MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	STALAM S.P.A.

Registered Office :	Via Dell'olmo, 7 36055 – Nove (VI)

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	14.09.1989

Legal Form :	Joint stock company

Line of Business :	Manufacture of assembled electronic boards

No. of Employees :	From 26 to 35

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 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

STALAM S.P.A.

Via Dell'olmo,

36055 - Nove(VI)-IT-

Summary

Fiscal Code	:	02083930244
Legal Form	:	Joint stock company
start of Activities	:	14/09/1989
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 26 to 35

Activity

Manufacture of assembled electronic boards

Manufacture of broadcasting equipment

Legal Data

Legal Form : Joint stock company

Fiscal Code : 02083930244

Foreign Trade Reg. no. : VI007174 since 06/12/1991

Foreign Trade Reg. no. : 007174 of Vicenza since 06/12/1991

Chamber of Commerce no. : 205055 of Vicenza since 13/09/1989

Firms' Register : VI012-7165 of Vicenza since 19/02/1996

V.A.T. Code : 02083930244

Establishment date	: 18/07/1989
Start of Activities	: 14/09/1989
Legal duration	: 31/12/2050
Nominal Capital	: 665.000
Subscribed Capital	: 665.000
Paid up Capital	: 665.000

Members

Cavestro

Manlio

Born in Sossano

(VI)

on 29/08/1937

- Fiscal Code : CVSMNL37M29I867E

Residence:

Pantheon

, 63

- 37034

Verona

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	20/03/2014
Director	20/03/2014
Managing Director	30/04/2014

No Prejudicial events are reported

No Protests registered

Zanetti

Enrico

Born in Bassano del Grappa

(VI)

on 16/06/1964

- Fiscal Code : ZNTNRC64H16A703T

Residence:

Ognissanti

, 39/C

- 36061

Bassano del Grappa

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/03/2014

Pritchard

Mark Alun

Born in Liverpool

( )

on 18/05/1962

Residence:

Dell'olmo

, 7

- 36055

Nove

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	20/03/2014

Stalpart S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Rf Biocidics Inc

Position	Since	Shares Amount	% Ownership
Partner

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.

Cavestro

Manlio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
E.C.S. Elettronica Circuiti Stampati s.p.a.	San Maurizio Canavese (TO) - IT -	01654070018	Chairman	Withdrawn	Registered
C.s.p.nova Spa	Buccinasco (MI) - IT -	08649250159	Director	Active	Registered
B.m.b. Elettronica Industriale S.p.a.	Genova (GE) - IT -	00163160245	Director	Withdrawn	Ceased
Cadif S.r.l. In Liquidazione	Verona (VR) - IT -	02538350238	Director	Withdrawn	Registered
Cadif S.r.l. In Liquidazione	Verona (VR) - IT -	02538350238	Liquidator	Active	Registered
Cadif S.r.l. In Liquidazione	Verona (VR) - IT -	02538350238	Board Chairman	Withdrawn	Registered
Termocadif S.r.l.	Vicenza (VI) - IT -	02651960235	Director	Withdrawn	Registered
Zambon F.lli S.p.a. - In Fallimento	San Vito di Leguzzano (VI) - IT -	02671120240	Managing Director	-	Bankrupt
Zambon F.lli S.p.a. - In Fallimento	San Vito di Leguzzano (VI) - IT -	02671120240	Director	-	Bankrupt
Zambon F.lli S.p.a. - In Fallimento	San Vito di Leguzzano (VI) - IT -	02671120240	Board Chairman	-	Bankrupt
I.e.g. - Industrie Elettromeccaniche GiuLiane Spa	Genova (GE) - IT -	00050170323	Director	Withdrawn	Ceased
STALAM S.R.L.	TEZZE SUL BRENTA (VI) - IT -		Chairman	Withdrawn	Registered
Partel S.p.a.	Vicenza (VI) - IT -	02942430246	Sole Director	Withdrawn	Ceased
Thermo Engineering S.r.l.	Verona (VR) - IT -	03176930232	Managing Director	Active	Registered
Thermo Engineering S.r.l.	Verona (VR) - IT -	03176930232	Director	Active	Registered
Thermo Engineering S.r.l.	Verona (VR) - IT -	03176930232	Sole Director	Withdrawn	Registered
Thermo Engineering S.r.l.	Verona (VR) - IT -	03176930232	Board Chairman	Active	Registered
M E T Costruzioni S.r.l.	Verona (VR) - IT -	03271080230	Managing Director	Withdrawn	Registered
M E T Costruzioni S.r.l.	Verona (VR) - IT -	03271080230	Director	Withdrawn	Registered
Elettronica Di Partecipazione S.p.a. Abbreviabile In Elpart S.p. A.	Vicenza (VI) - IT -	03012090241	Sole Director	Withdrawn	Ceased
Stalpart S.r.l.	Vicenza (VI) - IT -	03003710245	Sole 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
Zanetti Enrico	Bassano del Grappa - IT -	ZNTNRC64H16A703T	33.250 .Eur	5,00
Stalpart S.r.l.		03003710245	442.225 .Eur	66,50
Rf Biocidics Inc			189.525 .Eur	28,50

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
Afotech S.r.l.		02481990303	2.000 .Eur	20,00			Active

Firm's location and structure

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

Legal and operative seat

(Factory)

Dell'olmo

, 7

- 36055

- Nove

(VI)

- IT -

PHONE

: 0424597400

Branch

(Warehouse)

since 01/09/2008

Dell'olmo

, 8

- 36055

- Nove

(VI)

- IT -

Branch

(Warehouse)

since 01/06/2014

Dell'olm

, SNC

- 36055

- Nove

(VI)

- IT -

Employees

: 29

Fittings and Equipment for a value of 200.000

Eur

Stocks for a value of 3.670.000

Eur

The firm has a direct commercial organization

The company sells in Italy and abroad.

The firm operates abroad as importer / exporter..

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

- its own agents

Import comes generally from the following nations:

- France

- Belgium

- Great Britain

- Germany

Export is mainly towards:

- Guyana

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	19/02/1998

EX-MEMBERS / EX-POSITIONS:

Ferronato

Francesco

Born in Vicenza

(VI)

on 25/08/1966

- Fiscal Code : FRRFNC66M25L840Y

Residence:

S.bastiano

, 2

- 36100

Vicenza

(VI)

- IT -

Ex-Postions

Temporary Auditor

Perucca Orfei

Massimo

Born in CORREGGIO

(RE)

on 07/02/1940

- Fiscal Code : PRCMSM40B07D037H

Residence:

SS. FELICE FORTUNATO

, 356

- 36100

Vicenza

(VI)

- IT -

Ex-Postions

Managing Director

Director

Ravazzolo

Nicola

Born in Sandrigo

(VI)

on 11/08/1977

- Fiscal Code : RVZNCL77M11H829R

Residence:

Monte Cimone

, 4

- 36031

Dueville

(VI)

- IT -

Ex-Postions

Temporary Auditor

Elettronica Di Partecipazione S.p.a. Abb

reviabile In Elpart S.p. A.

- Fiscal Code : 03012090241

Residence:

Del Commercio

, 56

- 36100

Vicenza

(VI)

- IT -

Ex-Postions

Sole partner

De Benedetti

Mario

Born in Torino

(TO)

on 08/05/1965

- Fiscal Code : DBNMRA65E08L219E

Residence:

Ernesto Lugaro

, 15

- 10126

Torino

(TO)

- IT -

Ex-Postions

Director

Pivato

Gianluca

Born in Ponzano Veneto

(TV)

on 25/03/1964

- Fiscal Code : PVTGLC64C25G875E

Residence:

Fratelli Bandiera

, 9

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Permanent Auditor

Pilastro

Pierantonio

Born in Vicenza

(VI)

on 27/11/1946

- Fiscal Code : PLSPNT46S27L840F

Residence:

Contra' Della Misericordia

, 14

- 36100

Vicenza

(VI)

- IT -

Ex-Postions

Permanent Auditor

Agostini

Romano

Born in Mori

(TN)

on 05/10/1940

- Fiscal Code : GSTRMN40R05F728M

Residence:

Cantore Antonio

, 12

- 20100

Milano

(MI)

- IT -

Ex-Postions

Director

Aron

Jean Francois

Born in Suresnes

( )

on 06/09/1963

- Fiscal Code : RNAJFR63P06Z110U

Residence:

Calamandrei

, 173

- 52100

Arezzo

(AR)

- IT -

Ex-Postions

Director

Matalone

Michela

Born in Vicenza

(VI)

on 13/10/1960

- Fiscal Code : MTLMHL60R53L840V

Residence:

Contra' Della Misericordia

, 14

- 36100

Vicenza

(VI)

- IT -

Ex-Postions

Temporary Auditor

Monis

Marco

Born in Treviso

(TV)

on 14/12/1971

- Fiscal Code : MNSMRC71T14L407O

Residence:

Poli

, 4

- 40069

Zola Predosa

(BO)

- IT -

Ex-Postions

Director

CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

$Description: mhtml:file://\\vivek\Foreign%20Report%20Raw\Stalam.mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.792\Vuoto.gif$ STALAM S.R.L.

, TEZZE SUL BRENTA

(VI)

- IT -

Date

13/06/1991

The firm absorbed by merging of

$Description: mhtml:file://\\vivek\Foreign%20Report%20Raw\Stalam.mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.792\Vuoto.gif$ STALAM S.R.L.

, TEZZE SUL BRENTA

(VI)

- IT -

Date

13/06/1991

Project of merging by taking over of

$Description: mhtml:file://\\vivek\Foreign%20Report%20Raw\Stalam.mht!file:///C:\Users\605-13\AppData\Local\Temp\Rar$EXa0.792\Vuoto.gif$ Elettronica Di Partecipazione S.p.a. Abbreviabile In Elpart S.p. A.

Del Commercio

, 56

, 36100

, Vicenza

(VI)

- IT -

Fiscal Code: 03012090241

Date

Merging/splitting-up project:

27/03/2006

The firm absorbed by merging of

Del Commercio

, 56

, 36100

, Vicenza

(VI)

- IT -

Fiscal Code: 03012090241

Date

13/06/2006

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

Company's starting of activities dates back to 1989.

The eonomic-financial analysis is based on the latest 3 b/s.

During the last years, net losses were registered; in 2013 r.o.e. is -1,67%. Downward sales in 2013 compared to the previous year.

A loss is registered as to the operating result (-3,83%).

the operating loss amounts to Eur. -432.683.

The G.O.M. amounted to Eur. 924.155 , with a -23,06% decrease.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,63) and with an upward trend compared to the previous year.

With regard to equity capital, an amount of Eur. 4.435.233 is registered. , unchanged if compared to 2012.

In the year 2013 total debts amounted to Eur. 4.618.375 , with no sensible variation.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below field's average.

The management determines a good range of liquidity.

Credits are collected in 23,08 days on the average. , lower than the sector's average.

The financial management generated a cash flow of Eur. 1.282.561.

Labour cost expenses amount to Eur. 3.612.044 , representing 24,92% on the total of production costs. , whereas the incidence on sales revenues is of 27,03%.

The financial charges are lower than the financial incomes.

Financial Data