MIRA INFORM REPORT

Report No. :	347784
Report Date :	02.11.2015

IDENTIFICATION DETAILS

Name :	MAX MARA FASHION GROUP- S.R.L.

Registered Office :	Via Del Carmine, 10, 10121 – Torino (TO)

Country :	Italy

Financials (as on) :	31.12.2014

Date of Incorporation :	03.11.1980

Legal Form :	Limited Liability Company
`
Line of Business :	· Manufacture of Wearing Apparel; Manufacture of Leather and Fur Articles · Tailoring and Manufacturing made to Measure of Outerwear · Wholesale of Clothing and Footwear · Activities of Holding Companies · Other Business Support Service Activities n.e.c.

No. of Employees :	From 251 to 500

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 :	Good

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

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

MAX MARA FASHION GROUP- S.R.L.

Via Del Carmine, 10

10121 – Torino (TO) -IT-

Summary

Fiscal Code	:	00678310350
Legal Form	:	Limited liability company
start of Activities	:	31/03/1990
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 251 to 500
Group	:	*Maramotti

Activity

· MANUFACTURE OF WEARING APPAREL; MANUFACTURE OF LEATHER AND FUR ARTICLES

· Tailoring and manufacturing made to measure of outerwear

· Wholesale of clothing and footwear

· Activities of holding companies

· Other business support service activities n.e.c.

Legal Data

Legal Form : Limited liability company

Fiscal Code : 00678310350

Foreign Trade Reg. no. : TO38496 of Torino since 20/03/1992

Chamber of Commerce no. : 149661 of Reggio Emilia until 02/11/1989

Chamber of Commerce no. : 184043 of Reggio Emilia since 20/04/1990

Chamber of Commerce no. : 739025 of Torino since 13/12/1989

Firms' Register : TO272-1989-4031 of Torino since 19/02/1996

V.A.T. Code : 05839750014

Foundation date	: 03/11/1980
Establishment date	: 03/11/1980
Start of Activities	: 31/03/1990
Legal duration	: 31/12/2050
Nominal Capital	: 23.400.000
Subscribed Capital	: 23.400.000
Paid up Capital	: 23.400.000

Legal mail :

MAXMARAFASHIONGROUP@LEGALMAIL.IT

Members

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Simon Fiduciaria S.p.a. Siglabile Simonf

Id S.p.a.

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Residence:

Del Carmine

, 10

- 10121

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

No Prejudicial events are reported

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No Protests registered

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Maramotti

Luigi

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 12/03/1957

- Fiscal Code : MRMLGU57C12H223V

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

Pareto

, 8

- 42020

Albinea

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/06/2013
Assistant board Chairman	25/06/2013

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Maramotti

Ignazio

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 07/12/1961

- Fiscal Code : MRMGNZ61T07H223Q

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

Pareto

, 20

- 42020

Albinea

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/06/2013
Board Chairman	25/06/2013

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

No Protests registered

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Maramotti

Maria Ludovica

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 31/07/1953

- Fiscal Code : MRMMLD53L71H223Q

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

Ugo Cagni

, 18

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/06/2013

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Medici

Ugo

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 13/05/1940

- Fiscal Code : MDCGUO40E13H223F

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

Dell'abate

, 3

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/06/2013

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Cioccolani

Antonio

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Born in Ferrara

(FE)

on 24/10/1935

- Fiscal Code : CCCNTN35R24D548S

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

S. Isidoro

, 6

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	25/06/2013

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Farini

Antonio

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 16/09/1964

- Fiscal Code : FRNNTN64P16H223T

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

Antonio Fontanesi

, 8

- 42121

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	10/09/2014

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Deloitte E Touche S.p.a.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Residence:

Tortona

, 25

- 20144

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Auditor	24/06/2014

Companies connected to members *

*Checkings have been performed on a national scale.

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

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Maramotti

Luigi

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Maxima S.r.l.	Reggio Emilia (RE) - IT -	00145560355	Director	Active	Registered
Maxima S.r.l.	Reggio Emilia (RE) - IT -	00145560355	Board Chairman	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Managing Director	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Director	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Managing Director	Withdrawn	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Board Chairman	Active	Registered
Unicredit, Societa' Per Azioni In FormaAbbreviata Unicredit S.p.a.	Roma (RM) - IT -	00348170101	Director	Withdrawn	Registered
Tessitura Di Varano Borghi S.r.l.	Varano Borghi (VA) - IT -	01286800121	Director	Withdrawn	Ceased
Imax - S.r.l.	Reggio Emilia (RE) - IT -	01146320351	Director	Active	Registered
Imax - S.r.l.	Reggio Emilia (RE) - IT -	01146320351	Board Chairman	Active	Registered
Abaxbank S.p.a.	Milano (MI) - IT -	00714630159	Director	Withdrawn	Registered
Manifatture Del Nord S.r.l.	Reggio Emilia (RE) - IT -	01397590355	Director	Active	Registered
Manifatture Del Nord S.r.l.	Reggio Emilia (RE) - IT -	01397590355	Assistant board Chairman	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Director	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Assistant board Chairman	Withdrawn	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Director	Active	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Assistant board Chairman	Active	Registered
Credito Emiliano S.p.a. Abbreviabile InCredembanca E In Credem	Reggio Emilia (RE) - IT -	01806740153	Director	Withdrawn	Registered
Credito Emiliano S.p.a. Abbreviabile InCredembanca E In Credem	Reggio Emilia (RE) - IT -	01806740153	Assistant board Chairman	Withdrawn	Registered
Credito Emiliano S.p.a. Abbreviabile InCredembanca E In Credem	Reggio Emilia (RE) - IT -	01806740153	Memb.of the Executive Committee	Withdrawn	Registered
Commerciale Abbigliamento S.r.l.	Reggio Emilia (RE) - IT -	01397610351	Director	Withdrawn	Ceased
Commerciale Abbigliamento S.r.l.	Reggio Emilia (RE) - IT -	01397610351	Managing Director	Withdrawn	Ceased
Commerciale Abbigliamento S.r.l.	Reggio Emilia (RE) - IT -	01397610351	Board Chairman	Withdrawn	Ceased
Credito Emiliano Holding Societa' Per Azioni	Reggio Emilia (RE) - IT -	00168990356	Director	Active	Registered
Credito Emiliano Holding Societa' Per Azioni	Reggio Emilia (RE) - IT -	00168990356	Assistant board Chairman	Active	Registered
Diffusione Tessile S.r.l.	Cavriago (RE) - IT -	01044120358	Director	Active	Registered
Diffusione Tessile S.r.l.	Cavriago (RE) - IT -	01044120358	Board Chairman	Active	Registered
Societa' Agricola Maramotti Lombardini S.r.l.	Reggio Emilia (RE) - IT -	01250730353	Attorney with special power	Active	Registered
Manifattura Di S.maurizio - S.r.l.	Reggio Emilia (RE) - IT -	01322830355	Procurator	Active	Registered
Istituto Immobiliare Italiano Del Nord S.p.a.	Reggio Emilia (RE) - IT -	01513360154	Director	Withdrawn	Registered
Istituto Immobiliare Italiano Del Nord S.p.a.	Reggio Emilia (RE) - IT -	01513360154	Procurator	Withdrawn	Registered
Istituto Immobiliare Italiano Del Nord S.p.a.	Reggio Emilia (RE) - IT -	01513360154	Board Chairman	Withdrawn	Registered
Fintorlonia - S.p.a.	Reggio Emilia (RE) - IT -	03522060155	Director	Active	Registered
Fintorlonia - S.p.a.	Reggio Emilia (RE) - IT -	03522060155	Board Chairman	Active	Registered
Credemassicurazioni S.p.a.	Reggio Emilia (RE) - IT -	01736230358	Director	Withdrawn	Registered
Dartora S.r.l.	Reggio Emilia (RE) - IT -	03210980151	Sole Director	Active	Registered
Madonna Dell'uliveto Cooperativa SocialeA Responsabilita' Limitata	Albinea (RE) - IT -	01724510357	Director	Active	Registered
Cofimar S.r.l.	Torino (TO) - IT -	00706230356	Director	Active	Registered
Credemvita S.p.a.	Reggio Emilia (RE) - IT -	01437550351	Director	Withdrawn	Registered
Manifattura Di Casalmaggiore S.r.l.	Casalmaggiore (CR) - IT -	00348240193	Attorney with special power	Active	Registered
Albinea-pareto Societa' Semplice	Reggio Emilia (RE) - IT -	91069060357	Partner	Active	Registered
Caccia Societa' Semplice	Reggio Emilia (RE) - IT -	91048490352	Partner	Active	Registered
Boschi Societa' Semplice	Reggio Emilia (RE) - IT -	91048480353	Partner	Active	Registered
Rienza Societa' Semplice	Reggio Emilia (RE) - IT -	91024890351	Partner	Active	Registered
Rienza Societa' Semplice	Reggio Emilia (RE) - IT -	91024890351	Legal representative	Active	Registered
Castello Societa' Semplice	Torino (TO) - IT -	96705330015	Partner	Active	Registered
Pareto Societa' Semplice	Torino (TO) - IT -	96705350013	Partner	Active	Registered
Cagni Societa' Semplice	Torino (TO) - IT -	96705340014	Partner	Active	Registered
Max Mara Finance S.r.l.	Torino (TO) - IT -	07661520010	Director	Active	Registered
Max Mara Finance S.r.l.	Torino (TO) - IT -	07661520010	Director	Withdrawn	Registered
Max Mara Finance S.r.l.	Torino (TO) - IT -	07661520010	Assistant board Chairman	Active	Registered
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Managing Director	Withdrawn	Registered
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Director	Withdrawn	Registered
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Board Chairman	Withdrawn	Registered
Finmar S.p.a.	Reggio Emilia (RE) - IT -	00144960358	Director	Withdrawn	Ceased
Finmar S.p.a.	Reggio Emilia (RE) - IT -	00144960358	Procurator	Withdrawn	Ceased
Unity R.e. S.p.a.	Reggio Emilia (RE) - IT -	02116030350	Managing Director	Withdrawn	Registered
Unity R.e. S.p.a.	Reggio Emilia (RE) - IT -	02116030350	Director	Withdrawn	Registered
Unity R.e. S.p.a.	Reggio Emilia (RE) - IT -	02116030350	Board Chairman	Withdrawn	Registered
Unione Societa' Semplice	Albinea (RE) - IT -	02133870358	Partner	Active	Registered
S.i.c.i. - Societa Italiana Confezioni Industriali	Reggio Emilia (RE) - IT -	00167210350	Sole Director	Withdrawn	Ceased
Manifatture Del Nord - Societa' Per Azioni	Reggio Emilia (RE) - IT -	00436920359	Vice-Chairman	Withdrawn	Ceased
Max Mara S.p.a.	Reggio Emilia (RE) - IT -	00677670358	Vice-Chairman	Withdrawn	Merged
Commerciale Abbigliamento S.p.a.	Reggio Emilia (RE) - IT -	00677680357	Vice-Chairman	Withdrawn	Ceased
Madonna Dell'uliveto	Albinea (RE) - IT -	91073820358	Board of Directors' chairman	Withdrawn	Ceased

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Maramotti

Ignazio

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Filatura E Tessitura Di Tollegno S.p.a.O Tollegno Spa , Tolleg No1900 Spa ,	Tollegno (BI) - IT -	00151110020	Director	Active	Registered
Filatura E Tessitura Di Tollegno S.p.a.O Tollegno Spa , Tolleg No1900 Spa ,	Tollegno (BI) - IT -	00151110020	Assistant board Chairman	Active	Registered
Maxima S.r.l.	Reggio Emilia (RE) - IT -	00145560355	Director	Active	Registered
Maxima S.r.l.	Reggio Emilia (RE) - IT -	00145560355	Assistant board Chairman	Active	Registered
Manifattura Di Valduggia S.p.a. O RagnoDen. Della Manifattura Di Valduggia S.p.	Tollegno (BI) - IT -	01226270021	Director	Active	Registered
Lanificio Di Tollegno - S.p.a.	Tollegno (BI) - IT -	01225540028	Director	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Managing Director	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Director	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Assistant board Chairman	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Managing Director	Withdrawn	Registered
Imax - S.r.l.	Reggio Emilia (RE) - IT -	01146320351	Director	Active	Registered
Manifatture Del Nord S.r.l.	Reggio Emilia (RE) - IT -	01397590355	Director	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Director	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Managing Director	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Board Chairman	Active	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Managing Director	Withdrawn	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Director	Active	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Managing Director	Active	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Board Chairman	Active	Registered
Credito Emiliano S.p.a. Abbreviabile InCredembanca E In Credem	Reggio Emilia (RE) - IT -	01806740153	Director	Active	Registered
Credito Emiliano S.p.a. Abbreviabile InCredembanca E In Credem	Reggio Emilia (RE) - IT -	01806740153	Assistant board Chairman	Active	Registered
Credito Emiliano S.p.a. Abbreviabile InCredembanca E In Credem	Reggio Emilia (RE) - IT -	01806740153	Memb.of the Executive Committee	Active	Registered
Commerciale Abbigliamento S.r.l.	Reggio Emilia (RE) - IT -	01397610351	Director	Withdrawn	Ceased
Credito Emiliano Holding Societa' Per Azioni	Reggio Emilia (RE) - IT -	00168990356	Director	Withdrawn	Registered
Credito Emiliano Holding Societa' Per Azioni	Reggio Emilia (RE) - IT -	00168990356	Assistant board Chairman	Withdrawn	Registered
Diffusione Tessile S.r.l.	Cavriago (RE) - IT -	01044120358	Director	Active	Registered
Societa' Agricola Maramotti Lombardini S.r.l.	Reggio Emilia (RE) - IT -	01250730353	Attorney with special power	Active	Registered
Immobiliare S. Sebastian I Societa' Semplice	Reggio Emilia (RE) - IT -	03288120151	Partner	Active	Registered
Cofimar S.r.l.	Torino (TO) - IT -	00706230356	Director	Active	Registered
Cofimar S.r.l.	Torino (TO) - IT -	00706230356	Board Chairman	Active	Registered
Albinea-pareto Societa' Semplice	Reggio Emilia (RE) - IT -	91069060357	Partner	Active	Registered
Albinea-pareto Societa' Semplice	Reggio Emilia (RE) - IT -	91069060357	Legal representative	Active	Registered
Caccia Societa' Semplice	Reggio Emilia (RE) - IT -	91048490352	Partner	Active	Registered
Caccia Societa' Semplice	Reggio Emilia (RE) - IT -	91048490352	Legal representative	Active	Registered
Boschi Societa' Semplice	Reggio Emilia (RE) - IT -	91048480353	Partner	Active	Registered
Boschi Societa' Semplice	Reggio Emilia (RE) - IT -	91048480353	Legal representative	Active	Registered
Rienza Societa' Semplice	Reggio Emilia (RE) - IT -	91024890351	Partner	Active	Registered
Castello Societa' Semplice	Torino (TO) - IT -	96705330015	Partner	Active	Registered
Pareto Societa' Semplice	Torino (TO) - IT -	96705350013	Partner	Active	Registered
Cagni Societa' Semplice	Torino (TO) - IT -	96705340014	Partner	Active	Registered
Max Mara Finance S.r.l.	Torino (TO) - IT -	07661520010	Director	Active	Registered
Max Mara Finance S.r.l.	Torino (TO) - IT -	07661520010	Director	Withdrawn	Registered
Max Mara Finance S.r.l.	Torino (TO) - IT -	07661520010	Board Chairman	Active	Registered
Unicredit Banca S.p.a.	Bologna (BO) - IT -	12931320159	Director	Withdrawn	Registered
Unicredit Banca S.p.a.	Bologna (BO) - IT -	02843911203	Director	Withdrawn	Ceased
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Managing Director	Withdrawn	Registered
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Director	Withdrawn	Registered
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Assistant board Chairman	Withdrawn	Registered
Finmar S.p.a.	Reggio Emilia (RE) - IT -	00144960358	Director	Withdrawn	Ceased
Unity R.e. S.p.a.	Reggio Emilia (RE) - IT -	02116030350	Managing Director	Withdrawn	Registered
Unity R.e. S.p.a.	Reggio Emilia (RE) - IT -	02116030350	Director	Withdrawn	Registered
Unione Societa' Semplice	Albinea (RE) - IT -	02133870358	Partner	Active	Registered
Manifatture Del Nord - Societa' Per Azioni	Reggio Emilia (RE) - IT -	00436920359	Director	Withdrawn	Ceased
International Fashion Trading SA	Manno/ti - CH -	B51.129	Director	Withdrawn	Registered
Max Mara International SA	Luxembourg - LU -	B0041757	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
Simon Fiduciaria S.p.a. Siglabile Simonf Id S.p.a.	Torino - IT -	04605970013	23.329.800 .Eur	99,70
Nomen Fiduciaria S.r.l.	Torino - IT -	06194870017	70.200 .Eur	0,30

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
Filatura E Tessitura Di Tollegno S.p.a. O Tollegno Spa , Tolleg No1900 Spa ,	Tollegno - IT -	00151110020	2.758.363 .Eur	24,11			Active
Societa' Editrice Il*mulino - S.p.a.	Bologna - IT -	00311580377	35.250 .Eur	1,50			Active
Biella 1 - S.r.l.	Biella - IT -	00224910026	17.368 .Eur	33,33			Active
Maxima S.r.l.	Reggio Emilia - IT -	00145560355	600.000 .Eur	100,00			Active
Max Mara S.r.l.	Reggio Emilia - IT -	01397620350	13.000.000 .Eur	100,00			Active
Manifattura Di S.maurizio - S.r.l.	Reggio Emilia - IT -	01322830355	270.000 .Eur	95,40			Active
Imax - S.r.l.	Reggio Emilia - IT -	01146320351	3.600.000 .Eur	100,00			Active
Manifatture Del Nord S.r.l.	Reggio Emilia - IT -	01397590355	9.850.505 .Eur	100,00			Active
Marella S.r.l.	Reggio Emilia - IT -	01322820356	5.239.000 .Eur	100,00			Active
Marina Rinaldi S.r.l.	Reggio Emilia - IT -	01397600352	13.000.000 .Eur	100,00			Active
Diffusione Tessile S.r.l.	Cavriago - IT -	01044120358	2.500.000 .Eur	100,00			Active
Manifattura Di Casalmaggiore S.r.l.	Casalmaggiore - IT -	00348240193	100.000 .Eur	100,00			Active
Cosab S.r.l.	Sassari - IT -	01905280358	90.000 .Eur	100,00			Active

Firm's location and structure

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

Legal and operative seat

Del Carmine

, 10

- 10100

- Torino

(TO)

- IT -

TELEX

: 530004

PHONE

: 05227991

PHONE

: 05223991

FAX

: 72333

FAX

: 05223993993

Legal mail

: MAXMARAFASHIONGROUP@LEGALMAIL.IT

Office not registered

F.lli Cervi

, 66

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Administrative office)

since 31/03/1990

Giulia Maramotti

, 4

- 42100

- Reggio Emilia

(RE)

- IT -

Employees

: 370

Fittings and Equipment for a value of 590.000

Eur

Stocks for a value of 7.250.000

Eur

Sales: direct or by agents without warehouse.

Sales area on a national scale.

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 :

- direct orders to 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:

- Austria

Traded Brands / Suppliers

- Max Mara

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
GERE Gestione Residenze S.r.l.		01/01/1990

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

The firm absorved

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Max Mara Fashion Group- S.r.l.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Del Carmine

, 10

, 10121

, Torino

(TO)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

29/03/1990

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

The firm absorved

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Max Mara Fashion Group- S.r.l.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Del Carmine

, 10

, 10121

, Torino

(TO)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

29/03/1990

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

The firm absorved

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Finmar S.p.a.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

F.lli Cervi

, 66

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 00144960358

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

29/03/1990

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

The firm absorbed by merging of

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Finmar S.p.a.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

F.lli Cervi

, 66

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 00144960358

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

29/03/1990

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Splitting-up project and setting-up of new co

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

Merging/Splitting-up Project-New Company:

26/06/1998

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Splitting-up and setting-up of a new company

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Max Mara Finance S.r.l.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Del Carmine

, 10

, 10122

, Torino

(TO)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 07661520010

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

Splitting-up:

18/12/1998

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Project of splitting-up and tranfer into

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Unity R.e. S.p.a.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Giulia Maramotti

, 4

, 42124

, Reggio Emilia

(RE)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 02116030350

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

Merging/splitting-up project:

15/07/2004

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Splitting-up and transfer of assets to

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Unity R.e. S.p.a.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Giulia Maramotti

, 4

, 42124

, Reggio Emilia

(RE)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 02116030350

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

Splitting-up:

22/10/2004

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Project of splitting-up and tranfer into

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Max Mara Finance S.r.l.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Del Carmine

, 10

, 10122

, Torino

(TO)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 07661520010

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

Merging/splitting-up project:

25/06/2007

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Splitting-up and transfer of assets to

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$ Max Mara Finance S.r.l.

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Del Carmine

, 10

, 10122

, Torino

(TO)

- IT -

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Fiscal Code: 07661520010

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Vuoto.gif$

Date

Splitting-up:

24/09/2007

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 1990

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

During the last years, it achieved profits (r.o.e. 0,62% on 2014) but without a significant increase in the turnover.

The operating result in 2014 was positive (1,19%) and reflects the field's average.

The operating result is positive and amounts to Eur. 14.837.151 ,showing stability in respect to the value of 2013.

The gross operating margin of the latest financial year is of Eur. 55.060.622 on the same levels as the previous financial year.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,15 which is yet rising if compared to 2013.

The equity capital is equal to Eur. 956.912.468 , unchanged if compared to 2013.

Total indebtedness totalled Eur. 283.612.855, showing a stable trend as opposed to 2013 (Eur. 289.985.952).

The recourse to financial credit is within the limits; on the other hand the recourse to suppliers' credit is rated as fairly high and higher than sector's average.

Liquidity is however good.

Credits are collected in 0,57 days on the average. , a value lower than the sector's average.

Eur. 46.195.313 is the value of cash flow during the year 2014

Labour cost expenses amount to Eur. 11.866.783 , representing 15,96% on the total of production costs. , whereas the incidence of such costs on sales revenues is equal to 13,31%.

The financial charges do not negatively affect the management, as they are covered by the incomes.

Financial Data

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	89.130.224
Profit (Loss) for the period	5.971.842

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	85.786.854
Profit (Loss) for the period	5.736.156

$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	88.284.348
Profit (Loss) for the period	19.489.019

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	43.750	41.368	126.230
. . Concessions,licenses,trademarks,etc.	254.815.348	289.246.815	323.676.880
. . Goodwill
. . Assets in formation and advance paymen.	294.292	329.261	1.399.250
. . Other intangible fixed assets	5.637.184	3.244.417	2.770.793
. Total Intangible Fixed Assets	260.790.574	292.861.861	327.973.153
. TANGIBLE FIXED ASSETS
. . Real estate	56.912.954	53.961.643	50.967.657
. . Plant and machinery
. . Industrial and commercial equipment	585.936	763.933	862.588
. . Other assets	230.523	261.408	307.873
. . Assets under construction and advances		3.820.100
. Total Tangible fixed assets	57.729.413	58.807.084	52.138.118
. FINANCIAL FIXED ASSETS
. . Equity investments	148.280.990	150.612.291	119.500.049
. . . Equity invest. in subsidiary companies	143.414.186	145.748.586	114.636.344
. . . Equity invest. in associated companies	4.775.169	4.772.070	4.772.070
. . . Equity invest. in holding companies			91.635
. . . Equity invest. in other companies	91.635	91.635
. . Financial receivables	2.312.001	4.833.558	5.638.884
. . . . Within 12 months	33.337	2.546.887	2.727.804
. . . . Beyond 12 months	2.278.664	2.286.671	2.911.080
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.	2.305.595	4.827.152	5.632.478
. . . . Within 12 months	33.337	2.546.887	2.727.804
. . . . Beyond 12 months	2.272.258	2.280.265	2.904.674
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	6.406	6.406	6.406
. . . . Within 12 months
. . . . Beyond 12 months	6.406	6.406	6.406
. . Other securities			9.286.253
. . Own shares
. . . Total nominal value
. Total financial fixed assets	150.592.991	155.445.849	134.425.186
Total fixed assets	469.112.978	507.114.794	514.536.457
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods
. . Advance payments
. Total Inventories
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	150.635.113	159.936.246	165.591.709
. . Beyond 12 months	16.955.882	33.262.936	30.431.051
. . Trade receivables	140.583	145.349	157.709
. . . . Within 12 months	140.583	145.349	157.709
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	130.021.871	145.980.734	136.257.967
. . . . Within 12 months	130.021.871	129.960.378	122.689.546
. . . . Beyond 12 months		16.020.356	13.568.421
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	19.961.405	26.571.586	34.929.426
. . . . Within 12 months	19.961.405	26.571.586	34.929.426
. . . . Beyond 12 months
. . Receivables for anticipated taxes	16.955.882	17.242.580	16.862.630
. . . . Within 12 months
. . . . Beyond 12 months	16.955.882	17.242.580	16.862.630
. . Receivables due from third parties	511.254	3.258.933	7.815.028
. . . . Within 12 months	511.254	3.258.933	7.815.028
. . . . Beyond 12 months
. Total Credits not held as fixed assets	167.590.995	193.199.182	196.022.760
. 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	467.647.901	268.589.290	229.007.634
. Total Financial Assets	467.647.901	268.589.290	229.007.634
. LIQUID FUNDS
. . Bank and post office deposits	138.835.705	274.370.244	261.081.413
. . Checks
. . Banknotes and coins	2.785	3.577	5.110
. Total Liquid funds	138.838.490	274.373.821	261.086.523
Total current assets	774.077.386	736.162.293	686.116.917
ADJUSTMENT ACCOUNTS
. Discount on loans	193.065	995.479	479.990
. Other adjustment accounts
Total adjustments accounts	193.065	995.479	479.990
TOTAL ASSETS	1.243.383.429	1.244.272.566	1.201.133.364

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	23.400.000	23.400.000	23.400.000
. Additional paid-in capital
. Revaluation reserves	513.137.808	513.137.808	513.137.808
. Legal reserve	4.680.000	4.680.000	4.680.000
. Reserve for Own shares
. Statute reserves
. Other reserves	409.722.818	403.986.662	384.497.643
. Accumulated Profits (Losses)
. Profit( loss) of the year	5.971.842	5.736.156	19.489.019
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	956.912.468	950.940.626	945.204.470
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.
. . Taxation fund, also differed
. . Other funds	54.006	534.060	514.014
Total Reserves for Risks and Charges	54.006	534.060	514.014
Employee termination indemnities	2.512.236	2.479.392	2.484.288
ACCOUNTS PAYABLE
. . . . Within 12 months	283.612.855	289.985.952	252.657.403
. . . . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to other providers of finance	6.417.531
. . . . Within 12 months	6.417.531
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	2.696.874	4.228.024	2.816.495
. . . . Within 12 months	2.696.874	4.228.024	2.816.495
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	266.656.587	282.565.105	246.534.470
. . . . Within 12 months	266.656.587	282.565.105	246.534.470
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	5.700.255	619.494	1.246.043
. . . . Within 12 months	5.700.255	619.494	1.246.043
. . . . Beyond 12 months
. . Due to social security and welfare inst.	822.814	790.617	792.781
. . . . Within 12 months	822.814	790.617	792.781
. . . . Beyond 12 months
. . Other payables	1.318.794	1.782.712	1.267.614
. . . . Within 12 months	1.318.794	1.782.712	1.267.614
. . . . Beyond 12 months
Total accounts payable	283.612.855	289.985.952	252.657.403
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	291.864	332.536	273.189
Total adjustment accounts	291.864	332.536	273.189
TOTAL LIABILITIES	1.243.383.429	1.244.272.566	1.201.133.364

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	24.144.558	32.352.141
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	89.130.224	85.786.854	88.284.348
. Changes in work in progress
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	78.065	133.511	393.303
. . Contributions for operating expenses
. . Different income and revenues	78.065	133.511	393.303
Total value of production	89.208.289	85.920.365	88.677.651
PRODUCTION COSTS
. Raw material,other materials and consum.	191.326	200.753	206.448
. Services received
. Leases and rentals	21.590.245	20.464.854	19.493.673
. Payroll and related costs	11.866.783	11.513.199	11.401.712
. . Wages and salaries	8.540.301	8.269.504	8.242.610
. . Social security contributions	2.642.345	2.571.671	2.503.018
. . Employee termination indemnities	657.510	641.007	655.186
. . Pension and similar
. . Other costs	26.627	31.017	898
. Amortization and depreciation	40.223.471	39.797.104	40.222.686
. . Amortization of intangible fixed assets	36.633.376	36.605.235	36.145.404
. . Amortization of tangible fixed assets	3.590.095	3.191.869	4.077.282
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid
. Changes in raw materials
. Provisions to risk reserves
. Other provisions
. Other operating costs	499.313	250.642	259.649
Total production costs	74.371.138	72.226.552	71.584.168
Diff. between value and cost of product.	14.837.151	13.693.813	17.093.483
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		79.576	23.199
. . In subsidiary companies
. . In associated companies		79.576	23.199
. . In other companies
. Other financial income	10.859.820	17.893.856	18.965.692
. . Financ.income from receivables	82.069	403.584	540.130
. . . Towards subsidiary companies	82.069
. . . Towards associated companies		403.584	333.512
. . . Towards holding companies
. . . Towards other companies			206.618
. . Financ.income from secur. t.f.assets		209.284	91.815
. . Financ.income from secur. cur.assets	2.465.454	6.334.302	1.409.377
. . Financ.income other than the above	8.312.297	10.946.686	16.924.370
. . . - Subsidiary companies	1.213.721	1.749.959	2.774.402
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	7.098.576	9.196.727	14.149.968
. Interest and other financial expense	-1.919.881	-5.247.321	-6.981.557
. . Towards subsidiary companies	-2.938.082	-3.863.821	-5.619.794
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	-1.018.201	1.383.500	1.361.763
Total financial income and expense	8.939.939	12.726.111	12.007.334
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations		453.605	123.425
. . Of equity investments		16.836
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets		436.769	123.425
. Devaluation	-11.774.104	-13.205.312	-597.537
. . Of equity investments	-11.531.226	-13.092.103	-512.875
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-242.878	-113.209	-84.662
Total adjustments to financial assets	-11.774.104	-12.751.707	-474.112
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	998.925
. . Gains on disposals
. . Other extraordinary income	998.925
. Extraordinary expense	-5.872		-540.976
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-5.872		-540.976
Total extraordinary income and expense	993.053		-540.976
Results before income taxes	12.996.039	13.668.217	28.085.729
. Taxes on current income	7.024.197	7.932.061	8.596.710
. . current taxes	6.737.499	8.312.011	8.895.983
. . differed taxes(anticip.)	286.698	-379.950	-299.273
. Net income for the period	5.971.842	5.736.156	19.489.019
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	5.971.842	5.736.156	19.489.019

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	0,38	0,41	0,43	0,13
Elasticity Ratio	Units	0,62	0,59	0,57	0,83
Availability of stock	Units	n.c.	n.c.	n.c.	0,27
Total Liquidity Ratio	Units	0,62	0,59	0,57	0,52
Quick Ratio	Units	0,49	0,44	0,41	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,15	0,02	n.c.	2,81
Self Financing Ratio	Units	0,77	0,76	0,79	0,20
Capital protection Ratio	Units	0,97	0,97	0,95	0,71
Liabilities consolidation quotient	Units	0,01	0,01	0,01	0,16
Financing	Units	0,30	0,30	0,27	3,28
Permanent Indebtedness Ratio	Units	0,77	0,77	0,79	0,36
M/L term Debts Ratio	Units	0,00	0,00	0,00	0,10
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	1,19
CORRELATION
Fixed assets ratio	Units	2,05	1,88	1,84	1,93
Current ratio	Units	2,73	2,54	2,72	1,22
Acid Test Ratio-Liquidity Ratio	Units	2,73	2,54	2,72	0,78
Structure's primary quotient	Units	2,04	1,88	1,84	1,19
Treasury's primary quotient	Units	2,14	1,87	1,94	0,04
Rate of indebtedness ( Leverage )	%	129,94	130,85	127,08	490,08
Current Capital ( net )	Value	490.464.531	446.176.341	433.459.514	761.974
RETURN
Return on Sales	%	51,83	53,08	67,64	2,08
Return on Equity - Net- ( R.O.E. )	%	0,62	0,60	2,06	3,38
Return on Equity - Gross - ( R.O.E. )	%	1,36	1,44	2,97	13,74
Return on Investment ( R.O.I. )	%	1,19	1,10	1,42	4,04
Return/ Sales	%	16,65	15,96	19,36	3,71
Extra Management revenues/charges incid.	%	40,25	41,89	114,01	17,68
Cash Flow	Value	46.195.313	45.533.260	59.711.705	114.315
Operating Profit	Value	14.837.151	13.693.813	17.093.483	185.891
Gross Operating Margin	Value	55.060.622	53.490.917	57.316.169	327.882
MANAGEMENT
Credits to clients average term	Days	0,57	0,61	0,64	111,38
Debts to suppliers average term	Days	4451,80	4996,01	4556,64	107,36
Average stock waiting period	Days	n.c.	n.c.	n.c.	89,78
Rate of capital employed return ( Turnover )	Units	0,07	0,07	0,07	1,05
Rate of stock return	Units	n.c.	n.c.	n.c.	3,98
Labour cost incidence	%	13,31	13,42	12,91	11,64
Net financial revenues/ charges incidence	%	10,03	14,83	13,60	-1,98
Labour cost on purchasing expenses	%	15,96	15,94	15,93	11,40
Short-term financing charges	%	0,68	1,81	2,76	3,18
Capital on hand	%	1395,02	1450,42	1360,53	94,61
Sales pro employee	Value	240.892	238.960	247.989	269.210
Labour cost pro employee	Value	32.072	32.070	32.027	31.336

Remarks

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

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

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

Market/ Territory Data

Population living in the province	:	$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Spazio.gif$ 2.236.941
Population living in the region	:	$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Spazio.gif$ 4.330.172
Number of families in the region	:	$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Spazio.gif$ 1.889.207

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

- per food products	:	$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Spazio.gif$ 429
- per non food products	:	$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Spazio.gif$ 1.789
- per energy consume	:	$Description: \\VIVEK-PC\123 Foreign Report Raw\347784 on Max Mara Fashion Group- S.r.l._files\Spazio.gif$ 135

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered moderately risky.

In the region 27.019 protested subjects are found; in the province they count to 16.723.

The insolvency index for the region is 0,63, , while for the province it is 0,76.

Total Bankrupt companies in the province : 7.726.

Total Bankrupt companies in the region : 14.165.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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%)

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