MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	MANIFATTURE DEL NORD SRL

Registered Office :	Via Mazzacurrati 6 Reggio Emilia, 42100

Country :	Italy

Financials (as on) :	31.12.2009

Date of Incorporation :	26.09.1989

Com. Reg. No.:	01397590355

Legal Form :	Private Subsidiary

Line of Business :	Manufacture of other outerwear

No. of Employees :	351

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Manifatture Del Nord SRL

Via Mazzacurrati 6


Reggio Emilia, 42100
Italy

Tel:	39 (0522) 3581
Fax:	+39 0522 550018

www.pennyblack.com

Employees:	351
Company Type:	Private Subsidiary
Corporate Family:	22 Companies
Ultimate Parent:	Max Mara Fashion Group SRL

Incorporation Date:	26-Sep-1989

Financials in:	USD (mil)

Fiscal Year End:	31-Dec-2009
Reporting Currency:	Euro
Annual Sales:	245.7
Total Assets:	198.9

Business Description

Manifatture Del Nord SRL is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	1351 - Clothing Manufacturing
NACE 2002:	1822 - Manufacture of other outerwear
NAICS 2002:	315212 - Women's, Girls', and Infants' Cut and Sew Apparel Contractors
UK SIC 2003:	18222 - Manufacture of other women's outerwear
US SIC 1987:	2335 - Women's, Misses', and Juniors' Dresses

Key Executives

Name	Title
Ugo Medici	Amministratore Delegato
Maria Ludovica Maramotti	Presidente
Riccardo Romagnani	Head of accounting department
Luigi Maramotti	Vice Presidente
Ignazio Maramotti	Chairman

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location
Via Mazzacurrati 6
Reggio Emilia, 42100
Italy

Tel:	39 (0522) 3581
Fax:	+39 0522 550018

www.pennyblack.com

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Sales EUR(mil):	176.6
Assets EUR(mil):	138.6
Employees:	351
Fiscal Year End:	31-Dec-2009

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Industry:	Apparel and Accessories

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Incorporation Date:	26-Sep-1989
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	Manifatture Del Nord SpA
Registered No.(ITA):	01397590355

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Amministratore Delegato:	Ugo Medici

Contents

· Industry Codes

· Business Description

· Brand/Trade Names

· Financial Data

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Key Corporate Relationships

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Industry Codes

ANZSIC 2006 Codes:
1351	-	Clothing Manufacturing

NACE 2002 Codes:
1823	-	Manufacture of underwear
1822	-	Manufacture of other outerwear

NAICS 2002 Codes:
315234	-	Women's and Girls' Cut and Sew Suit, Coat, Tailored Jacket, and Skirt Manufacturing
315212	-	Women's, Girls', and Infants' Cut and Sew Apparel Contractors
315232	-	Women's and Girls' Cut and Sew Blouse and Shirt Manufacturing

US SIC 1987:
2335	-	Women's, Misses', and Juniors' Dresses
2337	-	Women's, Misses', and Juniors' Suits, Skirts, and Coats
2331	-	Women's, Misses', and Juniors' Blouses and Shirts

UK SIC 2003:
18222	-	Manufacture of other women's outerwear
18232	-	Manufacture of women's underwear

Business Description

Manufacture of women's clothing

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More Business Descriptions

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Manifatture Del Nord SRL is primarily engaged in manufacture of other men’s outerwear; and manufacture of other women’s outerwear.

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Women's and Girls' Cut and Sew Apparel Manufacturing

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Brand/Trade Names

Pennypull

PennyBlack

Newpenny

Financial Data

Financials in:	EUR(mil)
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Revenue:	176.6
Assets:	138.6
Current Assets:	129.5
Total Liabilities:	138.6
Net Worth:	88.4
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Date of Financial Data:	31-Dec-2009

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1 Year Growth

8.1%

Key Corporate Relationships

Bank:	Credito Emiliano Ag, Unicredit Banca Ag
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Corporate Structure News

Manifatture Del Nord SRL Total Corporate Family Members: 22 Excluded Small Branches and/or Trading Addresses: 1 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Max Mara Fashion Group SRL	Parent	Reggio Emilia, RE	Italy	Miscellaneous Financial Services	133.0	190
Maxima SRL	Subsidiary	Reggio Emilia, Reggio Emilia	Italy	Apparel and Accessories	244.7	993
Tm SRL	Subsidiary	Reggio Emilia, Reggio Emilia	Italy	Retail (Apparel)	0.0	32
Enne Pi Uno SRL In Breve Np1Srl	Subsidiary	Milano, Milano (Milan)	Italy	Business Services	0.9	1
Marina Rinaldi SRL	Subsidiary	Reggio Emilia, RE	Italy	Apparel and Accessories	226.0	645
Max Mara SRL	Subsidiary	Reggio Emilia	Italy	Apparel and Accessories	515.7	422
Calzaturificio Del Gruppo SRL	Subsidiary	Parabiago, Milano (Milan)	Italy	Footwear	12.3	32
Pelletteria Agostino SRL	Subsidiary	San Miniato, Pisa	Italy	Apparel and Accessories	11.3	24
Marella SRL	Subsidiary	Reggio Emilia, RE	Italy	Apparel and Accessories	245.4	399
Manifatture Del Nord SRL	Subsidiary	Reggio Emilia, RE	Italy	Apparel and Accessories	245.7	351
Diffusione Tessile SRL	Subsidiary	Cavriago, Reggio Emilia	Italy	Apparel and Accessories	95.0	331
Manifattura di S.Maurizio SRL	Subsidiary	Reggio Emilia, Reggio Emilia	Italy	Apparel and Accessories	15.2	242
Imax SRL	Subsidiary	Reggio Emilia, Reggio Emilia	Italy	Apparel and Accessories	197.0	193
Max Mara GmbH	Subsidiary	München, Bayern	Germany	Apparel and Accessories		100
Max Mara	Subsidiary	Paris	France	Apparel and Accessories	11.7	74
Manifattura di Casalmaggiore SRL	Subsidiary	Casalmaggiore, Cremona	Italy	Textiles - Non Apparel	3.1	65
Max Mara Ltd.	Subsidiary	London	United Kingdom	Retail (Apparel)	18.5	58
Amstermax B.V.	Subsidiary	Breukelen Ut, Utrecht	Netherlands	Retail (Catalog and Mail Order)		40
M France	Subsidiary	Paris	France	Retail (Apparel)	9.0	34
Max Mara St.Honore Sas	Subsidiary	Paris	France	Retail (Specialty)		34
Max Mara Hosiery S.R.L.	Subsidiary	Reggio Emilia, Reggio Emilia	Italy	Apparel and Accessories		10

Executives Report

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Board of Directors

Name

Title

Function

Ignazio Maramotti

Chairman

Ugo Medici

Amministratore Delegato

Director/Board Member

Executives

Name

Title

Function

Ugo Medici

Amministratore Delegato

Chief Executive Officer

Maria Ludovica Maramotti

Presidente

President

Riccardo Romagnani

Head of accounting department

Accounting Executive

Luigi Maramotti

Vice Presidente

Other

Roberto Tognoli

Executive

Other

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No

Total income	248.5	279.5	241.2
Net sales	245.7	270.1	238.2
Other operating income	3.9	2.9	2.4
Raw materials and consumables employed	102.5	117.0	92.1
Other expenses	93.4	110.5	99.5
Total payroll costs	18.5	18.5	15.4
Fixed asset depreciation and amortisation	3.5	3.9	2.5
Other operating costs	1.2	1.2	0.8
Net operating income	29.4	28.5	30.9
Total financial income	1.1	0.6	0.4
Total expenses	0.1	0.2	0.1
Profit before tax	30.4	28.9	31.2
Profit after extraordinary items and before tax	29.1	26.0	31.0
Total taxation	10.1	10.5	12.5
Net profit	19.0	15.5	18.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Total stockholders equity	126.8	103.9	93.7
Provision for risks	12.1	9.9	6.9
Provision for pensions	5.4	5.3	5.7
Trade creditors	35.9	41.4	43.4
Other current liabilities	18.6	23.2	16.7
Accruals and deferred income	0.2	0.2	0.2
Total current liabilities	54.6	64.7	60.2
Total liabilities (including net worth)	198.9	183.8	166.5
Intangibles	2.2	3.1	2.7
Buildings	6.5	5.8	6.3
Total tangible fixed assets	9.0	8.5	7.7
Long-term investments	0.1	0.1	0.2
Total financial assets	0.2	0.2	0.2
Receivables due after 1 year	1.6	1.1	0.9
Total non-current assets	13.0	12.8	11.3
Finished goods	39.3	39.3	34.7
Net stocks and work in progress	53.7	56.6	55.6
Trade debtors	74.5	73.3	70.6
Other receivables	49.0	31.8	20.4
Cash and liquid assets	8.5	9.2	8.4
Accruals	0.0	0.1	0.1
Total current assets	185.8	171.0	155.2
Total assets	198.9	183.8	166.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No

Sales per employee	1.14	1.19	1.12
Profit per employee	0.14	0.11	0.15
Average wage per employee	0.09	0.08	0.07
Net worth	126.8	103.9	93.7
Number of employees	300	300	300

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

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	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
--	NB	New Business	--

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Corporate Structure News

Executives Report

Annual Profit & Loss

Unit