MIRA INFORM REPORT

Report Date :

15.01.2011

IDENTIFICATION DETAILS

Name :	AKI SHOKAI CO LTD

Registered Office :	#205 Freedio-Shibakoen, 2-8-11 Shibadaimon Minatoku Tokyo 105-0012

Country :	Japan

Financials (as on) :	31.05.2010

Date of Incorporation :	April 1991

Com. Reg. No.:	(Tokyo-Minatoku) 001100

Legal Form :	Limited Company

Line of Business :	Exporter of industrial chemicals & intermediates

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	Yen 25.8 Million
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	---

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, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Japan

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

Company name

AKI SHOKAI CO LTD

REGD NAME

Aki Shokai KK

MAIN OFFICE

#205 Freedio-Shibakoen, 2-8-11 Shibadaimon Minatoku Tokyo 105-0012 JAPAN

Tel: 03-5425-6822 Fax: 03-5425-6833

URL: N/A

ACTIVITIES

Export of industrial chemicals & intermediates

BRANCHES

Nil

OFFICER(S)

· SHIGEAKI MORI, PRES

· Junko Mori, dir

· Akira Mori, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 1,489 M

PAYMENTS REGULAR CAPITAL Yen 10 M

TREND STEADY WORTH Yen 109 M

STARTED 1991 EMPLOYES 5

COMMENT

TRADING HOUSE SPECIALIZING IN EXPORTING INDUSTRIAL CHEMICALS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: YEN 25.8 MILLION, 30 DAYS NORMAL TERMS

HIGHLIGHTS

The subject company was established by Shigeaki Mori in order to make most of his experience in the subject line of business. This is a small-sized trading house, owned and managed by the Mori family, specializing in exporting industrial chemicals, their intermediates & ingredients. Destinations are centered in Asia-Pacific region: India, Pakistan, Thailand, Singapore, Korea, Hong Kong, Australia, China, etc. 70% of the products are exported to India. Goods are supplied from domestic major industrial chemical mfrs. Also imports chemicals from India, other.

FINANCIAL INFORMATION

The sales volume for May/2010 fiscal term amounted to Yen 1,489 million, a 23% sharp rise from Yen 1,206 million in the previous term. Exports were robust particularly into India and China, where nearly 90% of the products are shipped. The negative factor of high Yen was compensated by the increased volume of exports. The recurring profit was posted at Yen 47 million and the net profit at Yen 26 million, respectively, compared with Yen 27 million recurring profit and Yen 17 million net profit, respectively, a year ago.

For the current term ending May 2011 the recurring profit is projected at Yen 50 million and the net profit at Yen 30 million, respectively, on an 11% rise in turnover, to Yen 1,650 million. Exports continue growing.

The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 25.8 million, on 30 days normal terms.

REGISTRATION

Date Registered: Apr 1991

Regd No.: (Tokyo-Minatoku) 001100

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 800 shares

Issued: 200 shares

Sum: Yen 10 million

Major shareholders (%): Shigeaki Mori (100)

Nothing detrimental is known as to the commercial morality of executives.

OPERATION

Activities: A trading house specializing in exporting industrial chemicals, intermediates & ingredients (--100%).

Exports to India, Thailand, Hong Kong, Australia, Pakistan, Korea, Singapore, China, and other S/E Asian countries.

Clients: [Chemical mfrs, wholesalers] Exports to India (70%), China (18%), Thailand, Pakistan, Australia, Singapore, Hong Kong, Korea, other.

Also shipped to domestic chemical mfrs.

No. of accounts: 100 (Domestic clients only)

Domestic areas of activities: Centered in greater-Tokyo

Suppliers: [Mfrs, wholesalers] Daicel Chemical Ind, Mitsui Chemicals, Sumitomo Seika Chemicals, Air Water Inc, other.

Also imports from India, etc.

Payment record: Regular

Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.

Bank References:

· MUFG (Hamamatsucho)

· SMBC (Marunouchi)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/05/2011	31/05/2010	31/05/2009	31/05/2008
Annual Sales	1,650	1,489	1,206	1,443
Recur. Profit	50	47	27	55
Net Profit	30	26	17	28
Total Assets		503	278	227
Current Assets		361	188	226
Current Liabs		223	85	101
Net Worth		109	83	65
Capital, Paid-Up		10	10	10
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	10.81	23.47	-16.42	12.21
Current Ratio	..	161.88	221.18	223.76
N.Worth Ratio	..	21.67	29.86	28.63
R.Profit/Sales	3.03	3.16	2.24	3.81
N.Profit/Sales	1.82	1.75	1.41	1.94
Return On Equity	..	23.85	20.48	43.08

Notes: Forecast (or estimated) figures for the 31/05/2011 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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.