MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Correct Name :	SOCIETA' COOPERATIVA SONICO

Registered Office :	Via Borgolo, 29, 19030 - Castelnuovo Magra (SP)

Country :	Italy

Financials (as on) :	31.12.2010

Date of Incorporation :	04.05.1999

Com. Reg. No.:	MS-1999-1726

Legal Form :	Cooperative society

Line of Business :	Floor and wall covering

No. of Employees :	01 to 05 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Italy

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. 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 exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.

Source : CIA

Company name & address

Societa' Cooperativa Sonico

Via Borgolo, 29

19030 - Castelnuovo Magra (SP) -IT-

Summary

Fiscal Code	:	00701140451
Legal Form	:	Cooperative society
start of Activities	:	04/05/1999
Equity	:	15.000
Turnover Range	:	250.000/375.000
Number of Employees	:	from 1 to 5

Activity

Floor and wall covering

Other specialised construction activities

Legal Data

Legal Form : Cooperative society

Fiscal Code : 00701140451

Chamber of Commerce no. : 103378 of

Chamber of Commerce no. : 98711 of since 15/04/2005

Firms' Register : MS-1999-1726 of

V.A.T. Code : 00701140451

Start of Activities	: 04/05/1999
Legal duration	: 31/12/2030
Nominal Capital	:
Paid up Capital	: 3.873

Members

Scarpato

Stefania

Born in Chiavari

(GE)

on 07/11/1961

- Fiscal Code : SCRSFN61S47C621E

Residence:

Molino Del Piano

, 45

- 19030

Castelnuovo Magra

(SP)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/11/2006

No Protests registered

Mussini

Giovanni

Born in Carrara

(MS)

on 17/07/1955

- Fiscal Code : MSSGNN55L17B832Z

Residence:

Della Resistenza

, 65

- 19030

Castelnuovo Magra

(SP)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/11/2006
Assistant board Chairman	03/11/2006

No Prejudicial events are reported

No Protests registered

Mussini

Maurizio

Born in Carrara

(MS)

on 23/06/1959

- Fiscal Code : MSSMRZ59H23B832N

Residence:

Molino Del Piano 45

, 45

- 19033

Castelnuovo Magra

(SP)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/11/2006
Board Chairman	03/11/2006

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

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

Borgolo

, 29

- 19030

- Castelnuovo Magra

(SP)

- IT -

PHONE

: 0187693050

Employees

: 2

Fittings and Equipment for a value of 420.000

Eur

Stocks for a value of 25.000

Eur

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.

Financial and Economical Analysis

The company is active since 1999

The economic-financial analysis is based on the latest 3 b/s.

Unstable economic results mark the company's financial state of affairs. with a profit (r.o.e. 20,35%) in the last financial year In the last financial year a drop in sales has been registered (-63,55%).

The operating result is negative.

The amount of the operating loss for 2010 is equal to Eur. -61.316.

It has been registered a negative gross operating margin value of (Eur. -33.102).

Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (152,09) which tends downward.

With regard to equity capital, an amount of Eur. 6.123 is registered. with a growth of 25,52% in 2010.

During the last financial year debts totalled Eur. 1.053.735 (Eur. 113.966 of which were m/l term debts) with a downward trend if compared to the preceding year (-32,5%).

The company makes frequent use of bank credit; the recourse to suppliers credit is also high even in comparison with the sector's.

The liquidity level is not completely good.

The financial management generated a cash flow of Eur. 29.460.

Labour cost amounts to Eur. 93.647, with a 18,33% incidence on production costs. , with a 35,65% incidence on turnover.

Finacial charges are high: the incidence on sales volume amounts to -20,63%

Financial Data