MIRA INFORM REPORT

Report Date :

14.06.2008

IDENTIFICATION DETAILS

Name :	BREMBOFLEX S.P.A.
Registered Office :	Via Tresolzio, 105, 24030- Brembate di Sopra (BG)
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	03.09.2001
Legal Form :	Joint Stock Company
Line of Business :	Manufacture and installation of metal and iron structural works. Manufacturing of other metal articles and metal odds and ends.

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 284.000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

Name & address

BREMBOFLEX S.P.A.

Via

Tresolzio,

105

24030

- Brembate di Sopra

(BG)

-IT-

SUMMARY

Fiscal Code	:	02895490163
Legal Form	:	Joint stock company
Start of Activities	:	03/09/2001
Patrimonial Consistence	:	2.000.000 Eur
Turnover Range	:	7.750.000/9.000.000 Eur
Number of Employees	:	from 26 to 35

CREDIT ANALYSIS

CREDIT OPINION	:	284.000 - 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

Manufacture and installation of metal and iron structural works.

Manufacturing of other metal articles and metal odds and ends.

LEGAL DATA

Legal Form : Joint stock company

Fiscal Code : 02895490163

Foreign Trade Reg. no. : BG057365 since 06/09/2001

Chamber of Commerce no. : 331908 of Bergamo since 03/09/2001

Firms' Register : BG-2001-50438

V.A.T. Code : 02895490163

Establishment Date	: 09/08/2001
Start of Activities	: 03/09/2001
Legal Duration Date	: 31/12/2050
Nominal Capital	: 900.000	Eur
Subscribed Capital	: 900.000	Eur
Paid up Capital	: 900.000	Eur

MEMBERS

Zanchi

Ambrogio

Born in Brembate di Sopra

(BG)

on 08/04/1952

- Fiscal Code : ZNCMRG52D08B138B

Residence :

Via

Tresolzio

, 111

- 24030

Brembate di Sopra

(BG)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	30/05/2007

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.

ZANCHI

AMBROGIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
AUTOTRASPORTI ZANCHI SNC DI ZANCHI AMBROGIO E C.	Brembate di Sopra (BG) - IT -	01823840168	Partner	-	Ceased
BREMBOFLEX S.P.A.	Brembate di Sopra (BG) - IT -	01754850160	Chairman and Managing Director	Dismiss	Ceased
BREMBOFLEX S.P.A.	Brembate di Sopra (BG) - IT -	01754850160	Managing Director	-	Ceased
BREMBOFLEX S.P.A.	Brembate di Sopra (BG) - IT -	01754850160	Board Chairman	-	Ceased
M.R.T. DI CHIAPPA E C. S.N.C.	Suisio (BG) - IT -	01315660165	Director	-	Ceased
M.R.T. DI CHIAPPA E C. S.N.C.	Suisio (BG) - IT -	01315660165	Partner	-	Ceased
M.R.T. DI CHIAPPA E C. S.N.C.	Suisio (BG) - IT -	01315660165	Partner	Dismiss	Ceased
ZANCHI AMBROGIO	Brembate di Sopra (BG) - IT -	ZNCMRG52D08B138B	Proprietor	-	Ceased
ZANCHI IMMOBILIARE S.R.L. - IN LIQUIDAZIONE	Presezzo (BG) - IT -	02839120165	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
Cisana Rosella		CSNRLL57B50B138U	45.000 .Eur	5,00
Zanchi Ambrogio	Brembate di Sopra - IT -	ZNCMRG52D08B138B	855.000 .Eur	95,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
Altobelli S.r.l. - In Liquidazione		03111420166	60.000 .Eur	75,00	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

in :

Via

Tresolzio

, 105

- 24030 -

Brembate di Sopra

(BG)

- IT -

-

Branch

(Factory )

since 01/11/2006

in :

Via

Giulio Terzi Di Sant'agata

, 15

- 24030 -

Brembate di Sopra

(BG)

- IT -

Employees

: 33

Fittings and Equipment

for a value of 890.000

Eur

Stocks

for a value of 3.000.000

Eur

PAYMENTS ANALYSIS

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

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.

IMMOVABLES

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

Immovable Type	Value
Real estates	3.031.405 .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 2001.

Under the financial profile unstable results are noted. anyway in 2006 a positive result was achieved (r.o.e. 0,06%). In the last financial year an increase in the turnover has been registered (+15,14%).

The operating result was positive in the last financial year (4,21%) and in line with the sector's average.

Company's financial status is balanced since indebtedness is not high (1,97) and decreasing as against 2005.

Financial debts as well as debts to suppliers are rather high anyway better than the field's average.

Liquidity is good (1,38)

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	8.568.204	filed balance sheet
Profit (Loss) for the period	1.317	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	7.441.166	filed balance sheet
Profit (Loss) for the period	-55.370	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	7.410.391	filed balance sheet
Profit (Loss) for the period	-186.316	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 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 )		4.375.533	4.541.202
. Intangible assets		260.065	279.342
. Tangible fixed assets		4.111.360	4.194.111
. . Land and buildings		3.031.405	3.046.142
. . Plants, Equipm.and Machinery		888.073	967.692
. Long-term Investments		4.108	67.749
. . Financial loans		4.108	67.749
. . Own shares
CURRENT ASSETS		5.827.142	5.087.847
. Stock		2.369.774	1.784.353
. Credits		3.138.079	2.804.180
. . Credits to clients		2.964.209	2.439.072
. . Other credits		173.870	365.108
. Short-term financial assets
. Liquid assets		319.289	499.314
ACCRUED INCOME-DEFERR. ASSETS		64.259	55.859
TOTAL ASSETS		10.266.934	9.684.908
.
LIABILITIES
NET WORTH		1.972.736	1.971.417
. Company's capital		900.000	900.000
. Reserves		1.071.419	1.126.787
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		1.317	-55.370
PROVISION FOR RISKS AND LOSSES
SEVERANCE INDEMNITY FUND		144.761	132.669
DEBTS		8.082.330	7.517.127
. Financial M/L terms		3.868.362	3.033.082
. . Financial M/L term banks		2.968.602	2.133.322
. . Financial M/L bonds		899.760	899.760
. . Other financial M/L debts
. Financial short-term debts		1.815.687	2.774.302
. . Financial short-term banks		1.815.687	2.774.302
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers		2.151.188	1.479.394
. Sundry M/L debts
. Sundry short-term debts		247.093	230.349
ACCRUED EXPENSE		67.107	63.695
TOTAL LIABILITIES		10.266.934	9.684.908
PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		9.383.245	7.352.100
. Revenues from sales/services		8.568.204	7.441.166
. Change of stock (products)		687.510	-135.630
OPERATING EXPENSES		8.950.850	7.151.932
. Purchasing expenses		5.299.899	3.713.412
. Change of stock (raw material)		76.163	32.819
. Expenses from services		2.072.994	1.821.561
. Expenses from leasing		253.471	382.119
. General expenses/sundry charges		60.101	37.071
. Staff expenses		786.293	781.847
. Depreciation/Devaluation costs		401.929	383.103
FINANCIAL REVENUES (CHARGES)		-299.248	-204.632
. Financial charges		-310.072	-230.501
. Financial revenues		10.824	25.869
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)			2
PROFIT (LOSS) FOR THE PERIOD		133.147	-4.462
TAX		131.830	50.908
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		1.317	-55.370

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	1,36	1,13	1,70
Net Short-term indebtedness	Units	- 1	l	1,97	2,02	2,40
Current ratio	Units	=> 1	l	1,38	1,13	1,28
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	0,82	0,73	0,91
Return on Sales	%		l	4,70	4,40	4,20
Average stock waiting period	dd		l	99,54	86,29	60,87
Credits to clients average term	dd		l	124,52	117,97	127,42
Debts to suppliers average term	dd		l	101,52	90,00	146,23
Net financial revenues/ charges incidence	%		l	- 3,49	- 2,74	- 1,03
Labour cost incidence	%		l	9,17	10,50	19,34

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:

284.000 .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 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 1.713 significant companies.

The companies cash their credits on an average of 127 dd.

The average duration of suppliers debts is about 146 dd.

The sector's profitability is on an average of 4,20%.

The labour cost affects the turnover in the measure of 19,34%.

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 1,13.

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 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.	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