MIRA INFORM REPORT

Report Date :

24.05.2007

IDENTIFICATION DETAILS

Name :	Infa - S.r.l.
Registered Office :	Via Nazioni Unite, 1 24060 - Costa di Mezzate (BG) - IT
Country :	Italy
Financials (as on) :	31.12.2005
Date of Incorporation :	01/01/1991
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of agriculture machines and equipment; motor vehicles in general. Wholesale of farming machinery and equipment, tractors included.

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 :	365.700 - Eur
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Infa - S.r.l.

Via Nazioni Unite, 1

24060 - Costa di Mezzate (BG) -IT-

SUMMARY

Legal Form	:	Limited liability company
Start of Activities	:	01/01/1991
Patrimonial Consistence	:	2.000.000 Eur
Turnover Range	:	7.750.000/9.000.000 Eur
Number of Employees	:	from 16 to 25

CREDIT ANALYSIS

CREDIT OPINION

:

365.700 - Eur

ACTIVITY

Wholesale of agriculture machines and equipment; motor vehicles in general.

Wholesale of farming machinery and equipment, tractors included.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 02039070160

Foreign Trade Reg. no. : BG007022 since 17/12/1991

Chamber of Commerce no. : 257338 of Bergamo since 26/09/1990

Chamber of Commerce no. : 475297 of Prato

Firms' Register : BG024-39448 since 19/02/1996

Foundation Date	: 05/09/1990
Establishment Date	: 05/09/1990
Start of Activities	: 01/01/1991
Legal Duration Date	: 31/12/2030
Nominal Capital	: 170.000	Eur
Subscribed Capital	: 170.000	Eur
Paid up Capital	: 170.000	Eur

MEMBERS

Mazzoni

Aurelio

Born in Ponte San Pietro

(BG)

on 21/05/1943

- Fiscal Code : MZZRLA43E21G856Z

Residence :

Via

Fibonacci

, 6

- 24100

Bergamo

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director
Board Chairman

Mazzoni

Valentina

Born in Milano

(MI)

on 13/07/1978

- Fiscal Code : MZZVNT78L53A794U

Residence :

Porta

Ticinese

, 80

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/09/2004

No Protests registered.

Bombardieri

Giacomo Fabio

Born in Ponteranica

(BG)

on 04/10/1978

- Fiscal Code : BMBGMF78R04A794O

Residence :

Via

Richetti

, 12

- 24100

Ponteranica

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/09/2004

No Protests registered.

Gelosa

Vittorio

Born in Desio

(MI)

on 22/02/1938

- Fiscal Code : GLSVTR38B22D286N

Residence :

Via

Roma

, 90

- 20033

Desio

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	22/09/2004

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.

MAZZONI

AURELIO Company Style	Legal Seat	Fiscal Code	Position	Firm Status
GLG S.R.L.	Bergamo (BG) - IT -	02955220161	Director	Registered
M.A. IMMOBILIARE S.R.L.	Bergamo (BG) - IT -	03173400163	Sole Director	Registered
NUOVA CORTEX S.R.L.	Costa di Mezzate (BG) - IT -	02649170244	Sole Director	Ceased
OMATEX S.R.L. IN LIQUIDAZIONE	Seriate (BG) - IT -	01772800163	Sole Director	Ceased
OMATEX S.R.L. IN LIQUIDAZIONE	Seriate (BG) - IT -	01772800163	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
Mazzoni Aurelio	Bergamo - IT -	MZZRLA43E21G856Z	34.000 .Eur
Fidirev Societa' Fiduciaria S.R.L.	Milano - IT -	02518090150	28.050 .Eur	16,50
UNIONCHIMICA S.P.A.	Bergamo - IT -	07753780589	107.950 .Eur

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 01/01/1991

in :

Via

Nazioni Unite

, 1

- 24060 -

Costa di Mezzate

(BG)

- IT -

PHONE

: 035/582541

PHONE

: 035/6669021

-

Branch

(Warehouse )

since 10/07/2000

until 05/04/1995

in :

Via

Delel Fonti

, 390/A

- 59100 -

Albano Sant'Alessandro

(BG)

- IT -

-

Branch

(Store )

since 26/07/2000

in :

Via

Nazioni Unite

, 2

- 24060 -

Costa di Mezzate

(BG)

- IT -

-

Branch

(office )

since 01/02/2007

in :

Via

Lega Lombarda 1167

, 7/9

- 24061 -

Albano Sant'Alessandro

(BG)

- IT -

Employees

: 22

Fittings and Equipment

for a value of 29.000

Eur

Stocks

for a value of 1.571.000

Eur

The firm operates abroad as importer / exporter.

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- direct orders from foreign companies

Import comes generally from the following nations:

- Austria

- Belgio

- Grecia

- Francia

HISTORICAL INFORMATION AND/OR FIRM'S

STATUS

The firm absorbed by merging of

Nuova Cortex S.r.l.

Via

Nazioni Unite

, 1

, 24060

, Costa di Mezzate

(BG)

- IT -

Fiscal Code: 02649170244

Date

:

24/11/2005

Splitting-up and setting-up of a new company

M.A. IMMOBILIARE S.R.L.

, Bergamo

- IT -

Date

Splitting-up :

20/12/2004

PAYMENTS ANALYSIS

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

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
CREDITO BERGAMASCO			0		3336	0

IMMOVABLES *

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

Immovable Type	Value
Real estates	457.423 .Eur

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

FINANCIAL AND ECONOMICAL ANALYSIS

Subject is active since 1991

During the last years, it recorded positive net results (r.o.e. 2,09% in 2005) with a stable trend in the turnover.

The return on Investment in the last financial year was positive (3,16%) and in line with the sector's average.

Company's financial status is balanced since indebtedness is not high (2,7) yet on the increase as against the previous accounting period.

Both financial indebtedness and suppliers exposure are rather high even if it still falls within the sector's average.

Liquidity is good (1,18)

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	8.251.832	filed balance sheet
Profit (Loss) for the period	36.932	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	8.148.662	filed balance sheet
Profit (Loss) for the period	116.915	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	8.563.302	filed balance sheet
Profit (Loss) for the period	232.902	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	8.957.033	filed balance sheet
Profit (Loss) for the period	73.699	filed balance sheet

Complete balance-sheet for the year as at

31/12/2001

(in Eur

x 1 )

Item Type	Amount	Source
Sales	9.258.522	filed balance sheet
Profit (Loss) for the period	138.410	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 )		1.365.960	243.847
. Intangible assets		25.769	5.422
. Tangible fixed assets		63.915	144.177
. . Land and buildings
. . Plants, Equipm. and Machinery		29.005	55.912
. Long-term Investments		1.276.276	94.248
. . Financial loans		1.276.276	94.248
. . Own shares
CURRENT ASSETS		5.679.004	4.614.754
. Stock		1.570.840	1.039.760
. Credits		4.098.981	3.559.176
. . Credits to clients		4.092.317	3.510.213
. . Other credits		6.664	48.963
. Short-term financial assets
. Liquid assets		9.183	15.818
ACCRUED INCOME-DEFERR. ASSETS		59.465	21.046
TOTAL ASSETS		7.104.429	4.879.647
.
LIABILITIES
NET WORTH		1.767.072	1.730.140
. Company's capital		170.000	170.000
. Reserves		1.560.140	1.443.225
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		36.932	116.915
PROVISION CHARGES ACCOUNTS		847
STAFF TERM INDEMNITY		365.276	300.066
DEBTS		4.906.629	2.782.992
. Financial M/L terms		116.802	240.356
. . Financial M/L term banks		116.802	240.356
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts		1.861.320	815.697
. . Financial short-term banks		1.861.320	815.697
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		2.765.664	1.528.618
. Sundry M/L debts
. Sundry short-term debts		162.843	198.321
ACCRUED COSTS DEFERR. LIABILITIES		64.605	66.449
TOTAL LIABILITIES		7.104.429	4.879.647
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		8.309.913	8.205.547
. Revenues from sales/services		8.251.832	8.148.662
. Change of stock (products)
OPERATING EXPENSES		8.085.383	7.897.751
. Purchasing expenses		5.850.310	4.980.160
. Change of stock (raw material)		-531.080	190.812
. Expenses from services		927.414	978.673
. Expenses from leasing		268.357	260.326
. General expenses/sundry charges		7.511	24.370
. Staff expenses		1.266.628	1.200.934
. Depreciation/Devaluation costs		296.243	262.476
FINANCIAL REVENUES (CHARGES)		-75.032	-14.027
. Financial charges		-76.565	-14.027
. Financial revenues		1.533
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		34.360	6.278
PROFIT (LOSS) FOR THE PERIOD		183.858	300.047
TAX		146.926	183.132
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		36.932	116.915

RATIOS	Item	O.V.	O.V.	as at 31/12/2005	as at 31/12/2004	Sector Average
Fixed assets ratio	Units	=> 1		1,64	9,31	2,37
Net Short-term indebtedness	Units	- 1		2,70	1,46	4,66
Current ratio	Units	=> 1		1,18	1,81	1,17
Acid Test Ratio-Liquidity Ratio	Units	=> 1		0,85	1,40	0,75
Return on Sales	%			4,03	4,65	1,60
Average stock waiting period	dd			68,50	45,90	60,82
Credits to clients average term	dd			178,52	155,05	94,10
Debts to suppliers average term	dd			141,30	88,45	120,00
Net financial revenues/ charges incidence	%			- 0,90	- 0,17	- 0,84
Labour cost incidence	%			15,34	14,73	6,62

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 73%, in respect of a sector average of 39%.

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:

365.700 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	1.022.428
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 6.514 significant companies.

The companies cash their credits on an average of 94 dd.

The average duration of suppliers debts is about 120 dd.

The sector's profitability is on an average of 1,60%.

The labour cost affects the turnover in the measure of 6,62%.

Goods are held in stock in a range of 60 dd.

The difference between the sales volume and the resources used to realize it is about 1,66.

The employees costs represent the 6,63% 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 4.150.

The insolvency index for the region is 0,55, while for the province it is 0,41.

Total Bankrupt companies in the province : 4.376.

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