MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	MS S.R.L.

Registered Office :	Via Bergamo, 1910, 21042 - Caronno Pertusella (VA)

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	02.04.2004

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	Manufacture of textile machinery, machinery and systems for auxiliary treatment of textiles, sewing and weaving machines (including spar e 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 :	Regular
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 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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, highly subsidized, agricultural south, where unemployment is high. 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, topping 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. 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 sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level.

Source : CIA

Company name & address

MS S.r.l.

Via Bergamo, 1910

21042 - Caronno Pertusella (VA) -IT-

Summary

Fiscal Code	:	02818640126
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	21/06/2004
Equity	:	2.500.000
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of textile machinery, machinery and systems for auxiliary y treatment of textiles, sewing and weaving machines (including spar e parts and accessories)

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 02818640126

Foreign Trade Reg. no. : VA055643 since 06/07/2004

Chamber of Commerce no. : 408463 of

Chamber of Commerce no. : 291556 of since 14/04/2004

V.A.T. Code : 02818640126

Establishment date	: 02/04/2004
Start of Activities	: 21/06/2004
Legal duration	: 31/12/2030
Nominal Capital	: 459.250
Subscribed Capital	: 459.250
Paid up Capital	: 459.250

Members

Fim S.r.l.

Position	Since	Shares Amount	% Ownership
Sole partner

No Protests registered

Salvati

Francesco

Born in Seregno

(MB)

on 11/09/1970

- Fiscal Code : SLVFNC70P11I625P

Residence:

Palladio

, 20

- 20030

Lentate Sul Seveso

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	03/05/2013

No Protests registered

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.

Salvati

Francesco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Sin.ele S.r.l. - In Liquidazione	Caronno Pertusella (VA) - IT -	10255730151	Liquidator	Active	Registered
Studio Pirola, Perfetti E Partners S.r.l.	Milano (MI) - IT -	04712040965	Director	Active	Registered
Mem Srl	Saronno (VA) - IT -	03083810139	Sole Director	Active	Registered
Renergies Italia Societa' Per Azioni	Corridonia (MC) - IT -	01559290430	Director	Withdrawn	Registered
Duasoft Srl In Breve Dgs Srl	Saronno (VA) - IT -	03037970120	Sole Director	Active	Registered
Pepita S.r.l.	Saronno (VA) - IT -	03123840120	Sole Director	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
Fim S.r.l.		05621230969		100,00

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

Bergamo

, 1910

- 21042

- Caronno Pertusella

(VA)

- IT -

PHONE

: 029650169

PHONE

: 0296458475

FAX

: 029656218

Branch

(Warehouse)

since 08/09/2010

Bergamo

, 2000

- 21042

- Caronno Pertusella

(VA)

- IT -

Branch

(Warehouse)

since 13/01/2011

Bergamo

, 2000

- 21042

- Caronno Pertusella

(VA)

- IT -

Branch

(Warehouse)

since 22/11/2011

Lungo Serio

, 5H/5I

- 24050

- Grassobbio

(BG)

- IT -

Employees

: 14

Fittings and Equipment for a value of 270.000

Eur

Stocks for a value of 2.580.000

Eur

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Oggionni

Valter

Born in Milano

(MI)

on 16/03/1952

- Fiscal Code : GGNVTR52C16F205W

Residence:

Leonardo Da Vinci

, 29

- 21040

Origgio

(VA)

- IT -

Ex-Postions

Sole Director

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

Subject is active since 2004

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

During the last years, it achieved profits (r.o.e. 51,02% on 2011) with a good increase in turnover (+75,5% in 2011 compared to 2010 and +40,56% in 2010 compared to 2009).

The operating result in 2011 was positive (19,36%) and is higher than the sector's average.

The operating result is positive and amounts to Eur. 1.834.133 showing an upward trend more then 100% compared to the previous financial year.

A gross operating margine for a value of Eur. 1.962.474 was reached. showing a more then 100% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,96) with an improving trend as on the decrease.

With regard to equity capital, an amount of Eur. 2.298.050 is registered. , rising by 85,25%.

During the last financial year total debts volume reached Eur. 6.991.522 (Eur. 450.665 were m/l term ones) with a growth equal to 31,89%.

Current liquid assets is positive.

Eur. 1.300.873 is the value of cash flow during the year 2011

During 2011 financial year labour costs amounted to Eur. 928.064, with a 4,6% incidence on production costs. and a 4,46% incidence on sales volumes.

The incidence of the financial charges is of -0,26% on the sales amount.

Financial Data