3decades

MIRA INFORM REPORT

Report No. :	505838
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	HARMONT E BLAINE S.P.A.

Registered Office :	Strada Statale 87 Km.16,460 Zona, A.S.I., 80023 – Caivano (NA)

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	20.10.1986

Legal Form :	Joint Stock Company

Line of Business :	· Various manufacture and accessories for apparel · Wholesale of clothing and accessories · Retail sale of clothing in specialized stores

No. of Employees :	From 500 To 750

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

Status :	Good

Payment Behaviour :	Regular

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Italy

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

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. 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, reaching 131% of GDP in 2017. 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 longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name & address

HARMONT E BLAINE S.P.A.

Strada Statale 87 Km.16,460 Zona, A.S.I.

80023 – Caivano (NA) -IT-

Summary

Fiscal Code	:	05123510637
Legal Form	:	Joint Stock Company
start of Activities	:	01/02/1989
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	From 500 To 750

Activity

Various manufacture and accessories for apparel

Wholesale of clothing and accessories

Retail sale of clothing in specialized stores

Legal Data

Legal Form : Joint stock company

Fiscal Code : 05123510637

Municipal Licence : 364 of since 01/02/1989

Foreign Trade Reg. no. : NA005895 since 19/02/1992

Chamber of Commerce no. : 252291 of Alessandria

Chamber of Commerce no. : 165214 of Arezzo

Chamber of Commerce no. : 173693 of Avellino

Chamber of Commerce no. : 465786 of Bari

Chamber of Commerce no. : 497074 of Bari

Chamber of Commerce no. : 446529 of Bergamo

Chamber of Commerce no. : 510429 of Bologna

Chamber of Commerce no. : 530251 of Bologna

Chamber of Commerce no. : 540636 of Brescia

Chamber of Commerce no. : 272386 of Cagliari

Chamber of Commerce no. : 240862 of Caserta

Chamber of Commerce no. : 275136 of Caserta

Chamber of Commerce no. : 182624 of Chieti

Chamber of Commerce no. : 295189 of Cuneo

Chamber of Commerce no. : 224871 of Cosenza

Chamber of Commerce no. : 330288 of Catania

Chamber of Commerce no. : 194426 of Catanzaro

Chamber of Commerce no. : 67367 of Enna

Chamber of Commerce no. : 301692 of Foggia

Chamber of Commerce no. : 531564 of Firenze

Chamber of Commerce no. : 591829 of Firenze

Chamber of Commerce no. : 332465 of Forli'

Chamber of Commerce no. : 413406 of Genova

Chamber of Commerce no. : 119471 of Imperia

Chamber of Commerce no. : 167161 of Latina

Chamber of Commerce no. : 180046 of Lucca

Chamber of Commerce no. : 1770209 of Milano

Chamber of Commerce no. : 249368 of Mantova

Chamber of Commerce no. : 416891 of Napoli since 24/11/1986

Chamber of Commerce no. : 231656 of Novara

Chamber of Commerce no. : 241685 of Novara

Chamber of Commerce no. : 247281 of Palermo

Chamber of Commerce no. : 150088 of Pescara

Chamber of Commerce no. : 1322255 of Roma

Chamber of Commerce no. : 294473 of Rimini

Chamber of Commerce no. : 373897 of Salerno

Chamber of Commerce no. : 122265 of La Spezia

Chamber of Commerce no. : 143167 of Sassari

Chamber of Commerce no. : 175836 of Taranto

Chamber of Commerce no. : 985108 of Torino

Chamber of Commerce no. : 353446 of Treviso

Chamber of Commerce no. : 280899 of Udine

Chamber of Commerce no. : 284473 of Udine

Chamber of Commerce no. : 354740 of Varese

Chamber of Commerce no. : 360860 of Varese

Chamber of Commerce no. : 371577 of Venezia

Chamber of Commerce no. : 424407 of Verona

V.A.T. Code : 01392681217

Foundation date	: 20/10/1986
Establishment date	: 20/10/1986
Start of Activities	: 01/02/1989
Legal duration	: 31/12/2050
Nominal Capital	: 16.833.109
Subscribed Capital	: 2.304.878
Paid up Capital	: 2.304.878

Legal mail :

CERTIFICATA@PEC.HARMONTBLAINE.IT

Members

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Menniti

Domenico

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Catanzaro

(CZ)

on 06/04/1947

- Fiscal Code : MNNDNC47D06C352D

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

P.neruda

, 15

- 81100

Caserta

(CE)

- IT -

Position	Since	Shares Amount	% Ownership
Board Chairman	29/06/2017
Director	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Menniti

Vincenzo

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Catanzaro

(CZ)

on 23/04/1950

- Fiscal Code : MNNVCN50D23C352I

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

M. Ruta

, 80

- 81100

Caserta

(CE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Montefusco

Renato

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Napoli

(NA)

on 23/04/1932

- Fiscal Code : MNTRNT32D23F839S

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

Roosevelt

, 4

- 81100

Caserta

(CE)

- IT -

Position	Since	Shares Amount	% Ownership
Chairman	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Catalano

Manuel Antonio

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Milano

(MI)

on 18/12/1967

- Fiscal Code : CTLMLN67T18F205G

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

Statale Km 16,460

, 87

- 80023

Caivano

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Montefusco

Massimo

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Imperia

(IM)

on 17/03/1967

- Fiscal Code : MNTMSM67C17E290P

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

P. Neruda

, 29

- 81100

Caserta

(CE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Montefusco

Paolo

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Napoli

(NA)

on 03/07/1963

- Fiscal Code : MNTPLA63L03F839L

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

P. Neruda

, 15

- 81100

Caserta

(CE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017
Managing Director	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$ Legal Mortgage - 12/11/2008. - 6.543 Euro. Event writing-off

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

 EQUITALIA POLIS S. P. A.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Carotenuto

Marco

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Napoli

(NA)

on 10/02/1976

- Fiscal Code : CRTMRC76B10F839B

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

Statale 87 Km.

, 16,460

- 80023

Caivano

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017
Assistant board Chairman	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Ondeggia

Daniele

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Torre del Greco

(NA)

on 12/01/1965

- Fiscal Code : NDGDNL65A12L259L

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

Roma

, 8

- 80045

Pompei

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	29/09/2016

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Protests registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Vannucchi

Paolo Angelo Marco

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Born in Milano

(MI)

on 30/11/1963

- Fiscal Code : VNNPNG63S30F205L

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Residence:

Statale Km 16,460

, 87

- 80023

Caivano

(NA)

- IT -

Position	Since	Shares Amount	% Ownership
Director	29/06/2017

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Lauro Cinquantotto S.p.a.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Degli Affari

, 2

- 20123

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

No Prejudicial events are reported

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

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.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Menniti

Domenico

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Consorzio Csa-asi	Caivano (NA) - IT -	03853191215	Baord of Directors' member	Withdrawn	Registered
Distretto Industriale Campania 4 - SocieTa' Consortile A Responsabilita'	Caserta (CE) - IT -	03167780612	Director	Withdrawn	Registered

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Montefusco

Renato

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Armont Di Carmine Pacileo E C. Sas	Napoli (NA) - IT -	04598500637	Limited Partner	Withdrawn	Ceased

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Carotenuto

Marco

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Balconi Spa - Industria Dolciaria (abbreviatamente Balconi Spa )	Nerviano (MI) - IT -	03118670151	Director	Withdrawn	Ceased
Prime European Therapeuticals S.p.a. InForma Abbreviata Euticals S.p.a.	Milano (MI) - IT -	07254610152	Director	Withdrawn	Registered
Giochi Preziosi S.p.a.	Milano (MI) - IT -	05935650969	Director	Withdrawn	Registered
Giochi Preziosi S.p.a.	Milano (MI) - IT -	04926940968	Director	Withdrawn	Merged
Compagnia Italiana Di Navigazione S.p.a	Cagliari (CA) - IT -	06784021211	Director	Withdrawn	Registered
Lauro Cinquantadue S.r.l.	Milano (MI) - IT -	07720300966	Managing Director	Active	Registered
Lauro Cinquantadue S.r.l.	Milano (MI) - IT -	07720300966	Director	Active	Registered
Lauro Cinquantotto S.p.a.	Milano (MI) - IT -	08289960968	Director	Active	Registered
Lauro Cinquantotto S.p.a.	Milano (MI) - IT -	08289960968	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
Menniti Domenico	Caserta - IT -	MNNDNC47D06C352D	345.731 .Eur	14,99
Menniti Vincenzo	Caserta - IT -	MNNVCN50D23C352I	345.731 .Eur	14,99
Montefusco Massimo	Caserta - IT -	MNTMSM67C17E290P	345.731 .Eur	14,99
Montefusco Paolo	Caserta - IT -	MNTPLA63L03F839L	345.731 .Eur	14,99
Lauro Cinquantotto S.p.a.	Milano - IT -	08289960968	921.951 .Eur	40,00

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
Polo Della Qualita' - Societa' Consortil e A R.l. In Liquidazione	Napoli - IT -	07798350638	615 .Eur	1,00			Active
Consorzio Operatori Centro Commerciale M aximall Di Pontecagnano F Aiano (sa) Od	Pontecagnano Faiano - IT -	04454960651					Active
Due Mari	Maida - IT -	02574350795					Active
Consorzio Degli Operatori Del Centro Com merciale Megalo' In Breve Consorzio Mega	Chieti - IT -	02135350698					Active
Consorzio Acque Castel Guelfo		97374230155					Active
Consorzio Grandapulia		04096550712					Active

Firm's location and structure

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

Legal and operative seat

87 Km.16,460 Zona

, A.S.I.

- 80023

- Caivano

(NA)

- IT -

Total Surface: 368 Sq.mt.

PHONE

: 0818881111

Legal mail

: CERTIFICATA@PEC.HARMONTBLAINE.IT

Branch

(Shop)

since 07/01/2003

Lagrange

, 31/B

- 10100

- Torino

(TO)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 137 Sq.mt.

PHONE

: 0818349002

FAX

: 0818349005

Branch

(Shop)

since 15/12/2003

Giacomo Matteotti

, 13

- 18038

- San Remo

(IM)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 68 Sq.mt.

Branch

(Shop)

since 10/04/2004

Sottopiazza Delle Chiacchere

, 7

- 07021

- Arzachena

(SS)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 43 Sq.mt.

Branch

(Shop)

since 02/04/2004

Della Liberta'

, 11

- 90100

- Palermo

(PA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 95 Sq.mt.

Branch

(Shop)

since 18/12/2004

Ceccarini

, 106/B

- 47036

- Riccione

(RN)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 17/03/2006

Italia

, 555

- 20099

- Sesto San Giovanni

(MI)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 106 Sq.mt.

Branch

(Sales office)

since 10/05/2006

Tortona

, 37

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 12/07/2007

Tasso Angolo C. Italia

, 23

- 80067

- Sorrento

(NA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 368 Sq.mt.

Branch

(Shop)

since 15/04/2008

Vittorio Colonna

, 176

- 80077

- Ischia

(NA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 110 Sq.mt.

Branch

(Shop)

since 27/09/2010

Dei Martiri

, 33/34/35

- 80100

- Napoli

(NA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 120 Sq.mt.

Branch

(Shop)

since 08/10/2010

A. Scarlatti

, 135/137

- 80100

- Napoli

(NA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 222 Sq.mt.

Branch

(Shop)

since 05/04/2007

until 13/11/2006

Calefati

, 43/45

- 70100

- Bari

(BA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 188 Sq.mt.

Branch

(Shop)

since 15/06/2012

until 22/03/2012

Aurno

, SNC

- 81025

- Marcianise

(CE)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 342 Sq.mt.

Branch

(Shop)

since 30/09/2009

until 21/01/2009

Meucci

- 50031

- Barberino di Mugello

(FI)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 139 Sq.mt.

Branch

(Shop)

since 06/05/2006

Martiri Dell'olivetta

, 16

- 16034

- Portofino

(GE)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 56 Sq.mt.

Branch

(Shop)

since 15/04/2003

Giuseppe Mazzini

, 7/A

- 55042

- Forte dei Marmi

(LU)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 58 Sq.mt.

Branch

(Shop)

since 11/07/2002

P. Rotondo Pz.ta San Marco

, 9

- 07026

- Olbia

(SS)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 50 Sq.mt.

Branch

(Shop)

since 14/06/2012

Macello Unita 29-30-31

, 22

- 80045

- Pompei

(NA)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 249 Sq.mt.

Branch

(Shop)

since 01/03/2013

Della Moda

, 1

- 15069

- Serravalle Scrivia

(AL)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 136 Sq.mt.

Branch

(Shop)

since 01/03/2013

Enzo Ferrari

, 5

- 52045

- Foiano della Chiana

(AR)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 153 Sq.mt.

Branch

(Shop)

since 02/05/2012

Adriano Olivetti

, SNC

- 70056

- Molfetta

(BA)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 149 Sq.mt.

Branch

(Shop)

since 29/11/2012

Noicattaro

, 2

- 70010

- Casamassima

(BA)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 182 Sq.mt.

Branch

(Shop)

since 01/03/2013

Dei Portuali - Zona A.s.i.

, 12

- 70056

- Molfetta

(BA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 276 Sq.mt.

Branch

(Shop)

since 01/03/2013

Del Moretto E.1/49 U 12.02

, 12

- 25050

- Rodengo-Saiano

(BS)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 247 Sq.mt.

Branch

(Shop)

since 24/05/2013

Mondovicino

, 149

- 12084

- Mondovi'

(CN)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 202 Sq.mt.

Branch

(Shop)

since 25/04/2013

Lido S.s. 106

, SNC

- 88100

- Catanzaro

(CZ)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 120 Sq.mt.

Branch

(Shop)

since 01/03/2013

Mandre Bianche

, A39

- 94011

- Agira

(EN)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 187 Sq.mt.

Branch

(Shop)

since 01/03/2013

Mandre Bianche

, A100

- 94011

- Agira

(EN)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 78 Sq.mt.

Branch

(Shop)

since 17/12/2011

Fiumara

, 15-16

- 16100

- Genova

(GE)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 140 Sq.mt.

Branch

(Shop)

since 31/05/2012

Aeroporto Di Linate

, SNC

- 20090

- Segrate

(MI)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 70 Sq.mt.

Branch

(Shop)

since 31/08/2012

Matteotti Giacomo

, 5

- 20100

- Milano

(MI)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 250 Sq.mt.

Branch

(Shop)

since 01/03/2013

Marco Biagi

, SNC

- 46031

- Bagnolo San Vito

(MN)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 299 Sq.mt.

Branch

(Shop)

since 21/04/2017

San Martino Di Zusiagna

, 78

- 28060

- Vicolungo

(NO)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 191 Sq.mt.

Branch

(Shop)

since 01/09/2012

Della Liberta' 31/c-d-f-e

, 31/E

- 90100

- Palermo

(PA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 192 Sq.mt.

Branch

(Shop)

since 07/12/2011

Collatina Km 12,800

, 258A

- 00100

- Roma

(RM)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 474 Sq.mt.

Branch

(Shop)

since 30/06/2012

Alberto Lionello

, 201

- 00100

- Roma

(RM)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 138 Sq.mt.

Branch

(Shop)

since 01/03/2013

Della Pace

, SNC

- 00038

- Valmontone

(RM)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 354 Sq.mt.

Branch

(Shop)

since 25/02/2012

Pacinotti

, SNC

- 84098

- Pontecagnano Faiano

(SA)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 195 Sq.mt.

Branch

(Shop)

since 01/03/2013

Statale 18 Km79+250

, SNC

- 84025

- Eboli

(SA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 250 Sq.mt.

Branch

(Shop)

since 23/10/2011

Per S.giorgio Ionico Km 10

, SNC

- 74100

- Taranto

(TA)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 173 Sq.mt.

Branch

(Shop)

since 25/04/2013

until 31/03/2013

Provinciale 126 Km 1,6

, SNC

- 33041

- Aiello del Friuli

(UD)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 206 Sq.mt.

Branch

(Shop)

since 01/03/2013

Marco Polo

, 1/108

- 30020

- Noventa di Piave

(VE)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 187 Sq.mt.

Branch

(Shop)

since 03/07/2013

Provinciale 336

, SNC

- 81025

- Marcianise

(CE)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 127 Sq.mt.

Branch

(Shop)

since 22/06/2013

Marconi

, 94

- 55049

- Viareggio

(LU)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 100 Sq.mt.

Branch

(Shop)

since 21/06/2013

Moscarola

, SNC

- 65013

- Citta' Sant'Angelo

(PE)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 292 Sq.mt.

Branch

(Shop)

since 15/10/2016

Del Commercio

, 10/D

- 40023

- Castel Guelfo di Bologna

(BO)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 162 Sq.mt.

Branch

(Shop)

since 07/12/2013

John Fitzgerald Kennedy

, SNC

- 87036

- Rende

(CS)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 163 Sq.mt.

Branch

(Shop)

since 31/10/2013

Mandre Bianche

, A74

- 94011

- Agira

(EN)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 135 Sq.mt.

Branch

(Shop)

since 27/11/2013

Dell'aeroporto Di Fiumicin

, 320

- 00054

- Fiumicino

(RM)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 44 Sq.mt.

Branch

(Shop)

since 12/04/2014

Tirino

, 7

- 66100

- Chieti

(CH)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 195 Sq.mt.

Branch

(Shop)

since 04/10/2014

Colombo

, 3

- 47039

- Savignano sul Rubicone

(FO)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 174 Sq.mt.

Branch

(Shop)

since 18/12/2014

Pecoraino

, SNC

- 90100

- Palermo

(PA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 158 Sq.mt.

Branch

(Shop)

since 11/04/2014

Del Ponte Di Piscina Cupa

, 64

- 00100

- Roma

(RM)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 267 Sq.mt.

Branch

(Shop)

since 21/03/2015

Caduti Di Nassiriya

, 20

- 47037

- Rimini

(RN)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 81 Sq.mt.

Branch

(Shop)

since 08/09/2016

Aeroporto Di Malpensa T1-2

, SNC

- 21010

- Ferno

(VA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 87 Sq.mt.

Branch

(Shop)

since 24/11/2013

Don Tosatto

, 22

- 30100

- Venezia

(VE)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 180 Sq.mt.

Branch

(Shop)

since 25/06/2015

Localita Boscofangone Lotto G

, SNC

- 80035

- Nola

(NA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 378 Sq.mt.

Branch

(Shop)

since 30/10/2015

Localita' Comuni Condomini

, SNC

- 88025

- Maida

(CZ)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 155 Sq.mt.

Branch

(Shop)

since 16/10/2015

Giuseppe Lanza Di Scalea

, 1963

- 90100

- Palermo

(PA)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 200 Sq.mt.

Branch

(Shop)

since 23/04/2016

Camerelle

, 12/B

- 80073

- Capri

(NA)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 23 Sq.mt.

Branch

(Shop)

since 22/09/2016

Luigi Einaudi

, 5

- 25030

- Roncadelle

(BS)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 137 Sq.mt.

Branch

(Shop)

since 14/10/2016

Provinciale 336 Km 19

, SNC

- 81025

- Marcianise

(CE)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 403 Sq.mt.

Branch

(Shop)

since 03/08/2016

Cubba Tenutella

, SNC

- 95045

- Misterbianco

(CT)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 245 Sq.mt.

Branch

(Shop)

since 22/12/2016

Zona Asi - Borgo Incoronata

, SNC

- 71100

- Foggia

(FG)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 150 Sq.mt.

Branch

(Shop)

since 14/04/2016

Luraghi

, 11

- 20020

- Arese

(MI)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 135 Sq.mt.

Branch

(Shop)

since 25/05/2017

Toscana

, 1

- 24052

- Azzano San Paolo

(BG)

- IT -

Trading Style: HARMONT E BLAINE

Branch

(Shop)

since 23/03/2017

Torino

, 160

- 10036

- Settimo Torinese

(TO)

- IT -

Trading Style: HARMONT E BLAINE

Total Surface: 173 Sq.mt.

Branch

(Shop)

since 30/03/2017

Delle Nazioni

, 1

- 37100

- Verona

(VR)

- IT -

Trading Style: HARMONT E BLAINE JEANS

Total Surface: 111 Sq.mt.

Employees

: 502

Fittings and Equipment for a value of 1.340.000

Eur

Stocks for a value of 22.280.000

Eur

Trade organization: direct or by agents.

The company sells in Italy and abroad.

The company supplies wholesalers und shopping centres.

The firm operates abroad as importer / exporter..

To purchase foreign products the firm uses the following channels :

- direct orders to foreign companies

Export trade is the 20 % of the global turnover.

Products abroad are placed by :

- national or foreign important buyers

- its own sales net-work

Usually the terms of sale are within 90-120 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:

- Europa

Export is mainly towards:

- Europa

The subject firm uses the following own selling brands:

- HARMONT E BLAINE

- PAPERO GIALLO

Traded Brands / Suppliers

- GETZNER TEXTIL

- SYLVIE ITALY

- A.M.F. SPA

- PIEMME SRL

Historical Information and/or Firm's Status

CHANGES TO THE LEGAL FORM:

Former legal form	New legal form	Changement Date
Limited liability company	Joint stock company	18/07/2002

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
P.D.M. SRL	P.D.M SPA	18/07/2002
P.D.M. SPA	Harmont e Blaine Spa	11/05/2007

COMPANY'S CAPITAL CHANGES:

Former Type	Former Amount	New Type	New Amount	Changement Date
paid-up	25.823 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ Eur	nominal	180.760 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ Eur	16/10/1987
subcribed,nominal and issued	180.760 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ Eur	subcribed,nominal and issued	258.228 $Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ Eur	26/05/1989

CEASINGS/INCORPORATIONS/MERGES:

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Project of merging by taking over of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$ H E B Diffusion S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Rimini

, 71

, 80143

, Napoli

(NA)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Fiscal Code: 04233651217

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Date

Merging/splitting-up project:

13/12/2012

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

The firm absorbed by merging of

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$ H E B Diffusion S.r.l.

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Rimini

, 71

, 80143

, Napoli

(NA)

- IT -

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Fiscal Code: 04233651217

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Vuoto.gif$

Date

22/02/2013

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Bankers

The firm operates with:

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
UNICREDIT BANCA D'IMPRESA S.P.A.	CASERTA	PARCO DEL CORSO 36	81100	Caserta (CE)	3226	14900
MONTE DEI PASCHI DI SIENA SPA					1030	0
CASSA RISP.PARMA PIACENZA SPA					6230	0
BANCO DI NAPOLI S.P.A.					1010	0

National Real Estates Survey

The firm under review, by the reported percentages, owns the following real estates:

Town	Cadastre	No. Immovables	Up to Date
CASERTA (CE)	Buildings	2	23/04/2018
MILANO (MI)	Buildings	7	23/04/2018
CAIVANO (NA)	Buildings	1	23/04/2018
TORINO (TO)	Buildings	1	23/04/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	CASERTA (CE) VIA THEODORE ROOSEVELT, SNC Piano 2 int. 9	36	5498	11	zona2 cat. A/2	6	5,5 vani	Euro:695,93
B	Proprieta' per 1/1	CASERTA (CE) VIA THEODORE ROOSEVELT, SNC Piano S1 int. 36	36	5498	80	zona2 cat. C/6	6	24 mq	Euro:76,85
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano S1	516	341	794	zona2 cat. C/6	5	14 mq	Euro:101,23
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano S1	516	341	795	zona2 cat. C/6	5	14 mq	Euro:101,23
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano S1	516	341	796	zona2 cat. C/6	5	14 mq	Euro:101,23
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano S1	516	341	826	zona2 cat. C/6	9	32 mq	Euro:426,39
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano S1	516	341	827	zona2 cat. C/6	9	32 mq	Euro:426,39
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano 2-3	516	342	701	zona2 cat. C/3	14	277 mq	Euro:2.460,61
B	Proprieta' per 1/1	MILANO (MI) VIA TORTONA, 37 Piano 2-3	516	342	702	zona2 cat. C/3	14	642 mq	Euro:5.702,92
B	Proprieta' per 1/1	CAIVANO (NA) ZONA ASI, 1 Piano T-1 - 2-3	5	730	3	cat. D/7			Euro: 43.362,60
B	Proprieta' per 1/1	TORINO (TO) VIA LAGRANGE GIUSEPPE LUIGI, 31 Piano T-1 - S1 int. 5	1281	159	136	zona1 cat. C/1	10	146 mq	Euro:6.642,98

All responsibilities are declined regarding any possible omissions concerning the given results. Therefore, we advise to request for "Hypothecating Survey Inspection" c/o the locally competent RR.II. Immovables Registry, as this service doesn't fully guarantees the actual title of the Real Estates of the requested Subject.

Financial and Economical Analysis

Company's starting of activities dates back to 1989.

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

In the economic management , good and bad results followed on by turns. with a profit (r.o.e. 2,33%) in the last financial year

The operating result was positive in the last financial year (6,06%) falling within the field's average.

The operating result is positive and amounts to Eur. 4.374.337 increasing if compared to the yeart 2015.

The gross operating margin of the latest financial year is of Eur. 6.994.263 with a 91% growth.

Very good financial situation: shareholder's equity covers short-terms debts with an indebtedness level equal to 0,87 improved in comparison with the year before (0,89.).

The management generated equity capital for an amount of Eur. 29.075.419 on stable levels.

Total indebtedness was equal to Eur. 39.479.039 (Eur. 6.654.789 was the value of m/l term debts) on the same levels as the year before.

The company does not exceed in bank borrowings; the recourse to suppliers' credit is also limited which is also lower than the sector average.

The management determines a good range of liquidity.

Accounts receivable average term is 45,32 days. , shorter than the sector's average.

During financial year 2016 the cash flow amounted to Eur. 3.097.796

During 2016 financial year labour costs amounted to Eur. 18.443.193, with a 24,08% incidence on production costs. and a 23,63% incidence on sales volumes.

Limited financial charges in relation to sales volume.

Financial Data

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	78.050.849
Profit (Loss) for the period	677.870

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	73.448.791
Profit (Loss) for the period	-3.992.149

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	72.709.401
Profit (Loss) for the period	1.658.044

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	68.684.306
Profit (Loss) for the period	4.320.262

$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	57.056.398
Profit (Loss) for the period	1.953.759

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 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2015 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2014 - 12 Mesi - Currency: - Amounts x 1

Years

2016

2015

2014

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	50.054	29.746	18.516
. . Concessions,licenses,trademarks,etc.	28.000	31.367	34.735
. . Goodwill	1.306.889	1.691.987	2.446.915
. . Assets in formation and advance paymen.	414.500	127.000
. . Other intangible fixed assets	2.052.118	1.128.914	1.371.991
. Total Intangible Fixed Assets	3.851.561	3.009.014	3.872.157
. TANGIBLE FIXED ASSETS
. . Real estate	11.738.781	12.056.466	8.322.530
. . Plant and machinery	1.330.449	1.225.304	1.480.670
. . Industrial and commercial equipment	9.749	18.700	37.929
. . Other assets	1.775.805	798.245	1.016.925
. . Assets under construction and advances
. Total Tangible fixed assets	14.854.784	14.098.715	10.858.054
. FINANCIAL FIXED ASSETS
. . Equity investments	582.210	883.580	749.192
. . . Equity invest. in subsidiary companies	553.792	855.567	721.179
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	28.418	28.013	28.013
. . Financial receivables	7.387.721	4.269.912	248.904
. . . . Within 12 months	484.407	248.771	248.904
. . . . Beyond 12 months	6.903.314	4.021.141
. . . Receivab due from subsidiaries	6.903.314	4.021.141
. . . . Within 12 months
. . . . Beyond 12 months	6.903.314	4.021.141
. . . 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	484.407	248.771	248.904
. . . . Within 12 months	484.407	248.771	248.904
. . . . Beyond 12 months
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	7.969.931	5.153.492	998.096
Total fixed assets	26.676.276	22.261.221	15.728.307
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	4.672.900	5.783.885	6.841.607
. . Work in progress and semimanufactured
. . Work in progress on order
. . Finished goods	17.608.382	16.807.707	21.834.036
. . Advance payments
. Total Inventories	22.281.282	22.591.592	28.675.643
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	13.877.955	12.690.178	13.196.430
. . Beyond 12 months	159.167	1.078.699	1.167.622
. . Trade receivables	9.824.913	9.516.429	11.116.074
. . . . Within 12 months	9.824.913	9.516.429	11.116.074
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	1.008.438	391.388	143.603
. . . . Within 12 months	1.008.438	391.388	143.603
. . . . 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
. . Fiscal Receivables	762.081	1.729.182	1.697.031
. . . . Within 12 months	762.081	1.729.182	1.450.053
. . . . Beyond 12 months			246.978
. . Receivables for anticipated taxes	1.947.956	1.733.100	912.936
. . . . Within 12 months	1.947.956	813.568	151.459
. . . . Beyond 12 months		919.532	761.477
. . Receivables due from third parties	493.734	398.778	494.408
. . . . Within 12 months	334.567	239.611	335.241
. . . . Beyond 12 months	159.167	159.167	159.167
. Total Credits not held as fixed assets	14.037.122	13.768.877	14.364.052
. 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	83.209
. LIQUID FUNDS
. . Bank and post office deposits	6.669.990	6.707.750	11.096.352
. . Checks	689.290
. . Banknotes and coins	249.686	358.916	585.675
. Total Liquid funds	7.608.966	7.066.666	11.682.027
Total current assets	44.010.579	43.427.135	54.721.722
ADJUSTMENT ACCOUNTS
. Discount on loans		1.403.695	1.874.828
. Other adjustment accounts	1.453.942
Total adjustments accounts	1.453.942	1.403.695	1.874.828
TOTAL ASSETS	72.140.797	67.092.051	72.324.857

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	2.304.878	2.304.878	2.304.878
. Additional paid-in capital	9.915.122	10.088.122	9.915.122
. Revaluation reserves	4.520.701	5.512.850	5.512.850
. Legal reserve	460.976	460.976	420.000
. Reserve for Own shares
. Statute reserves
. Other reserves	11.195.872	11.167.732	9.472.335
. Accumulated Profits (Losses)
. Profit( loss) of the year	677.870	-3.992.149	1.658.044
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	29.075.419	25.542.409	29.283.229
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	379.031	444.950	429.767
. . Taxation fund, also differed	31.445	200.000
. . Other funds	2.588.959	820.423	50.000
Total Reserves for Risks and Charges	2.999.435	1.465.373	479.767
Employee termination indemnities	245.402	273.148	284.508
ACCOUNTS PAYABLE
. . . . Within 12 months	32.824.250	29.702.650	37.569.443
. . . . Beyond 12 months	6.654.789	9.668.353	4.258.733
. . 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	20.234.060	23.251.099	24.393.842
. . . . Within 12 months	13.579.271	13.582.746	20.135.109
. . . . Beyond 12 months	6.654.789	9.668.353	4.258.733
. . Due to other providers of finance			6.284
. . . . Within 12 months			6.284
. . . . Beyond 12 months
. . Advances from customers
. . . . Within 12 months
. . . . Beyond 12 months
. . Trade payables	13.010.690	11.779.112	12.731.816
. . . . Within 12 months	13.010.690	11.779.112	12.731.816
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	97.640		61.729
. . . . Within 12 months	97.640		61.729
. . . . 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	2.721.503	915.084	974.507
. . . . Within 12 months	2.721.503	915.084	974.507
. . . . Beyond 12 months
. . Due to social security and welfare inst.	1.171.592	1.082.510	1.138.068
. . . . Within 12 months	1.171.592	1.082.510	1.138.068
. . . . Beyond 12 months
. . Other payables	2.243.554	2.343.198	2.521.930
. . . . Within 12 months	2.243.554	2.343.198	2.521.930
. . . . Beyond 12 months
Total accounts payable	39.479.039	39.371.003	41.828.176
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	341.502	440.118	449.177
Total adjustment accounts	341.502	440.118	449.177
TOTAL LIABILITIES	72.140.797	67.092.051	72.324.857

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	4.124.920	4.245.791
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	78.050.849	73.448.791	72.709.401
. Changes in work in progress	800.675	-1.087.700	2.701.196
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	2.106.900	2.200.412	2.294.931
. . Contributions for operating expenses
. . Different income and revenues	2.106.900	2.200.412	2.294.931
Total value of production	80.958.424	74.561.503	77.705.528
PRODUCTION COSTS
. Raw material,other materials and consum.	21.855.618	18.754.441	21.375.115
. Services received	21.114.112
. Leases and rentals	10.420.160	30.649.160	30.910.047
. Payroll and related costs	18.443.193	18.270.173	17.989.550
. . Wages and salaries	13.472.783	13.384.058	13.117.966
. . Social security contributions	3.768.124	3.829.679	3.835.626
. . Employee termination indemnities	932.386	956.419	1.032.725
. . Pension and similar
. . Other costs	269.900	100.017	3.233
. Amortization and depreciation	2.419.926	3.263.905	2.764.926
. . Amortization of intangible fixed assets	1.121.282	1.022.076	1.027.364
. . Amortization of tangible fixed assets	1.126.644	1.042.096	1.031.286
. . Depreciation of tangible fixed assets		4.075
. . Writedown of current receiv.and of liquid	172.000	1.195.658	706.276
. Changes in raw materials	1.110.985	2.077.115	-34.760
. Provisions to risk reserves	200.000	150.000
. Other provisions
. Other operating costs	1.020.093	1.148.715	625.771
Total production costs	76.584.087	74.313.509	73.630.649
Diff. between value and cost of product.	4.374.337	247.994	4.074.879
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	72.928	39.565	19.151
. . Financ.income from receivables	72.173	24.141
. . . Towards subsidiary companies	72.173	24.141
. . . 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	755	15.424	19.151
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	755	15.424	19.151
. Interest and other financial expense	-590.453	-796.211	-995.124
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-796.211	995.124
Total financial income and expense	-517.525	-756.646	-975.973
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	62.110	56.058	122.692
. . Of equity investments	62.110	56.058	122.692
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation	-1.566.929	-770.423
. . Of equity investments	-1.566.929	-770.423
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets	-1.504.819	-714.365	122.692
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income		126.066	491.944
. . Gains on disposals
. . Other extraordinary income		126.066	491.944
. Extraordinary expense		-3.447.095	-513.045
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense		-3.447.095	-513.045
Total extraordinary income and expense		-3.321.029	-21.101
Results before income taxes	2.351.993	-4.544.046	3.200.497
. Taxes on current income	1.674.123	-551.897	1.542.453
. . current taxes	1.402.121	259.737	1.936.373
. . differed taxes(anticip.)		-811.634	-393.920
. Net income for the period	677.870	-3.992.149	1.658.044
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	677.870	-3.992.149	1.658.044

RATIOS	Value Type	as at 31/12/2016	as at 31/12/2015	as at 31/12/2014	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,37	0,33	0,22	0,14
Elasticity Ratio	Units	0,61	0,65	0,76	0,84
Availability of stock	Units	0,31	0,34	0,40	0,24
Total Liquidity Ratio	Units	0,30	0,31	0,36	0,53
Quick Ratio	Units	0,11	0,11	0,16	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,87	0,89	0,88	3,78
Self Financing Ratio	Units	0,40	0,38	0,40	0,17
Capital protection Ratio	Units	0,90	1,07	0,86	0,66
Liabilities consolidation quotient	Units	0,21	0,33	0,12	0,14
Financing	Units	1,36	1,54	1,43	4,55
Permanent Indebtedness Ratio	Units	0,50	0,53	0,47	0,33
M/L term Debts Ratio	Units	0,10	0,15	0,06	0,09
Net Financial Indebtedness Ratio	Units	0,43	0,63	0,43	1,26
CORRELATION
Fixed assets ratio	Units	1,35	1,59	2,15	1,87
Current ratio	Units	1,34	1,46	1,46	1,17
Acid Test Ratio-Liquidity Ratio	Units	0,66	0,70	0,69	0,79
Structure's primary quotient	Units	1,09	1,15	1,86	1,13
Treasury's primary quotient	Units	0,23	0,24	0,31	0,04
Rate of indebtedness ( Leverage )	%	248,12	262,67	246,98	587,75
Current Capital ( net )	Value	11.186.329	13.724.485	17.152.279	209.248
RETURN
Return on Sales	%	3,97	-0,99	6,08	2,26
Return on Equity - Net- ( R.O.E. )	%	2,33	-15,63	5,66	3,48
Return on Equity - Gross - ( R.O.E. )	%	8,09	-17,79	10,93	12,19
Return on Investment ( R.O.I. )	%	6,06	0,37	5,63	3,83
Return/ Sales	%	5,60	0,34	5,60	3,45
Extra Management revenues/charges incid.	%	15,50	-1609,78	40,69	20,46
Cash Flow	Value	3.097.796	-728.244	4.422.970	50.400
Operating Profit	Value	4.374.337	247.994	4.074.879	68.610
Gross Operating Margin	Value	6.994.263	3.661.899	6.839.805	124.742
MANAGEMENT
Credits to clients average term	Days	45,32	46,64	55,04	120,68
Debts to suppliers average term	Days	88,39	85,83	88,09	115,81
Average stock waiting period	Days	102,77	110,73	141,98	78,40
Rate of capital employed return ( Turnover )	Units	1,08	1,09	1,01	1,14
Rate of stock return	Units	3,50	3,25	2,54	4,57
Labour cost incidence	%	23,63	24,87	24,74	12,27
Net financial revenues/ charges incidence	%	-0,66	-1,03	-1,34	-1,84
Labour cost on purchasing expenses	%	24,08	24,59	24,43	12,16
Short-term financing charges	%	1,50	2,02	2,38	3,35
Capital on hand	%	92,43	91,35	99,47	87,41
Sales pro employee	Value	135.504	128.857	129.376	245.343
Labour cost pro employee	Value	32.019	32.052	32.009	32.046

Remarks

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

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

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

Market / Territory Data

Population living in the province	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ 3.092.859
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ 5.788.986
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ 1.966.064

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ 475
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ 1.304
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa0.889\Spazio.gif$ 79

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 remarkably risky.

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

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

Total Bankrupt companies in the province : 18.217.

Total Bankrupt companies in the region : 28.514.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.22
UK Pound	1	INR 92.84
Euro	1	INR 81.27
Euro	1	INR 81.18

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.