MIRA INFORM REPORT

Report No. :	334287
Report Date :	31.07.2015

IDENTIFICATION DETAILS

Name :	L.G.L. ELECTRONICS SPA

Registered Office :	Via Ugo Foscolo, 156 24024 - Gandino (BG)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	20.12.1988

Legal Form :	Joint stock company

Line of Business :	Manufacture of other electrical equipment n.e.c.

No. of Employee :	From 36 to 50

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 :	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

L.G.L. ELECTRONICS SPA

Via Ugo Foscolo, 156 24024 - Gandino (BG) -IT-

Summary

Fiscal Code	:	01849360167
Legal Form	:	Joint stock company
start of Activities	:	20/12/1988
Equity	:	Over 2.582.254
Turnover Range	:	18.000.000/20.000.000
Number of Employees	:	from 36 to 50

Activity

Manufacture of other electrical equipment n.e.c.

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01849360167

Chamber of Commerce no. : 241984 of Bergamo since 22/04/1988

V.A.T. Code : 01849360167

Foundation date	: 11/03/1988
Establishment date	: 11/03/1988
Start of Activities	: 20/12/1988
Legal duration	: 31/12/2050
Nominal Capital	: 928.800
Subscribed Capital	: 928.800
Paid up Capital	: 928.800

Legal mail :

LGLELECTRONICS@PEC.IT

Members

Zenoni

Pietro

Born in Leffe

(BG)

on 05/04/1947

- Fiscal Code : ZNNPTR47D05E509U

Residence:

Monte Grappa

, 3

- 24026

Leffe

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	27/05/2015

No Protests registered

Pedrini Luigi

Position	Since	Shares Amount	% Ownership
Partner

No Prejudicial events are reported

No Protests registered

Rossetti Maria Luisa

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.

Zenoni

Pietro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Elsy S.r.l.	Gandino (BG) - IT -	01385300163	Sole Director	Active	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
Zenoni Pietro	Leffe - IT -	ZNNPTR47D05E509U	309.600 .Eur	33,33
Pedrini Luigi		PDRLGU32T13A794W	309.600 .Eur	33,33
Rossetti Maria Luisa		RSSMLS45L69G478C	309.600 .Eur	33,33

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
Elsy S.r.l.	Gandino - IT -	01385300163	30.000 .Eur	60,00			Active

Firm's location and structure

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

Legal and operative seat

since 11/03/1988

Ugo Foscolo

, 156

- 24024

- Gandino

(BG)

- IT -

PHONE

: 035733408

Legal mail

: LGLELECTRONICS@PEC.IT

Branch

(Factory)

since 20/12/1988

Costi

, 3

- 24026

- Leffe

(BG)

- IT -

PHONE

: 035734212

PHONE

: 035733408

Branch

(Warehouse)

since 15/01/2009

Provinciale

, 10/B

- 24024

- Gandino

(BG)

- IT -

Employees

: 48

Fittings and Equipment for a value of 900.000

Eur

Stocks for a value of 4.730.000

Eur

Furniture and fittings for a value of 41.000

Eur

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	10/05/1988

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Structure S.p.A.		01/06/1988

COMPANY'S CAPITAL CHANGES:

Former Type	Former Amount	New Type	New Amount	Changement Date
paid-up	10.329Eur	nominal	1.007.091Eur	10/05/1988

CEASINGS/INCORPORATIONS/MERGES:

The firm absorbed by merging of

Date

01/06/1988

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 1988.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 13,1% in 2014

The operating result in 2014 was positive (13,95%) falling within the field's average.

An operating result of Eur. 3.423.206 has been registered. on stable levels if compared to the previous year.

A gross operating margine for a value of Eur. 4.077.186 was reached. recording a -35,46% decrease.

Indebtedness is scanty since debts are lower than liquidity.

The equity capital is equal to Eur. 18.565.268 , unchanged if compared to 2013.

Total indebtedness totalled Eur. 5.434.247, , with no sensible variation.

The company does not exceed in bank credits; payments average period is instead slightly high (125,84 gg.) however still within the sector's average.

Liquidity is good (2,98)

As far as the collection of credit goes, the average is high (101,42 days). but on the same levels as the average of the sector.

The financial management generated a cash flow of Eur. 3.085.290.

In the last financial year labour cost was of Eur. 3.036.523, with a 18,34% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 15,38%.

Financial incomes cover financial charges.

Financial Data