MIRA INFORM REPORT

Report Date :

16.02.2012

Tel. No.:

81-3-38648081

IDENTIFICATION DETAILS

Name :	IKK TRADING CO LTD

Registered Office :	Ginza Showadori Bldg 6F, 8-14-14 Ginza Chuoku Tokyo 104-0011

Country :	Japan

Financials (as on) :	31.05.2011

Date of Incorporation :	July 1985

Com. Reg. No.:	(Tokyo-Inagi) 001711

Legal Form :	Limited Company

Line of Business :	Import, export of printer toners, other printer parts

No. of Employees :	14

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	Yen 32.4 Million
Status :	Moderate
Payment Behaviour :	No Complaints
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 and address

IKK TRADING CO LTD

REGD NAME: IKK Shoji KK

MAIN OFFICE: Ginza Showadori Bldg 6F, 8-14-14 Ginza Chuoku Tokyo 104-0011 JAPAN　

Tel: 03-3554-7731 Fax: 03-6264-0988

* Moved to the caption address in Jan/2012 from the former, as given

URL: http://www.ikktrading.com/

E-mail: info@ikktrading.com

ACTIVITIES

Import, export of printer toners, other printer parts

BRANCHES

Ibaraki (distribution center)

OVERSEAS

Shanghai IKK-Tec Trading Co Ltd (subsidiary)

FACTORIES

(subcontracted)

OFFICER(S)

KOJI IONO, PRES Kiyonori Kuroda, mgn dir

Satoshi Suzuki, dir Tetsuro Ogata, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 1,791 M

PAYMENTS NO COMPLAINTS CAPITAL Yen 32 M

TREND SLOW WORTH Yen 173 M

STARTED 1985 EMPLOYES 14

COMMENT

IMPORTER & EXPORTER OF PRINTER TONER CARTRIGES

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

MAX CREDIT LIMIT: YEN 32.4 MILLION, 30 DAYS NORMAL TERMS

HIGHLIGHTS

The subject company was established by Koji Iono in order to make most of his experience in the subject line of business. This is a trading firm specializing in printer toners and peripherals. Handles toner & replacement parts for LBP cartridge mfrs, chemical materials for electro photography industries, chemicals materials for paint & ink industries, toner cartridges for LP printers, other. Has a subsidiary distributer in Shanghai for marketing. Domestic clients include OA equipment mfrs, wholesalers, other, nationwide.

FINANCIAL INFORMATION

Financials are only partially disclosed.

The sales volume for May/2011 fiscal term amounted to Yen 1,791 million, a 4% down from Yen 1,870 million in the previous term. Imports/exports revenues & profits were declined in Yen terms due to the high Yen. The net profit was posted at Yen 1 million, compared with Yen 21 million a year ago.

For the current term ending May 2012 the net profit is projected at Yen 15 million, on a 3% rise in turnover, to Yen 1,850 million. Business is seen steadily expanding.

The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 32.4 million, on 30 days normal terms.

REGISTRATION

Date Registered: Jul 1985

Regd No.: (Tokyo-Inagi) 001711

Legal Status: 　 Limited Company (Kabushiki Kaisha)

Authorized: 　 800 shares

Issued: 　 656 shares

Sum: 　 Yen 32.8 million

Major shareholders (%): Koji Iono (78), Employees’ S/Holding Assn (14), Kozue Iono (5)

No. of shareholders: 4

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

OPERATION

Activities: Imports, exports and wholesalers printer parts & components: toner & replacement parts for LBP cartridge remanufacturers, reuse toner cartridges, chemical materials for electro photography industries and paint/ink mfrs, toner cartridges for LBP printers, various materials used for clean-room, anti-static step, ISO step, other (--100%).

(Handling Items): color toner, spherical toner, super fine toner, OPC cleaner, PCR cleaner, MAG cleaner MAG coating cleaner sets, printer parts (pressure roller, paper feed roller, other), other

Clients: [Mfrs, wholesalers] Ecolotec, Mikasa Sangyo, Pilot Corporation, Shirasaki Corporation, Graphic-Sha Publishing, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers [Mfrs, wholesalers] Mikasa Sangyo, Tokyo Printing Ink Mfg, Hoei Denki Co, Hioki EE Corp, other

Payment record: No Complaints

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

Bank References:

Bank of Yokohama (Shin-Yurigaoka)

Mizuho Bank (Yokoyamacho)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/05/2012	31/05/2011	31/05/2010	31/05/2009
Annual Sales	1,850	1,791	1,870	1,672
Recur. Profit
Net Profit	15	1	21	17
Total Assets		N/A	N/A	N/A
Net Worth		173	172	158
Capital, Paid-Up		32	32	32
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	3.29	-4.22	11.84	2.96
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	0.81	0.06	1.12	1.02

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/05/2012 fiscal term

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.29
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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.