MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	A. CELLI PAPER S.P.A.

Registered Office :	Via Del Rogio, 17 Tassignano, 55012 – Capannori (LU) -IT-

Country :	Italy

Financials (as on) :	31.12.2013

Date of Incorporation :	02.01.2003

Legal Form :	Joint Stock Company

Line of Business :	Manufacture of machinery for paper and cardboard production (including spare parts and accessories)

No of Employees :	From 91 to 110

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Italy

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, where unemployment is higher. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, topping 133% of GDP in 2013, but investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's long-standing structural impediments to growth, such as labor market inefficiencies and widespread tax evasion. In 2013 economic growth and labor market conditions deteriorated, with growth at -1.8% and unemployment rising to 12.4%, with youth unemployment around 40%. Italy's GDP is now 8% below its 2007 pre-crisis level.

Source : CIA

Company name & address

A. CELLI PAPER S.P.A.

Via Del Rogio, 17 TASSIGNANO

55012 – Capannori (LU) -IT-

Summary

Fiscal Code	:	01886530466
Legal Form	:	Joint stock company
start of Activities	:	02/01/2003
Equity	:	Over 2.582.254
Turnover Range	:	75.000.000/100.000.000
Number of Employees	:	from 91 to 110

Activity

Manufacture of machinery for paper and cardboard production (including spare parts and accessories)

Legal Data

Legal Form : Joint stock company

Fiscal Code : 01886530466

Foreign Trade Reg. no. : LU021718 since 16/01/2003

Foreign Trade Reg. no. : 021718 of Lucca since 16/01/2003

Chamber of Commerce no. : 179024 of Lucca since 09/01/2003

Chamber of Commerce no. : 1127172 of Torino

Chamber of Commerce no. : 388720 of Verona

Firms' Register : LU-2003-370 of Lucca since 09/01/2003

V.A.T. Code : 01886530466

Establishment date	: 10/12/2002
Start of Activities	: 02/01/2003
Legal duration	: 31/12/2030
Nominal Capital	: 500.000
Subscribed Capital	: 500.000
Paid up Capital	: 500.000

Members

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Celli

Mauro

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Lucca

(LU)

on 26/05/1966

- Fiscal Code : CLLMRA66E26E715S

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Melosi

, 49

- 55100

Lucca

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2012
Board Chairman	11/05/2012
Managing Director	14/05/2012

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

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Celli

Alessandro

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Lucca

(LU)

on 15/11/1962

- Fiscal Code : CLLLSN62S15E715E

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Micheloni

, 20

- 55015

Montecarlo

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2012
Assistant board Chairman	11/05/2012
Managing Director	14/05/2012

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

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Teseo

Giovanni

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Roma

(RM)

on 29/05/1950

- Fiscal Code : TSEGNN50E29H501P

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Palermo

, 97

- 65100

Pescara

(PE)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/06/2003
General Director	25/05/2011
Director	11/05/2012
Managing Director	14/05/2012

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Celli

Piero

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Pontedera

(PI)

on 15/07/1936

- Fiscal Code : CLLPRI36L15G843O

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Forabosco

- 55016

Porcari

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2012

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Antonini

Giuseppe

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Teramo

(TE)

on 31/08/1949

- Fiscal Code : NTNGPP49M31L103K

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

San Giovanni Bosco

, 160

- 55049

Viareggio

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	11/05/2012
Managing Director	14/05/2012

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Gatti

Maurizio

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Pinerolo

(TO)

on 25/05/1948

- Fiscal Code : GTTMRZ48E25G674P

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Gabotto

, 17

- 10064

Pinerolo

(TO)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	01/06/2003

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Casini

Maurizio

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Lucca

(LU)

on 21/07/1967

- Fiscal Code : CSNMRZ67L21E715V

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Di Vicopelago

, 530/C

- 55100

Lucca

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Procurator	13/12/2012

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Somel S.r.l.

Position	Since	Shares Amount	% Ownership
Partner

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Prejudicial events are reported

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

No Protests registered

Companies connected to members *

*checkings have been performed on a national scale.

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

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Celli

Mauro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Managing Director	Withdrawn	Registered
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Director	Active	Registered
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Assistant board Chairman	Active	Registered
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Managing Director	Active	Registered
AZIENDA AGRICOLA FATTORIA LA TORRE S.R.L. OPPURE: FATTORIA LA TORRE S.R.L.	Montecarlo (LU) - IT -	01670070463	Board Chairman	Withdrawn	Registered
Fattoria La Torre Di Elena E Mauro CelliE C. S.n.c.	Montecarlo (LU) - IT -	01551460460	Partner	Active	Registered
Somel S.r.l.	Bologna (BO) - IT -	03075771208	Director	Active	Registered
Trema S.r.l.	Bologna (BO) - IT -	03078281205	Sole Director	Active	Registered
Trema S.r.l.	Bologna (BO) - IT -	03078281205	Sole partner	Active	Registered
Tissue Italy	Lucca (LU) - IT -	02339490464	Vice-Chairman	Withdrawn	Registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Celli

Alessandro

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Managing Director	Withdrawn	Registered
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Director	Active	Registered
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Managing Director	Active	Registered
A. Celli Nonwovens - Societa' Per AzioniAbbreviabile In A. Celli Nonwovens S.p.	Porcari (LU) - IT -	00249350463	Board Chairman	Active	Registered
Somel S.r.l.	Bologna (BO) - IT -	03075771208	Director	Active	Registered
Lale S.r.l.	Bologna (BO) - IT -	03078291204	Sole Director	Active	Registered
Lale S.r.l.	Bologna (BO) - IT -	03078291204	Sole partner	Active	Registered
Tuscanywings Societa' Semplice	Lucca (LU) - IT -	02110340466	Partner	Active	Registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Teseo

Giovanni

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fabio Perini S.p.a.	Lucca (LU) - IT -	00145160461	Procurator	Withdrawn	Registered

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Antonini

Giuseppe

Firm's Style	Seat	Fiscal Code	Position	Position Status	Firm's Status
Fabio Perini S.p.a.	Lucca (LU) - IT -	00145160461	Director	Withdrawn	Registered
Fabio Perini S.p.a.	Lucca (LU) - IT -	00145160461	Managing Director	Withdrawn	Registered
DIATEC S.R.L.	Collecorvino (PE) - IT -	01594530691	Director	Withdrawn	Registered
Consorzio Ricerche Angelini S.r.l.	Aprilia (LT) - IT -	01336160591	Director	Withdrawn	Ceased
FATECNICA S.P.A. - ISTITUTO DI RICERCA TECNOLOGICA	Pescara (PE) - IT -	00433440682	Chairman	Withdrawn	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
Antonini Giuseppe	Viareggio - IT -	NTNGPP49M31L103K	166.664 .Eur	33,33
Somel S.r.l.		03075771208	333.336 .Eur	66,66

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
Tissue Italy	Lucca - IT -	02339490464					Active

Firm's location and structure

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

Legal and operative seat

Del Rogio

, 17

- 55012

- Capannori

(LU)

- IT -

PHONE

: 0583/98441

Branch

(office)

since 11/08/2010

Torino

, 111/A

- 10064

- Pinerolo

(TO)

- IT -

Employees

: 105

Fittings and Equipment for a value of 170.000

Eur

Stocks for a value of 24.900.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Historical Information and/or Firm's Status

EX-MEMBERS / EX-POSITIONS:

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Rosso.gif$

Antonini

Giuseppe

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Teramo

(TE)

on 31/08/1949

- Fiscal Code : NTNGPP49M31L103K

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

San Giovanni Bosco

, 160

- 55049

Viareggio

(LU)

- IT -

Ex-Postions

Director and Chief Executive

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Rosso.gif$

Faver

Stefano

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Lucca

(LU)

on 09/03/1965

- Fiscal Code : FVRSFN65C09E715L

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Per Vorno

, 9/4A

- 55012

Capannori

(LU)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Rosso.gif$

SOMEL S.A.

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Boulevard Du Prince Henr

, 19-21

Luxembourg

- LU -

Ex-Postions

Sole partner

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Rosso.gif$

Somel S.r.l.

- Fiscal Code : 03075771208

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Luigi Carlo Farini

, 11

- 40124

Bologna

(BO)

- IT -

Ex-Postions

Partner

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Rosso.gif$

Melchionda

Vittorio

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in Bologna

(BO)

on 29/09/1966

- Fiscal Code : MLCVTR66P29A944L

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

Luigi Carlo Farini

, 11

- 40124

Bologna

(BO)

- IT -

Ex-Postions

Temporary Auditor

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Rosso.gif$

Celli

Marco

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Born in PONTEDERA

(PI)

on 09/05/1939

- Fiscal Code : CLLMRC39E09G843U

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Vuoto.gif$

Residence:

DELLE VILLE

, 635

- 55012

Capannori

(LU)

- IT -

Ex-Postions

Director

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Prejudicial Events Search Result: NEGATIVE

Search performed on a specialized data base.

Legal Procedures

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

Financial and Economical Analysis

Subject is active since 2003

Balance sheets for the years 2011, 2012 and 2013 were analyzed.

During the last years, it achieved profits (r.o.e. 66,35% on 2013) and during the last financial year an increase in sales volume was registered (+79,26% in 2013).

The operating result in 2013 was positive (17,09%) and in line with the sector's average.

The amount of the operating result for the year 2013 is of Eur. 11.761.086 with an increase of 89,7% if the compared to the previous financial year.

The gross operating margin of the latest financial year is of Eur. 15.630.622 with a 77,09% growth.

The analysis shows a fair financial position as the indebtedness volume is acceptable (3,59) and decreasing as against 2012.

It's shareholders funds amount to Eur. 12.430.090 , increasing by 43,15% if compared to the year before.

Total indebtedness was equal to Eur. 52.508.171 (Eur. 763.528 was the value of m/l term debts) with no important change.

The company does not exceed in bank credits; payments average period is instead slightly high (97,33 gg.) anyway better than the field's average.

It shows a good range of liquidity.

Trade credits are collected slowly, average term is 113,69 days. but in line with the sector.

Eur. 9.021.462 is the value of cash flow during the year 2013

Subordinate employment cost is of Eur. 6.360.418, i.e. 6,79% on total production costs. , whereas the incidence of such costs on sales revenues is equal to 6,85%.

The financial charges are lower than the financial incomes.

Financial Data

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2013

(in Eur

x 1)

Item Type	Value
Sales	92.856.236
Profit (Loss) for the period	8.246.876

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2012

(in Eur

x 1)

Item Type	Value
Sales	51.797.702
Profit (Loss) for the period	4.503.767

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2011

(in Eur

x 1)

Item Type	Value
Sales	66.035.791
Profit (Loss) for the period	733.845

$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Verde.gif$

Complete balance-sheet for the year

al 31/12/2010

(in Eur

x 1)

Item Type	Value
Sales	45.439.955
Profit (Loss) for the period	773.384

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 31/12/2013 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2012 - 12 Mesi - Currency: - Amounts x 1

- Balance Sheet as at 31/12/2011 - 12 Mesi - Currency: - Amounts x 1

Years

2013

2012

2011

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.	508.089	923.428	1.262.992
. . Industrial patent rights	142.831	116.577	80.328
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	6.652	676	1.015
. Total Intangible Fixed Assets	657.572	1.040.681	1.344.335
. TANGIBLE FIXED ASSETS
. . Real estate	176.467	182.382	188.297
. . Plant and machinery	166.829	186.116	208.851
. . Industrial and commercial equipment	5.962	4.487	2.944
. . Other assets	298.802	281.811	324.174
. . Assets under construction and advances	163.903
. Total Tangible fixed assets	811.963	654.796	724.266
. FINANCIAL FIXED ASSETS
. . Equity investments	251.503	250.503	250.503
. . . Equity invest. in subsidiary companies	250.503	250.503	250.503
. . . Equity invest. in associated companies
. . . Equity invest. in holding companies
. . . Equity invest. in other companies	1.000
. . Financial receivables	268	243	134
. . . . Within 12 months	268	243	134
. . . . Beyond 12 months
. . . 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	268	243	134
. . . . Within 12 months	268	243	134
. . . . Beyond 12 months
. . Other securities			950.000
. . Own shares
. . . Total nominal value
. Total financial fixed assets	251.771	250.746	1.200.637
Total fixed assets	1.721.306	1.946.223	3.269.238
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	9.947	5.269	4.942
. . Work in progress and semimanufactured	23.136.163	12.608.571	10.812.777
. . Work in progress on order
. . Finished goods
. . Advance payments	1.758.305	3.114.466	1.535.289
. Total Inventories	24.904.415	15.728.306	12.353.008
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	34.973.758	30.446.888	26.833.538
. . Beyond 12 months
. . Trade receivables	29.325.147	26.219.648	22.676.890
. . . . Within 12 months	29.325.147	26.219.648	22.676.890
. . . . Beyond 12 months
. . Receivables due from subsid. comp.	64.582	120.287
. . . . Within 12 months	64.582	120.287
. . . . Beyond 12 months
. . Receivables due from assoc. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from holding comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Fiscal Receivables	3.666.288	2.663.489	2.945.085
. . . . Within 12 months	3.666.288	2.663.489	2.945.085
. . . . Beyond 12 months
. . Receivables for anticipated taxes	955.063	553.599	433.460
. . . . Within 12 months	955.063	553.599	433.460
. . . . Beyond 12 months
. . Receivables due from third parties	962.678	889.865	778.103
. . . . Within 12 months	962.678	889.865	778.103
. . . . Beyond 12 months
. Total Credits not held as fixed assets	34.973.758	30.446.888	26.833.538
. 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
. LIQUID FUNDS
. . Bank and post office deposits	7.132.993	13.416.030	7.855.370
. . Checks	8.726		287
. . Banknotes and coins	11.094	15.320	11.598
. Total Liquid funds	7.152.813	13.431.350	7.867.255
Total current assets	67.030.986	59.606.544	47.053.801
ADJUSTMENT ACCOUNTS
. Discount on loans	66.362
. Other adjustment accounts		63.306	94.976
Total adjustments accounts	66.362	63.306	94.976
TOTAL ASSETS	68.818.654	61.616.073	50.418.015

LIABILITIES
STOCKHOLDERS' EQUITY
. Capital stock	500.000	500.000	500.000
. Additional paid-in capital
. Revaluation reserves	379.526	379.526	379.526
. Legal reserve	100.000	100.000	100.000
. Reserve for Own shares
. Statute reserves
. Other reserves	3.203.688	3.199.921	2.466.077
. Accumulated Profits (Losses)
. Profit( loss) of the year	8.246.876	4.503.767	733.845
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	12.430.090	8.683.214	4.179.448
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	189.900	241.500	146.550
. . Taxation fund, also differed	8.164	5.359	14.438
. . Other funds	3.080.000	1.791.691	1.366.722
Total Reserves for Risks and Charges	3.278.064	2.038.550	1.527.710
Employee termination indemnities	484.685	519.972	525.996
ACCOUNTS PAYABLE
. . . . Within 12 months	51.744.643	49.506.379	44.028.947
. . . . Beyond 12 months	763.528	788.216	38.531
. . 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	782.932	795.689	45.986
. . . . Within 12 months	19.404	7.473	7.455
. . . . Beyond 12 months	763.528	788.216	38.531
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	26.610.795	38.847.705	28.741.529
. . . . Within 12 months	26.610.795	38.847.705	28.741.529
. . . . Beyond 12 months
. . Trade payables	20.424.620	7.353.802	13.017.948
. . . . Within 12 months	20.424.620	7.353.802	13.017.948
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies	142.651	393.176
. . . . Within 12 months	142.651	393.176
. . . . Beyond 12 months
. . Due to associated companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to holding companies	1.678.257	1.365.610
. . . . Within 12 months	1.678.257	1.365.610
. . . . Beyond 12 months
. . Due to the tax authorities	511.604	329.073	587.209
. . . . Within 12 months	511.604	329.073	587.209
. . . . Beyond 12 months
. . Due to social security and welfare inst.	326.179	302.108	265.289
. . . . Within 12 months	326.179	302.108	265.289
. . . . Beyond 12 months
. . Other payables	2.031.133	907.432	1.409.517
. . . . Within 12 months	2.031.133	907.432	1.409.517
. . . . Beyond 12 months
Total accounts payable	52.508.171	50.294.595	44.067.478
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	117.644	79.742	117.383
Total adjustment accounts	117.644	79.742	117.383
TOTAL LIABILITIES	68.818.654	61.616.073	50.418.015

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	42.394.176
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	92.856.236	51.797.702	66.035.791
. Changes in work in progress	10.527.591	1.795.794	1.604.749
. Changes in semi-manufact. products
. Capitalization of internal work	163.903	118.830	727.758
. Other income and revenues	1.881.892	3.500.430	1.109.250
. . Contributions for operating expenses
. . Different income and revenues	1.881.892	3.500.430	1.109.250
Total value of production	105.429.622	57.212.756	69.477.548
PRODUCTION COSTS
. Raw material,other materials and consum.	69.372.987	35.529.680	46.571.215
. Services received		6.381.075	12.699.032
. Leases and rentals	12.911.818	600.790	634.331
. Payroll and related costs	6.360.418	5.794.006	5.864.532
. . Wages and salaries	4.424.926	3.993.574	4.072.630
. . Social security contributions	1.580.038	1.456.984	1.486.014
. . Employee termination indemnities	355.454	341.336	305.888
. . Pension and similar
. . Other costs		2.112
. Amortization and depreciation	774.586	819.657	750.618
. . Amortization of intangible fixed assets	476.473	514.316	581.290
. . Amortization of tangible fixed assets	177.891	170.341	165.761
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid	120.222	135.000	3.567
. Changes in raw materials	-4.678	-327	71
. Provisions to risk reserves	450.000	480.000	505.500
. Other provisions	2.644.950	1.326.641	912.472
. Other operating costs	1.158.455	81.635	83.459
Total production costs	93.668.536	51.013.157	68.021.230
Diff. between value and cost of product.	11.761.086	6.199.599	1.456.318
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	444.568	375.174	69.582
. . Financ.income from receivables
. . . Towards subsidiary companies
. . . Towards associated companies
. . . Towards holding companies
. . . Towards other companies
. . Financ.income from secur. t.f.assets		47.500	911
. . Financ.income from secur. cur.assets
. . Financ.income other than the above	444.568
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	444.568
. Interest and other financial expense	-11.045	145.645	-168.965
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies	11.045
Total financial income and expense	433.523	520.819	-99.383
ADJUSTMENTS TO FINANCIAL ASSETS
. Revaluations
. . Of equity investments
. . Of financ.fixed assets not repres.E.I.
. . Of securities incl.among current assets
. Devaluation
. . Of equity investments
. . Of financial fixed assets (no equity inv)
. . Of securities included among current ass
Total adjustments to financial assets
EXTRAORDINARY INCOME AND EXPENSE
. Extraordinary income	381	28.359	37.173
. . Gains on disposals
. . Other extraordinary income	381	28.359	37.173
. Extraordinary expense	-3.080		-5.036
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense	-3.080		-5.036
Total extraordinary income and expense	-2.699	28.359	32.137
Results before income taxes	12.191.910	6.748.777	1.389.072
. Taxes on current income	3.945.034	2.245.010	655.227
. . current taxes	4.343.692	2.374.228	796.746
. . differed taxes(anticip.)	-398.658	-129.218	-141.519
. Net income for the period	8.246.876	4.503.767	733.845
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	8.246.876	4.503.767	733.845

RATIOS	Value Type	as at 31/12/2013	as at 31/12/2012	as at 31/12/2011	Sector Average
COMPOSITION ON INVESTMENT
Rigidity Ratio	Units	0,03	0,03	0,06	0,18
Elasticity Ratio	Units	0,97	0,97	0,93	0,80
Availability of stock	Units	0,36	0,26	0,25	0,24
Total Liquidity Ratio	Units	0,61	0,71	0,69	0,48
Quick Ratio	Units	0,10	0,22	0,16	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	3,59	4,15	8,65	3,25
Self Financing Ratio	Units	0,18	0,14	0,08	0,19
Capital protection Ratio	Units	0,30	0,42	0,70	0,63
Liabilities consolidation quotient	Units	0,02	0,03	0,01	0,19
Financing	Units	4,22	5,79	10,54	3,80
Permanent Indebtedness Ratio	Units	0,20	0,16	0,09	0,36
M/L term Debts Ratio	Units	0,02	0,02	0,01	0,11
Net Financial Indebtedness Ratio	Units	0,00	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	7,95	5,13	1,45	1,75
Current ratio	Units	1,30	1,20	1,07	1,21
Acid Test Ratio-Liquidity Ratio	Units	0,81	0,89	0,79	0,81
Structure's primary quotient	Units	7,22	4,46	1,28	1,03
Treasury's primary quotient	Units	0,14	0,27	0,18	0,06
Rate of indebtedness ( Leverage )	%	553,65	709,60	1206,33	516,42
Current Capital ( net )	Value	15.286.343	10.100.165	3.024.854	422.465
RETURN
Return on Sales	%	9,72	10,28	2,25	3,35
Return on Equity - Net- ( R.O.E. )	%	66,35	51,87	17,56	5,13
Return on Equity - Gross - ( R.O.E. )	%	98,08	77,72	33,24	14,77
Return on Investment ( R.O.I. )	%	17,09	10,06	2,89	4,16
Return/ Sales	%	12,67	11,97	2,21	4,11
Extra Management revenues/charges incid.	%	70,12	72,65	50,39	28,57
Cash Flow	Value	9.021.462	5.323.424	1.484.463	122.482
Operating Profit	Value	11.761.086	6.199.599	1.456.318	144.752
Gross Operating Margin	Value	15.630.622	8.825.897	3.624.908	241.990
MANAGEMENT
Credits to clients average term	Days	113,69	182,23	123,63	111,85
Debts to suppliers average term	Days	97,33	77,17	78,23	128,30
Average stock waiting period	Days	96,55	109,31	67,34	80,43
Rate of capital employed return ( Turnover )	Units	1,35	0,84	1,31	1,08
Rate of stock return	Units	3,73	3,29	5,35	4,45
Labour cost incidence	%	6,85	11,19	8,88	19,12
Net financial revenues/ charges incidence	%	0,47	1,01	-0,15	-1,08
Labour cost on purchasing expenses	%	6,79	11,36	8,62	19,02
Short-term financing charges	%	0,02	n.c.	0,38	2,68
Capital on hand	%	74,11	118,96	76,35	91,91
Sales pro employee	Value	468.970	512.848	702.508	198.432
Labour cost pro employee	Value	32.123	57.366	62.388	35.779

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	:	$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Spazio.gif$ 379.117
Population living in the region	:	$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Spazio.gif$ 3.598.269
Number of families in the region	:	$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Spazio.gif$ 1.474.681

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

- per food products	:	$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Spazio.gif$ 444
- per non food products	:	$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Spazio.gif$ 2.009
- per energy consume	:	$Description: \\vivek\Foreign Report Raw\A. Celli Paper S.p.a._files\Spazio.gif$ 122

Sector Data

The values are calculated on a base of 1.206 significant companies.

The companies cash their credits on an average of 112 dd.

The average duration of suppliers debts is about 128 dd.

The sector's profitability is on an average of 3,35%.

The labour cost affects the turnover in the measure of 19,12%.

Goods are held in stock in a range of 80 dd.

The difference between the sales volume and the resources used to realize it is about 1,08.

The employees costs represent the 19,02% of the production costs.

Statistical Detrimental Data

Statistcally the trade activity shows periods of crisis.

The area is statistically considered moderately risky.

In the region 24.960 protested subjects are found; in the province they count to 2.537.

The insolvency index for the region is 0,70, , while for the province it is 0,67.

Total Bankrupt companies in the province : 2.402.

Total Bankrupt companies in the region : 20.423.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.91
UK Pound	1	Rs.98.65
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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 & 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

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit