MIRA INFORM REPORT

Report No. :	309739
Report Date :	02.03.2015

IDENTIFICATION DETAILS

Name :	OLYMPUS NDT CANADA INC.
Registered Office :	505 Boul. Du Parc-Technologique Quebec City, Quebec, G1P 4S9
Country :	Canada
Date of Incorporation :	07.03.2005
Legal Form :	Corporation – Profit
Line of Business :	Designs and manufactures of eddy current and ultrasound test systems for manual and automated inspections in nondestructive testing.
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 :	Moderate
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and high 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 merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its abundant 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 2010-13 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela.

Source : CIA

Company Name and address

Company name: OLYMPUS NDT CANADA INC.

Address: 505 boul. du Parc-Technologique

Quebec City, Quebec, G1P 4S9 - Canada

Telephone: +1 418-872-1155

Fax: +1 418-872-5431

Website: www.olympus-ims.com

Company Summary

Corporate ID#: 1162829320

State: Quebec

Judicial form: Corporation – Profit

Date incorporated: March 7, 2005

Stock: -

Value: -

Name of manager: Fabrice CANCRE

ACTIVITIES & OPERATIONS

IST

Business:

Olympus NDT Canada Inc. designs and manufactures eddy current and ultrasound test systems for manual and automated inspections in nondestructive testing. The company’s products are used in the analysis of defects caused by welding, extrusion, casting, and wear and corrosion.

It serves hydroelectric and thermonuclear power plants, oil refineries, pipelines, aerospace, and automobile industries.

The company was founded in 1989 and is based in Quebec City, Canada.

Olympus NDT Canada Inc. operates as a subsidiary of Olympus Corporation.

Foreign suppliers include:

Suministros Industriales Petroleros Sipetrol Sa

Ecuador

Staff: 350

Operations & branches:

At the headquarters, we find a factory, warehouse and office.

The Company maintains a branch located:

1109 78th Avenue NW
Edmonton, Alberta T6P 1L8

SHAREHOLDERS & MANAGERS

Shareholders:

OLYMPUS SCIENTIFIC SOLUTIONS AMERICAS CORP.

105-48 Woerd Avenue

Waltham, MA 02453

USA

Management:

Fabrice CANCRE is the President.

Kenji KOWATA is the Chairman

Glenn DECKER is Director

Etienne MARCOUX is Secretary

Valerie LAVOIE is the CFO.

Subsidiaries and partnership:

SYSTEMES OLYMPUS NDT INC.

Incorporate in Quebec on April 7, 2003

ID# 1161439584

FINANCIALS

In Canada, privately held corporations are not required to publish any financials.

On a direct call, a financial assistant controlled the present report.

Sales declared for year 2014 is in the range of CAD 50,000,000+

The business is profitable.

Banks: Banque de Montreal

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary:

None

COMPANY CREDIT HISTORY

Trade references:

Date reported: January 2015

High credit: CAD 60,000

Now owing: 0

Past due: 0

Last purchase: December 2014

Line of business: Office supply

Paying status: On terms

Date reported: January 2015

High credit: CAD 500,000

Now owing: 0

Past due: 0

Last purchase: December 2014

Line of business: Payroll

Paying status: As agreed

Date reported: January 2015

High credit: CAD 800

Now owing: 0

Past due: 0

Last purchase: December 2014

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
08/14	$40,800	100%	0%	0%	0%	0%
09/14	$39,500	100%	0%	0%	0%	0%
10/14	$39,800	100%	0%	0%	0%	0%
11/14	$41,100	100%	0%	0%	0%	0%
12/14	$39,900	100%	0%	0%	0%	0%
01/15	$40,300	100%	0%	0%	0%	0%

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company maintains a regular business.

The bank confirmed

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on 02-27-2015.

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.79
UK Pound	1	Rs.95.42
Euro	1	Rs.69.29

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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.