MIRA INFORM REPORT

Report Date :

21.01.2012

IDENTIFICATION DETAILS

Name :	GA PAPER INTERNATIONAL INC
Registered Office :	327 Renfrew Drive Suite 102, Markham, ON L3R 9S8
Country :	Canada
Year of Establishment :	1986
Legal Form :	Corporation for Profit
Line of Business :	Pulp and paper salers
No. of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 430,000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Canada	A1	A1

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

GEOPOLITICS – CANADA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: CAD Branch Situation:Stable

IDENTIFICATION
Legal Name:	GA Paper International Inc
Legal Address	327 Renfrew Drive Suite 102, Markham, ON L3R 9S8, Canada
Telephone:	(905) 479-7600	Document Number :	ON-0000660949
Fax:	(905) 479-8714	Legal Form:	Corporation for Profit
Email:	don@gapaper.com	Registered in:	Ontario
Website:	http://www.gapaper.com/	Date Created:	1986
Manager:	Ibrahim Elgammal, President	Date Incorporated:	March, 27th. 1992
Staff:	25	Stock:	NA
		Value:	NA
Activity:	Pulp and paper salers

BANKS
Name of the Bank	BMO Bank of Montreal
BUSINESS
HISTORY
	The company was created in 1986.
PRINCIPAL ACTIVITY
	Pulp and paper salers
Products/Services description:
	The company specializes in corrugated containerboards, such as kraft linerboards, corrugating medium/semi-chemical fluting, white-top kraft liners, bleached kraft pulps, which include softwood, hardwood, eucalyptus, and fluff. The company also provides test liners, recycled medium/fluting, mottled kraft liners, recycled white-top liners, and sack krafts, as well as newsprint and woodfree paper.
Sales are:
	Wholesale
Clients:
	Professionals of the industry
Suppliers:
	The person contacted refused to provide the name of the suppliers for us to check trade references.
Operations area:
	National, International
The company export to Worldwide, mainly Middle East, North Africa, and Mediterranean Europe
The subject employs 25 employee(s)
PAYMENTS
	Regular
LOCATION
Headquarters
	The company is headquartered at 327 Renfrew Drive – Suite 102 - Markham, Ontario, L3R 9S8 - Canada
Branches:
	No branches have been found for this company.
Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company.
Management:
	The directors of the company are: Mr. Ibrahim El-Gammal, President Mr. Mohamad Azzam, Vice President Nermine El-Gammal, Secretary-Treasurer & Board Member They are among the shareholders. This is a privately owned business.
Related Companies:
	USA G.A. Paper International (USA) Inc. - (Subsidiary) 5017 W. Laurel Street Tampa, FL 33607, USA
Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Mr. Don, from the Accounting Department, who refused to provide us any financial data without knowing the name of the inquiring party.
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		12-31-2008
Turnover		25,000,000
The cash flow is		Normal

Comments on the financial data: The financial data for 2010 was not released to our sources at this time. Nevertheless, we were able to gather that financial figures would remain stable. Moreover, it is important to notice that since the company is involved in trading, its volume of transactions may be 4 to 10 times higher than its own income.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

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 Canadian company which employs 25 persons and has 26 years of experience in the market. Its activity is listed as: Pulp and paper salers. The company is involved in trading; it has strong international relations. The subject is established. A credit line may be consider for USD 430,000.-

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Mr. Don
Position
	Accounting Department
Comments
	The person contacted refused to provide us any information on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

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.