MIRA INFORM REPORT

Report Date :

03.02.2014

IDENTIFICATION DETAILS

Name :	ALBERTINI S.P.A.
Registered Office :	Viale Dell'industria, 14/A, 37030 - Colognola Ai Colli (VR)
Country :	Italy
Date of Incorporation :	20.12.2012
Legal Form :	Joint stock company with sole shareholder
Line of Business :	Manufacturer of doors and windows in wood (except for armoured doors)
No. of Employees :	from 111 to 130

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Italy	A2	A2

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

Albertini S.p.a.

Viale Dell'industria, 14/A

37030 - Colognola Ai Colli (VR) -IT-

Summary

Fiscal Code	:	04146510237
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	31/12/2012
Number of Employees	:	from 111 to 130

Activity

Manufacture of doors and windows in wood (except for armoured doors)

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 04146510237

Chamber of Commerce no. : 396113 of Verona since 31/12/2012

V.A.T. Code : 04146510237

Establishment date	: 20/12/2012
Start of Activities	: 31/12/2012
Legal duration	: 31/12/2050
Nominal Capital	: 1.040.000
Subscribed Capital	: 1.040.000
Paid up Capital	: 1.040.000

Members

Albertini Holding S.p.a.

Residence:

Dell'industria

, 14/A

- 37030

Colognola Ai Colli

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner

No Prejudicial events are reported

No Protests registered

Albertini

Giampaolo

Born in Verona

(VR)

on 02/02/1955

- Fiscal Code : LBRGPL55B02L781O

Residence:

Leon

, 4

- 37030

Mezzane di Sotto

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/12/2012
Board Chairman	20/12/2012
Managing Director	24/01/2013

No Prejudicial events are reported

No Protests registered

Albertini

Carlo

Born in Caldiero

(VR)

on 14/09/1958

- Fiscal Code : LBRCRL58P14B402F

Residence:

San Monte

, 3

- 37031

Illasi

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/12/2012
Assistant board Chairman	20/12/2012
Managing Director	24/01/2013

No Prejudicial events are reported

No Protests registered

Gabbiai

Maria Teresa

Born in Oppeano

(VR)

on 06/12/1957

- Fiscal Code : GBBMTR57T46G080Y

Residence:

Villa Cozza

, 41

- 37131

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/12/2012

Albertini

Carla

Born in Caldiero

(VR)

on 14/09/1958

- Fiscal Code : LBRCRL58P54B402J

Residence:

Verdi

, 14

- 37042

Caldiero

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/12/2012

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.

Albertini

Giampaolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Chairman	Withdrawn	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Director	Active	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Managing Director	Active	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Board Chairman	Active	Registered

Albertini

Carlo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Director	Active	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Partner	Withdrawn	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Assistant board Chairman	Active	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Chairman and Managing Director	Withdrawn	Registered
Albertini Holding S.p.a.	Colognola Ai Colli (VR) - IT -	00724180237	Managing Director	Active	Registered
Societa' Editrice Arena (s.e.a.) S.p.a.	Verona (VR) - IT -	00212670236	Director	Active	Registered
Verfin S.p.a.	Verona (VR) - IT -	02768570232	Director	Active	Registered
Immobiliare Tre Effe.a. Srl In Liquidazione	Colognola Ai Colli (VR) - IT -	01268500236	Liquidator	Withdrawn	Ceased
Atelieritaliano S.r.l.	Verona (VR) - IT -	03731090233	Director	Withdrawn	Registered
Legnofinestraitalia S.r.l.	Verona (VR) - IT -	03844740237	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
Albertini Holding S.p.a.	Colognola Ai Colli - IT -	00724180237		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

Dell'industria

, 14/A

- 37030

- Colognola Ai Colli

(VR)

- IT -

-

Branch

(Factory)

since 31/12/2012

Dell'industria

, 3

- 37030

- Colognola Ai Colli

(VR)

- IT -

Employees

: 113

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.

Market / Territory Data

Population living in the province	:	860.796
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

Monthly family expenses average in the region (in Eur..) :

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 1.333 significant companies.

The companies cash their credits on an average of 110 dd.

The average duration of suppliers debts is about 125 dd.

The sector's profitability is on an average of 3,19%.

The labour cost affects the turnover in the measure of 16,61%.

Goods are held in stock in a range of 69 dd.

The difference between the sales volume and the resources used to realize it is about 1,00.

The employees costs represent the 16,95% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.673.

The insolvency index for the region is 0,30, , while for the province it is 0,31.

Total Bankrupt companies in the province : 2.982.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.