MIRA INFORM REPORT

Report No. :	301647
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	GALMET S.P.A.

Registered Office :	Via Corsica, 9/11A, 16128 – Genova (GE)

Country :	Italy

Financials (as on) :	30.06.2014

Date of Incorporation :	27.03.2008

Legal Form :	Joint Stock Company

Line of Business :	Wholesaler of Metalliferous Minerals, Ferrous Metals and Semi-Finished Products [We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

No of Employees :	03

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 & address

Galmet S.p.a.

Via Corsica, 9/11A

16128 - Genova (GE) -IT-

Summary

Fiscal Code	:	01798760995
Legal Form	:	Joint stock company
start of Activities	:	15/10/2008
Equity	:	1.500.000
Turnover Range	:	25.000.000/35.000.000
Number of Employees	:	03

Activity

Wholesaler of Metalliferous Minerals, Ferrous Metals and Semi-Finished Products

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01798760995

Chamber of Commerce no. : 436483 of Genova since 01/04/2008

V.A.T. Code : 01798760995

Establishment date	: 27/03/2008
Start of Activities	: 15/10/2008
Legal duration	: 30/06/2050
Nominal Capital	: 120.000
Subscribed Capital	: 120.000

Members

Guiducci

Giampaolo

Born in Genova

(GE)

on 09/01/1972

- Fiscal Code : GDCGPL72A09D969F

Residence:

Traverso Eduardo

, 5/1

- 16146

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	28/12/2012

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.

Guiducci

Giampaolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Modern Galmet S.r.l	Genova (GE) - IT -	01844210995	Liquidator	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
Guiducci Giampaolo	Genova - IT -	GDCGPL72A09D969F	111.000 .Eur	92,50
Bicocchi Carlo		BCCCRL75L28E202L	9.000 .Eur	7,50

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
Modern Galmet S.r.l	Genova - IT -	01844210995	25.000 .Eur	50,00			Active

Firm's location and structure

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

Legal and operative seat

Corsica

, 9/11A

- 16100

- Genova

(GE)

- IT -

PHONE

: 0108604539

FAX

: 0108603606

Employees

: 3

Stocks for a value of 4.900.000

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

Company's starting of activities dates back to 2008.

An eco-fin analysis has been made on the base od the b/s fo the years 2012, 2013 and 2014.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 11,74% in 2014 but without a significant increase in the turnover.

The operating result in 2014 was positive (3,11%) falling within the field's average.

The amount of the operating result for the year 2014 is of Eur. 454.072 increasing if compared to the year 2013.

The gross operating margin of the latest financial year is of Eur. 455.421 growing by 43,89% if compared to the year before.

Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (12,45) which tends downward.

The equity capital is equal to Eur. 1.060.249 , unchanged if compared to 2013.

Total indebtedness totalled Eur. 13.413.682, showing a stable trend as opposed to 2013 (Eur. 14.314.242).

If compared to the net worth, debts towards banks are remarkably high while the recourse to commercial credit is modest which is also lower than the sector average.

The liquidity level is positive (1,09).

Accounts receivable average term is high (114,08 days). within the standard level of the average of the sector.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 125.864

In the last financial year labour cost was of Eur. 134.419, with a 0,52% incidence on total costs of production. , with a 0,46% incidence on turnover.

The financial management has a limited economic impact, equal to -0,86% on the sales.

Financial Data