MIRA INFORM REPORT

Report Date :

01.02.2014

IDENTIFICATION DETAILS

Name :	STEFANEL - S.P.A.

Registered Office :	Via Postumia, 85 31047 - Ponte di Piave (TV)

Country :	Italy

Financials (as on) :	31.12.2012

Date of Incorporation :	15.09.1983

Legal Form :	Joint stock company

Line of Business :	· Manufacture of apparel (except fur apparel) · Manufacture of other knitted and crocheted apparel · Wholesale of clothing and accessories · Wholesale of shirts, underwear and similars · Retail sale of clothing in specialised stores

No. of Employees :	From 500 to 750

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Italy

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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 high. 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 126% of GDP in 2012, and investor concerns about the broader euro-zone crisis at times have caused borrowing costs on sovereign government debt to rise to euro-era. During the second half of 2011 the government passed three austerity packages to reduce its budget deficit and help bring down borrowing costs. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to sustain its recent efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2012 economic growth and labor market conditions deteriorated, with growth at -2.3% and unemployment rising to nearly 11%, with youth unemployment around 35%. The government has undertaken several reform initiatives designed to increase long-term economic growth. Italy's GDP is now 7% below its 2007 pre-crisis level

Source : CIA

COMPANY NAME AND ADDRESS

STEFANEL - S.P.A.

Via Postumia, 85 31047 - Ponte di Piave (TV) -IT-

Summary

Fiscal Code	:	01413940261
Legal Form	:	Joint stock company
start of Activities	:	15/09/1983
Equity	:	Over 2.582.254
Turnover Range	:	100.000.000/150.000.000
Number of Employees	:	from 500 to 750
Group	:	* Stefanel

Activity

Manufacture of apparel (except fur apparel)

Manufacture of other knitted and crocheted apparel

Wholesale of clothing and accessories

Wholesale of shirts, underwear and similars

Retail sale of clothing in specialised stores

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01413940261

Foreign Trade Reg. no. : TV007658 since 10/12/1991

Chamber of Commerce no. : 238708 of Alessandria

Chamber of Commerce no. : 140985 of Arezzo

Chamber of Commerce no. : 446021 of Bari

Chamber of Commerce no. : 336627 of Bergamo

Chamber of Commerce no. : 85588 of Belluno

Chamber of Commerce no. : 361731 of Bologna

Chamber of Commerce no. : 425097 of Bologna

Chamber of Commerce no. : 438764 of Brescia

Chamber of Commerce no. : 207310 of Bolzano

Chamber of Commerce no. : 265759 of Cagliari

Chamber of Commerce no. : 214077 of Caserta

Chamber of Commerce no. : 178064 of Cuneo

Chamber of Commerce no. : 292702 of Como

Chamber of Commerce no. : 164871 of Cremona

Chamber of Commerce no. : 265133 of Catania

Chamber of Commerce no. : 177799 of Ferrara

Chamber of Commerce no. : 234406 of Foggia

Chamber of Commerce no. : 529931 of Firenze

Chamber of Commerce no. : 398731 of Genova

Chamber of Commerce no. : 109396 of Grosseto

Chamber of Commerce no. : 298841 of Lecco

Chamber of Commerce no. : 317120 of Lecco

Chamber of Commerce no. : 147959 of Livorno

Chamber of Commerce no. : 152316 of Livorno

Chamber of Commerce no. : 153508 of Latina

Chamber of Commerce no. : 188025 of Lucca

Chamber of Commerce no. : 217261 of Lucca

Chamber of Commerce no. : 1407168 of Monza e Brianza

Chamber of Commerce no. : 183546 of Messina

Chamber of Commerce no. : 226139 of Messina

Chamber of Commerce no. : 1407168 of Milano

Chamber of Commerce no. : 233597 of Mantova

Chamber of Commerce no. : 332905 of Modena

Chamber of Commerce no. : 605097 of Napoli

Chamber of Commerce no. : 218155 of Novara

Chamber of Commerce no. : 187120 of Palermo

Chamber of Commerce no. : 284221 of Palermo

Chamber of Commerce no. : 174970 of Piacenza

Chamber of Commerce no. : 331878 of Padova

Chamber of Commerce no. : 117968 of Pescara

Chamber of Commerce no. : 237585 of Perugia

Chamber of Commerce no. : 94532 of Pordenone

Chamber of Commerce no. : 220315 of Parma

Chamber of Commerce no. : 182208 of Pistoia

Chamber of Commerce no. : 268630 of Pavia

Chamber of Commerce no. : 170537 of Ravenna

Chamber of Commerce no. : 197318 of Ravenna

Chamber of Commerce no. : 151979 of Reggio Calabria

Chamber of Commerce no. : 246391 of Reggio Emilia

Chamber of Commerce no. : 826094 of Roma

Chamber of Commerce no. : 275355 of Rimini

Chamber of Commerce no. : 285464 of Rimini

Chamber of Commerce no. : 147938 of Rovigo

Chamber of Commerce no. : 356078 of Salerno

Chamber of Commerce no. : 117984 of Siena

Chamber of Commerce no. : 145557 of Siracusa

Chamber of Commerce no. : 171516 of Sassari

Chamber of Commerce no. : 114869 of Savona

Chamber of Commerce no. : 159526 of Taranto

Chamber of Commerce no. : 814822 of Torino

Chamber of Commerce no. : 1119336 of Torino

Chamber of Commerce no. : 119003 of Trieste

Chamber of Commerce no. : 154803 of Treviso since 03/08/1982

Chamber of Commerce no. : 284085 of Udine

Chamber of Commerce no. : 280163 of Varese

Chamber of Commerce no. : 302940 of Venezia

Chamber of Commerce no. : 207153 of Vicenza

Chamber of Commerce no. : 290497 of Vicenza

Chamber of Commerce no. : 359441 of Vicenza

Chamber of Commerce no. : 239657 of Verona

Firms' Register : TV086-15576 of Treviso since 19/02/1996

V.A.T. Code : 01413940261

Foundation date	: 25/06/1982
Establishment date	: 25/06/1982
Start of Activities	: 15/09/1983
Legal duration	: 31/12/2050
Nominal Capital	: 32.129.002
Subscribed Capital	: 26.993.702
Paid up Capital	: 26.993.702

Members

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Victorian S.r.l.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Roma

, 2

- 22026

Maslianico

(CO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/07/2004

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Reconta Ernst E Young S.p.a.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

, 32

- 00198

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	29/04/2013

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Chemello

Roberto

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Auronzo di Cadore

(BL)

on 24/05/1954

- Fiscal Code : CHMRRT54E24A501U

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

S. Fermo

, 29

- 32100

Belluno

(BL)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2011
Memb.of the Executive Committee	12/09/2013

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Stefanel

Giuseppe

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Ponte di Piave

(TV)

on 31/08/1952

- Fiscal Code : STFGPP52M31G846S

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Garibaldi

, 198

- 31046

Oderzo

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2011
Board Chairman	06/05/2011
Managing Director	06/05/2011
Memb.of the Executive Committee	12/09/2013

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Berna

Tito

Born in Venezia

(VE)

on 05/08/1943

- Fiscal Code : BRNTTI43M05L736L

Residence:

Pomponio Amalteo

, 32

- 31100

Treviso

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2011

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Maguolo

Luigino

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Venezia

(VE)

on 23/06/1956

- Fiscal Code : MGLLGN56H23L736C

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Delle Pree

, 56

- 30030

Martellago

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	08/05/2002

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Pedrazzoli

Luca

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Trecenta

(RO)

on 17/07/1966

- Fiscal Code : PDRLCU66L17L359H

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

E. De Amicis

, 26

- 45100

Rovigo

(RO)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	06/10/2009

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Saviotti

Pier Francesco

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Alessandria

(AL)

on 16/06/1942

- Fiscal Code : SVTPFR42H16A182T

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

M. De Marchi

, 5

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2011

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Visentin

Graziano Gianmichele

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Albano Laziale

(RM)

on 28/08/1950

- Fiscal Code : VSNGZN50M28A132U

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Vittorio Veneto

, 35

- 31030

Casier

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2011

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Buran

Giovanni

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Ponte di Piave

(TV)

on 06/10/1961

- Fiscal Code : BRNGNN61R06G846D

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Castel Ginest

, 24

- 31047

Ponte di Piave

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	11/11/2002

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Vazzoler

Paolo

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Treviso

(TV)

on 11/11/1961

- Fiscal Code : VZZPLA61S11L407N

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Andrea Lucchesi

, 25

- 31100

Treviso

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	31/05/2012

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

No Protests registered

Girotto

Federico

Born in Este

(PD)

on 22/04/1970

- Fiscal Code : GRTFRC70D22D442J

Residence:

Savonarola

, 61

- 35100

Padova

(PD)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	29/11/2013
Director	22/10/2013
Managing Director	22/10/2013
Memb.of the Executive Committee	22/10/2013

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Spinelli

Francesco

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 25/11/1948

- Fiscal Code : SPNFNC48S25H501I

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Di Spagna

, 9

- 00187

Roma

(RM)

- IT -

Position	Since	Shares Amount	% Ownership
Director	06/05/2011

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Simonetto

Cristiam

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Castelfranco Veneto

(TV)

on 07/05/1971

- Fiscal Code : SMNCST71E07C111U

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Mandolato

, 27

- 31033

Castelfranco Veneto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	24/03/2011

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Bagolin

Riccardo

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Motta di Livenza

(TV)

on 19/11/1975

- Fiscal Code : BGLRCR75S19F770F

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Piovega

, 19 INT.2

- 31040

Cessalto

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	29/11/2013

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Cipolotti

Monica

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Conegliano

(TV)

on 12/02/1974

- Fiscal Code : CPLMNC74B52C957E

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Giorgio Vasari

, 2

- 31100

Treviso

(TV)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	29/11/2013

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Prejudicial Events found with cancellations*

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Legal Mortgage - 20/03/2009. - 1.801 Euro. Event writing-off

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

 EQUITALIA NOMOS SPA

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

No Protests registered

*Concerns also partially erased events.

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.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Stefanel

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Maglificio Piave - S.p.a.	Ponte di Piave (TV) - IT -	00198090268	Vice-Chairman	Withdrawn	Ceased
Maglificio Piave - S.p.a.	Ponte di Piave (TV) - IT -	00198090268	Managing Director	Withdrawn	Ceased
Banca Commerciale Italiana S.p.a.	Milano (MI) - IT -	01255270157	Director	Withdrawn	Ceased
Interpool S.p.a.	Thiene (VI) - IT -	02042990263	Sole Director	Withdrawn	Ceased
Leggenda S.r.l.	Roma (RM) - IT -	02079410268	Director	Active	Registered
Leggenda S.r.l.	Roma (RM) - IT -	02079410268	Board Chairman	Active	Registered
S.a.i.p. Societa' Agricola S.p.a.	Jesolo (VE) - IT -	01744800242	Sole Director	Withdrawn	Registered
Ascot - S.r.l.	Ponte di Piave (TV) - IT -	01184750261	Sole Director	Withdrawn	Ceased
Editoriale Il Gazzettino S.p.a.	Venezia (VE) - IT -	07959300158	Director	Withdrawn	Merged
Giusi - Societa' A Responsabilita' Limitata	Trieste (TS) - IT -	00630320323	Sole Director	Withdrawn	Ceased
IMPRESE TIPOGRAFICHE VENETE S.P.A.	Venezia (VE) - IT -	00188600274	Director	Withdrawn	Registered
Il Gazzettino Societa Per Azioni	Roma (RM) - IT -	00744300286	Director	Withdrawn	Registered
Centro Stampa Veneto S.p.a.	Venezia (VE) - IT -	11658820151	Director	Withdrawn	Ceased
Banca Antonveneta S.p.a. O In Forma Abbreviata Antonveneta S.p.a.	Padova (PD) - IT -	02691680280	Director	Withdrawn	Ceased
Banca Antonveneta S.p.a. O In Forma Abbreviata Antonveneta S.p.a.	Padova (PD) - IT -	02691680280	Memb.of the Executive Committee	Withdrawn	Ceased
Ge Capital Interbanca S.p.a.	Milano (MI) - IT -	00776620155	Director	Withdrawn	Registered
Agricola Friulana Stefania - S.p.a.	Treviso (TV) - IT -	00589780303	Sole Director	Active	Registered
Finpiave S.p.a.	Roma (RM) - IT -	01482930268	Director	Active	Registered
Finpiave S.p.a.	Roma (RM) - IT -	01482930268	Board Chairman	Active	Registered
SOCIETA' EDITRICE PADANA - S.E.P. S.P.A.IN FORMA ABBREVIATA S.E.P. S.P.A.	- -	00744300286	Director	Withdrawn	Registered
Compagnia Gestioni Industriali S.r.l.	Ponte di Piave (TV) - IT -	07855190158	Director	Withdrawn	Registered
Compagnia Gestioni Industriali S.r.l.	Ponte di Piave (TV) - IT -	07855190158	Sole Director	Active	Registered
Nordest Avio Spa	Roma (RM) - IT -	02186410276	Director	Withdrawn	Ceased
Nordest Avio Spa	Roma (RM) - IT -	02186410276	Board Chairman	Withdrawn	Ceased
Santander Private Banking S.p.a.	Milano (MI) - IT -	08198930151	Director	Active	Registered
Agora' Investimenti S.r.l.	Conegliano (TV) - IT -	03411340262	Director	Withdrawn	Registered
Stefanel Carlo Eredi Societa' Semplice	Salgareda (TV) - IT -	02011790264	Partner	Withdrawn	Ceased
Sarsegna Societa' Semplice	Iesolo (VE) - IT -	03083840276	Partner	Withdrawn	Ceased
P.i.m. - Pubblicita' Italiana MultimediaSrl	Milano (MI) - IT -	03312760261	Director	Withdrawn	Ceased
In.tec. S.r.l.	Ponte di Piave (TV) - IT -	02236230286	Director	Withdrawn	Ceased
Fashionado S.r.l.	Milano (MI) - IT -	13091420151	Board Chairman	Withdrawn	Ceased
MAGLIFICIO SAN VITO S.P.A.	San Vito Al Tagliamento (PN) - IT -	00405060930	Chairman	Withdrawn	Registered
IMAGO - DI GIUSEPPE eamp; GIOVANNA STEFANEL- S.D.F.	Oderzo (TV) - IT -	00453310260	Partner	Withdrawn	Registered
STEFANEL DI STEFANEL GIUSEPPE	Treviso (TV) - IT -	STFGPP52M31G846S	Proprietor	Withdrawn	Registered
LA PIAVE - S.R.L.	Ponte di Piave (TV) - IT -	01625870264	Sole Director	Withdrawn	Registered
LA SERENISSIMA AGRICOLA - SOCIETA' SEMPLICE	Treviso (TV) - IT -	80002580282	Partner	Withdrawn	Registered
AGRICOLA RIVOLTO S.A.S. DI LORENZON ELISA eamp; C.	Treviso (TV) - IT -	02096510264	General Partner	Withdrawn	Registered
SAIP SOCIETA' AGRICOLA INDUSTRIALE DEL PIAVE S.P.A.	Iesolo (VE) - IT -	01744810241	Sole Director	Withdrawn	Registered
Maglificio San Vito S.p.a.	San Vito Al Tagliamento (PN) - IT -	00405060930	Chairman	Withdrawn	Ceased
Imago - Di Giuseppe E Giovanna Stefanel- S.d.f.	Oderzo (TV) - IT -	00453310260	Partner	Withdrawn	Ceased
Stefanel Di Stefanel Giuseppe	Treviso (TV) - IT -	STFGPP52M31G846S	Proprietor	Withdrawn	Ceased
La Piave - S.r.l.	Ponte di Piave (TV) - IT -	01625870264	Sole Director	Withdrawn	Ceased
Radames - S.r.l.	Ponte di Piave (TV) - IT -	01869560266	Sole Director	Withdrawn	Ceased
La Serenissima Agricola - Societa' Semplice	Treviso (TV) - IT -	80002580282	Partner	Withdrawn	Ceased
Agricola Rivolto S.a.s. Di Lorenzon Elisa E C.	Treviso (TV) - IT -	02096510264	General Partner	Withdrawn	Ceased
Saip Societa' Agricola Industriale Del Piave S.p.a.	Iesolo (VE) - IT -	01744810241	Sole Director	Withdrawn	Ceased
Meliorbanca Private S.p.a.	Milano (MI) - IT -	13470290159	Director	Withdrawn	Ceased

Girotto

Federico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Arca S.r.l.	Santa Giustina in Colle (PD) - IT -	02026790283	Director	Withdrawn	Registered
Arca S.r.l.	Santa Giustina in Colle (PD) - IT -	02026790283	Procurator	Withdrawn	Registered
D.i.p. Diffusione Italiana Preziosi S.p.a.	Santa Giustina in Colle (PD) - IT -	00249520255	Director	Withdrawn	Registered
D.i.p. Diffusione Italiana Preziosi S.p.a.	Santa Giustina in Colle (PD) - IT -	00249520255	Managing Director	Withdrawn	Registered
Interfashion S.p.a.	Ponte di Piave (TV) - IT -	02402220269	Managing Director	Active	Registered
Interfashion S.p.a.	Ponte di Piave (TV) - IT -	02402220269	Director	Active	Registered
Interfashion S.p.a.	Ponte di Piave (TV) - IT -	02402220269	Managing Director	Withdrawn	Registered
Mes Retail S.r.l.	Santa Giustina in Colle (PD) - IT -	07712490155	Procurator	Withdrawn	Ceased
Morellato E Sector S.p.a.	Santa Giustina in Colle (PD) - IT -	00347030280	Director	Withdrawn	Registered
Morellato E Sector S.p.a.	Santa Giustina in Colle (PD) - IT -	00347030280	Procurator	Withdrawn	Registered
Philip Watch S.p.a.	Santa Giustina in Colle (PD) - IT -	06565970636	Managing Director	Withdrawn	Ceased
Philip Watch S.p.a.	Santa Giustina in Colle (PD) - IT -	06565970636	Director	Withdrawn	Ceased
Philip Watch S.p.a.	Santa Giustina in Colle (PD) - IT -	06565970636	Procurator	Withdrawn	Ceased
Omnia Factor S.p.a.	Milano (MI) - IT -	12599650152	Director	Active	Registered
Morellato S.p.a.	Santa Giustina in Colle (PD) - IT -	13442590157	Managing Director	Withdrawn	Registered
Morellato S.p.a.	Santa Giustina in Colle (PD) - IT -	13442590157	Director	Withdrawn	Registered
Morellato S.p.a.	Santa Giustina in Colle (PD) - IT -	13442590157	Procurator	Withdrawn	Registered
Sector S.p.a.	Santa Giustina in Colle (PD) - IT -	04210390284	Procurator	Withdrawn	Ceased
Molecole S.r.l.	Santa Giustina in Colle (PD) - IT -	03778060289	Director	Withdrawn	Ceased
Molecole S.r.l.	Santa Giustina in Colle (PD) - IT -	03778060289	Procurator	Withdrawn	Ceased
Paradigma S.r.l.	Santa Giustina in Colle (PD) - IT -	03913350280	Director	Withdrawn	Ceased
Paradigma S.r.l.	Santa Giustina in Colle (PD) - IT -	03913350280	Procurator	Withdrawn	Ceased

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.

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
Omnia Factor S.p.a.	Milano - IT -	12599650152	200.000 .Eur	5,00			Active
Polimoda Consulting S.r.l.	Firenze - IT -	05222840489	9.600 .Eur	0,81			Active
La Grandemela Societa' Consortile A R.l.	Sona - IT -	02468470238	62 .Eur	0,24			Active
Consorzio Degli Operatori Del Centro Com Merciale Granai Di Nerva In Forma Abbrev	Roma - IT -	04744401003					Active
Consorzio Centro Polifunzionale Corte Fr Anca Societa' Consortile A Responsabilit	Corte Franca - IT -	02350070989	71 .Eur	0,71			Active
Consorzio Degli Operatori Del Complesso Commerciale Citta' Fiera	Martignacco - IT -	02579070307					Active
Interfashion S.p.a.	Ponte di Piave - IT -	02402220269		100,00			Active
Consorzio Acque Castel Guelfo		97374230155					Active

Firm's location and structure

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

Legal and operative seat

Postumia

, 85

- 31047

- Ponte di Piave

(TV)

- IT -

Total Surface: 933 Sq.mt.

PHONE

: 03318721344

PHONE

: 04228191

FAX

: 0422819342

Branch

(Factory)

since 20/07/1988

Delle Industrie,

, 19

- 31047

- Ponte di Piave

(TV)

- IT -

Total Surface: 933 Sq.mt.

PHONE

: 03318721344

Branch

(Shop)

since 01/03/2002

Riborgo

, 1

- 34100

- Trieste

(TS)

- IT -

Trading Style: STEFANEL

Total Surface: 138 Sq.mt.

Branch

(Shop)

since 01/03/2002

Italia

, 98/B

- 32043

- Cortina d'Ampezzo

(BL)

- IT -

Trading Style: STEFANEL

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 01/03/2002

Emanuele Filiberto Di Savoia

, 1

- 35100

- Padova

(PD)

- IT -

Trading Style: STEFANEL

Total Surface: 143 Sq.mt.

Branch

(Shop)

since 01/03/2002

San Bartolomeo

, 5395

- 30100

- Venezia

(VE)

- IT -

Trading Style: STEFANEL

Total Surface: 73 Sq.mt.

Branch

(Shop)

since 01/03/2002

Italia

, 30/34

- 95100

- Catania

(CT)

- IT -

Trading Style: STEFANEL

Total Surface: 212 Sq.mt.

Branch

(Shop)

since 01/03/2002

Tre Martiri

, 25

- 47037

- Rimini

(RN)

- IT -

Trading Style: STEFANEL

Total Surface: 180 Sq.mt.

Branch

(Shop)

since 01/03/2002

Mazzini

, 76/78

- 37100

- Verona

(VR)

- IT -

Total Surface: 240 Sq.mt.

Branch

(Shop)

since 01/03/2002

Matteotti

, 1

- 53100

- Siena

(SI)

- IT -

Trading Style: STEFANEL

Total Surface: 70 Sq.mt.

Branch

(Shop)

since 14/03/2002

Cola Di Rienzo

, 223

- 00100

- Roma

(RM)

- IT -

Trading Style: STEFANEL

Total Surface: 270 Sq.mt.

Branch

(Shop)

since 01/03/2002

Roma 2, V.napoleone Vlo Duomo

, 2

- 20052

- Monza

(MB)

- IT -

Trading Style: STEFANEL

Total Surface: 95 Sq.mt.

Branch

(Shop)

since 03/10/2013

Umberto

, 117

- 98039

- Taormina

(ME)

- IT -

Trading Style: STEFANEL

Total Surface: 110 Sq.mt.

Branch

(Shop)

since 01/03/2002

Ferretto

, 102-104

- 30100

- Venezia

(VE)

- IT -

Trading Style: STEFANEL

Total Surface: 123 Sq.mt.

Branch

(Shop)

since 04/04/2003

Xx Settembre

, 25

- 31100

- Treviso

(TV)

- IT -

Trading Style: STEFANEL

Total Surface: 286 Sq.mt.

Branch

(Shop)

since 01/03/2003

Emilia S.stefano

, 1/E

- 42100

- Reggio Emilia

(RE)

- IT -

Trading Style: STEFANEL

Total Surface: 142 Sq.mt.

Branch

(Shop)

since 20/02/2003

Frattina

, 31/32

- 00100

- Roma

(RM)

- IT -

Trading Style: STEFANEL

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 14/08/2003

Ceccarini

, 57

- 47036

- Riccione

(RN)

- IT -

Trading Style: STEFANEL

Total Surface: 41 Sq.mt.

Branch

(Shop)

since 09/03/2004

Roma

, 78

- 25040

- Corte Franca

(BS)

- IT -

Trading Style: STEFANEL

Total Surface: 93 Sq.mt.

Branch

(Shop)

since 20/02/2004

Zanardelli

, 32

- 25100

- Brescia

(BS)

- IT -

Trading Style: STEFANEL S.P.A.

Total Surface: 133 Sq.mt.

Branch

(Shop)

since 13/03/2004

Vannucci

, 12/14

- 06100

- Perugia

(PG)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 14/09/2005

Vittorio Emanuele

, 228/230

- 84100

- Salerno

(SA)

- IT -

Total Surface: 335 Sq.mt.

Branch

(Shop)

since 09/09/2005

Dei Mille

, 57/C

- 80100

- Napoli

(NA)

- IT -

Trading Style: STEFANEL

Total Surface: 210 Sq.mt.

Branch

(Shop)

since 20/02/2006

Xx Settembre

, 89

- 24100

- Bergamo

(BG)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 12/04/2006

Castaldi Panfilo

, 41

- 20100

- Milano

(MI)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 24/03/2007

Boldoni

, 17

- 22100

- Como

(CO)

- IT -

Total Surface: 169 Sq.mt.

Branch

(Shop)

since 31/08/2007

Del Duomo

, 21

- 20100

- Milano

(MI)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 02/02/2009

Della Moda

, 1

- 15069

- Serravalle Scrivia

(AL)

- IT -

Trading Style: STEFANEL

Total Surface: 168 Sq.mt.

Branch

(Shop)

since 01/01/2008

Area Asi Lungo Ss 16

, 70

- 70056

- Molfetta

(BA)

- IT -

Branch

(Shop)

since 01/01/2008

Del Commercio

, 8/E

- 40023

- Castel Guelfo di Bologna

(BO)

- IT -

Branch

(Shop)

since 12/08/2009

Fopa Locale Co2

, 25

- 25050

- Rodengo-Saiano

(BS)

- IT -

Trading Style: STEFANEL

Total Surface: 128 Sq.mt.

Branch

(Shop)

since 01/03/2002

Calzaiuoli

, 44

- 50100

- Firenze

(FI)

- IT -

Trading Style: STEFANEL

Total Surface: 164 Sq.mt.

Branch

(Shop)

since 02/08/2006

Roma

, 15/17 R

- 50100

- Firenze

(FI)

- IT -

Branch

(Shop)

since 01/03/2002

Venti Settembre

, 168/170R

- 16100

- Genova

(GE)

- IT -

Trading Style: STEFANEL

Total Surface: 240 Sq.mt.

Branch

(Shop)

since 01/03/2012

Grande

, 217

- 57100

- Livorno

(LI)

- IT -

Total Surface: 149 Sq.mt.

Branch

(Shop)

since 01/03/2002

Antonio Scarpa

, 1

- 20100

- Milano

(MI)

- IT -

Total Surface: 249 Sq.mt.

Branch

(Showroom)

since 08/04/2004

Guglielmo Oberdan

, 4

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 08/10/2011

Provinciale N.208 Km 2

, LOC.11

- 20061

- Carugate

(MI)

- IT -

Branch

(Shop)

since 19/11/2007

M.biagi, Loc. Basse Di Mezzo

, C.M.

- 46031

- Bagnolo San Vito

(MN)

- IT -

Total Surface: 142 Sq.mt.

Branch

(Shop)

since 01/03/2002

Emilia Centro

, 98/A

- 41100

- Modena

(MO)

- IT -

Total Surface: 240 Sq.mt.

Branch

(Shop)

since 01/01/2008

San Martino Di Zusiagna

- 28060

- Vicolungo

(NO)

- IT -

Branch

(Shop)

since 08/04/2010

Ruggero Settimo

, 28/30

- 90100

- Palermo

(PA)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 25/11/2004

Venezia Ang.v.del Corso

, 1

- 00100

- Roma

(RM)

- IT -

Trading Style: STEFANEL

Total Surface: 150 Sq.mt.

Branch

(Shop)

since 19/03/2007

P.togliatti

, 2

- 00100

- Roma

(RM)

- IT -

Trading Style: STEFANEL

Total Surface: 136 Sq.mt.

Branch

(Shop)

since 04/02/2008

Pascolara

, SNC

- 00038

- Valmontone

(RM)

- IT -

Total Surface: 190 Sq.mt.

Branch

(Shop)

since 05/02/2008

Del Ponte Di Piscina Cupa

, 64

- 00100

- Roma

(RM)

- IT -

Total Surface: 122 Sq.mt.

Branch

(Shop)

since 06/03/2009

Nazionale

, 57/59

- 00100

- Roma

(RM)

- IT -

Trading Style: STEFANEL

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 16/10/2008

Al Mare

, 172/C

- 47048

- San Giovanni in Marignano

(RN)

- IT -

Total Surface: 138 Sq.mt.

Branch

(Shop)

since 19/11/2007

S.s. Romea 309 Km 67.100

- 45014

- Porto Viro

(RO)

- IT -

Branch

(Shop)

since 01/03/2002

Giacomo Matteotti

, 26

- 21100

- Varese

(VA)

- IT -

Trading Style: STEFANEL

Total Surface: 181 Sq.mt.

Branch

(Shop)

since 01/03/2002

San Marco

, 729-731

- 30100

- Venezia

(VE)

- IT -

Trading Style: STEFANEL

Total Surface: 110 Sq.mt.

Branch

(Shop)

since 06/07/2002

Luigi Broglio

, Loc: TESSERA

- 30100

- Venezia

(VE)

- IT -

Total Surface: 26 Sq.mt.

Branch

(Shop)

since 04/12/2012

Clavature

, 9 E/F

- 40100

- Bologna

(BO)

- IT -

Trading Style: STEFANEL

Total Surface: 126 Sq.mt.

Branch

(Shop)

since 01/03/2012

Matteotti

, 41/43

- 96100

- Siracusa

(SR)

- IT -

Trading Style: STEFANEL

Total Surface: 76 Sq.mt.

Branch

(Store)

since 01/12/2011

Castello

, 4426

- 30100

- Venezia

(VE)

- IT -

Branch

(Shop)

since 15/03/2013

Umberto

, 167-171

- 95024

- Acireale

(CT)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 01/03/2013

C.camillo Benso Di Cavour

, 38/42

- 22053

- Lecco

(LC)

- IT -

Trading Style: STEFANEL

Branch

(office)

since 01/02/2013

Dei Santi Apostoli

, 66

- 00100

- Roma

(RM)

- IT -

Branch

(Shop)

since 01/08/2013

Via Centrale

, 45/C

- 39031

- Brunico

(BZ)

- IT -

Trading Style: STEFANEL

Total Surface: 93 Sq.mt.

Branch

(Shop)

since 10/10/2013

Regina Margherita

, 36/37

- 55049

- Viareggio

(LU)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 01/03/2013

Italia

, 197

- 20040

- Busnago

(MB)

- IT -

Branch

(Shop)

since 09/10/2013

B.buozzi

, 3

- 51100

- Pistoia

(PT)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 19/11/2013

Tuscolana

, 819/825

- 00100

- Roma

(RM)

- IT -

Trading Style: STEFANEL

Total Surface: 132 Sq.mt.

Branch

(Shop)

since 01/06/2013

Provinciale 126

, 00

- 33041

- Aiello del Friuli

(UD)

- IT -

Trading Style: STEFANEL

Branch

(Shop)

since 20/09/2013

C.benso Conte Di Cavour

, 26

- 33100

- Udine

(UD)

- IT -

Trading Style: STEFANEL

Total Surface: 245 Sq.mt.

Branch

(Shop)

since 11/10/2013

Silvio Trentin

, 53

- 30027

- San Dona' di Piave

(VE)

- IT -

Trading Style: STEFANEL

Total Surface: 66 Sq.mt.

Branch

(Shop)

since 26/09/2013

Palladio

, 84

- 36100

- Vicenza

(VI)

- IT -

Trading Style: STEFANEL

Employees

: 560

Fittings and Equipment for a value of 2.740.000

Eur

Stocks for a value of 34.740.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

Transports are mainly done using own vehicles and third parties ones

The company supplies wholesalers and retailers.

Company uses to accept the following term of sales: 30-60-90 days.

Subject usually collects by cash order and drafts.

Company generally pays its suppliers within 30/90 days.

The most used payment modality is the bank transfer one.

Traded Brands / Suppliers

- STEFANEL

- INTERFASHION

- MARITHE' FRANCOIS GIRBAUD

- BE

- S.P.Q.R. CITY

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	30/07/1982

EX-MEMBERS / EX-POSITIONS:

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Stefanel

Giuseppe

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Ponte di Piave

(TV)

on 31/08/1952

- Fiscal Code : STFGPP52M31G846S

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Garibaldi

, 198

- 31046

Oderzo

(TV)

- IT -

Ex-Postions

Managing Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Stefanel

Giovanna

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Oderzo

(TV)

on 08/08/1954

- Fiscal Code : STFGNN54M48F999P

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Gritti

, 12

- 31040

Salgareda

(TV)

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Garlato

Guglielmo

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Venezia

(VE)

on 07/03/1947

- Fiscal Code : GRLGLL47C07L736L

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

S. Marco

, 1505/A

- 30100

Venezia

(VE)

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Duso

Maria Antonietta

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Treviso

(TV)

on 13/06/1967

- Fiscal Code : DSUMNT67H53L407Y

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Capitello

, 37/1

- 31020

Villorba

(TV)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Pedrazzoli

Luca

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Trecenta

(RO)

on 17/07/1966

- Fiscal Code : PDRLCU66L17L359H

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

E. De Amicis

, 26

- 45100

Rovigo

(RO)

- IT -

Ex-Postions

Procurator

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Zanini

Andrea

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Udine

(UD)

on 30/01/1968

- Fiscal Code : ZNNNDR68A30L483A

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Pioveghetto

, 15

- 35100

Padova

(PD)

- IT -

Ex-Postions

Procurator

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Serraglia

Ernesto

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Treviso

(TV)

on 19/11/1958

- Fiscal Code : SRRRST58S19L407V

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Guizzetti

, 68

- 31030

Casier

(TV)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Savio

Luca

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Venezia

(VE)

on 03/03/1965

- Fiscal Code : SVALCU65C03L736S

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Frassinelli

, 199/A-4

- 30030

Martellago

(VE)

- IT -

Ex-Postions

Institor

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

PREGNOLATO

RUGGERO

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in TREVISO

(TV)

on 26/03/1960

- Fiscal Code : PRGRGR60C66L407G

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

CASEGGIATO

, 20/3

- 31050

Villorba

(TV)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Marangon

Giuliano

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Vigodarzere

(PD)

on 28/10/1964

- Fiscal Code : MRNGLN64R28L892O

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Aldo Moro

, 18

- 42020

Albinea

(RE)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Simiz

Lorenzo

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Stoccarda

( )

on 23/08/1968

- Fiscal Code : SMZLNZ68M23Z112C

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

D'annunzio

, 12

- 33100

Udine

(UD)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

FASULO

SANDRO

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in PONTE DI PIAVE

(TV)

on 22/01/1952

- Fiscal Code : FSLSDR52A22G846O

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

MURIALDO

, 16

- 31047

Ponte di Piave

(TV)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Maria

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Montebelluna

(TV)

on 17/03/1957

- Fiscal Code : MRAMRA57C57F443Y

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Roggia

, 20

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Eifler

Michael

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Sorengo

( )

on 03/03/1967

- Fiscal Code : FLRMHL67C03Z133L

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Am Rodheimer Weg

, 11

- 61352

Bad Homburg

- DE -

Ex-Postions

Permanent Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Naponiello

Maura

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 18/06/1965

- Fiscal Code : NPNMRA65H58F205D

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Alberto Da Giussano

, 18

- 20145

Milano

(MI)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Fornaciari

Fernandino

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 02/11/1956

- Fiscal Code : FRNFNN56S02H223P

Residence:

Cocconi

, 1

- 42100

Reggio Emilia

(RE)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Santel

Luciano

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Venezia

(VE)

on 12/10/1956

- Fiscal Code : SNTLCN56R12L736R

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Fra' Enselmino

, 2/C

- 31044

Montebelluna

(TV)

- IT -

Ex-Postions

Attorney with special power

Director

Managing Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Mies

Stefano

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Venezia

(VE)

on 26/10/1957

- Fiscal Code : MSISFN57R26L736I

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Don Minzoni

, 8/B

- 30030

Martellago

(VE)

- IT -

Ex-Postions

Procurator

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Ortolani

Francesco

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Vicenza

(VI)

on 09/01/1958

- Fiscal Code : RTLFNC58A09L840G

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Stradella Porta Lupia

, 6

- 36100

Vicenza

(VI)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Stout S.p.a.

- Fiscal Code : 01732770407

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Postumia

, 85

- 31047

Ponte di Piave

(TV)

- IT -

Ex-Postions

Procurator

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Martinetti

Augusto

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Camburzano

(VC)

on 02/03/1949

- Fiscal Code : MRTGST49C02B465N

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Avogadro

, 15

- 13900

Biella

(BI)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Forcolin

Antonio

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Venezia

(VE)

on 19/06/1949

- Fiscal Code : FRCNTN49H19L736W

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

E. Fermi

, 11

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Storer

Silvano

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Mogliano Veneto

(TV)

on 20/10/1946

- Fiscal Code : STRSVN46R20F269N

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Coletti

, 16

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Arrighi

Andrea

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Cavarzere

(VE)

on 02/02/1963

- Fiscal Code : RRGNDR63B02C383U

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Fratelli Bandiera

, 7

- 30020

Marcon

(VE)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

De Mattia

Stefano

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Treviso

(TV)

on 11/09/1954

- Fiscal Code : DMTSFN54P11L407F

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Collalto

, 4

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Permanent Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Martucci

Giovanni

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Padova

(PD)

on 29/08/1949

- Fiscal Code : MRTGNN49M29G224N

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Collalto

, 4

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Barozzi

Angelo

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Novara

(NO)

on 07/07/1944

- Fiscal Code : BRZNGL44L07F952T

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

S. Isidoro

, 1

- 28010

Bogogno

(NO)

- IT -

Ex-Postions

General Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Cervellera

Enrico

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Milano

(MI)

on 27/02/1941

- Fiscal Code : CRVNRC41B27F205D

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Alberto Da Giussano

, 16

- 20100

Milano

(MI)

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Princivalli

Mauro

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Motta di Livenza

(TV)

on 17/08/1958

- Fiscal Code : PRNMRA58M17F770R

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Caprera

, 8/A

- 35138

Padova

(PD)

- IT -

Ex-Postions

Director

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Balconi

Paolo

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Cremona

(CR)

on 22/08/1966

- Fiscal Code : BLCPLA66M22D150M

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Fonderia

, 31

- 31100

Treviso

(TV)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Giglio

Claudio

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Palermo

(PA)

on 27/07/1959

- Fiscal Code : GGLCLD59L27G273A

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Monte Cavallo

, 45

- 33084

Cordenons

(PN)

- IT -

Ex-Postions

Procurator

Institor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Pavanel

Gianni

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in San Biagio di Callalta

(TV)

on 14/02/1954

- Fiscal Code : PVNGNN54B14H781M

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Callaltella

, 67

- 31048

San Biagio di Callalta

(TV)

- IT -

Ex-Postions

Attorney with special power

Procurator

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Bertato

Sandro

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Campodarsego

(PD)

on 15/03/1959

- Fiscal Code : BRTSDR59C15B524J

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Leonardo Da Vinci

, 16/A

- 31027

Spresiano

(TV)

- IT -

Ex-Postions

Attorney with special power

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Toll

Armin

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Bolzano

(BZ)

on 19/12/1967

- Fiscal Code : TLLRMN67T19A952K

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Gumer

, 9

- 39100

Bolzano

(BZ)

- IT -

Ex-Postions

Permanent Auditor

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Rosso.gif$

Fois

Candido

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Born in Nulvi

(SS)

on 26/10/1941

- Fiscal Code : FSOCDD41R26F977J

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Residence:

Cordusio

, SNC

- 20123

Milano

(MI)

- IT -

Ex-Postions

Director

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Bellatrix S.r.l.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Postumia,

, 85

, 31047

, Ponte di Piave

(TV)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 02079360265

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

28/11/1991

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ AGORA' S.R.L.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

, MILANO P.ZZA S. BABILA 5

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

23/11/1992

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Pegaso S.r.l.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Postumia,

, 85

, 31047

, Ponte di Piave

(TV)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 02335890261

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

13/12/1996

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Stefin S.p.a.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Postumia

, 85

, 31047

, Ponte di Piave

(TV)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 02135330260

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

11/03/1998

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Agora' S.r.l.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Postumia

, 85

, 31047

, Ponte di Piave

(TV)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 00752730523

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

30/11/1998

Project of merging by taking over of

Tindareo S.R.L.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 13040620158

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

29/05/2001

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Tindareo S.R.L.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 13040620158

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

06/02/2002

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Stout S.p.a.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Postumia

, 85

, 31047

, Ponte di Piave

(TV)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 01732770407

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

Merging/splitting-up project:

03/08/2007

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Victorian S.r.l.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Roma

, 2

, 22026

, Maslianico

(CO)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 01824210262

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

25/09/2007

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$ Stout S.p.a.

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Postumia

, 85

, 31047

, Ponte di Piave

(TV)

- IT -

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Fiscal Code: 01732770407

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Vuoto.gif$

Date

10/12/2007

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA INTESASANPAOLO S.P.A.	BAV - FILIALE DI PONTE DI PIAVE	PIAZZA GARIBALDI, 39	31047	Ponte di Piave (TV)	3069	61930

Financial and Economical Analysis

Company's starting of activities dates back to 1983.

The economic-financial analysis has been made on the base of the b/s of the latests three years.

In the economic management , good and bad results followed on by turns. with a loss in the last financial year.

A loss is registered as to the operating result (-1,91%).

the operating loss amounts to Eur. -4.237.068.

A gross operating margine for a value of Eur. 5.988.686 was reached. with a more then 100% increase as opposed to the preceding year.

The financial status of the company is fairly balanced with an indebtedness level of 1,97 yet on the increase as against the previous accounting period.

The management generated equity capital for an amount of Eur. 45.393.184 showing a -31,52% drop.

Total debts recorded amounted to Eur. 132.924.092 (Eur. 40.406.113 of which were m/l term debts) , with no sensible variation.

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high besides being higher than sector's average.

Liquid assets are good.

On average trade credits are collected in 72,06 days. , a better value than the sector's average.

A negative cash flow marked the year 2012 totalling Eur. -10.049.050.

In the last financial year labour cost was of Eur. 19.511.000, with a 15,65% incidence on total costs of production. , with a 16,2% incidence on turnover.

Financial charges have a high incidence (-2,29%) on turnover figures.

Financial Data

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Complete balance-sheet for the year

31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	120.401.328
Profit (Loss) for the period	-19.858.804

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Complete balance-sheet for the year

31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	120.922.737
Profit (Loss) for the period	10.719.473

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Complete balance-sheet for the year

31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	112.587.380
Profit (Loss) for the period	-41.674.938

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Complete balance-sheet for the year

31/12/2009

(in Eur

x 1)

Item Type	Value
Sales	122.011.000
Profit (Loss) for the period	-44.082.000

$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Verde.gif$

Complete balance-sheet for the year

31/12/2008

(in Eur

x 1)

Item Type	Value
Sales	130.432.000
Profit (Loss) for the period	-18.928.000

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2010 - 12 Mesi - Currency: - Amounts x 1

Years

2012

2011

2010

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.	490.000	739.000	597.000
. . Industrial patent rights	1.880.000	1.500.241	1.099.000
. . Concessions,licenses,trademarks,etc.
. . Goodwill	29.212.705	35.211.000	38.919.869
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	1.632.000	1.983.000	2.332.000
. Total Intangible Fixed Assets	33.214.705	39.433.241	42.947.869
. TANGIBLE FIXED ASSETS
. . Real estate	10.296.356	10.660.299	10.965.954
. . Plant and machinery	2.149.000	2.628.000	2.526.000
. . Industrial and commercial equipment	596.000	705.000	825.000
. . Other assets	10.637.000	13.618.000	14.712.000
. . Assets under construction and advances
. Total Tangible fixed assets	23.678.356	27.611.299	29.028.954
. FINANCIAL FIXED ASSETS
. . Equity investments	10.874.472	6.943.511	12.478.553
. . . Equity invest. in subsidiary companies	10.648.472	6.717.511	12.252.553
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	226.000	226.000	226.000
. . Financial receivables	34.041.120	32.678.342	29.625.017
. . . . Within 12 months
. . . . Beyond 12 months	34.041.120	32.678.342	29.625.017
. . . Receivab due from subsidiaries	27.379.206	26.186.948	25.267.017
. . . . Within 12 months
. . . . Beyond 12 months	27.379.206	26.186.948	25.267.017
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	6.661.914	6.491.394	4.358.000
. . . . Within 12 months
. . . . Beyond 12 months	6.661.914	6.491.394	4.358.000
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	44.915.592	39.621.853	42.103.570
Total fixed assets	101.808.653	106.666.393	114.080.393
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	964.000		782.016
. . Work in progress and semimanufactured	3.911.000		7.961.000
. . Work in progress on order
. . Finished goods	29.865.471		22.648.000
. . Advance payments
. Total Inventories	34.740.471	38.999.078	31.391.016
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	73.194.673	65.568.257	130.950.339
. . Beyond 12 months	2.597.925	3.482.936	2.405.902
. . Trade receivables	24.100.636	18.401.254	40.010.711
. . . . Within 12 months	23.742.636	17.761.254	40.010.711
. . . . Beyond 12 months	358.000	640.000
. . Receivables due from subsid. comp.	37.960.000	39.920.305	34.470.000
. . . . Within 12 months	37.960.000	39.920.305	34.470.000
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	9.443.000	6.000	201.000
. . . . Within 12 months	9.443.000	6.000	201.000
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	1.162.000	2.491.000	4.309.000
. . . . Within 12 months	1.097.000	2.429.000	4.309.000
. . . . Beyond 12 months	65.000	62.000
. . Receivables for anticipated taxes	2.174.925	2.780.936	2.405.902
. . . . Within 12 months
. . . . Beyond 12 months	2.174.925	2.780.936	2.405.902
. . Receivables due from third parties	952.037	5.451.698	51.959.628
. . . . Within 12 months	952.037	5.451.698	51.959.628
. . . . Beyond 12 months
. Total Credits not held as fixed assets	75.792.598	69.051.193	133.356.241
. FINANCIAL ASSETS
. . Equity invest. in subsidiary comp.
. . Equity invest. in associated companies
. . Equity invest. in holding companies
. . Other equity investments
. . Own shares
. . . Total nominale value
. . Other securities	7.000		387.000
. Total Financial Assets	7.000		387.000
. LIQUID FUNDS
. . Bank and post office deposits	3.152.097	20.619.689	16.802.059
. . Checks
. . Banknotes and coins	88.000	1.118.000	89.000
. Total Liquid funds	3.240.097	21.737.689	16.891.059
Total current assets	113.780.166	129.787.960	182.025.316
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	6.637.000	7.452.000	7.185.000
Total adjustments accounts	6.637.000	7.452.000	7.185.000
TOTAL ASSETS	222.225.819	243.906.353	303.290.709

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	55.180.437	97.547.867	97.547.867
. Additional paid-in capital		11.471
. Revaluation reserves
. Legal reserve
. Reserve for Own shares
. Statute reserves
. Other reserves	10.071.551	-307.506	-1.323.805
. Accumulated Profits (Losses)		-41.674.938
. Profit( loss) of the year	-19.858.804	10.719.473	-41.674.938
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	45.393.184	66.296.367	54.549.124
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	915.000	754.000	749.000
. . Taxation fund, also differed	3.740.064	4.357.871	4.906.679
. . Other funds	35.416.589	26.965.191	19.702.776
Total Reserves for Risks and Charges	40.071.653	32.077.062	25.358.455
Employee termination indemnities	3.023.890	3.753.518	4.100.614
ACCOUNTS PAYABLE
. . . . Within 12 months	92.517.979	110.923.145	215.846.757
. . . . Beyond 12 months	40.406.113	28.756.261	1.025.759
. . Bonds
. . . . Within 12 months
. . . . Beyond 12 months
. . Convertible bonds repayable
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to shareholders for financing
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to banks	1.415.331	4.053.000	3.630.000
. . . . Within 12 months	1.415.331	4.053.000	3.630.000
. . . . Beyond 12 months
. . Due to other providers of finance	77.726.113	64.104.947	151.001.002
. . . . Within 12 months	37.320.000	35.548.686	150.375.243
. . . . Beyond 12 months	40.406.113	28.556.261	625.759
. . Advances from customers	137.000	246.000	337.000
. . . . Within 12 months	137.000	246.000	337.000
. . . . Beyond 12 months
. . Trade payables	45.147.667	49.615.726	39.524.857
. . . . Within 12 months	45.147.667	49.615.726	39.524.857
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	1.290.000	2.326.000	422.000
. . . . Within 12 months	1.290.000	2.326.000	422.000
. . . . Beyond 12 months
. . Due to associated companies	1.493.000	13.398.322	15.447.000
. . . . Within 12 months	1.493.000	13.398.322	15.447.000
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	1.863.000	1.018.000	1.528.000
. . . . Within 12 months	1.863.000	1.018.000	1.528.000
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.077.000	1.345.000	1.287.000
. . . . Within 12 months	1.077.000	1.345.000	1.287.000
. . . . Beyond 12 months
. . Other payables	2.774.981	3.572.411	3.695.657
. . . . Within 12 months	2.774.981	3.372.411	3.295.657
. . . . Beyond 12 months		200.000	400.000
Total accounts payable	132.924.092	139.679.406	216.872.516
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	813.000	2.100.000	2.410.000
Total adjustment accounts	813.000	2.100.000	2.410.000
TOTAL LIABILITIES	222.225.819	243.906.353	303.290.709

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	120.401.328	120.922.737	112.587.380
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work			-4.404.000
. Other income and revenues		749.000
. . Contributions for operating expenses
. . Different income and revenues		749.000
Total value of production	120.401.328	121.671.737	108.183.380
PRODUCTION COSTS
. Raw material,other materials and consum.	55.426.000	65.134.000	51.693.000
. Services received	25.162.642	39.860.933	35.009.252
. Leases and rentals	12.950.000	14.350.000	14.836.000
. Payroll and related costs	19.511.000	20.895.000	20.008.000
. . Wages and salaries
. . Social security contributions
. . Employee termination indemnities
. . Pension and similar
. . Other costs
. Amortization and depreciation	9.809.754	12.517.294	6.124.306
. . Amortization of intangible fixed assets	2.313.000	5.845.294	1.624.306
. . Amortization of tangible fixed assets	4.426.093	4.721.000	4.455.000
. . Depreciation of tangible fixed assets	2.805.661	1.051.000	45.000
. . Writedown of current receiv.and of liquid	265.000	900.000
. Changes in raw materials		-8.013.000
. Provisions to risk reserves		315.000	50.000
. Other provisions	416.000
. Other operating costs	1.363.000	579.000	595.000
Total production costs	124.638.396	145.638.227	128.315.558
Diff. between value and cost of product.	-4.237.068	-23.966.490	-20.132.178
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	1.947.744	3.755.062	3.374.000
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies
. Interest and other financial expense	-4.704.959	-8.461.544	-7.358.427
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-2.757.215	-4.706.482	-3.984.427
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-13.452.943	-17.435.775	-18.518.805
. . Of equity investments	-13.452.943	-17.435.775	-18.518.805
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-13.452.943	-17.435.775	-18.518.805
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	700.000	55.946.963	1.182.495
. . Gains on disposals
. . Other extraordinary income	700.000	55.946.963	1.182.495
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	700.000	55.946.963	1.182.495
Results before income taxes	-19.747.226	9.838.216	-41.452.915
. Taxes on current income	111.578	-881.257	222.023
. . current taxes	161.000	43.000	-25.000
. . differed taxes(anticip.)	-49.422	-924.257	247.023
. Net income for the period	-19.858.804	10.719.473	-41.674.938
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-19.858.804	10.719.473	-41.674.938

RATIOS	Value Type	as at 31/12/2012	as at 31/12/2011	as at 31/12/2010	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,46	0,44	0,38	0,14
Elasticity Ratio	Units	0,51	0,53	0,60	0,84
Availability of stock	Units	0,16	0,16	0,10	0,24
Total Liquidity Ratio	Units	0,36	0,37	0,50	0,53
Quick Ratio	Units	0,01	0,09	0,06	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,97	1,35	3,65	3,78
Self Financing Ratio	Units	0,20	0,27	0,18	0,17
Capital protection Ratio	Units	0,22	-0,63	-0,02	0,66
Liabilities consolidation quotient	Units	0,47	0,29	0,02	0,14
Financing	Units	2,93	2,11	3,98	4,55
Permanent Indebtedness Ratio	Units	0,40	0,41	0,20	0,33
M/L term Debts Ratio	Units	0,20	0,13	0,02	0,09
Net Financial Indebtedness Ratio	Units	1,67	0,70	2,53	1,26
CORRELATION
Fixed assets ratio	Units	0,87	0,93	0,52	1,87
Current ratio	Units	1,23	1,17	0,84	1,17
Acid Test Ratio-Liquidity Ratio	Units	0,85	0,82	0,70	0,79
Structure's primary quotient	Units	0,45	0,62	0,48	1,13
Treasury's primary quotient	Units	0,04	0,20	0,08	0,04
Rate of indebtedness ( Leverage )	%	489,56	367,90	556,00	587,75
Current Capital ( net )	Value	21.262.187	18.864.815	-33.821.441	209.248
RETURN
Return on Sales	%	-8,35	19,22	-31,58	2,26
Return on Equity - Net- ( R.O.E. )	%	-43,75	16,17	-76,40	3,48
Return on Equity - Gross - ( R.O.E. )	%	-43,50	14,84	-75,99	12,19
Return on Investment ( R.O.I. )	%	-1,91	-9,83	-6,64	3,83
Return/ Sales	%	-3,52	-19,82	-17,88	3,45
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	20,46
Cash Flow	Value	-10.049.050	23.236.767	-35.550.632	50.400
Operating Profit	Value	-4.237.068	-23.966.490	-20.132.178	68.610
Gross Operating Margin	Value	5.988.686	-11.134.196	-13.957.872	124.742
MANAGEMENT
Credits to clients average term	Days	72,06	54,78	127,93	120,68
Debts to suppliers average term	Days	184,47	197,10	196,40	115,81
Average stock waiting period	Days	103,87	116,10	100,37	78,40
Rate of capital employed return ( Turnover )	Units	0,54	0,50	0,37	1,14
Rate of stock return	Units	3,47	3,10	3,59	4,57
Labour cost incidence	%	16,20	17,28	17,77	12,27
Net financial revenues/ charges incidence	%	-2,29	-3,89	-3,54	-1,84
Labour cost on purchasing expenses	%	15,65	14,35	15,59	12,16
Short-term financing charges	%	3,54	6,06	3,39	3,35
Capital on hand	%	184,57	201,70	269,38	87,41
Sales pro employee	Value	165.159	185.464	150.316	245.343
Labour cost pro employee	Value	26.764	32.047	26.712	32.046

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	:	$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Spazio.gif$ 838.732
Population living in the region	:	$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Spazio.gif$ 4.699.950
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Spazio.gif$ 1.813.210

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

- per food products	:	$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Spazio.gif$ 456
- per non food products	:	$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Spazio.gif$ 2.052
- per energy consume	:	$Description: \\vivek\Foreign Report Raw\Stefanel - S.p.a._files\Spazio.gif$ 127

Sector Data

The values are calculated on a base of 864 significant companies.

The companies cash their credits on an average of 121 dd.

The average duration of suppliers debts is about 116 dd.

The sector's profitability is on an average of 2,26%.

The labour cost affects the turnover in the measure of 12,27%.

Goods are held in stock in a range of 78 dd.

The difference between the sales volume and the resources used to realize it is about 1,14.

The employees costs represent the 12,16% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.280.

The insolvency index for the region is 0,30, , while for the province it is 0,28.

Total Bankrupt companies in the province : 3.317.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

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

Activity

Legal Data

Members

Direct Participations

Firm's location and structure

Traded Brands / Suppliers

CHANGES TO THE LEGAL FORM:

EX-MEMBERS / EX-POSITIONS:

CEASINGS/INCORPORATIONS/MERGES:

Protests

Data Base Prejudicial Events Search

Legal Procedures

Bankers

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit