MIRA INFORM REPORT

Report Date :

01.12.2007

IDENTIFICATION DETAILS

Name :	Gruppo Mastrotto S.p.a.
Registered Office :	Via Quarta Strada, 7, 36071 - Arzignano (VI) -IT-
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	31/12/1997
Legal Form :	Joint Stock Company
Line of Business :	Tanning and dyeing of skins and hides. Other processing linked to leather articles' production.

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 :	600.100 - Eur
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Gruppo Mastrotto S.p.a.

Via Quarta Strada, 7

36071 - Arzignano (VI) -IT-

SUMMARY

Legal Form	:	Joint stock company
Start of Activities	:	31/12/1997
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	over 150.000.000 Eur
Number of Employees	:	from 750 to 1000

CREDIT ANALYSIS

CREDIT OPINION

:

600.100 - Eur

ACTIVITY

Tanning and dyeing of skins and hides.

Other processing linked to leather articles' production.

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 02629600244

Foreign Trade Reg. no. : VI045646 since 24/03/1998

Chamber of Commerce no. : 262197 of Vicenza since 30/09/1997

Firms' Register : VI-1997-194829 since 30/09/1997

V.A.T. Code : 02629600244

Foundation Date	: 02/04/1992
Establishment Date	: 02/04/1992
Start of Activities	: 31/12/1997
Legal Duration Date	: 31/12/2050
Nominal Capital	: 30.990.000	Eur
Subscribed Capital	: 30.990.000	Eur
Paid up Capital	: 30.990.000	Eur

MEMBERS

Solda'

Fabio

Born in Arzignano

(VI)

on 21/04/1965

- Fiscal Code : SLDFBA65D21A459V

Residence :

Corso

Mazzini

, 2/2

- 36071

Arzignano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	18/05/2006
Director	18/05/2006

No Protests registered.

Mastrotto

Bruno

Born in Nogarole Vicentino

(VI)

on 20/06/1941

- Fiscal Code : MSTBRN41H20F922F

Residence :

Via

Catalani 6

- 36071

Arzignano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	01/09/2003
Director	18/05/2006
Assistant board Chairman	18/05/2006

No Protests registered.

Mastrotto

Santo

Born in Nogarole Vicentino

(VI)

on 08/09/1938

- Fiscal Code : MSTSNT38P08F922V

Residence :

Via

Mondeo

, 6

- 36075

Montecchio Maggiore

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	18/05/2006
Director	27/06/2003
Board Chairman	18/05/2006

No Protests registered.

Mastrotto

Graziano

Born in Nogarole Vicentino

(VI)

on 14/04/1964

- Fiscal Code : MSTGZN64D14A459H

Residence :

Via

Della Radura

, 20

- 36071

Arzignano

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	18/05/2006
Director	18/05/2006

No Protests registered.

Pricewaterhousecoopers S.p.a. In Breve

Pwc

- Fiscal Code : 12979880155

Residence :

Viale

Monte Rosa

, 91

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditing company	25/11/2005

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.

SOLDA' FABIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
GARUDA S.R.L.	Arzignano (VI) - IT -	03303140242	Director	Active	Registered
GARUDA S.R.L.	Arzignano (VI) - IT -	03303140242	Board Chairman	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Managing Director	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Director	Active	Registered
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Managing Director	-	Ceased
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Director	-	Ceased
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Board Chairman	-	Ceased
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Managing Director	Active	Registered
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Director	Active	Registered
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Board Chairman	Active	Registered
SOLDA' S.R.L.	Arzignano (VI) - IT -	01775780248	Director	Active	Registered
TECNOCONCIARIA ITALIA S.R.L.	Arzignano (VI) - IT -	02204780403	Director	Dismiss	Ceased
TECNOCONCIARIA ITALIA S.R.L.	Arzignano (VI) - IT -	02204780403	Liquidator	-	Ceased
TECNOCONCIARIA ITALIA S.R.L.	Arzignano (VI) - IT -	02204780403	Board Chairman	Dismiss	Ceased

MASTROTTO BRUNO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
AKRON S.P.A.	Arzignano (VI) - IT -	02197700244	Managing Director	-	Ceased
AKRON S.P.A.	Arzignano (VI) - IT -	02197700244	Director	-	Ceased
ARFIN S.P.A.	Arzignano (VI) - IT -	02884290244	Sole Director	Active	Registered
BRUSAROSCO IMMOBILIARE S.R.L.	Arzignano (VI) - IT -	02094050248	Director	Active	Registered
BRUSAROSCO IMMOBILIARE S.R.L.	Arzignano (VI) - IT -	02094050248	Assistant board Chairman	Active	Registered
COMPAGNIA INVESTIMENTI E SVILUPPO - C.I.S. S.P.A. IN SIGLA CIS SPA	Villafranca di Verona (VR) - IT -	02465570238	Director	Active	Registered
CONCERIA BASMAR S.P.A.	Trissino (VI) - IT -	00167740240	Director	-	Ceased
CONCERIA F.LLI MASTROTTO - S.P.A.	Arzignano (VI) - IT -	00142330240	Managing Director	-	Ceased
CONCERIA MASTROTTO S.P.A.	Arzignano (VI) - IT -	01345190068	Director	-	Ceased
CONCERIA MASTROTTO S.P.A.	Arzignano (VI) - IT -	01345190068	Managing Director	-	Ceased
CONSORZIO URBANISTICO DELL'AREA CENTRALE DELLE CONCERIE	Arzignano (VI) - IT -	03040220240	Baord of Directors' member	Active	Registered
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Chairman	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Managing Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Liquidator	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Managing Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Assistant board Chairman	-	Ceased
EDICA S.R.L.	Chiampo (VI) - IT -	02444560243	Managing Director	Active	Registered
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Managing Director	-	Ceased
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Director	-	Ceased
GIAROSA S.R.L.	Arzignano (VI) - IT -	03303020246	Director	Active	Registered
IMPRESA EDILE NARDI - S.P.A.	Chiampo (VI) - IT -	00079380242	Director	-	Ceased
INDUSTRIES MEDICAL ADVISORY SERVICES S.R.L. (ABBREVIATA IN	Vicenza (VI) - IT -	02299990248	Liquidator	-	Ceased
ISTITUTO FINANZIARIO PER LA RICOSTRUZIONE I.FI.R. S.R.L.	Vicenza (VI) - IT -	00871070249	Managing Director	-	Ceased
LINEA PELLE S.P.A - UNIPERSONALE	Arzignano (VI) - IT -	01803680246	Director	-	Ceased
MASTROTTO F.LLI SANTO, BRUNO, ANGELO, RINO, MARIO	Sovizzo (VI) - IT -	00503080244	Partner	Active	Registered
MASTROTTO IMMOBILIARE S.P.A.	Arzignano (VI) - IT -	02083000246	Chairman	-	Ceased
MASTROTTO IMMOBILIARE S.P.A.	Arzignano (VI) - IT -	02083000246	Director	-	Ceased
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Managing Director	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Director	Active	Registered
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Managing Director	-	Ceased
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Director	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Managing Director	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Director	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Assistant board Chairman	-	Ceased
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Managing Director	Active	Registered
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Director	Active	Registered
PROGETTA S.P.A.	Arzignano (VI) - IT -	02884280245	Managing Director	Active	Registered
PROGETTA S.P.A.	Arzignano (VI) - IT -	02884280245	Director	Active	Registered
PROGETTA S.P.A.	Arzignano (VI) - IT -	02884280245	Board Chairman	Active	Registered
RETRONE S.P.A.	Vicenza (VI) - IT -	01317420246	Director	-	Ceased
RISPARMIO E PREVIDENZA SOCIETA' PER AZIONI	Verona (VR) - IT -	02524030232	Director	Active	Registered
SEAR S.P.A.	Vicenza (VI) - IT -	00142190248	Chairman	-	Ceased
SEAR S.P.A.	Vicenza (VI) - IT -	00142190248	Managing Director	-	Ceased
SEAR S.P.A.	Vicenza (VI) - IT -	00142190248	Liquidator	-	Ceased
SILMAR S.P.A.	Arzignano (VI) - IT -	02167370242	Sole Director	-	Ceased
UTIAC SPA	Arzignano (VI) - IT -	02934120243	Director	Active	Registered
VERONA GESTIONI SOCIETA' DI GESTIONE DELRISPARMIO S.P.A. IN FORMA ABBREV	Verona (VR) - IT -	12740160150	Director	Active	Registered

MASTROTTO SANTO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
A.C. ARZIGNANO - SRL	Arzignano (VI) - IT -	00898500244	Director	-	Ceased
AKRON S.P.A.	Arzignano (VI) - IT -	02197700244	Chairman	-	Ceased
AKRON S.P.A.	Arzignano (VI) - IT -	02197700244	Managing Director	-	Ceased
AKRON S.P.A.	Arzignano (VI) - IT -	02197700244	Director	-	Ceased
CONCERIA BASMAR S.P.A.	Trissino (VI) - IT -	00167740240	Director	-	Ceased
CONCERIA F.LLI MASTROTTO - S.P.A.	Arzignano (VI) - IT -	00142330240	Chairman	-	Ceased
CONCERIA F.LLI MASTROTTO - S.P.A.	Arzignano (VI) - IT -	00142330240	Managing Director	-	Ceased
CONCERIA MASTROTTO S.P.A.	Arzignano (VI) - IT -	01345190068	Director	-	Ceased
CONCERIA MASTROTTO S.P.A.	Arzignano (VI) - IT -	01345190068	Managing Director	-	Ceased
CONCERIA MASTROTTO S.P.A.	Arzignano (VI) - IT -	01345190068	Board Chairman	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Managing Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Managing Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Director	-	Ceased
EDICA S.R.L.	Chiampo (VI) - IT -	02444560243	Managing Director	Active	Registered
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Managing Director	-	Ceased
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Director	-	Ceased
GARUDA S.R.L.	Arzignano (VI) - IT -	03303140242	Director	Active	Registered
HOMESERVICE S.P.A.	Arzignano (VI) - IT -	02082990249	Sole Director	-	Ceased
LAPIS LAZULI S.R.L.	Arzignano (VI) - IT -	91023270902	Sole Director	Active	Registered
LINEA PELLE S.P.A - UNIPERSONALE	Arzignano (VI) - IT -	01803680246	Director	-	Ceased
MA.CO.PEL. S.A.S. DI SANTO MASTROTTO E C. IN FORMA BREVE	Vicenza (VI) - IT -	01876830249	General Partner	-	Ceased
MASTROTTO F.LLI SANTO, BRUNO, ANGELO, RINO, MARIO	Sovizzo (VI) - IT -	00503080244	Partner	Active	Registered
MASTROTTO IMMOBILIARE S.P.A.	Arzignano (VI) - IT -	02083000246	Director	-	Ceased
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Managing Director	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Director	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Board Chairman	Active	Registered
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Managing Director	-	Ceased
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Director	-	Ceased
MASTROTTO ITALIA S.P.A.	Arzignano (VI) - IT -	02510730241	Assistant board Chairman	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Managing Director	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Director	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Board Chairman	-	Ceased
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Chairman	Dismiss	Registered
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Managing Director	Dismiss	Registered
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Managing Director	Active	Registered
MTECH S.P.A. - UNIPERSONALE	Arzignano (VI) - IT -	02232160248	Director	Active	Registered
PROGETTA S.P.A.	Arzignano (VI) - IT -	02884280245	Managing Director	Active	Registered
PROGETTA S.P.A.	Arzignano (VI) - IT -	02884280245	Director	Active	Registered
SEAR S.P.A.	Vicenza (VI) - IT -	00142190248	Managing Director	-	Ceased

MASTROTTO GRAZIANO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Vice-Chairman	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	01609520240	Managing Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Managing Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Director	-	Ceased
DUMA S.P.A.	Arzignano (VI) - IT -	00863240248	Board Chairman	-	Ceased
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Managing Director	-	Ceased
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Director	-	Ceased
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Managing Director	Dismiss	Ceased
ELLE-PI S.P.A.	Arzignano (VI) - IT -	00346070246	Board Chairman	-	Ceased
GARUDA S.R.L.	Arzignano (VI) - IT -	03303140242	Director	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Managing Director	Active	Registered
MASTROTTO INTERNATIONAL S.P.A.	Arzignano (VI) - IT -	03037870247	Director	Active	Registered
MIDAC S.P.A.	Arzignano (VI) - IT -	02103180242	Director	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
Solda' Fabio	Arzignano - IT -	SLDFBA65D21A459V	3.099.000 .Eur	10,00
Mastrotto Bruno	Arzignano - IT -	MSTBRN41H20F922F	51 .Eur
Mastrotto Santo	Montecchio Maggiore - IT -	MSTSNT38P08F922V	51 .Eur
Mastrotto Graziano	Arzignano - IT -	MSTGZN64D14A459H	3.099.000 .Eur	10,00
Texcoco S.a.			3.099.000 .Eur	10,00
Mastrotto International S.p.a.	Arzignano - IT -	03037870247	21.692.896 .Eur	69,99

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
Duma S.p.a.	Arzignano - IT -	00863240248	7.800.000 .Eur	100,00	Ceased
Mastrotto Italia S.p.a.	Arzignano - IT -	02510730241	6.960.840 .Eur	89,93	Ceased
S.i.c.it. S.p.a.	Chiampo - IT -	01905000244	223.477 .Eur	43,31	Active
Compagnia Investimenti E Sviluppo - C.i.s. S.p.a. In Sigla Cis Spa	Villafranca di Verona - IT -	02465570238	546.000 .Eur	1,14	Active
Utiac Spa	Arzignano - IT -	02934120243	1.275.600 .Eur	8,40	Active
Garuda S.r.l.	Arzignano - IT -	03303140242	50.000 .Eur	100,00	Active
Linea Pelle S.p.a - Unipersonale	Arzignano - IT -	01803680246	1.032.000 .Eur	100,00	Ceased
Mtech S.p.a. - Unipersonale	Arzignano - IT -	02232160248	520.000 .Eur	100,00	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

in :

Via

Quarta Strada

, 7

- 36071 -

Arzignano

(VI)

- IT -

PHONE

: 0444/476200

-

Branch

(Factory )

since 01/06/2002

in :

Via

Dell'industria

, 5

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 31/12/2003

in :

Via

Quinta Strada

, 55

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 31/12/2003

in :

Via

Seconda Strada

, 115

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 31/12/2003

in :

Via

Lavoro

, 64

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 31/12/2003

in :

Via

Terza Strada

, 15

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 31/12/2003

in :

Via

Della Tecnica

, 78

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 31/12/2003

in :

Via

Concia

, 156

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Store )

since 01/05/2006

in :

Via

Del Lavoro

, 86-88-96

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Store )

since 01/10/2006

in :

Via

Iv Strada

, 23/B

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Store )

since 01/10/2006

in :

Via

Iv Strada

, 23/A

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Factory )

since 01/04/2007

in :

Via

Quinta Strada

, SNC

- 36071 -

Arzignano

(VI)

- IT -

-

Branch

(Store )

since 13/07/2007

in :

Via

Ferraretta

, 54

- 36071 -

Arzignano

(VI)

- IT -

Employees

: 985

Fittings and Equipment

for a value of 6.992.500

Eur

Stocks

for a value of 70.198.500

Eur

HISTORICAL INFORMATION AND/OR FIRM'S

STATUS

Ex-Members / Ex-Positions

Franzoi

Giorgio

Born in LONIGO

on 02/02/1935

- Fiscal Code : FRNGRG35B02E682P

Residence :

Viale

MARGHERITA

, 57

- 36100

Vicenza

(VI)

- IT -

Position

Temporary Auditor

Mastrotto

Santo

Born in NOGAROLE VICENTINO

on 08/09/1938

- Fiscal Code : MSTSNT38P08F922V

Residence :

Via

Mondeo

, 6

- 36077

Montecchio Maggiore

(VI)

- IT -

Position

Managing Director

Director

Board Chairman

Mastrotto

Bruno

Born in NOGAROLE VICENTINO

on 20/06/1941

- Fiscal Code : MSTBRN41H20F922F

Residence :

Via

Catalani

, 6

- 36071

Arzignano

(VI)

- IT -

Position

Managing Director

Director

Director

Assistant board Chairman

Mastrotto

Santo

Born in NOGAROLE VICENTINO

on 08/09/1938

- Fiscal Code : MSTSNT38P08F922V

Residence :

Via

PONTESELLO

, 14

- 36077

Montecchio Maggiore

(VI)

- IT -

Position

Managing Director

Director

Board Chairman

Garavaglia

Luigi Emilio

Born in MILANO

on 08/04/1960

- Fiscal Code : GRVLML60D08P205A

Residence :

Via

PERGOLESI G.BATTISTA

, 24

- 20100

Milano

(MI)

- IT -

Position

Permanent Auditor

Former seats

-

Branch

(Warehouse )

since 16/09/2000

Via

QUINTA STRADA

- 36071

- ARZIGNANO

(VI)

- IT -

The firm absorbed by merging of

Elle-pi S.p.a.

Via

Della Concia

, 156

, 36071

, Arzignano

(VI)

- IT -

Fiscal Code: 00346070246

Date

:

26/11/2003

Project of merging by taking over of

Elle-pi S.p.a.

Via

Della Concia

, 156

, 36071

, Arzignano

(VI)

- IT -

Fiscal Code: 00346070246

Date

Merging/Splitting-up Project :

27/06/2003

Splitting-up and setting-up of a new company

ARCOS S.P.A.

, Arzignano (vi)

- IT -

Date

Splitting-up :

20/12/2000

The firm absorbed by merging of

Conceria Mastrotto S.p.a.

Via

Quarta Strada

, 7

, 36071

, Arzignano

(VI)

- IT -

Fiscal Code: 01345190068

Date

:

31/12/1997

Project of merging by taking over of

Silmar S.p.a.

Via

Quarta Strada

, 7

, 36071

, Arzignano

(VI)

- IT -

Fiscal Code: 02167370242

Date

Merging/Splitting-up Project :

30/09/1997

PAYMENTS ANALYSIS

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

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last 12 Months : n. 1 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 POPOLARE VICENTINA			0		5728	0

IMMOVABLES *

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

Immovable Type	Value
Real estates	13.118.801 .Eur

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

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 6,3% in 2006 with a remarkable upward trend (+22,27% on 2006 compared to 2005 and +8,38% on 2005 compared to 2004).

The operating result was positive in the last financial year (7,72%) and in line with the sector's average.

The financial status of the company is fairly balanced with an indebtedness level of 2,05 yet on the increase as against the previous accounting period.

Financial debts as well as debts to suppliers are rather high even if it still falls within the sector's average.

Liquidity is good (1,52)

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	277.660.183	filed balance sheet
Profit (Loss) for the period	3.161.464	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	227.078.779	filed balance sheet
Profit (Loss) for the period	7.343.609	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	209.516.706	filed balance sheet
Profit (Loss) for the period	1.065.166	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	220.342.297	filed balance sheet
Profit (Loss) for the period	156.344	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	72.628.746	filed balance sheet
Profit (Loss) for the period	785.709	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 31/12/2006 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/12/2005 - Months 12 - Currency Eur - Amounts x 1

Years		2006	2005
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		54.407.229	53.721.571
. Intangible assets		1.038.713	1.920.187
. Tangible fixed assets		21.376.568	21.870.757
. . Land and buildings		13.118.801	13.349.002
. . Plants, Equipm.and Machinery		6.992.314	7.141.399
. Long-term Investments		31.991.948	29.930.627
. . Financial loans		24.601.948	23.803.027
. . Own shares
CURRENT ASSETS		159.632.830	137.405.210
. Stock		70.198.379	62.011.303
. Credits		87.674.284	74.902.530
. . Credits to clients		85.936.241	71.835.919
. . Other credits		1.738.043	3.066.611
. Short-term financial assets
. Liquid assets		1.760.167	491.377
ACCRUED INCOME-DEFERR. ASSETS		115.127	91.656
TOTAL ASSETS		214.155.186	191.218.437
.
LIABILITIES
NET WORTH		50.128.368	46.966.905
. Company's capital		30.990.000	30.990.000
. Reserves		15.976.904	8.633.296
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		3.161.464	7.343.609
PROVISION CHARGES ACCOUNTS		1.111.025	458.810
STAFF TERM INDEMNITY		6.887.698	6.099.714
DEBTS		155.842.911	137.595.733
. Financial M/L terms		28.446.393	24.207.870
. . Financial M/L term banks		5.493.603	7.086.549
. . Financial M/L bonds		22.370.661	16.526.621
. . Other financial M/L debts		582.129	594.700
. Financial short-term debts		49.514.150	35.576.545
. . Financial short-term banks		49.289.089	29.540.865
. . Financial short-term bonds			5.844.040
. . Other financial short-term debts		225.061	191.640
. M/L term debts to suppliers		22.493.201	23.745.654
. Short-term debts to suppliers		46.608.031	45.991.469
. Sundry M/L debts
. Sundry short-term debts		8.781.136	8.074.195
ACCRUED COSTS DEFERR. LIABILITIES		185.184	97.275
TOTAL LIABILITIES		214.155.186	191.218.437
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		303.217.953	225.932.375
. Revenues from sales/services		277.660.183	227.078.779
. Change of stock (products)		23.585.889	-2.793.225
OPERATING EXPENSES		286.668.175	211.712.905
. Purchasing expenses		191.335.261	151.887.309
. Change of stock (raw material)		13.699.330	-12.228.745
. Expenses from services		43.489.414	35.315.485
. Expenses from leasing		777.953	1.028.050
. General expenses/sundry charges		793.421	569.898
. Staff expenses		31.536.907	28.035.540
. Depreciation/Devaluation costs		5.035.889	7.105.368
FINANCIAL REVENUES (CHARGES)		-6.605.981	-530.089
. Financial charges		-6.605.981	-2.533.960
. Financial revenues			2.003.871
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-1.478.893	-274.083
PROFIT (LOSS) FOR THE PERIOD		8.464.904	13.415.298
TAX		5.303.440	6.071.689
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		3.161.464	7.343.609

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	1,98	1,88	1,97
Net Short-term indebtedness	Units	- 1	l	2,05	1,89	2,92
Current ratio	Units	=> 1	l	1,52	1,53	1,22
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	0,85	0,84	0,86
Return on Sales	%		l	2,95	6,36	2,15
Average stock waiting period	dd		l	91,00	98,28	59,23
Credits to clients average term	dd		l	111,42	113,86	125,33
Debts to suppliers average term	dd		l	105,55	133,34	126,62
Net financial revenues/ charges incidence	%		l	- 2,37	- 0,23	- 1,23
Labour cost incidence	%		l	11,35	12,34	10,84

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:

600.100 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	831.356
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

SECTOR DATA

The values are calculated on a base of 514 significant companies.

The companies cash their credits on an average of 125 dd.

The average duration of suppliers debts is about 126 dd.

The sector's profitability is on an average of 2,15%.

The labour cost affects the turnover in the measure of 10,84%.

Goods are held in stock in a range of 59 dd.

The difference between the sales volume and the resources used to realize it is about 1,29.

The employees costs represent the 10,88% 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 13.782 protested subjects are found; in the province they count to 2.234.

The insolvency index for the region is 0,30, while for the province it is 0,27.

Total Bankrupt companies in the province : 2.546.

Total Bankrupt companies in the region : 16.714.

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.	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