MIRA INFORM REPORT

Report Date :

12.05.2011

IDENTIFICATION DETAILS

Name :	HARAJUKU CO LTD

Registered Office :	457 Shimo-Ooi Odawara City Kanagawa-Pref 250-0208

Country :	Japan

Financials (as on) :	31.08.2010

Date of Incorporation :	September 1965

Com. Reg. No.:	(Yokohama-Totsukaku) 007937

Legal Form :	Limited Company

Line of Business :	Manufacturer of AC adapters, printed circuit boards, resin filled circuits

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Japan

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

Name and address

HARAJUKU CO LTD

REGD NAME: KK Harajuku Seisakusho

MAIN OFFICE: 457 Shimo-Ooi Odawara City Kanagawa-Pref 250-0208 JAPAN

Tel: 0465-36-6611 Fax: 0465-36-6628

*.. Registered at: 4-1-30 Harajuku Totsukaku Yokohama

URL: http//:www.harajuk.co.jp

E-mail: info@harajuk.co.jp

ACTIVITIES

Mfg of AC adapters, printed circuit boards, resin filled circuits

BRANCHES

Yokohama, Kyoto

FACTORIES

At the caption address, Fujisawa, Ooi; Shanghai, Vietnam

OFFICER(S)

TAKEHIKO KOMIYA, PRES Toshitaka Murata, mgn dir

Reiko Komiya, dir Takayuki Okutsu, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 6,465 M

PAYMENTS REGULAR CAPITAL Yen 20 M

TREND STEADY WORTH Yen 751 M

STARTED 1965 EMPLOYES 35

COMMENT

MFR OF PRINTED CIRCUITS BOARDS, AC ADAPTERS, OTHER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

HIGHLIGHTS

The subject company was established originally in 1962 by Kaichi Komiya, on his account, on the basis of obtaining business consignment from the then Matsushita Battery Cell Co Ltd (now Panasonic group). Incorporated in 1985 the firm has been succeeded by his descendants. Specializes in pressing works for parts/components for: AC adapters/ chargers, printed circuit boards, resin filled circuits, dry cell batteries, other. Has two overseas subsidiaries in China and Vietnam, each engaged in the pressing works and production, and covers each market. Domestic clients include major electronics mfrs, wholesalers, other, nationwide.

FINANCIAL INFORMATION

The sales volume for Aug/2010 fiscal term amounted to Yen 6,464 million, a 26% up from Yen 5,145 million in the previous term. Production and press works in China and Vietnam expanded on the back of brisk demand each market. The recurring profit was posted at Yen 11 million and the net profit at Yen 8 million, respectively, compared with Yen 19 million recurring profit and Yen 10 million, respectively, a year ago. .

For the current term that ending Aug 2011 the recurring profit is projected at Yen 15 million and the net profit at Yen 10 million, respectively, on a 5% rise in turnover, to Yen 6,800 million. Business is seen steadily expanding. Demand in China, Vietnam and other S/E Asian countries are brisk and increasing. Production at China & Vietnam yards are increasing.

The financial situation is considered FAIR and good for ORDINARY business engagements

REGISTRATION

Date Registered: Sept 1965

Regd No.: (Yokohama-Totsukaku) 007937

Legal Status: 　Limited Company (Kabushiki Kaisha)

Authorized: 　160,000 shares

Issued: 　40,000 shares

Sum: 　Yen 20 million

Major shareholders (%): Yukiyoshi Komiya (21), Kiyoshi Komiya (18), Takehiko Komiya (17), Reiko Komiya (17)

No. of shareholders: 10

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

OPERATION

Activities: Pressing works & fabrication of parts/components for: AC adapters/chargers, printed circuit boards, resin filled circuits, dry cell batteries, A/V equipment, other (--100%).

Clients: [Mfrs, wholesalers] Hitachi Appliances (40%), Panasonic Corp (25%), Sharp Corp, Toto Ltd, Hitachi Construction Machinery System, Shanghai Harajuku Electrical Appliance (subsidiary), Mikasa Shoji Co, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mikasa Shoji Co, Shanghai Harajuku Electrical Appliance, Toshiba Device, Ryosan Company, Kyoei Sangyo, Toabo Corporation, Sharp Corp, Sanyo Electric Co, Ryosan Co, other.

Payment record: Regular

Location: Business area in Odawara City, Kanagawa-Pref. Office premises at the caption address are owned and maintained satisfactorily.

Bank References:

Resona Bank (Fujisawa)

MUFG (Yokohama-Chuo)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/08/2011	31/08/2010	31/08/2009	31/08/2008
Annual Sales	6,800	6,465	5,145	5,030
Recur. Profit	15	11	19	26
Net Profit	10	8	10	7
Total Assets		4,123	3,432	3,005
Current Assets		2,982	2,338	1,912
Current Liabs		2,671	2,123	2,022
Net Worth		751	744	735
Capital, Paid-Up		20	20	20
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	5.18	25.66	2.29	-17.07
Current Ratio	..	111.64	110.13	94.56
N.Worth Ratio	..	18.21	21.68	24.46
R.Profit/Sales	0.22	0.17	0.37	0.52
N.Profit/Sales	0.15	0.12	0.19	0.14
Return On Equity	..	1.07	1.34	0.95

Notes: Forecast (or estimated) figures for the 31/08/2011 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.69
UK Pound	1	Rs.73.12
Euro	1	Rs.64.39

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.