3decades

MIRA INFORM REPORT

Report No. :	500763
Report Date :	05.04.2018

IDENTIFICATION DETAILS

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

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

Country :	Italy

Financials (as on) :	31.12.2016

Date of Incorporation :	10.12.2002

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

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Italy

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

ITALY - ECONOMIC OVERVIEW

Italy’s economy compromises a developed industrial north, dominated by private companies, and a less-developed, highly subsidized, agricultural south, with a legacy of unemployment and underdevelopment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family-owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors.

Italy is the third-largest economy in the euro zone, but its exceptionally high public debt and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 131% of GDP in 2017. Investor concerns about Italy and the broader euro-zone crisis eased in 2013, bringing down Italy's borrowing costs on sovereign government debt from euro-era. The government still faces pressure from investors and European partners to sustain its efforts to address Italy's longstanding structural economic problems, including labor market inefficiencies, a sluggish judicial system, and a weak banking sector. Italy’s economy returned to modest growth in late 2014 for the first time since 2011. In 2015-16, Italy’s economy grew at about 1% each year, and in 2017 growth accelerated to 1.5% of GDP. In 2017, overall unemployment was 11.4%, but youth unemployment remained high at 37.1%.

Source : CIA

Company name & address

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	:	18.000.000/20.000.000
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

Legal mail :

ACELLIPAPER@PEC.IT

Members

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Celli

Mauro

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Born in Lucca

(LU)

on 26/05/1966

- Fiscal Code : CLLMRA66E26E715S

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Residence:

Melosi Enea

, 49

- 55100

Lucca

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/08/2015
Managing Director	06/08/2015
Assistant board Chairman	05/08/2015

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No Prejudicial events are reported

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No Protests registered

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Celli

Alessandro

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Born in Lucca

(LU)

on 15/11/1962

- Fiscal Code : CLLLSN62S15E715E

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Residence:

Micheloni

, 20

- 55015

Montecarlo

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/08/2015
Managing Director	06/08/2015

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No Prejudicial events are reported

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No Protests registered

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Celli

Piero

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Born in Pontedera

(PI)

on 15/07/1936

- Fiscal Code : CLLPRI36L15G843O

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Residence:

Forabosco

- 55016

Porcari

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/08/2015

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Antonini

Giuseppe

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Born in Teramo

(TE)

on 31/08/1949

- Fiscal Code : NTNGPP49M31L103K

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Residence:

Verdi

, 8

- 55049

Viareggio

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/08/2015
Managing Director	06/08/2015
Board Chairman	05/08/2015

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No Prejudicial events are reported

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No Protests registered

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Casini

Maurizio

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Born in Lucca

(LU)

on 21/07/1967

- Fiscal Code : CSNMRZ67L21E715V

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Residence:

Di Vicopelago

, 530/C

- 55100

Lucca

(LU)

- IT -

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

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No Prejudicial events are reported

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No Protests registered

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Italia Technology Alliance S.r.l.

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Luigi Carlo Farini

, 11

- 40124

Bologna

(BO)

- IT -

Position	Since	Shares Amount	% Ownership
Partner

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No Prejudicial events are reported

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No Protests registered

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Fazzi

Mario

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Born in Barga

(LU)

on 27/04/1963

- Fiscal Code : FZZMRA63D27A657G

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Residence:

Carlo Piaggia

, 120/N

- 55100

Lucca

(LU)

- IT -

Position	Since	Shares Amount	% Ownership
Director	05/08/2015
Managing Director	06/08/2015

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No Prejudicial events are reported

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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
Italia Technology Alliance 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	Active	Registered
Tissue Italy	Lucca (LU) - IT -	02339490464	Director	Active	Registered

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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
Italia Technology Alliance 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

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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
Italia Technology Alliance S.r.l.	Bologna - IT -	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
Consorzio Energetico Lucchese - Societa' Consortile A Responsabil Ita' Limitata	Lucca - IT -	92023890467	1.000 .Eur	1,47			Active
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

Legal mail

: ACELLIPAPER@PEC.IT

Branch

(office)

since 04/07/2013

Via Verkhnie Polya

, 10

- Mosca

(EE)

- RU -

Employees

: 102

Fittings and Equipment for a value of 52.000

Eur

Stocks for a value of 11.290.000

Eur

Work in progress for a value of 8.770.000

Eur

The firm has a direct commercial organization

Sales are mainly addressed to Northern Italy

Protests

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

Data Base Prejudicial Events Search

Search performed on a National Scale

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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
PINEROLO (TO)	Buildings	1	19/03/2018

Buildings Details

Cadastre	Title	Location	Sheet No.	Particle No.	Sub No.	Categorie	Classe	Consistence	Cadastrial Rent	Part No.
B	Proprieta' per 1/1	PINEROLO (TO) CORSO TORINO, 111/A Piano T	46	148	31	cat. C/1	4	95 mq	Euro:1.599,47

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 2003

Balance sheets for the years 2014, 2015 and 2016 were analyzed.

Under the financial profile unstable results are noted. ; in the last financial year a loss was registered (r.o.e. -14,75%) In the last financial year a drop in sales has been registered (-59,98%).

The operating result is negative.

The operating loss amounts to Eur. -1.801.293 .

It has been registered a negative gross operating margin value of (Eur. -860.027).

The analysis shows a fair financial position as the indebtedness volume is acceptable (1,77) but with an increase as against the previous accounting period.

Subject can manage an equity capital funds for an amount of Eur. 11.997.095 , unchanged as opposed to the preceding year.

During the last financial year debts totalled Eur. 30.976.800 (Eur. 3.734.692 of which were m/l term debts) , rising as opposed to the previous year (+22,43%).

Moderate recourse to bank credit while the exposure towards suppliers is rather high but lined up with the field's average.

The available funds are good.

Due from customers average term is high and equal to 264,14 days. also in relation to the average of the sector.

(Eur. -1.046.180) is the negative value of the cash flow.

Labour cost amounts to Eur. 6.808.161, with a 24,84% incidence on production costs. , whereas 34,56% is the incidence on sales revenues.

Financial charges have a high incidence (-3,5%) on turnover figures.

Financial Data

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Complete balance-sheet for the year

al 31/12/2016

(in Eur

x 1)

Item Type	Value
Sales	19.698.887
Profit (Loss) for the period	-1.769.946

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Complete balance-sheet for the year

al 31/12/2015

(in Eur

x 1)

Item Type	Value
Sales	49.233.619
Profit (Loss) for the period	393.154

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Complete balance-sheet for the year

al 31/12/2014

(in Eur

x 1)

Item Type	Value
Sales	58.244.860
Profit (Loss) for the period	1.064.183

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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

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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

Balance Sheets

From our constant monitoring of the relevant Public Administration offices, no more recent balance sheets result to have been filed.

- Balance Sheet as at 31/12/2016 - 12 Mesi - Currency: - Amounts x 1

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

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

Years

2016

2015

2014

BALANCE SHEET ACCOUNTS

ASSETS
CREDITS VS PARTNERS
. Deposits not yet withdrawn
. Deposits already withdrawn
Total credits vs partners
FIXED ASSETS
. INTANGIBLE FIXED ASSETS
. . Start-up and expansion expenses
. . Research,develop. and advert.expens.	1.438.583	1.151.370	193.084
. . Industrial patent rights	98.045	97.229	123.240
. . Concessions,licenses,trademarks,etc.
. . Goodwill
. . Assets in formation and advance paymen.
. . Other intangible fixed assets	1.578	3.157	4.735
. Total Intangible Fixed Assets	1.538.206	1.251.756	321.059
. TANGIBLE FIXED ASSETS
. . Real estate	166.411	171.144	175.876
. . Plant and machinery	48.844	81.097	122.499
. . Industrial and commercial equipment	3.384	16.201	23.317
. . Other assets	168.601	261.779	245.457
. . Assets under construction and advances	163.903	163.903	163.903
. Total Tangible fixed assets	551.143	694.124	731.052
. FINANCIAL FIXED ASSETS
. . Equity investments	252.503	252.503	252.503
. . . 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	2.000	2.000	2.000
. . Financial receivables	201	201	201
. . . . Within 12 months
. . . . Beyond 12 months	201	201	201
. . . 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	201	201	201
. . . . Within 12 months
. . . . Beyond 12 months	201	201	201
. . Other securities
. . Own shares
. . . Total nominal value
. Total financial fixed assets	252.704	252.704	252.704
Total fixed assets	2.342.053	2.198.584	1.304.815
CURRENT ASSETS
. INVENTORIES
. . Raw materials and other consumables	9.000	7.250	8.500
. . Work in progress and semimanufactured	1.714.760
. . Work in progress on order	8.767.403	7.964.916	16.969.000
. . Finished goods
. . Advance payments	802.527	774.059	580.401
. Total Inventories	11.293.690	8.746.225	17.557.901
. CREDITS NOT HELD AS FIXED ASSETS
. . Within 12 months	21.369.877	22.884.926	21.162.214
. . Beyond 12 months
. . Trade receivables	14.453.268	18.684.640	15.355.039
. . . . Within 12 months	14.453.268	18.684.640	15.355.039
. . . . Beyond 12 months
. . Receivables due from subsid. comp.
. . . . Within 12 months
. . . . Beyond 12 months
. . Receivables due from assoc. comp.	3.367.687
. . . . Within 12 months	3.367.687
. . . . Beyond 12 months
. . Receivables due from holding comp.	2.206.564	921.555	608.480
. . . . Within 12 months	2.206.564	921.555	608.480
. . . . Beyond 12 months
. . Fiscal Receivables	703.411	821.455	3.356.864
. . . . Within 12 months	703.411	821.455	3.356.864
. . . . Beyond 12 months
. . Receivables for anticipated taxes	64.670	632.315	925.322
. . . . Within 12 months	64.670	632.315	925.322
. . . . Beyond 12 months
. . Receivables due from third parties	574.277	1.824.961	916.509
. . . . Within 12 months	574.277	1.824.961	916.509
. . . . Beyond 12 months
. Total Credits not held as fixed assets	21.369.877	22.884.926	21.162.214
. 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	3.000.000
. Total Financial Assets	3.000.000
. LIQUID FUNDS
. . Bank and post office deposits	5.977.284	8.015.753	9.597.305
. . Checks			1.563
. . Banknotes and coins	988	11.112	10.564
. Total Liquid funds	5.978.272	8.026.865	9.609.432
Total current assets	41.641.839	39.658.016	48.329.547
ADJUSTMENT ACCOUNTS
. Discount on loans		122.172	167.857
. Other adjustment accounts	77.843
Total adjustments accounts	77.843	122.172	167.857
TOTAL ASSETS	44.061.735	41.978.772	49.802.219

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	12.787.515	12.514.749	11.450.567
. Accumulated Profits (Losses)
. Profit( loss) of the year	-1.769.946	393.154	1.064.183
. Advances on dividends
. Partial loss of the year Coverage
Total Stockholders'Equity	11.997.095	13.887.429	13.494.276
RESERVES FOR RISKS AND CHARGES
. . Reserve for employee termination indem.	215.386	177.886	298.350
. . Taxation fund, also differed	1.761	7.751	4.960
. . Other funds	382.897	2.055.000	2.980.000
Total Reserves for Risks and Charges	600.044	2.240.637	3.283.310
Employee termination indemnities	414.004	442.926	490.021
ACCOUNTS PAYABLE
. . . . Within 12 months	27.239.600	24.427.423	31.116.877
. . . . Beyond 12 months	3.737.200	872.883	1.316.892
. . 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	8.177.130	1.310.436	1.756.985
. . . . Within 12 months	4.439.930	437.553	440.093
. . . . Beyond 12 months	3.737.200	872.883	1.316.892
. . Due to other providers of finance
. . . . Within 12 months
. . . . Beyond 12 months
. . Advances from customers	12.656.703	9.380.345	18.252.547
. . . . Within 12 months	12.656.703	9.380.345	18.252.547
. . . . Beyond 12 months
. . Trade payables	7.994.443	11.431.700	9.194.653
. . . . Within 12 months	7.994.443	11.431.700	9.194.653
. . . . Beyond 12 months
. . Securities issued
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to subsidiary companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to associated companies	68.725
. . . . Within 12 months	68.725
. . . . Beyond 12 months
. . Due to holding companies
. . . . Within 12 months
. . . . Beyond 12 months
. . Due to the tax authorities	188.280	429.656	155.030
. . . . Within 12 months	188.280	429.656	155.030
. . . . Beyond 12 months
. . Due to social security and welfare inst.	314.957	354.938	326.051
. . . . Within 12 months	314.957	354.938	326.051
. . . . Beyond 12 months
. . Other payables	1.576.562	2.393.231	2.748.503
. . . . Within 12 months	1.576.562	2.393.231	2.748.503
. . . . Beyond 12 months
Total accounts payable	30.976.800	25.300.306	32.433.769
ADJUSTMENT ACCOUNTS
. Agio on loans
. Other adjustment accounts	73.792	107.474	100.843
Total adjustment accounts	73.792	107.474	100.843
TOTAL LIABILITIES	44.061.735	41.978.772	49.802.219

MEMORANDUM ACCOUNTS

Third party goods
Investment accounts
Risk accounts	28.069.498	22.722.395
Civil and fiscal norms relation

PROFIT AND LOSS ACCOUNTS

VALUE OF PRODUCTION
. Revenues from sales and services	19.698.887	49.233.619	58.244.860
. Changes in work in progress	18.084
. Changes in semi-manufact. products	2.499.162	-9.004.083	-6.167.163
. Capitalization of internal work	741.100	1.409.504
. Other income and revenues	2.644.584	3.217.438	3.331.247
. . Contributions for operating expenses
. . Different income and revenues	2.644.584	3.217.438	3.331.247
Total value of production	25.601.817	44.856.478	55.408.944
PRODUCTION COSTS
. Raw material,other materials and consum.	14.011.666	25.698.806	32.062.291
. Services received	4.970.767	8.397.040	10.782.121
. Leases and rentals	578.736	586.581	597.556
. Payroll and related costs	6.808.161	6.711.762	7.054.011
. . Wages and salaries	4.859.720	4.640.926	4.942.186
. . Social security contributions	1.367.572	1.696.181	1.736.508
. . Employee termination indemnities	580.869	374.655	375.317
. . Pension and similar
. . Other costs
. Amortization and depreciation	723.766	680.850	568.973
. . Amortization of intangible fixed assets	525.671	516.251	385.318
. . Amortization of tangible fixed assets	198.095	161.187	183.655
. . Depreciation of tangible fixed assets
. . Writedown of current receiv.and of liquid		3.412
. Changes in raw materials	-1.750	1.250	1.447
. Provisions to risk reserves	120.000	475.000	500.000
. Other provisions	97.500	1.578.886	2.508.450
. Other operating costs	94.264	80.834	107.556
Total production costs	27.403.110	44.211.009	54.182.405
Diff. between value and cost of product.	-1.801.293	645.469	1.226.539
FINANCIAL INCOME AND EXPENSE
. Income from equity investments
. . In subsidiary companies
. . In associated companies
. . In other companies
. Other financial income	26.336	107.239	316.386
. . 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	26.336	107.239	316.386
. . . - Subsidiary companies
. . . - Associated companies
. . . - Holding companies
. . . - Other companies	26.336	107.239	316.386
. Interest and other financial expense	-715.192	-105.160	-67.008
. . Towards subsidiary companies
. . Towards associated companies
. . Towards holding companies
. . Towards other companies
Total financial income and expense	-688.856	2.079	249.378
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		79.886	169.550
. . Gains on disposals
. . Other extraordinary income		79.886	169.550
. Extraordinary expense			-43.157
. . Losses on disposals
. . Taxes relating to prior years
. . Other extraordinary expense			-43.157
Total extraordinary income and expense		79.886	126.393
Results before income taxes	-2.490.149	727.434	1.602.310
. Taxes on current income	-720.203	334.280	538.127
. . current taxes		214.368	511.591
. . differed taxes(anticip.)		295.799	26.536
. Net income for the period	-1.769.946	393.154	1.064.183
. Adjustments in tax regulations pursuance
. Provisions in tax regulations pursuance
. Profit (loss) of the year	-1.769.946	393.154	1.064.183

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	0,05	0,05	0,03	0,18
Elasticity Ratio	Units	0,95	0,94	0,97	0,80
Availability of stock	Units	0,26	0,21	0,35	0,24
Total Liquidity Ratio	Units	0,69	0,74	0,62	0,48
Quick Ratio	Units	0,20	0,19	0,19	0,03
COMPOSITION ON SOURCE
Net Short-term indebtedness	Units	1,77	1,18	1,59	3,25
Self Financing Ratio	Units	0,27	0,33	0,27	0,19
Capital protection Ratio	Units	1,11	0,94	0,88	0,63
Liabilities consolidation quotient	Units	0,15	0,05	0,06	0,19
Financing	Units	2,58	1,82	2,40	3,80
Permanent Indebtedness Ratio	Units	0,37	0,36	0,31	0,36
M/L term Debts Ratio	Units	0,09	0,03	0,04	0,11
Net Financial Indebtedness Ratio	Units	0,18	0,00	0,00	0,63
CORRELATION
Fixed assets ratio	Units	6,89	6,92	11,73	1,75
Current ratio	Units	1,53	1,62	1,55	1,21
Acid Test Ratio-Liquidity Ratio	Units	1,11	1,27	0,99	0,81
Structure's primary quotient	Units	5,12	6,32	10,34	1,03
Treasury's primary quotient	Units	0,33	0,33	0,31	0,06
Rate of indebtedness ( Leverage )	%	367,27	302,28	369,06	516,42
Current Capital ( net )	Value	14.399.731	15.230.593	17.212.670	422.465
RETURN
Return on Sales	%	-5,31	2,18	2,80	3,35
Return on Equity - Net- ( R.O.E. )	%	-14,75	2,83	7,89	5,13
Return on Equity - Gross - ( R.O.E. )	%	-20,76	5,24	11,87	14,77
Return on Investment ( R.O.I. )	%	-4,09	1,54	2,46	4,16
Return/ Sales	%	-9,14	1,31	2,11	4,11
Extra Management revenues/charges incid.	%	n.c.	60,91	86,76	28,57
Cash Flow	Value	-1.046.180	1.074.004	1.633.156	122.482
Operating Profit	Value	-1.801.293	645.469	1.226.539	144.752
Gross Operating Margin	Value	-860.027	3.380.205	4.803.962	241.990
MANAGEMENT
Credits to clients average term	Days	264,14	136,62	94,91	111,85
Debts to suppliers average term	Days	148,44	118,66	76,20	128,30
Average stock waiting period	Days	206,39	63,95	108,52	80,43
Rate of capital employed return ( Turnover )	Units	0,45	1,17	1,17	1,08
Rate of stock return	Units	1,74	5,63	3,32	4,45
Labour cost incidence	%	34,56	13,63	12,11	19,12
Net financial revenues/ charges incidence	%	-3,50	0,00	0,43	-1,08
Labour cost on purchasing expenses	%	24,84	15,18	13,02	19,02
Short-term financing charges	%	2,31	0,42	0,21	2,68
Capital on hand	%	223,68	85,26	85,50	91,91
Sales pro employee	Value	92.919	235.567	264.749	198.432
Labour cost pro employee	Value	32.113	32.113	32.063	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	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa1.654\Spazio.gif$ 379.117
Population living in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa1.654\Spazio.gif$ 3.598.269
Number of families in the region	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa1.654\Spazio.gif$ 1.474.681

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

- per food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa1.654\Spazio.gif$ 444
- per non food products	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa1.654\Spazio.gif$ 2.009
- per energy consume	:	$Description: C:\Users\Trupti\AppData\Local\Temp\Rar$EXa1.654\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

Statistically 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	INR 65.02
UK Pound	1	INR 91.49
Euro	1	INR 79.79
Euro	1	INR 79.66

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

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name & address

Summary

Activity

Legal Data

Members

Companies connected to members *

Capital Shareholders

Direct Participations

Firm's location and structure

Protests

Data Base Prejudicial Events Search

Legal Procedures

National Real Estates Survey

Financial and Economical Analysis

Financial Data

Balance Sheets

Remarks

Market / Territory Data

Sector Data

Statistical Detrimental Data

Unit