MIRA INFORM REPORT

Report Date :

10.08.2011

IDENTIFICATION DETAILS

Name :	KING SPA

Registered Office :	Via Giuseppe Ungaretti 2, Opera, 20090

Country :	Italy

Financials (as on) :	31.12.2010

Date of Incorporation :	07.05.1968

Com. Reg. No.:	00738100155

Legal Form :	Public Independent

Line of Business :	Wholesale of furniture Wholesale of jewellery

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company name & address

King SpA

Via Giuseppe Ungaretti 2

Opera, 20090

Italy

Tel: +39 0257 606482

Fax: +39 0257 604100

Synthesis

Employees: 35

Company Type: Public Independent

Incorporation Date: 07-May-1968

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 31.9

Total Assets: 30.2

Business Description

King SpA is primarily engaged in wholesale of furniture; wholesale of jewellery; wholesale of musical instruments; wholesale of photographic goods; wholesale of toys and games; wholesale of travel and fancy goods; and wholesale of other household goods not elsewhere classified.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002: 5147 - Wholesale of other household goods

NAICS 2002: 4232 - Furniture and Home Furnishing Merchant Wholesalers

UK SIC 2003: 5147 - Wholesale of other household goods

US SIC 1987: 5072 - Hardware

Key Executives

Name	Title
Sergio Biagi	President
Giuseppe Battista Servidati	Vice president
Anna Biagi	Member of the board
Luca Biagi	Member of the board
Andrea Biagi	Managing director

News

Title	Date
DEALS TASSIE Sunday Tasmanian (Hobart, Australia) (134 Words)	31-Jul-2011
Black gold in the West Australian hills Australian, The (743 Words)	25-Jun-2011
FORRESTFIELD FORUM & MARKETPLACE Midland-Kalamunda Reporter (176 Words)	26-Apr-2011
Italy Girefin buys 9.8% in Best Union ADP Italy News (98 Words)	21-Mar-2011
A blot Houston can't erase Houston Chronicle (TX) (1318 Words)	1-Nov-2010

Registered No.(ITA): 00738100155

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

Via Giuseppe Ungaretti 2

Opera, 20090

Italy

Tel: +39 0257 606482

Fax: +39 0257 604100

Sales EUR(mil): 24.1

Assets EUR(mil): 22.5

Employees: 35

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Capital Goods

Incorporation Date: 07-May-1968

Company Type: Public Independent

Quoted Status: Not Quoted

Registered No.(ITA): 00738100155

Managing director: Andrea Biagi

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

5147 - Wholesale of other household goods

NAICS 2002 Codes:

4232 - Furniture and Home Furnishing Merchant Wholesalers

US SIC 1987:

5072 - Hardware

UK SIC 2003:

5147 - Wholesale of other household goods

Business Description

Financial Data

Financials in:	EUR(mil)

Revenue:	24.1
Assets:	22.5
Current Assets:	14.8
Total Liabilities:	22.5
Net Worth:	14.9

Date of Financial Data:	31-Dec-2010

1 Year Growth

28.3%

Key Corporate Relationships

Bank:	Ubi Banca Popolare Commercio e Industria Ag

Financial Data

Financials in:	EUR(mil)

Revenue:	24.1
Assets:	22.5
Current Assets:	14.8
Total Liabilities:	22.5
Net Worth:	14.9

Date of Financial Data:	31-Dec-2010

1 Year Growth

28.3%

Key Corporate Relationships

Bank:	Ubi Banca Popolare Commercio e Industria Ag

Executive report

Board of Directors

Name

Title

Function

Anna Biagi

Member of the board

Director/Board Member

Luca Biagi

Member of the board

Director/Board Member

Maria Caterina Prati

Member of the board

Director/Board Member

Executives

Name

Title

Function

Sergio Biagi

President

Andrea Biagi

Managing director

Managing Director

Giuseppe Battista Servidati

Vice president

Other

DEALS TASSIE

Sunday Tasmanian (Hobart, Australia): 31 July 2011

[What follows is the full text of the news story.]

Hobart $350

STAY two nights in a garden room and receive the third night free at the 5-star Islington Hotel, from $350 a person. Price includes full breakfast daily. Valid until September 30 (blackout dates apply).

Ph 1300 551 669 or see www.needtoescape.com/escape

St Helens $250

SOAK in the views of Georges Bay from your king spa room when staying at Tidal Waters Resort, from $250 a night for two people. Price includes a three-course dinner and breakfast. Valid until December 18, or until sold out.

Ph 1300 887 979 or see www.wotif.com

Launceston $117

BOOK two nights and stay for three at the Riverside Hotel Motel, from $117 a person, twin share. Valid until August 31 (blackout dates apply).

Black gold in the West Australian hills

Australian, The: 25 June 2011

[What follows is the full text of the news story.]

Win a trip for two to the Mundaring Truffle Festival

THE Perigord truffle is one of France's most prized and secretive culinary treasures. A dense, knobbly, black fungus, it grows in the wild on the roots of woodland trees and is sniffed out by farm pigs or trained dogs.

A scatter of its shavings transforms a simple pasta. Fresh eggs become sublime when stored in a jar with a single nugget. Its dark slivers add as much elegance to a dish as flecks of gold leaf, but truffles have flavour.

Their unique aroma and taste are as mysterious and potent as their origins, and French village communities ritually welcome the annual season. Here at home, the Mundaring Truffle Festival in Western Australia is just such a celebration. Now in its fifth year, it puts Australia's most successful truffle-producing region high on food-lovers' visiting lists.

We do not have ancient oak forests. West Australian truffles are the result of a painstaking process of establishing trees

whose roots have been inoculated with truffle spores, and then waiting several years for the hoped-for result.

The country's biggest producer, The Wine & Truffle Company at Manjimup, in WA's south, harvested its first truffles in 2003 at its Hazel Hill truffiere.

Its more recent grove of truffle-producing oak and hazelnut trees has since come into play at nearby Oak Valley.

Fuelled by the successes and inspired by local chef Alain Fabregues (who has his own grove), the truffle festival was established in 2006 at Mundaring in the Perth Hills, 40 minutes from the city. A first-year crowd of about 3000 has since multiplied and last year's festival drew more than 21,000 people.

Happily, truffles have taken off in a neighbourhood that also boasts memorable wines at nearby Margaret River, great local seafood and farm produce, and excellent chefs.

Truffles need critical expertise to cultivate. And they need a chef who understands them. ``Truffles are such a luxury, even in France, that 80 per cent of chefs may never have handled them,'' Fabregues explains when I visit his celebrated Mundaring restaurant, The Loose Box. He says chefs must learn how to nurture the unique flavour and aroma. ``Truffles are at their very best warmed,'' he says, ``not fiercely cooked.'' And they come into their own with creamy eggs, pastas, souffles and sweet seafood such as scallops and marron (another WA speciality).

The Mundaring Truffle Festival (July 30-31) brings all these elements together in a weekend's village-like celebration of food and wine. There will be long-table truffle lunches among the trees, with chefs' dishes matched with Watershed Premium Wines (a Watershed Cafe will recreate this Margaret River vineyard's restaurant); there will be cooking demonstrations and debates, masterclasses, chefs' stalls, truffle and gourmet produce markets, the Perth Hills Wine Show and truffle dog demonstrations.

Visiting chefs will include Stephanie Alexander, Philippe Mouchel, Emmanuel Mollois,

Ian Parmenter and Malaysian celebrity Chef Wan. Of course, Fabregues will be there, too.

To celebrate this year's event, the festival, in conjunction with Travel & Indulgence, is offering a reader the chance to win an Extraordinary Experience at the Mundaring Truffle Festival.

The prize includes return airfares for two flying Qantas from the winner's closest capital city, accommodation on Friday, July 29, and Saturday, July 30, in a Club King Spa Room at the InterContinental Perth Burswood, transport to and from the festival, complimentary general and Perth Hills Wine Show entry, two tickets for the Sunday Long Table Truffle Lunch, two tickets to the signature event, Saturday's Truffle Masterclass, a meeting with celebrity chef Fabregues for a behind-the-scenes tour of The Loose Box restaurant, passes to the VIP area, one premium fresh WA truffle from Oak Valley Truffles and six bottles of Watershed Premium Wines.

To enter, fill in the coupon below, stating why you'd like to win this prize, and send to the address listed, or enter online at theaustralian.com.au/travel.

* mundaringtrufflefestival.com

* westernaustralia.com.

Midland-Kalamunda Reporter: 26 April 2011

[What follows is the full text of the news story.]

TO help celebrate Mothers Day, each time you shop at Forrestfield Forum & Marketplace you will have a chance to win a Mothers Day overnight experience at the Burswood InterContinental Hotel.

For your chance to win, spend $20 or more at a Forrestfield Forum & Marketplace specialty store and pick up an entry form.

Then fill in your details and drop the completed entry into the entry barrel located in both the Forum and Marketplace.

This fantastic prize package includes overnight accommodation for two in a Club InterContinental King Spa Room and either buffet breakfast for two in Atrium Restaurant or continental breakfast in the Club InterContinental Lounge.

You will also enjoy drinks and appetisers between 5.30pm and 7.30pm in the Club InterContinental Lounge, have use of the Club InterContinental Lounge from 6.30am to 10pm and have entry to Waterside Health & Fitness Centre.

Forrestfield Forum & Marketplace has all of your Mothers Day needs covered with Woolworths, Woolworths Liquor, Coles and 45 specialty stores. The competition runs April 26 to May 6.

Italy Girefin buys 9.8% in Best Union

ADP Italy News: 21 March 2011

[What follows is the full text of the news story.]

(ADPnews) ï¿½ Mar 21, 2011 ï¿½ Italian Girefin SpA, owned by the Landi family, bought on March 15, 2011 a 9.764% stake in Italy's ticketing system operator Best Union Company (BIT:BEST) from Italian company in liquidation King SpA.

Girefin is a majority shareholder in Italian alternative automotive fuel systems maker Landi Renzo (BIT:LR).

Best Union chairman, Luca Montebugnoli, said he was satisfied and proud that in a few months two new high-standing shareholders have decided to buy into the company, sharing the favourable prospects for future development of the group's activities and growth strategy.

A blot Houston can't erase

Houston Chronicle (TX): 02 November 2010

[What follows is the full text of the news story.]

Nov. 02--It has been called VIP Spa, King Spa, Montage Massage & Day Spa and now, Du Soleil -- although it has no sign marking it as a massage parlor, just some curtain-covered windows in a storefront strip mall and a red and blue light declaring it "OPEN."

On 14 visits to this nonï¿½descript establishment over the past two years, vice officers have arrested 23 women for agreeing to sex dates. Yet the Richmond Avenue enterprise is open for business -- one of at least 550 massage parlors that have operated illegally in the city of Houston, according to court documents, data and public reports.

A Houston Chronicle analysis found 292 establishments have been cited by police for compliance violations, including operating without a state license, hiring unlicensed workers, operating during prohibited hours or engaging in vice crimes.

Another 260 advertise their services but don't appear in state licensing.

"There are so many that open and close so fast, change names and change ownerships," said Sgt. Mark Kilty of the Houston Police Department Vice Division. "We definitely can't keep track of all of them."

Many are suspected of serving as fronts for prostitution, authorities across the county say.

"They bring all the sex addicts to the neighborhoods. They are not safe for the families, for our children," said Karen Kristopher, the director of Houston Area Association for Decency. "These 'massage parlors?' Give us a break."

Among those with the most violations is the business at 9413 Richmond.

Last year, the Houston city attorney issued an injunction against the property owner, who, in turn, evicted the King Spa (previously known as VIP Spa). It opened again with a new name, first as Montage Massage & Day Spa and then as Du Soleil, with a new owner in the same spot in the same strip mall from which it was evicted.

"This is the kind of quandary we get stuck in," said senior assistant city attorney Nirja Aiyer. "You close them up, they think no one is looking, then they go right back at it."

Neighbors complain

The city of Houston provided the Chronicle with a list of 30 massage parlors, spas and modeling studios that have been closed down over the past two years, mostly for posing a "public nuisance." And yet a simple Web search found five advertising "grand openings" in online classified ads this month.

The newly named Du Soleil advertised a grand opening on Oct. 21 featuring nearly bare photos of what the site called "Latin Beauties."

Deputy Gerald Hull, of the Harris County Precinct 5 Constable's Office, told the Chronicle they have received multiple complaints from neighbors.

"People in the opposite side of the spa said they see repeated customers coming in and out the place after midnight," Hull said.

Regulating massage parlors is a dubious task. They often change names and ownership, if they register with authorities at all.

The job of licensing and inspecting them falls to Texas Department of State Health Services, but the state relies heavily on local police to enforce the regulations. There is just one full-time state investigator assigned to routine inspections of licensed businesses. Five investigators, shared with other state programs, review and investigate complaints against licensees.

But department spokeswoman Christine Mann said the massage licensing program could be eliminated as part of a series of proposed budget cuts, though any decision to do so would be made by the Texas Legislature.

"One of those options is to eliminate our massage therapy licensing program, worth $1.5 million over the 2012-2013 biennium," Mann wrote in an e-mail.

More than 150 establishments have been cited by the police for prostitution since 2008; 70 of them have been raided three or more times, records show. Many, if not most, are still operating.

Parade of owners

On North Beltway 8, for example, the Golden Beach Spa -- known now as the Essence Spa -- has been targeted seven times and seen the arrests of 15 women ranging in age from 20 to 41.

It has had at least three owners, according to Harris County records. The first, Xiao Fei Li, was convicted of operating Green Haven Spa, a different business, without a license in March.

The latest registered owner is Johnna Boyd, who also is the registered owner of Bluelite Adult Video next door. She says she no longer owns the spa but doesn't know to whom she sold it.

The business owner for the Richmond Avenue VIP spa was 43-year-old Long Xiu Zhao until 2008. In March 2009, he was charged by Harris County constables with operating yet another spa without a license.

The state health department also took his Litz Massage Therapy Spa, another business in Katy, because of sexual misconduct and other violations in August 2009.

The Richmond business has never been registered with the state.

A warrant has been issued for Zhao, who could face up to one year in Harris County Jail and a $4,000 fine. Public records show he has lived in Houston, New Orleans and New York.

"We get a triangle here. They come from New York, California. They rotate every few months," said Hull, of the Precinct 5 Constable's Office.

Most of the places that have been cited by law enforcement officers are concentrated in the Montrose-Midtown area and in southwest Houston.

But Capt. Skip Oliver of the Precinct 4 Constable's Office said after the city passed stiffer ordinances in 2007, officers began seeing an influx of the establishments onto county roads like FM 1960 and Texas 6.

"There are so many unoccupied strip mall centers that are certainly less expensive than the city, so they are looking to do anything to rent the space," said Oliver.

Drag on local economy

The influx has further depressed the economy of the community, local business people say.

"The more the business degraded, the fewer people move here. It's hard to do business here," said Larry Lipton, who owns an insurance agency on FM 1960.

The city has an ordinance prohibiting massage parlors from operating between 10 p.m. and 8 a.m., but the county does not.

In 2009, the Precinct 4 Constable's Office established a Regulatory Enforcement Division to specifically target illegal massage parlors.

Most of the time, it's the women who work in massage parlors who get arrested. One 29-year-old woman has been fined four times for "practicing massage therapy without registration." She pays a $350 fine every time the court calls her in.

City changing tactics

But police say the women don't seem concerned about fines.

"Losing money is part of the business," said Cpl. Ernest Gonzalez, with the Precinct 4 Constable's Office. "The fine is nothing compared to what they make."

Another 32-year-old woman has been fined five times but has paid nothing so far.

"They do not want to run a legitimate business. They want to make money and do it quickly," said Linda Geffin, division chief of special prosecutions with the Harris County Attorney's office.

Among the 526 license violation cases filed in Houston Municipal court, more than half were dismissed. Most of the time that was because the police officer who was called to testify did not show for court. Cases that involve a prostitution arrest get higher priority, authorities say.

"With prostitution arrests, it's easier for us to turn around and shut these places down," said David Feldman, the city attorney.

He said the city is now looking at a shorter path -- closing down the illegal ones as public nuisances rather than waiting for criminal convictions.

"We will become more aggressive to these places," said Feldman.

yang.wang@chron.com

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Houston Chronicle (TX): 01 November 2010

[What follows is the full text of the news story.]

Nov. 01--It has been called VIP Spa, King Spa, Montage Massage & Day Spa and now, Du Soleil -- although it has no sign marking it as a massage parlor, just some curtain-covered windows in a storefront strip mall and a red and blue light declaring it "OPEN."

Another 260 advertise their services but don't appear in state licensing records.

Many are suspected of serving as fronts for prostitution, authorities across the county say.

Among those with the most violations is the business at 9413 Richmond.

"This is the kind of quandary we get stuck in," said senior assistant city attorney Nirja Aiyer. "You close them up, they think no one is looking, then they go right back at it."

Neighbors complain

The newly named Du Soleil advertised a grand opening on Oct. 21 featuring nearly bare photos of what the site called "Latin Beauties."

Deputy Gerald Hull, of the Harris County Precinct 5 Constable's Office, told the Chronicle they have received multiple complaints from neighbors.

"People in the opposite side of the spa said they see repeated customers coming in and out the place after midnight," Hull said.

Regulating massage parlors is a dubious task. They often change names and ownership, if they register with authorities at all.

But department spokeswoman Christine Mann said it's likely the state will cut the massage licensing program to meet budget requirements.