MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	HANSHIN TECHNICAL LABORATORY LTD
Registered Office :	4-18 Kubocho Nishinomiya Hyogo-Pref 662-0927
Country :	Japan
Financials (as on) :	30.06.2013
Date of Incorporation :	December 1959
Legal Form :	Limited Company
Line of Business :	Manufactures dental apparatus: X-ray films, developing powder, developers, others (--100%)
No of Employees :	33

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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.

Source : CIA

Company name & address

HANSHIN TECHNICAL LABORATORY LTD

REGD NAME

KK Hanshin Gijutsu Kenkyusho

MAIN OFFICE

4-18 Kubocho Nishinomiya Hyogo-Pref 662-0927 Japan

Tel: 0798-33-6321

Fax: 0798-35-8113

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

E-Mail address: (thru the URL)

ACTIVITIES: Mfg of dental apparatus, X-ray films, other

BRANCHES: Tokyo, Fukuoka

FACTORIES: At the caption address

OFFICERS: KENSAKU SAWADA, PRES Yoshie Sawada, ch

Kosaku Sawada, dir Sosaku Sawada, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 686 M

PAYMENTSNO COMPLAINTS CAPITAL Yen 50 M

TREND SLOW WORTH Yen 2,479 M

STARTED 1959 EMPLOYES 33

COMMENT: MFR OF DENTAL APPARATUS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: ESTIMATED AT YEN 21.0 MILLION, ON 30 DAYS NORMAL TERMS.

HIGHLIGHTS

The subject company was established by father of Kensaku Sawada in order to make most of his experience in the subject line of business. This is a specialized mfr of dental apparatus, X-ray films, developing powder, other. Clients include hospitals, universities, other

FINANCIAL INFORMATION

Financials are disclosed only partially.

The sales volume for Jun/2013 fiscal term amounted to Yen 686 million, a 4% down from Yen 711 million in the previous term. The net profit was posted at Yen 118 million, compared with Yen 84 million a year ago.

For the term that ended Jun 2014 the net profit was projected at Yen 120 million, on a 5% rise in turnover, to Yen 720 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 21.0 million, on 30 days normal terms.

REGISTRATION

Date Registered: Dec 1959

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 400,000 shares

Issued: 100,000 shares

Sum: Yen 50 million

Major shareholders (%): Osaka Small & Medium Business Investment & Promotion (20),

Makoto Kai (13), Tatsuo Sawada (4), Yoshiko Sawada (4)

No. of shareholders: 22

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

OPERATION

Activities: Manufactures dental apparatus: X-ray films, developing powder, developers, others (--100%)

Clients: [Mfrs, wholesalers] Morita Inc, Japan Dental Supply Corp, Daiei Dental Products, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Fuji Film Medical, Meiwa Gravure, Sakamoto Kotobuki Co, Fuji Chemicals, Kyoraku Co, other

Payment record: No Complaints

Location: Business area in Nishinomiya, Hyogo-Pref. Office premises at the caption address are owned and maintained satisfactory.

Bank References:

MUFG (Nishinomiya)

SMBC (Nishinomiya)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		30/06/2014	30/06/2013	30/06/2012	30/06/2011
Annual Sales		720	686	711	783
Recur. Profit		..	..	..	..
Net Profit		120	113	84	117
Total Assets			N/A	N/A	N/A
Net Worth			2,479	2,400	2,342
Capital, Paid-Up			50	50	50
Div.Ttl in Million (¥)			3.9	3.9	1.5
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		4.96	-3.52	-9.20	-3.57
Current Ratio			..	..	..
N.Worth Ratio			..	..	..
N.Profit/Sales		16.67	16.47	11.81	14.94

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 30/06/2014 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

Analysis Done by :	KAR
Report Prepared by :	TPT

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%)

MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	HANSHIN TECHNICAL LABORATORY LTD
Registered Office :	4-18 Kubocho Nishinomiya Hyogo-Pref 662-0927
Country :	Japan
Financials (as on) :	30.06.2013
Date of Incorporation :	December 1959
Legal Form :	Limited Company
Line of Business :	Manufactures dental apparatus: X-ray films, developing powder, developers, others (--100%)
No of Employees :	33

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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.

Source : CIA

Company name & address

HANSHIN TECHNICAL LABORATORY LTD

REGD NAME

KK Hanshin Gijutsu Kenkyusho

MAIN OFFICE

4-18 Kubocho Nishinomiya Hyogo-Pref 662-0927 Japan

Tel: 0798-33-6321

Fax: 0798-35-8113

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

E-Mail address: (thru the URL)

ACTIVITIES: Mfg of dental apparatus, X-ray films, other

BRANCHES: Tokyo, Fukuoka

FACTORIES: At the caption address

OFFICERS: KENSAKU SAWADA, PRES Yoshie Sawada, ch

Kosaku Sawada, dir Sosaku Sawada, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 686 M

PAYMENTS NO COMPLAINTS CAPITAL Yen 50 M

TREND SLOW WORTH Yen 2,479 M

STARTED 1959 EMPLOYES 33

COMMENT: MFR OF DENTAL APPARATUS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT: ESTIMATED AT YEN 21.0 MILLION, ON 30 DAYS NORMAL TERMS.

HIGHLIGHTS

The subject company was established by father of Kensaku Sawada in order to make most of his experience in the subject line of business. This is a specialized mfr of dental apparatus, X-ray films, developing powder, other. Clients include hospitals, universities, other

FINANCIAL INFORMATION

Financials are disclosed only partially.

The sales volume for Jun/2013 fiscal term amounted to Yen 686 million, a 4% down from Yen 711 million in the previous term. The net profit was posted at Yen 118 million, compared with Yen 84 million a year ago.

For the term that ended Jun 2014 the net profit was projected at Yen 120 million, on a 5% rise in turnover, to Yen 720 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 21.0 million, on 30 days normal terms.

REGISTRATION

Date Registered: Dec 1959

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 400,000 shares

Issued: 100,000 shares

Sum: Yen 50 million

Major shareholders (%): Osaka Small & Medium Business Investment & Promotion (20),

Makoto Kai (13), Tatsuo Sawada (4), Yoshiko Sawada (4)

No. of shareholders: 22

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

OPERATION

Activities: Manufactures dental apparatus: X-ray films, developing powder, developers, others (--100%)

Clients: [Mfrs, wholesalers] Morita Inc, Japan Dental Supply Corp, Daiei Dental Products, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Fuji Film Medical, Meiwa Gravure, Sakamoto Kotobuki Co, Fuji Chemicals, Kyoraku Co, other

Payment record: No Complaints

Location: Business area in Nishinomiya, Hyogo-Pref. Office premises at the caption address are owned and maintained satisfactory.

Bank References:

MUFG (Nishinomiya)

SMBC (Nishinomiya)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		30/06/2014	30/06/2013	30/06/2012	30/06/2011
Annual Sales		720	686	711	783
Recur. Profit		..	..	..	..
Net Profit		120	113	84	117
Total Assets			N/A	N/A	N/A
Net Worth			2,479	2,400	2,342
Capital, Paid-Up			50	50	50
Div.Ttl in Million (¥)			3.9	3.9	1.5
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		4.96	-3.52	-9.20	-3.57
Current Ratio			..	..	..
N.Worth Ratio			..	..	..
N.Profit/Sales		16.67	16.47	11.81	14.94

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 30/06/2014 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

Analysis Done by :	KAR
Report Prepared by :	TPT

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%)