MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	AOI CHEMICALS INC

Registered Office :	1-1-26 Aida Asaminamiku Hiroshima 731-0141

Country :	Japan

Financials (as on) :	28.02.2011

Date of Incorporation :	Dec 1952

Com. Reg. No.:	(Hiroshima-Asaminamiku) 000090

Legal Form :	Limited Company (Kabushiki Kaisha)

Line of Business :	Manufactures civil & construction chemical materials

No. of Employees :	142

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 224.9 Million
Status :	Good
Payment Behaviour :	Regular
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

(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

AOI CHEMICALS INC

REGD NAME:

Aoi Kagaku Kogyo KK

MAIN OFFICE

1-1-26 Aida Asaminamiku Hiroshima 731-0141 JAPAN

Tel: 082-877-1341

Fax: 082-879-7260

URL: http://www.aoi-chemical,.co.jp

E-Mail address: info@aoi-chemical.co.jp

ACTIVITIES

Mfg of civil & construction chemical materials

BRANCHES

Tokyo, Osaka, Nagoya, Sendai, Niigata, Fukuoka, other (Tot 9)

FACTORIES

At the caption address, Tokyo

OFFICERS

CHIEZO CHIYOMOTO, PRES Takahiro Shiomoto, s/mgn dir

Masafumi Sunayama, dir Yuzo Aoi, dir

Hajime Niwa, dir Keiji Tokuhisa, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 4,128 M

PAYMENTS REGULAR CAPITAL Yen 89 M

TREND SLOW WORTH Yen 7,842 M

STARTED 1952 EMPLOYES 142

COMMENT

MFR OF CIVIL & CONSTRUCTION CHEMICAL MATERIALS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: YEN 224.9 MILLION, 30 DAYS NORMAL TERMS

HIGHLIGHTS

The subject company was established originally in 1938 by T Shiomoto as asphalt processing shop, on his account. Incorporated in 1952 the firm has been succeeded by his descendants. This is a specialized mfg of civil & construction chemical materials: joint filler for concrete construction, for concrete pavement, joint sealant, other (See OPERATION). Tops in the joint filler for concrete construction market in Japan. A subsidiary maker produces drain mats. Clients include construction firms, civil engineering firms, other, nationwide.

FINANCIAL INFORMATION

The sales volume for Feb/2011 fiscal term amounted to Yen 4,128 million, an 11% down from Yen 4,626 million in the previous term. The domestic construction market was depressed and slow to recover. The recurring profit was posted at Yen 23 million and the net profit at yen 22 million, respectively, compared with Yen 51 million recurring profit and Yen 29 million net profit, respectively, a year ago.

For the current term ending Feb 2012 the recurring profit is projected at Yen 25 million and the net profit at Yen 25 million, respectively, on a 2% rise in turnover, to Yen 4,200 million. The construction market is recovering.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 224.9 million, on 30 days normal terms.

REGISTRATION

Date Registered: Dec 1952

Regd No.: (Hiroshima-Asaminamiku) 000090

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 7 million shares

Issued: 1.78 million shares

Sum: Yen 89 million

Major shareholders (%): Chiezo Shiomoto (33.2), Takahiro Shiomoto (7.7), Employees’

S/Holding Assn (7.3)

No. of shareholders: 34

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

OPERATION

Activities: Manufactures civil & construction chemical materials: joint filler for concrete construction, joint sealer for concrete pavement & for asphalt pavement, joint sealant for concrete construction, water stop for concrete construction, materials for bridge construction, concrete curing materials, other (--100%).

Clients: [Construction firms, mfrs, wholesalers] NIPPO Corporation, Taisei Rotec Corp, Kajima Road Co, Nippon Road Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Itochu Corp, Mitsubishi Corp, Sumikin Bussan Corp, Metal One Structural Steel & Resource Corp, Daiken Corp, other

Payment record: Regular

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

Bank References:

SMBC (Hiroshima)

MUFG (Hiroshima)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	29/02/2012	28/02/2011	28/02/2010	28/02/2009
Annual Sales	4,200	4,128	4,626	5,083
Recur. Profit	25	23	53	97
Net Profit	25	22	29	46
Total Assets		9,240	9,592	9,598
Current Assets		2,610	2,158
Current Liabs		506	528
Net Worth		7,842	7,823	7,797
Capital, Paid-Up		89	89	89
Div.P.Share(¥)		2.50	2.50	2.50
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	1.74	-10.77	-8.99	4.44
Current Ratio	..	515.81	408.71	..
N.Worth Ratio	..	84.87	81.56	81.24
R.Profit/Sales	0.60	0.56	1.15	1.91
N.Profit/Sales	0.60	0.53	0.63	0.90
Return On Equity	..	0.28	0.37	0.59

Notes: Forecast (or estimated) figures for the 29/02/2012 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

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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