MIRA INFORM REPORT

Report Date :

28.04.2014

IDENTIFICATION DETAILS

Name :	ARAV FASHION S.P.A.

Registered Office :	Localita' Pagliarelle, SN80030 - San Vitaliano (NA)

Country :	Italy

Date of Incorporation :	01.06.2013

Legal Form :	Joint stock company

Line of Business :	Wholesale of clothing and accessories

No. of Employees	From 201 to 250

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Company
Payment Behaviour :	Unknown
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Italy

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

ITALY ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level

Source : CIA

Company name and address

ARAV FASHION S.P.A.

Localita' Pagliarelle, SN 80030 - San Vitaliano (NA) -IT-

Summary

Fiscal Code	:	07433471211
Legal Form	:	Joint stock company
start of Activities	:	01/06/2013
Number of Employees	:	from 201 to 250

Highlights

Newly set up company that took over outlets from a number of trading enterprises

all over Italy.

Set up in February 2013 as a Limited liability company it was turned into

a joint stock company in May 2013.

No balance sheets are available yet.

Activity

Wholesale of clothing and accessories

Legal Data

Legal Form : Joint stock company

Fiscal Code : 07433471211

Chamber of Commerce no. : 283169 of Caserta

Chamber of Commerce no. : 624814 of Firenze

Chamber of Commerce no. : 467896 of Genova

Chamber of Commerce no. : 2017375 of Milano

Chamber of Commerce no. : 883664 of Napoli since 28/02/2013

Chamber of Commerce no. : 232508 of Novara

Chamber of Commerce no. : 180724 of Piacenza

Chamber of Commerce no. : 259503 of Parma

Chamber of Commerce no. : 295358 of Reggio Emilia

Chamber of Commerce no. : 1377544 of Roma

Chamber of Commerce no. : 327099 of Rimini

Chamber of Commerce no. : 346730 of Varese

V.A.T. Code : 07433471211

Establishment date	: 22/02/2013
Start of Activities	: 01/06/2013
Legal duration	: 31/12/2060
Nominal Capital	: 7.473.879
Subscribed Capital	: 7.473.879
Paid up Capital	: 7.473.879

Members

Nagar

Paolo

Born in Napoli

(NA)

on 08/07/1967

- Fiscal Code : NGRPLA67L08F839Q

Residence:

Dei Martiri

, 30

- 80121

Napoli

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/06/2013

Ammaturo

Giuseppe

Born in Palma Campania

(NA)

on 15/02/1969

- Fiscal Code : MMTGPP69B15G283C

Residence:

Nuova Sarno

, 558

- 80036

Palma Campania

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	05/06/2013
Director	05/06/2013

No Prejudicial events are reported

No Protests registered

Marano Nunziata

Anna Maria Gaetana

Born in San Gennaro Vesuviano

(NA)

on 30/08/1972

- Fiscal Code : MRNNMR72M70H860Z

Residence:

Nuova Sarno

, 558

- 80036

Palma Campania

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/06/2013
Managing Director	05/06/2013

Prejudicial Events found with cancellations*

Legal Mortgage - 23/02/2006. - 10.667 Euro. Event writing-off

 GEST LINE S. P. A.

No Protests registered

Maresca

Maurizio

Born in Positano

(SA)

on 16/08/1946

- Fiscal Code : MRSMRZ46M16G932U

Residence:

Caracciolo

, 71

- 80062

Companies connected to members *

*checkings have been performed on a national scale.

In this module are listed the companies in which members hold or have holded positions.

Ammaturo

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
G.a.d.a. L'abbigliamento Per I Bambini Di Ammaturo Giuseppe E C. S.a.s.	Palma Campania (NA) - IT -	05768940636	General Partner	Withdrawn	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Director	Active	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Sole Director	Withdrawn	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Board Chairman	Active	Registered
Mg S.r.l.	San Vitaliano (NA) - IT -	03627721214	Sole Director	Active	Registered
Megi S.r.l.	Nola (NA) - IT -	06970791213	Director	Active	Registered
Megi S.r.l.	Nola (NA) - IT -	06970791213	Board Chairman	Active	Registered
Rovi S.r.l.	Napoli (NA) - IT -	06970691215	Sole Director	Active	Registered

Marano Nunziata

Anna Maria Gaetana

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Conf.amm. S.a.s. Di Marano Nunziata AnnaMaria Gaetana	Palma Campania (NA) - IT -	03372921217	General Partner	Withdrawn	Ceased
Arav Holding S.r.l. A Socio Unico	Palma Campania (NA) - IT -	02626781211	Sole Director	Withdrawn	Registered
Arav Holding S.r.l. A Socio Unico	Palma Campania (NA) - IT -	02626781211	General Partner	Withdrawn	Registered
Arav Holding S.r.l. A Socio Unico	Palma Campania (NA) - IT -	02626781211	Sole partner	Withdrawn	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Managing Director	Active	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Director	Active	Registered
Arav Trade S.r.l. A Socio Unico In Liquidazione	Nola (NA) - IT -	04247561212	Sole partner	Withdrawn	In liquidation
Mg S.r.l.	San Vitaliano (NA) - IT -	03627721214	Sole Director	Withdrawn	Registered
Mg S.r.l.	San Vitaliano (NA) - IT -	03627721214	Sole partner	Withdrawn	Registered
Sh Group S.r.l.	Napoli (NA) - IT -	06721101217	Director	Withdrawn	Registered
Megi S.r.l.	Nola (NA) - IT -	06970791213	Managing Director	Active	Registered
Megi S.r.l.	Nola (NA) - IT -	06970791213	Director	Active	Registered

Maresca

Maurizio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Wonderland S.r.l.	Parma (PR) - IT -	01543190340	Director	Withdrawn	Registered
Wonderland S.r.l.	Parma (PR) - IT -	01543190340	Managing Director	Withdrawn	Registered
Ciro Paone S.p.a.	Napoli (NA) - IT -	06034520632	Director	Withdrawn	Registered
Ciro Paone S.p.a.	Napoli (NA) - IT -	06034520632	General Director	Withdrawn	Registered
Somma E C. S.r.l.	Parma (PR) - IT -	01892440346	Director	Withdrawn	Registered
Formazione Il Tari' Societa' ConsortileA R.l.	Marcianise (CE) - IT -	02355730611	Director	Active	Registered
M.e.t.a. S.r.l.	Firenze (FI) - IT -	01629090463	Board Chairman	Active	Registered
Consorzio Acf -asi	Arzano (NA) - IT -	03849341213	Baord of Directors' member	Withdrawn	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Director	Withdrawn	Registered
Arav Kids S.p.a.	San Vitaliano (NA) - IT -	06189741215	Assistant board Chairman	Withdrawn	Registered
Megi S.r.l.	Nola (NA) - IT -	06970791213	Director	Active	Registered
Megi S.r.l.	Nola (NA) - IT -	06970791213	Assistant board Chairman	Active	Registered
Cartesio Consulting S.r.l.	Napoli (NA) - IT -	07673421215	Sole Director	Active	Registered

The indication "REGISTERED" as Firm Status could refer to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Mg S.p.a.		03627721214
Vertis Societa' Di Gestione Del Risparmi o S.p.a.		05707511217

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
Megi S.r.l.	Nola - IT -	06970791213	25.000 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

Localita' Pagliarelle

, SN

- 80030

- San Vitaliano

(NA)

- IT -

Total Surface: 134 Sq.mt.

PHONE

: 08119131111

Office not registered

Snc, Cis Nola 323

- 80035

- Nola

(NA)

- IT -

PHONE

: 0818269249

PHONE

: 0818268502

Branch

(Shop)

since 08/08/2013

Provinciale 336

, SNC

- 81025

- Marcianise

(CE)

- IT -

Total Surface: 134 Sq.mt.

Branch

(Shop)

since 14/10/2013

Meucci

, SNC

- 50031

- Barberino di Mugello

(FI)

- IT -

Total Surface: 103 Sq.mt.

Branch

(Shop)

since 09/07/2013

Xx Settembre

, 16

- 16100

- Genova

(GE)

- IT -

Branch

(Shop)

since 09/07/2013

Delle Vigne Nuove

, SNC

- 00100

- Roma

(RM)

- IT -

Branch

(Shop)

since 23/09/2013

Della Repubblica

, 42/44

- 00049

- Velletri

(RM)

- IT -

Branch

(Shop)

since 20/09/2013

Del Ponte Di Piscina Cupa

, 64

- 00100

- Roma

(RM)

- IT -

Total Surface: 131 Sq.mt.

Branch

(Shop)

since 20/11/2013

Aereoporto Di Milano T1

, SNC

- 21010

- Ferno

(VA)

- IT -

Branch

(Sales office)

since 01/05/2013

Savona

, 97

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 28/02/2014

Cinque Giornate

, 1

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 28/02/2014

Vercelli

, 30/32

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 28/02/2014

D'augusto

, 59

- 47037

- Rimini

(RN)

- IT -

Employees

: 213

The subject firm uses the following own selling brands:

- Silvian Heach

Historical Information and/or Firm's Status

CEASINGS/INCORPORATIONS/MERGES:

The firm absorbed by merging of

Mg S.r.l.

Pagliarelle

, SN

, 80030

, San Vitaliano

(NA)

- IT -

Fiscal Code: 03627721214

Date

02/05/2013

The subj. took over by rent the activities of

Sicily Outlet Village S.p.a..

Matteotti Giacomo

, 10

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 06227960967

Date

04/10/2013

The subj. took over by rent the activities of

Bmg Barberino S.r.l.

Meucci

, SNC

, 50031

, Barberino di Mugello

(FI)

- IT -

Fiscal Code: 05176070489

Date

14/10/2013

The subj. took over by rent the activities of

Ap Snc Di Clementini A. E Puntoni P.

Della Repubblica

, 42/44

, 00049

, Velletri

(RM)

- IT -

Fiscal Code: 10448731009

Date

03/07/2013

Protests

Protests checking on the subject firm has given a negative result.

Data Base Prejudicial Events Search

Search performed on a National Scale

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

None reported, standing to the latest received edition of the Official Publications.

Remarks

1) Protests checking (relative to the last five years) performed by crossing and matching the members names and the Firm's Style with the reported addresses, is supplied by the Informatic Registry managed by the Italian Chamber of Commerce. If the fiscal code is not indicated, the eventual homonymous cases are submitted to expert staff evaluation in order to limit wrong matching risks.

2) The Legal Data, supplied and retrived from the Firm's Registry of the Italian Chamber of Commerce, are in line with the last registered modifications.

3) Risk evaluation and Credit Opinion have been performed on the base of the actual data at the moment of their availability.

Market / Territory Data

Population living in the province	:	3.092.859
Population living in the region	:	5.788.986
Number of families in the region	:	1.966.064

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

- per food products	:	475
- per non food products	:	1.304
- per energy consume	:	79

Sector Data

The values are calculated on a base of 9.175 significant companies.

The companies cash their credits on an average of 114 dd.

The average duration of suppliers debts is about 118 dd.

The sector's profitability is on an average of 2,03%.

The labour cost affects the turnover in the measure of 8,14%.

Goods are held in stock in a range of 73 dd.

The difference between the sales volume and the resources used to realize it is about 1,25.

The employees costs represent the 8,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered remarkably risky.

In the region 80.616 protested subjects are found; in the province they count to 41.815.

The insolvency index for the region is 1,40, , while for the province it is 1,36.

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.12
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIS

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

Summary

Highlights

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit