MIRA INFORM REPORT

Report No. :	346375
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	COVERFIBRE S.P.A.

Registered Office :	Via Parugiano Di Sotto, 35, 59013 - Montemurlo (PO)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	28.12.1973

Legal Form :	Joint Stock Company

Line of Business :	Wholesale of other textile goods Wholesale of raw and semi-finished textile fibres

No. of Employee :	From 11 to 15

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 records. 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

COVERFIBRE S.P.A.

Via Parugiano Di Sotto, 35,

59013 - Montemurlo (PO) -IT-

Summary

Fiscal Code	:	00781100482
Legal Form	:	Joint stock company
start of Activities	:	29/04/1974
Equity	:	Over 2.582.254
Turnover Range	:	12.750.000/15.500.000
Number of Employees	:	from 11 to 15
Group	:	COVERI

Activity

Wholesale of other textile goods

Wholesale of raw and semi-finished textile fibres

Legal Data

Legal Form : Joint stock company

Fiscal Code : 00781100482

Foreign Trade Reg. no. : PO003066 since 19/12/1991

Foreign Trade Reg. no. : 3066 of Prato since 19/12/1991

Chamber of Commerce no. : 245135 of Firenze

Chamber of Commerce no. : 245135 of Prato since 16/02/1974

Firms' Register : PO005-3358 of Prato since 19/02/1996

V.A.T. Code : 00243840972

Trade Agents Licence : 31364 of Prato since 10/09/2013

R. E. C. no. : 29581 of Prato since 17/05/1974

Tribunal Co. Register : 3358 of

Foundation date	: 28/12/1973
Establishment date	: 28/12/1973
Start of Activities	: 29/04/1974
Legal duration	: 31/12/2025
Nominal Capital	: 2.750.280
Subscribed Capital	: 2.750.280
Paid up Capital	: 2.750.280

Legal mail :

COVERFIBRE@LEGALMAIL.IT

Members

Coveri

Giovanni

Born in Firenze

(FI)

on 03/10/1966

- Fiscal Code : CVRGNN66R03D612D

Residence:

Buozzi

, 11

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	30/06/2014
Person in charge	10/09/2013

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.

Coveri

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Algico S.r.l.	Montemurlo (PO) - IT -	01011370481	Sole Director	Active	Registered
Algico S.r.l.	Montemurlo (PO) - IT -	01011370481	Liquidator	Withdrawn	Registered
Algico S.r.l.	Montemurlo (PO) - IT -	01011370481	Sole partner	Withdrawn	Registered
COMABO S.R.L.	Montemurlo (PO) - IT -	00430740480	Chairman	Withdrawn	Registered
Z.c.t. Spa	Cerreto Castello (BI) - IT -	01923400020	Director	Withdrawn	Registered
Orditura Cotex S.r.l. In Liquidazione	Montemurlo (PO) - IT -	01813570973	Board Chairman	Withdrawn	In liquidation
Woolmaco Srl In Liquidazione	Montemurlo (PO) - IT -	01858650979	Sole Director	Withdrawn	Registered
Woolmaco Srl In Liquidazione	Montemurlo (PO) - IT -	01858650979	Liquidator	Withdrawn	Registered
Edilbisentium S.r.l.	Prato (PO) - IT -	01894370970	Managing Director	Active	Registered
Cosolar S.r.l.	Prato (PO) - IT -	02019330972	Sole Director	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
Fidicontrol - Societa' Fiduciaria E Di R evisione - Societa' Per Azioni	Prato - IT -	02383500580	548.100 .Eur	19,92
Coveri Giovanni	Prato - IT -	CVRGNN66R03D612D	2.202.179 .Eur	80,07

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
Z.c.t. Spa	Cerreto Castello - IT -	01923400020	41.500 .Eur	35,00			Active

Firm's location and structure

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

Legal and operative seat

since 22/01/1998

Parugiano Di Sotto

, 35

- 50045

- Montemurlo

(PO)

- IT -

PHONE

: 0574683450

PHONE

: 0574683460

FAX

: 0574683453

Legal mail

: COVERFIBRE@LEGALMAIL.IT

Branch

(Warehouse)

since 05/09/2002

Parugiano Di Sotto

, 37/39

- 50045

- Montemurlo

(PO)

- IT -

Employees

: 10

Assistants

: 2

Fittings and Equipment for a value of 78.000

Eur

Stocks for a value of 3.750.000

Eur

Vehicles: 1.

Sales are on an international scale.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

Import comes generally from the following nations:

- Cyprus

- Gabon

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Joint stock company	Limited liability company	05/12/1985
Limited liability company	Joint stock company	03/05/1995

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Primafibre SpA	Coverfibre Srl	05/12/1985

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 1974

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

Unstable economic results mark the company's financial state of affairs. anyway in 2014 a positive result was achieved (r.o.e. 0,24%). Upward trend as to the turnover in the last financial year (+20,33%).

The operating result was positive in the last financial year (3,3%) falling within the field's average.

The operating result is positive and amounts to Eur. 371.165 with an increase of 50,43% if the compared to the previous financial year.

A gross operating margine for a value of Eur. 401.482 was reached. with a 44,47% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,05) but with an increase as against the previous accounting period.

The equity capital is equal to Eur. 3.488.740 , stable in comparison with the value of the previous year.

Total indebtedness was equal to Eur. 7.509.025 (Eur. 24.645 was the value of m/l term debts) showing a stable trend as opposed to 2013 (Eur. 6.404.391).

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 37,79 gg. is the payments' average time which is also lower than the sector average.

The management determines a good range of liquidity.

Accounts receivable average term is high (176,46 days). and higher than the average of the sector.

The financial management generated a cash flow of Eur. 38.766.

Labour cost expenses amount to Eur. 342.289 , representing 2,64% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 2,59%.

The incidence of the financial charges is of -1,15% on the sales amount.

Financial Data