MIRA INFORM REPORT

Report No. :	510655
Report Date :	26.05.2018

IDENTIFICATION DETAILS

Name :	TERAXION INC.
Registered Office :	BCF Sencrl (ME Didier Culat), 1200-2828 BOUL. Laurier, Tour 1, Québec Québec G1V0B9, Canada
Country :	Canada
Financials (as on) :	2016 [Summarized]
Date of Incorporation :	2000
Legal Form :	Société Par Actions Ou Compagnie
Line of Business :	Subject develops and manufactures optical components and modules for high-speed optical networks.
No. of Employees :	150

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 :	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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Canada	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

CANADA - ECONOMIC OVERVIEW

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. Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Canada now ranks third in the world in proved oil reserves behind Venezuela and Saudi Arabia and is the world’s sixth-largest oil producer.

The 1989 Canada-US Free Trade Agreement and the 1994 North American Free Trade Agreement (which includes Mexico) dramatically increased trade and economic integration between the US and Canada. Canada and the US enjoy the world’s most comprehensive and highly balanced bilateral trade and investment relationship, with merchandise trade of $544 billion in 2016, services trade of over $80 billion, and two-way investment stocks of nearly $700 billion. Over three-fourths of Canada’s exports are destined for the US each year. Canada is the largest foreign supplier of energy to the US, including oil, natural gas, and electric power, and a top source of US uranium imports.

Given its abundant natural resources, highly skilled labor force, and modern capital stock, Canada enjoyed solid economic growth from 1993 through 2007. The global economic crisis of 2007-08 moved the Canadian economy into sharp recession by late 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks 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. Since the fall in world oil prices in 2014, Canada has achieved modest economic growth.

Source : CIA

STATUTORY INFORMATION
Legal Name:	TERAXION INC.
Trade Name:	Teraxion
ID:	1166287343
Date Created:	2000
Date Incorporated:	2009-12-18
Legal Address:	BCF Sencrl (ME Didier Culat) 1200-2828 BOUL. Laurier, Tour 1 Québec Québec G1V0B9 Canada
Operative Address:	2716 Rue Einstein, Sainte-Foy, QC G1P 4S8, Canada
Telephone:	418-658-9500
Fax:	418-658-9595
Legal Form:	Société Par Actions Ou Compagnie
Email:	info@teraxion.com
Registered in:	Quebec, Canada
Website:	www.teraxion.com
Contact:	Richard Kirouac, Shareholder and President
Staff:	150 Employees
Activity:
	NAICS Code 333314 - Optical Instrument and Lens Manufacturing
BANKS:
	The company does not make its banking data public
HISTORY:
	The company was founded in 2000 and is based in Quebec, Canada.
PRINCIPAL ACTIVITY
	TeraXion Inc. develops and manufactures optical components and modules for high-speed optical networks.
Products/Services description:	It offers silicon photonics, indium phosphide modulators, tunable dispersion compensators, static dispersion compensators, specialized laser modules, high-speed modulators, high-speed coherent receivers, optical filters, and laser components. The company serves compensation at the terminal, in-line compensation, submarine networks, R&D and manufacturing, RF photonic links, coherent detection, optical filtering, high-power fiber lasers/ultrafast lasers, fiber optic sensing, LIDAR and remote sensing, and medical/custom FBG applications. Reflectors for High Power Fiber Lasers PWS-HPR Amplified Ultra Fast Laser Components Mode-Locked Ultra Fast Components Dispersion Compensators Specialized Laser Modules Optical Filters
Brands:	PowerSpectrum ClearSpectrum
Sales are:	Wholesale
Clients:	It serves industrial and aerospace/military markets. Centro de Investigaciones en Óptica
Suppliers:	Ningbo Fuhao Imp. & Exp. . Trad
Operations area:	National and International
The company imports from	United States
The company exports to	Mexico
The subject employs	150 Employees
Payments:	No Complaints
LOCATION
Headquarters :	2716 Rue Einstein, Sainte-Foy, QC G1P 4S8, Canada
Branches:	Teraxion Inc Canada Ontario 232 Herzberg Rd Unit 101 Kanata, ON, K2K 2A1 Canada
Main Competitors	Doric Lenses Inc. Gentec Electro Optique Inc. M2s Electronique Itee
Related Companies:	The company does not have related companies.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	GESTION TERAXION INC. 2716 rue Einstein Québec (Québec) G1P4S8 Canada Kirouac Richard 804-12 rue des Jardins-Mérici Québec (Québec) G1S4Z8 Canada Simard Alain-Jacques 1392 rue Jean-Charles-Cantin Québec (Québec) G1Y2X4 Canada
Management:	Alain-Jacques Simard, President Richard Kirouac, Treasurer and Vice President of Finance Ghislain Lafrance, Vice President of Commercialization and Future Technology
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	15 240 000
Cash flow	Normal
LEGAL FILINGS
Patents	Methods for the alignment and calibration of the spectral responses of optical filters Patent number: 7123795 Abstract: A method for aligning the spectral responses of two comb-like optical filters is provided. This method does not necessitate the use of spectrally-resolved equipment, as it uses the optical power correlation profile of a broadband light signal representative of the combined spectral responses of the two filters. In one embodiment, the power correlation profile is compared to a pre-stored profile. A tuning method for tuning two filters using this alignment method is also provided. The two filters are first relaxed to an unstretched position, and the second filter is stretched and aligned with the first. The first filter is also stretched and aligned with the other. Both filters are then stretched at a calibrated value. Type: Grant Filed: October 25, 2005 Date of Patent: October 17, 2006 Assignee: Teraxion Inc. Inventors: Simon Savard, Richard L. Lachance, Alain Mailloux Tunable chromatic dispersion compensator Patent number: 6937793 Abstract: A tunable dispersion compensator for the compensation of the chromatic dispersion experienced by a single-channel or multi-channel light signal. The compensator includes a plurality of optical structures such as chirped Bragg gratings or combinations thereof, each having a characteristic dispersion profile. An optical coupling arrangement successively propagates the light signal in each of these structures, so that it accumulates the dispersion compensation effect of each. A tuning device jointly tunes the dispersion profile of each optical structure by applying a same tuning force thereto, preferably a temperature gradient. Type: Grant Filed: March 17, 2003 Date of Patent: August 30, 2005 Assignee: Teraxion Inc. Inventors: Sylviane Lelievre, Richard L. Lachance, Yves Painchaud Adjustable athermal package for optical fiber devices Patent number: 6907164 Abstract: An athermally packaged optical fiber device, such as a Bragg grating, is provided. The device includes a hollow structure, and a free and a threaded member projecting in the hollow structure from both ends. The optical fiber is mounted in tension inside the hollow structure through longitudinal fiber-receiving bores in both members, and has an anchor point affixed to each member with the grating therebetween. The anchor point of the threaded member is provided outside of the hollow structure, making the device more compact. The free and threaded members are rotatable together to adjust the resonant wavelength of the grating, and a nut may be provided to allow a fine-tuning. The hollow structure, free member and threaded member have a coefficient of thermal expansion selected so that they together compensate for the temperature dependency of the Bragg wavelength. Type: Grant Filed: September 12, 2001 Date of Patent: June 14, 2005 Assignee: Teraxion, Inc. Inventors: Richard L. Lachance, André Vo Van, Michel Morin, Martin Guy, Martin Pelletier Fine-tuning assembly for optical gratings Patent number: 6859583 Abstract: A fine-tuning assembly for an optical grating in an optical fiber is provided. The fiber is mounted under tension in a hollow structure which has a sliding member longitudinally slideable therein. The fiber is attached to both the sliding member and hollow structure. A slanted passage is provided in the sliding member, forming a small angle with the transversal, and a wedge member is slideably inserted in this passage. To fine-tune the spectral response of the grating, the wedge member is transversally displaced without any longitudinal displacement, preferably by the action of screws, thereby pushing on its walls to longitudinally slide the sliding member and adjust the tension in the fiber. Type: Grant Filed: February 22, 2002 Date of Patent: February 22, 2005 Assignee: Teraxion Inc. Inventors: Richard L. Lachance, Andre Vovan Power efficient assemblies for applying a temperature gradient to a refractive index grating Patent number: 6842567 Abstract: The present invention discloses practical and power efficient assemblies for applying a temperature gradient to a fiber Bragg grating. An application of such assemblies is, for example, the active tuning of the chromatic dispersion of the grating. The temperature gradient is produced in a heat conductive element, with which the FBG is in continuous thermal contact, by elements controlling the temperature of the ends of the heat conductive element, thereby applying the temperature gradient to the FBG. A first preferred embodiment includes a heat recirculation member allowing the recirculation of heat between the two ends of the heat conductive elongated element, thereby providing a rapid and dynamical tuning of the temperature gradient with a minimal heat loss. A second embodiment provides isolation from the surrounding environment in order to decouple the desired temperature gradient from ambient temperature fluctuations, thereby improving the control of the optical response of a fiber grating. Type: Grant Filed: February 6, 2003 Date of Patent: January 11, 2005 Assignee: Teraxion Inc. Inventors: Richard L. Lachance, Philippe Pépin, Tristan Rüthers, François Pelletier Tunable chromatic dispersion compensator Publication number: 20040017972 Abstract: A tunable dispersion compensator for the compensation of the chromatic dispersion experienced by a single-channel or multi-channel light signal. The compensator includes a plurality of optical structures such as chirped Bragg gratings or combinations thereof, each having a characteristic dispersion profile. An optical coupling arrangement successively propagates the light signal in each of these structures, so that it accumulates the dispersion compensation effect of each. A tuning device jointly tunes the dispersion profile of each optical structure by applying a same tuning force thereto, preferably a temperature gradient. Type: Application Filed: March 17, 2003 Publication date: January 29, 2004 Applicant: Teraxion Inc. Inventors: Sylviane Lelievre, Richard L. Lachance, Yves Painchaud Power efficient assemblies for applying a temperature gradient to a refractive index grating Publication number: 20030198434 Abstract: The present invention discloses practical and power efficient assemblies for applying a temperature gradient to a fiber Bragg grating. An application of such assemblies is, for example, the active tuning of the chromatic dispersion of the grating. The temperature gradient is produced in a heat conductive element, with which the FBG is in continuous thermal contact, by elements controlling the temperature of the ends of the heat conductive element, thereby applying the temperature gradient to the FBG. A first preferred embodiment includes a heat recirculation member allowing the recirculation of heat between the two ends of the heat conductive elongated element, thereby providing a rapid and dynamical tuning of the temperature gradient with a minimal heat loss. A second embodiment provides isolation from the surrounding environment in order to decouple the desired temperature gradient from ambient temperature fluctuations, thereby improving the control of the optical response of a fiber grating. Type: Application Filed: February 6, 2003 Publication date: October 23, 2003 Applicant: TERAXION INC. Inventors: Richard L. Lachance, Philippe Pepin, Tristan Ruthers, Francois Pelletier Fine-tuning assembly for optical gratings Publication number: 20020150335 Abstract: A fine-tuning assembly for an optical grating in an optical fiber is provided. The fiber is mounted under tension in a hollow structure which has a sliding member longitudinally slideable therein. The fiber is attached to both the sliding member and hollow structure. A slanted passage is provided in the sliding member, forming a small angle with the transversal, and a wedge member is slideably inserted in this passage. To fine-tune the spectral response of the grating, the wedge member is transversally displaced without any longitudinal displacement, preferably by the action of screws, thereby pushing on its walls to longitudinally slide the sliding member and adjust the tension in the fiber. Type: Application Filed: February 22, 2002 Publication date: October 17, 2002 Applicant: Teraxion Inc. Inventors: Richard L. Lachance, Andre Vovan Adjustable athermal package for optical fiber devices Publication number: 20020141700 Abstract: An athermally packaged optical fiber device, such as a Bragg grating, is provided. The device includes a hollow structure, and a free and a threaded member projecting in the hollow structure from both ends. The optical fiber is mounted in tension inside the hollow structure through longitudinal fiber-receiving bores in both members, and has an anchor point affixed to each member with the grating therebetween. The anchor point of the threaded member is provided outside of the hollow structure, making the device more compact. The free and threaded members are rotatable together to adjust the resonant wavelength of the grating, and a nut may be provided to allow a fine-tuning. The hollow structure, free member and threaded member have a coefficient of thermal expansion selected so that they together compensate for the temperature dependency of the Bragg wavelength. Type: Application Filed: September 12, 2001 Publication date: October 3, 2002 Applicant: Teraxion Inc. Inventors: Richard L. Lachance, Andre Vo Van, Michel Morin, Martin Guy, Martin Pelletier
Trademarks:	NA
Lawsuits:	Administrative Labor Tribunal Region: Quebec Folder: 567260-31-1503 Folder CNESST: 500233481 Quebec November 21st, 2017 Before the administrative judge: Carole Lessard Mladen Bakajlic Demanded Party and Doric Lenses Inc. Gentec Electro Óptique Inc. M2s Electronique Itée Teraxion Inc.
OFAC Sanctions List Search:	The company is not listed in the OFAC list.
SUMMARY
	TeraXion Inc. develops and manufactures optical components and modules for high-speed optical networks. The company was founded in 2000 and incorporated in 2009 and is based in Quebec, Canada. It mainly imports from the United States and exports to Mexico. It is ACTIVE in QUEBEC, CANADA; with no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	ACTIVE
INTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We tried calling several times but always reached their voicemail. We left a message in their voicemail asking for information and asking them to return our call. If they do so, we will let you know.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
CAD	1	INR 52.24

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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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