MIRA INFORM REPORT

Report Date :

07.03.2008

IDENTIFICATION DETAILS

Name :	BIN SISTEMI S.R.L.
Registered Office :	Via A. Volta, 16 Casella 31011 – Asolo (TV)
Country :	Italy
Financials (as on) :	31.12.2006
Date of Incorporation :	03.08.2000
Com. Reg. No.:	03553860267
Legal Form :	Limited Liability Company
Line of Business :	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 149.300
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Bin Sistemi S.r.l.

Via A. Volta, 16 Casella

31011 - Asolo (TV) -IT-

SUMMARY

Fiscal Code	:	03553860267
Legal Form	:	Limited liability company
Start of Activities	:	03/08/2000
Patrimonial Consistence	:	2.000.000 Eur
Turnover Range	:	3.750.000/5.000.000 Eur
Number of Employees	:	from 11 to 15

CREDIT ANALYSIS

CREDIT OPINION	:	149.300 - 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

Manufacturing of other metal articles and metal odds and ends.

Other processings linked to metal odds and ends production.

Production of plastic odds and ends.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 03553860267

Chamber of Commerce no. : 280557 of Treviso since 03/08/2000

Firms' Register : TV-2000-45341 since 09/08/2000

V.A.T. Code : 03553860267

Establishment Date	: 15/06/2000
Start of Activities	: 03/08/2000
Legal Duration Date	: 31/12/2030
Nominal Capital	: 10.200	Eur
Subscribed Capital	: 10.200	Eur
Paid up Capital	: 10.200	Eur

MEMBERS

Bin

Claudio

Born in Asolo

(TV)

on 26/02/1962

- Fiscal Code : BNICLD62B26A471N

Residence :

Via

Ca' Giupponi

, 47

- 31011

Asolo

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	15/06/2000

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.

BIN

CLAUDIO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
BIN FERRAMENTA	Asolo (TV) - IT -	BNICLD62B26A471N	Proprietor	Active	Registered
QUIPOS S.R.L.	Asolo (TV) - IT -	03532520263	Sole Director	Active	Registered
QUIPOS S.R.L.	Asolo (TV) - IT -	03532520263	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
Martinello Michela		MRTMHL72S49A471F	204 .Eur	2,00
BIN CLAUDIO	Breda di Piave - IT -	BNICLD62B26A471N	9.996 .Eur	98,00

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

A. Volta

, 16 Loc. Casella

- 31011 -

Asolo

(TV)

- IT -

PHONE

: 0423/951211

FAX	: 0423/951212

-

Branch

(Workshop )

since 10/01/2008

in :

Viale

Enrico Fermi

, 9 Loc. CASELLA

- 31011 -

Asolo

(TV)

- IT -

Employees

: 13

Fittings and Equipment

for a value of 242.000

Eur

Stocks

for a value of 654.000

Eur

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Former seats

-

Branch

(Store )

since 01/10/2002

Via

ENRICO FERMI

- 31011

- ASOLO

(TV)

- 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.

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 2000

Under an economic point of view, profits were registered during the last years with a r.o.e. of 26,16% in 2006 with a good increase in turnover (+36,61% in 2006 compared to 2005 and +8,82% in 2005 compared to 2004).

The operating result in 2006 was positive (22,98%) and is higher than the sector's average.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,9 which is yet rising if compared to 2005.

As far as payments are concerned, average time is slightly high despite being lined up with sector's average.

The available funds are good.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	4.763.640	filed balance sheet
Profit (Loss) for the period	404.031	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	3.486.999	filed balance sheet
Profit (Loss) for the period	242.432	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	3.204.237	filed balance sheet
Profit (Loss) for the period	341.421	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	2.672.299	filed balance sheet
Profit (Loss) for the period	337.322	filed balance sheet

Complete balance-sheet for the year as at

31/12/2002

(in Eur

x 1 )

Item Type	Amount	Source
Sales	1.469.380	filed balance sheet
Profit (Loss) for the period	131.650	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 )		303.340	305.009
. Intangible assets		15.699	9.999
. Tangible fixed assets		287.641	295.010
. . Land and buildings
. . Plants, Equipm.and Machinery
. Long-term Investments
. . Financial loans
. . Own shares
CURRENT ASSETS		2.781.605	2.422.047
. Stock		653.756	757.129
. Credits		2.121.982	752.121
. . Credits to clients		2.121.982	752.121
. . Other credits
. Short-term financial assets		5	5
. Liquid assets		5.862	912.792
ACCRUED INCOME-DEFERR. ASSETS		18.153	9.062
TOTAL ASSETS		3.103.098	2.736.118
.
LIABILITIES
NET WORTH		1.544.207	1.140.176
. Company's capital		10.200	10.200
. Reserves		1.129.976	887.544
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		404.031	242.432
PROVISION FOR RISKS AND LOSSES		27.479	23.242
SEVERANCE INDEMNITY FUND		53.322	43.145
DEBTS		1.408.510	1.474.229
. Financial M/L terms
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts
. . Financial short-term banks
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers
. Sundry M/L debts
. Sundry short-term debts
ACCRUED EXPENSE		69.580	55.326
TOTAL LIABILITIES		3.103.098	2.736.118
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		4.821.150	3.528.601
. Revenues from sales/services		4.763.640	3.486.999
. Change of stock (products)		-67.775	39.039
OPERATING EXPENSES		4.107.772	3.080.190
. Purchasing expenses		2.726.785	1.963.389
. Change of stock (raw material)		35.598	-91.012
. Expenses from services		660.828	535.196
. Expenses from leasing		133.884	198.373
. General expenses/sundry charges		32.645	8.612
. Staff expenses		420.706	360.883
. Depreciation/Devaluation costs		97.326	104.749
FINANCIAL REVENUES (CHARGES)		-22.755	-22.298
. Financial charges		-22.755	-33.254
. Financial revenues			10.956
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-1.223	-618
PROFIT (LOSS) FOR THE PERIOD		689.400	425.495
TAX		285.369	183.063
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		404.031	242.432

RATIOS	Item	O.V.	O.V.	as at 31/12/2006	as at 31/12/2005	Sector Average
Fixed assets ratio	Units	=> 1	l	5,26	4,01	1,33
Net Short-term indebtedness	Units	- 1	l	0,90	0,45	2,77
Current ratio	Units	=> 1	l	1,97	1,69	1,16
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	1,51	1,16	0,88
Return on Sales	%		l	10,52	9,95	4,30
Average stock waiting period	dd		l	49,39	78,15	45,01
Credits to clients average term	dd		l	160,34	77,61	132,22
Debts to suppliers average term	dd		l	120,00	160,00	148,80
Net financial revenues/ charges incidence	%		l	- 0,47	- 0,63	- 1,12
Labour cost incidence	%		l	8,83	10,34	16,49

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:

149.300 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	838.732
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

SECTOR DATA

The values are calculated on a base of 2.337 significant companies.

The companies cash their credits on an average of 132 dd.

The average duration of suppliers debts is about 148 dd.

The sector's profitability is on an average of 4,30%.

The labour cost affects the turnover in the measure of 16,49%.

Goods are held in stock in a range of 45 dd.

The difference between the sales volume and the resources used to realize it is about 1,17.

The employees costs represent the 16,78% 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 13.782 protested subjects are found; in the province they count to 2.280.

The insolvency index for the region is 0,30, while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

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