MIRA INFORM REPORT

Report Date :

24.05.2013

IDENTIFICATION DETAILS

Name :	CONSORZIO CAVATORI CREDARO S.R.L.

Registered Office :	Via Dei Mille, 19 Localita' Vanzago 25030 – Paratico (BS) -IT-

Country :	Italy

Financials (as on) :	31.12.2011

Date of Incorporation :	16.10.2003

Legal Form :	Limited liability company

Line of Business :	Cutting and carving of stone and marble

No. of Employees :	from 1 to 5

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,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 and address

CONSORZIO CAVATORI CREDARO S.R.L.

Via Dei Mille, 19 Localita' Vanzago

25030 - Paratico (BS) -IT-

Summary

Fiscal Code	:	03065960167
Legal Form	:	Limited liability company
start of Activities	:	16/10/2003
Equity	:	50.000
Turnover Range	:	1.000.000/1.250.000
Number of Employees	:	from 1 to 5

Activity

Cutting and carving of stone and marble

Wholesale of other building materials

Legal Data

Legal Form : Limited liability company

Fiscal Code : 03065960167

Chamber of Commerce no. : 450823 of since 04/04/2007

V.A.T. Code : 03065960167

Establishment date	: 15/09/2003
Start of Activities	: 16/10/2003
Legal duration	: 31/12/2050
Nominal Capital	: 10.000
Subscribed Capital	: 10.000
Paid up Capital	: 10.000

Members

Vigani

Alessandro

Born in Sarnico

(BG)

on 08/07/1975

- Fiscal Code : VGNLSN75L08I437Y

Residence:

Costa Verde

, 12

- 24060

Predore

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	02/01/2007

No Prejudicial events are reported

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.

Vigani

Alessandro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Artigiana Pietre Di Vigani Alessandro	Adrara San Martino (BG) - IT -	VGNLSN75L08I437Y	Proprietor	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
Vigani Alessandro	Predore - IT -	VGNLSN75L08I437Y	2.192 .Eur	21,92
Calissi Massimo Giuseppe		CLSMSM61B18A794F	3.423 .Eur	34,23
Bellini Roberto		BLLRRT73B20I437P	2.192 .Eur	21,92
Danesi Luciano		DNSLCN75P19F704J	2.193 .Eur	21,93

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

Dei Mille Localita' Vanzago

, 19

- 25030

- Paratico

(BS)

- IT -

Legal and operative seat

until 01/01/2012

Molinara

, 32

- 25031

- Capriolo

(BS)

- IT -

Employees

: 4

Fittings and Equipment for a value of 44.000

Eur

Stocks for a value of 33.000

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

Company's starting of activities dates back to 2003.

Balance sheets for the years 2009, 2010 and 2011 were analyzed.

During the last years, it achieved profits (r.o.e. 15,75% on 2011) but without a significant increase in the turnover.

The operating result was positive in the last financial year (4,08%) falling within the field's average.

An operating result of Eur. 23.217 has been registered. with no increase in relation to the financial year 2010.

The gross operating margin of the latest financial year is of Eur. 38.407 , stable if compared to the year before.

Net worth does not allow a regular management, short-term debts volume is considerably high, with an high indebtedness volume on the whole (11,55) and increasing if compared to the previous year.

It's shareholders funds amount to Eur. 38.522 , unchanged if compared to 2010.

Total indebtedness was equal to Eur. 461.452 (Eur. 15.000 was the value of m/l term debts) increasing if compared to the previous year, during which they were equal to Eur. 357.961 (28,91%).

Remarkable financial indebtedness specially if compared to equity capital, the exposure to suppliers is moderate (78,68 gg. is the average payment period) below the sector's average.

Payments are supported by good current assets.

Due from customers average term is high and equal to 141,99 days. within the standard level of the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 21.259

Labour cost amounts to Eur. 162.089, with a 14,33% incidence on production costs. , whereas the incidence on sales revenues is of 13,88%.

The financial management has a limited economic impact, equal to -0,65% on the sales.

Financial Data