MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	MURATA PARTS SALES LTD

Registered Office :	136 Takeda-Mukaishirocho Fushimiku Kyoto 612-8686

Country :	Japan

Financials (as on) :	31.03.2011

Date of Incorporation :	April, 1975

Com. Reg. No.:	1300-01-011830

Legal Form :	Limited Company

Line of Business :	Import, export, wholesale of textile machine parts & components

No. of Employees :	71

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 59.4 Million
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 – September 30, 2011

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

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

Company name

MURATA PARTS SALES LTD

REGD NAME

Murata Parts Hambai KK

MAIN OFFICE

136 Takeda-Mukaishirocho Fushimiku Kyoto 612-8686 JAPAN

Tel: 075-672-8371 Fax: 075-671-9789

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

E-Mail address: (thru the URL)

ACTIVITIES

Import, export, wholesale of textile machine parts & components

BRANCHES

Kyoto, Kaga

OVERSEAS

(Using the parent’s overseas offices worldwide)

FACTORIES

(subcontracted)

OFFICERS

MASAKATSU SHIMADA, PRES

Takeo Ichikawa, dir

Yen Amount

In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 3,302 M

PAYMENTS NO COMPLAINTS CAPITAL Yen 10 M

TREND UP WORTH Yen 766 M

STARTED 1975 EMPLOYES 71

COMMENT

TRADING FIRM SPECIALIZING TEXTILE MACHINE PARTS, WHOLLY OWNED BY MURATA MACHINERY LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: YEN 59.4 MILLION, 30 DAYS NORMAL TERMS

HIGHLIGHTS

The subject company was established on the basis of a trading division separated from Murata Machinery Ltd, at the caption address (See REGISTRATION). This is a trading firm for import, export and wholesale of textile machinery parts & components. Goods are exported to overseas using the parent’s overseas branch offices. .

FINANCIAL INFORMATION

Financial are consolidated by the parent and only partially disclosed.

The sales volume for Mar/2011 fiscal term amounted to Yen 3,302 million, a 38% up from Yen 2,395 million in the previous term. Exports to China were robust, where the parent operates 6 branch offices. The net profit was posted at Yen 191 million, compared with Yen 78 million a year ago.

For the term that just ended Mar 2012 the net profit was projected at Yen 200 million, on a 3% rise in turnover, to Yen 3,400 million. Final results are yet to be released.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 59.4 million, on 30 days normal terms.

REGISTRATION

Date Registered: Apr 1975

Regd No.: 1300-01-011830 (Kyoto-Fushimiku)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 8,000 shares

Issued: 2,000 shares

Sum: Yen 10 million

Major shareholders (%): Murata Machinery Ltd* (100)

*.. Mfr of textile machines, at the caption address, founded 1938, capital Yen 900 million,

Sales Yen 123,411 million, recurring profit Yen 4,917 million, net profit Yen 3,847 million,

total assets Yen 207,039 million, net worth Yen 103,006 million, employees 1,990, pres

Daisuke Murata

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

OPERATION

Activities: Imports, exports and wholesales textile machinery parts & components (100%)

Clients: [Mfrs, wholesalers] Murata machinery Shanghai, Murata Machinery Taiwan, Murata Machinery USA, Murata Machinery Europe GmbH, Recron Malaysia Sdn Bhd, other

No. of accounts: Unavailable

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Murata Machinery Ltd, Sanko Plastics, other

Payment record: no Complaints

Location: Business area in Kyoto. Office premises at the caption address are owned by the parent and maintained satisfactorily.

Bank References

Mizuho Bank (Kyoto-Chuo)

Mug (Kyoto-Chuo)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/03/2012	31/03/2011	31/03/2010	31/03/2009
Annual Sales	3,400	3,302	2,395	2,506
Recur. Profit
Net Profit	200	191	78	-118
Total Assets		N/A	N/A	N/A
Net Worth		766	575	497
Capital, Paid-Up		10	1,010
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	2.97	37.87	-4.43	-7.19
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	5.88	5.78	3.26	-4.71

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/03/2012 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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.