MIRA INFORM REPORT

Report Date :

29^th June 2006

IDENTIFICATION DETAILS

Name :	CASAGRANDE S.P.A.
Registered Office :	Via Arturo Malignani,1 33074- Fontanafredda (PN) -IT-
Country :	Italy
Financials (as on) :	31/12/2004
Date of Incorporation :	01/12/1963
Legal Form :	Joint stock company
Line of Business :	Engaged in the business of manufacturing and installation of mining machines and of building materials processing machines

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Name & address

CASAGRANDE S.P.A.

Via ARTURO MALIGNANI,1

33074- Fontanafredda (PN) -IT-

SUMMARY

Fiscal Code	:	00074230939
Legal Form	:	Joint stock company
Start of Activities	:	01/12/1963
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	50.000.000/75.000.000 Eur
Number of Employees	:	from 201 to 250

CREDIT ANALYSIS

Under the financial aspect a certain balance is reported which leads

to a credit with a very limited risk.

n.b.: The Creditworthness Rate shows, in percentage, the ratio between the suggested credit opinion and the credit amount that the firm could get if the financial situation would be completely positive.

ACTIVITY

Manufacture and installation of mining machines and of building materials processing machines.

Drilling and perforation of reinforced concrete pylons.

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 00074230939

Foreign Trade Reg. no. : 015491 of Pordenone since 04/12/1998

Chamber of Commerce no. : 8219 of Pordenone since 05/12/1963

Firms' Register : PN033-1575 since 19/02/1996

V.A.T. Code : 00074230939

Foundation Date	: 01/12/1963
Establishment Date	: 01/12/1963
Start of Activities	: 01/12/1963
Legal Duration Date	: 31/12/2100
Nominal Capital	: 5.220.000	Eur
Subscribed Capital	: 5.220.000	Eur
Paid up Capital	: 5.220.000	Eur

MEMBERS

Casagrande

Sergio

Born in VITTORIO VENETO

on 11/11/1952

- Fiscal Code : CSGSRG52S11M089K

Residence :

Via

GARDINI

, 3/B

- 33077

Sacile

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	19/07/2004
Director	19/07/2004
Board Chairman	19/07/2004

No Protests registered.

Casagrande

Daniele

Born in SACILE

on 04/11/1963

- Fiscal Code : CSGDNL63S04H657Z

Residence :

Via

S. EGIDIO

, 48

- 33074

Fontanafredda

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	19/07/2004
Director	19/07/2004

No Protests registered.

Casagrande Mauro

Born in VITTORIO VENETO

on 02/01/1961

- Fiscal Code : CSGMRA61A02M089S

Residence :

Via

MARCO POLO

, 5

- 33077

Sacile

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/07/2004
Assistant board Chairman	19/07/2004

No Protests registered.

Biscontin

Lorena

Born in SACILE

on 06/06/1955

- Fiscal Code : BSCLRN55H46G886B

Residence :

Via

GARDINI

, 3/B

- 33077

Sacile

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Director	19/07/2004

No Protests registered.

Piccinato

Giuseppe

Born in SACILE

on 06/08/1953

- Fiscal Code : PCCGPP53M06H657X

Residence :

Via

STRADE CAMPAGNE

, 16

- 33077

Sacile

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney General	13/01/1999

No Protests registered.

PRATESI

PAOLO

Born in ROMA

on 21/10/1938

- Fiscal Code : PRTPLA38R21H501U

Residence :

Via

F.LLI BANDIERA

, 23

- 33170

Pordenone

(PN)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	05/06/2003
Technical Manager	29/03/2001

LIESSI

GIANNI

Born in VAZZOLA

on 20/09/1947

- Fiscal Code : LSSGNN47P20L700U

Residence :

Via

F. FABBRI

, 1

- 31028

Vazzola

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	05/06/2003

COMPANIES CONNECTED TO MEMBERS *

*checkings have been performed on a national scale.

*In this module are listed the companies in which members hold or held positions.

Casagrande

Sergio

Company Style	Legal Seat	Fiscal Code	Position	Firm Status
INDUSTRIE MECCANICHE MONASTIER S.R.L. IN FORMA ABBREV. IMM S.R.L IN LIQUIDAZIONE	Fontanafredda (PN) - IT -	00264710930	Liquidator	Ceased
PIAZZI SRL	Fontanafredda (PN) - IT -	00374840932	Liquidator	Liquidated
I.E.S. S.R.L.	Pordenone (PN) - IT -	01043000932	Director	Registered
PINETA MARE LIGNANO S.P.A.	Treviso (TV) - IT -	00643200272	Director	Registered
SOFIT S.R.L.	FONTANAFREDDA (PN) - IT -	01066320936	Liquidator	Ceased
M.D.S. S.R.L.	Fontanafredda (PN) - IT -	00627170939	Director	Registered
SAN QUIRINO S.R.L.	Fontanafredda (PN) - IT -	01200210936	Board Chairman	Registered
SPI S.R.L. IN LIQUIDAZIONE	Fontanafredda (PN) - IT -	01345330938	Liquidator	Ceased
G.A. SRL	Fontanafredda (PN) - IT -	01370910935	Director	Registered
R.C.P. SPA	Casalmaiocco (MI) - IT -	09731540150	Director	Ceased
IRA S.R.L.	Fontanafredda (PN) - IT -	01412530931	Managing Director	Registered
SIN S.R.L.	- -	03675210284	Director	Registered
CSG S.R.L.	Fontanafredda (PN) - IT -	01388200931	Director	Registered
DECA S.R.L.	Fontanafredda (PN) - IT -	01484670938	Director	Registered
CASAGRANDE SERGIO	Vittorio Veneto (TV) - IT -	CSGSRG52S11M089K	Proprietor	Ceased

Casagrande

Daniele

Company Style	Legal Seat	Fiscal Code	Position	Firm Status
CASAGRANDE HOLDING S.R.L.	Fontanafredda (PN) - IT -	00296590938	Director	Registered
M.D.S. S.R.L.	Fontanafredda (PN) - IT -	00627170939	Director	Registered
SAN QUIRINO S.R.L.	Fontanafredda (PN) - IT -	01200210936	Director	Registered
SPI S.R.L. IN LIQUIDAZIONE	Fontanafredda (PN) - IT -	01345330938	Director	Ceased
G.A. SRL	Fontanafredda (PN) - IT -	01370910935	Director	Registered
LOTTI E DE NOBILI S.R.L.	Codroipo (UD) - IT -	80003640309	Sole Director	Ceased
IRA S.R.L.	Fontanafredda (PN) - IT -	01412530931	Managing Director	Registered
CONSORZIO PER L'AMPLIAMENTO DELLA ZONA INDUSTRIALE DI SAN QUIRINO	San Quirino (PN) - IT -	01302670938	Director	Registered
DECA S.R.L.	Fontanafredda (PN) - IT -	01484670938	Director	Registered

Casagrande Mauro

Company Style	Legal Seat	Fiscal Code	Position	Firm Status
CASAGRANDE S.P.A.	Fontanafredda (PN) - IT -	00290500933	Director	Ceased
CASAGRANDE HOLDING S.R.L.	Fontanafredda (PN) - IT -	00296590938	Director	Registered
SPI S.R.L. IN LIQUIDAZIONE	Fontanafredda (PN) - IT -	01345330938	Director	Ceased
SIN S.R.L.	- -	03675210284	Director	Registered

The indication "REGISTERED" as Firm Status could refere to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

CAPITAL SHAREHOLDERS

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
CASAGRANDE HOLDING S.R.L.	Fontanafredda - IT -	00296590938	2.610.000 .Eur	50,00
I.E.S. S.R.L.	Pordenone - IT -	01043000932	2.610.000 .Eur	50,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership
CASAGRANDE S.P.A.	Fontanafredda - IT -	00290500933	5.164.568 .Eur	100,00
E.C.F. S.R.L.	Milano - IT -	01419510068	34.840 .Eur	9,49
Consorzio Sacile - Societa' Consortile A Responsabilita' Limitata	Pordenone - IT -	01403720939	3.000 .Eur	20,00

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

since 31/12/1998

in :

Via

ARTURO MALIGNANI

, 1

- 33074 -

FONTANAFREDDA

(PN)

- IT -

PHONE

no. 0434/994353

FAX	no. 0434/997009

-

Secondary office

in :

Viale

Venezia

, 97

- 33074 -

Fontanafredda

(PN)

- IT -

Employees

: 244

Fittings and Equipment

for a value of 1.186.000

Eur

Stocks

for a value of 27.177.500

Eur

The firm has a direct commercial organization

Sales area on a national scale.

Import comes generally from the following nations:

- Germania

- Austria

- Belgio

HISTORICAL INFORMATION

Changes to the legal form

Former legal form	New legal form	Changement Date
De facto company	General partnership	09/09/1968
General partnership	Joint stock company	31/12/1968
Joint stock company	Limited liability company	29/06/1993
Limited liability company	Joint stock company	31/12/1998

Company Style modifications

Former Style	New Style	Changement Date
Casagrande E c. s.r.l.	Casagrande S.p.A.	31/12/1998

Ex-Members / Ex-Positions

Gallovich

Ippolito

Born in MANIAGO

on 21/10/1951

- Fiscal Code : GLLPLT51R21E889O

Residence :

Via

MONTEREALE

, 16

- 33170

Pordenone

(PN)

- IT -

Position

Chairman of the Board of Aud.

Casagrande Bruno

Born in Vittorio Veneto

on 11/10/1932

- Fiscal Code : CSGBRN32R11M089Q

Position

Chairman

Casagrande

Daniele

Born in SACILE

on 04/11/1963

- Fiscal Code : CSGDNL63S04H657Z

Residence :

Via

S. EGIDIO

, 48

- 33074

Fontanafredda

(PN)

- IT -

Position

Vice-Chairman

Casagrande Mauro

Born in VITTORIO VENETO

on 02/01/1961

- Fiscal Code : CSGMRA61A02M089S

Residence :

Via

MARCO POLO

, 5

- 33077

Sacile

(PN)

- IT -

Position

Managing Director

Montina

Davide

Born in BOLOGNA

on 23/01/1963

- Fiscal Code : MNTDVD63A23A944T

Residence :

Via

MARANGONI

, 40

- 32043

Cortina d'Ampezzo

(BL)

- IT -

Position

Attorney with special power

Casagrande

Mauro

Born in Vittorio Veneto

on 02/01/1961

- Fiscal Code : CSGMRA61A02M089S

Residence :

Via

Marco Polo

, 5

- 33077

Sacile

(PN)

- IT -

Position

Director

Trainotti

Roberto

Born in SONDRIO

on 22/07/1960

- Fiscal Code : TRNRRT60L22I829P

Residence :

Via

CUSTOZA

, 34

- 33074

Fontanafredda

(PN)

- IT -

Position

Director

Turchet

Fulvio

Born in FONTANAFREDDA

on 24/03/1955

- Fiscal Code : TRCFLV55C24D670W

Residence :

Via

CURTOLEDO

, 2

- 33074

Fontanafredda

(PN)

- IT -

Position

Permanent Auditor

CHIESA

PIETRO

Born in GAZZOLA

on 28/06/1951

- Fiscal Code : CHSPTR51H28D958O

Residence :

Via

FRATELLI ALBERICI

, 27

- 29027

Podenzano

(PC)

- IT -

Position

Attorney with special power

BERTONCINI

PIERGIORGIO

Born in PIACENZA

on 04/03/1952

- Fiscal Code : BRTPGR52C04G535M

Residence :

Viale

PASSEGGIO PUBBLICO

, 70

- 29100

Piacenza

(PC)

- IT -

Position

Attorney with special power

Merged Companies

The firm absorved

CASAGRANDE S.P.A.

VIALE VENEZIA

, 97

, 33074

, Fontanafredda

(PN)

- IT -

Fiscal Code: 00290500933

Date

:

11/07/1997

PAYMENTS ANALYSIS

The average term of debts to suplliers is normal compared with that of the sector.

PAYMENTS SCORE : No insolvency

CREDIT REVOLVING

During last Year, the subject of inquiry has not been monitored by our company.

PROTESTS

Protests checking on the subject firm has given a negative result.

LEGAL PROCEDURES

None reported, standing to the last received edition of the Official Publications.

BANKERS

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA INTESA

IMMOVABLES *

*No specific (mortgage/cadastrial registrations) inspections have been requested.

Immovable Type	Value
Real estates	2.525.858 .Eur

NB.: For Capital Companies the value of the Immovables is the one reported in the last available financial documents.

FINANCIAL AND ECONOMICAL ANALYSIS

The company is active since 1963

In the economic management , good and bad results followed on by turns. with a profit (r.o.e. 4,03%) in the last financial year

The operating result was positive in the last financial year (4,19%) and even better than sector's average.

Company's financial status is balanced since indebtedness is not high (2,22) but with an increase as against the previous accounting period.

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high even if it still falls within the sector's average.

Liquid assets are good.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	69.810.891	filed balance sheet
Profit (Loss) for the period	1.080.770	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	66.010.082	filed balance sheet
Profit (Loss) for the period	-4.762.586	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	63.233.433	filed balance sheet
Profit (Loss) for the period	220.527	filed balance sheet

Complete balance-sheet for the year as at

31/12/2001

(in Eur

x 1 )

Item Type	Amount	Source
Sales	29.438	filed balance sheet
Profit (Loss) for the period	516	filed balance sheet

Complete balance-sheet for the year as at

31/12/2000

(in Eur

x 1 )

Item Type	Amount	Source
Sales	40.529.471	filed balance sheet
Profit (Loss) for the period	506.127	filed balance sheet

BALANCE SHEETS

From our constant monitoring of the Public Administration, actually, no more recent balance sheets result to be filed.

Balance Sheet as at 31/12/2004 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/12/2003 - Months 12 - Currency Eur - Amounts x 1

Years		2004	2003
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		21.431.608	15.003.824
. Intangible assets		316.062	572.541
. Tangible fixed assets		11.188.239	11.579.410
. . Land and buildings		2.525.858	2.543.679
. . Plants, Equipm.and Machinery		1.186.241	9.035.731
. Long-term Investments		9.927.307	2.851.873
. . Financial loans		9.927.307	2.851.873
. . Own shares
CURRENT ASSETS		62.443.600	55.020.510
. Stock		27.177.294	22.555.712
. Credits		33.176.225	31.271.942
. . Credits to clients		31.319.504	29.512.700
. . Other credits		1.856.721	1.759.242
. Short-term financial assets
. Liquid assets		2.090.081	1.192.856
ACCRUED INCOME-DEFERR. ASSETS		10.846.427	12.821.849
TOTAL ASSETS		94.721.635	82.846.183
.
LIABILITIES
NET WORTH		26.778.510	25.697.740
. Company's capital		5.220.000	5.220.000
. Reserves		25.240.326	25.240.326
. Reserves company's own shares
. Retained profits (losses)		-4.762.586
. Profit (loss)		1.080.770	-4.762.586
PROVISION CHARGES ACCOUNTS		568.103	692.193
STAFF TERM INDEMNITY		3.759.377	3.699.453
DEBTS		61.735.553	51.280.780
. Financial M/L terms
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts		24.759.492	17.471.349
. . Financial short-term banks		24.759.492	17.471.349
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		31.868.938	29.345.589
. Sundry M/L debts
. Sundry short-term debts		5.107.123	4.463.842
ACCRUED COSTS DEFERR. LIABILITIES		1.880.092	1.476.017
TOTAL LIABILITIES		94.721.635	82.846.183
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		85.612.990	76.987.466
. Revenues from sales/services		69.810.891	66.010.082
. Change of stock (products)		4.434.176	1.726.162
OPERATING EXPENSES		81.636.705	73.957.146
. Purchasing expenses		45.477.968	38.901.342
. Change of stock (raw material)		-187.406	488.184
. Expenses from services		15.239.649	13.490.235
. Expenses from leasing		2.899.986	3.173.853
. General expenses/sundry charges		2.663.663	2.048.089
. Staff expenses		11.875.232	11.984.248
. Depreciation/Devaluation costs		3.667.613	3.871.195
FINANCIAL REVENUES (CHARGES)		-924.105	-845.642
. Financial charges		-1.843.698	-2.212.731
. Financial revenues		919.593	1.367.089
FINANCIAL ASSETS CORRECTION			-5.060.260
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-806.320	-1.288.988
PROFIT (LOSS) FOR THE PERIOD		2.245.860	-4.164.570
TAX		1.165.090	598.016
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		1.080.770	-4.762.586

RATIOS	Item	O.V.	O.V.	as at 31/12/2004	as at 31/12/2003	Sector Average
Fixed assets ratio	Units	=> 1	l	1,42	1,95	1,36
Net Short-term indebtedness	Units	- 1	l	2,22	1,94	8,13
Current ratio	Units	=> 1	l	1,01	1,07	1,06
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,57	0,63	0,87
Return on Sales	%		l	6,80	- 1,35	2,85
Average stock waiting period	dd		l	140,11	123,01	44,44
Credits to clients average term	dd		l	161,49	160,92	166,75
Debts to suppliers average term	dd		l	180,32	190,11	162,07
Net financial revenues/ charges incidence	%		l	- 1,32	- 1,28	- 1,27
Labour cost incidence	%		l	17,01	18,15	16,67

O.V. = Optimal Value. When not present refer to the sector's.

A coloured item indicates the opinion of the rate during the last financial year

(green=good; orange=not optimal; red=insufficient; n.c.=not computable)

CREDIT OPINION DETERMINATION

The credit opinion determination is divided into two phases :

1) Risk analysis (Score).

2) Reliability score identification.

RISK ANALYSIS (SCORE)

On the base of precise indicators as "Activity sector", "Area", "Firm's foundation", "Payment analysis","Profitability", we analysed the companies included in the same activity sector of subject company, classifying them by their own risk score.

RELIABILITY SCORE

Considering also subject's structural and behavioural characteristics its credit margin rate (from 0 to 100%) is equal to 72%, in respect of a sector average of 38%.

CREDIT OPINION

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

562.400 .Eur.

REMARKS

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

MARKET / TERRITORY DATA

Population living in the province	:	297.699
Population living in the region	:	1.204.718
Number of families in the region	:	516.349

Monthly family expences average in the region (in Eur.) :

- per food products	:	377
- per non food products	:	1.727
- per energy consume	:	114

SECTOR DATA

The values are calculated on a base of 67 significant companies.

The companies cash their credits on an average of 166 dd.

The average duration of suppliers debts is about 162 dd.

The sector's profitability is on an average of 2,85%.

The labour cost affects the turnover in the measure of 16,67%.

Goods are held in stock in a range of 44 dd.

The difference between the sales volume and the resources used to realize it is about 0,96.

The employees costs represent the 16,70% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 3.901 protested subjects are found; in the province they count to 695.

The insolvency index for the region is 0,33, while for the province it is 0,24.

Total Bankrupt companies in the province : 1.260.

Total Bankrupt companies in the region : 5.085.

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions