MIRA INFORM REPORT

Report No. :	338946
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	MESTEL SAFETY S.R.L.

Registered Office :	Via Morozzo Della Rocca, 6 20123 - Milano (MI)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	15.12.2006

Legal Form :	Limited liability company

Line of Business :	Manufacture of other rubber products n.e.c.

No. of Employee :	From 6 to 10

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

MESTEL SAFETY S.R.L.

Via Morozzo Della Rocca, 6 20123 - Milano (MI) -IT-

Summary

Fiscal Code	:	01674650997
Legal Form	:	Limited liability company
start of Activities	:	15/12/2006
Equity	:	400.000
Turnover Range	:	3.750.000/5.000.000
Number of Employees	:	fom 6 to 10

Activity

Manufacture of other rubber products n.e.c.

Legal Data

Legal Form : Limited liability company

Fiscal Code : 01674650997

Foreign Trade Reg. no. : 030120 of Genova since 05/07/2007

Chamber of Commerce no. : 427147 of Genova

Chamber of Commerce no. : 2062343 of Milano since 19/03/2015

V.A.T. Code : 01674650997

Establishment date	: 17/10/2006
Start of Activities	: 15/12/2006
Legal duration	: 31/12/2040
Nominal Capital	: 300.000
Subscribed Capital	: 300.000
Paid up Capital	: 300.000

Legal mail :

MESTELSAFETY@PEC.IT

Members

Gamberini

Sergio

Born in Genova

(GE)

on 14/03/1953

- Fiscal Code : GMBSRG53C14D969L

Residence:

Doria Pagano

, 42/9

- 16126

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	17/10/2006

No Prejudicial events are reported

No Protests registered

Ocean Reef Inc.

Position	Since	Shares Amount	% Ownership
Partner

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.

Gamberini

Sergio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Me.st.el S.r.l. Meccaniche E Stampi PerElastomeri In Liquidazione	Milano (MI) - IT -	08109820152	Director	Withdrawn	In liquidation

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
Gamberini Guido	Milano - IT -	GMBGDU45D30D969G	13.000 .Eur	4,33
Gamberini Sergio	Genova - IT -	GMBSRG53C14D969L	13.000 .Eur	4,33
2-GIMM S.R.L.	Genova - IT -	01601090994	40.000 .Eur	13,33
Ocean Reef Inc.			234.000 .Eur	78,00

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

Morozzo Della Rocca

, 6

- 20100

- Milano

(MI)

- IT -

Legal mail

: MESTELSAFETY@PEC.IT

Branch

(Factory)

since 01/11/2014

F.lli Canepa

, 134

- 16010

- Serra Ricco'

(GE)

- IT -

Branch

since 05/03/2015

Arvigo

, 2

- 16010

- Sant'Olcese

(GE)

- IT -

Employees

: 10

Fittings and Equipment for a value of 110.000

Eur

Stocks for a value of 820.000

Eur

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 2006.

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

During the last years, it achieved profits (r.o.e. 3,74% on 2014) with a remarkable upward trend (more then 100% on 2014 compared to 2013 and +8,86% on 2013 compared to 2012).

A loss is registered as to the operating result (-2,12%).

The amount of the operating loss for 2014 is equal to Eur. -43.147.

A gross operating margine for a value of Eur. 46.587 was reached. showing a downward trend as opposed to the previous year.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,3) yet on the increase as against the previous accounting period.

The management generated equity capital for an amount of Eur. 330.333 , unchanged if compared to 2013.

During the last financial year debts totalled Eur. 1.692.737 (Eur. 211.787 of which were m/l term debts) while during the financial year 2013 the amount was equal to Eur. 920.412.

Current liquid assets is positive.

Eur. 102.096 is the value of cash flow during the year 2014

Subordinate employment cost is of Eur. 622.182, i.e. 14,81% on total production costs. , whereas the incidence on sales revenues is of 16,57%.

The incidence of the financial charges is of -0,07% on the sales amount.

Financial Data