MIRA INFORM REPORT

Report Date :

02.03.2007

IDENTIFICATION DETAILS

Name :	J.d.o. S.r.l.
Registered Office :	Via Paganini Nicolo', 15 00100 – Roma (RM)
Country :	Italy
Financials (as on) :	31.12.2005
Date of Incorporation :	16/05/2000
Legal Form :	Limited Liability Company
Line of Business :	Production of precious metals and of semifinished products. Production of jewellery and cheap jewellery; gems cutting. Wholesale of watches, clocks and jewellery. Retail of jewellery, gold and silverware.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	75.400 - Eur
Status :	Moderate
Payment Behaviour :	Usually correct
Litigation :	Clear

name & address

J.d.o. S.r.l.

Via Paganini Nicolo', 15

00100 - Roma (RM) -IT-

SUMMARY

Legal Form	:	Limited liability company
Start of Activities	:	16/05/2000
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	15.500.000/18.000.000 Eur
Number of Employees	:	from 11 to 15

CREDIT ANALYSIS

CREDIT OPINION

:

75.400 - Eur

ACTIVITY

Production of precious metals and of semifinished products.

Production of jewellery and cheap jewellery; gems cutting.

Wholesale of watches, clocks and jewellery.

Retail of jewellery, gold and silverware.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 06102471007

Chamber of Commerce no. : 112176 of Imperia since 22/09/2000

Chamber of Commerce no. : 949243 of Roma since 26/06/2000

Firms' Register : RM-2000-148475 since 26/06/2000

V.A.T. Code : 06102471007

Foundation Date	: 16/05/2000
Establishment Date	: 16/05/2000
Start of Activities	: 16/05/2000
Legal Duration Date	: 31/12/2050
Nominal Capital	: 93.600	Eur
Subscribed Capital	: 93.600	Eur
Paid up Capital	: 93.600	Eur

MEMBERS

Peirano

Rinaldo

Born in Pieve di Teco

on 12/03/1964

- Fiscal Code : PRNRLD64C12G632T

Residence :

Via

Chiapparo

, 2

- 18020

Pornassio

(IM)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	19/07/2000

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
Rubino Olga	Diano Castello - IT -	RBNLGO63L50C495A	14.040 .Eur	15,00
Peirano Rinaldo	Pornassio - IT -	PRNRLD64C12G632T	4.680 .Eur	5,00
Folacin Gestao Comercio E Investimentos Lda			28.080 .Eur	30,00
MURABITO UGO	Diano Castello - IT -	MRBGUO57M20I480I	46.800 .Eur	50,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership
DNA S.R.L.			16.000 .Eur	20,00

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

in :

Via

Paganini Nicolo'

, 15

- 00100 -

Roma

(RM)

- IT -

PHONE

: 0183/409070

-

Branch

(Workshop )

since 05/09/2000

in :

Via

Diano San Pietro

, 58

- 18010 -

Diano Castello

(IM)

- IT -

-

Branch

(Warehouse )

since 05/09/2000

in :

Via

All'isola

, 1

- 18013 -

Diano Marina

(IM)

- IT -

-

Branch

(office )

since 10/10/2000

in :

Via

Saponiera

, 17

- 18013 -

Diano Marina

(IM)

- IT -

Employees

: 15

Fittings and Equipment

for a value of 134.000

Eur

Stocks

for a value of 11.084.500

Eur

The firm has a direct commercial organization

Business are addressed to Northern Italy.

Import comes generally from the following nations:

- Francia

- Austria

HISTORICAL INFORMATION AND/OR FIRM'S

STATUS

Ex-Members / Ex-Positions

MURABITO

UGO

Born in Savona

on 20/08/1957

- Fiscal Code : MRBGUO57M20I480I

Residence :

- 18010

Diano Castello

(IM)

- IT -

Position

Buying Director

PAYMENTS ANALYSIS

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

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last 6 Months : n. 1 times.

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 DI NOVARA	AGENZIA LOCALE				5608
BANCA CARIGE S.P.A. - CASSA DI RISPARMIO	AGENZIA LOCALE				6175

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 2000

Under an economic point of view, profits were registered during the last years with a r.o.e. of 1,12% in 2005. The return on Investment in the last financial year was positive (4,38%) and in line with the sector's average. The financial position is not well balanced as the volume of debts is fairly remarkable if compared to shareholder's equity, in fact total debts are 6,19 which is also improving if compared to the previous year.

Both financial indebtedness as well as exposure to suppliers are rated as fairly high even in comparison with the sector's.

Liquid assets are good.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	17.546.099	filed balance sheet
Profit (Loss) for the period	34.425	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	20.256.746	filed balance sheet
Profit (Loss) for the period	1.103.842	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	22.216.426	filed balance sheet
Profit (Loss) for the period	125.499	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 )		1.582.572	676.158
. Intangible assets		1.001.482	274.455
. Tangible fixed assets		532.090	401.703
. . Land and buildings
. . Plants, Equipm.and Machinery		134.172	131.085
. Long-term Investments		49.000
. . Financial loans		49.000
. . Own shares
CURRENT ASSETS		21.881.847	21.057.392
. Stock		11.084.430	9.743.947
. Credits		10.639.595	10.408.221
. . Credits to clients		10.499.811	10.170.012
. . Other credits		139.784	238.209
. Short-term financial assets
. Liquid assets		157.822	905.224
ACCRUED INCOME-DEFERR. ASSETS		175.073	45.902
TOTAL ASSETS		23.639.492	21.779.452
.
LIABILITIES
NET WORTH		3.060.799	3.494.921
. Company's capital		93.600	93.600
. Reserves		2.279.142	1.965.192
. Reserves company's own shares
. Retained profits (losses)		653.632	332.287
. Profit (loss)		34.425	1.103.842
PROVISION CHARGES ACCOUNTS		1.007.410	1.170.948
STAFF TERM INDEMNITY		104.210	92.822
DEBTS		19.429.226	16.965.505
. Financial M/L terms		321.528	289.228
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts		321.528	289.228
. Financial short-term debts		9.173.234	6.595.232
. . Financial short-term banks		9.135.734	6.592.667
. . Financial short-term bonds
. . Other financial short-term debts		37.500	2.565
. M/L term debts to suppliers
. Short-term debts to suppliers		9.261.401	9.740.821
. Sundry M/L debts
. Sundry short-term debts		673.063	340.224
ACCRUED COSTS DEFERR. LIABILITIES		37.847	55.256
TOTAL LIABILITIES		23.639.492	21.779.452
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		19.414.677	22.984.701
. Revenues from sales/services		17.546.099	20.256.746
. Change of stock (products)		789.856	2.506.454
OPERATING EXPENSES		18.379.208	22.481.160
. Purchasing expenses		13.294.141	16.416.603
. Change of stock (raw material)		-550.627	-956.407
. Expenses from services		4.338.407	5.490.772
. Expenses from leasing		137.689	106.903
. General expenses/sundry charges		110.813	540.772
. Staff expenses		502.230	473.361
. Depreciation/Devaluation costs		546.555	409.156
FINANCIAL REVENUES (CHARGES)		-772.143	362.409
. Financial charges		-772.143
. Financial revenues			362.409
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-98.920	463.140
PROFIT (LOSS) FOR THE PERIOD		164.406	1.329.090
TAX		129.981	225.248
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		34.425	1.103.842

RATIOS	Item	O.V.	O.V.	as at 31/12/2005	as at 31/12/2004	Sector Average
Fixed assets ratio	Units	=> 1	l	2,20	5,73	2,05
Net Short-term indebtedness	Units	- 1	l	6,19	4,51	3,85
Current ratio	Units	=> 1	l	1,14	1,26	1,18
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,56	0,67	0,49
Return on Sales	%		l	3,31	7,46	2,45
Average stock waiting period	dd		l	227,41	173,16	108,07
Credits to clients average term	dd		l	215,42	180,72	43,30
Debts to suppliers average term	dd		l	187,59	159,26	154,77
Net financial revenues/ charges incidence	%		l	- 4,40	1,78	- 1,09
Labour cost incidence	%		l	2,86	2,33	8,19

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.

RELIABILITY SCORE

Considering also subject's structural and behavioural characteristics its credit margin rate (from 0 to 100%) is equal to 29%, in respect of a sector average of 27%.

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:

75.400 .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	:	3.807.992
Population living in the region	:	5.269.972
Number of families in the region	:	2.091.220

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

- per food products	:	472
- per non food products	:	1.832
- per energy consume	:	102

SECTOR DATA

The values are calculated on a base of 811 significant companies.

The companies cash their credits on an average of 43 dd.

The average duration of suppliers debts is about 154 dd.

The sector's profitability is on an average of 2,45%.

The labour cost affects the turnover in the measure of 8,19%.

Goods are held in stock in a range of 108 dd.

The difference between the sales volume and the resources used to realize it is about 1,31.

The employees costs represent the 8,28% 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 53.924 protested subjects are found; in the province they count to 34.465.

The insolvency index for the region is 1,04, while for the province it is 0,92.

Total Bankrupt companies in the province : 31.914.

Total Bankrupt companies in the region : 37.442.

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