MIRA INFORM REPORT

Report No. :	346579
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	CERESER MARMI S.P.A.

Registered Office :	Via Carmelitani Scalzi, 20 37122 - Verona (VR)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	01.01.1980

Legal Form :	Joint stock company with sole shareholder

Line of Business :	Cutting and carving of stone and marble.

No. of Employee :	From 26 to 35

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 :	Good

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

CERESER MARMI S.P.A.

Via Carmelitani Scalzi, 20 37122 - Verona (VR) -IT-

Summary

Fiscal Code	:	01288520230
Legal Form	:	Joint stock company with sole shareholder
Foundation Date	:	01/01/1980
Equity	:	Over 2.582.254
Turnover Range	:	20.000.000/25.000.000
Number of Employees	:	from 26 to 35

Activity

Cutting and carving of stone and marble

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 01288520230

Foreign Trade Reg. no. : VR008999 since 09/12/1991

Chamber of Commerce no. : 173001 of Verona since 12/02/1981

V.A.T. Code : 01288520230

Foundation date	: 01/01/1980
Establishment date	: 17/12/1980
Legal duration	: 31/12/2050
Nominal Capital	: 103.292
Subscribed Capital	: 103.292
Paid up Capital	: 103.292

Legal mail :

CERESER@IMAPEC.IT

Members

Cereser

Domenico

Born in Bussolengo

(VR)

on 31/07/1970

- Fiscal Code : CRSDNC70L31B296J

Residence:

Casetta

, 146

- 37015

Sant'Ambrogio di Valpolicella

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	14/06/2013
Sole partner	13/10/2009

No Prejudicial events are reported

No Protests registered

Cereser

Gian Luigi

Born in Pescantina

(VR)

on 18/09/1943

- Fiscal Code : CRSGLG43P18G481E

Residence:

Prato Grande

, 1

- 37013

Caprino Veronese

(VR)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/06/2005

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.

Cereser

Domenico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Terminale Ferroviario Valpolicella S.p.a. Per Brevita' T.f.v. S.p.a.	Sant'Ambrogio di Valpolicella (VR) - IT -	02037360233	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
Cereser Domenico	Sant'Ambrogio di Valpolicella - IT -	CRSDNC70L31B296J		100,00

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
Terminale Ferroviario Valpolicella S.p.a . Per Brevita' T.f.v. S.p.a.	Sant'Ambrogio di Valpolicella - IT -	02037360233	30.000 .Eur	1,64			Active

Firm's location and structure

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

Legal and operative seat

Carmelitani Scalzi

, 20

- 37100

- Verona

(VR)

- IT -

PHONE

: 0456284911

PHONE

: 0456269159

FAX

: 0456269396

Legal mail

: CERESER@IMAPEC.IT

Branch

since 23/11/2000

Dell'industria

, 1-2

- 37010

- Rivoli Veronese

(VR)

- IT -

Trading Style: CERESER MARMI S.P.A.

Employees

: 31

Fittings and Equipment for a value of 230.000

Eur

Stocks for a value of 5.020.000

Eur

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- distributors

- national or foreign important buyers

Export represents more than 50% of the global turnover.

Products abroad are placed by :

- its own sales net-work

- direct orders from foreign companies

Import comes generally from the following nations:

- Bulgaria

Export is mainly towards:

- Belgium

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

The company is active since 1980

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 11,08% in 2014 but without a significant increase in the turnover.

The operating result in 2014 was positive (12,26%) and in line with the sector's average.

The amount of the operating result for the year 2014 is of Eur. 2.033.852 , with no sizeable change as opposed to the year before.

A gross operating margine for a value of Eur. 2.260.558 was reached. on the same levels as the previous financial year.

Indebtedness is scanty since debts are lower than liquidity.

With regard to equity capital, an amount of Eur. 15.112.713 is registered. , increasing by 28,46% if compared to the year before.

Total indebtedness totalled Eur. 2.533.597, with no important change.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below field's average.

Payments are supported by good current assets.

On average trade credits are collected in 79,28 days. , that compared to the sector's average is shorter.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 1.900.914

Labour cost amounts to Eur. 2.024.243, with a 10,49% incidence on production costs. , whereas 9,75% is the incidence on sales revenues.

Financial incomes cover financial charges.

Financial Data