MIRA INFORM REPORT

Report Date :

01.09.2012

IDENTIFICATION DETAILS

Correct Name :	AXOMATIC S.R.L.

Registered Office :	Piazza Velasca, 5, 20100 – Milano (MI)

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	10.04.1997

Com. Reg. No.:	MI-2000-15884 of since 26/01/2000

Legal Form :	Sole-member limited liability company

Line of Business :	Manufacture of machinery and equipment

No. of Employees :	11 to 15 employees

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

Axomatic s.r.l.

Piazza Velasca, 5

20100 - Milano (MI) -IT-

Summary

Fiscal Code	:	02609900242
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	01/04/1999
Equity	:	750.000
Turnover Range	:	6.500.000/7.750.000
Number of Employees	:	from 11 to 15

Activity

MANUFACTURE OF MACHINERY AND EQUIPMENT N.E.C.

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 02609900242

Chamber of Commerce no. : 1587964 of since 12/05/1999

Firms' Register : MI-2000-15884 of since 26/01/2000

V.A.T. Code : 12976520150

Foundation date	: 10/04/1997
Establishment date	: 10/04/1997
Start of Activities	: 01/04/1999
Legal duration	: 31/12/2050
Nominal Capital	: 10.400
Subscribed Capital	: 10.400
Paid up Capital	: 10.400

Members

Dal Santo

Federica

Born in Schio

(VI)

on 04/02/1975

- Fiscal Code : DLSFRC75B44I531A

Residence:

Moirano

, 5

- 20019

Settimo Milanese

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	17/10/2000

No Protests registered

Olivieri

Luca

Born in Milano

(MI)

on 15/05/1965

- Fiscal Code : LVRLCU65E15F205F

Residence:

Moirano

, 5

- 20019

Settimo Milanese

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	17/10/2000
Director	17/10/2000
Managing Director	17/10/2000

No Prejudicial events are reported

No Protests registered

Sogema s.r.l. ex Axo Fin s.r.l.

Residence:

Velasca

, 8

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner

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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Sogema s.r.l. ex Axo Fin s.r.l.	Milano - IT -	04235460963		100,00

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
So. Pack S.r.l.	Castel San Pietro Terme - IT -	01901401206	2.550 .Eur	5,00			Active

Firm's location and structure

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

-	Registered office

Velasca

, 5

- 20100

- Milano

(MI)

- IT -

PHONE

: 023285370

FAX

: 0233502894

Operative seat

since 10/07/2007

Einstein

, 8

- 20019

- Settimo Milanese

(MI)

- IT -

Employees

: 13

Fittings and Equipment for a value of 460.000

Eur

Stocks for a value of 600.000

Eur

Traded Brands / Suppliers

- Gimax srl

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

The subj. took over by rent the activities of

Axomatic s.r.l.

Velasca

, 5

, 20100

, Milano

(MI)

- IT -

Fiscal Code: 02609900242

Date

12/04/2011

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
SANPAOLO IMI S.P.A. FUS. INTESA SAN PAO	SETTIMO MILANESE	VIA AIRAGHI 13	20019	Settimo Milanese (MI)	1025	33860

Financial and Economical Analysis

Company's starting of activities dates back to 1999.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 57,32% in 2011 with a good increase in turnover (+17,05% in 2011 compared to 2010 and +21,6% in 2010 compared to 2009).

The return on Investment in the last financial year was positive (15,03%) and reflects the field's average.

An operating result of Eur. 677.727 has been registered. on stable levels if compared to the previous year.

A gross operating margine for a value of Eur. 729.392 was reached. with no sensible increase as against 2010.

Company's financial status is balanced since indebtedness is not high (3,68) and decreasing as against 2010.

Subject can manage an equity capital funds for an amount of Eur. 719.169 , with an upward trend.

Total indebtedness totalled Eur. 3.038.447, , a more or less stable value.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent even if it still falls within the sector's average.

Liquidity is good (1,42)

As to due from customers, the average terms are 48,67 days. , lower than the sector's average.

2011 financial year closed with a cash flow of Eur. 463.876

In the last financial year labour cost was of Eur. 868.429, with a 12,22% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 11,28%.

Financial incomes cover financial charges.

Financial Data