MIRA INFORM REPORT

Report No. :	330315
Report Date :	11.07.2015

IDENTIFICATION DETAILS

Name :	MANIFATTURA F.A. S.R.L.

Registered Office :	Via G. Verdi, 80/M 46043 - Castiglione delle Stiviere (MN) -IT-

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	01.01.1969

Legal Form :	Limited liability company

Line of Business :	Preparation and spinning of textile fibres Manufacture of other knitted and crocheted apparel Wholesaleof haberdashery, threads, yarns and braiding

No. of Employee :	from 1 to 5

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

MANIFATTURA F.A. S.R.L.

Via G. Verdi, 80/M

46043 - Castiglione delle Stiviere (MN) -IT-

Summary

Fiscal Code	:	00153160205
Legal Form	:	Limited liability company
start of Activities	:	01/01/1969
Equity	:	500.000
Turnover Range	:	2.000.000/2.250.000
Number of Employees	:	from 1 to 5

Activity

Preparation and spinning of textile fibres

Manufacture of other knitted and crocheted apparel

Wholesaleof haberdashery, threads, yarns and braiding

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00153160205

Foreign Trade Reg. no. : MN002062 since 17/12/1991

Foreign Trade Reg. no. : 002062 of Mantova since 17/12/1991

Chamber of Commerce no. : 115744 of Mantova since 17/01/1969

Firms' Register : MN030-8164 of Mantova since 19/02/1996

V.A.T. Code : 00153160205

R. E. C. no. : 22593 of Mantova since 08/03/1989

Foundation date	: 01/01/1969
Establishment date	: 01/01/1969
Start of Activities	: 01/01/1969
Legal duration	: 31/12/2025
Nominal Capital	: 99.000
Subscribed Capital	: 99.000
Paid up Capital	: 99.000

Members

Miglio

Paride

Born in Verona

(VR)

on 28/04/1963

- Fiscal Code : MGLPRD63D28L781G

Residence:

Verdi

, 80/M

- 46043

Castiglione delle Stiviere

(MN)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	12/09/2005

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
Miglio Paride	Castiglione delle Stiviere - IT -	MGLPRD63D28L781G	99.000 .Eur	100,00
Furlani Anita		FRLNTA62C52L781Z	69.300 .Eur	70,00

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
Immobilindustria S.p.a.	Mantova - IT -	00492540208	500 .Eur	0,02			Active

Firm's location and structure

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

Legal and operative seat

G. Verdi

, 80/M

- 46043

- Castiglione delle Stiviere

(MN)

- IT -

Branch

(Shop)

since 06/10/1995

until 25/08/2000

Marconi

, 16

- 46042

- Castel Goffredo

(MN)

- IT -

Total Surface: 101 Sq.mt.

PHONE

: 0376770920

Employees

: 1

Assistants

: 1

Fittings and Equipment for a value of 220.000

Eur

Stocks for a value of 340.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

- Italy

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
De facto company	Limited liability company	20/03/1981

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Manifattura F.A. di Miglio Riccardo e Ferrari Lidia		20/03/1981

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 1969.

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

During the last years, it achieved profits (r.o.e. 7,17% on 2014) and with an upward trend in turnover trend during the last financial year (+48,9% in 2014).

The operating result in 2014 was positive (4,56%) and in line with the sector's average.

The amount of the operating result for the year 2014 is of Eur. 47.987 increasing if compared to the yeart 2013.

The gross operating margin of the latest financial year is of Eur. 56.479 showing an upward trend if compared to 2013.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,52) yet on the increase as against the previous accounting period.

The equity capital is equal to Eur. 417.699 on stable levels.

Moderate recourse to bank credit while the exposure towards suppliers is rather high even if it still falls within the sector's average.

It shows a good range of liquidity.

Trade credits are collected slowly, average term is 106,04 days. but on the same levels as the average of the sector.

2014 financial year closed with a cash flow of Eur. 38.428

Subordinate employment cost is of Eur. 16.573, i.e. 0,8% on total production costs. , whereas the incidence on sales revenues is of 0,79%.

The financial management has a limited economic impact, equal to -0,16% on the sales.

Financial Data