MIRA INFORM REPORT

Report Date :

23.10.2012

IDENTIFICATION DETAILS

Name :	MEMOTEC INC
Registered Office :	7755 Boulvard Henri-Bourassa E, Montreal, Quebec, Zip Code H4S 1P7
Country :	Canada
Date of Incorporation :	12.03.2004
Com. Reg. No.:	NB-0000611411
Legal Form :	Corporation
Line of Business :	Design and Development of Telecommunication Equipment, Radio, TV Braodcasting Equipment, Modems
No. of Employees :	100 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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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 economic crisis, 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

Company Name & Contact Details

Verified
Company Name:	Memotec Inc
Address:	7755 Boulvard Henri-Bourassa E
City:	Montreal
State/province:	Quebec
Zip/postal code:	H4S 1P7
Country:	Canada
Telephone:	+1 (514) 738 – 4781
Remarks:	Parent is Comtech EFDATA Corp, AZ, USA Ultimate Parent is Comtech Telecommunications Corp, NY, USA

Credit Observation

Current Credit Observation: There is no Immediate Risk in doing Business with this company

Analysis

· Very Well Established

Positive Payment Trend

Vendors Report Good Dealing With Subject

Buying Volumes are Steady

No of Employees Suggests Low Risk

No Derogatory Items on Record

Company History / Operations

Capital Stock:	100% by Parent Company
Business Structure:	Corporation
How Listed: Business Started:	Private Company 2004
Management Control:	2004
Line of Business:	Design and Development of Telecommunication Equipment, Radio, TV Braodcasting Equipment, Modems
Territory: Sales Terms: Premises: Branches:	International Net 30 Rents Premises
Affiliations / Subsidiaries:	IN NY, MD, AZ

Company Registration & Status

Date Registered:	March 12 2004
Legal form:	Corporation
Registration no:	NB-0000611411
Jurisdiction	New Brunswick
Registry status:	Active

Company Management/Officers

No of Employees:	100
Name & Title:	Fred Komberg, President
Name & Title:	Robert Mccollum, Secretary

Legal Findings

Suits:	None
Court Judgements:	None
NSF Reported:	None
Liens / Collection:	None
Security Filings:	No PPSA Filings exist for leased equipment and assets. These secured creditors would take precedence in the unlikely event of asset liquidation.

Trade Payment Experience

Date Reported October 2012 High Credit : 90000 Now Owing : Zero Terms : Net 30 Days Past Due 1-30 days – Zero Past Due 31-60 days – Zero Past Due 61-90 days – Zero Payments Made: As Agreed Date Reported September 2012 High Credit : 400000 Now Owing : Zero Terms : Net 30 Days Past Due 1-30 days – Zero Past Due 31-60 days – Zero Past Due 61-90 days – Zero Payments Made: As Agreed Date Reported September 2012 High Credit : 200000 Now Owing : Zero Terms : Net 30 Days Past Due 1-30 days – Zero Past Due 31-60 days – Zero Past Due 61-90 days – Zero Payments Made: As Agreed Date Reported August 2012 High Credit : 50000 Now Owing : Zero Terms : Net 30 Days Past Due 1-30 days – Zero Past Due 31-60 days – Zero Past Due 61-90 days – Zero Payments Made: As Agreed

Payment Behaviour:

Business Demonstrates Positive Payment Trend

Financial Information

FINANCIAL ACCOUNTS
Description
Required to file:	No
Comments	Private Companies are not required to Publish Financial Statements

Notes & Comments

INVESTIGATIVE NOTES
Sources:	Public Court Payment Exchange Data Bases Business Registries References & Vendors.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.67
UK Pound	1	Rs.86.05
Euro	1	Rs.70.07

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%)

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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.