MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	MIYATA CO LTD
Registered Office :	1-16-12 Kinshi Sumidaku Tokyo
Country :	Japan
Financials (as on) :	30.09.2012
Date of Incorporation :	November 1955
Com. Reg. No.:	0106-01-015805 (Tokyo-Sumidaku)
Legal Form :	Limited Company
Line of Business :	Manufacturing of confectionery, foods
No. of Employees :	122 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Japan	A1	A1

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

japan - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name

MIYATA CO LTD

REGD NAME

KK Miyata

MAIN OFFICE

950-1 Wanagaya Matsudo Chiba-Pref 270-2232 JAPAN

Tel: 047-369-1211 Fax: 047-369-5420

*.. Registered at: 1-16-12 Kinshi Sumidaku Tokyo

URL: http://www.miyata-net.co.jp

E-Mail address: (thru the URL)

ACTIVITIES

Mfg of confectionery, foods

BRANCHES

Sapporo, Sendai, Ibaraki, Nagoya, Osaka, other (Tot 15)

FACTORIES

Joso (Ibaraki)

OFFICERS

OSAMU MIYATA, PRES

Yayoi Miyata, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARy

FINANCES FAIR A/SALES Yen 28,540 M

PAYMENTS No Complaints CAPITAL Yen 50 M

TREND UP WORTH Yen 6,333 M

STARTED 1955 EMPLOYES 122

COMMENT

MFR OF CONFECTIONERY.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established by Keiichiro Miyata in order to make most of his experience in the subject line of business. Osamu is his grandson. This is a specialized mfr of confectionery and foods. Clients include department stores, chain stores, cake shops, other

FINANCIAL INFORMATION

The sales volume for Sept/2011 fiscal term amounted to Yen 28,540 million, a 17% up from Yen 24,460 million in the previous term. One large client was added. The recurring profit was posted at Yen 327 million and the net profit at Yen 179 million, respectively, compared with Yen 290 million recurring profit and yen 151 million net profit, respectively, a year ago.

For the term that ended Sept 2012 the recurring profit was projected at Yen 350 million and the net profit at Yen 200 million, respectively, on a 6% rise in turnover, to Yen 30,500 million. Final results are yet to be released.

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

REGISTRATION

Date Registered: Nov 1955

Regd No.: 0106-01-015805 (Tokyo-Sumidaku)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 144,000 shares

Issued: 36,000 shares

Sum: Yen 50 million

Major shareholders (%): Osamu Miyata (70), Yayoi Miyata (30)

No. of shareholders: 2

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

OPERATION

Activities: Manufactures cakes, confectionery, foods, others (--100%)

Clients: [Mfrs, wholesalers] Aeon Corp, Ryohin Keikaku, 99 Plus Corp, Daiso-Sangyo Co, Yamada-Denki Co, TFK Corp, York Benimaru Co, Asahi Shokuhin Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Yaokin Co, Riska Co, Marukyo-Seika Co, Takaraseika Co, Marunaka Seika Co, Denroku Co, other

Payment record: No Complaints

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

Bank References:

SMBC (Ayase)

Mizuho Bank (Kameari)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		30/09/2012	30/09/2011	30/09/2010	30/09/2009
Annual Sales		30,500	28,640	24,460	22,870
Recur. Profit		350	327	290
Net Profit		200	179	151	138
Total Assets			8,272	7,217	7,170
Current Assets			5,466	4,730
Current Liabs			4,471	3,410
Net Worth			1,333	1,159	1,013
Capital, Paid-Up			50	50	50
Div.P.Share(¥)			0.00	0.00	0.00
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		6.49	17.09	6.95	4.91
Current Ratio		..	122.25	138.71	..
N.Worth Ratio		..	16.11	16.06	14.13
R.Profit/Sales		1.15	1.14	1.19	..
N.Profit/Sales		0.66	0.63	0.62	0.60
Return On Equity		..	13.43	13.03	13.62

Notes: Forecast (or estimated) figures for the 30/09/2012 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

MNL

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.