MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	FIGH-KEN HORSE LTD

Registered Office :	2-17-3 Higashi-Hokima Adachiku Tokyo 121-0063

Country :	Japan

Year of Establishment :	June 2003

Com. Reg. No.:	0228-02-029385 (Tokyo-Adachiku)

Legal Form :	Private Limited Company

Line of Business :	Import, Export, Wholesale of Horseshoe

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Japan

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

Company name

FIGH-KEN HORSE LTD

REGD NAME

YK Figh Ken

MAIN OFFICE

2-17-3 Higashi-Hokima Adachiku Tokyo 121-0063 JAPAN

Tel: 03-5851-6331 Fax: 03-5851-6332

URL: N/A

ACTIVITIES

Import, export, wholesale of horseshoe

BRANCHES

Nil

OFFICERS

KIKUO JITSUKATA, PRES

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES R/WEAK A/SALES Yen 10 M*

PAYMENTS UNKNOWN CAPITAL Yen 10 M

TREND SLOW WORTH Yen 10 M**

STARTED 2003 EMPLOYES 3

*.. Verbally given from the owner

**.. Estimated figures only

COMMENT

TRADING FIRM SPECIALIZING IN HORSESHOW.

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENS.

MAX CREDIT LIMIT: SECURED TERMS ARE RECOMMENDED ON NEW TRANSACTIONS.

HIGHLIGHTS

The subject company was established by Kazunori Yoshimoto in order to make most of his experience in the subject line of business. Kikuo Jitsukata assumed the pres office in Apr 2010. This is a trading firm specializing in import, export and wholesale of horseshoe and accessories. Goods are wholly supplied from Nippon Kyoso Teitetsu Co Ltd (ex Ogata Seisakusho KK). Clients include JRA (Japan Horse Racing Association), local horse racing clubs, other.

FINANCIAL INFORMATION

Financials are not disclosed and the following figures have been verbally provided from the owner, Kikuo Jitsukata.

The sales volume for Dc//2010 fiscal term amounted to Yen 100 million, a similar amount in the previous term. Profits are estimated posted at Yen 3 million net profits.

Recommend secured terms on new transactions.

REGISTRATION

Date Registered: Jun 2003

Regd No.: 0228-02-029385 (Tokyo-Adachiku)

Legal Status: Private Limited Company (Yugen Kaisha)

Regd Capital: Yen 10 million

Major shareholders (%): Kikuo Jitsukata (100)

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

OPERATION

Activities: Trading firm for import, export and wholesale of horseshoe and accessories (--100%

Clients: [Horse Racing Assn] JRA, other local horse racing clubs, other

No. of accounts: 50

Domestic areas of activities: Centered in greater-Tokyo

Suppliers: [Mfrs] Supplied wholly from Nippon Kyoso Teitetsu Co (ex Ogata Seisakusho)

Location: Business area in Tokyo. Office premises at the caption address are owned by K Jitsukata as his private residence and maintained satisfactorily.

Bank References

Johoku Shinkin Bank (Hitotsuya)

Relations: Money deposits and transfers only

FINANCES

(In Million Yen)

NOT DISCLOSED

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.81

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%)

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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.