Exhibit 21

ESCALADE,
INCORPORATED AND SUBSIDIARIES

List of
Subsidiaries at December 27, 2008

|                 |                                                |                                                  |                                                 
|---------------- | ---------------------------------------------- | ------------------------------------------------ | ------------------------------------------------
|                 |                                                | State of Other
  Jurisdiction of
  Incorporation | Percent of Voting
  Securities Owned
  by Parent
|                 |                                                |                                                  |                                                 
|Parent           |                                                |                                                 
|                 | Escalade, Incorporated                         | Indiana, USA                                     |                                                 
|                 |                                                |                                                  |                                                 
|Subsidiaries (1) |                                                |                                                 
|                 | Indian Industries, Inc.                        | Indiana, USA                                     | 100%                                            
|                 | U.S. Weight, Inc.                              | Illinois, USA                                    | 100%                                            
|                 | Harvard Sports, Inc.                           | California, USA                                  | 100%                                            
|                 | Harvard California, S. DE R.L. C.V.            | B.C. Mexico                                      | 100%                                            
|                 | Bear Archery, Inc.                             | Florida, USA                                     | 100%                                            
|                 | Escalade Sports Playground Equipment, Inc.     | North Carolina, USA                              | 100%                                            
|                 | Martin Yale Industries, Inc.                   | Indiana, USA                                     | 100%                                            
|                 | Productos Maestros de Oficiina, S.A. DE
  C.V. | B.C. Mexico                                      | 100%                                            
|                 | Schleicher & Co. America                       | North Carolina, USA                              | 100%                                            
|                 | Olympia Business Systems                       | North Carolina, USA                              | 100%                                            
|                 | Martin Yale International, GmbH                | Germany                                          | 100%                                            
|                 | Martin Yale International SARL                 | France                                           | 100%                                            
|                 | Martin Yale International Ltd                  | England                                          | 100%                                            
|                 | Taros Trading, GmbH                            | Germany                                          | 100%                                            
|                 | Desmar Seguridad Y Archivo, S.L.               | Spain                                            | 100%                                            
|                 | Action Group, Ltd                              | South Africa                                     | 100%                                            
|                 | Safe Tech Sweden AB                            | Sweden                                           | 100%                                            
|                 | Martin Yale Italia, SARL                       | Italy                                            | 100%                                            
|                 | Indian-Martin, Inc.                            | Nevada, USA                                      | 100%                                            
|                 | EIM Company, Inc.                              | Nevada, USA                                      | 100%                                            
|                 | SOP Services, Inc.                             | Nevada, USA                                      | 100%                                            
|                 | Escalade Insurance, Inc.                       | Nevada, USA                                      | 100%                                            

(1) Each subsidiary Company so designated has been included in
Consolidated Financial Statements for all periods following its acquisition.
See Notes to Consolidated Financial Statements.

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