3decades

MIRA INFORM REPORT

Report No. :	509132
Report Date :	15.05.2018

IDENTIFICATION DETAILS

Name :	MANIFATTURE DEL NORD S.R.L.

Registered Office :	Via Mazzacurati, 6 42100 - Reggio Emilia (RE) -IT-

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	26.09.1989

Legal Form :	Sole-Member Limited Liability Company

Line of Business :	· Manufacture of other apparel and accessories · Retail sale of clothing in specialised stores · Retail sale of ladies and menswear · Retail sale of shirts, underwear and knitwear

No. of Employees :	From 251 to 500

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 :	Excellent

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 records. 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 and address

Manifatture Del Nord S.r.l.

Via Mazzacurati, 6

42100 - Reggio Emilia (RE) -IT-

Summary

Fiscal Code	:	01397590355
Legal Form	:	Sole-Member Limited Liability Company
start of Activities	:	26/09/1989
Equity	:	Over 2.582.254
Turnover Range	:	over 129.114.224
Number of Employees	:	from 251 to 500
Group	:	* MAX MARA

Activity

Manufacture of other apparel and accessories

Retail sale of clothing in specialised stores

Retail sale of ladies and menswear

Retail sale of shirts, underwear and knitwear

Legal Data

Legal Form : Sole-Member Limited Liability Company

Fiscal Code : 01397590355

Foreign Trade Reg. no. : RE004510 since 06/12/1991

Foreign Trade Reg. no. : 004510 of Reggio Emilia since 06/12/1991

Foreign Trade Reg. no. : RE4510 of Reggio Emilia since 06/12/1991

Chamber of Commerce no. : 382316 of Bergamo

Chamber of Commerce no. : 496471 of Brescia

Chamber of Commerce no. : 148651 of Cremona

Chamber of Commerce no. : 645446 of Firenze

Chamber of Commerce no. : 347846 of Genova

Chamber of Commerce no. : 372949 of Genova

Chamber of Commerce no. : 205756 of Lecce

Chamber of Commerce no. : 1582834 of Milano

Chamber of Commerce no. : 169161 of Piacenza

Chamber of Commerce no. : 304575 of Padova

Chamber of Commerce no. : 246109 of Parma

Chamber of Commerce no. : 182469 of Reggio Emilia since 21/11/1989

Chamber of Commerce no. : 991898 of Roma

Chamber of Commerce no. : 841749 of Torino

Chamber of Commerce no. : 1249116 of Torino

Chamber of Commerce no. : 334968 of Treviso

Chamber of Commerce no. : 319121 of Verona

Firms' Register : RE033-19314 of Reggio Emilia since 19/02/1996

V.A.T. Code : 01397590355

Tribunal Co. Register : 19314 of since 14/11/1989

Foundation date	: 26/09/1989
Establishment date	: 26/09/1989
Start of Activities	: 26/09/1989
Legal duration	: 31/12/2050
Nominal Capital	: 9.850.505
Subscribed Capital	: 9.850.505
Paid up Capital	: 9.850.505

Legal mail :

AMMINISTRAZIONE.MANIFATTUREDELNORDSRLU@LEGALMAIL.IT

Legal mail :

AMMINISTRAZIONE.MANIFATTUREDELNORDSRLU@LEGALMAIL.IT

Members

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Max Mara Fashion Group- S.r.l.

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Pietro Giannone

, 10

- 10121

Torino

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Sole partner	12/12/2005

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No Prejudicial events are reported

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No Protests registered

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Maramotti

Luigi

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 12/03/1957

- Fiscal Code : MRMLGU57C12H223V

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Pareto

, 8

- 42020

Albinea

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/05/2016
Assistant board Chairman	02/05/2016

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Maramotti

Ignazio

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 07/12/1961

- Fiscal Code : MRMGNZ61T07H223Q

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Pareto

, 20

- 42020

Albinea

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/05/2016

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Maramotti

Maria Ludovica

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 31/07/1953

- Fiscal Code : MRMMLD53L71H223Q

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Umberto Cagni

, 14

- 42124

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/05/2016
Board Chairman	02/05/2016
Managing Director	02/05/2016

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Tognoli

Roberto

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 21/03/1959

- Fiscal Code : TGNRRT59C21H223E

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Nervi

, 13

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	18/02/2010

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Romagnani

Riccardo

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 28/04/1962

- Fiscal Code : RMGRCR62D28H223K

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Cremona

, 11

- 42100

Reggio Emilia

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Attorney with special power	07/09/1999

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

No Protests registered

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Maramotti

Elia

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Born in Reggio Emilia

(RE)

on 10/08/1990

- Fiscal Code : MRMLEI90M10H223N

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Residence:

Pareto

, 8

- 42020

Albinea

(RE)

- IT -

Position	Since	Shares Amount	% Ownership
Director	02/05/2016

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.

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Max Mara Fashion Group- S.r.l.

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Maxima S.r.l.	Reggio Emilia (RE) - IT -	00145560355	Sole partner	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Sole partner	Active	Registered
Imax - S.r.l.	Reggio Emilia (RE) - IT -	01146320351	Sole partner	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Sole partner	Active	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Sole partner	Active	Registered
Diffusione Tessile S.r.l.	Cavriago (RE) - IT -	01044120358	Sole partner	Active	Registered
Max Mara Hosiery S.r.l.	Reggio Emilia (RE) - IT -	01998740359	Sole partner	Active	Registered

$Description: \\vivek-pc\E\509132_files\Verde.gif$

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.	Milano (MI) - 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
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	Managing Director	Active	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
Max Mara Fashion Group- S.r.l.	Torino (TO) - IT -	00678310350	Director	Active	Registered
Max Mara Fashion Group- S.r.l.	Torino (TO) - IT -	00678310350	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 Societa' Semplice	Reggio Emilia (RE) - IT -	03210980151	Sole Director	Withdrawn	Registered
Dartora Societa' Semplice	Reggio Emilia (RE) - IT -	03210980151	Partner	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	Ceased
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
Destination Unity S.r.l.	Reggio Emilia (RE) - IT -	02765740358	Director	Active	Registered

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Maramotti

Maria Ludovica

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Maxima S.r.l.	Reggio Emilia (RE) - IT -	00145560355	Director	Active	Registered
Max Mara S.r.l.	Reggio Emilia (RE) - IT -	01397620350	Director	Active	Registered
Marella S.r.l.	Reggio Emilia (RE) - IT -	01322820356	Director	Active	Registered
Marina Rinaldi S.r.l.	Reggio Emilia (RE) - IT -	01397600352	Director	Active	Registered
Max Mara Fashion Group- S.r.l.	Torino (TO) - IT -	00678310350	Director	Active	Registered
Fintorlonia - S.p.a.	Reggio Emilia (RE) - IT -	03522060155	Director	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	Assistant board Chairman	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
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
S. Sebastian 2 Societa' Semplice	Reggio Emilia (RE) - IT -	91091160357	Partner	Active	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
Destination Unity S.r.l.	Reggio Emilia (RE) - IT -	02765740358	Director	Active	Registered
Destination Unity S.r.l.	Reggio Emilia (RE) - IT -	02765740358	Assistant 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
Max Mara Fashion Group- S.r.l.	Torino - IT -	00678310350		100,00

Direct Participations

The Company under review has participations in the following Companies:

Firm's Style	Seat	Fiscal Code	Owned Shares Amount	% Ownership	since	until	Share Status
La Grandemela Societa' Consortile A R.l.	Sona - IT -	02468470238	56 .Eur	0,21			Active
Euro Torri Societa' Consortile A Respons abilita' Limitata	Parma - IT -	02285210346	65 .Eur	0,65			Active
CONSORZIO OPERATORI CENTRO SARCA		03957030962					Active

Firm's location and structure

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

Legal and operative seat

since 01/01/1990

Mazzacurati

, 6

- 42100

- Reggio Emilia

(RE)

- IT -

Total Surface: 78 Sq.mt.

PHONE

: 05223581-358378

FAX

: 0522550018

: info@pennyblack.com

Legal mail

: AMMINISTRAZIONE.MANIFATTUREDELNORDSRLU@LEGALMAIL.IT

Branch

(Store)

since 25/06/1997

Degola

, 7

- 42100

- Reggio Emilia

(RE)

- IT -

PHONE

: 05225081

Legal mail

: AMMINISTRAZIONE.MANIFATTUREDELNORDSRLU@LEGALMAIL.IT

Branch

(Shop)

since 19/08/1997

Emilia San Pietro

, 1/H

- 42100

- Reggio Emilia

(RE)

- IT -

Trading Style: PENNYBLACK

Total Surface: 78 Sq.mt.

PHONE

: 0522433805

Branch

(Shop)

since 29/08/1998

Emanuele Filiberto Di Savoia

, 19

- 35100

- Padova

(PD)

- IT -

Trading Style: PENNYBLACK

Branch

(Shop)

since 29/09/1998

Mazzini

, 13

- 26100

- Cremona

(CR)

- IT -

Trading Style: PENNYBLACK

Branch

(Shop)

since 08/09/2001

Frattina

, 35/36

- 00100

- Roma

(RM)

- IT -

Trading Style: PENNYBLACK

Total Surface: 175 Sq.mt.

Branch

(Shop)

since 25/03/2002

Mazzini

, 13/A

- 37100

- Verona

(VR)

- IT -

Trading Style: PENNYBLACK

Total Surface: 82 Sq.mt.

Branch

(Store)

since 01/01/2004

Mazzacurati

, 8/G

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Store)

since 06/09/2004

Mazzacurati

, 4/F

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Shop)

since 15/03/2008

Trentino

, 1

- 37060

- Sona

(VR)

- IT -

Trading Style: PENNYBLACK

Total Surface: 73 Sq.mt.

Branch

(Shop)

since 21/03/2008

E. Fermi

, 1

- 24035

- Curno

(BG)

- IT -

Trading Style: PENNYBLACK

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 18/03/2008

Milanese

, SNC

- 20099

- Sesto San Giovanni

(MI)

- IT -

Trading Style: PENNYBLACK

Branch

(Shop)

since 16/08/2008

Cinque Giornate

, 1

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 22/08/2008

Del Liberty

, 2

- 20100

- Milano

(MI)

- IT -

Trading Style: PENNYBLACK

Branch

(Shop)

since 20/08/2008

Appio

, 7

- 00100

- Roma

(RM)

- IT -

Branch

(Shop)

since 02/12/2008

Delle Vigne Nuove

, SNC

- 00100

- Roma

(RM)

- IT -

Trading Style: PENNYBLACK

Total Surface: 84 Sq.mt.

Branch

(Warehouse)

since 19/04/2010

Calvi Di Coenzo

, 5

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Warehouse)

since 19/04/2010

Mazzacurati

, 4/D

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Sales office)

since 19/04/2010

Del Liberty

, 2

- 20100

- Milano

(MI)

- IT -

Branch

(Shop)

since 24/03/2009

A.balestrieri

, 19/A

- 43100

- Parma

(PR)

- IT -

Trading Style: PENNYBLACK

Total Surface: 80 Sq.mt.

Branch

(Shop)

since 02/02/2010

Dell'oceano Pacifico

, 83

- 00100

- Roma

(RM)

- IT -

Total Surface: 121 Sq.mt.

Branch

(Showroom)

since 01/11/2013

Marino Mazzacurati

, 8

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(office)

since 01/01/2015

Bernardino Zacchetti

, 4/ABC

- 42100

- Reggio Emilia

(RE)

- IT -

Branch

(Sales office)

since 01/05/2016

Italia

, 6

- 50100

- Firenze

(FI)

- IT -

Branch

(Shop)

since 21/03/2018

Roma

, 346

- 10100

- Torino

(TO)

- IT -

Total Surface: 206 Sq.mt.

Employees

: 375

Fittings and Equipment for a value of 2.410.000

Eur

Stocks for a value of 35.860.000

Eur

Trade organization: direct or by agents.

Sales area on a national scale.

Import comes generally from the following nations:

- Svizzera

- France

- Germany

Historical Information and/or Firm's Status

COMPANY STYLE MODIFICATIONS:

Former Style	New Style	Changement Date
Abbigliamento Moda S.r.l.		01/01/1990

CEASINGS/INCORPORATIONS/MERGES:

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Project of merging by taking over of

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$ Commerciale Abbigliamento S.r.l.

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Mazzacurati

, 6

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Fiscal Code: 01397610351

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Date

Merging/splitting-up project:

30/06/2004

$Description: \\vivek-pc\E\509132_files\Verde.gif$

The firm absorbed by merging of

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$ Commerciale Abbigliamento S.r.l.

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Mazzacurati

, 6

, 42100

, Reggio Emilia

(RE)

- IT -

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Fiscal Code: 01397610351

$Description: \\vivek-pc\E\509132_files\Vuoto.gif$

Date

01/12/2004

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek-pc\E\509132_files\Verde.gif$

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.

National Real Estates Survey

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

Town	Cadastre	No. Immovables	Up to Date
REGGIO NELL'EMILIA (RE)	Buildings	22	10/05/2018
REGGIO NELL'EMILIA (RE)	Land	2	10/05/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 13 Piano T-1	110	101	1	zona2 cat. A/3	2	5 vani	Euro:240,15
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 13 Piano S1-T - 1-2	110	105	2	zona2 cat. A/10	2	76 vani	Euro:22.765,42
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 13 Piano S1-T - 1-2	110	105	3	zona2 cat. A/10	2	40 vani	Euro:11.981,80
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA PIETRO TOSELLI, Piano T	110	105	7	zona2 cat. D/1			Euro: 121,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA UMBERTO CAGNI, 14 Piano T	110	106	11	zona2 cat. C/6	7	25 mq	Euro:121,37
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA UMBERTO CAGNI, 14 Piano T	110	106	12	zona2 cat. C/6	7	29 mq	Euro:140,79
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA UMBERTO CAGNI, 14 Piano S1-T - 1-2	110	106	7	zona2 cat. A/7	3	22,5 vani	Euro:3.718,49
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15/I Piano T	110	241	10	zona2 cat. C/6	7	75 mq	Euro:364,10
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15/L Piano T	110	241	11	zona2 cat. C/6	7	85 mq	Euro:412,65
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15/A Piano T	110	241	12	zona2 cat. C/2	6	18 mq	Euro:63,21
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 13 Piano 1	110	241	13	zona2 cat. C/2	6	44 mq	Euro:154,52
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, Piano T	110	241	5	zona2 cat. D/8			Euro: 50.550,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15/E Piano T	110	241	6	zona2 cat. D/8			Euro: 43.200,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15/M Piano T-1 - 0002	110	241	8	zona2 cat. D/7			Euro: 18.053,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15/H Piano T	110	241	9	zona2 cat. C/6	7	70 mq	Euro:339,83
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15 Piano T	110	304	1	zona2 cat. D/1			Euro: 260,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIALE REGINA ELENA, 15 Piano T	110	304	2	zona2 cat. D/1			Euro: 132,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA BERNARDINO ZACCHETTI, 4/C Piano T	111	382	138	zona2 cat. C/1	4	208 mq	Euro:1.697,28
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA MARINO MAZZACURATI, 6 Piano T - 0001	216	3		zona2 cat. D/8			Euro: 108.647,04
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA MARINO MAZZACURATI, 8 Piano T-1	216	588	1	zona2 cat. D/7			Euro: 94.914,40
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA MARINO MAZZACURATI, 8 Piano 2	216	588	2	zona2 cat. D/1			Euro: 1,00
B	Proprieta' per 1000/1000	REGGIO NELL'EMILIA (RE) VIA UMBERTO DEGOLA, 7 Piano T-1	70	8	4	zona2 cat. D/7			Euro: 52.764,00

Land Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Category	Class	Consistence	Cadastrial Rent	Part No.
L	Proprieta' per 1/1	REGGIO NELL'EMILIA (RE)	190	119		SEMIN ARBOR	2	6 are 50 ca	R.D.Euro:5,71 R.A. Euro: 6,04	39066
L	Proprieta' per 1/1	REGGIO NELL'EMILIA (RE)	216	563		SEMIN ARBOR	2	53 are 36 ca	R.D.Euro:46,85 R.A. Euro: 49,60	42354

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

Subject is active since 1989

An eco-fin analysis has been made on the base od the b/s fo the years 2014, 2015 and 2016.

During the last years, it recorded positive net results (r.o.e. 0,06% in 2016) with a stable trend in the turnover.

The return on Investment in the last financial year was positive (4,24%) and reflects the field's average.

The amount of the operating result for the year 2016 is of Eur. 7.573.501 rising (+60,87%) in relation to the previous year.

A gross operating margine for a value of Eur. 9.437.514 was reached. growing by 35,48% if compared to the year before.

The company has an excellent net worth if compared to its debts, with a low indebtedness (0,17) increasing compared to last year (0,15)

Subject can manage an equity capital funds for an amount of Eur. 128.389.482 , stable in comparison with the value of the previous year.

In the year 2016 total debts amounted to Eur. 43.772.810 , a more or less stable value.

Bank and suppliers credit recourse is limited, 82,48 gg. is payment average period which is also lower than the sector average.

The management determines a good range of liquidity.

Trade credits average terms are 71,6 days. , slower than the average of the sector.

Eur. 1.940.507 is the value of cash flow during the year 2016

In the last financial year labour cost was of Eur. 17.999.701, with a 9,67% incidence on total costs of production. , whereas the incidence of such costs on sales revenues is equal to 9,61%.

Financial incomes cover financial charges.

Financial Data

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	187.284.571
Profit (Loss) for the period	76.494

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	184.696.108
Profit (Loss) for the period	1.623.488

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	186.710.898
Profit (Loss) for the period	5.381.732

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	192.968.033
Profit (Loss) for the period	7.438.480

$Description: \\vivek-pc\E\509132_files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	210.039.010
Profit (Loss) for the period	7.463.843

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	31.462	47.192	62.923
. . Research,develop. and advert.expens.
. . Industrial patent rights	31.314	35.480	15.091
. . Concessions,licenses,trademarks,etc.	745	745
. . Goodwill
. . Assets in formation and advance paymen.		1.260	1.269
. . Other intangible fixed assets	414.738	460.907	373.892
. Total Intangible Fixed Assets	478.259	545.584	453.175
. TANGIBLE FIXED ASSETS
. . Real estate	14.979.179	15.522.129	16.059.801
. . Plant and machinery	1.339.697	1.446.417	1.568.445
. . Industrial and commercial equipment	1.067.735	1.058.400	804.027
. . Other assets	518.401	382.757	337.739
. . Assets under construction and advances	17.560	23.313	6.851
. Total Tangible fixed assets	17.922.572	18.433.016	18.776.863
. FINANCIAL FIXED ASSETS
. . Equity investments	4.636.491	102.534	102.534
. . . Equity invest. in subsidiary companies	4.636.215	102.258	102.258
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	276	276	276
. . Financial receivables	44.473	55.339	52.325
. . . . Within 12 months
. . . . Beyond 12 months	44.473	55.339	52.325
. . . Receivab due from subsidiaries
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from assoc.comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . . Receivables due from third parties	44.473	55.339	52.325
. . . . Within 12 months
. . . . Beyond 12 months	44.473	55.339	52.325
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	4.680.964	157.873	154.859
Total fixed assets	23.081.795	19.136.473	19.384.897
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	8.378.390	8.844.390	7.881.205
. . Work in progress and semimanufactured	83.734	51.469	40.737
. . Work in progress on order
. . Finished goods	27.367.954	26.771.345	28.096.880
. . Advance payments	27.715	17.584
. Total Inventories	35.857.793	35.684.788	36.018.822
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	99.323.185	102.738.897	109.592.281
. . Beyond 12 months	98.122	348.233	554.414
. . Trade receivables	37.248.660	55.970.433	63.908.066
. . . . Within 12 months	37.150.538	55.925.622	63.726.033
. . . . Beyond 12 months	98.122	44.811	182.033
. . Receivables due from subsid. comp.	1.312.231	1.181.034	1.419.167
. . . . Within 12 months	1.312.231	1.181.034	1.419.167
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	19.010.711
. . . . Within 12 months	19.010.711
. . . . Beyond 12 months
. . Receivables due from holding comp.	39.062.464	41.511.999	40.221.488
. . . . Within 12 months	39.062.464	41.511.999	40.221.488
. . . . Beyond 12 months
. . Fiscal Receivables	145.044	549.893	12.145
. . . . Within 12 months	145.044	549.893	12.145
. . . . Beyond 12 months
. . Receivables for anticipated taxes	1.620.911	2.021.095	2.504.469
. . . . Within 12 months	1.620.911	1.732.673	2.177.088
. . . . Beyond 12 months		288.422	327.381
. . Receivables due from third parties	1.021.286	1.852.676	2.081.360
. . . . Within 12 months	1.021.286	1.837.676	2.036.360
. . . . Beyond 12 months		15.000	45.000
. Total Credits not held as fixed assets	99.421.307	103.087.130	110.146.695
. 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	33.629
. LIQUID FUNDS
. . Bank and post office deposits	20.354.840	19.335.965	11.314.222
. . Checks
. . Banknotes and coins	30.257	29.340	28.144
. Total Liquid funds	20.385.097	19.365.305	11.342.366
Total current assets	155.697.826	158.137.223	157.507.883
ADJUSTMENT ACCOUNTS
. Discount on loans		64.916
. Other adjustment accounts	45.931		61.649
Total adjustments accounts	45.931	64.916	61.649
TOTAL ASSETS	178.825.552	177.338.612	176.954.429

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	9.850.505	9.850.505	9.850.505
. Additional paid-in capital
. Revaluation reserves
. Legal reserve	1.970.101	1.970.101	1.970.101
. Reserve for Own shares
. Statute reserves
. Other reserves	116.492.382	114.868.890	109.487.162
. Accumulated Profits (Losses)
. Profit( loss) of the year	76.494	1.623.488	5.381.732
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	128.389.482	128.312.984	126.689.500
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	1.944.512	1.792.103	1.605.973
. . Taxation fund, also differed	55.404
. . Other funds	1.844.470	5.221.245	2.196.153
Total Reserves for Risks and Charges	3.844.386	7.013.348	3.802.126
Employee termination indemnities	2.776.775	2.764.294	2.879.102
ACCOUNTS PAYABLE
. . . . Within 12 months	42.443.111	39.203.468	43.583.701
. . . . Beyond 12 months	1.329.699
. . 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
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	31.017		10.767
. . . . Within 12 months	31.017		10.767
. . . . Beyond 12 months
. . Trade payables	24.435.638	32.336.670	35.916.719
. . . . Within 12 months	24.435.638	32.336.670	35.916.719
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	296.900	223.370	157.989
. . . . Within 12 months	296.900	223.370	157.989
. . . . Beyond 12 months
. . Due to associated companies	8.273.634
. . . . Within 12 months	8.273.634
. . . . Beyond 12 months
. . Due to holding companies	4.685.705	2.870.424	2.959.463
. . . . Within 12 months	4.685.705	2.870.424	2.959.463
. . . . Beyond 12 months
. . Due to the tax authorities	2.603.014	746.794	894.600
. . . . Within 12 months	1.273.315	746.794	894.600
. . . . Beyond 12 months	1.329.699
. . Due to social security and welfare inst.	1.048.865	1.040.704	1.051.136
. . . . Within 12 months	1.048.865	1.040.704	1.051.136
. . . . Beyond 12 months
. . Other payables	2.398.037	1.985.506	2.593.027
. . . . Within 12 months	2.398.037	1.985.506	2.593.027
. . . . Beyond 12 months
Total accounts payable	43.772.810	39.203.468	43.583.701
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	42.099	44.518
Total adjustment accounts	42.099	44.518
TOTAL LIABILITIES	178.825.552	177.338.612	176.954.429

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts		23.045.422
Risk accounts		518.566
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	187.284.571	184.696.108	186.710.898
. Changes in work in progress	628.874	-1.314.802	4.442.557
. Changes in semi-manufact. products
. Capitalization of internal work
. Other income and revenues	5.744.155	5.135.933	4.618.938
. . Contributions for operating expenses	47.499	55.548	70.293
. . Different income and revenues	5.696.656	5.080.385	4.548.645
Total value of production	193.657.600	188.517.239	195.772.393
PRODUCTION COSTS
. Raw material,other materials and consum.	94.869.783	97.694.313	96.862.787
. Services received	50.289.964		48.780.837
. Leases and rentals	19.363.334	66.435.345	18.787.036
. Payroll and related costs	17.999.701	17.224.325	17.043.765
. . Wages and salaries	13.018.712	12.372.040	12.173.951
. . Social security contributions	3.902.519	3.845.728	3.713.776
. . Employee termination indemnities	938.170	888.484	936.026
. . Pension and similar
. . Other costs	140.300	118.073	220.012
. Amortization and depreciation	1.864.013	2.048.334	2.676.283
. . Amortization of intangible fixed assets	197.663	172.725	181.516
. . Amortization of tangible fixed assets	1.372.208	1.353.698	1.097.314
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	294.142	521.911	1.397.453
. Changes in raw materials	466.001	-963.185	1.516.241
. Provisions to risk reserves
. Other provisions		209.969	301.647
. Other operating costs	1.231.303	1.160.467	1.190.163
Total production costs	186.084.099	183.809.568	187.158.759
Diff. between value and cost of product.	7.573.501	4.707.671	8.613.634
FINANCIAL INCOME AND EXPENSE
. Income from equity investments		255.646
. . In subsidiary companies		255.646
. . In associated companies
. . In other companies
. Other financial income	76.913	1.445.718	486.503
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	76.913	1.445.718
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies	56.552	76.561
. . . - Other companies	20.361	1.369.157
. Interest and other financial expense	1.324.776	-7.004	974.483
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies		-7.004
Total financial income and expense	1.401.689	1.694.360	1.460.986
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations	33.629
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets	33.629
. Devaluation	-4.240.050	-3.041.548	-1.443.954
. . Of equity investments	-4.062.964	-3.041.548	-1.443.954
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass	-177.086
Total adjustments to financial assets	-4.206.421	-3.041.548	-1.443.954
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income			160.289
. . Gains on disposals
. . Other extraordinary income			160.289
. Extraordinary expense		-3	-113.666
. . Losses on disposals
. . Taxes relating to prior years			-113.666
. . Other extraordinary expense		-3
Total extraordinary income and expense		-3	46.623
Results before income taxes	4.768.769	3.360.480	8.677.289
. Taxes on current income	4.692.275	1.736.992	3.295.557
. . current taxes	2.193.985	1.253.618	3.309.203
. . differed taxes(anticip.)		483.374	-13.646
. Net income for the period	76.494	1.623.488	5.381.732
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	76.494	1.623.488	5.381.732

RATIOS

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	0,13	0,11	0,11	0,13
Elasticity Ratio	Units	0,87	0,89	0,89	0,85
Availability of stock	Units	0,20	0,20	0,20	0,54
Total Liquidity Ratio	Units	0,67	0,69	0,69	0,22
Quick Ratio	Units	0,11	0,11	0,06	0,04
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	0,17	0,15	0,25	4,36
Self Financing Ratio	Units	0,72	0,72	0,72	0,14
Capital protection Ratio	Units	0,92	0,91	0,88	0,56
Liabilities consolidation quotient	Units	0,10	0,07	0,07	0,15
Financing	Units	0,34	0,31	0,34	5,86
Permanent Indebtedness Ratio	Units	0,74	0,74	0,73	0,31
M/L term Debts Ratio	Units	0,02	0,02	0,02	0,10
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,98
CORRELATION
Fixed assets ratio	Units	5,74	6,85	6,68	2,02
Current ratio	Units	3,67	4,03	3,61	1,15
Acid Test Ratio-Liquidity Ratio	Units	2,82	3,12	2,79	0,36
Structure's primary quotient	Units	5,56	6,71	6,54	1,06
Treasury's primary quotient	Units	0,48	0,49	0,26	0,07
Rate of indebtedness ( Leverage )	%	139,28	138,21	139,68	707,22
Current Capital ( net )	Value	113.254.715	118.933.755	113.924.182	61.776
RETURN
Return on Sales	%	1,04	1,99	4,32	2,62
Return on Equity - Net- ( R.O.E. )	%	0,06	1,27	4,25	6,19
Return on Equity - Gross - ( R.O.E. )	%	3,71	2,62	6,85	15,72
Return on Investment ( R.O.I. )	%	4,24	2,65	4,87	3,25
Return/ Sales	%	4,04	2,55	4,61	2,94
Extra Management revenues/charges incid.	%	1,01	34,49	62,48	31,16
Cash Flow	Value	1.940.507	3.671.822	8.058.015	20.178
Operating Profit	Value	7.573.501	4.707.671	8.613.634	23.558
Gross Operating Margin	Value	9.437.514	6.965.974	11.591.564	40.605
MANAGEMENT
Credits to clients average term	Days	71,60	109,09	123,22	26,46
Debts to suppliers average term	Days	82,48	77,71	85,46	152,76
Average stock waiting period	Days	68,93	69,55	69,45	158,60
Rate of capital employed return ( Turnover )	Units	1,05	1,04	1,06	1,10
Rate of stock return	Units	5,22	5,18	5,18	2,21
Labour cost incidence	%	9,61	9,33	9,13	10,29
Net financial revenues/ charges incidence	%	0,75	0,92	0,78	-1,31
Labour cost on purchasing expenses	%	9,67	9,37	9,11	10,25
Short-term financing charges	%	n.c.	0,02	n.c.	2,10
Capital on hand	%	95,48	96,02	94,77	90,76
Sales pro employee	Value	333.246	343.301	499.227	267.102
Labour cost pro employee	Value	32.027	32.015	45.571	30.754

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	:	$Description: \\vivek-pc\E\509132_files\Spazio.gif$ 487.003
Population living in the region	:	$Description: \\vivek-pc\E\509132_files\Spazio.gif$ 4.151.369
Number of families in the region	:	$Description: \\vivek-pc\E\509132_files\Spazio.gif$ 1.748.359

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

- per food products	:	$Description: \\vivek-pc\E\509132_files\Spazio.gif$ 425
- per non food products	:	$Description: \\vivek-pc\E\509132_files\Spazio.gif$ 2.063
- per energy consume	:	$Description: \\vivek-pc\E\509132_files\Spazio.gif$ 143

Sector Data

The values are calculated on a base of 2.211 significant companies.

The companies cash their credits on an average of 26 dd.

The average duration of suppliers debts is about 153 dd.

The sector's profitability is on an average of 2,62%.

The labour cost affects the turnover in the measure of 10,29%.

Goods are held in stock in a range of 159 dd.

The difference between the sales volume and the resources used to realize it is about 1,10.

The employees costs represent the 10,25% of the production costs.

Statistical Detrimental Data

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 18.860 protested subjects are found; in the province they count to 1.775.

The insolvency index for the region is 0,46, , while for the province it is 0,38.

Total Bankrupt companies in the province : 1.365.

Total Bankrupt companies in the region : 14.698.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.32
UK Pound	1	INR 91.25
Euro	1	INR 80.51
Euro	1	INR 80.82

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

INFORMATION DETAILS

Analysis Done by :	NIY

Report Prepared by :	TRU

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.

MIRA INFORM REPORT

Company name and address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Historical Information and/or Firm's Status

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

MEMORANDUM ACCOUNTS

PROFIT AND LOSS ACCOUNTS

RATIOS

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit