Company Profile 2017 - Alfaparf Group

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Company Profile 2017 - Alfaparf Group
Company Profile 2017
Company Profile 2017 - Alfaparf Group
Ideas, research and expertly working
with ingredients.
Technique combined with sensitivity.
We work so that professionals can see all
this in our products and put them at the
service of their skills to produce beauty.
Company Profile 2017 - Alfaparf Group
Think
                                                                              Letting hairdressers and beauty salons        Our story is a lovely one of Italian en-    ALFAPARF GROUP has five factories (Ita-
                                                                              work at their best. With products of          trepreneurship built up alongside pro-      ly, Brazil, Mexico, Venezuela and Argenti-
                                                                              quality, the expression of Italian taste      fessional operators, discussing with        na). It has about 2500 employees (570 in
                                                                              and creativity. Everything that is required   them, learning and getting to know          Italy); of these about 1150 belong to the
                                                                              to exalt a woman’s beauty.                    their needs. It is also the result of the   commercial area (200 in Italy) and about
                                                                                                                            collaboration with professionals of in-     1350 have other duties in the company

big
                                                                              Many things have changed since 1980,          ternational level and building up know-     (370 in Italy). In 2016 the Group generat-
                                                                              when our story started, but neither its       how which is rarely equaled.                ed proceeds for euro 237 million.
                                                                              mission not its passion has changed.
                                                                              Today, as then, the business of ALFAPARF      Today the Group can boast of a portfolio    It is an integrated group in which the
                                                                              GROUP is hair care, skin care and body        of brands known everywhere: ALFAPARF        business divisions (Hair Care, Skin Care,
                                                                              care, directly controlling the whole          Milano, DIBI Milano, Olos, Becos, TeN       private label, retail) interact with the ge-
                                                                              value chain: research and innovation,         Science, il Salone Milano, Yellow, Alta     ographic regions, circulating knowledge
                                                                              production and distribution all over the      Moda è…, Decoderm and Solarium.             acquired all over the world and trans-
                                                                              world.                                        ALFAPARF Milano is the most popular         forming it into the best answers to the
                                                                                                                            Italian brand in the world in the profes-   evolution of the market. We love what
                                                                                                                            sional hairdressing channel.                we have achieved to date, but we are still
                                                                                                                                                                        determined to exceed ourselves.

                                                                              We have built up the first multinational corporation of
                                                                              the professional cosmetics industry with wholly Italian capital.
                                                                              And we keep thinking big
2       ALFAPARF GROUP • Company Profile   ALFAPARF GROUP • Company Profile                                                                                                                                   3
Company Profile 2017 - Alfaparf Group
4   Alfaparf Group • Company Profile   5
Company Profile 2017 - Alfaparf Group
A lovely story of
                                                                                      THE ORIGINS                                 THE EVOLUTION                                  GLOBALIZATION

                                                                                      We came into being in 1980, thanks to       In 2000, production in Italy moved to          In recent years, the Group has bold-
                                                                                      an idea of Roberto Franchina who, with      Osio Sotto (Bergamo) and, two years            ly followed the road of globalization,
                                                                                      the support of about ten other people,      later ALFAPARF GROUP came into be-             extending activity beyond the usual
                                                                                      started to conceive products in northern    ing; its sales amount to about euro            markets of reference. Export to eastern

italian business
                                                                                      Italy for the hairdressing channel.         60 million, with over 90% generated            Europe (Russia, the Baltic countries, the
                                                                                                                                  abroad.                                        Balkans and the former Soviet repub-
                                                                                      A few years passed and, in 1989, the                                                       lics), to India, the Middle East and Africa
                                                                                      Semi di Lino line was launched, which       The international vocation was strength-       has grown.
                                                                                      was to be the first great commercial suc-   ened in 2003 with the start of activity
                                                                                      cess. The following year, permanent col-    in China. In 2008, work on enlarging the       ALFAPARF GROUP, which has always
                                                                                      oring came with Evolution of the Color.     factories in Italy, Mexico and Brazil start-   concentrated on the professional chan-
                                                                                                                                  ed. The Private Label project also began,      nel, made its debut in the consumer
                                                                                      In the 1990s the adventure in export        with the aim of developing private label       channel, starting from Brazil with the
                                                                                      began, first to Spain and Latin America     production thanks to the know-how of           Alta Moda è… brand (Hair Care) distrib-
                                                                                      and then the commercial branches in         the group, in particular in products for       uted in stores specialized in hair care
                                                                                      Brazil, Mexico Argentina and Venezuela.     coloring.                                      products, health and beauty stores and
                                                                                      Production also started: the first facto-                                                  perfumeries. The production capacity
                                                                                      ries were opened in Brazil, Mexico and      2009 was a historic year: the GTS              has increased thanks to the factories in
                                                                                      Venezuela.                                  Group, founded at the end of the 1970s,        Argentina and Venezuela.
                                                                                                                                  which produces and distributes profes-
                                                                                                                                  sional cosmetics and appliances for            The organizational structure of the
                                                                                                                                  beauty centers, was taken over. In the         Group has been reshaped through the
                                                                                                                                  world cosmetics industry, ALFAPARF             creation of two regional entities: the
                                                                                                                                  GROUP is, by dimensions, the first with        Americas and Eurasia/Africa/Oceania,
                                                                                                                                  100% Italian capital.                          with the objective of accelerating glob-
                                                                                                                                                                                 al growth.

                                                   In 1980 we started a lovely Italian business story:
                                                   ideas, courage and passion.
                                                   And with a suitcase always packed
6               ALFAPARF GROUP • Company Profile   ALFAPARF GROUP • Company Profile                                                                                                                                   7
Company Profile 2017 - Alfaparf Group
Care
                                                   Eleven brands, eleven definite points of     We then decided to go further, driven by
                                                   reference for those in professional hair     our passion for beauty even before the
                                                   and body care. Eleven ways to interpret      objective of diversification pursued by
                                                   the modern vision of well-being. Eleven      every company. Body care thus joined
                                                   results of continuous research carried       hair care, initially through the launch of
                                                   out with competence and passion in our       our own brands and then with the acqui-

and beauty
                                                   laboratories.                                sition of a leader on the Italian market.

                                                   Our journey started with hair care. Over     Today ALFAPARF GROUP has a portfolio
                                                   the years we have been able to build up      of products which, by completeness and
                                                   an extraordinary capital of technologi-      quality has few equals in the cosmetic
                                                   cal skills and expertise which has been      industry. The best foundation to contin-
                                                   translated into great commercial suc-        ue on a path of international growth.
                                                   cesses and into conquering a solid mar-
                                                   ket position. Brands such as ALFAPARF
                                                   Milano and products like Semi di Lino
                                                   have contributed to “writing the histo-
                                                   ry” of professional hairdressing. In Italy
                                                   and in the world.
             Offering professionals the best,
             what they need to exalt the quality
             of female beauty

8            ALFAPARF GROUP • Company Profile                                                                                       9
Company Profile 2017 - Alfaparf Group
Hair
                                                                                       Launched in Brazil and also distributed in
                                                                                       Argentina and Mexico, this is the first AL-
                                                                                       FAPARF GROUP brand for retail distribu-
                                                                                       tion. It includes products for hair care and
                                                                                       coloring and for nails.

                                        This is the leading brand of the Group,
                                        the best expression of our innovation-fo-
                                        cused character. Color, shape, care and
                                        styling: ALFAPARF Milano covers all pro-
                                        fessional needs with twenty lines and
                                        over three hundred references.                 This brand is characterized by profession-
                                                                                       al (through hairdressing salons) and retail
                                                                                       distribution (through selected chains of
                                                                                       beauty stores) with an excellent quali-
                                                                                       ty-price ratio.

                                        Created in Brazil to meet the needs of
                                        the local population, today it is distribut-
                                        ed all over the world, being able to count
                                        on a complete portfolio of products that
                                        meets every spending capacity.

10   ALFAPARF GROUP • Company Profile                                                                                                 11
Company Profile 2017 - Alfaparf Group
12   ALFAPARF GROUP • Company Profile   ALFAPARF GROUP • Company Profile   13
Company Profile 2017 - Alfaparf Group
The holistic and sensory professional        DECODERM exceeds the limits of color
                                           and cosmetic answer: in OLOS, nature         thanks to a line of make-up which knows
                                           is at the center, the mother of the most     the skin and creates the beauty of every
                                           precious active and effective active in-     woman, whilst protecting it. Born from
                                           gredients for the beauty of the face and     the perfect association between Skin
                                           body as well as the source of inspiration    Care and make-up, it embodies the de-         With these forty years of experience
The beauty solution for forty years,       for the product lines. This brand looks      sire for beauty, color and protection         in the professional beauty channel,
where technological innovation, scien-     to the future, where beauty is harmony,      thanks to the combination of formula-         ALFAPARF GROUP develops and mar-
tific research and experience meet to      balance and life style.                      tions with a treatment action, textures       kets new generation technologies and
guarantee maximum effectiveness in                                                      and new generation applicators and a          equipment for the needs of the modern
a made-to-measure method and pro-                                                       harmonious range of shades.                   beauty salon. Design, development and
gramme. DIBI Milano is the reference in                                                                                               assembly: everything is made in Italy to
professional beauty in terms of quality                                                                                               ensure the best guarantees of certifica-
and innovation.                                                                                                                       tion and quality for our partners.
                                           The Beauty secrets of TEN SCIENCE are
                                           the result of the fusion between Technol-
                                           ogy and Nature, where the combination is     The sun protection that offers a safe,
                                           raised to the level of science. A complete   even and long-lasting tan. Solarium is
For over thirty years, high quality face   and high performing range of products        the specialist of the sun in beauty salons:
and body products in beauty salons. A      which chooses the most precious natural      a wide range of protective products for
scientific approach, technology and re-    ingredients, mixing them with advanced       all needs, after-sun and tan-intensifying
sults thanks to a team of expert beauti-   technological complexes. This brand has      products. The brand stands out for its
cians, the Beauty Trainers. Becos stands   made green minimalism its distinctive        high quality and wide range, but also for
out on the cosmetic scene as a brand       feature, including in the selection of in-   its original style.
that looks to fashion trends, constant-    gredients and packaging with a low envi-
ly projected towards innovation. The       ronmental impact. The TEN INSTITUTES
BECOS CLUBS are the places for pro-        are the professional venues of the brand.
fessionalism and made-to-measure an-
swers to start a journey to beauty.

                                                                                                          Skin and body
14                                                                                                                                            ALFAPARF GROUP • Company Profile   ALFAPARF GROUP • Company Profile   15
Company Profile 2017 - Alfaparf Group
16   ALFAPARF GROUP • Company Profile   ALFAPARF GROUP • Company Profile   17
Always ready
                                                   If there is a leitmotif in the history of   The ALFAPARF GROUP research is main-
                                                   the ALFAPARF GROUP it is without any        ly carried out in the laboratory in Osio
                                                   doubt the focus on innovation. This has     Sotto (Bergamo), but there are also lab-
                                                   been true ever since the beginning, when    oratories in Brazil and Mexico. Invest-
                                                   the company had to find its place on the    ments have constantly grown over time:
                                                   market, and it is still true today. Inno-   the areas of research have increased and

for evolution
                                                   vation is part of our identity. The habit   the number of employees has also been
                                                   of working alongside professionals and      boosted, with now over fifty.
                                                   travelling around the world has allowed
                                                   us to develop the uncommon ability          The researchers in the laboratory in
                                                   of understanding the trends of the de-      Osio assess and select the raw mate-
                                                   mand in time and channeling them into       rials (including those used for foreign
                                                   research. This is how many products         productions), develop the formulas of
                                                   have come into being and which, over        the products, carry out tests through
                                                   the years, have become established in       in-house structures: a Technical Centre
                                                   Italy and abroad.                           for Hair Care and a Pilot Centre for Skin
                                                                                               Care. Safety and clinical effectiveness of
                                                                                               the products are certified by third-party
                                                                                               institutions.

                We have never settled for our successes.                                       The area of external efficacy tests has
                                                                                               also been developed, involving numer-
                We have always tried to go one step                                            ous voluntary consumers who are asked,
                                                                                               for each of the products, to compare
                further by investing in looking                                                different formulas. The results allow
                                                                                               collecting important data for commer-

                for new solutions.                                                             cial development because the purchases
                                                                                               of the final consumers through the pro-
                                                                                               fessionals are significant in the turnover.

18              ALFAPARF GROUP • Company Profile                                                                                             19
In Hair Care, research today is focused    In Skin Care, the focus of research is on
     on hair coloring and on technical prod-    moisturizing, anti-ageing and anti-cel-
     ucts such as bleaching and smoothing       lulite products, and on the association
     products. The work done recently has       of specific products with technologies
     led to filing many patents for the com-    for beauty treatments, as their effica-
     position to smooth hair, the approach to   cy is closely linked to the methods of
     coloring by oxidation, the composition     application.
     based on direct dyes, and the founda-
     tion for coloring by oxidation.

20                                                       ALFAPARF GROUP • Company Profile
Doing things                                       There are not only machines         Five factories in Italy, Brazil, Mexi-      Over the years, ALFAPARF GROUP has
                                                                                       co, Venezuela and Argentina. Almost         built up a production structure that can

                                                   in our factories, but people with   100,000 square meters of production
                                                                                       surface area: 35,000 in Brazil, 35,000 in
                                                                                                                                   meet the demands of global distribu-
                                                                                                                                   tion. The progressive enlargement of
                                                                                       Mexico, 15,000 in Italy, 3,500 in Vene-     the factories has been accompanied by
                                                   a special attitude towards the      zuela and 10,000 in Argentina. In 2016,     the adoption of management systems

the right way
                                                                                       120 million pieces came out of these        that have allowed reaching high stand-
                                                   search for perfection.              production facilities.                      ards of quality.

                                                                                                                                   The Italian plant in Osio Sotto (Ber-
                                                                                                                                   gamo), where the most complex pro-
                                                                                                                                   duction is concentrated and where the
                                                                                                                                   products for the European, Asian, Afri-
                                                                                                                                   can and Australian markets are made,
                                                                                                                                   was awarded ISO 9001 and ISO 22716
                                                                                                                                   GMP (Good Manufacturing Practices)
                                                                                                                                   certification, which establishes meth-
                                                                                                                                   ods, equipment, means and manage-
                                                                                                                                   ment rules of production to ensure ap-
                                                                                                                                   propriate standards of quality.

22              ALFAPARF GROUP • Company Profile   ALFAPARF GROUP • Company Profile                                                                             23
The production takes place according         Know-how, presence in strategic geo-
to the guidelines of ISO 10001 (cus-         graphical areas and operative flexibility
tomer satisfaction), Total Productive        have made ALFAPARF GROUP an ideal
Maintenance (TPM) and Overall Equip-         industrial partner for the multination-
ment Effectiveness (OEE).                    al corporations of cosmetics and mass
ALFAPARF GROUP has recently ob-              retail distribution operators. In addition
tained the status of Authorized Eco-         to the production of its own brands,
nomic Operator (AEO) which certifies         there is also private label production
its reliability in relation to the customs   which today plays an important role for
authorities. The other four factories        the Group.
(Mexico, Brazil, Venezuela and Argen-
tina) have also obtained or are about
to obtain certifications that put them
on levels of excellence.

Respecting the standards of quality for
all the factories is entrusted to the To-
tal Quality Department which is based
in Italy. Each plant also has a quality
laboratory for individual components,
semi-finished products, raw materials,
packaging and finished goods.

ALFAPARF GROUP • Company Profile                                                          25
26   Alfaparf Group • Company Profile   27
Travellers    We have always loved travelling and         The global vocation of ALFAPARF                The commercial activity is developed al-
                                                          GROUP appeared almost immediately              ternatively through subsidiaries (present

              it has given us great satisfaction. Above   and is a feature that distinguishes its
                                                          activity with respect to the other play-
                                                                                                         in twenty-two countries) and third-par-
                                                                                                         ty distributors (more than one hundred).
                                                          ers in the Italian cosmetics industry.         The preference for one model or the
              all, it has allowed us to become big.                                                      other varies depending on the market

by vocation
                                                          The first exports to Spain and Latin           (characteristics of the demand, posi-
                                                          America were soon followed by building         tioning of ALFAPARF GROUP, objectives
                                                          up commercial and production bases in          of growth).
                                                          the geographical areas deemed strategic.
                                                          Going international was transformed            The subsidiaries, controlled by the man-
                                                          into globalization. In more recent years,      agement of ALFAPARF GROUP, can
                                                          particular attention has been paid to          count on five hundred agents who di-
                                                          the east: first Russia, the Baltic countries   alogue with over 50,000 professionals,
                                                          and the Balkans, then the former Soviet        fuelling the capital of knowledge and
                                                          republics, the Middle East and India.          experience indispensable to understand
                                                          Activity has also started in some African      new needs and promote innovation. The
                                                          countries. Today ALFAPARF GROUP                activity of the distributors is supported
                                                          products are distributed in about one          by services of marketing, training and
                                                          hundred countries.                             sales assistance.

28                                                                                                                                     29
Record holders
                 Working alongside professionals is the        The ability to pass from the supply of
                 base of our work. Being in the field, after   the product to a broad range of servic-
                 all, is the best way to understand what       es has acquired strategic importance
                 is really needed. As well as focusing on      in professional cosmetics: speed of re-
                 a widespread geographical presence,           sponse and quality of solutions are deci-
                 ALFAPARF GROUP has built up a com-            sive arms to compete.

of quality
                 mercial network made up of people at-
                 tentive to the quality of relations with      Starting from this vision. ALFAPARF
                 the professionals.                            GROUP has built up an extensive train-
                                                               ing offer on technical-professional and
                 It is not only selling the product, but       managerial aspects. Hairdressers and
                 also listening to their needs and collect-    beauticians, depending on their level of
                 ing useful information to enhance the         experience and skills, can today find the
                 quality of our products and accurately        best solutions for their need for growth
                 meet new trends of the demand. It is          in the courses organized by the Group’s
                 also offering services which allow hair-      over fifty training centers.
                 dressers and beauty professionals to run
                 their business in the best way possible.

                 Discussing with professionals
                 on every aspect is the best way to
                 propose an offer of quality. Including
                 when talking about training.
                                                                                                           31
ARGENTINA                                                   ECUADOR                                                      R. DOMINICANA
                    Prodicos S.A.                                               Cosméticos E-COS S.A.                                        Porta Nuova S.R.L.
                    Registered office: Paraguay 580 3º piso - Ciudad            Registered and Administrative office: Guayaquil - Ecuador,   Registered office: Av. 27 de Febrero, Esq. Av. Tiradentes,
                    Autónoma de Buenos Aires                                    Edificio Kennedy Norte Edificio Sonapal Bodega 16            Plaza Merengue, Local 102/103, 1er Nivel Santo
                    Administrative office: Mozart S/N - Centro Industrial                                                                    Domingo de Guzman, Distrito Nacional, Capital de la
                                                                                EL SALVADOR
                    Garín - Escobar - Provincia de Buenos Aires                                                                              Republica Dominicana
                                                                                Clio Cosmetics S.A. de C.V.
                                                                                                                                             Administrative office: Av. Estrella Zadhala, Plaza El
                    AUSTRALIA                                                   Registered and Administrative office: 12 Calle Poniente,
                                                                                                                                             Portal, 2do. Nivel, Santiago de los Caballeros, Republica
                    Alfhair Australia PTY. Limited                              Numero 2418, Colonia Flor Blanca, San Salvador,
                                                                                                                                             Dominicana
                    Registered office: 15 Concorde Drive Kielor Park VIC 3042   El Salvador
                    Administrative office: C:/ FS Spagnolo & CO (Aust) PTY                                                                   RUSSIA
                                                                                GUATEMALA
                    LTD 147 Union RD Ascot Vale VIC 3032                                                                                     Alfa Parf Russia O.O.O.
                                                                                Guatemala Cosmeticos S.A.
                                                                                                                                             Registered and Administrative office: 117218 Moscow,
                    BRASILE (COMM)                                              Registered and Administrative office: 15 avenida 17-29
                                                                                                                                             Krzhizhanovskogo str., 14, kopr 3
                    Delly Distribuidora de Cosmeticos                           zona 13 Bodega 1 Guatemala
                    e Prestação de Serviços Ltda                                                                                             SPAGNA
                                                                                MALTA
                    Registered and Administrative office: Rio de Janeiro                                                                     Alfa Parf Group España S.L.
                                                                                Industrial Chemical Cosmetics Holdings Limited
                    (Brasil), Estrada Camboatá, 2207 - Sala B - Bloco 2 -                                                                    Registered office: Calle Solsones Nº 2 Bloque B Local
                                                                                Registered and Administrative office: Level 1, LM Complex,
                    Queimados - RJ - Brasil                                                                                                  B5 PLTA 2 El Prat de Llobregat. 08820. Barcelona España
                                                                                Brewery Street, Mriehel, Birkirkara BKR 3000, Malta
                                                                                                                                             Administrative office: C/ Solsones Nº 2 Local B5 Planta
                    BRASILE (PROD)
                                                                                MESSICO (PROD)                                               2 Bloque B. Parc de Negocis Mas Blau. El Prat de
                    Delly Kosmetic Comercio e Industria Ltda
                                                                                Dobos S.A. de C.V.                                           Llobregat. 08820. Barcelona. España
                    Registered and Administrative office: Rio de Janeiro
                                                                                Registered office: Av. Insurgentes Sur 1853 P.B., Col.
                    (Brasil), Estrada do Pedregoso, 3229 Distrito Industrial                                                                 URUGUAY
                                                                                Guadalupe Inn, Alvaro Obregon, 01020 Ciudad De
                    - Campo Grande - RJ - Brasil                                                                                             Alfa Parf American Division Distribucion S.A.
                                                                                Mexico - Mexico
                                                                                                                                             Registered office: C/O Innovation SA Luis Alberto
                    CILE                                                        Administrative office: Eje 3 Norte 205 MZA. 405 Parque
                                                                                                                                             de Herrera 1248, Torre II, oficina 2306, 11300
                    Cosméticos Chi-Cosm Limitada                                Industrial Toluca 2000 Toluca, Estado de México, CP. 50200
                                                                                                                                             Montevideo - Uruguay
                    Registered office: Calle Chiloé Nº 1734 bodega 4,
                                                                                MESSICO (COMM)                                               Administrative office: Minas 1837, 11800 Montevideo
                    comuna de Santiago Centro, Santiago de Chile
                                                                                Prodob de Mexico S.A. de C.V.                                - Uruguay
                    Administrative office: Calle Arzobispo Fuenzalida
                                                                                Registered and Administrative office: Eje 3 Norte 205
                    Martinez Nº 2888 comuna de Ñuñoa, Santiago de Chile                                                                      U.S.A.
                                                                                MZA. 405 Parque Industrial Toluca 2000 Toluca,
                                                                                                                                             Bip Inc.
                    CINA                                                        Estado de México, CP. 50200
                                                                                                                                             Registered office: William L. Rafferty, Jr. , c/o Gray
                    Alfaparf (Shanghai) Trading Co. Ltd
                                                                                PANAMA                                                       Robinson, Attorneys at Law, 401 East Las Olas
                    Registered and Administrative office: Room 302,
                                                                                Alfa Parf Panama S.A.                                        Boulevard, Fort Lauderdale, FL 33301
                    Building 2, No.50 Yu Yao Road, Jingan District,
                                                                                Registered and Administrative office: Ave Jose Agustin       Administrative office: 8200 NW 33rd Street, Suite 109,
                    Shanghai, 200031, China
                                                                                Arango - Centro comm.le Los Pueblos 2001 Local E-10          Doral, FL 33122
                    COLOMBIA                                                    - Corregimiento de Juan Diaz - Panama Ciudad
                                                                                                                                             VENEZUELA (COMM)
                    Sabama Ltda
                                                                                PERU                                                         Dis.Mar Cosmetics C.A.
                    Registered and Administrative office: Transversal 25 No.
                                                                                Percosm Peru S.A.C.                                          Registered and Administrative office: Calle la Guairita,
                    59 27 Barrio Galerias Bogota Colombia
                                                                                Registered office: Lima - Perú                               Galpon 44, Zona Industrial Guayabal, Guarenas Estado
                    COSTA RICA                                                  Administrative office: Calle Las Camelias 180 San Isidro     Miranda, Venezuela
                    Costa Rica Cosmeticos Costidist S.R.L.
                                                                                POLONIA                                                      VENEZUELA (PROD)
                    Registered office: San Jose, Montes de Oca. Barrio Los
                                                                                Pol-Cosm Sp.z. o.o.                                          Industrias Veprocosm C.A.
                    Yoses, del final de la Av10, 25m norte y 100m este,
                                                                                Registered and Administrative office: Stara Iwiczna ul.      Registered and Administrative office: Calle la Guairita,
                    casa esquinera de dos plantas de ladrillo a mano
                                                                                Nowa 23, 05-500 Piaseczno                                    Galpon 44, Zona Industrial Guayabal, Guarenas Estado
                    derecha
                                                                                                                                             Miranda, Venezuela
                    Administrative office: San Jose, Sabana Oeste, de           PORTOGALLO
                    Teletica Canal Siete, 100 metros Oeste y 150 metros         Maresana L.D.A.
                    Norte, frente Condominios Miravalles                        Registered and Administrative office: Rua do Espido,
                                                                                Nº 74, Loja J., Edificio Trade Center, 4470-177 Maia -
                                                                                Portugal

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