MIRA INFORM REPORT

Report Date :

01.10.2012

IDENTIFICATION DETAILS

Name :	L 3 COMMUNICATIONS MAPPS INC
Registered Office :	8565 ch. de la Côte-de-Liesse Montréal (Québec) H4T1G5
Country :	Canada
Year of Establishment :	2004
Legal Form :	Corporation for Profit
Line of Business :	Supplier of control and simulation solutions.
No. of Employees :	350

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Canada	A1	A1

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

CANADA - ECONOMIC OVERVIEW

As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economiccrisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada''s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector''s tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010 and 2011 and plans to balance the budget by 2015. In addition, the country''s petroleum sector is rapidly becoming an even larger economic driver with Alberta''s oil sands significantly boosting Canada''s proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela.

Source : CIA

GEOPOLITICS – CANADA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: 100.00 CAD = 101.604 USD Branch Situation: Stable

IDENTIFICATION
Comments on data supplied:	Dear cleint, we could not find the company with the address provided.
Legal Name:	L 3 COMMUNICATIONS MAPPS INC
Legal Address	8565 ch. de la Côte-de-Liesse Montréal (Québec) H4T1G5 Canada
Operative Address	8565 ch. de la Côte-de-Liesse Montréal (Québec) H4T1G5 Canada
Telephone:	+1 514-787-5000	ID :	1162743422
Fax:	+1 514-788-1442	Legal Form:	Corporation for Profit
Email:	inquiries.mapps@L-3com.com	Registered in:	Canada
Website:	http://www.mapps.l-3com.com	Date Created:	2004
Manager:	Peter Dawson - President	Date Incorporated:	January 27th, 2005
Staff:	350	Stock:	N/A
		Value:	N/A
Activity:	Supplier of control and simulation solutions.

BANKS
Name of the Bank	Royal Bank of Canada
Comments	This information could not be verified with the company.

BUSINESS
HISTORY
	L-3 Communications MAPPS Inc., was founded in 2004 ant it is based in Quebec, Canada. The company operates as a subsidiary of L-3 Communications Holdings Inc., which was formed in 1997 from the purchase of ten former Lockheed Corporation business units when Lockheed merged in 1996 with Martin Marietta. L-3 has continued to expand through mergers and acquisitions to become one of the top ten U.S. government contractors.
PRINCIPAL ACTIVITY
	L-3 Communications MAPPS Inc. supplies automation and control systems, training solutions, and ship control systems for the naval and commercial marine customers in Canada and the United States.
Products/Services description:
	It offers Integrated Ship Management System, which provides customers with an operational framework that combines various ship operation and control functionalities; Integrated Platform Management System, which provides integrated monitoring and control of ship propulsion, electrical functions, auxiliaries, and damage control machinery and systems; Integrated Bridge System, which is designed to assist the navigator in selecting information; Battle Damage Control System, which helps the damage control team to manage a range of emergency situations, such as fire, flood, smoke, radiation, and chemical hazard detection; and On-Board Training System, which trains crew members aboard their vessels using the integrated platform management system control consoles and interfaces. The company also provides Damatic, a ship automation system for marine applications; and Integrated Safety Management System, which provides an integrated platform for safety management handling on cruise liners, ferries, and auxiliary naval ships. In addition, it develops and delivers power-plant simulators and plant computer systems for power plant simulation business. Further, the company provides Robotics Simulation, a use simulation to design and train operators and maintainers of robotic systems; and Space Vehicle Simulation, a graphical environment to develop systems simulation for spacecrafts.
Sales are:
	Wholesale
Brands:
	The company operates with the L3 Mapps.
Clients:
	The company provides its products and services to the marine, power generation and space sectors.
Operations area:
	National, International
The company imports from UK, India, Malaysia, among others
The company exports to North America
Trade References:
	We could not obtain suppliers information from North America or near regions for us to check trade references.
The subject employs 350 employee(s)
Comments on staff:
	The company has approximately 350 worldwide.
PAYMENTS
	Slow but correct
LOCATION
Headquarters
	8565 Côte-de-Liesse Montréal, Québec, Canada H4T 1G5
Branches:
	The company does not have branches in Canada.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company, which operates as a subsidiary of L-3 Communications Holdings Inc. L-3 Communications Holdings Inc. is a public company located in: 600 Third Avenue New York, NY 10016 United States Phone: 212-697-1111 Fax: 212-805-5477 Website: http://www.l-3com.com
Management:
	Peter Dawson President L-3 MAPPS Roger Baker General Manager L-3 Marine Systems UK Anna Battisti Director, Human Resources & Ethics Officer L-3 MAPPS Michael Chatlani Vice President Marketing & Sales Power Systems and Simulation L-3 MAPPS Rangesh Kasturi Vice President Marketing & Sales Marine Systems and Simulation L-3 MAPPS Thomas Kottoor Vice President Finance & Administration L-3 MAPPS Raghunandan Mathihalli Director of Operations L-3 India Shankar Udupa Vice President Engineering & Operations L-3 MAPPS
Related Companies:
	India Bangalore, India L-3 Communications India Pvt Ltd Unit 4B & 5, Level-02, Bagmane Laurel, Block-B Bagmane Tech Park C.V.Raman Nagar, Byrasandra Bangalore-560093, India Tel: +91 (80) 67170200 Fax: +91 (80) 40958524 Email: bangalore.office@L-3com.com UK Bristol, UK L-3 Marine Systems UK 920 Hempton Court Park Avenue Aztec West Business Park Bristol BS32 4SR Tel: +44 0117 317 0150 Fax : +44 0117 317 0199 Email: marine.systems.uk@L-3com.com UK Burgess Hill, UK L-3 Marine Systems UK Ltd Unit 2, Clayton Manor Victoria Gardens Burgess Hill West Sussex, UK RH15 9NB Tel: +44 1444 480 100 Fax : +44 1444 480 148 Email: marine.systems.uk@L-3com.com India Kuala Lumpur, Malaysia L-3 Communication MAPPS Malaysia sdn. Bhd. Level 20 Menara Standard Chartered 30 Jalan Sultan Ismail 50250 Kuala Lumpur Malaysia Email: marine.mapps@L-3com.com USA Leesburg, USA L-3 Marine Systems 750 Miller Drive S.E. Leesburg, Virginia, USA Tel : +1 703-443-1700 Fax : +1 703-443-2688 Email: marine.systems@L-3com.com

Financials - COMMERCIAL TRENDS AND FORECAST

L-3 Communications MAPPS Inc., is a private company, which operates as a subsidiary of L-3 Communications Holdings Inc.

L-3 Communications Holdings Inc. is a public company traded at the stock exchange. Please find enclosed the financial statements consolidated.

Legal Filings

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
	L-3 Communications MAPPS Inc., was founded in 2004 ant it is based in Quebec, Canada. The company operates as a subsidiary of L-3 Communications Holdings Inc. It is a medium size company, which supplies automation and control systems, training solutions, and ship control systems for the naval and commercial marine customers in Canada and the United States. In addition, the company has facilities located in North America, UK, India and Malaysia. The sources consulted record no detrimental legal or labor court information.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	CONTROLLED	Payments	SLOW BUT CORRECT
Cash	NORMAL

APPENDIX
Comments
	We contacted a female operator of the company who refused to provide us neither the information requested nor her name nor transferred our call on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.69
UK Pound	1	Rs.85.71
Euro	1	Rs.68.15

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.