MIRA INFORM REPORT

Report Date :

07.12.2007

IDENTIFICATION DETAILS

Name :	Demont - Societa' A Responsabilita' Limi tata
Registered Office :	Via Torino, 180 MESTRE, 30172 - Venezia (VE) -IT-
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	10/10/1996
Legal Form :	Limited Liability Company
Line of Business :	Manufacture and installation of metal and iron structural works. Building. Demolition works and other building works. Textile waste reclamation

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	525.800 – Eur
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Demont - Societa' A Responsabilita' Limi tata

Via Torino, 180 MESTRE

30172 - Venezia (VE) -IT-

SUMMARY

Legal Form	:	Limited liability company
Start of Activities	:	10/10/1996
Patrimonial Consistence	:	2.000.000 Eur
Turnover Range	:	50.000.000/75.000.000 Eur
Number of Employees	:	from 16 to 25

CREDIT ANALYSIS

CREDIT OPINION	:	525.800 - Eur
Score	:	Risk normal

ACTIVITY

Manufacture and installation of metal and iron structural works.

Building.

Demolition works and other building works.

Textile waste reclamation

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 00604560581

Foreign Trade Reg. no. : VE030915 since 29/11/1999

Foreign Trade Reg. no. : 030915 of Venezia since 29/11/1999

Chamber of Commerce no. : 524418 of Napoli

Chamber of Commerce no. : 190308 of Venezia since 06/05/1985

Firms' Register : VE-1997-159235 since 07/03/1997

V.A.T. Code : 02966970275

Foundation Date	: 09/05/1966
Establishment Date	: 09/05/1966
Start of Activities	: 10/10/1996
Legal Duration Date	: 31/12/2040
Nominal Capital	: 861.204	Eur
Subscribed Capital	: 861.204	Eur
Paid up Capital	: 861.204	Eur

MEMBERS

Gerotto

Maria

Born in Venezia

(VE)

on 30/10/1946

- Fiscal Code : GRTMRA46R70L736N

Residence :

Via

Bettin

, 54

- 31059

Zero Branco

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	12/01/1995

No Protests registered.

Trincanato

Paolo

Born in Venezia

(VE)

on 22/08/1953

- Fiscal Code : TRNPLA53M22L736B

Residence :

Via

Ronzinella

, 85/A

- 31021

Mogliano Veneto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Technical Manager	03/03/1997

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.

GEROTTO

MARIA

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
4 - ITALY ENERGY E ENVIRONMENT S.R.L.	Venezia (VE) - IT -	02690250366	Director	Active	Registered
CRONIMET ITALIA S.R.L.	Venezia (VE) - IT -	03248510277	Director	Active	Registered
DEMONT AMBIENTE S.R.L.	Venezia (VE) - IT -	03323880272	Sole Director	Dismiss	Registered
ECOSITE S.R.L.	Modugno (BA) - IT -	05187780720	Managing Director	Active	Registered
ECOSITE S.R.L.	Modugno (BA) - IT -	05187780720	Director	Active	Registered
ITALRECYCLING S.R.L.	Venezia (VE) - IT -	03555940273	Sole Director	Active	Registered
SLAG S.R.L.	Venezia (VE) - IT -	03000240279	Director	Active	Registered
WEST DOCKS LOGISTIC VENICE S.R.L.	Venezia (VE) - IT -	03758990273	Director	Active	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

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
Gerotto Alberto	Venezia - IT -	GRTLRT48R16L736P	172.240 .Eur	20,00
Gerotto Franco	Venezia - IT -	GRTFNC53H25L736L	86.120 .Eur	10,00
Gerotto Eugenio		GRTGNE54R01L736R	86.120 .Eur	10,00
Gerotto Maria	Zero Branco - IT -	GRTMRA46R70L736N	51.672 .Eur	6,00
GOBBETTO LILIANA		GBBLLN22E51L736H	103.344 .Eur	12,00
GEROTTO GIANCARLO		GRTGCR56H14L736K	51.672 .Eur	6,00
GEROTTO ELIANA		GRTLNE51S65L736Q	51.672 .Eur	6,00
Gerotto Marco	Venezia - IT -	GRTMRC60B22L736G	51.672 .Eur	6,00
GEROTTO MARTINA	Zero Branco - IT -	GRTMTN65T69L736K	51.672 .Eur	6,00
GEROTTO ANDREA	Zero Branco - IT -	GRTNDR64D13L736H	51.672 .Eur	6,00
GEROTTO ANNA	Zero Branco - IT -	GRTNNA58R60L736F	51.672 .Eur	6,00
GEROTTO PAOLO	Zero Branco - IT -	GRTPLA60B22L736D	51.672 .Eur	6,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
Europa Utilities S.p.A.		05187780720	22.125 .Eur		Active
Enteo S.r.l.	Venezia - Mestre - IT -	02448170270	4.160 .Eur		Active
Slag S.r.l.	Venezia - IT -	03000240279	1.440 .Eur		Active
Ecosite S.r.l.	Modugno - IT -	05187780720	45.864 .Eur		Active
Terni Titan S.R.L.		01242050555	10.000 .Eur		Active
Otregan s.r.l.		03483150276	10.000 .Eur	100,00	Active
Ing. Cherido e C. S.r.l.	Venezia - Mestre - IT -	00164960270	15.288 .Eur		Active
Demont Ambiente S.r.l.	Venezia - IT -	03323880272	1.098.680 .Eur	99,88	Active
Italrecycling S.r.l.	Venezia - IT -	03555940273	9.900 .Eur		Active
RICERCA ED AMBIENTE S.R.L.	Venezia - Mestre - IT -	00601290554	1.032 .Eur	10,00	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

since 10/10/1996

in :

Via

Torino

, 180 Loc. MESTRE

- 30172 -

Venezia

(VE)

- IT -

PHONE

: 041/5319340

-

Secondary office

in :

Corso

Vittorio Emanuele

, 167/3

- 80100 -

Napoli

(NA)

- IT -

-

Branch

(Operating branch )

since 16/07/2007

in :

Via

Ca' Marcello

, 6 Loc. MESTRE

- 30170 -

Venezia

(VE)

- IT -

-

Branch

(Operating branch )

since 13/09/2006

in :

Via

Dell' Elettronica

, Loc. MARGHERA

- 30175 -

Venezia

(VE)

- IT -

-

Branch

(Yard )

in :

Via

Passo

, 28 Loc. CAMPALTO

- 30030 -

Venezia

(VE)

- IT -

PHONE

: 041/5319340

Employees

: 23

Assistants

: 1

Fittings and Equipment

for a value of 140.000

Eur

Stocks

for a value of 4.540.000

Eur

Work in progress

for a value of 1.032.913

Eur

HISTORICAL INFORMATION AND/OR FIRM'S

STATUS

Ex-Members / Ex-Positions

Antuzzi

Quintilio

Born in Roma

on 04/01/1947

- Fiscal Code : NTZQTL47A04H501T

Residence :

Viale

G. Cesare

, 47

- 00100

Roma

(RM)

- IT -

Position

Permanent Auditor

Mastrelli

Massimo

Born in ROMA

on 04/02/1932

- Fiscal Code : MSTMSM32B04H501U

Residence :

Viale

GIULIO CESARE

, 47

- 00100

Roma

(RM)

- IT -

Position

Temporary Auditor

Baldini

Aldo

Born in ORTE

on 03/08/1922

- Fiscal Code : BLDLDA22M03G135M

Residence :

Via

MARTIRI DELLA RESISTENZA

, 10

- 06049

SPOLETO

(PG)

- IT -

Position

Supervisory Board Chairman

Galiano

Caterina

Born in ROMA

on 18/03/1959

- Fiscal Code : GLNCRN59C58H501K

Residence :

Viale

G.CESARE

, 47

- 00100

Roma

(RM)

- IT -

Position

Temporary Auditor

Former seats

-

Secondary office

until 10/10/1996

Via

Ca' Marcello

- 30100

- Venezia

(VE)

- IT -

PAYMENTS ANALYSIS

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

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.

OTHER DETRIMENTAL EVENTS

Against the firm the following events are registered:

Type	Subject	Expiry Date	Amount	Reason	Result	Closure Date
None registered		23/12/2004	0.

LEGAL PROCEDURES

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

BANKERS

The firm operates with the main Banks.

IMMOVABLES *

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

Immovable Type	Value
Real estates	8.312.632 .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 1996.

Under the financial profile unstable results are noted. with a loss in the last financial year. In the last financial year an increase in the turnover has been registered (+66,02%).

The return on Investment in the last financial year was positive (2,74%) and in line with the sector's average.

Short-term debts volume if compared to net worth, as it comes out from the total indebtedness (9,94) and increasing if compared to the previous year.

The recourse to bank credit is high compared to net worth, debts to suppliers are on the other hand limited below field's average.

Liquidity is not at its best.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	68.735.755	filed balance sheet
Profit (Loss) for the period	-57.227	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	41.401.813	filed balance sheet
Profit (Loss) for the period	45.506	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	34.634.382	filed balance sheet
Profit (Loss) for the period	272.516	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	23.297.225	filed balance sheet
Profit (Loss) for the period	36.433	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	11.533.574	filed balance sheet
Profit (Loss) for the period	59.527	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 )		18.333.496	9.583.741
. Intangible assets		23.804	6.642
. Tangible fixed assets		8.525.472	5.560.708
. . Land and buildings		8.312.632	5.366.187
. . Plants, Equipm.and Machinery		139.953	153.661
. Long-term Investments		9.784.220	4.016.391
. . Financial loans		9.784.220	4.016.391
. . Own shares
CURRENT ASSETS		14.527.058	10.786.216
. Stock		4.539.792	3.852.205
. Credits		9.409.710	5.137.614
. . Credits to clients		7.837.568	4.082.860
. . Other credits		1.572.142	1.054.754
. Short-term financial assets
. Liquid assets		577.556	1.796.397
ACCRUED INCOME-DEFERR. ASSETS		42.919	24.040
TOTAL ASSETS		32.903.473	20.393.997
.
LIABILITIES
NET WORTH		1.766.669	1.823.896
. Company's capital		861.204	861.204
. Reserves		962.692	917.186
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		-57.227	45.506
PROVISION CHARGES ACCOUNTS			56.910
STAFF TERM INDEMNITY		352.666	311.840
DEBTS		30.761.461	18.192.832
. Financial M/L terms		12.620.225	8.144.713
. . Financial M/L term banks		11.802.616	7.267.615
. . Financial M/L bonds
. . Other financial M/L debts		817.609	877.098
. Financial short-term debts		5.405.580	1.603.624
. . Financial short-term banks		5.225.756	1.559.822
. . Financial short-term bonds
. . Other financial short-term debts		179.824	43.802
. M/L term debts to suppliers
. Short-term debts to suppliers		12.228.635	8.148.505
. Sundry M/L debts
. Sundry short-term debts		507.021	295.990
ACCRUED COSTS DEFERR. LIABILITIES		22.677	8.519
TOTAL LIABILITIES		32.903.473	20.393.997
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		68.825.440	41.411.345
. Revenues from sales/services		68.735.755	41.401.813
. Change of stock (products)
OPERATING EXPENSES		67.921.668	40.906.335
. Purchasing expenses		64.557.819	38.515.816
. Change of stock (raw material)		-550.806	-1.482.738
. Expenses from services		2.074.186	2.207.270
. Expenses from leasing		474.581	573.751
. General expenses/sundry charges		132.636	93.810
. Staff expenses		1.162.542	945.048
. Depreciation/Devaluation costs		70.710	53.378
FINANCIAL REVENUES (CHARGES)		-512.508	-304.902
. Financial charges		-658.697	-383.560
. Financial revenues		146.189	78.658
FINANCIAL ASSETS CORRECTION		-1.175	-7.500
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-137.587	-2.024
PROFIT (LOSS) FOR THE PERIOD		252.502	190.584
TAX		309.729	145.078
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		-57.227	45.506

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	0,80	1,07	1,61
Net Short-term indebtedness	Units	- 1	l	9,94	4,52	3,59
Current ratio	Units	=> 1	l	0,80	1,07	1,18
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,55	0,69	0,90
Return on Sales	%		l	0,01	0,23	3,63
Average stock waiting period	dd		l	23,76	33,48	47,13
Credits to clients average term	dd		l	41,04	35,49	139,86
Debts to suppliers average term	dd		l	65,59	71,02	170,44
Net financial revenues/ charges incidence	%		l	- 0,74	- 0,73	- 1,13
Labour cost incidence	%		l	1,69	2,28	20,77

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:

525.800 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	829.418
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 2.419 significant companies.

The companies cash their credits on an average of 139 dd.

The average duration of suppliers debts is about 170 dd.

The sector's profitability is on an average of 3,63%.

The labour cost affects the turnover in the measure of 20,77%.

Goods are held in stock in a range of 47 dd.

The difference between the sales volume and the resources used to realize it is about 1,17.

The employees costs represent the 21,30% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.633.

The insolvency index for the region is 0,30, while for the province it is 0,32.

Total Bankrupt companies in the province : 2.924.

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