MIRA INFORM REPORT

Report Date :

05.08.2011

IDENTIFICATION DETAILS

Name :	ELOF HANSSON USA INC
Registered Office :	874 Walker Road, Suite C, Dover, Kent, De 19904
Country :	United States
Date of Incorporation :	16.01.1987
Legal Form :	Corporation for Profit
Line of Business :	Paper wholesaler

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	EUR 35,000.
Status :	Moderate
Payment Behaviour :	Unknown
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United States	A1	A1

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

GEOPOLITICS - UNITED STATES
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION
Comments on data supplied:	The address you provided is a non incorporated business unit of the requested company.
Legal Name:	ELOF HANSSON USA INC
Legal Address	874 WALKER ROAD, SUITE C, DOVER, KENT, DE 19904, USA. (Registered Agent Address)
Operative Address	565 TAXTER RD STE 505, ELMSFORD, NEW YORK 10523, USA.
Telephone:	+1 (914) 345-8380	ID :	2115050
Fax:	+1 (914) 345-8116	Legal Form:	Corporation for Profit
Email:	paper@us.elofhansson.com	Registered in:	Delaware
Website:	http://www.elofhansson.com	Date Created:	1987
Manager:	Edward Perne, President	Date Incorporated:	January 16, 1987
Staff:	20 employees	Stock:	1,000 shares
		Value:	USD 1
Activity:	Paper wholesaler

BANKS
Name of the Bank	Handelsbanken
Name of the Bank	The Bank of New York
BUSINESS
HISTORY
	The company was created in 1987. It was formerly known as ELOF HANSSON PAPER & BOARD, INC but it changed its name to ELOF HANSSON USA INC on December 31, 2010.
PRINCIPAL ACTIVITY
	The company operates as wholesaler of paper.
Products/Services description:
	The company imports and markets board and thermal fax paper products.
Sales are:
	Wholesale
Clients:
	Professionals of the industry.
Operations area:
	National, International
The company imports from Italy
The company export to North America, South America, Asia, Middle East, Africa
Trade References:
	We could not contact any representative that could provide us the names of their suppliers for us to check trade references.
PAYMENTS
	To be monitored
LOCATION
Headquarters
	The company is headquartered at: 565 TAXTER RD STE 505, ELMSFORD, NY 10523, USA.
Comments on location:
	The company is incorporated in Delaware for tax purposes. However, it is headquartered at New York where it handles all of its administrative matters.
Branches:
	The company has other related locations: 400 Techne Center Drive, Suite 220, Milford, OH 45150, USA 127 West Main Street, The Stone House, Unit B, Tarrytown, NY 10591, USA Tel: +1 513 965 5090 Fax: +1 513 965 5091
Business Overview:
	The US office supply and paper distribution industry includes about 20,000 estabishments (single-location companies and units of multi-location companies) with combined annual revenue of about $155 billion. Major companies include Office Depot, OfficeMax, Staples, Unisource, and the distribution arms of large paper manufacturers. The industry is concentrated: the 50 largest companies generate more than half of overall revenue.

Shareholders - Manager - Related Companies
Shareholders Parent Company(ies):
	This is a private company. It is a subsidiary of Elof Hansson Inc which turned to a subsidiary of Elof Hansson AB. ELOF HANSSON AB SE-41380 GÖTEBORG Tel: +46 31 85 60 00 Fax: +46 31 12 67 35 e-mail: info@elofhansson.com www.elofhansson.com Elof Hansson is a privately held company engaged in the marketing of forestry products, industrial products and consumer products. The company also provides value added services in marketing, financing, shipping and risk management to suppliers and buyers.
Management:
	Edward Perne, President Thomas Driscoll, Vice President and Chief Financial Officer Javier Morejon, International Sales Manager
Related Companies:
	Elof Hansson Fiber LLC Elof Hansson Pulp Inc Among others...

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted the company but the operator transferred our call directly into the voicemail of the Accounting Department. We left a message but nobody has called us back yet.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
USD	2010
Turnover	2,800,000
Operating Income	38,000
Net Income	26,000
Net worth	400,000
Bank liabilities	0
The cash flow is	Correct

Currency	DATE
USD	2009 ( Consolidated with Elof Hansson Inc)
Turnover	345,000,000
Operating Income	51,000,000
Net Income	47,000,000
Net worth	330,000,000
Bank liabilities	52,000,000
The cash flow is	Large

Currency	DATE
USD	2006 ( Consolidated with Elof Hansson Inc)
Turnover	302,776,000
Operating Income	47,000,000
Net Income	44,000,000
Net worth	290,000,000
Bank liabilities	60,000,000
The cash flow is	Large

Comments on the financial data: Financial information for 2006 and 2009 is financial information that corresponds to the USA group of companies led by Elof Hansson, Inc. The financial information for 2010 is only the revenues for the required company, ELOF HANSSON USA INC (formerly ELOF HANSSON PAPER & BOARD INC)

Legal Fillings

There is 1 UCC** files listed with the Secretary of State of Delaware:

Filing Number: 2010 4646331

Filing Date: 12-30-2010

Secured Party: NORDEA BANK FINLAND PLC, ACTING THROUGH ITS NEW YORK AND CAYMAN ISLANDS BRANCHES, AS COLLATERAL AGENT

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This is a small sized company, with 20 employees and 24 years of experience. It is based in New York, with an additional office in Ohio. It is a subsidiary of Elof Hansson Inc which turned to a subsidiary of Elof Hansson AB, based in Sweden. Through our sources we could gather the estimated revenues for 2010. Income is fair for its size. Payments are regular. Profitability is positive but low. Nevertheless indebtedness is nil. On a previous report the credit line had been granted according to group revenues. We could gather the financial information for 2010 just for the subject and we have reviewed and corrected our credit line and rating granted. We suggest a credit line for EUR 35,000. It is important to notice that the business has been looking for a credit line from several financial institutions. We suggest some follow up on the structure.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	LOW	Public Records	NO
Indebtedness	NIL	Payments	TO BE MONITORED
Cash	NORMAL

APPENDIX
Comments
	We have contacted the company but the operator transferred our call directly into the voicemail of the Accounting Department. We left a message explaining the reason for our calling and providing our contact information but nobody has called us back yet.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.41
UK Pound	1	Rs.72.70
Euro	1	Rs.63.55

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.