MONITORING & APPRAISAL Ltd. - “M&A” - was set up as a company in May 1998 and it has been fully operational since 2001.
This section contains references both for work done by the company and for the monitoring and appraisal work done by Claudio Tonellato, the company's founder and general manager

“PROJECT FINANCE” – MONITORING AND APPRAISAL SERVICES

• “MARINA DI STABIA S.p.A.” (Castellammare di Stabia (Naples)
  (sponsors: a team of contractors and local professionals).
  The Company has been charged to plan, build and manage, using normal project financing procedures, the following yacht port in Castellammare:
  “Sea Works”: a 200,000 sq m mooring basin and a 21,000 sq m dock, for 1,200 total berths, able to hold up boats up to 60-70 m long; a control tower, a sailing club, boats shed and other facilities. Work completed in 2007.
  “Land Work”: a 10,000 sq m shopping mall, a 40,000 sq m multi-purpuse centre, approx. 500 m seafront, with 11 buildings (4 star hotel, offices, shopping areas, restaurants, cinema, sport centre, “town atelier”, etc.) and an underground parking area with 2,000 spaces.
  Architect: Studio FUKSAS - Rome
  Arrangers: “MPS-BI Monte dei Paschi di Siena – Banca per l’Impresa /FI
  Project value: € 180 million
  M&A Service, “Land Works” only: Due Diligence, then Technical Adviser during both construction and the first 2 years of the management period (19 years)
  M&A service period: 3,5 years (2007 – 2010)
  
  
• T.B S.p.A. - Florence
  (leader: UNIECO Scrl – Reggio Emilia)
  The Company has been charged to plan, build and manage, using normal project financing procedures, a plant to sort out and compost solid waste materials (RSU) and selected waste materials (RS), received from the town's separate waste collection.
  Arrangers: “MPS-BI Monte dei Paschi di Siena – Banca per l’Impresa /FI
  Project value: € 18,5 million
  M&A Service: Technical Adviser
  M&A service period: 1,5 year (2007 – mid 2008)
  
  
• Consortium “CORSO DEL POPOLO SpA’” /Terni-Rome
  (leader: TODINI Group – Rome)
  The company has been charged to plan, build and manage, using normal project financing procedures, the following near to the old centre of the city of Terni (Umbria);
  1 underground garage with 1000 spaces, across three levels, and an underpass;
  7 buildings (65.000 cubic meters total), including one for the local public administration;
  1 footbridge over “Nera”river
  Arrangers: “MPS- BI”- Merchant Bank /FI.
  Project value: € 50 million
  M&A Service: Due Diligence
  M&A service period: autumn 2005
  Note: the project financing operation did not start.
  
  
• Consortium “FIRENZE MOBILITA’ S.pA.” /Florence
  (leader: BALDASSINI-TOGNOZZI /Florence)
  
  The Company has been charged to plan, build and manage, using normal project financing procedures various projects tied to car access and parking in Florence.
  The main projects were the following:
  3 underground parking areas (2 and 3 levels), for a total of about 1.500 spaces;
  1 under-pass, close to “Fortezza da Basso”, an old military fort;
  variuos shopping areas, offices, buildings with flats for university students, etc.
  Arrangers: “MPS-BI Monte dei Paschi di Siena – Banca per l’Impresa /FI
  Project value: € 55 million
  M&A Service: Technical Adviser
  M&A service period: 4 years (mid 2003 – 2007)
  
  

PROJECT CONTROL AND AUDITING SERVICES

• Client: INSECO /Rome on behalf of the “TRAIN” CONSORTIUM /Trisaia (Matera).
  “TRAIN” is a consortium of leading Italian companies (Ansaldo, Costamasnaga, D’Appolonia, ENEA, Fantuzzi Reggiane, FS-State Railway Company) involved in research projects in the field of the railway transportation and interconnected systems.
  Projects: 3 research projects called “SRR 1-2-3” (i.e., Ship, Rail, Road), with 13 sub-projects. The majority of the sub-projects focused on finding new computer-based highly automated systems able to load, unload and transport goods in faster, more sure and cheaper ways. The other sub-projects studied and tested new devices and computerized systems for preventive maintenance of railway locomotives, etc.
  Total value: € 37 million
  Co-financed by EU-European Community and the Italian Government.
  • M&A Service: monitoring the progress of work (finalization period only) and risk analysis
  • M&A service period: site inspections 2001 -2002
• Client: INSECO /Rome on behalf of “TRAIN” CONSORTIUM /Trisaia (MT).
  Projects: 3 research projects as above, named “Telelog” , “Tadiram” and “Setram”
  Total value: € 14 million
  Co-financed by EU-European Community and the Italian Government.
  • M&A Service: monitoring the progress of work and risk analysis by reading and commenting on the consortium progress reports (“Deliverables”)
  • M&A service period: 2001-2003

REFERENCES: M&A GENERAL MANAGER, Claudio Tonellato

The role listed below were carried out as Commercial & Marketing Manager and as Manager of the Monitoring & Certification Department of the Italian inspection and monitoring company “ PROTOS S.p.A..”, headquarters in Milan, 1985-1996 (in 1997 Protos moved to Rome), except first item in Project Assessement Services), which was carried out as the “Big Projects” Department Manager of the Italian Branch Office of “S.G.S.” - Societé Gènèrale de Surveillance, a Swiss inspection company.

• PROJECT CONTROL AND AUDITING SERVICES
  • Clients: OLIVIERI /Milan and FONDAMENTA /Milan
    Projects: Construction of 5 new holiday resorts, at the seaside in southen Italy and in the Alps, in the north of the country. All the projects were covered by an insurance policy. Construction value: about € 10 million each
    Years: 1988 to 1995
    Service: monitoring the progress of the work
    
    
  • Client: INSUD /Rome
    Projects: Construction of 2 new holiday resorts, at the seaside in the southern Italy. Both projects were financed by an EU-European Community loan.
    Construction value: 8 million Euro each
    Years: 1995 -1996
    Service: monitoring the progress of the work
    
    
  • Clients: ASSICURAZIONI GENERALI / Trieste
    as the leader of an international team of re-assurance companies
    Project: Construction of a new hydroelectric power plant in the north of LAOS. Project covered by an “ALOP” (Advance Loss of Profit) insurance policy.
    Starting year: 1996
    Service: construction risks monitoring service. Site inspection and lay-out of the monthly reports
• PROJECT FINANCING MONITORING SERVICES
  • Clients: SACE /Rome - Italian Export Credit Government Insurance Company
    Projects: Construction of a petrochemical plant (PTA) in Saudi Arabia. TECNIMONT/ Milan was the Italian supplier (about one third of the plant) covered by SACE insurance policy.
    Construction value of the whole project: about € 1 billion, partially in project financing
    Starting year: 1996
    Service: risk analysis of the technical and contractual aspects of the project and the reasonable future capacity of the international market to take up the product (PTA) made by the factory
• PROJECT ASSESSMENT SERVICES
  • Clients: VARIOUS - more than one hundred *
    Projects: Various projects exported by Italian manufacturers that needed to be assessed according to instructions from central banks in the importer countries, following an agreement between the above-mentioned banks and the international Inspection Company “SGS” - Societè Gènèrale de Surveillance – Geneva (Switzerland).
    Total value of the inspected projects: billions of euros.
    Years: 1981 to 1983
    Service: Quality and quantity control; fair market price assessment
    
    
  • Client: DIREZIONE GENERALE COOPERAZIONE E SVILUPPO - MIN. AFFARI ESTERI /Rome (Italian Foreign Office Department coordinating aids to developing countries)
    Projects: - new aqueduct and water system in Saigon /Vietnam
    - new aqueduct in Indonesia
    - new incineration plant for solid waste material in Varsaw /Poland
    Year: 1991
    Service: assessment of the fair contract price of the projects and the technical validity of the proposed solutions
    
    
  • Client: SACE /Rome - State Export Credit and State Insurance Company
    Projects: - equipment partially exported to Russia (2 factories)
    - 700 km road in Sudan, only 80% completed
    - Sheraton Hotel in Rarotonga - Cook Islands (Pacific Ocean), 70% completed
    Years: 1994-1995
    Service: assessment of the actual cost sustained by exporters in order to carry out the work before was forced to stop, usually due to political or economic events. For the Sheraton Hotel, the site was visited to assess not only the actual progress of the work but also to evaluate the time and cost to finish it and the future capability of the hotel to repay the money spent on its construction (if finished)
• FIXED ASSETS APPRAISAL SERVICES
  • Clients: FORSIDERA /Milan and KPMG /Milan
    Assets: industrial buildings located in the northern Italy
    Years: 1994 - 1996
    Service: appraisal of the actual market value (update and selling price)
    
    
  • Client: PULCINI Estate Group /Rome
    Assets: commercial buildings, holiday resorts and yacht port in Sardinia
    Year: 1995
    Service: appraisal of the actual market value of the assets (appraisal requested by a bank)
    
    
  • Client: ICI - Polyurethane factory /northern Italy -
    Assets: industrial buildings and equipment
    Year: 1996
    Service: appraisal to update the value of the company's fixed assets
• COMPANY AUDITING SERVICES
  • Client: SOCIETA’ PER L’IMPRENDITORIALITA’ GIOVANILE
    (Statecompany charged that provides partial financing and assistance for new companies, owned and managed by young managers)
    Projects: about 20 new companies located in southern Italy
    Years: 1995 - 1996
    Service: auditing the progress of the work and company good administration and management (more than 40 inspections on site).