MIRA INFORM REPORT

Report Date :

25.01.2008

IDENTIFICATION DETAILS

Name :	NORDMECCANICA S.P.A.
Registered Office :	Via Orsina 16, 16A 16B 29100- Piacenza
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	12.10.1978
Legal Form :	Joint Stock Company
Line of Business :	Manufacture, Installation and Repairing of Mechanical Machines and Equipment

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 :	EUR 843.400
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

name and address

Nordmeccanica S.p.a.

Via Orsina 16, 16A 16B

29100 - Piacenza (PC) -IT-

SUMMARY

Fiscal Code	:	00333340339
Legal Form	:	Joint stock company
Start of Activities	:	28/04/1980
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	35.000.000/50.000.000 Eur
Number of Employees	:	from 131 to 150

CREDIT ANALYSIS

CREDIT OPINION	:	843.400 - Eur
Score	:	Risk normal
Creditworthness Rate	:	Good
		Under the financial aspect a certain balance is reported which leads
		to a credit with a very limited risk.

ACTIVITY

General mechanic.

Manufacture, installation and repairing of mechanical machines and equipment.

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 00333340339

Foreign Trade Reg. no. : PC004092 since 14/01/1992

Foreign Trade Reg. no. : 004092 of Piacenza since 14/01/1992

Chamber of Commerce no. : 99115 of Piacenza since 30/10/1978

Firms' Register : PC032-4868 since 19/02/1996

Foundation Date	: 12/10/1978
Establishment Date	: 12/10/1978
Start of Activities	: 28/04/1980
Legal Duration Date	: 31/12/2030
Nominal Capital	: 5.000.000	Eur
Subscribed Capital	: 5.000.000	Eur
Paid up Capital	: 5.000.000	Eur

MEMBERS

Cerciello

Antonio

Born in Marigliano

(NA)

on 01/01/1940

- Fiscal Code : CRCNTN40A01E955Q

Residence :

Largo

Matteotti

, 16

- 29100

Piacenza

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	13/12/2006
Director	06/12/2006
Board Chairman	06/12/2006

No Protests registered.

Cerciello

Vincenzo

Born in Napoli

(NA)

on 08/11/1975

- Fiscal Code : CRCVCN75S08F839L

Residence :

Largo

Matteotti

, 16

- 29100

Piacenza

(PC)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/12/2006
Managing Director	13/12/2006

No Protests registered.

Cerciello

Alfredo

Born in Napoli

(NA)

on 15/10/1977

- Fiscal Code : CRCLRD77R15F839N

Residence :

Via

Santa Lucia

, 39

- 80100

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/12/2006
Attorney with special power	07/04/2003
Managing Director	13/12/2006

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.

CERCIELLO

ANTONIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
CMF OMAT SRL	Piacenza (PC) - IT -	01322680065	Sole Director	Dismiss	Ceased
COMIF - S.P.A. COSTRUZIONE MACCHINE IMBALLAGGIO FLESSIBILE -	Fisciano (SA) - IT -	00296340656	Chairman	Active	Registered
NORDTEC SRL	Piacenza (PC) - IT -	00189160336	Sole Director	Dismiss	Ceased
NORDTEC SRL	Piacenza (PC) - IT -	00189160336	Attorney with special power	-	Ceased
P.P. S.R.L. PROMOTION PACKAGING	Marigliano (NA) - IT -	04482250638	Sole Director	Dismiss	Ceased
P.P. S.R.L. PROMOTION PACKAGING	Marigliano (NA) - IT -	04482250638	Liquidator	-	Ceased
POWER S.R.L.	Piacenza (PC) - IT -	01305850339	Attorney with special power	-	Ceased
SAMP S.R.L.	Prevalle (BS) - IT -	01532630173	Sole Director	-	Ceased
TECNOLOGIE E SISTEMI PER L'AUTOMAZIONE * TESY S.R.L.	Piacenza (PC) - IT -	00927060335	Attorney with special power	-	Ceased
TSI S.R.L.	Piacenza (PC) - IT -	01136540331	Sole Director	-	Ceased

CERCIELLO

VINCENZO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
COPRA VOLLEY PIACENZA S.R.L. SOCIETA' SPORTIVA DILETTANTISTICA	Piacenza (PC) - IT -	01377030331	Director	Active	Registered
COPRA VOLLEY PIACENZA S.R.L. SOCIETA' SPORTIVA DILETTANTISTICA	Piacenza (PC) - IT -	01377030331	Assistant board Chairman	Active	Registered
RISTORLAND S.R.L.	Piacenza (PC) - IT -	01456690336	Director	Active	Registered
RISTORLAND S.R.L.	Piacenza (PC) - IT -	01456690336	Managing Director	Active	Registered

CERCIELLO

ALFREDO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
CMF OMAT SRL	Piacenza (PC) - IT -	01322680065	Attorney with special power	-	Ceased
COPRA VOLLEY PIACENZA S.R.L. SOCIETA' SPORTIVA DILETTANTISTICA	Piacenza (PC) - IT -	01377030331	Director	Active	Registered
NORDTEC SRL	Piacenza (PC) - IT -	00189160336	Sole Director	-	Ceased
NORDTEC SRL	Piacenza (PC) - IT -	00189160336	Attorney with special power	-	Ceased
POWER S.R.L.	Piacenza (PC) - IT -	01305850339	Sole Director	-	Ceased
TECNOLOGIE E SISTEMI PER L'AUTOMAZIONE * TESY S.R.L.	Piacenza (PC) - IT -	00927060335	Sole Director	-	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
Cerfin S.a.			4.995.000 .Eur	99,90
Cerciello Alfredo	Napoli - IT -	CRCLRD77R15F839N	5.000 .Eur	0,10

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
Tecnologie E Sistemi Per L'automazione * Tesy S.r.l.	Piacenza - IT -	00927060335	516.456 .Eur	100,00	Ceased
CMF OMAT SRL	Piacenza - IT -	01322680065	516.456 .Eur	100,00	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

(Factory )

since 08/05/1980

in :

Via

Orsina 16

, 16A 16B

- 29100 -

Piacenza

(PC)

- IT -

PHONE

: 0523/596411

FAX	: 0523/612051

Employees

: 134

Fittings and Equipment

for a value of 259.000

Eur

Stocks

for a value of 6.220.500

Eur

Furniture and fittings

for a value of 36.151

Eur

Vehicles

for a value of 103.291

Eur

The firm has a direct commercial organization

Business are addressed to Northern Italy.

The firm operates abroad as importer / exporter. .

To purchase foreign products the firm uses the following channels :

- national or foreign important buyers

- direct orders to foreign companies

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

Products abroad are placed by :

- its own sales net-work

- its own agents

- direct orders from foreign companies

Import comes generally from the following nations:

- Gran Bretagna

- Francia

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Changes to the legal form

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	18/03/1981

Ex-Members / Ex-Positions

Gasparini Fausto

Born in Piacenza

on 19/10/1941

- Fiscal Code : GSPFST41R19G535R

Position

Sole Director

Italia

Paolo

Born in Piacenza

on 23/02/1943

- Fiscal Code : TLIPLA43B23G535P

Residence :

Via

Tempio

, 43

- 29100

Piacenza

(PC)

- IT -

Position

Permanent Auditor

Temporary Auditor

Affaticati

Aurora

Born in Montevideo

on 24/05/1951

- Fiscal Code : FFTRRA51E64Z613N

Residence :

Via

Nino Corvi

, 5

- 29100

Piacenza

(PC)

- IT -

Position

Supervisory Board Chairman

Permanent Auditor

Rebecchi

Curzio

Born in Monticelli d'Ongina

on 03/01/1939

- Fiscal Code : RBCCRZ39A03F671W

Residence :

Via

Circonvallazione Nuova

, 5

- 29010

Monticelli d'Ongina

(PC)

- IT -

Position

Supervisory Board Chairman

Permanent Auditor

Giuffrida

Filippo

Born in Piacenza

on 18/12/1960

- Fiscal Code : GFFFPP60T18G535K

Residence :

Via

Veneto

, 42

- 29100

Piacenza

(PC)

- IT -

Position

Temporary Auditor

Truffelli

Giuseppe

Born in CASTEL SAN GIOVANNI

on 03/10/1968

- Fiscal Code : TRFGPP68R03C261P

Residence :

Vicolo

PANATALINI

, 20

- 29100

Piacenza

(PC)

- IT -

Position

Temporary Auditor

Cerciello

Antonio

Born in Marigliano

on 01/01/1940

- Fiscal Code : CRCNTN40A01E955Q

Residence :

Largo

Matteotti

, 16

- 29100

Piacenza

(PC)

- IT -

Position

Sole Director

CERCIELLO

ANTONIO

Born in MARIGLIANO

on 01/01/1940

- Fiscal Code : CRCNTN40A01E955Q

Residence :

Via

SANTA LUCIA

, 39

- 80100

NAPOLI

(NA)

- IT -

Position

Sole Director

MORONI

LAURA

Born in PIACENZA

on 11/01/1962

- Fiscal Code : MRNLRA62A51G535C

Residence :

Via

FULGOSIO

, 21

- 29100

Piacenza

(PC)

- IT -

Position

Temporary Auditor

The firm absorved

Nordtec Srl

Strada

Dell'orsina

, 16

, 29100

, Piacenza

(PC)

- IT -

Fiscal Code: 00189160336

Date

:

14/12/2004

The firm absorved

Tecnologie E Sistemi Per L'automazione * Tesy S.r.l.

Via

Bresciani

, 7

, 29100

, Piacenza

(PC)

- IT -

Fiscal Code: 00927060335

Date

:

14/12/2004

The firm absorved

Power S.r.l.

Strada

Dell'orsina

, 16

, 29100

, Piacenza

(PC)

- IT -

Fiscal Code: 01305850339

Date

:

14/12/2004

The firm absorved

Tsi S.r.l.

Via

Orsina

, 16

, 29100

, Piacenza

(PC)

- IT -

Fiscal Code: 01136540331

Date

:

14/12/2004

The firm absorbed by merging of

Power S.r.l.

Strada

Dell'orsina

, 16

, 29100

, Piacenza

(PC)

- IT -

Fiscal Code: 01305850339

Date

:

14/12/2004

Project of merging by taking over of

Power S.r.l.

Strada

Dell'orsina

, 16

, 29100

, Piacenza

(PC)

- IT -

Fiscal Code: 01305850339

Date

Merging/Splitting-up Project :

25/06/2004

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.

BANKERS

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
Carisp Piacenza
Istituto San Paolo Torino

IMMOVABLES *

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

Immovable Type	Value
Real estates	4.414.491 .Eur

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

FINANCIAL AND ECONOMICAL ANALYSIS

The company is active since 1980

In the economic management , good and bad results followed on by turns. anyway in 2006 a positive result was achieved (r.o.e. 5,86%). Upward trend as to the turnover in the last financial year (+11,63%).

The return on Investment in the last financial year was positive (7,96%) falling within the field's average.

Company's financial status is balanced since indebtedness is not high (2,6) but with an increase as against the previous accounting period.

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high but lined up with the field's average.

Liquidity is however good.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	41.881.571	filed balance sheet
Profit (Loss) for the period	358.774	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	37.515.332	filed balance sheet
Profit (Loss) for the period	-741.847	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	48.080.898	filed balance sheet
Profit (Loss) for the period	-322.159	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	31.926.336	filed balance sheet
Profit (Loss) for the period	78.475	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	32.987.733	filed balance sheet
Profit (Loss) for the period	363.613	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 )		5.423.479	5.211.309
. Intangible assets		467.867	550.435
. Tangible fixed assets		4.852.794	4.329.302
. . Land and buildings		4.414.491	4.070.017
. . Plants, Equipm.and Machinery		258.912	97.298
. Long-term Investments		102.818	331.572
. . Financial loans		95.968	324.722
. . Own shares
CURRENT ASSETS		27.953.429	22.780.351
. Stock		6.220.344	4.384.842
. Credits		15.197.839	14.464.629
. . Credits to clients		13.896.034	12.870.549
. . Other credits		1.301.805	1.594.080
. Short-term financial assets
. Liquid assets		6.535.246	3.930.880
ACCRUED INCOME-DEFERR. ASSETS		646.059	531.406
TOTAL ASSETS		34.022.967	28.523.066
.
LIABILITIES
NET WORTH		6.119.447	5.760.673
. Company's capital		5.000.000	4.500.000
. Reserves		760.673	2.002.520
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		358.774	-741.847
PROVISION CHARGES ACCOUNTS		5.718	37.362
STAFF TERM INDEMNITY		1.517.898	1.312.115
DEBTS		26.105.989	21.370.469
. Financial M/L terms		3.642.049	3.712.075
. . Financial M/L term banks		3.642.049	3.712.075
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts		2.356.141	3.302.621
. . Financial short-term banks		2.356.141	3.302.621
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		14.489.999	10.955.832
. Sundry M/L debts			509
. Sundry short-term debts		5.617.800	3.399.432
ACCRUED COSTS DEFERR. LIABILITIES		273.915	42.447
TOTAL LIABILITIES		34.022.967	28.523.066
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		41.440.036	38.377.262
. Revenues from sales/services		41.881.571	37.515.332
. Change of stock (products)		-622.644	732.278
OPERATING EXPENSES		38.729.968	34.950.709
. Purchasing expenses		23.049.347	19.537.197
. Change of stock (raw material)		-2.458.145	-51.317
. Expenses from services		9.653.760	8.315.450
. Expenses from leasing		292.086	92.093
. General expenses/sundry charges		813.560	686.396
. Staff expenses		6.651.151	5.941.235
. Depreciation/Devaluation costs		728.209	429.655
FINANCIAL REVENUES (CHARGES)		-1.330.043	-250.397
. Financial charges		-1.330.043	-250.397
. Financial revenues
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		24.818	-2.491.236
PROFIT (LOSS) FOR THE PERIOD		1.404.843	684.920
TAX		1.046.069	1.426.767
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		358.774	-741.847

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	2,07	2,06	2,01
Net Short-term indebtedness	Units	- 1	l	2,60	2,38	2,79
Current ratio	Units	=> 1	l	1,24	1,29	1,28
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	0,96	1,04	0,95
Return on Sales	%		l	2,59	- 0,83	3,84
Average stock waiting period	dd		l	53,46	42,04	57,45
Credits to clients average term	dd		l	119,41	123,48	130,24
Debts to suppliers average term	dd		l	158,07	141,12	147,96
Net financial revenues/ charges incidence	%		l	- 3,17	- 0,66	- 0,90
Labour cost incidence	%		l	15,88	15,83	19,09

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:

843.400 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	273.689
Population living in the region	:	4.151.369
Number of families in the region	:	1.748.359

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

- per food products	:	425
- per non food products	:	2.063
- per energy consume	:	143

SECTOR DATA

The values are calculated on a base of 2.083 significant companies.

The companies cash their credits on an average of 130 dd.

The average duration of suppliers debts is about 147 dd.

The sector's profitability is on an average of 3,84%.

The labour cost affects the turnover in the measure of 19,09%.

Goods are held in stock in a range of 57 dd.

The difference between the sales volume and the resources used to realize it is about 1,20.

The employees costs represent the 19,65% 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 18.860 protested subjects are found; in the province they count to 804.

The insolvency index for the region is 0,46, while for the province it is 0,30.

Total Bankrupt companies in the province : 915.

Total Bankrupt companies in the region : 14.698.

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