MIRA INFORM REPORT

Report No. :	506069
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	MANFRA ITALIA S.R.L.
Registered Office :	Via Nuova Ponente, 40/B, 41012 - Carpi (MO)-IT
Country :	Italy
Date of Incorporation :	27.03.2017
Legal Form :	Limited liability company
Line of Business :	Manufacture in multiples of outerwear
No. of Employees :	From 1 to 5

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow
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

Manfra Italia S.r.l.

Via

Nuova Ponente,

40/B

41012

- Carpi

(MO)

-IT-

Summary

Fiscal Code	:	03744260369
Legal Form	:	Limited liability company
start of Activities	:	07/04/2017
Turnover Range	:	250.000/375.000
Number of Employees	:	from 1 to 5

Activity

Manufacture in multiples of outerwear

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03744260369

Chamber of Commerce no. : 414066 of Modena since 04/04/2017

V.A.T. Code : 03744260369

Establishment date	: 27/03/2017
Start of Activities	: 07/04/2017
Legal duration	: 31/12/2040
Nominal Capital	: 50.000
Subscribed Capital	: 50.000
Paid up Capital	: 12.500

Legal mail :

MANFRAITALIASRL@LEGALMAIL.IT

Members

Carlotta - Srl

Residence:

Di Tizzano

, 169

- 50012

Bagno a Ripoli

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Scervino

Toni

Born in Campi Bisenzio

(FI)

on 06/12/1960

- Fiscal Code : SCRTNO60T06B507U

Residence:

Poggio Piovanello

, 1

- 57025

Piombino

(LI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/02/2018
Board Chairman	28/02/2018

No Prejudicial events are reported

No Protests registered

Lulu' Di Lugli Manuela E C. S.n.c.

:

Nuova Ponente

, 40/B

- 41012

Carpi

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Vannini

Leonardo

Born in Firenze

(FI)

on 03/03/1973

- Fiscal Code : VNNLRD73C03D612R

Residence:

Benuccio Da Orvieto

, 21

- 50136

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/02/2018

Weber

Marco

Born in Fiesole

(FI)

on 25/08/1987

- Fiscal Code : WBRMRC87M25D575S

Residence:

Alessandro Volta

, 10

- 50131

Firenze

(FI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/02/2018

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.

Scervino

Toni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Pitti Immagine S.r.l.	Firenze (FI) - IT -	03443240480	Director	Withdrawn	Registered
Carlotta - Srl	Bagno a Ripoli (FI) - IT -	04780520484	Sole Director	Active	Registered
SCERVINO TONI	- -	SCRTNO60T06B507U	Proprietor	Withdrawn	Registered
Tema Stores S.r.l. Unipersonale	Bagno a Ripoli (FI) - IT -	05873750482	Sole Director	Withdrawn	Registered
Anna S.r.l. Unipersonale	Bagno a Ripoli (FI) - IT -	05298170480	Sole Director	Withdrawn	Merged
Anna S.r.l. Unipersonale	Bagno a Ripoli (FI) - IT -	05298170480	Board Chairman	Withdrawn	Merged
Dernamaria S.r.l.	Bagno a Ripoli (FI) - IT -	05441650487	Sole Director	Active	Registered
Anna B S.r.l. Unipersonale	Bagno a Ripoli (FI) - IT -	06107290485	Sole Director	Active	Registered
Oprah S.r.l.	Grosseto (GR) - IT -	01559140536	Board Chairman	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
Carlotta - Srl	Bagno a Ripoli - IT -	04780520484	30.000 .Eur	60,00
Lulu' Di Lugli Manuela E C. S.n.c.	Carpi - IT -	02612320362	20.000 .Eur	40,00

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

Nuova Ponente

, 40/B

- 41012

- Carpi

(MO)

- IT -

Legal mail

: MANFRAITALIASRL@LEGALMAIL.IT

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 enterprise began operating few years ago.

On the whole, liquidity is normal and allowes a restricted recourse to bank credit.

At present, the economical and financial management is run with correctness.

Current indebtedness rate isnt' very high. Limited recourse to bank and supplier credit.

Trade relations have proved correct so far. No detrimental remarks come from usual suppliers.

Financial Data

Estimated Financial Data

Item Type	Value
Sales	300.000

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	:	659.925
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

Sector Data

The values are calculated on a base of 864 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 2,26%.

The labour cost affects the turnover in the measure of 12,27%.

Goods are held in stock in a range of 78 dd.

The difference between the sales volume and the resources used to realize it is about 1,14.

The employees costs represent the 12,16% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 3.557.

The insolvency index for the region is 0,46, , while for the province it is 0,55.

Total Bankrupt companies in the province : 2.526.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.01
Euro	1	INR 79.84

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

INFORMATION DETAILS

Analysis Done by :	VAR
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.