MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	ROYAL FAMILY S.R.L.

Registered Office :	Via Di Saponara, 662, 00125 - Roma (RM)

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	28.07.1987

Legal Form :	Limited liability company

Line of Business :	Manufacture of other items n.e.c

No of Employees :	from 11 to 15

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

Royal Family S.r.l.

Via

Di Saponara,

662

00125

- Roma

(RM)

-IT-

Summary

Fiscal Code	:	08049760583
Legal Form	:	Limited liability company
start of Activities	:	20/09/1990
Equity	:	Over 2.582.254
Turnover Range	:	2.250.000/3.000.000
Number of Employees	:	from 11 to 15

Activity

Manufacture of other items n.e.c

Legal Data

Legal Form : Limited liability company

Fiscal Code : 08049760583

Foreign Trade Reg. no. : RM016514 since 19/05/1992

Chamber of Commerce no. : 650349 of Roma since 16/02/1988

Firms' Register : RM091-1987-11422 of Roma since 19/02/1996

V.A.T. Code : 01946771001

Establishment date	: 28/07/1987
Start of Activities	: 20/09/1990
Legal duration	: 31/12/2050
Nominal Capital	: 10.400
Subscribed Capital	: 10.400
Paid up Capital	: 10.400

Members

Lisi

Norberto

Born in Roma

(RM)

on 05/04/1961

- Fiscal Code : LSINBR61D05H501X

Residence:

Amipsia

, 76

- 00124

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	28/07/1987

Prejudicial events registered

Legal Mortgage - 10/04/2007. - 17.720 Euro.

 GERIT S.P.A.- AGENTE RISCOSSIONE PROV.RO

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.

	Lisi	Norberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
C.a.s.e. Coop. Centro Assistenza SocietaEdilizie Cooperative S.r .l. - In Liqui	Roma (RM) - IT -	06860060588	Liquidator	Withdrawn	Registered
C Era Una Volta Di Norberto Lisi S.n.c.	Roma (RM) - IT -	06834420587	Partner of unlimit. partnership	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
Lisi Norberto	Roma - IT -	LSINBR61D05H501X	3.536 .Eur	34,00
Donati Laura	Roma - IT -	DNTLRA61E52H501E	3.432 .Eur	33,00
Travia Ines	Roma - IT -	TRVNSI36M64H501K	3.432 .Eur	33,00

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

Di Saponara

, 662

- 00100

- Roma

(RM)

- IT -

PHONE

: 065090415

PHONE

: 0652169760

FAX

: 0652318603

Employees

: 10

Assistants

: 1

Fittings and Equipment for a value of 80.000

Eur

Stocks for a value of 350.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own agents

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

- Ireland

- France

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:

Legal Mortgage on 03/04/2006. for an amount of 28.148 Euro.

n SERVIZIO RISCOSSIONE TRIBUTI CONC. PROV.

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 1990.

Balance sheets for the years 2010, 2011 and 2012 were analyzed.

During the last years, it recorded positive net results (r.o.e. 3,07% in 2012)

The operating result in 2012 was positive (4,98%) and in line with the sector's average.

An operating result of Eur. 387.695 has been registered. with a -33,26% drop.

During the latest financial year the gross operating margin amounted to Eur. 466.821 showing a drop (-30,78%).

Indebtedness is scanty since debts are lower than liquidity.

With regard to equity capital, an amount of Eur. 10.727.485 is registered., unchanged as opposed to the preceding year.

Due from customers average term is high and equal to 346,15 days. and higher than the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 408.617

Subordinate employment cost is of Eur. 457.723, i.e. 17,61% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 16,02%.

Financial incomes cover financial charges.

Financial Data