MIRA INFORM REPORT

Report Date :

27.04.2012

IDENTIFICATION DETAILS

Name :	STORA ENSO MIDDLE JLT

Registered Office :	Jumeirah Business Centre No.2, Office No. 1101 & 1109, Jumeirah Lakes Towers , P O Box 390571, Dubai

Country :	United Arab Emirates

Year of Establishment :	2002

Legal Form :	Limited Liability Company

Line of Business :	Distributors of paper, cardboard and packaging solutions

No. of Employees :	10

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 :	Regular
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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates

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

SUMMARY

Company Name : STORA ENSO MIDDLE JLT

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company

Start Date : 2002

Registration Date : 24^th October 2010

Trade Licence Number : JLT - 65765

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 10

Activities : Distributors of paper, cardboard and packaging solutions

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Eric Zonderland, Managing Director

COMPANY NAME

STORA ENSO MIDDLE JLT

company ADDRESS

Registered & Physical Address

Building : Jumeirah Business Centre No.2, Office No. 1101 & 1109

Area : Jumeirah Lakes Towers

PO Box : 390571

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 4534010

Facsimile : (971-4) 4534011

Mobile : (971-50) 4503727 / 6529701

Email : eric.zonderland@storaenso.com

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Position

· Eric Zonderland Managing Director

· Marti Harju Sales Manager

· Arleen Galwan Accountant

LEGAL FORM & OWNERS

Date of Establishment : 2002, however subject was registered on 24^th October 2010.

Legal Form : Limited Liability Company

Trade Licence No. : JLT – 65765 (Expires 23/10/2012)

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Stora Enso OYJ 100%

Helsinki

Finland

OPERATIONS

Activities: Engaged in the import and distribution of paper, cardboard and packaging solutions.

Import Countries: Europe and the Far East.

Subject has a workforce of 10 employees.

FINANCIAL DATA

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.57
UK Pound	1	Rs.85.03
Euro	1	Rs.69.56

INFORMATION DETAILS

Report Prepared by :

MNL

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.