MIRA INFORM REPORT

Report Date :

11.02.2014

IDENTIFICATION DETAILS

Name :	FREEZING CENTER FISH S.R.L.

Registered Office :	Strada Bonifica Del Tronto, VALLE CUPA, 64010- Controguerra (TE)

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	27.02.1990

Legal Form :	Limited liability company

Line of Business :	· Wholesaler of food, beverages and tobacco · Wholesaler of freshly fished products · Non-specialised wholesale of deep-frozen products · Cold storage warehouses for third parties

No of Employees :	From 1 to 5

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow But Correct

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

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

Freezing Center Fish S.r.l.

Strada Bonifica Del Tronto, VALLE CUPA

64010 - Controguerra (TE) -IT-

Summary

Fiscal Code	:	00758940670
Legal Form	:	Limited liability company
start of Activities	:	01/10/1991
Equity	:	Over 2.582.254
Turnover Range	:	6.500.000/7.750.000
Number of Employees	:	from 1 to 5

Activity

Wholesale of food, beverages and tobacco

Wholesale of freshly fished products

Non-specialised wholesale of deep-frozen products

Cold storage warehouses for third parties

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00758940670

Foreign Trade Reg. no. : TE010067 since 10/09/2003

Foreign Trade Reg. no. : 010067 of Teramo since 10/09/2003

Chamber of Commerce no. : 185060 of Ascoli Piceno

Chamber of Commerce no. : 93959 of Teramo since 27/04/1990

Firms' Register : TE041-9224 of Teramo since 19/02/1996

V.A.T. Code : 00758940670

Establishment date	: 27/02/1990
Start of Activities	: 01/10/1991
Legal duration	: 31/12/2050
Nominal Capital	: 516.500
Subscribed Capital	: 516.500
Paid up Capital	: 516.500

Members

	Antoniani	Gianfranco

Born in Como

(CO)

on 11/04/1940

- Fiscal Code : NTNGFR40D11C933P

Residence:

Cavour

, 3

- 63039

San Benedetto del Tronto

(AP)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	27/02/1990

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.

	Antoniani	Gianfranco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Friofish Di Antoniani Gianfranco	San Benedetto del Tronto (AP) - IT -	NTNGFR40D11C933P	Proprietor	Withdrawn	Ceased
Friofish - S.r.l.	San Benedetto del Tronto (AP) - IT -	01244870448	Sole Director	Withdrawn	In liquidation
Friofish - S.r.l.	San Benedetto del Tronto (AP) - IT -	01244870448	Liquidator	Withdrawn	In liquidation
Friofish - S.r.l.	San Benedetto del Tronto (AP) - IT -	01244870448	Board Chairman	Withdrawn	In liquidation
Soc.it Atlantic S.a.s. Di Antoniani GianFranco E C.	San Benedetto del Tronto (AP) - IT -	00102840444	General Partner	Withdrawn	Ceased
Soc.it Atlantic S.a.s. Di Antoniani GianFranco E C.	San Benedetto del Tronto (AP) - IT -	00102840444	Liquidator	Withdrawn	Ceased

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
ANTONIANI GIANFRANCO		NTNGFR40D11C933P	180.775 .Eur	35,00
CASTELLI GISELLA		CSTGLL38T70C933Y	129.125 .Eur	25,00
ANTONIANI NADIA		NTNNDA68L64H769Q	103.300 .Eur	20,00
ANTONIANI VIRNA		NTNVRN70E61H769C	103.300 .Eur	20,00

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

Bonifica Del Tronto

, Loc: VALLE CUPA

- 64010

- Controguerra

(TE)

- IT -

Total Surface: 234 Sq.mt.

PHONE

: 086189764

Branch

(Shop)

since 26/05/2007

E. Mari

, 18

- 63100

- Ascoli Piceno

(AP)

- IT -

Total Surface: 234 Sq.mt.

Employees

: 5

Fittings and Equipment for a value of 980.000

Eur

Stocks for a value of 2.910.000

Eur

The firm has a direct commercial organization

Sales converge to North and Central Italy.

Import comes generally from the following nations:

- Great Britain

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Cinaglia

Annarita

Born in Castel di Lama

(AP)

on 28/11/1963

- Fiscal Code : CNGNRT63S68C093R

Residence:

Roma

, 4

- 63031

Castel di Lama

(AP)

- IT -

Ex-Postions

Temporary Auditor

Gaetani

Gaetano

Born in Castorano

(AP)

on 06/08/1934

- Fiscal Code : GTNGTN34M06C331N

Residence:

Balilla

, 33

- 63039

San Benedetto del Tronto

(AP)

- IT -

Ex-Postions

Temporary Auditor

Sergiacomi

Antonio

Born in Offida

(AP)

on 14/03/1935

- Fiscal Code : SRGNTN35C14G005B

Residence:

Abruzzi

, 26

- 63039

San Benedetto del Tronto

(AP)

- IT -

Ex-Postions

Permanent Auditor

Chairman of the Board of Aud

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:

Prejudicial Events found with cancellations*

Legal Mortgage on 12/05/2010. for an amount of 77.865 Euro. Event writing-off

· EQUITALIA PRAGMASPA

Search performed on a specialized data base.

*Concerns also partially erased events.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Financial and Economical Analysis

Subject is active since 1991

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Unstable economic results mark the company's financial state of affairs. ; in the last financial year a loss was registered (r.o.e. -3,93%) Business volume is falling in the last financial year.

The operating result was positive in the last financial year (2,04%) falling within the field's average.

The amount of the operating result is equal to Eur. 268.081 , with no sizeable change as opposed to the year before.

The gross operating margin of the latest financial year is of Eur. 404.048 showing a drop (-26,56%).

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,69) improved in comparison with the year before (0,85.).

It's shareholders funds amount to Eur. 5.324.117 on the same levels as the year before.

Total indebtedness was equal to Eur. 7.729.978 (Eur. 3.814.020 was the value of m/l term debts) , with no sensible variation.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 63,25 gg. is the payments' average time which is also lower than the sector average.

The management determines a good range of liquidity.

As to due from customers, the average terms are 80,3 days. , in line with the sector's average.

The financial management generated a negative cash flow (Eur. -73.194).

Labour cost amounts to Eur. 114.175, with a 1,53% incidence on production costs. , with a 1,5% incidence on turnover.

Financial charges have a high incidence (-5,55%) on turnover figures.

Financial Data