MIRA INFORM REPORT

Report No. :	502601
Report Date :	10.04.2018

IDENTIFICATION DETAILS

Name :	INTERNATIONAL FOREST PRODUCTS LLC
Formerly Known As :	INTERNATIONAL FOREST PRODUCTS CORPORATION.
Registered Office :	251 Little Falls Drive, Wilmington, New Castle, De, 19808
Country :	United States
Financials (as on) :	2016
Date of Incorporation :	25.10.1972
Legal Form :	Corporation
Line of Business :	Subject engages in the wholesale of forest products.
No. of Employees :	120

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
United States	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

UNITED STATES - ECONOMIC OVERVIEW

The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.

In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.

Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.

The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.

Imported oil accounts for more than 50% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.

The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and former President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.

Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.

In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.

In July 2010, the former president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.

In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.

In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.

Source : CIA

STATUTORY INFORMATION
Legal Name:	INTERNATIONAL FOREST PRODUCTS LLC
Trade Names:	INTERNATIONAL FOREST PRODUCTS LLC
ID:	786104
Date Created:	1972
Date Incorporated:	10/25/1972
Legal Address:	251 LITTLE FALLS DRIVE, WILMINGTON, NEW CASTLE, DE, 19808, USA
Operative Address:	One Patriot Place Foxboro, MA 02035 United States
Telephone:	508-698-4600
Fax:	508-698-1500
Legal Form:	CORPORATION
Email:	-
Registered in:	DELAWARE
Website:	www.ifpcorp.com
Contact:	Mr. Daniel A. Kraft - CEO & President
Staff:	120
Activity:	SIC Code 2491, Wood Preserving NAICS Code 321114, Wood Preservation
Banks
BANK OF AMERICA
History
The company was founded in 1972 and is headquartered in Foxboro, Massachusetts. It was formerly known as International Forest Products Corporation.
Parent Company:	International Forest Products Llc operates as a subsidiary of: Kraft Group, LLC. One Patriot Place Foxborough, MA 02035 United States
Key Developments:	International Forest Products LLC Appoints Donald Ahn as New Sales Director of Logs for Solid Wood Products Division Apr 22 16 International Forest Products LLC has announced that Donald Ahn has joined its Vancouver, British Columbia office as sales director of logs for the solid wood products division. Donald most recent position was with Trans-Pac Fibre as their Managing Director, and his understanding of the resource base in all western states and provinces is complete and unparalleled in the trade.
PRINCIPAL ACTIVITY
International Forest Products Llc engages in the wholesale of forest products.
Products/Services description:	It provides solutions for sales and marketing, transportation and logistics, and finance for suppliers and converters in the forest products industry. The company sells wet strength, white top, mottled white, fully bleached, high hold out and clay coated linerboards; recycled liners for a range of packaging requirements, such as fresh fruit and produce industrial, retail, and specialty electronic applications. It also provides pulps, and solid wood products, including Western white spruce, spruce pine fir, red and yellow cedars, OSB or panels, Southern yellow pines, European white woods, and exotic or tropical hardwoods for industrial wood distributors, manufacturers, and wood consumers in North America, the United Kingdom, North Europe and the Mediterranean, Japan, Taiwan, China, and Korea. In addition, the company offers recovered fiber; and paperboard products, including solid bleached sulfate, cup stock, liquid packaging board/milk carton stock, polyethylene-terephthalate/dual oven able boards, recycled clay coated news back/duplex boards, and cast coated boards. Further, it provides plasterboard liners; fine and specialty papers, including newsprint, telephone directory, coated, light weight opaque/religious, security, packaging and industrial converting, and tissues; tablet bond, cut size-laser, standard newsprint, bulky newsprint, and coated two offset papers; and biomass materials. The company offers paperboard products for use in folding cartons, frozen food, cups, plates, milk cartons, oven able trays, beverage packaging, and book covers. Furthermore, it provides professional advice on the technical and legal considerations of a transaction.
Brands:	International Forest Products
Sales are:	Wholesale
Clients:	Litografica Ingramex SA De Cv Papelera Nacional S A Cartones Nacionales Sa I Cartopel
Suppliers:	Amtrans Logistics
Operations area:	National and International
The company imports from	BRAZIL
The company exports to	MEXICO PERU ECUADOR
The subject employs	120 employees
Payments:	Regular
LOCATION
Headquarters :	One Patriot Place Foxboro, MA 02035 United States
Comments on Address:	-
Branches:	International Forest Products Llc (Branch Location) Portland, Oregon, USA International Forest Products Llc (Branch Location) Waterford, NY, USA International Forest Products Llc (Branch Location) Johns Creek, GA, USA International Forest Products Llc (Branch Location) Miami, Florida, USA International Forest Products Llc (Branch Location) Wyckoff, New Jersey, USA
Related Companies:	IFP CANADA LLC 300-541 Howe Street Vancouver, BC, V6C 2C2 Canada International Forest Products UK St. Anne´s Oxford Square, Oxford Street Newbury, Berkshire, RG14 1JQ, United Kingdom International Forest Products Svenska KB Kyrkogatan 24, SE-41115 Gôteborg, Sweden International Forest Products Hong Kong Limited 12/F Wah Hing Commercial Centre 383 Shanghai Street, Kowloon Hon Kong IFP Istanbul YILDIZ POSTA CAD NO 22 GUNAYDIN APT, KAT:2 BESIKTAS, ISTANBUL, TURKEY
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	International Forest Products Corporation operates as a subsidiary of: Kraft Group, LLC. One Patriot Place Foxborough, MA 02035 United States
Management:	Mr. Daniel A. Kraft - CEO & President Robert K Kraft - Chairman Mr. Daniel Moore - Chief Operating Officer Mr. Roger Tsang - Managing Director of Ifp Hong Kong Mr. Mike Sasso - Senior Vice President of International Containerboard Sales Mr. Terry MacEachen - Senior Vice President of Pulp Sales
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	163.760.000
Cash flow	Normal
LEGAL FILINGS
PATENTS	No found.
GOVERNMENT CONTRACTS	No records found.
CASES	International Forest Products LLC v. Liberty Terminals LLC Plaintiff: International Forest Products LLC Defendant: Liberty Terminals LLC Case Number: 4:2016cv00259 Filed: September 28, 2016 Court: Georgia Southern District Court Office: Savannah Office County: Chatham Referring Judge: G. R. Smith Presiding Judge: William T. Moore Nature of Suit: Marine Cause of Action: 28:1332 Jury Demanded By: None
TRADEMARKS	HOBBYLITE Semi-worked wood Owned by: International Forest Products, LLC Serial Number: 77223399 RCA-500 FLEXIBLE AND RIGID SURFACE TREATED WOOD PANELS Owned by: International Forest Products, LLC Serial Number: 77229847 BALSACORE Kiln dried end grain balsa wood in sheet or block form used as structural cores Owned by: International Forest Products, LLC Serial Number: 78204847 I F P Kiln dried lumber, sold in dowels, strips, veneers, sheets, panels, blocks, planks, in cut or rough form Owned by: International Forest Products, LLC Serial Number: 78259549 CORLITE Wood structural cores, namely, kiln dried end grain balsa wood and composition materials in sheet, block, or panel form Owned by: International Forest Products, LLC Serial Number: 78297032
RENEWAL HISTORY	No records found.
UCC	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
Founded in 1972, International Forest Products, Llc is a mid-sized organization in the logging company’s industry located in Foxboro, MA. It has 120 full time employees and generates an estimated $163.7 million in annual revenue. The company operates nationally and internationally, mainly importing from Brazil. It is ACTIVE in business with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	-
POSITION	-
COMMENTS	We called number 508-698-4600 several times and received no answer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.93
UK Pound	1	INR 91.50
Euro	1	INR 79.69
USD	1	INR 64.93

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.