MIRA INFORM REPORT

Report Date :

21.06.2012

IDENTIFICATION DETAILS

Name :	UNIVERSAL PAPER EXPORT CO LTD
Registered Office :	1198 Mountain Street, Montreal, Quebec, H3G 1Z1
Country :	Canada
Date of Incorporation :	15.02.1978
Legal Form :	Limited Company
Line of Business :	Wholesaler of paper and pulp.
No. of Employees :	18 employees

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

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:	UNIVERSAL PAPER EXPORT CO LTD
Trade Name:	LA COMPAGNIE UNIVERSELLE D\'EXPORTATION DE PAPIER LTEE
Legal Address	1198 Mountain Street, Montreal, Quebec, H3G 1Z1,Canada
Operative Address	1198 Mountain Street, Montreal, Quebec, H3G 1Z1,Canada
Telephone:	+ 1 (514) 878-1906	Document Number :	1143128636
Fax:	+ 1 (514) 878-1943	Legal Form:	Limited Company
Email:	arun@upec.com	Registered in:	Quebec
Website:	www.upec.com	Date Created:	February 15th,1978
Manager:	MEHRA RAVINDER, President	Date Incorporated:	March 2nd,1995
Staff:	18 employees	Stock:	NA
		Value:	NA
Activity:	Wholesaler of paper and pulp.

BANKS
Name of the Bank	Royal Bank of Canada
BUSINESS
HISTORY
	Universal Paper Export Co. Ltd is a private company created in 1978 and based in Quebec.
PRINCIPAL ACTIVITY
	Universal Paper Export Co. Ltd. is Canada's largest independently owned exporter of pulp and paper products. Over the past three decades, the company has specialized in exporting all pulp and paper grades, and now has customers in over fifty countries on all continents. Universal has unique strength in Latin America, the Pacific rim, Australia, the Middle East, the Indian Sub-continent, as well as Africa.
Products/Services description:
	The company offers the following products: - Kraft Pulps (Softwood and Hardwood): Fluff Pulp CTMP / BCTMP / Mechanical Pulps Sulphite Pulps Dissolving Pulps De-inked Pulps Specialities Paper Products: Publication Grades Newsprint — Standard, High Bright, Bulky and Colored Light Weight Coated (LWC) Woodfree Coated Papers Super Calendared Papers (SCA) Soft Calendared Papers (SCB) Telephone Directory Papers
Sales are:
	Wholesale
Clients:
	Industrial Companies
Operations area:
	National, International
The company imports from Worldwide
The company export to USA, notrth, m
Trade References:
	- Georgia Pacific (Atlanta) Richard lawless ( senior Manager) Tel: +1 (404) 652 4975 tami ball GLatfeltr sales manager 828 877 21 39
The subject employs 18 employee(s)
PAYMENTS
	made on a 55 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at 1198 Mountain Street Montreal, Quebec, Canada H3G 1Z1
The property is:
	Owned

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	DARRAM INC. - Main Shareholder 14505 BANNISTER ROAD S.E., 3RD FLOOR, T2X 3J3, CALGARY, ALBERTA, CANADA
Management:
	MEHRA RAVINDER, President, MEHRA RAKHMANDER, Secretary. MEHRA ARUN, Vice President
Related Companies:
	UNI PRODUCTS LTD (India)

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted the Accounting Department, who verified the numbers provided, and also estimated a 10% growth for the 2011 period.
Currency	DATE
USD	2010
Turnover	5,500,000
The cash flow is	Normal

Currency	DATE
USD	2009
Turnover	4,470,000
The cash flow is	Normal

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
	The company presents correct income for its size. Its has increased in 2010. The business is well established. We did not notice any specific adverse record against the company. A business connection can be conducted. A credit line can be granted. It is nevertheless important to remember that the subject is a limited company. No action could consequently prosper against the owners’ personal assets in case of the company’s failure.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX
Comments
	We have contacted the Accounting Department, who verified the numbers provided,

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.86
UK Pound	1	Rs.87.93
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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