MIRA INFORM REPORT

Report Date :

01.08.2007

IDENTIFICATION DETAILS

Name :	Italcatering S.p.a.
Registered Office :	Via Scarsellini Angelo, 119, 16100 – Genova (GE) -IT-
Country :	Italy
Financials (as on) :	31.12.2005
Date of Incorporation :	27/01/1997
Legal Form :	Joint Stock Company
Line of Business :	Supplies for ships, barraks, hospitals etc. Fast-food restaurant. Catering

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

Maximum Credit Limit :	203.000 - Eur
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Italcatering S.p.a.

Via Scarsellini Angelo, 119

16100 - Genova (GE) -IT-

SUMMARY

Legal Form	:	Joint stock company
Establishment Date	:	27/01/1997
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	25.000.000/35.000.000 Eur
Number of Employees	:	from 16 to 25

CREDIT ANALYSIS

CREDIT OPINION

:

203.000 - Eur

ACTIVITY

Supplies for ships, barraks, hospitals etc.

Fast-food restaurant. Catering

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 07122240638

Chamber of Commerce no. : 366888 of Genova since 14/04/1997

Chamber of Commerce no. : 581642 of Napoli

Firms' Register : GE-2004-45958 since 03/09/2004

Firms' Register : NA-1997-273925

V.A.T. Code : 07122240638

Establishment Date	: 27/01/1997
Legal Duration Date	: 31/12/2050
Nominal Capital	: 109.200	Eur
Subscribed Capital	: 109.200	Eur
Paid up Capital	: 109.200	Eur

MEMBERS

Coccia

Nicola

Born in Napoli

(NA)

on 13/07/1947

- Fiscal Code : CCCNCL47L13F839N

Residence :

Via

Solimena

, 101

- 80100

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director
Supervisory Board Chairman	28/12/2006
Board Chairman

No Protests registered.

Zuccarino

Francesco Andrea

Born in Genova

(GE)

on 05/04/1941

- Fiscal Code : ZCCFNC41D05D969I

Residence :

Via

Orsini

, 36/5

- 16100

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/12/2006

No Protests registered.

Cafiero

Gabriele

Born in Piano di Sorrento

(NA)

on 10/10/1963

- Fiscal Code : CFRGRL63R10G568L

Residence :

Corso

Italia

, 216

- 80063

Piano di Sorrento

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/12/2006
Board Chairman	28/12/2006

No Protests registered.

La Scala

Emilio

Born in Piano di Sorrento

(NA)

on 24/07/1960

- Fiscal Code : LSCMLE60L24G568R

Residence :

Corso

Italia

, 80

- 80063

Piano di Sorrento

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	28/12/2006

No Protests registered.

Aiello

Raffaele

Born in Sorrento

(NA)

on 07/04/1946

- Fiscal Code : LLARFL46D07I862E

Residence :

Via

M.g. Gargiulo

, 22

- 80065

Sant'Agnello

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Person in charge	02/07/2002
Procurator

No Protests registered.

Borniotto

Enrico

Born in Rapallo

(GE)

on 27/11/1953

- Fiscal Code : BRNNRC53S27H183Z

Residence :

Via

Francesco Gambaro

, 1 A/4

- 16100

Genova

(GE)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	28/12/2006
Director	28/12/2006
General Manager	28/12/2006

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 held positions.

COCCIA

NICOLA

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
AGENZIA CAMPANA DI PROMOZIONE DELLA LOGISTICA E DEL TRASPORTO MERCI - SOCIETA' C	Napoli (NA) - IT -	04633001211	Director	Dismiss	Registered
AGENZIA MARITTIMA ALDO SPADONI SRL	Livorno (LI) - IT -	00875840498	Supervisory Board Chairman	Active	Registered
AGENZIA MARITTIMA ALDO SPADONI SRL	Livorno (LI) - IT -	00875840498	Board Chairman	Dismiss	Registered
ALIMAR SRL	Napoli (NA) - IT -		Sole Director	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Sole Director	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Supervisory Board Chairman	Active	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Sole Director	Dismiss	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Supervisory Board Chairman	Active	Registered
AURORA SHIPPING S.P.A.	Napoli (NA) - IT -	04776641211	Supervisory Board Chairman	-	Ceased
C.A.NA.DRY - CONSORZIO ARMATORI NAVI DRY	Napoli (NA) - IT -	04950811218	Chairman	Active	Registered
CANTIERE NAVALE OFFICINE MECCANICHE DI NAPOLI - NAVAL SUD S.P.A.	Napoli (NA) - IT -	00955180633	Chairman	Dismiss	Ceased
CANTIERE NAVALE OFFICINE MECCANICHE DI NAPOLI - NAVAL SUD S.P.A.	Napoli (NA) - IT -	00955180633	Supervisory Board Chairman	-	Ceased
CO.EDI.ME. - S.A.S. DEL GEOM. UGO IANNIELLO E C.	Napoli (NA) - IT -	03482660630	Proprietor	Active	Registered
CO.EDI.ME. - S.A.S. DEL GEOM. UGO IANNIELLO E C.	Napoli (NA) - IT -	03482660630	General Partner	Dismiss	Registered
CO.NA.TE.CO. CONSORZIO NAPOLETANO TERMINAL CONTAINERS S.P.A.	Napoli (NA) - IT -	06880410631	Director	Dismiss	Registered
COCCIA E PARTNERS CONSULTING S.R.L.	Napoli (NA) - IT -	05860120632	Managing Director	Active	Registered
COCCIA E PARTNERS CONSULTING S.R.L.	Napoli (NA) - IT -	05860120632	Director	Active	Registered
COCCIA E PARTNERS CONSULTING S.R.L.	Napoli (NA) - IT -	05860120632	Board Chairman	Active	Registered
CONSORZIO LINEE MARITTIME NEAPOLIS	Napoli (NA) - IT -	04856941218	Assistant board Chairman	Dismiss	Registered
CONSORZIO LINEE MARITTIME NEAPOLIS	Napoli (NA) - IT -	04856941218	Board of Directors' Vice-chairman	Active	Registered
CONSORZIO PORTO 2000 IN LIQUIDAZIONE	Napoli (NA) - IT -	07536260636	Board of Directors' chairman	Dismiss	Registered
CONSORZIO PORTO 2000 IN LIQUIDAZIONE	Napoli (NA) - IT -	07536260636	Liquidator	Active	Registered
CRUISE HOTEL S.R.L.	Napoli (NA) - IT -	07806960634	Sole Director	Active	Registered
CRUISES INVEST S.R.L.	Napoli (NA) - IT -	05243270633	Supervisory Board Chairman	-	Ceased
DI - PORTO MONTESE S.R.L.	Monte di Procida (NA) - IT -	05562421213	Board Chairman	Active	Registered
DI MAIO E PARTNERS COMPAGNIA DI NAVIGAZIONE S.P.A.	Napoli (NA) - IT -	07142280630	Supervisory Board Chairman	Dismiss	Registered
DI MAIO E PARTNERS COMPAGNIA DI NAVIGAZIONE S.P.A.	Napoli (NA) - IT -	07142280630	Temporary Auditor	Active	Registered
DIMAIOLINES S.P.A.	Napoli (NA) - IT -	07827280632	Supervisory Board Chairman	Dismiss	Registered
DIMAIOLINES S.P.A.	Napoli (NA) - IT -	07827280632	Temporary Auditor	Active	Registered
DOLPHIN TANKER S.R.L.	Napoli (GE) - IT -	01521360634	Supervisory Board Chairman	Dismiss	Registered
EFIGESTIONI SOCIETA' DI GESTIONE DEL RISPARMIO S.P.A. O, IN FORMA ABBREVIATA, EF	Milano (MI) - IT -	05694920967	Supervisory Board Chairman	Active	Registered
EUROMAR S.R.L.	Sant'Agnello (NA) - IT -	03190821219	Supervisory Board Chairman	Dismiss	Registered
EURONAVI S.R.L.	Napoli (NA) - IT -	07964580638	Supervisory Board Chairman	Active	Registered
F.LLI D'AMATO - S.P.A.	Napoli (NA) - IT -	03352250637	Supervisory Board Chairman	Dismiss	Registered
F.LLI D'AMATO SRL	Napoli (NA) - IT -	03352250637	Chairman	Dismiss	Registered
FERRARELLE - S.P.A.	Roma (RM) - IT -	04864160587	Permanent Auditor	Active	Registered
FINE HOUSE DI BRUNO RUSSO E C. - S.A.S.-	Napoli (NA) - IT -	03270820636	Limited Partner	Dismiss	Registered
FORMARE - POLO NAZIONALE FORMAZIONE PER LO SHIPPING - SOCIETA' CONSORTILE A R.L.	Napoli (NA) - IT -	05481321213	Board Chairman	Active	Registered
FULLSHIP MANAGEMENT S.R.L. IN LIQUIDAZIONE	Napoli (NA) - IT -	07956970631	Director	Dismiss	Registered
FULLSHIP MANAGEMENT S.R.L. IN LIQUIDAZIONE	Napoli (NA) - IT -	07956970631	Liquidator	Active	Registered
FULLTANKERS S.R.L.	Napoli (NA) - IT -	06864320632	Managing Director	Dismiss	Ceased
FULLTANKERS S.R.L.	Napoli (NA) - IT -	06864320632	Director	-	Ceased
FULLTANKERS S.R.L.	Napoli (NA) - IT -	06864320632	Director	Dismiss	Ceased
GENEL S.P.A.	Napoli (NA) - IT -	07489480637	Supervisory Board Chairman	Dismiss	Registered
GESTIONI ARMATORIALI S.P.A.	Napoli (NA) - IT -	01211870397	Managing Director	Dismiss	Registered
GESTIONI ARMATORIALI S.P.A.	Napoli (NA) - IT -	01211870397	Board Chairman	Active	Registered
GIUSEPPE BOTTIGLIERI DI NAVIGAZIONE S.P.A.	Napoli (NA) - IT -	04091971210	Supervisory Board Chairman	Active	Registered
GIUSEPPE BOTTIGLIERI SHIPPING COMPANY S.P.A.	Napoli (NA) - IT -	05009701219	Supervisory Board Chairman	Active	Registered
GIUSEPPE D'AMATO E FIGLI S.R.L.	Napoli (NA) - IT -	04510781216	Supervisory Board Chairman	Active	Registered
GRANDI NAVI VELOCI S.P.A.	Palermo (PA) - IT -	04480490962	Supervisory Board Chairman	Dismiss	Registered
GRANDI NAVI VELOCI S.P.A. (GRANNAVI)	Palermo (PA) - IT -	04030570826	Supervisory Board Chairman	-	Ceased
GRUPPO IMMOBILIARE PARTENOPEO S.R.L.	Napoli (NA) - IT -	06061560634	Liquidator	-	Ceased
I.D.C. - ITALIAN DISTRIBUTION COUNCIL - AGENZIA NAZIONALE PER LA LOGISTICA	Roma (RM) - IT -	07542921007	Director	Dismiss	Registered
IMMOBILIARE IL TETTO SRL	Napoli (NA) - IT -	07070480632	Sole Director	Active	Registered
IMMOBILIARE IL TETTO SRL	Napoli (NA) - IT -	07070480632	Person authorized to collect the 3 tenths	Active	Registered
INCAT ITALIA SRL	Napoli (NA) - IT -	07165880639	Sole Director	-	Ceased
INDUSTRIA ARMAMENTO MERIDIONALE S.P.A. (INARME)	Palermo (PA) - IT -	06534630634	Supervisory Board Chairman	Active	Registered
INTERPORTO CAMPANO S.P.A.	Napoli (NA) - IT -	05463270636	Director	Active	Registered
ITALMARE S.R.L.	Piano di Sorrento (NA) - IT -	01301980635	Supervisory Board Chairman	Dismiss	Registered
ITALSHIP S.P.A. IN LIQUIDAZIONE	Napoli (NA) - IT -	07891550639	Supervisory Board Chairman	Active	Registered
ITALSHIP S.R.L.	Napoli (NA) - IT -	06510060632	Supervisory Board Chairman	-	Ceased
ITALSUD TRASPORTI MARITTIMI S.R.L.	Napoli (NA) - IT -	06637850634	Supervisory Board Chairman	-	Ceased
JETMARINE LINE SRL	Napoli (NA) - IT -	07161510636	Sole Director	Dismiss	Registered
KORAS - SOCIETA' A RESPONSABILITA' LIMITATATA	Milano (MI) - IT -	03509411009	Supervisory Board Chairman	-	Ceased
L.G.R. DI NAVIGAZIONE S.P.A. A SOCIO UNICO	Napoli (NA) - IT -	07816470632	Supervisory Board Chairman	Active	Registered
LA NUOVA MECCANICA NAVALE S.R.L.	Napoli (NA) - IT -	05182290634	Supervisory Board Chairman	Active	Registered
LA SPEZIA CONTAINER TERMINAL - S.P.A.	La Spezia (SP) - IT -	00072960115	Permanent Auditor	Active	Registered
M.S.C. SICILIA S.R.L.	Palermo (PA) - IT -	05145060827	Board Chairman	Dismiss	Registered
MEDLIFT S.R.L.	Napoli (NA) - IT -	07050330633	Managing Director	Active	Registered
MEDLIFT S.R.L.	Napoli (NA) - IT -	07050330633	Director	Active	Registered
METRO DEL MARE S.C. A R.L.	Napoli (NA) - IT -	07907670637	Board Chairman	Active	Registered
MONTEVERDE DI NAVIGAZIONE S.P.A.	Napoli (NA) - IT -	03557170630	Supervisory Board Chairman	Active	Registered
MONTEVERDE DI NAVIGAZIONE S.R.L.	Napoli (NA) - IT -	06810280633	Supervisory Board Chairman	Dismiss	Ceased
MONTEVERDE DI NAVIGAZIONE S.R.L.	Napoli (NA) - IT -	06810280633	Permanent Auditor	-	Ceased
MSC CROCIERE S.P.A	Napoli (NA) - IT -	05420180639	Sole Director	Dismiss	Registered
MSC CROCIERE S.P.A	Napoli (NA) - IT -	05420180639	Supervisory Board Chairman	Active	Registered
MSC CROCIERE S.P.A	Napoli (NA) - IT -	05420180639	Board Chairman	Dismiss	Registered
MSC SERVICE S.R.L.	Napoli (NA) - IT -	07432560634	Sole Director	-	Ceased
MSC TRAVEL S.P.A.	Napoli (NA) - IT -	07457400633	Sole Director	-	Ceased
NAVALFIN FINANZIARIA NAVALE S.P.A.	Napoli (NA) - IT -	06066290633	Supervisory Board Chairman	Dismiss	Registered
NAVEMAR S.R.L.	Napoli (NA) - IT -	04529691216	Supervisory Board Chairman	Active	Registered
NAVIGAZIONE DUE GOLFI S.P.A	Napoli (NA) - IT -	07910920631	Supervisory Board Chairman	Active	Registered
NAVIGAZIONE LIBERA DEL GOLGO E SNAV LINEE CONSORTILI	Napoli (NA) - IT -	06929490636	Director	Active	Registered
NAVITAL S.R.L.	Napoli (NA) - IT -	06222860634	Supervisory Board Chairman	Dismiss	Registered
NETLOG S.R.L.	Napoli (NA) - IT -	07608970633	Person authorized to collect the 3 tenths	-	Ceased
NETLOG S.R.L.	Napoli (NA) - IT -	07608970633	Board Chairman	-	Ceased
NUOVA DUE GOLFI - S.P.A. IN LIQUIDAZIONE	Napoli (NA) - IT -	05485531213	Supervisory Board Chairman	-	Ceased
P.S.T. - PORT SECURITY TERMINAL S.R.L.	Napoli (NA) - IT -	05473251212	Sole Director	Active	Registered
PERSEVERANZA SPA DI NAVIGAZIONE	Napoli (NA) - IT -	01165220631	Supervisory Board Chairman	Active	Registered
POLARIS S.R.L.	Napoli (NA) - IT -	07864280636	Supervisory Board Chairman	Active	Registered
POLIASS S.R.L. SOCIETA' DI BROKERAGGIO ASSICURATIVO	Napoli (NA) - IT -	04443980638	Director	Active	Registered
PROGRAMMA PORTO DI NAPOLI SOCIETA' CONSORTILE A R.L.	Napoli (NA) - IT -	07782370634	Board Chairman	Active	Registered
R.V. SHIPPING S.P.A.	Napoli (NA) - IT -	07451270636	Supervisory Board Chairman	Dismiss	Ceased
RIZZO-BOTTIGLIERI-DE CARLINI ARMATORI SOCIETA' PER AZIONI DETTA ANCHE BR	Torre del Greco (NA) - IT -	02751631215	Supervisory Board Chairman	Active	Registered
ROMA CRUISE TERMINAL S.R.L.	Civitavecchia (RM) - IT -	08482171009	Supervisory Board Chairman	Active	Registered
ROMA CRUISE TERMINAL S.R.L.	Civitavecchia (RM) - IT -	08482171009	Permanent Auditor	Active	Registered
ROMEO GROUP S.P.A.	Napoli (NA) - IT -	07588650635	Supervisory Board Chairman	Active	Registered
S.E.R.I.T. NAPOLI S.P.A.	Cercola (NA) - IT -	95003080637	Temporary Auditor	Dismiss	Liquidated
S.I.S.TRA. S.R.L. SOCIETA' ITALIANA SISTEMI TRASPORTI	Roma (RM) - IT -	05195350631	Supervisory Board Chairman	-	Ceased
SAN MARCO S.R.L.	Napoli (NA) - IT -	06849240632	Sole Director	-	Ceased
SAN MARTINO ALBERGHI S.R.L.	- -	07544560639	Supervisory Board Chairman	Dismiss	Registered
SDS NAVIGATION S.R.L.	Monte di Procida (NA) - IT -	04950831216	Supervisory Board Chairman	Active	Registered
SERVIZI MARITTIMI S.R.L. IN LIQUIDAZIONE	Napoli (NA) - IT -	04882301213	Supervisory Board Chairman	Active	Registered
SOMEA SOCIETA' MEDITERRANEA D'ARMAMENTO S.R.L.	Napoli (NA) - IT -	06154860636	Liquidator	-	Ceased
SPAZIO MODA S.R.L.DEI F.LLI GRECO	Nola (NA) - IT -	04586040638	Permanent Auditor	Dismiss	Registered
STARLAURO S.P.A.	Napoli (NA) - IT -	05257990639	Supervisory Board Chairman	Active	Registered
STARLAURO S.P.A.	Napoli (NA) - IT -	05257990639	Chairman and Managing Director	Dismiss	Registered
STARLAURO S.P.A.	Napoli (NA) - IT -	05257990639	Board Chairman	Dismiss	Registered
STAZIONI MARITTIME S.P.A.	Genova (GE) - IT -	02906780107	Director	Dismiss	Registered
STAZIONI MARITTIME S.P.A.	Genova (GE) - IT -	02906780107	Memb.of the Executive Committee	Dismiss	Registered
T.I.N. - TERMINAL INTERMODALE NOLA S.P.A.	Napoli (NA) - IT -	07489470638	Director	Active	Registered
T.I.N. - TERMINAL INTERMODALE NOLA S.P.A.	Napoli (NA) - IT -	07489470638	Board Chairman	Dismiss	Registered
T.I.N. - TERMINAL INTERMODALE NOLA S.R.L.	Napoli (NA) - IT -		Board Chairman	Active	Registered
T.T.T. - TOMASOS TRANSPORT E TOURISM - S.P.A.	Napoli (NA) - IT -	07806950635	Supervisory Board Chairman	Active	Registered
TERMINAL BEVERELLO S.P.A.	Napoli (NA) - IT -	03969061005	Director	Active	Registered
TERMINAL DI LEVANTE S.R.L.	Napoli (NA) - IT -	07334470635	Board Chairman	Active	Registered
TERMINAL FLAVIO GIOIA SPA	Napoli (NA) - IT -	03435060102	Director	Dismiss	Registered
TERMINAL INTERMODALE VENEZIA S.P.A.	Venezia (VE) - IT -	03280930276	Director	Active	Registered
TERMINAL INTERMODALE VENEZIA S.P.A.	Venezia (VE) - IT -	03280930276	Permanent Auditor	Dismiss	Registered
TERMINAL INTERMODALE VENEZIA S.P.A.	Venezia (VE) - IT -	03280930276	Member of the Management Committee	Active	Registered
TERMINAL MERGELLINA S.P.A.	Napoli (NA) - IT -	07151670630	Director	Active	Registered
TERMINAL NAPOLI S.P.A.	Napoli (NA) - IT -	07451020635	Director	Active	Registered
TERMINAL NAPOLI S.P.A.	Napoli (NA) - IT -	07451020635	Board Chairman	Active	Registered
TRADER DI DE BLASIO VINCENZO S.R.L.	Napoli (NA) - IT -	04846200634	Supervisory Board Chairman	Active	Registered
VALLE VERDE - COOP. A R. L.	Napoli (NA) - IT -	80113250635	Chairman	Dismiss	Registered
VALLE VERDE - COOP. A R. L.	Napoli (NA) - IT -	80113250635	Liquidator	Active	Registered
VILAN S.R.L.	Napoli (NA) - IT -	07176140635	Supervisory Board Chairman	Active	Registered

CAFIERO

GABRIELE

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
ACT S.R.L. ADRIATIC CONTAINER TERMINAL	Ancona (AN) - IT -	02170440420	Director	Active	Registered
AGENZIA MARITTIMA LE NAVI - S.P.A.	Genova (GE) - IT -	00532050101	Director	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Managing Director	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Director	Active	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Managing Director	Active	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Director	Active	Registered
CO.NA.TE.CO. CONSORZIO NAPOLETANO TERMINAL CONTAINERS S.P.A.	Napoli (NA) - IT -	06880410631	Managing Director	Active	Registered
CO.NA.TE.CO. CONSORZIO NAPOLETANO TERMINAL CONTAINERS S.P.A.	Napoli (NA) - IT -	06880410631	Director	Active	Registered
JETMARINE LINE SRL	Napoli (NA) - IT -	07161510636	Managing Director	Active	Registered
JETMARINE LINE SRL	Napoli (NA) - IT -	07161510636	Director	Active	Registered
M.S.C. SICILIA S.R.L.	Palermo (PA) - IT -	05145060827	Director	Active	Registered
M.S.C. SICILIA S.R.L.	Palermo (PA) - IT -	05145060827	Board Chairman	Active	Registered
MSC CROCIERE S.P.A	Napoli (NA) - IT -	05420180639	Managing Director	Active	Registered
MSC CROCIERE S.P.A	Napoli (NA) - IT -	05420180639	Director	Active	Registered
STARLAURO S.P.A.	Napoli (NA) - IT -	05257990639	Managing Director	Active	Registered
STARLAURO S.P.A.	Napoli (NA) - IT -	05257990639	Director	Active	Registered
STARLAURO S.P.A.	Napoli (NA) - IT -	05257990639	Board Chairman	Active	Registered

AIELLO

RAFFAELE

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Managing Director	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Director	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Procurator	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Institor	Active	Registered
ALISCAFI SNAV SOCIETA' NAVIGAZIONE ALTA VELOCITA' SPA	Napoli (NA) - IT -	00081630832	Agent	Active	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Managing Director	Active	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Director	Active	Registered
ALISNAV S.R.L.	Napoli (NA) - IT -	06512500635	Institor	Active	Registered
CONSORZIO LINEE MARITTIME NEAPOLIS	Napoli (NA) - IT -	04856941218	Director	Active	Registered
JETMARINE LINE SRL	Napoli (NA) - IT -	07161510636	Managing Director	Active	Registered
JETMARINE LINE SRL	Napoli (NA) - IT -	07161510636	Director	Active	Registered
JETMARINE LINE SRL	Napoli (NA) - IT -	07161510636	Person in charge	Active	Registered
METRO DEL MARE S.C. A R.L.	Napoli (NA) - IT -	07907670637	Director	Active	Registered

BORNIOTTO

ENRICO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
BORNIOTTO ENRICO	Levanto (SP) - IT -	BRNNRC53S27H183Z	Proprietor	-	Ceased
FESTA' SERVIZI S.N.C. DI BORNIOTTO ENRICO E BARTOLOMEI MARCO	Genova (GE) - IT -	01302530991	Partner	Active	Registered
LIGABUE SPA	Venezia (VE) - IT -	03154950277	Procurator	Dismiss	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
Msc Crociere S.p.a	Napoli - IT -	05420180639	5.460 .Eur	5,00
Marinvest s.r.l.	Napoli - IT -	05635400582	103.740 .Eur	95,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
SOCIETA' PER IL NUOVO DEPOSITO FRANCO DARSENA DEL PORTO DI GENOVA S.R.L.	Genova - IT -	03452530102	1.900 .Eur	9,13	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

since 03/09/2004

in :

Via

Scarsellini Angelo

, 119

- 16100 -

Genova

(GE)

- IT -

PHONE

: 010/5510267

PHONE

: 010/599044

FAX	: 010/5990452

Employees

: 23

Part-time workers

: 15

Fittings and Equipment

for a value of 15.000

Eur

Stocks

for a value of 4.698.000

Eur

Import comes generally from the following nations:

- Germania

- Francia

- Svizzera

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	21/04/1997

Company Style modifications

Former Style	New Style	Changement Date
Italcatering s.r.l.	Italcatering S.p.A.	21/04/1997

Ex-Members / Ex-Positions

Zerbone

Luciano Giuseppe

Born in GENOVA

on 07/05/1927

- Fiscal Code : ZRBLNG27E07D969K

Residence :

Via

ROSSI CESARE

, 4/1

- 16100

Genova

(GE)

- IT -

Position

Managing Director

Director

Coccia

Nicola

Born in Napoli

on 13/07/1947

- Fiscal Code : CCCNCL47L13F839N

Residence :

Via

Solimena

, 101

- 80100

Napoli

(NA)

- IT -

Position

Director

Board Chairman

VAGO	PIER FRANCESCO

Born in MILANO

on 14/05/1961

- Fiscal Code : VGAPFR61E14F205Q

Residence :

DE LA CAPITE

GINEVRA

- CH -

Position

Managing Director

Director

COSTA ARDISSONE

GIACOMO VINCENZO

Born in GENOVA

on 09/04/1954

- Fiscal Code : CSTGMV54D09D969W

Residence :

Via

CORSICA

, 16

- 16100

Genova

(GE)

- IT -

Position

Director

PAYMENTS ANALYSIS

The average term of debts to suppliers is shorter than the sector one.

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last Month : n. 2 times.

During the last 6 Months : n. 9 times.

During the last 12 Months : n. 15 times.

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 SPA	Genova				3069	0

IMMOVABLES *

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

None reported in the name of the Firm.

FINANCIAL AND ECONOMICAL ANALYSIS

Company's starting of activities dates back to 1997.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 7,77% in 2005

The operating result was positive in the last financial year (4,32%) falling within the field's average.

The analysis shows a fair financial position as the indebtedness volume is acceptable (2,83) and falling as against the previous year (3,09).

Financial debts exposure is under control while the recourse to commercial credit is rather frequent but lower than the field average.

The available funds are good.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	33.909.936	filed balance sheet
Profit (Loss) for the period	203.584	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	36.520.970	filed balance sheet
Profit (Loss) for the period	334.078	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	26.276.332	filed balance sheet
Profit (Loss) for the period	314.499	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	18.433.896	filed balance sheet
Profit (Loss) for the period	154.420	filed balance sheet

Complete balance-sheet for the year as at

31/12/2001

(in Eur

x 1 )

Item Type	Amount	Source
Sales	16.346.893	filed balance sheet
Profit (Loss) for the period	432.790	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 31/12/2005 - Months 12 - Currency Eur - Amounts x 1

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

Years		2005	2004
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		354.694	230.705
. Intangible assets		181.652	79.438
. Tangible fixed assets		173.042	151.267
. . Land and buildings
. . Plants, Equipm.and Machinery		15.046	14.202
. Long-term Investments
. . Financial loans
. . Own shares
CURRENT ASSETS		11.765.405	9.669.683
. Stock		4.698.087	1.834.508
. Credits		5.060.609	6.869.001
. . Credits to clients		4.992.279	5.713.223
. . Other credits		68.330	1.155.778
. Short-term financial assets
. Liquid assets		2.006.709	966.174
ACCRUED INCOME-DEFERR. ASSETS		182.300	1.212.388
TOTAL ASSETS		12.302.399	11.112.776
.
LIABILITIES
NET WORTH		2.618.998	2.415.416
. Company's capital		109.200	109.200
. Reserves		2.306.214	1.972.138
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		203.584	334.078
PROVISION CHARGES ACCOUNTS		41.267	52.698
STAFF TERM INDEMNITY		154.260	84.837
DEBTS		9.431.198	8.435.178
. Financial M/L terms
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts
. . Financial short-term banks
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		9.167.834	8.285.389
. Sundry M/L debts
. Sundry short-term debts		263.364	149.789
ACCRUED COSTS DEFERR. LIABILITIES		56.676	124.647
TOTAL LIABILITIES		12.302.399	11.112.776
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		33.994.631	36.953.276
. Revenues from sales/services		33.909.936	36.520.970
. Change of stock (products)
OPERATING EXPENSES		33.462.483	36.257.051
. Purchasing expenses		31.325.803	21.892.738
. Change of stock (raw material)		-2.863.579	-291.781
. Expenses from services		3.139.816	13.687.148
. Expenses from leasing		101.851	72.582
. General expenses/sundry charges		116.866	42.489
. Staff expenses		1.559.316	780.261
. Depreciation/Devaluation costs		82.410	73.614
FINANCIAL REVENUES (CHARGES)		-18.915	-31.873
. Financial charges		-24.271	-32.945
. Financial revenues		5.356	1.072
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-25.000	-100.624
PROFIT (LOSS) FOR THE PERIOD		488.233	563.728
TAX		284.649	229.650
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		203.584	334.078

RATIOS	Item	O.V.	O.V.	as at 31/12/2005	as at 31/12/2004	Sector Average
Fixed assets ratio	Units	=> 1	l	7,81	10,83	0,77
Net Short-term indebtedness	Units	- 1	l	2,83	3,09	4,33
Current ratio	Units	=> 1	l	1,24	1,14	0,76
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,74	0,92	0,57
Return on Sales	%		l	0,84	1,11	3,67
Average stock waiting period	dd		l	49,86	18,07	12,72
Credits to clients average term	dd		l	52,99	56,30	38,08
Debts to suppliers average term	dd		l	95,47	83,62	146,34
Net financial revenues/ charges incidence	%		l	- 0,05	- 0,08	- 1,16
Labour cost incidence	%		l	4,59	2,13	27,14

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

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:

203.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	875.732
Population living in the region	:	1.592.309
Number of families in the region	:	754.141

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

- per food products	:	463
- per non food products	:	1.607
- per energy consume	:	94

SECTOR DATA

The values are calculated on a base of 1.230 significant companies.

The companies cash their credits on an average of 38 dd.

The average duration of suppliers debts is about 146 dd.

The sector's profitability is on an average of 3,67%.

The labour cost affects the turnover in the measure of 27,14%.

Goods are held in stock in a range of 12 dd.

The difference between the sales volume and the resources used to realize it is about 1,54.

The employees costs represent the 26,60% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 7.546 protested subjects are found; in the province they count to 4.210.

The insolvency index for the region is 0,48, while for the province it is 0,48.

Total Bankrupt companies in the province : 3.970.

Total Bankrupt companies in the region : 7.305.

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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