MIRA INFORM REPORT

Report Date :

06.12.2007

IDENTIFICATION DETAILS

Name :	S.r.l. Oleochimica Commerciale
Registered Office :	Via Giuseppe Dezza, 45, 20144 - Milano (MI) -IT-
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	19/01/1979
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of industrial chemical products. Wholesale of industrial oils and fats.

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

name & address

S.r.l. Oleochimica Commerciale

Via Giuseppe Dezza, 45

20144 - Milano (MI) -IT-

SUMMARY

Legal Form	:	Limited liability company
Start of Activities	:	19/01/1979
Patrimonial Consistence	:	200.000 Eur
Turnover Range	:	500.000/750.000 Eur
Number of Employees	:	from 1 to 5

CREDIT ANALYSIS

CREDIT OPINION	:	24.300 - Eur
Score	:	Risk low

ACTIVITY

Wholesale of industrial chemical products.

Wholesale of industrial oils and fats.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 04428900155

Foreign Trade Reg. no. : MI015996 since 06/12/1991

Chamber of Commerce no. : 1003613 of Milano since 21/02/1979

V.A.T. Code : 04428900155

Foundation Date	: 19/01/1979
Establishment Date	: 19/01/1979
Start of Activities	: 19/01/1979
Legal Duration Date	: 31/12/2050
Nominal Capital	: 49.400	Eur
Subscribed Capital	: 49.400	Eur
Paid up Capital	: 49.400	Eur

MEMBERS

Martini

Gianmarco

Born in Milano

(MI)

on 09/10/1921

- Fiscal Code : MRTGMR21R09F205S

Residence :

Via

Montevideo

, 0019

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney General	17/05/1979

No Protests registered.

D'aprile

Lorenzo

Born in Longjumeau

on 17/06/1959

- Fiscal Code : DPRLNZ59H17Z211S

Residence :

Corso

Plebisciti

, 1

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	08/06/1998

No Protests registered.

COMPANIES CONNECTED TO MEMBERS *

*checkings have been performed on a national scale.

The Members of the subject firm are not reported to be Members in other companies.

CAPITAL SHAREHOLDERS

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
D Aprile Lorenzo		DPRLNZ59H17Z110O	25.194 .Eur	51,00
Martini Roberta		MRTRRT66C62F205X	24.206 .Eur	49,00

DIRECT PARTICIPATIONS

The Company under review has no participations in other Companies.

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

since 19/01/1979

in :

Via

Giuseppe Dezza

, 45

- 20144 -

Milano

(MI)

- IT -

PHONE

: 4985257

Employees

: 2

Fittings and Equipment

for a value of 2.582

Eur

Stocks

for a value of 56.500

Eur

Vehicles

: 1.

The firm operates abroad as importer.

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Import comes generally from the following nations:

- Belgio

- Francia

- Austria

Export is mainly towards:

- Belgio

- Austria

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.

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 Milano

IMMOVABLES *

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

None reported in the name of the Firm.

FINANCIAL AND ECONOMICAL ANALYSIS

Subject is active since 1979

During the last years, it achieved profits (r.o.e. 25,84% on 2006) with an increase in 2006 (+52,05%).

The operating result in 2006 was positive (24,18%) and even better than sector's average.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,64 but slighlty increasing.

Payments analysis shows a fairly short payments average period (80 gg.) and even lower than sector's average.

Payments are supported by good current assets.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	606.888	filed balance sheet
Profit (Loss) for the period	44.602	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	399.125	filed balance sheet
Profit (Loss) for the period	30.035	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 )		11.045	4.908
. Intangible assets		5.435	953
. Tangible fixed assets		5.610	3.955
. . Land and buildings
. . Plants, Equipm.and Machinery
. Long-term Investments
. . Financial loans
. . Own shares
CURRENT ASSETS		299.526	175.519
. Stock		56.696	38.891
. Credits		238.364	127.903
. . Credits to clients
. . Other credits		238.364	127.903
. Short-term financial assets
. Liquid assets		4.466	8.725
ACCRUED INCOME-DEFERR. ASSETS		214	182
TOTAL ASSETS		310.785	180.609
.
LIABILITIES
NET WORTH		172.567	152.965
. Company's capital		49.400	49.400
. Reserves		78.565	73.530
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		44.602	30.035
PROVISION CHARGES ACCOUNTS		8.356
STAFF TERM INDEMNITY
DEBTS		129.412	27.467
. 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
. Sundry M/L debts
. Sundry short-term debts
ACCRUED COSTS DEFERR. LIABILITIES		450	177
TOTAL LIABILITIES		310.785	180.609
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		624.693	373.533
. Revenues from sales/services		606.888	399.125
. Change of stock (products)		17.805	-25.991
OPERATING EXPENSES		549.531	323.157
. Purchasing expenses		487.243	273.008
. Change of stock (raw material)
. Expenses from services		49.281	43.903
. Expenses from leasing		9.296	4.442
. General expenses/sundry charges		1.074	877
. Staff expenses
. Depreciation/Devaluation costs		2.637	927
FINANCIAL REVENUES (CHARGES)		-1.083	-824
. Financial charges		-1.083	-824
. Financial revenues
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-1.408	221
PROFIT (LOSS) FOR THE PERIOD		72.671	49.773
TAX		28.069	19.738
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		44.602	30.035

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	16,79	31,16	2,03
Net Short-term indebtedness	Units	- 1	l	0,64	0,12	3,72
Current ratio	Units	=> 1	l	2,57	6,39	1,16
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	2,08	4,97	0,96
Return on Sales	%		l	7,78	7,75	2,10
Average stock waiting period	dd		l	33,62	35,06	27,90
Credits to clients average term	dd		l	n.c.	n.c.	112,06
Debts to suppliers average term	dd		l	80,00	20,00	106,84
Net financial revenues/ charges incidence	%		l	- 0,17	- 0,20	- 0,62
Labour cost incidence	%		l	n.c.	n.c.	4,77

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:

24.300 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

SECTOR DATA

The values are calculated on a base of 1.621 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 106 dd.

The sector's profitability is on an average of 2,10%.

The labour cost affects the turnover in the measure of 4,77%.

Goods are held in stock in a range of 27 dd.

The difference between the sales volume and the resources used to realize it is about 1,69.

The employees costs represent the 4,87% 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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

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