MIRA INFORM REPORT

Report Date :

13.10.2007

IDENTIFICATION DETAILS

Name :	Uniontrade S.r.l.
Registered Office :	Via Enrico Mattei, 1, 20068 - Peschiera Borromeo (MI) -IT-
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	16/05/1985
Legal Form :	Limited liability company
Line of Business :	Wholesale of foodstuff, beverages and similar. Import-Export of foodstuffs and beverages. Import-export of sundry products. Retail of sundry foodstuffs.

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

name & ADDRESS

Uniontrade S.r.l.

Via Enrico Mattei, 1

20068 - Peschiera Borromeo (MI) -IT-

SUMMARY

Legal Form	:	Limited liability company
Start of Activities	:	16/05/1985
Patrimonial Consistence	:	2.000.000 Eur
Turnover Range	:	15.500.000/18.000.000 Eur
Number of Employees	:	from 26 to 35

CREDIT ANALYSIS

CREDIT OPINION

:

118.300 - Eur

ACTIVITY

Wholesale of foodstuff, beverages and similar.

Import-Export of foodstuffs and beverages.

Import-export of sundry products.

Retail of sundry foodstuffs.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 07645640157

Foreign Trade Reg. no. : MI081204 since 31/12/1991

Foreign Trade Reg. no. : 81204 of Milano since 31/12/1991

Foreign Trade Reg. no. : 081204 of Milano since 31/12/1991

Chamber of Commerce no. : 1173088 of Milano since 21/01/1985

Firms' Register : MI146-240234 since 19/02/1996

V.A.T. Code : 07645640157

Establishment Date	: 10/12/1984
Start of Activities	: 16/05/1985
Legal Duration Date	: 31/12/2050
Nominal Capital	: 800.000	Eur
Subscribed Capital	: 800.000	Eur
Paid up Capital	: 800.000	Eur

MEMBERS

Zhu

Jing Yi

Born in Zhejiang

on 22/02/1963

- Fiscal Code : ZHUJGY63B62Z210Z

Residence :

Piazza

Oberdan Guglielmo

, 4

- 20129

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	06/10/1997
Person in charge

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.

ZHU JING YI

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
GROUP EIGHT S.R.L.	Segrate (MI) - IT -	12641280156	Sole Director	Active	Registered
KATHAY DI ZHU JING YI	Milano (MI) - IT -	ZHUJGY63B62Z210Z	Proprietor	Active	Registered

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
Zhu Jing Yi	Milano - IT -	ZHUJGY63B62Z210Z	400.000 .Eur	50,00
SUN TZU HSI	MILANO - IT -	SNUTHS57A03Z210Z	400.000 .Eur	50,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
N.s.g. S.r.l.		05230030966	24.500 .Eur	24,50	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

in :

Via

Enrico Mattei

, 1

- 20068 -

Peschiera Borromeo

(MI)

- IT -

PHONE

: 02/96922898

-

Branch

(Store )

since 13/09/2002

in :

Via

Torricelli

, 10

- 20090 -

Segrate

(MI)

- IT -

-

Branch

since 23/02/2005

in :

Via

Galileo Galilei

, 5

- 20090 -

Segrate

(MI)

- IT -

-

Branch

since 23/02/2005

in :

Via

Galileo Galilei

, 5/13

- 20090 -

Segrate

(MI)

- IT -

Employees

: 34

Fittings and Equipment

for a value of 787.000

Eur

Stocks

for a value of 3.376.000

Eur

The firm has a direct commercial organization

Business are addressed to Northern Italy.

The company supplies wholesalers and retailers.

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- importers

- trading companies

HISTORICAL INFORMATION AND/OR FIRM'S

STATUS

Ex-Members / Ex-Positions

Stella

Alberto

Born in Milano

on 12/06/1960

- Fiscal Code : STLLRT60H12F205E

Residence :

Via

G. Martinelli

, 67

- 20142

Milano

(MI)

- IT -

Position

Pistone

Rocco Luigi

Born in Grottole

on 19/02/1930

- Fiscal Code : PSTRCL30B19E213K

Position

Albanese

Lucia

Born in MILANO

on 14/08/1954

- Fiscal Code : LBNLCU54M54F205D

Residence :

Via

CANEVA

, 3

- 20100

Milano

(MI)

- IT -

Position

Temporary Auditor

Sun

Tzu Hsi

Born in CHEKIANG

on 03/01/1957

- Fiscal Code : SNUTHS57A03Z210Z

Residence :

Piazza

Oberdan

, 0004

- 20100

Milano

(MI)

- IT -

Position

Sole Director

Brenna

Lorella

Born in Dumenza

on 27/01/1960

- Fiscal Code : BRNLLL60A67D384Z

Residence :

Via

G. Martinelli

, 67

- 20100

Milano

(MI)

- IT -

Position

Former seats

-

Branch

(Store )

since 01/12/1986

until 31/08/1996

Viale

Forlanini

- 20134

- Milano

(MI)

- IT -

-

Branch

(Store )

since 29/04/1996

until 30/09/1996

Via

Galileo Galilei

- 20090

- Segrate

(MI)

- IT -

PAYMENTS ANALYSIS

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

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last Month : n. 1 times.

During the last 6 Months : n. 1 times.

During the last 12 Months : n. 2 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 NAZIONALE DEL LAVORO SPA	Agenzia n. 13		20100	Milano	1005	0

IMMOVABLES *

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

Immovable Type	Value
Real estates	228.920 .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 1985.

In the economic management , good and bad results followed on by turns. ; in the last financial year a loss was registered (r.o.e. -39,04%) Upward trend as to the turnover in the last financial year (+16,35%).

The return on investment in the last financial year was negative (-1,39%).

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (4,45) increasing as against 2005.

Bank borrowings' volume is slightly high but it modestly dips into suppliers credit, 26,1 gg. is the payments' average time which is also lower than the sector 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	16.344.164	filed balance sheet
Profit (Loss) for the period	-647.146	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	14.046.979	filed balance sheet
Profit (Loss) for the period	198.250	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	12.410.403	filed balance sheet
Profit (Loss) for the period	174.706	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	11.409.806	filed balance sheet
Profit (Loss) for the period	52.171	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	10.834.232	filed balance sheet
Profit (Loss) for the period	244.284	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 )		1.409.486	1.257.111
. Intangible assets		166.129	194.950
. Tangible fixed assets		1.110.611	1.058.417
. . Land and buildings		228.920	228.920
. . Plants, Equipm.and Machinery		786.994	737.861
. Long-term Investments		132.746	3.744
. . Financial loans		132.746	3.744
. . Own shares
CURRENT ASSETS		7.378.000	6.557.324
. Stock		3.375.906	2.826.239
. Credits		3.946.347	3.679.269
. . Credits to clients		3.574.841	3.010.884
. . Other credits		371.506	668.385
. Short-term financial assets		5	5
. Liquid assets		55.742	51.811
ACCRUED INCOME-DEFERR. ASSETS		1.241.749	1.372.571
TOTAL ASSETS		10.029.235	9.187.006
.
LIABILITIES
NET WORTH		1.657.305	2.304.451
. Company's capital		800.000	800.000
. Reserves		1.504.451	1.306.201
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		-647.146	198.250
PROVISION CHARGES ACCOUNTS
STAFF TERM INDEMNITY		169.145	131.518
DEBTS		8.192.824	6.751.037
. Financial M/L terms		753.776	800.000
. . Financial M/L term banks		753.776	800.000
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts		6.209.303	4.216.197
. . Financial short-term banks		6.209.303	4.216.197
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		1.120.950	1.630.706
. Sundry M/L debts
. Sundry short-term debts		108.795	104.134
ACCRUED COSTS DEFERR. LIABILITIES		9.961
TOTAL LIABILITIES		10.029.235	9.187.006
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		16.410.171	14.212.322
. Revenues from sales/services		16.344.164	14.046.979
. Change of stock (products)
OPERATING EXPENSES		16.550.322	13.377.202
. Purchasing expenses		11.656.417	9.553.806
. Change of stock (raw material)		-549.667	-674.633
. Expenses from services		2.970.197	2.873.011
. Expenses from leasing		831.181	318.631
. General expenses/sundry charges		584.619	399.130
. Staff expenses		866.803	766.710
. Depreciation/Devaluation costs		190.772	140.547
FINANCIAL REVENUES (CHARGES)		-428.616	-335.104
. Financial charges		-428.895	-335.507
. Financial revenues		279	403
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-35.671	-90.174
PROFIT (LOSS) FOR THE PERIOD		-604.438	409.842
TAX		42.708	211.592
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		-647.146	198.250

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1		1,83	2,57	2,11
Net Short-term indebtedness	Units	- 1		4,45	2,55	3,63
Current ratio	Units	=> 1		0,99	1,10	1,16
Acid Test Ratio-Liquidity Ratio	Units'	=> 1		0,53	0,62	1,04
Return on Sales	%			- 2,79	2,41	1,55
Average stock waiting period	dd			74,34	72,39	16,45
Credits to clients average term	dd			78,73	77,14	101,66
Debts to suppliers average term	dd			26,10	46,04	96,02
Net financial revenues/ charges incidence	%			- 2,62	- 2,38	- 0,73
Labour cost incidence	%			5,30	5,45	5,71

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)

FURTHER INFORMATION

Legal changes are in progress. The Chamber of Commerce Survey is in an updating phase

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:

118.300 .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 84 significant companies.

The companies cash their credits on an average of 101 dd.

The average duration of suppliers debts is about 96 dd.

The sector's profitability is on an average of 1,55%.

The labour cost affects the turnover in the measure of 5,71%.

Goods are held in stock in a range of 16 dd.

The difference between the sales volume and the resources used to realize it is about 1,76.

The employees costs represent the 5,86% 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