MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	ATOM MEDICAL INTERNATIONAL INC.
Registered Office :	Iwakata Bldg. 3F., 3-18-16, Hongo, Bunkyo-ku, Tokyo 113-0033
Country :	Japan
Date of Incorporation :	25.01.1989
Com. Reg. No.:	0100-01-000387 (Tokyo)
Legal Form :	Private Limited Company
Line of Business :	Engaged as Exporter of Infant Incubator, Table for Childbirth Delivery, Other Equipment for New Born Babies and Toddlers, Nursing Equipment as well as Obstetrics & Gynecological Equipment supplied by the Parent Company
No of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Japan	A2	A2

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. 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

ATOM MEDICAL INTERNATIONAL INC.

Company OUTLINE

Company name: ATOM MEDICAL INTERNATIONAL INC.

Name in local language: ATOM MEDICAL INTERNATIONAL, K.K.

Country: Japan

Office address: Iwakata Bldg. 3F., 3-18-16, Hongo, Bunkyo-ku, Tokyo 113-0033

Office tel: 03-3815-2941

Website: c/o www.atomed.co.jp

Business type: Trader

Industry: Machine and equipment

Established: January 25, 1989

Capital: Jp. 10,000,000 yen

Employees: 13

Corporate formation: Private

Corporation No.: 0100-01-000387 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

Paid in capital : Jp. 10,000,000 yen

Number of authorized shares : 800 shares

Shares issued : 200 shares

Number of shareholder : 1

Atom Medical Corporation holds 100 percent.

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

-------------------------------------------------------------------------------

Trading Obstetrics-related equipment

Trading Machine and equipment for new-born babies and toddlers

COMPANY MANAGEMENT

President Mr. Kazuo Matsubara (President of the parent company)

Nationality: Japan

Director Ms. Terumi Matsubara (Vice President of the parent company)

Nationality: Japan

Director Mr. Ichiro Matsubara (Director of the parent company)

Nationality: Japan

Auditor Ms. Tamako Matsubara (Auditor of the parent company)

Nationality: Japan

Note: The names of director(s) and auditor(s) are phonetically spelt.

*Key Personnel*

==============

Mr. Kazuo Matsubara

President and representative director

Born on August 14, 1939

Other responsibility: President of Atom Medical Corp., the parent of the subject.

Home address: 2-8-10, Kohinata, Bunkyo-ku, Tokyo

FINANCIALS

Currency: (local currency - Jp. yen)

-------------------------------------------------------------------------------------

Year | Sales | Net Income

-------------------------------------------------------------------------------------

2008	2,112,453,000	49,274,000
2009	1,838,781,000	53,738,000
2010	1,503,421,000	17,910,000
2011	1,831,284,000	53,469,000
2012	2,459,507,000	160,133,000
2013	2,181,831,000	171,318,000

FINANCIAL DESCRIPTION

*Book Closing*

============

September 30th

*Financials*

==========

As a private limited company, no official financial statement is required to be disclosed publicly.

Bank Details

Bank Name : Bank of Tokyo-Mitsubishi UFJ, Ltd.

Branch : Hongo

Bank Name : Mizuho Bank, Ltd.

Branch : Hongo

Credit Opinion

The subject is a subsidiary, wholly owned by Atom Medical Corporation, of which profile is as follows:

Address: 3-18-15, Hongo, Bunkyo-ku, Tokyo

Date of foundation: July 1948

Capital paid-in: JPY 84 million

Number of employees: 340

Main business: Manufacture of medical equipment for new born babies, obstetrician and toddlers

Shareholders: 14 including Mr. Kazuo Matsubara, President and Atom Medical International Inc.

Latest performance(for Sep. 2013): Sales; JPY 13,671 & Net Income;1,537 million

Board members: Same as those of the subject.

The parent company has been enjoying its lucrative business for years.

Though the website is said to be integrated together, almost nothing is introduced regarding the subject.

At any rate negative factors are not observed in particular at present though the exact financial condition is not available due to non-disclosure of their financial statements.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

======================

Export of the following equipment supplied by the parent company:

- Infant incubator

- Table for childbirth delivery

- Other equipment for new born babies and toddlers

- Nursing Equipment &

- Obstetrics & Gynecological Equipment

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

Company History

Date Development

----------------------------------------------

January 25, 1989 Incorporated at the following address:

3-29-6, Hongo, Bunkyo-ku, Tokyo

January 18, 1999 Relocated to the current address.

TRADE REFERENCES

*Suppliers*

==========

Atom Medical Corporation

*Customers*

==========

Destinations of export:

- Italy

- Germany

- U.K.

- China

- R.O.K.

- Taiwan

- India

- Thailand

- Malaysia

- Australia

- Saudi Arabia

- Egypt

Domestic:

- Daido Medical Instruments Co., Ltd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	DIV
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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