MIRA INFORM REPORT

Report Date :

29.04.2014

IDENTIFICATION DETAILS

Name :	FRANCHI PACK S.R.L.

Registered Office :	Via Sacco E Vanzetti, 19 GHIARDO 42025 – Bibbiano (RE)

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	05.07.1983

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	Manufacture of Textiles Retail sale of twine, cords, jute sheets and sacks and products for packaging (including those in paper and cardboard)

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 higher. 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 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level

Source : CIA

Company name and address

FRANCHI PACK S.R.L.

Via Sacco E Vanzetti, 19 GHIARDO 42025 - Bibbiano (RE) -IT-

Summary

Fiscal Code	:	01124520352
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	05/07/1983
Equity	:	250.000
Turnover Range	:	1.500.000/2.000.000
Number of Employees	:	from 1 to 5

Activity

MANUFACTURE OF TEXTILES

Preparation and spinning of textile fibres

Retail sale of twine, cords, jute sheets and sacks and products for packaging (including those in paper and cardboard)

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 01124520352

Foreign Trade Reg. no. : RE010657 since 06/12/1991

Foreign Trade Reg. no. : 10657 of Reggio Emilia since 06/12/1991

Chamber of Commerce no. : 160410 of Reggio Emilia since 22/08/1983

V.A.T. Code : 01124520352

Tribunal Co. Register : 12374 of

Foundation date	: 05/07/1983
Establishment date	: 05/07/1983
Start of Activities	: 05/07/1983
Legal duration	: 31/12/2030
Nominal Capital	: 10.400
Subscribed Capital	: 10.400
Paid up Capital	: 10.400

Members

Franchi

Giuliano

Born in Cavriago

(RE)

on 09/01/1953

- Fiscal Code : FRNGLN53A09C405F

Residence:

Roma

, 13/00

- 42021

Bibbiano

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director
Sole partner	04/11/2009

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
Franchi Giuliano	Bibbiano - IT -	FRNGLN53A09C405F		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
Euro Castings S.p.a.	Reggio Emilia - IT -	00128430352	12 .Eur				Active

Firm's location and structure

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

Legal and operative seat

Sacco E Vanzetti

, 19

- 42021

- Bibbiano

(RE)

- IT -

PHONE

: 0522882101

Employees

: 3

Fittings and Equipment for a value of 520.000

Eur

Stocks for a value of 180.000

Eur

Furniture and fittings for a value of 10.000

Eur

Vehicles for a value of 26.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
General partnership	Limited liability company	07/02/1989

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Franchi Giuliano e C. s.n.c.	Saccheria Franchi Pack s.r.l.	05/07/1989

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 1983.

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 8,6% in 2012 with a stable trend in the turnover.

The return on Investment in the last financial year was positive (7,2%) and reflects the field's average.

An operating result of Eur. 92.246 has been registered. with an increase of 24,01% if the compared to the previous financial year.

A gross operating margine for a value of Eur. 113.651 was reached. stable if compared to the financial year 2011.

The financial status of the company is fairly balanced with an indebtedness level of 3,52 but with an increase as against the previous accounting period.

The management generated equity capital for an amount of Eur. 242.214 , stable in comparison with the value of the previous year.

In the year 2012 total debts amounted to Eur. 953.712 on the same levels as the year before.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 37,82 gg. is the payments' average time below the sector's average.

Available funds are not so good (0,96).

Trade credits average terms are slow, on average 126,47 days. , as it normally happens in the sector.

2012 financial year closed with a cash flow of Eur. 42.244

Labour cost expenses amount to Eur. 103.303 , representing 6,44% on the total of production costs. , whereas 6,24% is the incidence on sales revenues.

The financial management is marked by a high incidence of financial charges in relation to sales revenues (-3,01%).

Financial Data