MIRA INFORM REPORT

Report Date :

15.02.2013

IDENTIFICATION DETAILS

Name :	INDUSTRIALFORNITURE S.R.L.

Registered Office :	Via Galileo Galilei, 2/4 S. Pietro In Palazzi 57023 – Cecina (LI)

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	10.02.1987

Com. Reg. No.:	LI009-12198 of since 19/02/1996

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of machinery and equipment for the chemical,petrochemical and petroleum industries (including seperate parts and accessories)

No. of Employees :	from 11 to 15

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 :	Good
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

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 and address

Industrialforniture S.r.l.

Via Galileo Galilei, 2/4 S. Pietro In Palazzi

57023 – Cecina (LI) -IT-

Summary

Fiscal Code	:	00855040499
Legal Form	:	Limited liability company
start of Activities	:	10/02/1987
Equity	:	Over 2.582.254
Turnover Range	:	7.750.000/9.000.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of machinery and equipment for the chemical,petrochemicall and petroleum industries (including seperate parts and accessories)

Wholesale of hardware, plumbing and heating equipment and supplies

Wholesale of Industrial chemical products

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00855040499

Foreign Trade Reg. no. : LI002771 since 28/04/1992

Foreign Trade Reg. no. : 002771 of since 28/04/1992

Chamber of Commerce no. : 81138 of since 10/02/1987

Firms' Register : LI009-12198 of since 19/02/1996

V.A.T. Code : 00855040499

Tribunal Co. Register : 12198 of

Foundation date	: 02/01/1987
Establishment date	: 02/01/1987
Start of Activities	: 10/02/1987
Legal duration	: 31/12/2040
Nominal Capital	: 929.622
Subscribed Capital	: 929.622
Paid up Capital	: 929.622

Members

Cecconi

Renato

Born in Chianni

(PI)

on 31/10/1947

- Fiscal Code : CCCRNT47R31C609D

Residence:

T. Signorini

, 5

- 57023

Cecina

(LI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director

No Prejudicial events are reported

No Protests registered

Cecconi

Cristina

Born in Cecina

(LI)

on 19/10/1970

- Fiscal Code : CCCCST70R59C415R

Residence:

Vicinale Dei Poggiali

, 53

- 57020

Bibbona

(LI)

- IT -

Position	Since	Shares Amount	% Ownership
Institor	29/01/2008

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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Cecconi Renato	Cecina - IT -	CCCRNT47R31C609D	805.703 .Eur	86,67
LORENZINI LUCIANA		LRNLCN50T62C415D	123.919 .Eur	13,33

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

since 10/11/1989

Galileo Galilei- San Pietro Palazzi

, 2/4

- 57023

- Cecina

(LI)

- IT -

Trading Style: INDUTRIALFORNITURE SRL

PHONE

: 0586661375

FAX

: 0586661032

Branch

(Store)

since 01/11/1999

A. Meucci - S. Pietro In Palazzi

, 22

- 57023

- Cecina

(LI)

- IT -

Employees

: 14

Fittings and Equipment for a value of 48.000

Eur

Stocks for a value of 1.560.000

Eur

Furniture and fittings for a value of 3.000

Eur

Vehicles for a value of 15.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Venturi

Laura

Born in LIVORNO

(LI)

on 27/08/1948

- Fiscal Code : VNTLRA48M67E625S

Residence:

Regione Toscana

, 10

- 57021

Campiglia Marittima

(LI)

- IT -

Ex-Postions

Auditor

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

Company's starting of activities dates back to 1987.

An eco-fin analysis has been made on the base od the b/s fo the years 2009, 2010 and 2011.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 4,42% in 2011 and during the last financial year an increase in sales volume was registered (+14,75% in 2011).

The return on Investment in the last financial year was positive (4,5%) and in line with the sector's average.

The amount of the operating result for the year 2011 is of Eur. 719.410 with no increase in relation to the financial year 2010.

A gross operating margine for a value of Eur. 870.644 was reached. stable if compared to the financial year 2010.

Excellent equity structure since liquidity is higher than short term liabilities.

With regard to equity capital, an amount of Eur. 12.097.523 is registered. , unchanged if compared to 2010.

During the last financial year debts totalled Eur. 3.615.380 (Eur. 1.050.904 of which were m/l term debts) increasing if compared to the previous year, during which they were equal to Eur. 2.973.818 (21,57%).

Moderate recourse to bank credit while the exposure towards suppliers is rather high but lined up with the field's average.

It shows a good range of liquidity.

Trade credits average terms are slow, on average 185,89 days. and higher than the average of the sector.

Eur. 655.200 is the value of cash flow during the year 2011

Subordinate employment cost is of Eur. 734.729, i.e. 9,65% on total production costs. , whereas the incidence on sales revenues is of 8,87%.

The financial management is positive as incomes are higher than the charges.

Financial Data