MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	MODENA PARTS SOCIETA' A RESPONSABILITA' LIMITATA ABBREVIABILE IN MODENA PARTS S

Registered Office :	Via Raimonda Dalla Costa, 183 41122 – Modena (MO) – IT -

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	01.10.2000

Legal Form :	Limited liability company

Line of Business :	· Sale of motor vehicle parts and accessories · Wholesale and retail trade of parts and accessories for motorcycles and mopeds

No. of Employees :	36 to 50

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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

Modena Parts Societa' A Responsabilita' Limitata Abbreviabile In Modena Parts S

Via

Raimondo Dalla Costa,

183

41122

- Modena

(MO)

-IT-

Summary

Fiscal Code	:	02648210363
Legal Form	:	Limited liability company
start of Activities	:	01/10/2000
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 36 to 50

Activity

Sale of motor vehicle parts and accessories

Wholesale and retail trade of parts and accessories for motorcycles and mopeds

Legal Data

Legal Form : Limited liability company

Fiscal Code : 02648210363

Foreign Trade Reg. no. : MO036747 since 11/09/2001

Chamber of Commerce no. : 319696 of Modena since 27/06/2000

Firms' Register : MO-2000-32425 of Modena since 27/06/2000

V.A.T. Code : 02648210363

Establishment date	: 17/04/2000
Start of Activities	: 01/10/2000
Legal duration	: 31/12/2040
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Members

Verucchi

Gabriele

Born in Sestola

(MO)

on 10/09/1959

- Fiscal Code : VRCGRL59P10I689G

Residence:

Ravel

, 31/1

- 41100

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	15/05/2002

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.

Verucchi

Gabriele

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
VERUCCHI GABRIELE	Sestola (MO) - IT -	VRCGRL59P10I689G	Proprietor	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
Verucchi Gabriele	Modena - IT -	VRCGRL59P10I689G	95.000 .Eur	95,00
Benvenuti Stefania	Modena - IT -	BNVSFN61M69F257E	5.000 .Eur	5,00

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

Raimondo Dalla Costa

, 183

- 41100

- Modena

(MO)

- IT -

PHONE

: 059260755

FAX

: 059260732

: info@modenaparts.com

Branch

(Store)

since 01/11/2011

Raimondo Dalla Costa

, 133

- 41100

- Modena

(MO)

- IT -

Employees

: 40

Fittings and Equipment for a value of 390.000

Eur

Stocks for a value of 6.430.000

Eur

Trade organization: direct or by agents.

Sales are on an international scale.

The company 's mainly customers are companies.

The firm operates abroad as exporter..

Usually the terms of sale are within 90-120 days.

Financial means used for sale: bank transfers and bank orders.

Company's purchase terms are within 90 and 120 days.

Main used payment modalities are by cash orders and bank transfers.

Export is mainly towards:

- Stati Uniti

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCO POPOLARE VERONA E NOVARA		Via Filzi, 25	41100	Modena	5188	11501

Financial and Economical Analysis

Company's starting of activities dates back to 2000.

The analysis is based on the latest 3 balance sheets.

During the last years, it recorded positive net results (r.o.e. 40,04% in 2012) with a good increase in turnover (+27,64% in 2012 compared to 2011 and +16,76% in 2011 compared to 2010).

The operating result in 2012 was positive (15,55%) and reflects the field's average.

The operating result is positive and amounts to Eur. 1.928.149 with a more then 100% growth.

The G.O.M. amounted to Eur. 2.153.663 showing an upward trend if compared to 2011.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,35) and decreasing as against 2011.

The equity capital is equal to Eur. 3.067.415 , rising by 59,4%.

Total debts recorded amounted to Eur. 8.851.079 (Eur. 1.387.253 of which were m/l term debts) , with no sensible variation.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 85,15 gg. is the payments' average time but is higher than sector's average.

The management determines a good range of liquidity.

Trade credits average terms are 85,99 days. , a higher value if compared to the sector's average.

During financial year 2012 the cash flow amounted to Eur. 1.453.672

Labour cost amounts to Eur. 1.466.340, with a 11,12% incidence on production costs. , whereas the incidence on sales revenues is of 11%.

Financial charges have a limited incidence (-1,24%) on sales volume.

Financial Data