MIRA INFORM REPORT

Report Date :

14.06.2008

IDENTIFICATION DETAILS

Name :	WATER PIPE ITALIANA S.A.S. DI POZZI ANGE LO E C.

Registered Office :	Via Giov. Bande Nere, 0078 20052 – Monza (MB)

Country :	Italy

Date of Incorporation :	03.01.1975

Legal Form :	Limited Partnership

Line of Business :	Production of Linoleum and Other Floor Coverings; Production of Oil-Cloths.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	EUR 76.000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

name & address

Water Pipe Italiana S.a.s. Di Pozzi Ange lo E C.

Via Giov. Bande Nere, 0078

20052 - Monza (MB) -IT-

SUMMARY

Fiscal Code	:	02287870154
Legal Form	:	Limited partnership
Start of Activities	:	03/01/1975
Turnover Range	:	2.250.000/3.000.000 Eur
Number of Employees	:	from 26 to 35

CREDIT ANALYSIS

CREDIT OPINION	:	76.000 - 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

Production of linoleum and other floor coverings; production of oil-

cloths.

Rubber industry.

Production of technical rubber articles.

LEGAL DATA

Legal Form : Limited partnership

Fiscal Code : 02287870154

Foreign Trade Reg. no. : MB009202 since 10/07/2000

Chamber of Commerce no. : 899547 of Monza e Brianza since 20/07/2007

Chamber of Commerce no. : 899547 of Milano since 21/01/1975

Firms' Register : MI149-11013 since 19/02/1996

V.A.T. Code : 00732590963

Foundation Date	: 03/01/1975
Establishment Date	: 03/01/1975
Start of Activities	: 03/01/1975
Legal Duration Date	: 31/12/2050
Nominal Capital	: 3.098	Eur
Subscribed Capital	: 3.098	Eur
Paid up Capital	: 3.098	Eur

MEMBERS

Pozzi

Angelo

Born in Monza

(MB)

on 19/08/1948

- Fiscal Code : PZZNGL48M19F704W

Residence :

Via

Volta

, 57/14

- 20049

Concorezzo

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
General Partner	06/04/1990	516 - Eur	16,67

No Protests registered.

Pozzi

Ernesto

Born in Monza

(MB)

on 11/01/1961

- Fiscal Code : PZZRST61A11F704S

Residence :

Via

Bande Nere G.

, 0017

- 20052

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
General Partner	22/12/2000	1.032 - Eur	33,34

No Protests registered.

Pozzi

Maurilio

Born in Monza

(MB)

on 11/11/1951

- Fiscal Code : PZZMRL51S11F704K

Residence :

Via

Giovanni Delle Bande Ner

, 0017

- 20052

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
General Partner	22/12/2000	516 - Eur	16,67

No Protests registered.

Airoldi

Enrica

Born in Verderio

(CO)

on 09/02/1953

- Fiscal Code : RLDNRC53B49L754C

Residence :

Via

Aguggiari

, 0004

- 20052

Monza

(MB)

- IT -

Position	Since	Shares Amount	% Ownership
Limited Partner	10/10/1986	516 - Eur	16,67

No Protests registered.

Ferrario

Maria Luigia

Born in Monza

(MB)

on 05/08/1955

Position	Since	Shares Amount	% Ownership
Limited Partner	10/02/1977	516 - Eur	16,67

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.

POZZI

ANGELO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
ALFA DI COLELLA CATALDO E C.S.N.C.	Corato (BA) - IT -	04359350727	Procurator	-	Ceased
POZZI ANGELO	Monza (MI) - IT -	PZZNGL48M19F704W	Proprietor	-	Ceased
POZZI ANGELO	Monza (MI) - IT -	PZZNGL48M19F704W	Proprietor	-	Ceased

POZZI

MAURILIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
BETTOLINO CALDO S.A.S. DI MALEGORI GIUSEPPE E C.	Brugherio (MB) - IT -	02793320967	Limited Partner	Dismiss	Registered
CONSULTA S.A.S. DI FERRARIO MARIA E C.	Monza (MI) - IT -	06100190153	Limited Partner	-	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.

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 03/01/1975

in :

Via

Giov. Bande Nere

, 78

- 20052 -

Monza

(MB)

- IT -

PHONE

: 039/2325088

FAX

: 039/2325901

Branch

(Factory )

since 16/03/1998

in :

Strada

Dei Boschi

, 44

- 20058 -

Villasanta

(MB)

- IT -

PHONE

: 039/2325088

Employees

: 32

Assistants

: 3

Fittings and Equipment

for a value of 270.000

Eur

Stocks

for a value of 350.000

Eur

for a value of 31.000

Eur

: 2.

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Ex-Members / Ex-Positions

Airoldi

Enrica

Born in Verderio

on 09/02/1953

- Fiscal Code : RLDNRC53B49L755G

Residence :

Via

Aguggiari

, 0004

- 20052

Monza

(MB)

- IT -

Position

Limited Partner

Ferrario

Maria Luigia

Born in Monza

on 05/08/1955

- Fiscal Code : FRRMLG55M45F704O

Position

Limited Partner

Pozzi

Ernesto

Born in Monza

on 11/01/1961

- Fiscal Code : PZZRST61A11F704S

Residence :

Via

Bande Nere G.

, 0017

- 20052

Monza

(MB)

- IT -

Position

Limited Partner

Pozzi

Maurilio

Born in Monza

on 11/11/1951

- Fiscal Code : PZZMRL51S11F704K

Residence :

Via

Giovanni Delle Bande Ner

, 0017

- 20052

Monza

(MB)

- IT -

Position

Limited Partner

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.

None reported in the name of the Firm.

FINANCIAL AND ECONOMICAL ANALYSIS

The subject has been acting for many years on local market.

Liquid means are adequate to meet company requirements.

Subject's growth appears to be constant over the years. Common trade and financial fulfilment is regular, confirmed by positive experiences gathered.

Indebtedness rate is not high and so limits burden of financial charges.

Adequate profit capacity.

No irregularities are registered.

Business connections are quite regular.

FINANCIAL DATA

Complete balance-sheet for the year as at

(in Eur

x 1 )

Item Type	Amount	Source
Sales	2.711.398	estimated by our analyst

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:

76.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	0
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 243 significant companies.

The companies cash their credits on an average of 128 dd.

The average duration of suppliers debts is about 140 dd.

The sector's profitability is on an average of 5,10%.

The labour cost affects the turnover in the measure of 18,12%.

Goods are held in stock in a range of 42 dd.

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

The employees costs represent the 18,49% of the production costs.

STATISTICAL DETRIMENTAL DATA

Risk level relating to the concern's activity field: average.

Low risk rate in the territory where the concern operates.

In the region 50.886 protested subjects are found; in the province they count to 0.

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

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