.282
Total stock	1.295.947	1.322.971	702.419	741.049	902.253
Total receivables	2.896.630	1.539.055	2.087.089	1.965.671	1.045.156
Liquid funds	158.302	207.145	139.339	167.756	332.237
Other current assets	17.757	120.533	56.786	40.905	126.469
Current assets	4.368.636	3.189.704	2.985.633	2.915.381	2.406.115
Total assets	4.392.801	3.223.674	3.030.000	2.961.560	2.467.397
Total equity	475.684	402.927	358.131	331.200	259.028
Provisions	36.793	36.238	23.927	20.283	9.750
Long term liabilities	454.490	10.694	6.460	4.926	30.640
Accounts payable	1.950.812		2.150.712	1.872.972	1.643.716
Liabilities towards credit institutes	1.012.226		428.704	671.329	468.927
Other short term liabilities	462.796	2.773.815	62.066	60.850	55.336
Short term liabilities	3.425.834	2.773.815	2.641.482	2.605.151	2.167.979
Total liabilities	4.392.801	3.223.674	3.030.000	2.961.560	2.467.397
Summary	The total assets of the company increased with 36.27 % between 2016 and 2017. Despite the assets growth, the non-current assets decreased with -28.86 %. In 2017 the assets of the company were 0.55 % composed of fixed assets and 99.45 % by current assets. The assets are being financed by equity of 10.83 %, and total debt of 89.17 %. The total assets of the company increased with 6.39 % between 2015 and 2016. Despite the assets growth, the non-current assets decreased with -23.43 %. In 2016 the assets of the company were 1.05 % composed of fixed assets and 98.95 % by current assets. The assets are being financed by equity of 12.5 %, and total debt of 87.5 %.

Profit and loss

Summary

The turnover of the company grew with 25.04 % between 2016 and 2017. The operating result of the company grew with 4.77 % between 2016 and 2017. This evolution implies an increase of the company's economic profitability. The Net Result of the company increased by 62.42 % between 2016 and 2017. The turnover of the company grew with 80.98 % between 2015 and 2016. The operating result of the company grew with 105.41 % between 2015 and 2016. This evolution implies an increase of the company's economic profitability. The Net Result of the company increased by 66.32 % between 2015 and 2016.

Country information

Population	60.7 million
GDP per capita	30507 USD
Country risk	Low
Company risk	Low

Publications

Remarks

Status: Active Category: Large company Last year: 2017 Turnover last year: 10.496.787 EUR Result last year: 72.757 EUR TOTAL assets last year: 4.392.801 EUR Number of employees: 2 Number of shareholders: 1 Number of subsidiaries: 2 Number of branches: 0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37
EURO	1	INR 80.39

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	NIT

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.