MIRA INFORM REPORT

Report No. :	336127
Report Date :	10.08.2015

IDENTIFICATION DETAILS

Name :	G.A. OPERATIONS S.P.A.
Registered Office :	Via Borgonuovo, 11 Baggiovara, 20121 – Milano, (MI),
Country :	Italy
Financials (as on) :	31.12.2014
Date of Incorporation :	05.09.1962
Legal Form :	Joint stock company with sole shareholder
Line of Business :	Manufacture of apparel (except fur apparel) Retail sale of clothing in specialised stores
No. of Employee :	More than 1500

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Italy	A1	A1

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 economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 132% of GDP in 2014, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and tax evasion. In 2014 economic growth and labor market conditions continued to deteriorate, with overall unemployment rising to 12.2% and youth unemployment around 40%. Italy's GDP is now nearly 10% below its 2007 pre-crisis level.

Source : CIA

Company name and address

G.A. OPERATIONS S.P.A.

Via Borgonuovo, 11 Baggiovara,

20121 – Milano, (MI), -IT-

Summary

Fiscal Code	:	00159600360
Legal Form	:	Joint stock company with sole shareholder
start of Activities	:	12/10/1990
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	more than 1500
Group	:	ARMANI

Activity

Manufacture of apparel (except fur apparel)

Retail sale of clothing in specialised stores

Legal Data

Legal Form : Joint stock company with sole shareholder

Fiscal Code : 00159600360

Foreign Trade Reg. no. : MO002517 since 17/12/1991

Foreign Trade Reg. no. : 002517 of Modena since 17/12/1991

Foreign Trade Reg. no. : MO2517 of Modena since 17/12/1991

Chamber of Commerce no. : 309413 of Como

Chamber of Commerce no. : 558795 of Firenze

Chamber of Commerce no. : 623978 of Firenze

Chamber of Commerce no. : 197396 of Fermo

Chamber of Commerce no. : 179704 of Macerata

Chamber of Commerce no. : 1946400 of Milano since 27/12/2010

Chamber of Commerce no. : 105278 of Modena since 25/09/1962

Chamber of Commerce no. : 271882 of Pavia

Chamber of Commerce no. : 283718 of Reggio Emilia

Chamber of Commerce no. : 206635 of Trento

Chamber of Commerce no. : 1143801 of Torino

Chamber of Commerce no. : 358573 of Venezia

Chamber of Commerce no. : 343731 of Vicenza

Firms' Register : MO023-4231 of Modena since 19/02/1996

V.A.T. Code : 00159600360

Tribunal Co. Register : 4231 of

Foundation date	: 05/09/1962
Establishment date	: 05/09/1962
Start of Activities	: 12/10/1990
Legal duration	: 31/12/2050
Nominal Capital	: 24.275.795
Subscribed Capital	: 24.275.795
Paid up Capital	: 24.275.795

The Company is registered at the Stock Exchange of:

- Milano

Legal mail :

AMMINISTRAZIONE@PEC.GAOPERATIONS.IT

Members

Giorgio Armani S.p.a.

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	01/01/2004

No Prejudicial events are reported

No Protests registered

Sonnino

Franco

Born in Genova

(GE)

on 22/08/1958

- Fiscal Code : SNNFNC58M22D969N

Residence:

Uccelliera

, 140

- 41100

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	21/07/2003

No Prejudicial events are reported

No Protests registered

Ballestrazzi

Daniele

Born in Piacenza

(PC)

on 17/08/1965

- Fiscal Code : BLLDNL65M17G535K

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	03/06/2015

No Protests registered

Galavotti

Stefano

Born in Rimini

(FO)

on 08/03/1956

- Fiscal Code : GLVSFN56C08H294X

Residence:

Stazione

, 93

- 36070

Trissino

(VI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	14/07/2009
Attorney with special power	01/10/2012

No Prejudicial events are reported

No Protests registered

Colombi

Riccardo

Born in Milano

(MI)

on 08/06/1937

- Fiscal Code : CLMRCR37H08F205Q

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015

Proli

Livio Paolo

Born in Mondovi'

(CN)

on 25/05/1965

- Fiscal Code : PRLLPL65E25F351G

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	30/04/2015
Managing Director	30/04/2015
Board Chairman	30/04/2015

No Prejudicial events are reported

No Protests registered

Bernasconi

Gianfranco

Born in Bergamo

(BG)

on 28/03/1966

- Fiscal Code : BRNGFR66C28A794Z

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	08/10/2014
Attorney with special power	01/10/2014

No Prejudicial events are reported

No Protests registered

Sassi

Stefano

Born in Reggio Emilia

(RE)

on 23/10/1972

- Fiscal Code : SSSSFN72R23H223N

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	03/05/2012

No Prejudicial events are reported

No Protests registered

Dovesi

Lorenzo

Born in Bologna

(BO)

on 05/02/1973

- Fiscal Code : DVSLNZ73B05A944H

Residence:

Pietro Giardini

, 1324

- 41126

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/07/2011
Director	30/04/2015

No Prejudicial events are reported

No Protests registered

Mattiello

Stefano

Born in Vicenza

(VI)

on 19/02/1968

- Fiscal Code : MTTSFN68B19L840T

Residence:

Borgonuovo

, 11

- 20121

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	26/07/2011

No Prejudicial events are reported

No Protests registered

Sgro'

Roberto

Born in Torino

(TO)

on 01/10/1969

- Fiscal Code : SGRRRT69R01L219K

Residence:

Pietro Giardini

, 1324

- 41126

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	19/06/2014

No Prejudicial events are reported

No Protests registered

Meneghello

Renato

Born in Thiene

(VI)

on 09/09/1960

- Fiscal Code : MNGRNT60P09L157S

Residence:

Paganini

, 3

- 10036

Settimo Torinese

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	04/04/2012
Attorney with special power	16/12/2013

No Prejudicial events are reported

No Protests registered

Ferremi

Giorgio

Born in Rovereto

(CR)

on 09/06/1970

- Fiscal Code : FRRGRG70H09H612L

Residence:

Giulio Catoni

, 149

- 38123

Trento

(TN)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	28/06/2012
Attorney with special power	16/12/2013

No Prejudicial events are reported

No Protests registered

Orsi	Stefano Omer

Born in Modena

(MO)

on 11/11/1977

- Fiscal Code : RSOSFN77S11F257U

Residence:

Pietro Giardini

, 1324

- 41126

Modena

(MO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	17/06/2014

No Prejudicial events are reported

No Protests registered

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.

Giorgio Armani S.p.a.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Moda Sourcing Company S.r.l. O In FormaAbbreviata Msc S.r.l.	Milano (MI) - IT -	09987850154	Sole partner	-	Ceased
Intai Spa	Milano (MI) - IT -	10123480153	Sole partner	-	Ceased
Giorgio Armani Retail S.r.l. In Forma Abbreviata G.a. Retail S.r.l.	Milano (MI) - IT -	05065910159	Sole partner	Active	Registered
Alia Srl	Milano (MI) - IT -	13148540159	Sole partner	Active	Merged
Guardi S.p.a.	Fosso' (VE) - IT -	03389410279	Sole partner	Active	Merged
Deanna S.p.a.	San Martino in Rio (RE) - IT -	01994870358	Sole partner	-	Ceased
Deimutti Compagnia Dei Cuoi S.r.l.	Milano (MI) - IT -	04150460964	Sole partner	-	Ceased

Proli

Livio Paolo

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Lo.sint S.r.l.	Modena (MO) - IT -	00811040153	Attorney with special power	Withdrawn	Ceased
Giorgio Armani S.p.a.	Milano (MI) - IT -	02342990153	Director	Active	Registered
Giorgio Armani S.p.a.	Milano (MI) - IT -	02342990153	Procurator	Active	Registered
Giorgio Armani S.p.a.	Milano (MI) - IT -	02342990153	General Director	Withdrawn	Registered
Giorgio Armani S.p.a.	Milano (MI) - IT -	02342990153	Managing Director	Active	Registered
Moda Sourcing Company S.r.l. O In FormaAbbreviata Msc S.r.l.	Milano (MI) - IT -	09987850154	Managing Director	Withdrawn	Ceased
Moda Sourcing Company S.r.l. O In FormaAbbreviata Msc S.r.l.	Milano (MI) - IT -	09987850154	Director	Withdrawn	Ceased
Moda Sourcing Company S.r.l. O In FormaAbbreviata Msc S.r.l.	Milano (MI) - IT -	09987850154	Board Chairman	Withdrawn	Ceased
Intai Spa	Milano (MI) - IT -	10123480153	Managing Director	Withdrawn	Ceased
Intai Spa	Milano (MI) - IT -	10123480153	Director	Withdrawn	Ceased
Intai Spa	Milano (MI) - IT -	10123480153	Board Chairman	Withdrawn	Ceased
Confezioni Di Matelica S.p.a.	Settimo Torinese (TO) - IT -	00917600439	Director	Withdrawn	Ceased
Confezioni Di Matelica S.p.a.	Settimo Torinese (TO) - IT -	00917600439	Board Chairman	Withdrawn	Ceased
Giorgio Armani Retail S.r.l. In Forma Abbreviata G.a. Retail S.r.l.	Milano (MI) - IT -	05065910159	Director	Active	Registered
Giorgio Armani Retail S.r.l. In Forma Abbreviata G.a. Retail S.r.l.	Milano (MI) - IT -	05065910159	Board Chairman	Active	Registered
Pallacanestro Olimpia Milano Societa' Sportiva A Responsabilita'l Imitata O Pall	Milano (MI) - IT -	01852920154	Managing Director	-	Ceased
Pallacanestro Olimpia Milano Societa' Sportiva A Responsabilita'l Imitata O Pall	Milano (MI) - IT -	01852920154	Director	-	Ceased
Pallacanestro Olimpia Milano Societa' Sportiva A Responsabilita'l Imitata O Pall	Milano (MI) - IT -	01852920154	Board Chairman	-	Ceased
Gabar S.r.l. In Liquidazione	Mori (TN) - IT -	01664470224	Liquidator	Withdrawn	Ceased
Trimil S.p.a.	Milano (MI) - IT -	13152520154	Director	Withdrawn	Ceased
Trimil S.p.a.	Milano (MI) - IT -	13152520154	Board Chairman	Withdrawn	Ceased
Guardi S.p.a.	Fosso' (VE) - IT -	03389410279	Managing Director	Withdrawn	Merged
Guardi S.p.a.	Fosso' (VE) - IT -	03389410279	Director	Withdrawn	Merged
Guardi S.p.a.	Fosso' (VE) - IT -	03389410279	Board Chairman	Withdrawn	Merged
Deanna S.p.a.	San Martino in Rio (RE) - IT -	01994870358	Managing Director	Withdrawn	Ceased
Deanna S.p.a.	San Martino in Rio (RE) - IT -	01994870358	Director	Withdrawn	Ceased
Deanna S.p.a.	San Martino in Rio (RE) - IT -	01994870358	Board Chairman	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.

Capital Shareholders

Shareholders' list as at date of data collection:

Firm's Style / Name	Seat / Residence	Fiscal Code	Owned Shares	% Ownership
Giorgio Armani S.p.a.	Milano - IT -	02342990153		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
Consorzio Sviluppoenergia 1	Modena - IT -	02644600369					Active

Firm's location and structure

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

-

Legal and operative seat

since 11/01/1990

Borgonuovo

, 11

- 20100

- Milano

(MI)

- IT -

Legal mail

: AMMINISTRAZIONE@PEC.GAOPERATIONS.IT

-

Legal and operative seat

since 11/01/1990

Giardini

, 1324

- 41100

- Modena

(MO)

- IT -

PHONE

: 059584411

FAX	: 059584751

-

Branch

(Workshop)

since 01/09/2013

Giannini

, 23

- 50050

- Cerreto Guidi

(FI)

- IT -

Trading Style: ARMANI JEANS

-

Branch

(Factory)

since 30/12/2010

Pastore

, 3

- 20065

- Inzago

(MI)

- IT -

-

Branch

(Warehouse)

since 01/07/2011

Provinciale Per Bregnano

, 12

- 22070

- Vertemate Con Minoprio

(CO)

- IT -

-

Branch

(Warehouse)

since 01/07/2011

Donizetti

, SNC

- 22070

- Guanzate

(CO)

- IT -

-

Branch

(Factory)

since 01/07/2011

Merloni

, 10

- 62024

- Matelica

(MC)

- IT -

-

Branch

since 30/12/2010

Pietro Giardini

, 1324

- 41100

- Modena

(MO)

- IT -

-

Branch

(Warehouse)

since 01/07/2011

Mattei

, 15

- 27020

- Marcignago

(PV)

- IT -

-

Branch

(Store)

since 30/12/2010

Giulio Catoni

, 149

- 38100

- Trento

(TN)

- IT -

-

Branch

(Warehouse)

since 01/07/2011

Cebrosa

, 75

- 10036

- Settimo Torinese

(TO)

- IT -

-

Branch

since 23/08/2011

Paganini

, 3

- 10036

- Settimo Torinese

(TO)

- IT -

-

Branch

(Store)

since 30/12/2010

I Strada

, 14-20

- 30030

- Fosso'

(VE)

- IT -

-

Branch

(Store)

since 30/12/2010

Stazione

, 93

- 36070

- Trissino

(VI)

- IT -

-

Branch

(Store)

since 30/12/2010

Fermi

, 4

- 36053

- Gambellara

(VI)

- IT -

-

Branch

(Warehouse)

since 01/11/2012

Zona Ind. - Prima Strada

, 2

- 30030

- Fosso'

(VE)

- IT -

-

Branch

(Factory)

since 02/08/2012

Balestri

, 13

- 36010

- Carre'

(VI)

- IT -

-

Branch

(office)

since 01/05/2013

Filippo Turati

, 85/A

- 63014

- Montegranaro

(FM)

- IT -

-

Branch

(office)

since 13/10/2014

Bergognone

, 38

- 20100

- Milano

(MI)

- IT -

-

Branch

(Workshop)

since 25/11/2013

Virgilio

, 48/C

- 41100

- Modena

(MO)

- IT -

Employees

: 1.548

Fittings and Equipment for a value of 5.520.000

Eur

Stocks for a value of 184.010.000

Eur

Sales: direct or by agents without warehouse.

Transports are mainly done using own vehicles and third parties ones

The company supplies wholesalers and retailers.

To purchase foreign products the firm uses the following channels :

- distributors

- direct orders to foreign companies

Export represents up to 20% of the global turnover.

Products abroad are placed by :

- importers

- joint-ventures with foreign companies

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

Financial means used for sale: bank transfers and bank orders.

Company's purchase terms are within 90 and 120 days.

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

Import comes generally from the following nations:

- Spain

- Belgium

- Austria

- Italy

- Germany

- France

- Greece

- Great Britain

Export is mainly towards:

- France

- Italy

- Austria

- Belgium

The subject firm uses the following own selling brands:

- ARMANI

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Societa'Italiana Manufatti SpA		04/06/1990

CEASINGS/INCORPORATIONS/MERGES:

The firm absorved

Lo.sint S.r.l.

Giardini

, 1324

, 41041

, Modena

(MO)

- IT -

Fiscal Code: 00811040153

Date

:

16/10/2003

Project of merging by taking over of

Lo.sint S.r.l.

Giardini

, 1324

, 41041

, Modena

(MO)

- IT -

Fiscal Code: 00811040153

Date

Merging/splitting-up project:

19/03/2003

The firm absorbed by merging of

Lo.sint S.r.l.

Giardini

, 1324

, 41041

, Modena

(MO)

- IT -

Fiscal Code: 00811040153

Date

:

16/10/2003

Project of splitting-up and tranfer from

Giorgio Armani S.p.a.

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 02342990153

Date

Merging/splitting-up project:

08/05/2009

Project of splitting-up and tranfer into

Giorgio Armani S.p.a.

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 02342990153

Date

Merging/splitting-up project:

08/05/2009

Splitting-up and transfer of assets to

Giorgio Armani S.p.a.

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 02342990153

Date

Splitting-up:

11/06/2009

Splitting-up and transfer of assets to

Giorgio Armani S.p.a.

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 02342990153

Date

Splitting-up:

21/09/2009

Project of merging by taking over of

Moda Sourcing Company S.r.l. O In FormaAbbreviata Msc S.r.l.

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 09987850154

Date

Merging/splitting-up project:

09/09/2010

Resolution of merging of

Moda Sourcing Company S.r.l. O In FormaAbbreviata Msc S.r.l.

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 09987850154

Date

:

22/09/2010

The firm absorbed by merging of

Deanna S.p.a.

Della Resistenza

, 35

, 42018

, San Martino in Rio

(RE)

- IT -

Fiscal Code: 01994870358

Date

:

22/12/2010

Project of merging by taking over of

Intai Spa

Borgonuovo

, 11

, 20121

, Milano

(MI)

- IT -

Fiscal Code: 10123480153

Date

Merging/splitting-up project:

28/03/2011

The firm absorbed by merging of

Confezioni Di Matelica S.p.a.

Cebrosa

, 75

, 10036

, Settimo Torinese

(TO)

- IT -

Fiscal Code: 00917600439

Date

:

17/06/2011

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.

Financial and Economical Analysis

The company is active since 1990

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

Under an economic point of view, profits were registered during the last years with a r.o.e. of 34,31% in 2014 keeping the turnover steady during the last two years.

The return on Investment in the last financial year was positive (23,38%) and is higher than the sector's average.

The amount of the operating result is equal to Eur. 109.562.589 on stable levels if compared to the previous year.

During the latest financial year the gross operating margin amounted to Eur. 117.674.096 stable if compared to the financial year 2013.

The financial status of the company is fairly balanced with an indebtedness level of 1,01 and decreasing as against 2013.

With regard to equity capital, an amount of Eur. 223.297.375 is registered. on stable levels.

Total debts (both short and M/L term) equals Eur. 226.765.136, , a more or less stable value.

The company does not exceed in bank credits; payments average period is instead slightly high (104,3 gg.) but lined up with the field's average.

It shows a good range of liquidity.

Trade credits average terms are 2 days. , that compared to the sector's average is shorter.

During financial year 2014 the cash flow amounted to Eur. 83.227.544

Labour cost amounts to Eur. 72.258.186, with a 8,94% incidence on production costs. , whereas the incidence of such costs on sales revenues is equal to 8,03%.

The financial management is positive as incomes are higher than the charges.

Financial Data

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	899.461.121
Profit (Loss) for the period	76.616.037

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	922.385.195
Profit (Loss) for the period	76.384.997

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	942.595.859
Profit (Loss) for the period	84.328.852

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	841.034.891
Profit (Loss) for the period	70.054.375

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	495.470.077
Profit (Loss) for the period	30.665.912

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 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

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

Years

2014

2013

2012

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	2.290.674	1.868.490	2.196.139
. . Concessions,licenses,trademarks,etc.	106	136	166
. . Goodwill	1.368.583	1.848.527	2.328.471
. . Assets in formation and advance paymen.	456.533	100.000	9.500
. . Other intangible fixed assets	3.429.213	3.790.205	3.161.285
. Total Intangible Fixed Assets	7.545.109	7.607.358	7.695.561
. TANGIBLE FIXED ASSETS
. . Real estate	23.289.724	23.957.645	24.799.160
. . Plant and machinery	5.331.239	5.261.829	4.003.873
. . Industrial and commercial equipment	187.208	294.061	361.840
. . Other assets	1.793.255	1.904.144	1.997.918
. . Assets under construction and advances	495.283	298.226	26.000
. Total Tangible fixed assets	31.096.709	31.715.905	31.188.791
. FINANCIAL FIXED ASSETS
. . Equity investments	1.121	1.121	1.121
. . . Equity invest. in subsidiary companies
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.121	1.121	1.121
. . Financial receivables	204.897
. . . . Within 12 months
. . . . Beyond 12 months	204.897
. . . 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	204.897
. . . . Within 12 months
. . . . Beyond 12 months	204.897
. . Other securities		274.351	232.335
. . Own shares
. . . Total nominal value
. Total financial fixed assets	206.018	275.472	233.456
Total fixed assets	38.847.836	39.598.735	39.117.808
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	19.725.472	19.822.969	21.945.737
. . Work in progress and semimanufactured	26.583.760	22.831.652	24.146.706
. . Work in progress on order
. . Finished goods	137.697.830	139.151.383	146.850.154
. . Advance payments
. Total Inventories	184.007.062	181.806.004	192.942.597
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	239.161.621	264.134.479	267.690.913
. . Beyond 12 months	3.621.526	4.139.629	3.500.596
. . Trade receivables	4.994.871	4.803.057	6.637.860
. . . . Within 12 months	4.822.460	4.085.693	6.637.860
. . . . Beyond 12 months	172.411	717.364
. . Receivables due from subsid. comp.		36.546.177	26.150.879
. . . . Within 12 months		36.546.177	26.150.879
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	32.830.757
. . . . Within 12 months	32.830.757
. . . . Beyond 12 months
. . Receivables due from holding comp.	190.774.080	202.774.166	211.057.873
. . . . Within 12 months	188.367.968	200.368.054	208.651.761
. . . . Beyond 12 months	2.406.112	2.406.112	2.406.112
. . Fiscal Receivables	1.695.154	10.939.529	11.472.215
. . . . Within 12 months	652.151	9.923.376	10.377.731
. . . . Beyond 12 months	1.043.003	1.016.153	1.094.484
. . Receivables for anticipated taxes	11.603.054	12.452.799	15.056.400
. . . . Within 12 months	11.603.054	12.452.799	15.056.400
. . . . Beyond 12 months
. . Receivables due from third parties	885.231	758.380	816.282
. . . . Within 12 months	885.231	758.380	816.282
. . . . Beyond 12 months
. Total Credits not held as fixed assets	242.783.147	268.274.108	271.191.509
. 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
. LIQUID FUNDS
. . Bank and post office deposits	2.262.850	1.234.276	2.235.012
. . Checks
. . Banknotes and coins	82.128	66.358	28.454
. Total Liquid funds	2.344.978	1.300.634	2.263.466
Total current assets	429.135.187	451.380.746	466.397.572
ADJUSTMENT ACCOUNTS
. Discount on loans			677.370
. Other adjustment accounts	632.940	675.233
Total adjustments accounts	632.940	675.233	677.370
TOTAL ASSETS	468.615.963	491.654.714	506.192.750
LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	24.275.795	24.275.795	24.275.795
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	4.855.159	4.855.159	4.855.159
. Reserve for Own shares
. Statute reserves
. Other reserves	117.550.384	117.260.669	116.963.417
. Accumulated Profits (Losses)
. Profit( loss) of the year	76.616.037	76.384.997	84.328.852
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	223.297.375	222.776.620	230.423.223
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.		2.274	2.274
. . Taxation fund, also differed	817.330	1.040.947	1.248.572
. . Other funds	6.904.399	5.571.142	7.925.903
Total Reserves for Risks and Charges	7.721.729	6.614.363	9.176.749
Employee termination indemnities	10.794.134	11.775.868	12.912.033
ACCOUNTS PAYABLE
. . . . Within 12 months	226.765.136	250.433.508	253.576.507
. . . . Beyond 12 months
. . 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	419	418	35.706
. . . . Within 12 months	419	418	35.706
. . . . Beyond 12 months
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers		2.400.000	2.000.000
. . . . Within 12 months		2.400.000	2.000.000
. . . . Beyond 12 months
. . Trade payables	196.492.637	204.200.312	205.549.776
. . . . Within 12 months	196.492.637	204.200.312	205.549.776
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies		24.092.425	24.502.163
. . . . Within 12 months		24.092.425	24.502.163
. . . . Beyond 12 months
. . Due to associated companies	9.338.003
. . . . Within 12 months	9.338.003
. . . . Beyond 12 months
. . Due to holding companies	4.038.981	1.851.995	4.470.307
. . . . Within 12 months	4.038.981	1.851.995	4.470.307
. . . . Beyond 12 months
. . Due to the tax authorities	2.499.196	2.646.111	2.674.549
. . . . Within 12 months	2.499.196	2.646.111	2.674.549
. . . . Beyond 12 months
. . Due to social security and welfare inst.	3.939.611	3.965.423	3.610.843
. . . . Within 12 months	3.939.611	3.965.423	3.610.843
. . . . Beyond 12 months
. . Other payables	10.456.289	11.276.824	10.733.163
. . . . Within 12 months	10.456.289	11.276.824	10.733.163
. . . . Beyond 12 months
Total accounts payable	226.765.136	250.433.508	253.576.507
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	37.589	54.355	104.238
Total adjustment accounts	37.589	54.355	104.238
TOTAL LIABILITIES	468.615.963	491.654.714	506.192.750

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts	129.066.015
Risk accounts	22.343.410
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	899.461.121	922.385.195	942.595.859
. Changes in work in progress	2.298.555	-9.079.574	10.835.916
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	16.150.726	16.640.600	18.022.736
. . Contributions for operating expenses
. . Different income and revenues	16.150.726	16.640.600	18.022.736
Total value of production	917.910.402	929.946.221	971.454.511
PRODUCTION COSTS
. Raw material,other materials and consum.	525.012.625	530.926.462	570.497.581
. Services received	195.113.034	194.426.603	203.258.399
. Leases and rentals	4.263.854	4.039.826	3.646.488
. Payroll and related costs	72.258.186	70.201.180	69.068.933
. . Wages and salaries	51.216.003	50.653.580	49.610.667
. . Social security contributions	15.561.249	15.496.401	15.374.975
. . Employee termination indemnities	3.792.594	3.981.820	4.006.694
. . Pension and similar
. . Other costs	1.688.340	69.379	76.597
. Amortization and depreciation	6.611.507	6.599.310	5.742.081
. . Amortization of intangible fixed assets	3.068.923	2.479.088	2.346.568
. . Amortization of tangible fixed assets	3.442.584	3.520.222	3.395.513
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	100.000	600.000
. Changes in raw materials	97.497	2.057.019	-2.636.251
. Provisions to risk reserves	1.500.000		1.470.000
. Other provisions
. Other operating costs	3.491.110	3.032.325	2.988.117
Total production costs	808.347.813	811.282.725	854.035.348
Diff. between value and cost of product.	109.562.589	118.663.496	117.419.163
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	220.954	467.412	163.270
. . 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			163.270
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies			14.006
. . . - Other companies			149.264
. Interest and other financial expense	2.851.834	-5.872.454	3.733.480
. . Towards subsidiary companies			-363.714
. . Towards associated companies
. . Towards holding companies			-155.236
. . Towards other companies			-3.733.480
Total financial income and expense	3.072.788	-5.405.042	3.896.750
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	1.535.365	176.488	2.693.575
. . Gains on disposals
. . Other extraordinary income	1.535.365	176.488	2.693.575
. Extraordinary expense	-168.033	-5.411	-82.831
. . Losses on disposals
. . Taxes relating to prior years		-5.411	-82.831
. . Other extraordinary expense	-168.033
Total extraordinary income and expense	1.367.332	171.077	2.610.744
Results before income taxes	114.002.709	113.429.531	123.926.657
. Taxes on current income	37.386.672	37.044.534	39.597.805
. . current taxes	36.669.972	34.648.558	36.829.805
. . differed taxes(anticip.)	716.700	2.395.976	2.768.000
. Net income for the period	76.616.037	76.384.997	84.328.852
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	76.616.037	76.384.997	84.328.852

RATIOS	Value Type	as at 31/12/2014	as at 31/12/2013	as at 31/12/2012	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,08	0,08	0,08	0,14
Elasticity Ratio	Units	0,92	0,92	0,92	0,84
Availability of stock	Units	0,39	0,37	0,38	0,24
Total Liquidity Ratio	Units	0,52	0,55	0,54	0,53
Quick Ratio	Units	0,01	0,00	0,00	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,01	1,12	1,09	3,78
Self Financing Ratio	Units	0,48	0,45	0,46	0,17
Capital protection Ratio	Units	0,55	0,55	0,53	0,66
Liabilities consolidation quotient	Units	0,05	0,05	0,05	0,14
Financing	Units	1,02	1,12	1,10	4,55
Permanent Indebtedness Ratio	Units	0,50	0,48	0,48	0,33
M/L term Debts Ratio	Units	0,02	0,02	0,03	0,09
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,26
CORRELATION
Fixed assets ratio	Units	6,03	5,92	6,22	1,87
Current ratio	Units	1,89	1,80	1,84	1,17
Acid Test Ratio-Liquidity Ratio	Units	1,08	1,08	1,08	0,79
Structure's primary quotient	Units	5,75	5,63	5,89	1,13
Treasury's primary quotient	Units	0,01	0,01	0,01	0,04
Rate of indebtedness ( Leverage )	%	209,86	220,69	219,68	587,75
Current Capital ( net )	Value	202.370.051	200.947.238	212.821.065	209.248
RETURN
Return on Sales	%	9,25	9,00	9,56	2,26
Return on Equity - Net- ( R.O.E. )	%	34,31	34,29	36,60	3,48
Return on Equity - Gross - ( R.O.E. )	%	51,05	50,92	53,78	12,19
Return on Investment ( R.O.I. )	%	23,38	24,14	23,20	3,83
Return/ Sales	%	12,18	12,86	12,46	3,45
Extra Management revenues/charges incid.	%	69,93	64,37	71,82	20,46
Cash Flow	Value	83.227.544	82.984.307	90.070.933	50.400
Operating Profit	Value	109.562.589	118.663.496	117.419.163	68.610
Gross Operating Margin	Value	117.674.096	125.262.806	124.631.244	124.742
MANAGEMENT
Credits to clients average term	Days	2,00	1,87	2,54	120,68
Debts to suppliers average term	Days	104,30	113,59	108,60	115,81
Average stock waiting period	Days	73,65	70,96	73,69	78,40
Rate of capital employed return ( Turnover )	Units	1,92	1,88	1,86	1,14
Rate of stock return	Units	4,89	5,07	4,89	4,57
Labour cost incidence	%	8,03	7,61	7,33	12,27
Net financial revenues/ charges incidence	%	0,34	-0,59	0,41	-1,84
Labour cost on purchasing expenses	%	8,94	8,65	8,09	12,16
Short-term financing charges	%	n.c.	2,34	n.c.	3,35
Capital on hand	%	52,10	53,30	53,70	87,41
Sales pro employee	Value	623.327	564.149	436.791	245.343
Labour cost pro employee	Value	50.074	42.936	32.005	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.

SOURCES

Our Company collects data from public registers, lists, archives or contained in Acts and/or documents (held by the National Chamber of Commerce or Immovables Territorial Agency), users, reporters or however generally accessible (for example, from categorical lists, statistical institutes, press reports and from public inspection internet sites).

Market / Territory Data

Population living in the province	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

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

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

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 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, , while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.81
UK Pound	1	Rs.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.