MIRA INFORM REPORT

Report Date :

24.11.2008

IDENTIFICATION DETAILS

Name :	GUAMA S.R.L.
Registered Office :	Via Marone, 3 21040 - Vedano Olona (VA)
Country :	Italy
Financials (as on) :	31.12.2007
Date of Incorporation :	04.10.1994
Com. Reg. No.:	VA133-21113
Legal Form :	Limited Liability Company
Line of Business :	Production of Synthetic Organic Colours and Intermediate Products. Organic Dyes Production. Production of Paints, Varnish, Enamels and Similar. Production of Chemicals for Industrial Use.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	Eur 63.000
Status :	Moderate
Payment Behaviour :	slow
Litigation :	Clear

name & address

Guama S.r.l.

Via

Marone,

3

21040

- Vedano Olona

(VA)

-IT-

SUMMARY

Fiscal Code	:	02201890122
Legal Form	:	Limited liability company
Start of Activities	:	18/10/1994
Patrimonial Consistence	:	65.000 Eur
Turnover Range	:	5.000.000/6.500.000 Eur
Number of Employees	:	fom 6 to 10

CREDIT ANALYSIS

CREDIT OPINION	:	63.000 - Eur
Score	:	Risk medium
Creditworthness Rate	:	Modest
		The financial situation is not very balanced-Credit is possible but
		following the future developments.

ACTIVITY

Production of synthetic organic colours and intermediate products.

Organic dyes production.

Production of paints, varnish, enamels and similar.

Production of chemicals for industrial use.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 02201890122

Foreign Trade Reg. no. : 037740 of Varese since 13/12/1994

Chamber of Commerce no. : 238140 of Varese since 02/12/1994

Firms' Register : VA133-21113 since 19/02/1996

V.A.T. Code : 02201890122

Establishment Date	: 04/10/1994
Start of Activities	: 18/10/1994
Legal Duration Date	: 31/12/2050
Nominal Capital	: 100.000	Eur
Subscribed Capital	: 100.000	Eur
Paid up Capital	: 100.000	Eur

MEMBERS

Alabardi

Carlo

Born in Jerago Con Orago

(VA)

on 03/02/1949

- Fiscal Code : LBRCRL49B03E386P

Residence :

Via

San Martino

, 9

- 21040

Sumirago

(VA)

- IT -

Position	Since	Shares Amount	% Ownership
Sole Director	21/12/2005

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.

ALABARDI

CARLO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
GLOBO CHEMICALS S.R.L.	Varese (VA) - IT -	01934350123	Managing Director	Dismiss	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
Alabardi Carlo	Sumirago - IT -	LBRCRL49B03E386P	90.000 .Eur	90,00
ROSSI MARIA TERESA	Sumirago - IT -	RSSMTR54P50L682Q	10.000 .Eur	10,00

DIRECT PARTICIPATIONS

Company Style	Legal Seat	Fiscal Code	Owned Shares	% of Ownership	Share Status
Globo Chemicals S.r.l.	Varese - IT -	01934350123	1.560 .Eur	15,00	Active

STRUCTURE AND COMPANY ACTIVITY

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

-

Legal and operative seat

(Workshop )

in :

Via

Marone

, 3

- 21040 -

Vedano Olona

(VA)

- IT -

PHONE

: 0332/866231

Employees

: 10

Fittings and Equipment

for a value of 44.000

Eur

Stocks

for a value of 960.000

Eur

The firm has a direct commercial organization

Sales area on a regional scale.

Import comes generally from the following nations:

- Francia

- Germania

HISTORICAL INFORMATION AND/OR FIRM'S STATUS

Ex-Members / Ex-Positions

Lang Jurgen

Born in STUTTGART

on 24/07/1940

- Fiscal Code : LNGJGN40L24Z112U

Residence :

SCHWIEBERDINGEN

- IT -

Position

Board Chairman

Alabardi

Carlo

Born in Jerago Con Orago

on 03/02/1949

- Fiscal Code : LBRCRL49B03E386P

Residence :

Via

San Martino

, 9

- 21040

Sumirago

(VA)

- IT -

Position

Sole Director

Managing Director

Splitting-up and setting-up of a new company

GLOBO S.R.L

, Varese

- IT -

Fiscal Code: 02907110122

Date

Splitting-up :

21/12/2005

PAYMENTS ANALYSIS

The average term of debts to suppliers is high compared with that of the sector.

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last 12 Months : n. 2 times.

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	907.041 .Eur

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

FINANCIAL AND ECONOMICAL ANALYSIS

Under the financial profile unstable results are noted.

The operating result in 2007 was positive (2,86%)

Financial condition is not balanced as own capitals do not cover debts, indebtedness level is in fact high (56,18)

Payments average period is high

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2007

(in Eur

x 1 )

Item Type	Amount	Source
Sales	6.329.960	filed balance sheet
Profit (Loss) for the period	6.773	filed balance sheet

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	6.398.689	filed balance sheet
Profit (Loss) for the period	1.849	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	5.638.184	filed balance sheet
Profit (Loss) for the period	-147.061	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	5.821.853	filed balance sheet
Profit (Loss) for the period	-129.704	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	6.609.843	filed balance sheet
Profit (Loss) for the period	99.657	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 31/12/2007 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/12/2006 - Months 12 - Currency Eur - Amounts x 1

Years		2007	2006
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		657.942	716.320
. Intangible assets		10.118	16.424
. Tangible fixed assets		647.824	698.354
. . Land and buildings
. . Plants, Equipm.and Machinery
. Long-term Investments			1.542
. . Financial loans			1.542
. . Own shares
CURRENT ASSETS		3.570.521	3.830.517
. Stock		963.436	1.180.653
. Credits		2.606.989	2.649.785
. . Credits to clients		2.606.989	2.649.785
. . Other credits
. Short-term financial assets
. Liquid assets		96	79
ACCRUED INCOME-DEFERR. ASSETS		4.723	1.479
TOTAL ASSETS		4.233.186	4.548.316
.
LIABILITIES
NET WORTH		55.994	49.221
. Company's capital		100.000	100.000
. Reserves		1.848	-1
. Reserves company's own shares
. Retained profits (losses)		-52.627	-52.627
. Profit (loss)		6.773	1.849
PROVISION FOR RISKS AND LOSSES		19.394	17.746
SEVERANCE INDEMNITY FUND		176.718	156.489
DEBTS		3.981.080	4.324.860
. 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
TOTAL LIABILITIES		4.233.186	4.548.316
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		6.368.327	6.553.361
. Revenues from sales/services		6.329.960	6.398.689
. Change of stock (products)		-55.313	50.625
OPERATING EXPENSES		6.247.251	6.406.327
. Purchasing expenses		4.906.736	5.424.274
. Change of stock (raw material)		161.904	-214.770
. Expenses from services		569.397	641.097
. Expenses from leasing		250
. General expenses/sundry charges		85.619	52.498
. Staff expenses		463.449	434.242
. Depreciation/Devaluation costs		59.896	68.986
FINANCIAL REVENUES (CHARGES)		-54.458	-77.634
. Financial charges		-56.248	-80.825
. Financial revenues		1.790	3.191
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)			1
PROFIT (LOSS) FOR THE PERIOD		66.618	69.401
TAX		59.845	67.552
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		6.773	1.849

RATIOS	Item	O.V.	O.V.	as at 31/12/2007	as at 31/12/2006	Sector Average
Fixed assets ratio	Units	=> 1	l	1,62	1,46	1,76
Net Short-term indebtedness	Units	- 1	l	56,18	70,77	2,17
Current ratio	Units	=> 1	l	1,13	1,09	1,31
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	0,82	0,76	0,96
Return on Sales	%		l	1,05	1,10	3,93
Average stock waiting period	dd		l	54,79	66,42	57,16
Credits to clients average term	dd		l	148,24	149,07	140,74
Debts to suppliers average term	dd		l	230,00	220,00	140,89
Net financial revenues/ charges incidence	%		l	- 0,86	- 1,21	- 1,11
Labour cost incidence	%		l	7,32	6,78	15,06

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:

63.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	843.250
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 326 significant companies.

The companies cash their credits on an average of 140 dd.

The average duration of suppliers debts is about 140 dd.

The sector's profitability is on an average of 3,93%.

The labour cost affects the turnover in the measure of 15,06%.

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 1,13.

The employees costs represent the 15,59% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity shows trifling crises.

The area is statistically considered moderately risky.

In the region 50.886 protested subjects are found; in the province they count to 4.597.

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

Total Bankrupt companies in the province : 3.052.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.09
UK Pound	1	Rs.74.90
Euro	1	Rs.63.40

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