MIRA INFORM REPORT

Report Date :

07.10.2008

IDENTIFICATION DETAILS

Name :	PI.MA.FIBRE - S.R.L.
Registered Office :	Via Dell'industria, 44/46/48 50045 - Montemurlo (PO)
Country :	Italy
Financials (as on) :	31.12.2007
Date of Incorporation :	11.10.1982
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of Textile Fibers.

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 235.000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

Pi.ma.fibre - S.r.l.

Via

Dell'industria,

44/46/48

50045

- Montemurlo

(PO)

-IT-

SUMMARY

Fiscal Code	:	03283990483
Legal Form	:	Limited liability company
Start of Activities	:	18/04/1983
Patrimonial Consistence	:	2.000.000 Eur
Turnover Range	:	3.750.000/5.000.000 Eur
Number of Employees	:	from 1 to 5

CREDIT ANALYSIS

CREDIT OPINION	:	235.000 - 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

Wholesale of textile fibres.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 03283990483

Foreign Trade Reg. no. : PO009105 since 09/01/1992

Chamber of Commerce no. : 347718 of Prato since 13/11/1982

V.A.T. Code : 00295480974

Foundation Date	: 11/10/1982
Establishment Date	: 11/10/1982
Start of Activities	: 18/04/1983
Legal Duration Date	: 31/12/2020
Nominal Capital	: 52.000	Eur
Subscribed Capital	: 52.000	Eur
Paid up Capital	: 52.000	Eur

MEMBERS

Martini

Piero

Born in Prato

(FI)

on 13/08/1944

- Fiscal Code : MRTPRI44M13G999U

Residence :

Via

G. Bacci

, 14

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Managing Director	27/06/2005

No Protests registered.

Troni

Marsico

Born in Prato

(FI)

on 08/05/1955

- Fiscal Code : TRNMSC55E08G999Y

Residence :

Via

G. Dolci

, 5

- 59100

Prato

(PO)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	27/06/2005

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.

MARTINI

PIERO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
CONSORZIO MACROLOTTO INDUSTRIALE N.2 DI PRATO	Prato (PO) - IT -	01598790978	Director	Active	Registered
LA COLOMBETTA S.R.L.	Prato (PO) - IT -	01857320970	Director	Active	Registered
LES BUREAUX DI MARTINI PIERO E C. S.N.C.	Prato (PO) - IT -	01864290976	Partner	Active	Registered
MADDY S.R.L.	Prato (PO) - IT -	01566160972	Chairman	Dismiss	Registered
MADDY S.R.L.	Prato (PO) - IT -	01566160972	Sole Director	Active	Registered
MADDY S.R.L.	Prato (PO) - IT -	01566160972	Managing Director	Dismiss	Registered
MARTINI PIERO	Prato (FI) - IT -	MRTPRI44M13G999U	Proprietor	Dismiss	Ceased
PIANETA VERDE S.R.L.	Terni (TR) - IT -	01358540555	Board Chairman	Active	Registered
SVILUPPO COM SPA	Pistoia (PT) - IT -	00106090475	Director	Active	Registered

TRONI

MARSICO

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
CORNIOLO SRL	Quarrata (PT) - IT -	80003590470	Director	Active	Registered
DAMA S.N.C. DI MARRACCINI NUBIA E C.	Prato (PO) - IT -	01565220975	Partner	Active	Registered
IMMOBILIARE*T.M. S.R.L.	Prato (FI) - IT -	03487830485	Liquidator	Dismiss	Ceased
L'AVVENIRE PRIMA SOCIETA' COOPERATIVA	Prato (PO) - IT -	01287580482	Assistant board Chairman	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
Martini Piero	Prato - IT -	MRTPRI44M13G999U	13.000 .Eur	25,00
Troni Marsico	Prato - IT -	TRNMSC55E08G999Y	13.000 .Eur	25,00
Troni Laila Maria		TRNLMR48S70G999J	13.000 .Eur	25,00
Troni David		TRNDVD61T09G999T	13.000 .Eur	25,00

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

Dell'industria

, 44/46/48

- 50045 -

Montemurlo

(PO)

- IT -

PHONE

: 0574/720827

PHONE

: 0574/720822

-

Branch

(Warehouse )

since 01/04/1997

in :

Via

Amalfi

, 11

- 59013 -

Montemurlo

(PO)

- IT -

Employees

: 5

Fittings and Equipment

for a value of 8.000

Eur

Stocks

for a value of 240.000

Eur

The firm operates abroad as importer / exporter. .

To purchase foreign products the firm uses the following channels :

- its own agents

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- its own agents

Import comes generally from the following nations:

- Francia

- Islanda

PAYMENTS ANALYSIS

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

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

The subject of inquiry has been monitored by our company:

During the last 12 Months : n. 1 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.

None reported in the name of the Firm.

FINANCIAL AND ECONOMICAL ANALYSIS

And in line with the sector's average.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited below field's average.

The liquidity level is positive (2,89).

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2007

(in Eur

x 1 )

Item Type	Amount	Source
Sales	4.443.165	filed balance sheet
Profit (Loss) for the period	79.667	filed balance sheet

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	5.331.516	filed balance sheet
Profit (Loss) for the period	127.008	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	5.829.821	filed balance sheet
Profit (Loss) for the period	139.585	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	5.833.533	filed balance sheet
Profit (Loss) for the period	268.627	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 )		27.183	33.504
. Intangible assets
. Tangible fixed assets		23.138	29.459
. . Land and buildings
. . Plants, Equipm.and Machinery		7.626	11.620
. Long-term Investments		4.045	4.045
. . Financial loans		4.045	4.045
. . Own shares
CURRENT ASSETS		2.611.896	2.722.418
. Stock		239.297	295.860
. Credits		733.089	629.916
. . Credits to clients		697.830	622.177
. . Other credits		35.259	7.739
. Short-term financial assets
. Liquid assets		1.639.510	1.796.642
ACCRUED INCOME-DEFERR. ASSETS		4.528	7.026
TOTAL ASSETS		2.643.607	2.762.948
.
LIABILITIES
NET WORTH		1.696.488	1.616.818
. Company's capital		52.000	52.000
. Reserves		1.564.821	1.437.810
. Reserves company's own shares
. Retained profits (losses)
. Profit (loss)		79.667	127.008
PROVISION FOR RISKS AND LOSSES
SEVERANCE INDEMNITY FUND		39.446	54.458
DEBTS		907.239	1.091.154
. Financial M/L terms
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts		96.298	51.646
. . Financial short-term banks		44.652
. . Financial short-term bonds
. . Other financial short-term debts		51.646	51.646
. M/L term debts to suppliers
. Short-term debts to suppliers		736.869	780.352
. Sundry M/L debts		6.456	6.456
. Sundry short-term debts		67.616	252.700
ACCRUED EXPENSE		434	518
TOTAL LIABILITIES		2.643.607	2.762.948
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		4.406.370	5.043.245
. Revenues from sales/services		4.443.165	5.331.516
. Change of stock (products)		-56.563	-307.315
OPERATING EXPENSES		4.241.459	4.812.584
. Purchasing expenses		2.970.400	3.475.903
. Change of stock (raw material)
. Expenses from services		889.097	961.619
. Expenses from leasing		132.478	131.174
. General expenses/sundry charges		31.886	12.842
. Staff expenses		200.725	212.930
. Depreciation/Devaluation costs		16.873	18.116
FINANCIAL REVENUES (CHARGES)		2.553	-14.909
. Financial charges		-6.616	-17.485
. Financial revenues		9.169	2.576
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		-11.953	19.621
PROFIT (LOSS) FOR THE PERIOD		155.511	235.373
TAX		75.844	108.365
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		79.667	127.008

RATIOS	Item	O.V.	O.V.	as at 31/12/2007	as at 31/12/2006	Sector Average
Fixed assets ratio	Units	=> 1	l	64,09	50,07	2,16
Net Short-term indebtedness	Units	- 1	l	n.c.	n.c.	4,74
Current ratio	Units	=> 1	l	2,89	2,50	1,14
Acid Test Ratio-Liquidity Ratio	Units	=> 1	l	2,63	2,23	0,92
Return on Sales	%		l	2,17	2,72	1,69
Average stock waiting period	dd		l	19,36	19,94	37,56
Credits to clients average term	dd		l	56,52	41,97	111,16
Debts to suppliers average term	dd		l	66,42	61,48	111,43
Net financial revenues/ charges incidence	%		l	0,05	- 0,27	- 0,85
Labour cost incidence	%		l	4,51	3,99	4,61

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:

235.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	238.826
Population living in the region	:	3.598.269
Number of families in the region	:	1.474.681

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

- per food products	:	444
- per non food products	:	2.009
- per energy consume	:	122

SECTOR DATA

The values are calculated on a base of 1.450 significant companies.

The companies cash their credits on an average of 111 dd.

The average duration of suppliers debts is about 111 dd.

The sector's profitability is on an average of 1,69%.

The labour cost affects the turnover in the measure of 4,61%.

Goods are held in stock in a range of 37 dd.

The difference between the sales volume and the resources used to realize it is about 1,60.

The employees costs represent the 4,69% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 24.960 protested subjects are found; in the province they count to 2.055.

The insolvency index for the region is 0,70, while for the province it is 0,88.

Total Bankrupt companies in the province : 3.109.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.72
UK Pound	1	Rs.82.17
Euro	1	Rs.65.90

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