MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	GRUPPO COIN SOCIETA' PER AZIONI

Registered Office :	Via Terraglio, 17 Mestre, 30100 – Venezia (VE)

Country :	Italy

Financials (as on) :	31.01.2013

Date of Incorporation :	02.05.2005

Com. Reg. No.:	VE-2006-54031 of Venezia

Legal Form :	Joint stock company with sole shareholder

Line of Business :	· Department stores Retail sale of other household products in specialised stores Retail sale of clothing in specialised stores Activities of holding companies

No. of Employees :	more than 1500

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – december 01, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 & address

Gruppo Coin Societa' Per Azioni

Via Terraglio, 17 Mestre

30100 - Venezia (VE) -IT-

Summary

Fiscal Code	:	04850790967
Legal Form		Joint stock company with sole shareholder
start of Activities	:	01/12/2006
Equity	:	Over 2.582.254
Number of Employees	:	more than 1500

Highlights

The company under review was set up in 2005 by taking over the assets

and liabilities of the previous established Gruppo Coin SPA (Fis. cod.

00047400320).

Besides being engaged in trading, the subject acts as holding company heading a

number of businesses in Italy and abroad most of them dealing in apparel and

accessories.

On 1.1.2013 subject took over by merger the following subsidiaries :

Oviesse SpA, Oviesse Franchising SpA, Coin SpA, Coin Franchising SpA, Upim Srl.

This accounts for the increase in sales at the closing of 2013 accounts (closing

date 31.1.2013).

Subject's shares are 100% owned by the Luxembourg-based Icon 2 S.a.r.l., but they

have been pledged to several credit institutions as a loan.

* * * * *

UPIM ("Unico Prezzo Italiano Milano") is an Italian chain of midmarket

department stores specialising in clothes for men, women and children,

items for the home, and cosmetics and perfumes. It currently operates

135 directly owned stores and more than 200 franchises, plus 15 stores

under the Upim-BluKids brand.[2] For a long time part of La Rinascente

Group, it was acquired by Coin in 2010.

In January 2010 the business was acquired by Gruppo Coin, separating from

La Rinascente and making the Gruppo Coin, which already owned the Oviesse

(OVS Industry) and Coin chains, the largest fashion retailer in the country.

Presently UPIM is just a brand and a name of stores belonging to the subject

company.

Activity

Department stores

Retail sale of other household products in specialised stores

Retail sale of clothing in specialised stores

Activities of holding companies

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 04850790967

Chamber of Commerce no. : 200061 of Agrigento

Chamber of Commerce no. : 251649 of Alessandria

Chamber of Commerce no. : 197656 of Ancona

Chamber of Commerce no. : 73766 of Aosta

Chamber of Commerce no. : 197435 of Ascoli Piceno

Chamber of Commerce no. : 127798 of L'Aquila

Chamber of Commerce no. : 164628 of Arezzo

Chamber of Commerce no. : 123101 of Asti

Chamber of Commerce no. : 180971 of Avellino

Chamber of Commerce no. : 556466 of Bari

Chamber of Commerce no. : 414287 of Bergamo

Chamber of Commerce no. : 193713 of Biella

Chamber of Commerce no. : 97787 of Belluno

Chamber of Commerce no. : 130560 of Benevento

Chamber of Commerce no. : 502748 of Bologna

Chamber of Commerce no. : 141183 of Brindisi

Chamber of Commerce no. : 538952 of Brescia

Chamber of Commerce no. : 204283 of Bolzano

Chamber of Commerce no. : 272167 of Cagliari

Chamber of Commerce no. : 127886 of Campobasso

Chamber of Commerce no. : 278655 of Caserta

Chamber of Commerce no. : 177266 of Chieti

Chamber of Commerce no. : 106891 of Caltanissetta

Chamber of Commerce no. : 292214 of Cuneo

Chamber of Commerce no. : 313665 of Como

Chamber of Commerce no. : 183083 of Cremona

Chamber of Commerce no. : 219370 of Cosenza

Chamber of Commerce no. : 337522 of Catania

Chamber of Commerce no. : 192830 of Catanzaro

Chamber of Commerce no. : 206461 of Ferrara

Chamber of Commerce no. : 282193 of Foggia

Chamber of Commerce no. : 616209 of Firenze

Chamber of Commerce no. : 196345 of Fermo

Chamber of Commerce no. : 327039 of Forli'

Chamber of Commerce no. : 175368 of Frosinone

Chamber of Commerce no. : 465055 of Genova

Chamber of Commerce no. : 75493 of Gorizia

Chamber of Commerce no. : 131336 of Grosseto

Chamber of Commerce no. : 137186 of Imperia

Chamber of Commerce no. : 41336 of Isernia

Chamber of Commerce no. : 316772 of Lecco

Chamber of Commerce no. : 297284 of Lecce

Chamber of Commerce no. : 154353 of Livorno

Chamber of Commerce no. : 1470020 of Lodi

Chamber of Commerce no. : 190710 of Latina

Chamber of Commerce no. : 213705 of Lucca

Chamber of Commerce no. : 1885773 of Monza e Brianza

Chamber of Commerce no. : 182831 of Macerata

Chamber of Commerce no. : 223330 of Messina

Chamber of Commerce no. : 1827074 of Milano

Chamber of Commerce no. : 247921 of Mantova

Chamber of Commerce no. : 392990 of Modena

Chamber of Commerce no. : 128362 of Massa

Chamber of Commerce no. : 83705 of Matera

Chamber of Commerce no. : 881620 of Napoli

Chamber of Commerce no. : 230199 of Novara

Chamber of Commerce no. : 99626 of Nuoro

Chamber of Commerce no. : 135837 of Oristano

Chamber of Commerce no. : 303454 of Palermo

Chamber of Commerce no. : 175212 of Piacenza

Chamber of Commerce no. : 409242 of Padova

Chamber of Commerce no. : 148573 of Pescara

Chamber of Commerce no. : 278146 of Perugia

Chamber of Commerce no. : 179190 of Pisa

Chamber of Commerce no. : 99937 of Pordenone

Chamber of Commerce no. : 517355 of Prato

Chamber of Commerce no. : 256947 of Parma

Chamber of Commerce no. : 186128 of Pesaro

Chamber of Commerce no. : 180402 of Pistoia

Chamber of Commerce no. : 277475 of Pavia

Chamber of Commerce no. : 1149565 of Roma

Chamber of Commerce no. : 1149596 of Roma

Chamber of Commerce no. : 323271 of Treviso

Chamber of Commerce no. : 333183 of Venezia since 24/11/2006

Firms' Register : MI-2005-114738 of Milano

Firms' Register : VE-2006-54031 of Venezia

V.A.T. Code : 04850790967

Establishment date	: 02/05/2005
Start of Activities	: 01/12/2006
Legal duration	: 31/01/2060
Nominal Capital	: 18.081.484
Subscribed Capital	: 18.081.484
Paid up Capital	: 18.081.484

Members

Zeilante

Luca

Born in Rovigo

(RO)

on 07/10/1962

- Fiscal Code : ZLNLCU62R07H620B

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	25/03/2013

No Prejudicial events are reported

Turi

Ugo

Born in Gioia del Colle

(BA)

on 13/12/1953

- Fiscal Code : TRUGUO53T13E038S

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	04/04/2012

No Prejudicial events are reported

Cocchi

Bruno

Born in Bologna

(BO)

on 06/02/1956

- Fiscal Code : CCCBRN56B06A944Y

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/12/2006

No Prejudicial events are reported

Scussel

Andrea

Born in Venezia

(VE)

on 23/09/1961

- Fiscal Code : SCSNDR61P23L736H

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/02/2012
Attorney with special power	19/05/2011

No Prejudicial events are reported

Iacobelli

Massimo

Born in Napoli

(NA)

on 27/08/1960

- Fiscal Code : CBLMSM60M27F839Q

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/09/2012

No Prejudicial events are reported

Sama

Francesco

Born in Treviso

(TV)

on 15/12/1964

- Fiscal Code : SMAFNC64T15L407G

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/02/2013

No Prejudicial events are reported

Cocchetto

Cristina

Born in Treviso

(TV)

on 04/06/1966

- Fiscal Code : CCCCST66H44L407D

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

De Martin

Andrea

Born in Pordenone

(PN)

on 06/11/1969

- Fiscal Code : DMRNDR69S06G888L

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/12/2006

No Prejudicial events are reported

Bui

Mirco

Born in Venezia

(VE)

on 09/12/1959

- Fiscal Code : BUIMRC59T09L736I

Residence:

Terraglio

, 17

- 30173

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	04/04/2012

No Prejudicial events are reported

Margotti

Antonio

Born in Napoli

(NA)

on 16/05/1960

- Fiscal Code : MRGNTN60E16F839W

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	27/02/2012

No Prejudicial events are reported

Comina

Daniela

Born in Venezia

(VE)

on 10/02/1962

- Fiscal Code : CMNDNL62B50L736K

Residence:

Terraglio

, 17

- 30100

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	10/07/2008

No Prejudicial events are reported

Di Virgilio

Carmine

Born in Caserta

(CE)

on 04/10/1970

- Fiscal Code : DVRCMN70R04B963I

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

Guadagno

Luciano

Born in Milano

(MI)

on 27/07/1968

- Fiscal Code : GDGLCN68L27F205B

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

Dominici

Simone

Born in Roma

(RM)

on 21/10/1970

- Fiscal Code : DMNSMN70R21H501F

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	11/02/2013

No Prejudicial events are reported

Civiero

Rosetta

Born in Riese Pio X

(TV)

on 09/01/1954

- Fiscal Code : CVRRTT54A49H280S

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/12/2006

No Prejudicial events are reported

Paccagnan

Paolo

Born in Venezia

(VE)

on 01/07/1960

- Fiscal Code : PCCPLA60L01L736Q

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/12/2006

No Prejudicial events are reported

Perin

Nicola

Born in Padova

(PD)

on 19/01/1966

- Fiscal Code : PRNNCL66A19G224F

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	02/03/2012
Director	17/05/2012

No Prejudicial events are reported

Beraldo

Stefano

Born in Venezia

(VE)

on 23/03/1957

- Fiscal Code : BRLSFN57C23L736P

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/07/2011
Managing Director	18/07/2011
General Director	18/07/2011

No Prejudicial events are reported

Boni

Claudia

Born in Melzo

(MI)

on 03/06/1962

- Fiscal Code : BNOCLD62H43F119B

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/12/2006

No Prejudicial events are reported

Vecchiato

Franca

Born in Camposampiero

(PD)

on 30/08/1959

- Fiscal Code : VCCFNC59M70B563P

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

Tassetto

Giovanni

Born in Pianiga

(VE)

on 26/10/1959

- Fiscal Code : TSSGNN59R26G565M

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	16/10/2008

No Prejudicial events are reported

Faccio

Alessandro

Born in Bassano del Grappa

(VI)

on 15/06/1970

- Fiscal Code : FCCLSN70H15A703Y

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	25/03/2013

No Prejudicial events are reported

Brigo

Sabrina

Born in Venezia

(VE)

on 30/04/1968

- Fiscal Code : BRGSRN68D70L736Z

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

Valle

Matteo

Born in Venezia

(VE)

on 27/07/1973

- Fiscal Code : VLLMTT73L27L736D

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	22/10/2010

No Prejudicial events are reported

Weiss

Fritz Ulrich

Born in Bremen

( )

on 03/06/1936

- Fiscal Code : WSSFTZ36H03Z112I

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/07/2011

Scattolin

Nicola

Born in Treviso

(TV)

on 09/09/1953

- Fiscal Code : SCTNCL53P09L407E

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	04/04/2012

No Prejudicial events are reported

Landi

Paolo

Born in Borgo San Lorenzo

(FI)

on 07/05/1953

- Fiscal Code : LNDPLA53E07B036B

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	15/03/2010

No Prejudicial events are reported

Castelli

Marco

Born in Milano

(MI)

on 12/11/1981

- Fiscal Code : CSTMRC81S12F205Q

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	31/05/2013

Pilosio

Antonella

Born in Venezia

(VE)

on 02/08/1955

- Fiscal Code : PLSNNL55M42L736F

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	25/03/2013

No Prejudicial events are reported

Icon 2 S.a.r.l.

Position	Since	Shares Amount	% Ownership
Sole partner

No Prejudicial events are reported

Hall Kimm

Lori

Born in Scarborough

( )

on 20/10/1976

- Fiscal Code : HLLLRO76R60Z401H

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	16/04/2013

No Prejudicial events are reported

Capitanio

Marco

Born in Venezia

(VE)

on 29/08/1964

- Fiscal Code : CPTMRC64M29L736G

Residence:

Orlanda

, 269

- 30173

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	12/09/2012

No Prejudicial events are reported

De Zotti

Marzia

Born in Berlino

( )

on 29/07/1977

- Fiscal Code : DZTMRZ77L69Z112V

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/07/2012

No Prejudicial events are reported

Moroni

Davide

Born in Venezia

(VE)

on 07/10/1969

- Fiscal Code : MRNDVD69R07L736K

Residence:

Mameli

, 24/A

- 30038

Spinea

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	17/04/2012

No Prejudicial events are reported

Vanuzzo

Elisabetta

Born in Dolo

(VE)

on 05/11/1978

- Fiscal Code : VNZLBT78S45D325Z

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

Zhenying

Born in Shenyang

( )

on 02/07/1977

- Fiscal Code : WUXZNY77L02Z210T

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/07/2011

Krogner Kornalik

Heinz Jurgen

Born in Nestomitz

( )

on 24/06/1941

- Fiscal Code : KRGHZJ41H24Z156A

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/07/2011

Ferraresi

Stefano

Born in Cernusco sul Naviglio

(MI)

on 13/11/1972

- Fiscal Code : FRRSFN72S13C523P

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	18/07/2011

Stathopoulos

Nicholas

Born in Atene

( )

on 11/11/1969

- Fiscal Code : STTNHL69S11Z115G

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	17/05/2012
Director	18/07/2011

No Prejudicial events are reported

Capociuchi

Piero

Born in Perugia

(PG)

on 18/05/1960

- Fiscal Code : CPCPRI60E18G478L

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

Massa

Alessandro

Born in Roma

(RM)

on 29/03/1966

- Fiscal Code : MSSLSN66C29H501X

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	18/02/2013

No Prejudicial events are reported

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.

Beraldo

Stefano

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Ariete S.p.a.	Campi Bisenzio (FI) - IT -	11205000158	Director	Withdrawn	Registered
C. E Dis. Commercio E Distribuzione S.p.a. Siglabile Cedis S.p.a.senza Vincoli D	Torino (TO) - IT -	01781100019	Director	Withdrawn	Merged
Coin Franchising Societa' Per Azioni	Venezia (VE) - IT -	02557390586	Managing Director	Withdrawn	Ceased
Coin Franchising Societa' Per Azioni	Venezia (VE) - IT -	02557390586	Director	Withdrawn	Ceased
Coin Franchising Societa' Per Azioni	Venezia (VE) - IT -	02557390586	Managing Director	Withdrawn	Ceased
Coin Franchising Societa' Per Azioni	Venezia (VE) - IT -	02557390586	Board Chairman	Withdrawn	Ceased
Dl Radiators S.p.a.	Treviso (TV) - IT -	00730970266	Director	Withdrawn	Registered
Simac Vetrella S.p.a.	Gorgo Al Monticano (TV) - IT -	00857440267	Director	Withdrawn	Ceased
Climaveneta S.p.a.	Treviso (TV) - IT -	02205090265	Director	Withdrawn	Merged
De' Longhi S.p.a.	Treviso (TV) - IT -	11570840154	Director	Withdrawn	Registered
Gruppo Coin - Societa' Per AzioniIn Forma Abbreviata G.c. - S.p.a.	Venezia (VE) - IT -	00047400320	Managing Director	Withdrawn	Merged
Gruppo Coin - Societa' Per AzioniIn Forma Abbreviata G.c. - S.p.a.	Venezia (VE) - IT -	00047400320	Director	Withdrawn	Merged
Gruppo Coin - Societa' Per AzioniIn Forma Abbreviata G.c. - S.p.a.	Venezia (VE) - IT -	00047400320	General Director	Withdrawn	Merged
Elba S.p.a.	Treviso (TV) - IT -	00199160268	Director	Withdrawn	Ceased
Dl Radiators S.p.a.	Treviso (TV) - IT -	01460240276	Director	Withdrawn	Ceased
Fisher e Paykel Appliances Italy S.p.A.	Borso del Grappa (TV) - IT -	03295340263	Director	Withdrawn	Registered
Tre.bi - Spa	Venezia (VE) - IT -	01219500129	Managing Director	Withdrawn	Merged
Tre.bi - Spa	Venezia (VE) - IT -	01219500129	Director	Withdrawn	Merged
Tre.bi - Spa	Venezia (VE) - IT -	01219500129	Board Chairman	Withdrawn	Merged
Oviesse Societa' Per Azioni	Venezia (VE) - IT -	03147990273	Managing Director	Withdrawn	Merged
Oviesse Societa' Per Azioni	Venezia (VE) - IT -	03147990273	Director	Withdrawn	Merged
Oviesse Societa' Per Azioni	Venezia (VE) - IT -	03147990273	Board Chairman	Withdrawn	Merged
Climaveneta S.p.a.	Treviso (TV) - IT -	02603430139	Director	Withdrawn	Registered
De Longhi Capital Services S.r.l.	Treviso (TV) - IT -	03281930960	Director	Withdrawn	Registered
Brand Zero S.p.a. In Liquidazione	Venezia (VE) - IT -	03841230273	Managing Director	Withdrawn	Ceased
Brand Zero S.p.a. In Liquidazione	Venezia (VE) - IT -	03841230273	Director	Withdrawn	Ceased
Brand Zero S.p.a. In Liquidazione	Venezia (VE) - IT -	03841230273	Board Chairman	Withdrawn	Ceased
Cosi - Concept Of Style Italy Spa	Venezia (VE) - IT -	03877320279	Director	Active	Registered
Coin S.p.a.	Venezia (VE) - IT -	08620050016	Managing Director	Withdrawn	Merged
Coin S.p.a.	Venezia (VE) - IT -	08620050016	Director	Active	Merged
Coin S.p.a.	Venezia (VE) - IT -	08620050016	Managing Director	Active	Merged
Coin S.p.a.	Venezia (VE) - IT -	08620050016	Board Chairman	Active	Merged
Oviesse Franchising Societa' Per Azioni	Venezia (VE) - IT -	08765310019	Director	Withdrawn	Ceased
Giorgione Investimenti S.p.a.	Milano (MI) - IT -	04850810963	Director	Withdrawn	Registered
Upim S.r.l	Venezia (VE) - IT -	05034590967	Director	Withdrawn	Ceased
Upim S.r.l	Venezia (VE) - IT -	05034590967	Managing Director	Withdrawn	Ceased
Upim S.r.l	Venezia (VE) - IT -	05034590967	Board Chairman	Withdrawn	Ceased
Elica Societa' Semplice Societa' Agricola	Venezia (VE) - IT -	03944180276	Partner	Active	Registered
Agricola Nova Silis Societa' Semplice Societa' Agricola	Venezia (VE) - IT -	02066170263	Partner	Active	Registered
Icon Spa	Milano (MI) - IT -	07094260960	Director	Withdrawn	Registered
Gcf S.p.a.	Venezia (VE) - IT -	04135270272	Director	Withdrawn	Registered
Gcf S.p.a.	Venezia (VE) - IT -	04135270272	Board Chairman	Withdrawn	Registered
Excelsior Verona S.r.l.	Mantova (MN) - IT -	02393480203	Director	Active	Registered

Stathopoulos

Nicholas

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Giorgione Investimenti S.p.a.	Milano (MI) - IT -	04850810963	Director	Active	Registered
Giorgione Investimenti S.p.a.	Milano (MI) - IT -	04850810963	Board Chairman	Active	Registered
Icon Spa	Milano (MI) - IT -	07094260960	Director	Active	Registered
Icon Spa	Milano (MI) - IT -	07094260960	Board Chairman	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
Icon 2 S.a.r.l.		97588530150		100,00

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
Wandar S.r.l. - In Liquidazione	Venezia - IT -	00239200215	49.200 .Eur	100,00			Active
Oviesse Societa' Per Azioni	Venezia - IT -	03147990273					Active
Cosi - Concept Of Style Italy Spa	Venezia - IT -	03877320279		100,00			Active
Upim S.r.l	Venezia - IT -	05034590967		100,00			Ceased
Gcf S.p.a.	Venezia - IT -	04135270272		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

since 30/11/2006

Terraglio

, 17

- 30100

- Venezia

(VE)

- IT -

PHONE

: 04123398042

PHONE

: 04123398000

PHONE

: 0412398042

FAX

: 041982722

Branch

(Shop)

since 01/01/2013

Cannaregio

, 5787/90

- 30100

- Venezia

(VE)

- IT -

Trading Style: COIN

Total Surface: 2.110 Sq.mt.

Legal mail

: PECGRUPPOCOIN@PEC.GRUPPOCOIN.IT

Branch

(Shop)

since 01/01/2013

Xxvii Ottobre

, 1-2

- 30100

- Venezia

(VE)

- IT -

Trading Style: LE BARCHE

Total Surface: 8.450 Sq.mt.

Branch

(Shop)

since 01/01/2013

E. Mattei C.c. Valecenter

, 1

- 30020

- Marcon

(VE)

- IT -

Trading Style: LUCA D'ALTIERI

Total Surface: 156 Sq.mt.

Branch

(Shop)

since 01/01/2013

Don Tosatto - Terraglio

, 18

- 30100

- Venezia

(VE)

- IT -

Trading Style: OVS

Total Surface: 1.534 Sq.mt.

Branch

(Shop)

since 01/01/2013

Gran Viale S. Maria Elisabetta

, 39

- 30100

- Venezia

(VE)

- IT -

Trading Style: OVS

Total Surface: 1.857 Sq.mt.

Branch

(Shop)

since 01/01/2013

E.mattei

, 9/D

- 30020

- Marcon

(VE)

- IT -

Trading Style: OVS

Total Surface: 1.400 Sq.mt.

Branch

(Shop)

since 01/01/2013

Mazzini

, 102

- 30031

- Dolo

(VE)

- IT -

Trading Style: OVS

Total Surface: 925 Sq.mt.

Branch

(Shop)

since 01/01/2013

Delle Barche

, 34

- 30035

- Mirano

(VE)

- IT -

Trading Style: OVS

Total Surface: 48 Sq.mt.

Branch

(Shop)

since 01/01/2013

Venezia

, 20

- 30016

- Iesolo

(VE)

- IT -

Trading Style: OVS

Total Surface: 970 Sq.mt.

Branch

(Shop)

since 01/01/2013

Pratiguori

, 29/A

- 30026

- Portogruaro

(VE)

- IT -

Trading Style: OVS

Total Surface: 1.496 Sq.mt.

Branch

(Shop)

since 01/01/2013

Piave

, 24

- 30027

- San Dona' di Piave

(VE)

- IT -

Trading Style: OVS

Total Surface: 1.584 Sq.mt.

Branch

(Shop)

since 05/09/2012

Cometi S. Prov. 15

, SNC

- 92020

- Castrofilippo

(AG)

- IT -

Trading Style: BERNARDI

Total Surface: 770 Sq.mt.

Branch

(Shop)

since 24/09/2012

Argentina

, UNITA A4

- 92027

- Licata

(AG)

- IT -

Total Surface: 750 Sq.mt.

Branch

(Shop)

since 01/01/2013

Gioeni

, 39/41

- 92100

- Agrigento

(AG)

- IT -

Trading Style: OVS

Total Surface: 2.082 Sq.mt.

Branch

(Shop)

since 01/01/2013

Campobello

, 159

- 92027

- Licata

(AG)

- IT -

Trading Style: OVS

Total Surface: 795 Sq.mt.

Branch

(Shop)

since 01/01/2013

V. Emanuele

, 112

- 92019

- Sciacca

(AG)

- IT -

Trading Style: OVS

Total Surface: 730 Sq.mt.

Branch

(Shop)

since 01/01/2013

Aosta

, 12-13-14

- 92024

- Canicatti'

(AG)

- IT -

Trading Style: OVS

Total Surface: 948 Sq.mt.

Branch

(Shop)

since 14/02/2013

Fosse Ardeatine - Unita' 24

, SNC

- 92100

- Agrigento

(AG)

- IT -

Trading Style: OVS

Total Surface: 680 Sq.mt.

Branch

(Shop)

since 01/01/2013

Spalto Marengo

, SNC

- 15100

- Alessandria

(AL)

- IT -

Trading Style: OVS

Total Surface: 1.098 Sq.mt.

Branch

(Shop)

since 01/01/2013

S.p. Per Viguzzolo

, 2

- 15057

- Tortona

(AL)

- IT -

Trading Style: OVS

Total Surface: 1.400 Sq.mt.

Branch

(Shop)

since 01/01/2013

S.s.31

, 7

- 15030

- Villanova Monferrato

(AL)

- IT -

Trading Style: OVS

Total Surface: 957 Sq.mt.

Branch

(Shop)

since 01/01/2013

Loc. Chiozzo

, SNC

- 15100

- Alessandria

(AL)

- IT -

Trading Style: OVS

Total Surface: 1.160 Sq.mt.

Branch

(Shop)

since 01/01/2013

Carducci

, 7

- 15011

- Acqui Terme

(AL)

- IT -

Trading Style: OVS KIDS

Total Surface: 90 Sq.mt.

Branch

(Shop)

since 01/01/2013

Novi

, 35

- 15069

- Serravalle Scrivia

(AL)

- IT -

Trading Style: OVS

Total Surface: 1.350 Sq.mt.

Branch

(Shop)

since 13/09/2012

Gallodoro

, 78/2

- 60035

- Jesi

(AN)

- IT -

Trading Style: BERNARDI

Total Surface: 890 Sq.mt.

Branch

(Shop)

since 01/01/2013

Sbrozzola Ss 16

, 28

- 60027

- Osimo

(AN)

- IT -

Trading Style: OVS

Total Surface: 1.482 Sq.mt.

Branch

(Shop)

since 01/01/2013

Iv Novembre

, 44/46

- 60019

- Senigallia

(AN)

- IT -

Trading Style: OVS

Total Surface: 1.735 Sq.mt.

Branch

(Shop)

since 01/01/2013

Caduti Sul Lavoro

, 4

- 60035

- Jesi

(AN)

- IT -

Trading Style: OVS

Total Surface: 566 Sq.mt.

Branch

(Shop)

since 01/01/2013

Battaglione

, 5

- 11100

- Aosta

(AO)

- IT -

Trading Style: OVS

Total Surface: 1.317 Sq.mt.

Branch

(Shop)

since 01/01/2013

Loc. Grand Chemin

, 60

- 11100

- Saint Christophe

(AO)

- IT -

Trading Style: OVS

Total Surface: 683 Sq.mt.

Branch

(Shop)

since 01/01/2013

De Tillier

, 9

- 11100

- Aosta

(AO)

- IT -

Trading Style: IANA

Total Surface: 105 Sq.mt.

Branch

(Shop)

since 01/01/2013

Del Commercio

, 52

- 63100

- Ascoli Piceno

(AP)

- IT -

Trading Style: OVS

Total Surface: 750 Sq.mt.

Branch

(Shop)

since 27/09/2012

Della Repubblica

, 9

- 67039

- Sulmona

(AQ)

- IT -

Total Surface: 479 Sq.mt.

Branch

(Shop)

since 01/01/2013

Trieste

, 33/35

- 67051

- Avezzano

(AQ)

- IT -

Trading Style: OVS

Total Surface: 2.047 Sq.mt.

Branch

(Shop)

since 01/01/2013

Vittorio Veneto

, SNC

- 67039

- Sulmona

(AQ)

- IT -

Trading Style: OVS

Total Surface: 1.320 Sq.mt.

Branch

(Shop)

since 01/01/2013

R. Carabba

, SNC

- 67100

- L'Aquila

(AQ)

- IT -

Trading Style: OVS

Total Surface: 900 Sq.mt.

Branch

(Shop)

since 01/01/2013

Montefeltro

, 1/C

- 52037

- Sansepolcro

(AR)

- IT -

Trading Style: OVS

Total Surface: 1.000 Sq.mt.

Branch

(Shop)

since 01/01/2013

Vittorio Veneto

, 127/C

- 52100

- Arezzo

(AR)

- IT -

Trading Style: BLUKIDS

Total Surface: 130 Sq.mt.

Branch

(Shop)

since 01/01/2013

Italia

, 237-239

- 52100

- Arezzo

(AR)

- IT -

Trading Style: OVS

Total Surface: 2.371 Sq.mt.

Branch

(Shop)

since 19/03/2013

Roma

, 8/A

- 52027

- San Giovanni Valdarno

(AR)

- IT -

Trading Style: IANA

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 12/09/2012

Canelli

, 10

- 14049

- Nizza Monferrato

(AT)

- IT -

Total Surface: 988 Sq.mt.

Branch

(Shop)

since 01/01/2013

Area Gd1

, SNC

- 14100

- Asti

(AT)

- IT -

Trading Style: OVS

Total Surface: 1.300 Sq.mt.

Branch

(Shop)

since 01/01/2013

Alfieri

, 48

- 14100

- Asti

(AT)

- IT -

Trading Style: OVS KIDS

Total Surface: 179 Sq.mt.

Branch

(Shop)

since 01/01/2013

Cavour

, 26

- 14100

- Asti

(AT)

- IT -

Trading Style: IANA

Total Surface: 49 Sq.mt.

Branch

(Shop)

since 01/01/2013

Nazionale Torrette

, 139A

- 83013

- Mercogliano

(AV)

- IT -

Trading Style: OVS

Total Surface: 1.200 Sq.mt.

Branch

(Shop)

since 01/01/2013

Appia

, 136/H/I/

- 83042

- Atripalda

(AV)

- IT -

Trading Style: OVS

Total Surface: 2.023 Sq.mt.

Branch

(Shop)

since 01/01/2013

Roma

, 61/63

- 83042

- Atripalda

(AV)

- IT -

Trading Style: IANA

Total Surface: 68 Sq.mt.

Branch

(Shop)

since 01/01/2013

Noicattaro

, 2

- 70010

- Casamassima

(BA)

- IT -

Trading Style: COIN

Total Surface: 3.085 Sq.mt.

Branch

(Shop)

since 01/01/2013

S.s.170 Andria-barletta

, SNC

- 70031

- Andria

(BA)

- IT -

Trading Style: OVS

Total Surface: 1.600 Sq.mt.

Branch

(Shop)

since 01/01/2013

Noicattaro

, 2

- 70010

- Casamassima

(BA)

- IT -

Trading Style: OVS

Total Surface: 1.400 Sq.mt.

Branch

(Shop)

since 01/01/2013

Loiacono - Via Toscani

, SNC

- 70100

- Bari

(BA)

- IT -

Trading Style: OVS

Total Surface: 601 Sq.mt.

Branch

(Shop)

since 01/01/2013

Olivetti - Zona Asi

, SNC

- 70056

- Molfetta

(BA)

- IT -

Trading Style: OVS

Total Surface: 1.175 Sq.mt.

Branch

(Shop)

since 01/01/2013

Sparano

, 28

- 70100

- Bari

(BA)

- IT -

Trading Style: OVS

Total Surface: 250 Sq.mt.

Branch

(Shop)

since 01/01/2013

Melo

, 116

- 70100

- Bari

(BA)

- IT -

Trading Style: OVS KIDS

Total Surface: 220 Sq.mt.

Branch

(Shop)

since 01/01/2013

C.da Semeraro

, 1/A

- 70010

- Locorotondo

(BA)

- IT -

Trading Style: OVS

Total Surface: 810 Sq.mt.

Branch

(Shop)

since 01/01/2013

Santa Caterina

, 17

- 70100

- Bari

(BA)

- IT -

Trading Style: OVS

Total Surface: 1.500 Sq.mt.

Branch

(Shop)

since 01/01/2013

Dante

, 33

- 70033

- Corato

(BA)

- IT -

Trading Style: BLUKIDS

Total Surface: 130 Sq.mt.

Branch

(Shop)

since 01/01/2013

Dante Alighieri

, 17

- 70100

- Bari

(BA)

- IT -

Trading Style: IANA

Total Surface: 79 Sq.mt.

Branch

(Shop)

since 01/01/2013

Umberto

, 63

- 70056

- Molfetta

(BA)

- IT -

Trading Style: IANA

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 01/01/2013

Italia

, 27-27/A

- 70059

- Trani

(BA)

- IT -

Trading Style: BLUKIDS

Total Surface: 89 Sq.mt.

Branch

(Shop)

since 01/01/2013

Va Aldo Moro

, 1

- 70059

- Trani

(BA)

- IT -

Trading Style: OVS

Total Surface: 1.000 Sq.mt.

Branch

(Shop)

since 01/01/2013

Francesco De Blasio

, 4-6

- 70100

- Bari

(BA)

- IT -

Trading Style: OVS

Total Surface: 1.750 Sq.mt.

Branch

(Shop)

since 17/09/2012

San Galletti

, SNC

- 24043

- Caravaggio

(BG)

- IT -

Trading Style: BERNARDI

Total Surface: 1.350 Sq.mt.

Branch

(Shop)

since 17/09/2012

Trieste

, 18

- 22040

- Cortenuova

(BG)

- IT -

Total Surface: 1.900 Sq.mt.

Branch

(Shop)

since 01/01/2013

Medaglie D'oro - Via Zam

, 11

- 24100

- Bergamo

(BG)

- IT -

Trading Style: COIN

Total Surface: 4.450 Sq.mt.

Branch

(Shop)

since 01/01/2013

Gerolamo Tiraboschi

, 53

- 24100

- Bergamo

(BG)

- IT -

Trading Style: OVS

Total Surface: 3.950 Sq.mt.

Branch

(Shop)

since 01/01/2013

Brusaporto

, 41

- 24068

- Seriate

(BG)

- IT -

Trading Style: OVS

Total Surface: 1.450 Sq.mt.

Branch

(Warehouse)

since 01/01/2013

Nazionale

, 116

- 24068

- Seriate

(BG)

- IT -

Branch

(Shop)

since 01/01/2013

Piemonte

, SNC

- 24049

- Verdello

(BG)

- IT -

Trading Style: OVS

Total Surface: 500 Sq.mt.

Branch

(Shop)

since 01/01/2013

Enrico Fermi

, 2

- 24035

- Curno

(BG)

- IT -

Trading Style: OVS

Total Surface: 1.499 Sq.mt.

Branch

(Shop)

since 01/01/2013

Vittorio Veneto

, SNC

- 24041

- Brembate

(BG)

- IT -

Trading Style: OVS

Total Surface: 1.499 Sq.mt.

Branch

(Shop)

since 01/01/2013

Portico

, 71

- 24050

- Orio Al Serio

(BG)

- IT -

Trading Style: OVS

Total Surface: 795 Sq.mt.

Branch

(Shop)

since 01/01/2013

Del Commercio

, 3

- 24051

- Antegnate

(BG)

- IT -

Trading Style: OVS

Total Surface: 1.070 Sq.mt.

Branch

(Shop)

since 01/01/2013

Rezzara

, 11/B

- 24100

- Bergamo

(BG)

- IT -

Trading Style: IANA

Total Surface: 84 Sq.mt.

Branch

(Shop)

since 01/01/2013

Cavour

, 60

- 13052

- Gaglianico

(BI)

- IT -

Trading Style: OVS

Total Surface: 950 Sq.mt.

Branch

(Shop)

since 01/01/2013

Domenico Modugno

, 4/A

- 13051

- Biella

(BI)

- IT -

Trading Style: OVS

Total Surface: 1.150 Sq.mt.

Branch

(Shop)

since 20/09/2012

Cavassico Inferiore

, SNC

- 32028

- Trichiana

(BL)

- IT -

Total Surface: 1.199 Sq.mt.

Branch

(Shop)

since 21/09/2012

Zuecca

, 2

- 32032

- Feltre

(BL)

- IT -

Total Surface: 1.596 Sq.mt.

Branch

(Shop)

since 01/01/2013

Dei Martiri

, 56/62

- 32100

- Belluno

(BL)

- IT -

Trading Style: OVS

Total Surface: 1.154 Sq.mt.

Branch

(Shop)

since 01/01/2013

Porta Castaldi

, 7

- 32032

- Feltre

(BL)

- IT -

Trading Style: OVS

Total Surface: 1.305 Sq.mt.

Branch

(Shop)

since 01/01/2013

Martiri

, 21

- 32100

- Belluno

(BL)

- IT -

Trading Style: IANA

Total Surface: 130 Sq.mt.

Branch

(Shop)

since 01/01/2013

Napoli

, 216

- 82100

- Benevento

(BN)

- IT -

Trading Style: OVS

Total Surface: 900 Sq.mt.

Branch

(Shop)

since 01/01/2013

Benevento

, SNC

- 82016

- Montesarchio

(BN)

- IT -

Trading Style: OVS

Total Surface: 600 Sq.mt.

Branch

(Shop)

since 01/01/2013

P. Nenni

, 34/36

- 82100

- Benevento

(BN)

- IT -

Trading Style: OVS

Total Surface: 1.200 Sq.mt.

Branch

(Shop)

since 17/09/2012

L. Fava

, 461

- 40059

- Medicina

(BO)

- IT -

Total Surface: 1.204 Sq.mt.

Branch

(Shop)

since 17/09/2012

Gilles Villeneuve

, 4

- 40069

- Zola Predosa

(BO)

- IT -

Total Surface: 1.100 Sq.mt.

Branch

(Shop)

since 01/01/2013

Rizzoli

, 7

- 40100

- Bologna

(BO)

- IT -

Trading Style: COIN

Total Surface: 3.000 Sq.mt.

Branch

(Shop)

since 01/01/2013

Tito Carnacini

, 21

- 40100

- Bologna

(BO)

- IT -

Trading Style: COIN FACTORY STORE

Total Surface: 1.382 Sq.mt.

Branch

(Shop)

since 01/01/2013

Degli Etruschi

, 2/9

- 40033

- Casalecchio di Reno

(BO)

- IT -

Trading Style: OVS

Total Surface: 1.500 Sq.mt.

Branch

(Shop)

since 01/01/2013

Martiri 1943-1945

, 1/H

- 40100

- Bologna

(BO)

- IT -

Trading Style: OVS

Total Surface: 2.842 Sq.mt.

Branch

(Shop)

since 01/01/2013

Tito Carnacini

, 33/35

- 40100

- Bologna

(BO)

- IT -

Trading Style: OVS

Total Surface: 2.002 Sq.mt.

Branch

(Shop)

since 01/01/2013

Amendola

, 129

- 40026

- Imola

(BO)

- IT -

Trading Style: OVS

Total Surface: 1.400 Sq.mt.

Branch

(Shop)

since 01/01/2013

San Felice

, 123

- 40100

- Bologna

(BO)

- IT -

Trading Style: OVS KIDS

Total Surface: 116 Sq.mt.

Branch

(Shop)

since 01/01/2013

U. Bassi

, 6/A

- 40100

- Bologna

(BO)

- IT -

Trading Style: OVS

Total Surface: 1.783 Sq.mt.

Branch

(Shop)

since 01/01/2013

Via Larga

, SNC

- 40100

- Bologna

(BO)

- IT -

Trading Style: OVS

Total Surface: 1.194 Sq.mt.

Branch

(Shop)

since 01/01/2013

Commenda

, 120/132

- 72100

- Brindisi

(BR)

- IT -

Trading Style: OVS

Total Surface: 1.012 Sq.mt.

Branch

(Shop)

since 01/01/2013

Vittorio Emanuele

, 50/52

- 72015

- Fasano

(BR)

- IT -

Trading Style: OVS KIDS

Total Surface: 120 Sq.mt.

Branch

(Shop)

since 01/01/2013

Magenta

, 2

- 25100

- Brescia

(BS)

- IT -

Trading Style: COIN

Total Surface: 4.747 Sq.mt.

Branch

(Shop)

since 01/01/2013

Rovato

, 44

- 25030

- Erbusco

(BS)

- IT -

Trading Style: OVS

Total Surface: 1.390 Sq.mt.

Branch

(Shop)

since 01/01/2013

Giorgione

, 13

- 25100

- Brescia

(BS)

- IT -

Trading Style: OVS

Total Surface: 1.300 Sq.mt.

Branch

(Shop)

since 01/01/2013

Tadini

, 37

- 25100

- Brescia

(BS)

- IT -

Trading Style: OVS

Total Surface: 1.945 Sq.mt.

Branch

(Shop)

since 01/01/2013

Mantova

, 98

- 25100

- Brescia

(BS)

- IT -

Trading Style: OVS

Total Surface: 1.100 Sq.mt.

Branch

(Shop)

since 01/01/2013

Caduti Dei Lagher

, 23

- 25015

- Desenzano del Garda

(BS)

- IT -

Trading Style: OVS

Total Surface: 800 Sq.mt.

Branch

(Shop)

since 01/01/2013

Brescia

, 48/50

- 25086

- Rezzato

(BS)

- IT -

Trading Style: IANA

Total Surface: 227 Sq.mt.

Branch

(Shop)

since 01/01/2013

Garibaldi

, 17

- 25049

- Iseo

(BS)

- IT -

Trading Style: IANA

Total Surface: 47 Sq.mt.

Branch

(Shop)

since 01/01/2013

E. Mattei

, 37/39

- 25030

- Roncadelle

(BS)

- IT -

Trading Style: OVS

Total Surface: 1.000 Sq.mt.

Branch

(Shop)

since 01/01/2013

De Gasperi

, 6

- 25080

- Mazzano

(BS)

- IT -

Trading Style: OVS

Total Surface: 1.035 Sq.mt.

Branch

(Shop)

since 14/02/2013

Beato Lodovico Pavoni

, SNC

- 25014

- Castenedolo

(BS)

- IT -

Trading Style: OVS

Total Surface: 900 Sq.mt.

Branch

RAGGIUNTO IL N. MAX DI UNITA LOCALI

- VISUALIZZABILI

Employees

: 9.772

Fittings and Equipment for a value of 203.880.000

Eur

Stocks for a value of 355.320.000

Eur

The firm has a direct commercial organization

The company sells in Italy and abroad.

The company sells mainly to consumers.

The firm operates abroad as importer / exporter..

Export represents from 20% to 50% of the global turnover.

Main used terms of sale: cash and within 30 days.

Subject collects by cash and/or credit card.

Main used payment modalities are by cash orders and bank transfers.

The subject firm uses the following own selling brands:

- IANA

- UPIM

- COIN

- OVS

- EXCELSIOR

Traded Brands / Suppliers

- GURU

- Miss Sixty

- Toy G.

- Energie

- Mustang

- Pepe Jeans

- Murphy e Nye

- Diesel

- CK Collection

- Trussardi Jeans

- Timberland

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
BELLINI INVESTIMENTI S.P.A.	Gruppo Coin SPA	22/11/2006

EX-MEMBERS / EX-POSITIONS:

Coin

Piero

Born in Latisana

(UD)

on 12/08/1969

- Fiscal Code : CNOPRI69M12E473F

Residence:

Terraglio

, 17

- 30100

Venezia

(VE)

- IT -

Ex-Postions

Director

Furfaro

Nadia

Born in Cosenza

(CS)

on 23/01/1955

- Fiscal Code : FRFNDA55A63D086S

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Ex-Postions

Procurator

Megret

Dominique

Born in Parigi

( )

on 19/03/1947

Residence:

Parigi

- FR -

Ex-Postions

Director

Megret

Dominique

Born in Parigi

( )

on 19/03/1947

Residence:

Parigi

- FR -

Ex-Postions

Director

Carrara

Andrea

Born in Milano

(MI)

on 15/05/1965

- Fiscal Code : CRRNDR65E15F205D

Residence:

Razza Luigi

, 3

- 20124

Milano

(MI)

- IT -

Ex-Postions

Director

Board Chairman

Hassan

Carlo

Born in Tripoli

( )

on 18/03/1954

- Fiscal Code : HSSCRL54C18Z326D

Residence:

Vercelli

, 1

- 20100

Milano

(MI)

- IT -

Ex-Postions

Permanent Auditor

Coin

Marta

Born in Venezia

(VE)

on 06/10/1971

- Fiscal Code : CNOMRT71R46L736D

Residence:

Terraglio

, 17

- 30100

Venezia

(VE)

- IT -

Ex-Postions

Director

Artuso

Stefano

Born in Treviso

(TV)

on 11/08/1964

- Fiscal Code : RTSSFN64M11L407C

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Ex-Postions

Procurator

Giorgione Investimenti S.p.a.

- Fiscal Code : 04850810963

Residence:

San Primo

, 4

- 20121

Milano

(MI)

- IT -

Ex-Postions

Sole partner

Zonta

Fabio

Born in Padova

(PD)

on 20/09/1962

- Fiscal Code : ZNTFBA62P20G224W

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Ex-Postions

Procurator

Vitale

Raffaele Roberto

Born in Stati Uniti D'america

( )

on 12/10/1962

- Fiscal Code : VTLRFL62R12Z404S

Residence:

S. Ambrogio

, 6

- 20123

Milano

(MI)

- IT -

Ex-Postions

Director

Paris

Michel Maurice

Born in Parigi

( )

on 09/09/1957

- Fiscal Code : PRSMHL57P09Z110N

Residence:

Terraglio

, 17

- 30100

Venezia

(VE)

- IT -

Ex-Postions

Director

Meunier

Bertrand

Born in Parigi

( )

on 10/03/1956

- Fiscal Code : MNRBTR56C10Z110U

Residence:

Terraglio

, 17

- 30100

Venezia

(VE)

- IT -

Ex-Postions

Director

Plassat

Georges

Born in Bollene

( )

on 25/03/1949

- Fiscal Code : PLSGGS49C25Z110A

Residence:

Terraglio

, 17

- 30100

Venezia

(VE)

- IT -

Ex-Postions

Director

Bouchez

Eric

Born in Pau

(OR)

on 07/01/1968

- Fiscal Code : BCHRCE68A07Z110J

Ex-Postions

Director

Ferraresi

Roberto

Born in Novara

(NO)

on 03/07/1975

- Fiscal Code : FRRRRT75L03F952V

Residence:

Washington Giorgio

, 49

- 20146

Milano

(MI)

- IT -

Ex-Postions

Director

Stathopoulos

Nicholas

Born in Atene

( )

on 11/11/1969

- Fiscal Code : STTNHL69S11Z115G

Residence:

Terraglio

, 17

- 30174

Venezia

(VE)

- IT -

Ex-Postions

Vice-Chairman

Zonta

Fabio

Born in Padova

(PD)

on 20/09/1962

- Fiscal Code : ZNTFBA62P20G224W

Residence:

Terraglio

, 17

- 30170

Venezia

(VE)

- IT -

Ex-Postions

Procurator

Belloni

Antonio

Born in Genova

(GE)

on 24/03/1950

- Fiscal Code : BLLNTN50C24D969F

Residence:

Mazzini

, 53

- 10100

Torino

(TO)

- IT -

Ex-Postions

Director

Levi

Vittorio

Born in Torino

(TO)

on 14/03/1938

- Fiscal Code : LVEVTR38C14L219Y

Residence:

Bogino

, 9

- 10123

Torino

(TO)

- IT -

Ex-Postions

Director

Reali

David

Born in Forli'

(FO)

on 21/01/1966

- Fiscal Code : RLEDVD66A21D704T

Residence:

Manzoni

, 42

- 20100

Milano

(MI)

- IT -

Ex-Postions

Permanent Auditor

Bohm

Antonio

Born in Marostica

(VI)

on 18/09/1951

- Fiscal Code : BHMNTN51P18E970F

Residence:

Terraglio

, 17

- 30170

Venezia

(VE)

- IT -

Ex-Postions

Procurator

Zoppas

Giovanni

Born in Vittorio Veneto

(TV)

on 29/05/1958

- Fiscal Code : ZPPGNN58E29M089T

Residence:

C. Beccaria

, 28

- 31029

Vittorio Veneto

(TV)

- IT -

Ex-Postions

Director

General Director

Procurator

CEASINGS/INCORPORATIONS/MERGES:

The firm absorbed by merging of

Gruppo Coin - Societa' Per AzioniIn Forma Abbreviata G.c. - S.p.a.

Cannaregio

, 5793

, 30121

, Venezia

(VE)

- IT -

Fiscal Code: 00047400320

Date

22/11/2006

Project of merging by taking over of

Gruppo Coin - Societa' Per AzioniIn Forma Abbreviata G.c. - S.p.a.

Cannaregio

, 5793

, 30121

, Venezia

(VE)

- IT -

Fiscal Code: 00047400320

Date

Merging/splitting-up project:

11/04/2006

Project of merging by taking over of

Icon Spa

San Primo

, 4

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 07094260960

Date

Merging/splitting-up project:

17/01/2012

Resolution of merging of

Icon Spa

San Primo

, 4

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 07094260960

Date

25/01/2012

The firm absorbed by merging of

Icon Spa

San Primo

, 4

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 07094260960

Date

03/04/2012

Project of merging by taking over of

Coin Franchising Societa' Per Azioni

Terraglio

, 17

, 30173

, Venezia

(VE)

- IT -

Fiscal Code: 02557390586

Date

Merging/splitting-up project:

28/06/2012

The firm absorbed by merging of

Coin S.p.a.

Terraglio

, 17

, 30174

, Venezia

(VE)

- IT -

Fiscal Code: 08620050016

Date

01/01/2013

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.

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
B.CA NAZIONALE DEL LAVORO SPA					1005	0
UNICREDIT BANCA SPA					2008	0
INTESA SANPAOLO SPA					3069	0

Financial and Economical Analysis

Company's starting of activities dates back to 2006.

The economic-financial analysis is based on the latest 3 b/s.

In the economic management , good and bad results followed on by turns. with a negative economic result in the last financial year. The turnover is growing in the last financial year (more then 100%).

A loss is registered as to the operating result (-0,19%).

the operating loss amounts to Eur. -4.552.000.

The gross operating margin of the latest financial year is of Eur. 100.111.000 showing a more then 100% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,03) but with an increase as against the previous accounting period.

It's shareholders funds amount to Eur. 489.678.000 , unchanged as opposed to the preceding year.

Total indebtedness was equal to Eur. 1.609.678.000 (Eur. 21.390.000 was the value of m/l term debts) , rising as opposed to the previous year (+more then 100%).

Financial indebtedness is considered fair whereas the recourse to commercial borrowings is high even if it still falls within the sector's average.

This situation arises from a scanty liquidity too.

Trade credits average terms are 25,19 days. , on the same levels as the sector's average.

As far as the cash flow is concerned during the latest financial year it amounted to Eur. 7.653.000

In the last financial year labour cost was of Eur. 306.789.000, with a 19,56% incidence on total costs of production. , whereas 20,25% is the incidence on sales revenues.

High incidence of financial charges on turnover.

Financial Data

Complete balance-sheet for the year

31/01/2013

(in Eur

x 1)

Item Type	Value
Sales	1.515.186.000
Profit (Loss) for the period	-97.010.000

Complete balance-sheet for the year

31/01/2012

(in Eur

x 1)

Item Type	Value
Sales	98.098.000
Profit (Loss) for the period	144.788.000

Complete balance-sheet for the year

31/01/2011

(in Eur

x 1)

Item Type	Value
Sales	94.114.532
Profit (Loss) for the period	20.326.985

Complete balance-sheet for the year

31/01/2010

(in Eur

x 1)

Item Type	Value
Sales	77.366.013
Profit (Loss) for the period	25.902.363

Complete balance-sheet for the year

31/01/2009

(in Eur

x 1)

Item Type	Value
Sales	74.542.286
Profit (Loss) for the period	8.060.332

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 31/01/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/01/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/01/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2013

2012

2011

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.
. . Industrial patent rights	13.449.000	12.059.000
. . Concessions,licenses,trademarks,etc.	658.857.000
. . Goodwill	485.105.000
. . Assets in formation and advance paymen.	104.000	171.000
. . Other intangible fixed assets	157.638.000
. Total Intangible Fixed Assets	1.315.153.000	12.230.000	11.916.049
. TANGIBLE FIXED ASSETS
. . Real estate	111.947.000	28.337.000
. . Plant and machinery	104.770.000	24.960.000	56.246.385
. . Industrial and commercial equipment	99.113.000	1.562.000
. . Other assets	4.750.000	956.000
. . Assets under construction and advances	3.706.000	359.000
. Total Tangible fixed assets	324.286.000	56.174.000	56.246.385
. FINANCIAL FIXED ASSETS
. . Equity investments	42.559.000	593.520.000	583.092.733
. . . Equity invest. in subsidiary companies	42.328.000	593.393.000
. . . Equity invest. in associated companies	129.000
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	102.000	127.000	583.092.733
. . Financial receivables	7.806.000	132.000	650.051
. . . . Within 12 months
. . . . Beyond 12 months	7.806.000	132.000	650.051
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . 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	7.806.000	132.000	650.051
. . . . Within 12 months
. . . . Beyond 12 months	7.806.000	132.000	650.051
. . Other securities		493.000
. . Own shares
. . . Total nominal value
. Total financial fixed assets	50.365.000	594.145.000	583.742.784
Total fixed assets	1.689.804.000	662.549.000	651.905.218
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	355.317.000
. . Advance payments
. Total Inventories	355.317.000
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	147.829.000	306.576.000	59.889.248
. . Beyond 12 months	5.784.000	3.080.000
. . Trade receivables	106.035.000	876.000	52.911.168
. . . . Within 12 months	106.035.000	876.000	52.911.168
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.566.000	248.091.000
. . . . Within 12 months	1.566.000	248.091.000
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	15.437.000	35.516.000
. . . . Within 12 months	15.437.000	35.516.000
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	16.434.000	21.172.000	47.416
. . . . Within 12 months	16.434.000	21.172.000	47.416
. . . . Beyond 12 months
. . Receivables for anticipated taxes		2.977.000
. . . . Within 12 months
. . . . Beyond 12 months		2.977.000
. . Receivables due from third parties	14.141.000	1.024.000	6.930.664
. . . . Within 12 months	8.357.000	921.000	6.930.664
. . . . Beyond 12 months	5.784.000	103.000
. Total Credits not held as fixed assets	153.613.000	309.656.000	59.889.248
. 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
. Total Financial Assets			73.516.685
. LIQUID FUNDS
. . Bank and post office deposits	99.977.000	75.788.000
. . Checks
. . Banknotes and coins	6.378.000	13.000
. Total Liquid funds	106.355.000	75.801.000	59.664.416
Total current assets	615.285.000	385.457.000	193.070.349
ADJUSTMENT ACCOUNTS
. Discount on loans
. Other adjustment accounts	44.590.000	11.166.000
Total adjustments accounts	44.590.000	11.166.000
TOTAL ASSETS	2.349.679.000	1.059.172.000	844.975.567

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	14.462.000	14.462.000	14.308.744
. Additional paid-in capital	290.110.000	290.110.000
. Revaluation reserves
. Legal reserve	2.892.000	2.714.000
. Reserve for Own shares
. Statute reserves
. Other reserves	-9.104.000	-8.114.000	283.272.328
. Accumulated Profits (Losses)	288.328.000	21.538.000
. Profit( loss) of the year	-97.010.000	144.788.000	20.326.985
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	489.678.000	465.498.000	317.908.057
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed	145.712.000		168.939
. . Other funds	23.906.000	6.437.000	5.882.675
Total Reserves for Risks and Charges	169.618.000	6.437.000	6.051.614
Employee termination indemnities	62.721.000	4.271.000	4.437.196
ACCOUNTS PAYABLE
. . . . Within 12 months	1.588.288.000	222.098.000	289.530.179
. . . . Beyond 12 months	21.390.000	360.219.000	227.048.521
. . 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	947.280.000	456.816.000	457.594.486
. . . . Within 12 months	947.280.000	110.716.000	230.545.965
. . . . Beyond 12 months		346.100.000	227.048.521
. . Due to other providers of finance	30.398.000	21.601.000
. . . . Within 12 months	13.600.000	7.482.000
. . . . Beyond 12 months	16.798.000	14.119.000
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	444.582.000	27.100.000	42.636.293
. . . . Within 12 months	444.582.000	27.100.000	42.636.293
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	60.711.000	45.291.000
. . . . Within 12 months	60.711.000	45.291.000
. . . . Beyond 12 months
. . Due to associated companies	20.310.000	19.568.000
. . . . Within 12 months	20.310.000	19.568.000
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	51.327.000	4.656.000	6.878.756
. . . . Within 12 months	51.327.000	4.656.000	6.878.756
. . . . Beyond 12 months
. . Due to social security and welfare inst.	7.869.000	699.000
. . . . Within 12 months	7.869.000	699.000
. . . . Beyond 12 months
. . Other payables	47.201.000	6.586.000	9.469.165
. . . . Within 12 months	42.609.000	6.586.000	9.469.165
. . . . Beyond 12 months	4.592.000
Total accounts payable	1.609.678.000	582.317.000	516.578.700
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	17.984.000	649.000
Total adjustment accounts	17.984.000	649.000
TOTAL LIABILITIES	2.349.679.000	1.059.172.000	844.975.567

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	1.515.186.000	98.098.000	94.114.532
. Changes in work in progress	-25.140.000
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	73.824.000	5.821.000
. . Contributions for operating expenses
. . Different income and revenues	73.824.000	5.821.000
Total value of production	1.563.870.000	103.919.000	94.114.532
PRODUCTION COSTS
. Raw material,other materials and consum.	689.226.000	1.845.000	2.153.230
. Services received	209.509.000	61.032.000	56.935.735
. Leases and rentals	228.137.000	6.850.000	5.654.439
. Payroll and related costs	306.789.000	20.888.000	23.280.650
. . Wages and salaries	224.256.000	14.811.000
. . Social security contributions	66.987.000	4.769.000
. . Employee termination indemnities
. . Pension and similar
. . Other costs	15.546.000	1.308.000
. Amortization and depreciation	104.663.000	8.982.000	8.155.399
. . Amortization of intangible fixed assets	16.211.000	4.246.000
. . Amortization of tangible fixed assets	68.225.000	4.683.000
. . Depreciation of tangible fixed assets	4.987.000	53.000
. . Writedown of current receiv.and of liquid	15.240.000
. Changes in raw materials
. Provisions to risk reserves		855.000
. Other provisions			400.000
. Other operating costs	30.098.000	4.766.000	1.849.502
Total production costs	1.568.422.000	105.218.000	98.428.955
Diff. between value and cost of product.	-4.552.000	-1.299.000	-4.314.423
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		163.753.000
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	982.000	25.420.000	49.339.736
. . 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			49.339.736
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies			49.339.736
. Interest and other financial expense	-68.270.000	-38.626.000	-24.237.156
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies			-24.237.156
Total financial income and expense	-67.288.000	150.547.000	25.102.580
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-16.041.000	-3.047.000
. . Of equity investments	-16.041.000	-3.047.000
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-16.041.000	-3.047.000
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	259.000
. . Gains on disposals
. . Other extraordinary income	259.000
. Extraordinary expense
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense
Total extraordinary income and expense	259.000
Results before income taxes	-87.622.000	146.201.000	20.788.157
. Taxes on current income	9.388.000	1.413.000	461.172
. . current taxes	11.169.000	4.324.000	461.172
. . differed taxes(anticip.)	-1.781.000	-2.911.000
. Net income for the period	-97.010.000	144.788.000	20.326.985
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-97.010.000	144.788.000	20.326.985

RATIOS	Value Type	as at 31/01/2013	as at 31/01/2012	as at 31/01/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,72	0,63	0,77	0,21
Elasticity Ratio	Units	0,26	0,36	0,23	0,76
Availability of stock	Units	0,15	n.c.	n.c.	0,26
Total Liquidity Ratio	Units	0,11	0,36	0,23	0,38
Quick Ratio	Units	0,05	0,07	0,16	0,06
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,03	0,31	0,72	4,71
Self Financing Ratio	Units	0,21	0,44	0,38	0,13
Capital protection Ratio	Units	1,17	0,66	0,89	0,47
Liabilities consolidation quotient	Units	0,05	1,64	0,80	0,14
Financing	Units	3,29	1,25	1,62	6,18
Permanent Indebtedness Ratio	Units	0,24	0,78	0,65	0,28
M/L term Debts Ratio	Units	0,04	0,34	0,27	0,09
Net Financial Indebtedness Ratio	Units	1,78	0,86	1,25	0,38
CORRELATION
Fixed assets ratio	Units	0,34	1,25	0,84	1,19
Current ratio	Units	0,39	1,74	0,67	1,04
Acid Test Ratio-Liquidity Ratio	Units	0,16	1,74	0,67	0,57
Structure's primary quotient	Units	0,29	0,70	0,49	0,65
Treasury's primary quotient	Units	0,07	0,34	0,46	0,10
Rate of indebtedness ( Leverage )	%	479,84	227,54	265,79	753,97
Current Capital ( net )	Value	-973.003.000	163.359.000	-96.459.830	13.820
RETURN
Return on Sales	%	0,51	156,75	30,26	1,76
Return on Equity - Net- ( R.O.E. )	%	-19,81	31,10	6,39	6,97
Return on Equity - Gross - ( R.O.E. )	%	-17,89	31,41	6,54	19,32
Return on Investment ( R.O.I. )	%	-0,19	-0,12	-0,51	3,36
Return/ Sales	%	-0,30	-1,32	-4,58	1,67
Extra Management revenues/charges incid.	%	n.c.	n.c.	n.c.	34,61
Cash Flow	Value	7.653.000	153.770.000	28.482.384	30.555
Operating Profit	Value	-4.552.000	-1.299.000	-4.314.423	28.817
Gross Operating Margin	Value	100.111.000	8.538.000	3.844.976	58.450
MANAGEMENT
Credits to clients average term	Days	25,19	3,21	202,39	20,73
Debts to suppliers average term	Days	167,91	474,78	237,08	94,63
Average stock waiting period	Days	84,42	n.c.	n.c.	42,55
Rate of capital employed return ( Turnover )	Units	0,64	0,09	0,11	1,99
Rate of stock return	Units	4,26	n.c.	n.c.	8,40
Labour cost incidence	%	20,25	21,29	24,74	8,75
Net financial revenues/ charges incidence	%	-4,44	153,47	26,67	-0,46
Labour cost on purchasing expenses	%	19,56	19,85	23,65	8,71
Short-term financing charges	%	4,24	6,63	4,69	1,61
Capital on hand	%	155,08	1079,71	897,82	50,33
Sales pro employee	Value	162.190	150.457	129.456	305.836
Labour cost pro employee	Value	32.839	32.036	32.023	30.467

Market / Territory Data

Population living in the province	:	829.418
Population living in the region	:	4.699.950
Number of families in the region	:	1.813.210

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

- per food products	:	456
- per non food products	:	2.052
- per energy consume	:	127

Sector Data

The values are calculated on a base of 3.366 significant companies.

The companies cash their credits on an average of 21 dd.

The average duration of suppliers debts is about 95 dd.

The sector's profitability is on an average of 1,76%.

The labour cost affects the turnover in the measure of 8,75%.

Goods are held in stock in a range of 43 dd.

The difference between the sales volume and the resources used to realize it is about 1,99.

The employees costs represent the 8,71% of the production costs.

Statistical Detrimental Data

Statistically the trade activity shows periods of crisis.

The area is statistically considered lowly risky.

In the region 13.782 protested subjects are found; in the province they count to 2.633.

The insolvency index for the region is 0,30, , while for the province it is 0,32.

Total Bankrupt companies in the province : 2.924.

Total Bankrupt companies in the region : 16.714.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

INFORMATION DETAILS

Report Prepared by :

MNL

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.