MIRA INFORM REPORT

Report No. :	356820
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	ACTITUDE S.R.L.

Registered Office :	Via Calabria, 9 Tencarola 35020 - Saonara (PD)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	07.06.2010

Legal Form :	Limited liability company

Line of Business :	Wholesale of electrical household appliances, electronics for audioand video use; photografic goods, cinematography and optic

Employees:	fom 6 to 10

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 :	Good
Payment Behaviour :	Regular
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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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 132% of GDP in 2014, 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 tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

company name and address

ACTITUDE S.R.L.

Via Calabria, 9 Tencarola

35020 - Saonara (PD) -IT-

Summary

Fiscal Code	:	04502420286
Legal Form	:	Limited liability company
start of Activities	:	07/09/2010
Equity	:	1.500.000
Turnover Range	:	3.750.000/5.000.000
Number of Employees	:	fom 6 to 10

Activity

Wholesale of electrical household appliances, electronics for audioand video use; photografic goods, cinematography and optic

Legal Data

Legal Form : Limited liability company

Fiscal Code : 04502420286

Chamber of Commerce no. : 394932 of Padova since 09/09/2010

V.A.T. Code : 04502420286

Establishment date	: 07/09/2010
Start of Activities	: 07/09/2010
Legal duration	: 31/12/2050
Nominal Capital	: 350.000
Subscribed Capital	: 350.000
Paid up Capital	: 350.000

Legal mail :

ACTITUDEITALIASRL@PEC.IT

Members

Mladossich

Daniele

Born in Padova

(PD)

on 21/07/1980

- Fiscal Code : MLDDNL80L21G224N

Residence:

Decorati Al Valor Civile

, 247

- 35142

Padova

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	10/04/2015
Sole partner	13/04/2015

No Prejudicial events are reported

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

In this module the companies in which members hold/held positions are listed.

The Members of the subject firm are not reported to be Members in other companies.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Mladossich Daniele	Padova - IT -	MLDDNL80L21G224N	350.000 .Eur	100,00

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

Calabria

, 9

- 35020

- Saonara

(PD)

- IT -

Legal mail

: ACTITUDEITALIASRL@PEC.IT

Branch

(office)

since 23/02/2015

Decorati Al Valor Civile

, 247

- 35100

- Padova

(PD)

- IT -

Branch

(Sales office)

since 10/04/2015

Pana'

, 57

- 35027

- Noventa Padovana

(PD)

- IT -

Employees

: 8

Stocks for a value of 120.000

Eur

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 2010

Balance sheets for the years 2012, 2013 and 2014 were analyzed.

During the last years, it achieved profits (r.o.e. 41,94% on 2014) with a remarkable upward trend (+48,6% on 2014 compared to 2013 and more then 100% on 2013 compared to 2012).

The return on Investment in the last financial year was positive (37,53%) and even better than sector's average.

The amount of the operating result for the year 2014 is of Eur. 634.037 rising (+49,82%) in relation to the previous year.

A gross operating margine for a value of Eur. 830.558 was reached. showing a 50,71% growth.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,47 and with an upward trend compared to the previous year.

It's shareholders funds amount to Eur. 1.010.441 , with an upward trend.

Total indebtedness amounts to Eur. 479.607, on the same levels as the year before.

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

Payments are supported by good current assets.

As to due from customers, the average terms are 76,55 days. , that compared to the sector's average is shorter.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 620.309

During 2014 financial year labour costs amounted to Eur. 259.543, with a 6,37% incidence on production costs. , whereas the incidence on sales revenues is of 5,66%.

The incidence of the financial charges is of -0,55% on the sales amount.

Financial Data