MIRA INFORM REPORT

Report Date :

25.01.2008

IDENTIFICATION DETAILS

Name :	SAFOSA S.P.A.
Registered Office :	Via Lombardia, 20083 - Gaggiano (MI)
Country :	Italy
Financials (as on) :	30.06.2006
Date of Incorporation :	17.10.1983
Com. Reg. No.:	MI149-25696
Legal Form :	Joint Stock Company with Sole Shareholder
Line of Business :	Production of Soaps, Detergents, Parfumes and Personal Hygienic Articles

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 :	EUR 431.800
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

name & address

Safosa S.p.a.

Via Lombardia,

20083 - Gaggiano (MI) -IT-

SUMMARY

Fiscal Code	:	07155630150
Legal Form	:	Joint Stock company with sole shareholder
Foundation Date	:	17/10/1983
Patrimonial Consistence	:	Over 2.500.000 Eur
Turnover Range	:	50.000.000/75.000.000 Eur
Number of Employees	:	from 251 to 500

CREDIT ANALYSIS

CREDIT OPINION	:	431.800 - Eur
Score	:	Risk normal
Creditworthness Rate	:	Sufficient
		Financial situation is not at its best, but credit is possible with
		no particular risks.

ACTIVITY

Production of soaps, detergents, parfumes and personal hygienic articles.

Production of personal hygienic products and parfumes.

LEGAL DATA

Legal Form : Joint Stock company with sole shareholder

Fiscal Code : 07155630150

Foreign Trade Reg. no. : MI156808 since 07/05/1992

Foreign Trade Reg. no. : 156808 of Milano since 07/05/1992

Chamber of Commerce no. : 1142950 of Milano since 16/12/1983

Firms' Register : MI149-25696 since 19/02/1996

V.A.T. Code : 00848250965

Court : 28666 of Milano since 21/11/1983

Foundation Date : 17/10/1983

Establishment Date : 17/10/1983

Legal Duration Date : 31/12/2030

Nominal Capital : 2.800.000 Eur

Subscribed Capital : 2.800.000 Eur

Paid up Capital : 2.800.000 Eur

MEMBERS

Castelli

Alberto Carlo

Born in Milano

(MI)

on 06/10/1954

- Fiscal Code : CSTLRT54R06F205I

Residence :

Via

Vis Lavizzari

, 2/A

Lugano

- CH -

Position	Since	Shares Amount	% Ownership
Director	10/04/2007

No Protests registered.

Lo Feudo

Eugenio Paolo

Born in Milano

(MI)

on 26/09/1962

- Fiscal Code : LFDGPL62P26F205S

Residence :

Via

Cesare Battisti

, 1

- 20031

Cesano Maderno

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	21/07/2004

No Protests registered.

Fanfani

Marco

Born in Buenos Aires

on 04/08/1955

- Fiscal Code : FNFMRC55M04Z600R

Residence :

Via

Strada Radi-siena

, 1473B

- 53014

Monteroni d'Arbia

(SI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/04/2007

No Protests registered.

Prestigiacomo

Franco

Born in Genova

(GE)

on 24/08/1966

- Fiscal Code : PRSFNC66M24D969E

Residence :

Via

Residenza Il Golfo

, 442

- 20089

Basiglio

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/04/2007
Board Chairman	10/04/2007

No Protests registered.

Bosco

Riccardo

Born in Roma

(RM)

on 03/08/1952

- Fiscal Code : BSCRCR52M03H501S

Residence :

Via

Fatebenefratelli

, 15

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/04/2007

No Protests registered.

Fraccaro

Adelmo Alberto

Born in Calice Al Cornoviglio

(SP)

on 05/12/1946

- Fiscal Code : FRCDML46T05B410R

Residence :

Via

Trenno

, 28

- 20151

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/04/2007

No Protests registered.

Holding Sviluppo Partecipazioni S.p.a.

- Fiscal Code : 04967660962

Residence :

Corso

Venezia

, 54

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	25/01/2006

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.

PRESTIGIACOMO

FRANCO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
A.P.V. RATTO S.P.A.	Genova (GE) - IT -	02752880100	Director	Active	Registered
BLT S.R.L.	Milano (MI) - IT -	05090880963	Board Chairman	-	Ceased
COMAR YACHTS S.P.A.	Fiumicino (RM) - IT -	02424740401	Director	Active	Registered
ELLECI S.R.L. MECCANICA DI PRECISIONE	- -	06365851002	Director	Active	Registered
FAENZA STILE S.R.L.	Castel Bolognese (RA) - IT -	01001060399	Director	Active	Registered
FORM REAL ESTATE S.R.L.	Cormano (MI) - IT -	05247350969	Sole Director	Active	Registered
FORM S.P.A.	Cormano (MI) - IT -	00195830260	Director	Dismiss	Registered
FORM S.P.A.	Cormano (MI) - IT -	00195830260	Managing Director	Dismiss	Registered
FORM S.P.A.	Cormano (MI) - IT -	00195830260	Board Chairman	Dismiss	Registered
HOLDING SVILUPPO PARTECIPAZIONI S.P.A.	Milano (MI) - IT -	04967660962	Director	Active	Registered
INDUSTRIE APV RATTO S.R.L.	- -	12969820153	Director	-	Ceased
INDUSTRIE FIM S.P.A.	Treviso (TV) - IT -	03738790264	Director	-	Ceased
INDUSTRIE IMES S.R.L.	Milano (MI) - IT -	03726540960	Sole Director	-	Ceased
LUXY ITALIA SRL - UNIPERSONALE	Montecchio Maggiore (VI) - IT -	02424770242	Director	-	Ceased
LUXY S.R.L.	Montecchio Maggiore (VI) - IT -	03354390969	Director	Dismiss	Registered
MAX PARFUMS E CO. ITALIA SPA	Milano (MI) - IT -	12529930153	Director	-	Ceased
MAX PARFUMS S.P.A.	Settimo Milanese (MI) - IT -	04444700969	Director	Dismiss	Registered
MAX PARFUMS S.P.A.	Settimo Milanese (MI) - IT -	04444700969	Board Chairman	Active	Registered
MAX-SPEDIT SRL	Lainate (MI) - IT -	10459100151	Director	Active	Registered
O.M.S. 88 OFFICINA MECCANICA STAMPAGGI S.P.A.	Guidonia Montecelio (RM) - IT -	08326560581	Director	Active	Registered
OTTOBRE 2000 SRL	- -	13236880152	Sole Director	Active	Registered
PARFUM E CO. S.R.L.	Parabiago (MI) - IT -	03570210967	Director	-	Ceased
S.I.M.I. - SOCIETA' ITALO-SVIZZERA METALLI INIETTATI SOCIETA' PERAZIONI	Cormano (MI) - IT -	00737610154	Director	-	Ceased
S.I.S. SOCIETA' ITALIANA STAMPI S.P.A.	Bovisio-Masciago (MB) - IT -	06214370154	Director	Active	Registered
SIME PRESSOFUSIONI S.P.A.	Milano (MI) - IT -	07325760150	Director	-	Ceased
SVILUPPO MAGLIERIA S.R.L.	Milano (MI) - IT -	04795570961	Director	-	Ceased

HOLDING SVILUPPO PARTECIPAZIONI S.P.A.

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
FORM S.P.A.	Cormano (MI) - IT -	00195830260	Sole partner	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
Holding Sviluppo Partecipazioni S.p.a.	Milano - IT -	04967660962		100,00

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

in :

Via

Lombardia

- 20083 -

Gaggiano

(MI)

- IT -

PHONE

: 02/9184548

Employees

: 395

Assistants

: 5

Fittings and Equipment

for a value of 4.116.161

Eur

Stocks

for a value of 6.174.242

Eur

Furniture and fittings

for a value of 36.151

Eur

Vehicles

for a value of 30.987

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The firm operates abroad as importer / exporter. .

To purchase foreign products the firm uses the following channels :

- distributors

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- importers

Import comes generally from the following nations:

- Germania

- Francia

- Gran Bretagna

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Ex-Members / Ex-Positions

Sciorilli Borelli

Ivo

Born in Roma

on 02/04/1950

- Fiscal Code : SCRVIO50D02H501R

Residence :

Via

Via Al Perato

, 23

Breganzona

- CH -

Position

Director

Fossati

Antonio

Born in PAVIA

on 13/05/1938

- Fiscal Code : FSSNTN38E13G388Z

Residence :

Via

SAVONA

, 0094

- 20100

Milano

(MI)

- IT -

Position

Chairman

Director

Board Chairman

Salvi

Andrea

Born in Milano

on 23/03/1965

- Fiscal Code : SLVNDR65C23F205X

Fiscal residence :

Via

Ponte Seveso

, 40

- 20100

Milano

(MI)

- IT -

Position

Managing Director

NEGRI

ENZO

Born in MILANO

on 16/08/1932

- Fiscal Code : NGRNZE32M16F205K

Residence :

Via

FALK

, 5

- 20100

Milano

(MI)

- IT -

Position

Director

VILLA

ROBERTO

Born in RHO

on 06/12/1951

- Fiscal Code : VLLRRT51T06H264J

Residence :

Via

OSMA CARLO

, 5

- 20100

Milano

(MI)

- IT -

Position

Permanent Auditor

LARENO FACCINI

VALERIO

Born in MILANO

on 20/06/1951

- Fiscal Code : LRNVLR51H20F205K

Residence :

Via

CALDARA EMILIO

, 24

- 20100

Milano

(MI)

- IT -

Position

Temporary Auditor

BERNARDI

PAOLO FERDINANDO

Born in VIMODRONE

on 11/07/1957

- Fiscal Code : BRNPFR57L11M053C

Residence :

Via

TAGLIAMENTO

, 27

- 20090

Vimodrone

(MI)

- IT -

Position

Director

SCIORILLI BORRELLI

IVO

Born in ROMA

on 02/04/1950

- Fiscal Code : SCRVIO50D02H501R

Residence :

BREEAZONA

- CH -

Position

Director

Prestigiacomo

Franco

Born in Genova

on 24/08/1966

- Fiscal Code : PRSFNC66M24D969E

Residence :

Via

Residenza Il Golfo

, 442

- 20089

Basiglio

(MI)

- IT -

Position

Director

Castelli

Alberto

Born in Milano

on 06/10/1954

- Fiscal Code : CSTLRT54R06F205I

Residence :

Lugano

- CH -

Position

Director

Fraccaro

Adelmo Alberto

Born in Calice Al Cornoviglio

on 05/12/1946

- Fiscal Code : FRCDML46T05B410R

Residence :

Via

Trenno

, 28

- 20151

Milano

(MI)

- IT -

Position

Assistant board Chairman

ANTRUS CONSULTADORIA E MARKETING LDA

Position

Sole partner

Former seats

-

Operative seat

since 01/01/2003

Via

Lombardia

- 20083

- Gaggiano

(MI)

- IT -

-

Secondary office

(Factory )

since 01/04/2006

Via

Castelli Fiorenza

- 20017

- Rho

(MI)

- IT -

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
BANCA POPOLARE EMILIA ROMAGNA

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 1983

During the last years, it achieved profits (r.o.e. 1,91% on 2006)

The return on Investment in the last financial year was positive (2,06%) and in line with the sector's average.

The ratio between debts and total assets is fairly high, as it comes out from the indebtedness (6,11) which is also improving if compared to the previous year.

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high even if it still falls within the sector's average.

Liquidity is however good.

FINANCIAL DATA

Complete balance-sheet for the year as at

30/06/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	51.458.854	filed balance sheet
Profit (Loss) for the period	148.388	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	86.322.320	filed balance sheet
Profit (Loss) for the period	796.412	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	91.594.912	filed balance sheet
Profit (Loss) for the period	1.562.531	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	92.199.310	filed balance sheet
Profit (Loss) for the period	1.791.314	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	22.134.826	filed balance sheet
Profit (Loss) for the period	1.312.316	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 30/06/2006 - 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 )		10.244.511	9.560.509
. Intangible assets		777.043	699.639
. Tangible fixed assets		7.265.210	6.658.612
. . Land and buildings
. . Plants, Equipm.and Machinery		5.999.489	6.233.365
. Long-term Investments		2.202.258	2.202.258
. . Financial loans		2.202.258	2.202.258
. . Own shares
CURRENT ASSETS		62.031.438	33.599.357
. Stock		20.046.716	10.948.525
. Credits		35.321.553	19.744.492
. . Credits to clients		30.766.027	15.462.642
. . Other credits		4.555.526	4.281.850
. Short-term financial assets
. Liquid assets		6.663.169	2.906.340
ACCRUED INCOME-DEFERR. ASSETS		1.328.818	1.543.419
TOTAL ASSETS		73.604.767	44.703.285
.
LIABILITIES
NET WORTH		7.730.248	7.581.860
. Company's capital		2.800.000	2.800.000
. Reserves		4.781.860	3.985.448
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		148.388	796.412
PROVISION CHARGES ACCOUNTS		977.524	295.916
STAFF TERM INDEMNITY		4.692.069	4.195.937
DEBTS		60.147.615	32.608.340
. Financial M/L terms		6.220.557	2.387.776
. . Financial M/L term banks		6.220.557	2.387.776
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts		25.911.647	4.492.602
. . Financial short-term banks		25.911.647	4.492.602
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		23.847.857	23.265.240
. Sundry M/L debts
. Sundry short-term debts		4.167.554	2.462.722
ACCRUED COSTS DEFERR. LIABILITIES		57.311	21.232
TOTAL LIABILITIES		73.604.767	44.703.285
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		54.182.961	88.478.246
. Revenues from sales/services		51.458.854	86.322.320
. Change of stock (products)		2.103.728	1.002.800
OPERATING EXPENSES		52.662.962	86.305.245
. Purchasing expenses		42.107.403	60.727.360
. Change of stock (raw material)		-7.047.793	-3.192.579
. Expenses from services		7.781.302	10.769.431
. Expenses from leasing		1.222.731	2.295.877
. General expenses/sundry charges		121.568	461.608
. Staff expenses		7.718.781	13.678.569
. Depreciation/Devaluation costs		758.970	1.564.979
FINANCIAL REVENUES (CHARGES)		-329.988	-151.663
. Financial charges		-370.629	-240.024
. Financial revenues		40.641	88.361
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-331.066	-6.611
PROFIT (LOSS) FOR THE PERIOD		858.945	2.014.727
TAX		710.557	1.218.315
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		148.388	796.412

RATIOS	Item	O.V.	O.V.	as at 30/06/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	1,81	1,48	1,67
Net Short-term indebtedness	Units	- 1	l	6,11	3,60	2,63
Current ratio	Units	=> 1	l	1,15	1,11	1,23
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	0,77	0,74	0,91
Return on Sales	%		l	1,76	2,73	4,72
Average stock waiting period	dd		l	140,22	45,64	53,67
Credits to clients average term	dd		l	215,20	64,47	129,68
Debts to suppliers average term	dd		l	167,94	113,47	144,68
Net financial revenues/ charges incidence	%		l	- 0,64	- 0,17	- 0,98
Labour cost incidence	%		l	14,99	15,84	13,62

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

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:

431.800 .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 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 310 significant companies.

The companies cash their credits on an average of 129 dd.

The average duration of suppliers debts is about 144 dd.

The sector's profitability is on an average of 4,72%.

The labour cost affects the turnover in the measure of 13,62%.

Goods are held in stock in a range of 53 dd.

The difference between the sales volume and the resources used to realize it is about 1,21.

The employees costs represent the 13,20% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity shows trifling crises.

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