MIRA INFORM REPORT

Report Date :

29.08.2014

IDENTIFICATION DETAILS

Name :	MARUYONE TRADING CO LTD

Registered Office :	Daisan Maruyone Bldg 3F, 4-6-17 Bakuromachi Chuoku Osaka 541-0059

Country :	Japan

Financials (as on) :	30.11.2013

Date of Incorporation :	December 1948

Com. Reg. No.:	1200-01-089980

Legal Form :	Limited Company

Line of Business :	Importer and Wholesaler of wood, logs, lumber, lumber products, laminated lumber, furniture & parts, building materials, other

No of Employees :	17

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Japan

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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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 & ADDRESS

MARUYONE TRADING CO LTD

REGD NAME

KK Maruyone Shokai

MAIN OFFICE

Daisan Maruyone Bldg 3F, 4-6-17 Bakuromachi Chuoku Osaka 541-0059 JAPAN

Tel: 06-6251-9391 Fax: 06-6281-0793

*.. Registered at: 4-9-14 Minami-Semba Chuoku Osaka

URL: http://www.maruyone-trade.co.jp

E-Mail address: mtc@maruyone-trade.co.jp

ACTIVITIES

Import, wholesale of logs, lumber, cut timber, furniture, building materials

BRANCHES

Nil

OFFICERS

TOMOMI MIYAMARU, PRES

Katsunori Miyamaru, ch

Naomi Miyamaru, s/mgn dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 1,367 M

PAYMENTS NO COMPLAINTS CAPITAL Yen 40 M

TREND SLOW WORTH Yen 291 M

STARTED 1948 EMPLOYES 17

COMMENT

TRADING FIRM SPECIALIZING IN LOGS & TIMBER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established originally in 1924 by Katsuzo Miyamaru, on his account, for importing logs from Canada & USA, and was incorporated in 1948. This is a family-based trading firm for import and wholesale of wood, lumber, furniture, building materials, other. Tomomi took the pres office in Nov 2011. Products are imported from USA, Canada, China, Africa, S/E Asia, other.

FINANCIAL INFORMATION

Financials are only partially disclosed.

The sales volume for Nov/2012 fiscal term amounted to Yen 1,367 million, a 9% down from Yen 1,508 million in the previous term. High Yen hurt the imports, reducing earnings in Yen terms. The net profit was posted at Yen 84 million, compared with Yen 144 million net losses a year ago.

For the term that ended Nov 2013 the net profit was projected at Yen 90 million, on a 6% rise in turnover, to Yen 1,450 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 34.0 million, on 30 days normal terms.

REGISTRATION

Date Registered: Dec 1948

Regd No.: 1200-01-089980 (Osaka-Chuoku)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 320,000 shares

Issued: 80,000 shares

Sum: Yen 40 million

Major shareholders (%): Katsunori Miyamaru (85), and families

No. of shareholders: 7

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

OPERATION

Activities: Imports and wholesales wood, logs, lumber, lumber products, laminated lumber, furniture & parts, building materials, other (--100%)

Clients: [Mfrs, wholesalers] Asahi Woodtech Corp, PT Maruki, Marunaka Wood, Takashima, other

No. of accounts: 300

Domestic areas of activities: Centered in greater-Osaka

Suppliers: [Mfrs, wholesalers] Imports from S/E Asia, USA, Canada, China, Africa, other

Domestically supplied from: Hoxan Corp, Nichimoku Fancy Materials, other

Payment record: No Complaints

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

Bank References:

Toyama Daiichi Bank (Osaka)

Amagasaki Shinkin Bank (Osaka)

Relations: Satisfactory

FINANCES (In Million Yen)

Terms Ending:	30/11/2013	30/11/2012	30/11/2011	30/11/2010
Annual Sales	1,450	1,367	1,508	1,351
Recur. Profit	..	..	..	..
Net Profit	90	84	-144	14
Total Assets		N/A	N/A	N/A
Net Worth		291	207	351
Capital, Paid-Up		40	40	40
Div.P.Share(¥)		0.00	0.00	8.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	6.07	-9.35	11.62	20.09
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	6.21	6.14	-9.55	1.04

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 30/11/2013 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.47
UK Pound	1	Rs. 100.35
Euro	1	Rs. 79.86

INFORMATION DETAILS

Report Prepared by :

SDA

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.