MIRA INFORM REPORT

Report No. :	356754
Report Date :	26.12.2015

IDENTIFICATION DETAILS

Name :	ALCHEM S.R.L.

Registered Office :	ViaMalpaga, 85 25070 - Casto (BS) -IT-

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	14.02.2003

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	Production of abrasive products

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 :	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, 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

ALCHEM S.R.L.

Via Malpaga, 85

25070 - Casto (BS) -IT-

Summary

Fiscal Code	:	02310490988
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	14/02/2003
Equity	:	200.000
Turnover Range	:	2.250.000/3.000.000
Number of Employees	:	fom 6 to 10

Activity

Production of abrasive products

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 02310490988

Foreign Trade Reg. no. : BS085420 since 06/02/2004

Chamber of Commerce no. : 438668 of Brescia since 19/06/2002

V.A.T. Code : 02310490988

Establishment date	: 05/06/2002
Start of Activities	: 14/02/2003
Legal duration	: 31/12/2020
Nominal Capital	: 10.000
Subscribed Capital	: 10.000
Paid up Capital	: 10.000

Legal mail :

AMMINISTRAZIONE@PEC.ALCHEM.IT

Members

Freddi

Amos

Born in Gardone Val Trompia

(BS)

on 09/02/1975

- Fiscal Code : FRDMSA75B09D918S

Residence:

Famea

, 43

- 25070

Casto

(BS)

- IT -

Position	Since	Shares Amount	% Ownership
Working partner	01/10/2003
Sole Director	01/09/2011
Sole partner	29/11/2012

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
Freddi Amos	Casto - IT -	FRDMSA75B09D918S		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

Malpaga

, 85

- 25070

- Casto

(BS)

- IT -

Legal mail

: AMMINISTRAZIONE@PEC.ALCHEM.IT

Employees

: 7

Assistants

: 1

Fittings and Equipment for a value of 100.000

Eur

Stocks for a value of 89.000

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 2003

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

During the last years, it recorded positive net results (r.o.e. 56,17% in 2014) with a good increase in turnover (+15,38% in 2014 compared to 2013 and +16,21% in 2013 compared to 2012).

The operating result in 2014 was positive (12,48%) and in line with the sector's average.

The amount of the operating result for the year 2014 is of Eur. 186.422 showing an upward trend 44,65% compared to the previous financial year.

During the latest financial year the gross operating margin amounted to Eur. 234.885 growing by 76,39% if compared to the year before.

The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 6,48 but on the decrease if compared to the year before.

Subject can manage an equity capital funds for an amount of Eur. 166.768 , increasing by 128,17% if compared to the financial year 2013.

Total indebtedness amounts to Eur. 1.215.565, on the same levels as the year before.

The recourse to bank credit is slightly high and also borrowings from suppliers appear to be high, with an average payment period equal to 107,02 gg. however still within the sector's average.

Liquidity is not completely adequate.

As far as the collection of credit goes, the average is high (117,49 days). but on the same levels as the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 142.140

In the last financial year labour cost was of Eur. 230.597, with a 9,09% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 8,88%.

Limited financial charges in relation to sales volume.

Financial Data