MIRA INFORM REPORT

Report No. :	333258
Report Date :	22.07.2015

IDENTIFICATION DETAILS

Name :	INTARBOR S.R.L.

Registered Office :	Via Monteverdi, 10 20831 - Seregno (MB)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	28.12.1972

Legal Form :	Limited liability company

Line of Business :	Wholesale of wood, semi-finsiheds in wood and artificial wood

No. of Employee :	From 6 to 10

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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

INTARBOR S.R.L.

Via Monteverdi, 10 20831 - Seregno (MB) -IT-

Summary

Fiscal Code	:	00305430134
Legal Form	:	Limited liability company
start of Activities	:	28/12/1972
Equity	:	Over 2.582.254
Turnover Range	:	2.250.000/3.000.000
Number of Employees	:	From 6 to 10

Activity

Wholesale of wood, semi-finsiheds in wood and artificial wood

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00305430134

Foreign Trade Reg. no. : 0243454 of Como

Chamber of Commerce no. : 137937 of Como since 08/03/1973

Chamber of Commerce no. : 1859515 of Monza e Brianza since 14/01/2009

Chamber of Commerce no. : 126247 of Pesaro

Firms' Register : CO075-8471 of Como since 19/02/1996

V.A.T. Code : 00305430134

Tribunal Co. Register : 8471 of

Foundation date	: 28/12/1972
Establishment date	: 28/12/1972
Start of Activities	: 28/12/1972
Legal duration	: 31/12/2050
Nominal Capital	: 100.000
Subscribed Capital	: 100.000
Paid up Capital	: 100.000

Legal mail :

MAIL@PEC.INTARBOR.IT

Members

Calastri

Gianmaria

Born in Legnano

(MI)

on 28/02/1943

- Fiscal Code : CLSGMR43B28E514Z

Residence:

Avogadro

, 2

- 20831

Seregno

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	20/06/2013

No Prejudicial events are reported

No Protests registered

CALASTRI RENZO

Born in Seregno

(MB)

on 21/10/1961

- Fiscal Code : CLSRNZ61R21I625Y

Position	Since	Shares Amount	% Ownership
Partner

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.

Calastri

Gianmaria

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Vero Legno Soc.coop.consortile Per Azioni	Mariano Comense (CO) - IT -	02633270968	Director	Active	Registered
AMERICAN LEGNI S.A.S. DI G.M. CALASTRI EC. ED IN ABBREVIATO AM - LEGNI S.A.S. I	Carugo (CO) - IT -	00603930132	General Partner	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
Calastri Gianmaria	Seregno - IT -	CLSGMR43B28E514Z	49.000 .Eur	49,00
CALASTRI RENZO		CLSRNZ61R21I625Y	50.000 .Eur	50,00
BRAMBILLA GIUSEPPINA	Seregno - IT -	BRMGPP46C42F704P	1.000 .Eur	1,00

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

since 28/12/1972

Monteverdi

, 10

- 20038

- Seregno

(MB)

- IT -

Legal mail

: MAIL@PEC.INTARBOR.IT

Branch

(Warehouse)

since 01/06/1996

Della Selvagrossa

- 61100

- Pesaro

(PS)

- IT -

Employees

: 9

Assistants

: 1

Fittings and Equipment for a value of 9.000

Eur

Stocks for a value of 2.210.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

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

Products abroad are placed by :

- direct orders from foreign companies

Import comes generally from the following nations:

- Italy

Export is mainly towards:

- Italy

- France

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 1972

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

Unstable economic results mark the company's financial state of affairs. ; in the last financial year a loss was registered (r.o.e. -1,68%)

The operating result was positive in the last financial year (0,94%) falling within the field's average.

The amount of the operating result for the year 2014 is of Eur. 112.645 with an increase of 61,2% if the compared to the previous financial year.

A gross operating margine for a value of Eur. 187.272 was reached. with a 32,24% increase as opposed to the preceding year.

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,03) and decreasing as against 2013.

With regard to equity capital, an amount of Eur. 5.769.762 is registered. , stable in comparison with the value of the previous year.

The financial management has recorded total debts amounting to Eur. 5.958.269, with no important change.

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lined up with the field's average.

Liquidity is rather modest.

Due from customers average term is high and equal to 168,25 days. even higher than the average of the specific sector.

A negative cash flow marked the year 2014 totalling Eur. -22.106.

In the last financial year labour cost was of Eur. 382.699, with a 16,31% incidence on total costs of production. , whereas the incidence on sales revenues is of 15,73%.

The incidence percentage of financial charges on sales volume is equal to -7,07%.

Financial Data