MIRA INFORM REPORT

Report Date :

03.05.2014

IDENTIFICATION DETAILS

Name :	LANIFICIO FORTEX S.P.A.

Registered Office :	Via Bisenzio, 69, 59013 – Montemurlo (PO)

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	27.11.1986

Legal Form :	Joint stock company

Line of Business :	Weaving of textiles

No. of Employees :	from 16 to 25

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
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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

LANIFICIO FORTEX S.P.A.

Via Bisenzio, 69

59013 – Montemurlo (PO) -IT-

Summary

Fiscal Code	:	03832980480
Legal Form	:	Joint stock company
start of Activities	:	27/11/1986
Equity	:	Over 2.582.254
Turnover Range	:	10.000.000/12.750.000
Number of Employees	:	from 16 to 25

Activity

Weaving of textiles

Legal Data

Legal Form : Joint stock company

Fiscal Code : 03832980480

Foreign Trade Reg. no. : PO007752 since 02/01/1992

Chamber of Commerce no. : 393043 of Prato since 04/02/1987

Firms' Register : PO005-13673 of Prato since 19/02/1996

V.A.T. Code : 00326970977

Foundation date	: 27/11/1986
Establishment date	: 27/11/1986
Start of Activities	: 27/11/1986
Legal duration	: 31/12/2020
Nominal Capital	: 1.936.875
Subscribed Capital	: 1.936.875
Paid up Capital	: 1.936.875

Members

Rosati

Roberto

Born in Firenze

(FI)

on 16/11/1959

- Fiscal Code : RSTRRT59S16D612C

Residence:

G. Galilei

, 200

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	22/06/2012

No Prejudicial events are reported

No Protests registered

Rosati

Paolo Vittorio

Born in Prato

(FI)

on 11/12/1936

- Fiscal Code : RSTPVT36T11G999N

Residence:

Giannone

, 12

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/06/2012

Rosati

Alberto

Born in Prato

(FI)

on 18/04/1969

- Fiscal Code : RSTLRT69D18G999E

Residence:

Del Bargo

, 132

- 51039

Quarrata

(PT)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	22/06/2012
Managing Director	22/06/2012

No Prejudicial events are reported

No Protests registered

Magherini

Franco

Born in Prato

(FI)

on 28/05/1948

- Fiscal Code : MGHFNC48E28G999Q

Residence:

Del Palco

, 31

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	22/06/2012

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.

Rosati

Roberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Overseas di Mariotti Alessandro Edo eamp; C.S.a.s.	Montemurlo (PO) - IT -	02064080480	General Partner	Withdrawn	Ceased
Rosati Roberto	Prato (FI) - IT -	RSTRRT59S16D612C	Proprietor	Withdrawn	Ceased

Rosati

Alberto

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Pania Di Sanesi Franca E C. Soc. Acc. Semplice	Prato (PO) - IT -	03094380486	Limited Partner	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
Rosati Roberto	Prato - IT -	RSTRRT59S16D612C	484.218 .Eur	25,00
Rosati Alberto	Quarrata - IT -	RSTLRT69D18G999E	968.437 .Eur	50,00
Magherini Franco	Prato - IT -	MGHFNC48E28G999Q	484.218 .Eur	25,00

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 Per La Valorizzazione E Tutela Dei Prodotti Tessili Cardati	Prato - IT -	01700630971					Active
Consorzio Pratoinvest	Prato - IT -	01935520971	1.000 .Eur	0,67			Active

Firm's location and structure

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

Legal and operative seat

since 27/11/1986

Bisenzio

, 69

- 50045

- Montemurlo

(PO)

- IT -

PHONE

: 0574722321

PHONE

: 0574720341

PHONE

: 0574652321

FAX

: 0574650065

Employees

: 25

Fittings and Equipment for a value of 37.000

Eur

Stocks for a value of 2.100.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- its own agents

- direct orders to foreign companies

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own agents

- direct orders from foreign companies

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

Biancalani

Andrea

Born in Firenze

(FI)

on 28/03/1980

- Fiscal Code : BNCNDR80C28D612U

Residence:

Galluppi

, 18

- 59100

Prato

(PO)

- IT -

Ex-Postions

Permanent Auditor

Bocci

Silvia

Born in Prato

(FI)

on 28/04/1967

- Fiscal Code : BCCSLV67D68G999F

Residence:

Di Galceti

, 40/P

- 59100

Prato

(PO)

- IT -

Ex-Postions

Chairman of the Board of Aud.

Ballini

Paolo

Born in Montemurlo

(FI)

on 26/02/1939

- Fiscal Code : BLLPLA39B26F572T

Fiscal residence:

Gualchiera

, 2

- 50047

Prato

(FI)

- IT -

Ex-Postions

Managing Director

Cherubini

Mario

Born in Prato

(FI)

on 10/02/1941

- Fiscal Code : CHRMRA41B10G999F

Residence:

Giannotti

, 1

- 50047

Prato

(FI)

- IT -

Ex-Postions

Managing Director

Cherubini

Roberto

Born in Prato

(FI)

on 31/01/1938

- Fiscal Code : CHRRRT38A31G999K

Residence:

A. Guarducci

, 29

- 50047

Prato

(PO)

- IT -

Ex-Postions

Chairman

Chairman and Managing Director

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

Subject is active since 1986

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 31,09% in 2012 with a stable trend in the turnover.

The operating result was positive in the last financial year (24,39%) and is higher than the sector's average.

The operating result is positive and amounts to Eur. 2.031.730 showing an upward trend 80,24% compared to the previous financial year.

The economic management produced a gross operating margin of Eur. 2.071.600 showing a 76,25% growth.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,12 and with an upward trend compared to the previous year.

With regard to equity capital, an amount of Eur. 4.462.829 is registered. on the same levels as the year before.

Total debts (both short and M/L term) equals Eur. 3.435.399, , a more or less stable value.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent even if it still falls within the sector's average.

It shows a good range of liquidity.

As to due from customers, the average terms are 79,25 days. , lower than the sector's average.

2012 financial year closed with a cash flow of Eur. 1.427.497

Labour cost expenses amount to Eur. 1.454.245 , representing 13,56% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 11,77%.

The financial management has a limited economic impact, equal to -0,16% on the sales.

Financial Data