MIRA INFORM REPORT

Report Date :

1^st March, 2007

IDENTIFICATION DETAILS

Name :	EUROPRESSVIT - S.R.L.
Registered Office :	Via Veneto, 10, 20090 – Buccinasco (MI) -IT-
Country :	Italy
Financials (as on) :	31.12.2005
Date of Incorporation :	01.02.1968
Legal Form :	Limited liability company
Line of Business :	Ø Production of bolts, nuts, screws, nails, rivets etc. Ø Wholesale of furniture, electric household appliances, radios, TV sets, tape-recorders etc. Ø Wholesale of iron articles and other metal articles

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	113.600 - Eur
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear

Company Name & Address

Europressvit - S.r.l.

Via

Veneto,

10

20090

- Buccinasco

(MI)

-IT-

SUMMARY

Fiscal Code : 00730090156

Legal Form : Limited liability company

Start of Activities : 01/02/1968

Patrimonial Consistence : 400.000 Eur

Turnover Range : 6.500.000/7.750.000 Eur

Number of Employees : from 26 to 35

CREDIT ANALYSIS

CREDIT OPINION : 113.600 - Eur

Score : 3. Risk medium

Creditworthness Rate : 39% (Modest)

The financial situation is not very balanced-Credit is possible but

following the future developments.

n.b.: The Creditworthness Rate shows, in percentage, the ratio between the suggested credit opinion and the credit amount that the firm could get if the financial situation would be completely positive.

ACTIVITY

Production of bolts, nuts, screws, nails, rivets etc.

Wholesale of furniture, electric household appliances, radios, TV sets, tape-recorders etc.

Wholesale of iron articles and other metal articles.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 00730090156

Foreign Trade Reg. no. : MI019626 since 09/12/1991

Foreign Trade Reg. no. : 19626 of Milano since 09/12/1991

Chamber of Commerce no. : 754373 of Milano since 05/02/1968

Firms' Register : MI146-134966 since 19/02/1996

V.A.T. Code : 00730090156

Court : 134966 of Milano

Foundation Date : 01/02/1968

Establishment Date : 01/02/1968

Start of Activities : 01/02/1968

Legal Duration Date : 31/12/2050

Nominal Capital : 286.000 Eur

Subscribed Capital : 286.000 Eur

Paid up Capital : 286.000 Eur

MEMBERS

Dolezsal

Davide Amedeo

Born in Milano

on 13/06/1967

- Fiscal Code : DLZDDM67H13F205D

Residence :

Via

G. Di Vittorio

, 30

- 20090

Buccinasco

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	08/11/2004

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.

DOLEZSAL

DAVIDE AMEDEO Company Style	Legal Seat	Fiscal Code	Position	Firm Status
NEWVIT SRL	Buccinasco (MI) - IT -	10147660152	Liquidator	Ceased

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
REDAELLI TECNA S.P.A.	Milano - IT -	06247740159	4.488 .Eur	1,58
DOLEZSAL MARIO	BUCCINASCO - IT -	DLZMRA36C06F205N	173.953 .Eur	61,24
Dolezsal Davide Amedeo	Buccinasco - IT -	DLZDDM67H13F205D	34.597 .Eur	12,18
Filinox Sa			71.012 .Eur	25,00

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 06/04/1992

in :

Via

Veneto

, 10

- 20090 -

Buccinasco

(MI)

- IT -

PHONE

: 02/48844875

FAX	: 02/48844910

Employees

: 33

Assistants

: 1

Fittings and Equipment

for a value of 555.500

Eur

Stocks

for a value of 2.390.000

Eur

Furniture and fittings

for a value of 18.075

Eur

Cars

for a value of 77.468

Eur

Vehicles

for a value of 12.911

Eur

The firm operates abroad as importer / exporter. .

To purchase foreign products the firm uses the following channels :

- its own sales net-work

- direct orders to foreign companies

Export represents from 20% to 50% of the global turnover.

Products abroad are placed by :

- importers

- its own agents

- direct orders from foreign companies

Export is mainly towards:

- Gran Bretagna

- Grecia

- Irlanda

- Ungheria

- Polonia

- Francia

- Islanda

- Cipro

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Ex-Members / Ex-Positions

DOLEZSAL MARIO

Born in MILANO

on 06/03/1936

- Fiscal Code : DLZMRA36C06F205N

Fiscal residence :

VIA VENETO 10

- 20094

BUCCINASCO

(MI)

- IT -

Position

Sole Director

Lapi

Angelo

on 26/01/1947

- Fiscal Code : LPANGL47A26L328C

Residence :

Corso

CONCORDIA

, 8

- 20100

Milano

(MI)

- IT -

Position

Permanent Auditor

Canova

Claudio

Born in Trieste

on 27/07/1928

- Fiscal Code : CNVCLD28L27L424A

Residence :

Viale

Piave

, 35

- 20100

Milano

(MI)

- IT -

Position

Temporary Auditor

Dolezsal

Davide Amedeo

Born in Milano

on 13/06/1967

- Fiscal Code : DLZDDM67H13F205D

Residence :

Via

G. Di Vittorio

, 30

- 20090

Buccinasco

(MI)

- IT -

Position

Procurator

PAYMENTS ANALYSIS

The average term of debts to suplliers is normal compared with that

of the sector.

PAYMENTS SCORE : ZZZZZ - 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.

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 1968.

Under an economic point of view, profits were registered during the last years with a r.o.e. of 0,84% in 2005 keeping the turnover steady during the last two years.

The operating result in 2005 was positive (5,27%) falling within the field's average.

Short-term debts volume if compared to net worth, as it comes out from the total indebtedness (14,1) falling as opposed to the year before.

Remarkable financial indebtedness; payments average period is slightly high too (143,46 gg.) however still within the sector's average.

Liquidity is good (1,05)

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	7.220.334	filed balance sheet
Profit (Loss) for the period	3.057	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	7.032.324	filed balance sheet
Profit (Loss) for the period	5.903	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	6.372.744	filed balance sheet
Profit (Loss) for the period	10.348	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	6.106.880	filed balance sheet
Profit (Loss) for the period	9.005	filed balance sheet

Complete balance-sheet for the year as at

31/12/2001

(in Eur

x 1 )

Item Type	Amount	Source
Sales	6.385.742	filed balance sheet
Profit (Loss) for the period	-18.604	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 )	760.272	838.807
. Intangible assets	60.434	60.567
. Tangible fixed assets	698.197	776.599
. . Land and buildings
. . Plants, Equipm.and Machinery	555.647	608.201
. Long-term Investments	1.641	1.641
. . Financial loans	1.641	1.641
. . Own shares
CURRENT ASSETS	5.371.042	5.268.655
. Stock	2.390.128	2.322.028
. Credits	2.980.555	2.946.584
. . Credits to clients	2.505.360	2.492.230
. . Other credits	475.195	454.354
. Short-term financial assets
. Liquid assets	359	43
ACCRUED INCOME-DEFERR. ASSETS	9.097	19.612
TOTAL ASSETS	6.140.411	6.127.074
.
LIABILITIES
NET WORTH	361.022	357.963
. Company's capital	286.000	286.000
. Reserves	71.965	66.060
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)	3.057	5.903
PROVISION CHARGES ACCOUNTS	7.000
STAFF TERM INDEMNITY	496.909	476.921
DEBTS	5.218.229	5.228.068
. Financial M/L terms	126.626	127.626
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts	126.626	127.626
. Financial short-term debts	2.529.610	2.553.122
. . Financial short-term banks	2.529.387	2.550.179
. . Financial short-term bonds
. . Other financial short-term debts	223	2.943
. M/L term debts to suppliers
. Short-term debts to suppliers	2.198.770	2.179.956
. Sundry M/L debts
. Sundry short-term debts	363.223	367.364
ACCRUED COSTS DEFERR. LIABILITIES	57.251	64.122
TOTAL LIABILITIES	6.140.411	6.127.074
.

PROFIT AND LOSS ACCOUNTS

OUTPUT VALUE	7.327.582	7.149.153
. Revenues from sales/services	7.220.334	7.032.324
. Change of stock (products)	79.647	81.082
OPERATING EXPENSES	7.003.590	6.813.853
. Purchasing expenses	4.569.121	4.427.643
. Change of stock (raw material)	11.546	-8.647
. Expenses from services	749.101	669.482
. Expenses from leasing	199.112	212.248
. General expenses/sundry charges	75.675	73.422
. Staff expenses	1.251.733	1.300.890
. Depreciation/Devaluation costs	147.302	138.815
FINANCIAL REVENUES (CHARGES)	-208.592	-202.068
. Financial charges	-209.348	-202.188
. Financial revenues	756	120
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)	1.124	-7.791
PROFIT (LOSS) FOR THE PERIOD	116.524	125.441
TAX	113.467	119.538
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)	3.057	5.903

RATIOS

	Item	O.V.	O.V.	as at 31/12/2005	as at 31/12/2004	Sector Average
Fixed assets ratio	Units	=> 1	l	1,29	1,14	1,50
Net Short-term indebtedness	Units	- 1	l	14,10	14,24	2,85
Current ratio	Units	=> 1	l	1,05	1,03	1,21
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,58	0,57	0,93
Return on Sales	%		l	2,08	2,05	4,75
Average stock waiting period	dd		l	119,16	118,83	42,40
Credits to clients average term	dd		l	124,88	127,54	133,34
Debts to suppliers average term	dd		l	143,46	147,78	160,00
Net financial revenues/ charges incidence	%		l	- 2,88	- 2,87	- 1,10
Labour cost incidence	%		l	17,33	18,49	24,63

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 39%, in respect of a sector average of 56%.

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:

113.600 .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.

SOURCES

- Our historical data

- Public Administration

- Reporters

- Newspapers

- Users

- Statistics Bodies

- Financial Project Editions

N.B.: Data from the Public Administration present in the report are updated since the last available edition.

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 expences 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 3.726 significant companies.

The companies cash their credits on an average of 133 dd.

The average duration of suppliers debts is about 160 dd.

The sector's profitability is on an average of 4,75%.

The labour cost affects the turnover in the measure of 24,63%.

Goods are held in stock in a range of 42 dd.

The difference between the sales volume and the resources used to realize it is about 1,15.

The employees costs represent the 25,37% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistcally 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/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