MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	NEWAGE INTIMO S.R.L.

Registered Office :	Via Del Forchetto, 1 70033 – Corato (BA)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	29.09.1997

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	· Manufacture of Underwear · Wholesale of Shirts, Underwear and Similars.

No of Employees :	19

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

NEWAGE INTIMO S.R.L.

Via Del Forchetto, 1 70033 – Corato (BA)

Summary

Fiscal Code	:	05063080724
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	30/09/1997
Equity	:	Over 2.582.254
Turnover Range	:	9.000.000/10.000.000
Number of Employees	:	from 16 to 25

Activity

Manufacture of underwear

Wholesale of shirts, underwear and similars

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 05063080724

Foreign Trade Reg. no. : BA039237 since 29/03/2001

Chamber of Commerce no. : 394259 of Bari since 29/10/1997

Chamber of Commerce no. : 492714 of Bologna

Firms' Register : BA-1997-497735 of Bari

V.A.T. Code : 05063080724

Establishment date	: 29/09/1997
Start of Activities	: 30/09/1997
Nominal Capital	: 110.000
Subscribed Capital	: 110.000
Paid up Capital	: 110.000

Members

Magno

Giuseppe

Born in Andria

(BA)

on 15/01/1965

- Fiscal Code : MGNGPP65A15A285Z

Residence:

Firenze

, 33

- 70031

Andria

(BA)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	27/12/2004

No Prejudicial events are reported

No Protests registered

Independent Holding S.r.l.

Del Forchetto

, 1

- 70033

Corato

(BA)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	08/12/2011

No Prejudicial events are reported

No Protests registered

Independent Holding S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

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.

Magno

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Newage S.r.l. (in Liquidazione)	Andria (BA) - IT -	05928300721	Liquidator	Withdrawn	Registered
Independent Holding S.r.l.	Corato (BA) - IT -	07019730725	Sole Director	Active	Registered
Blu Concept Brands S.r.l.	Bologna (BO) - IT -	03058291208	Sole Director	Withdrawn	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
Independent Holding S.r.l.	Corato - IT -	07019730725		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
Consorzio Newentry In Liquidazione		06425380729		20,00			Active

Firm's location and structure

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

Legal and operative seat

Del Forchetto

, 1

- 70033

- Corato

(BA)

- IT -

PHONE

: 0803588561

FAX

: 0803720153

Website

: www.newagentimo.it

Branch

since 01/02/1999

until 04/04/2001

98, Km. 47,130

- 70033

- Corato

(BA)

- IT -

PHONE

: 0803588561

Branch

(Shop)

since 02/12/2005

until 16/01/2008

G. Di Vittorio

, 72

- 70033

- Corato

(BA)

- IT -

Total Surface: 41 Sq.mt.

Branch

(Warehouse)

since 01/01/2007

until 15/10/2007

S. Elia

, 280

- 70033

- Corato

(BA)

- IT -

Employees

: 19

Fittings and Equipment for a value of 380.000

Eur

Stocks for a value of 4.980.000

Eur

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

The subj. took over by rent the activities of

CONFEZIONI ASSOCIATE TRE EFFE S.R.L.In Liquidazione

98 Km. 47,200

, 70033

, Corato

(BA)

- IT -

Fiscal Code: 03712620727

Date

30/04/1999

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

The company is active since 1997

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 1,37% in 2013 but without a significant increase in the turnover.

The operating result in 2013 was positive (5,11%) and in line with the sector's average.

The operating result is positive and amounts to Eur. 715.037 , on more or less the same values as in the year before.

The gross operating margin of the latest financial year is of Eur. 872.215 stable if compared to the financial year 2012.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,1) and decreasing as against 2012.

The management generated equity capital for an amount of Eur. 3.539.079 , rising by 20,35%.

During the last financial year total debts volume reached Eur. 10.298.449 (Eur. 2.792.332 were m/l term ones) , with no sensible variation.

Bank borrowings' volume is slightly high but the recourse to suppliers' credit is modest which is also lower than the sector average.

The management determines a good range of liquidity.

Accounts receivable average term is high (151,6 days). also in relation to the average of the sector.

The financial management generated a cash flow of Eur. 205.816.

Subordinate employment cost is of Eur. 657.313, i.e. 7,51% on total production costs. , whereas 6,79% is the incidence on sales revenues.

High incidence of financial charges on turnover.

Financial Data