MIRA INFORM REPORT

Report Date :

11.12.2014

IDENTIFICATION DETAILS

Name :	MARINE INTERNATIONAL CO., LTD.
Registered Office :	Tigers Bldg. 1003, 1-44-10, Higashi-ikebukuro, Toshima-ku, Tokyo 170-0013
Country :	Japan
Date of Incorporation :	22.12.2008
Com. Reg. No.:	0133-01-026875 (Tokyo)
Legal Form :	Private Limited Company
Line of Business :	· Engaged in supplying ship spare parts Engaged as worldwide supplier of Japanese and Overseas made equipment, OEM and Genuine parts for vessel and industrial industries.
No of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	US$ 10,000
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	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 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

MARINE INTERNATIONAL CO., LTD.

Company OUTLINE

Company name: MARINE INTERNATIONAL CO., LTD.

Name in local language: MARINE INTERNATIONAL, K.K.

Office address: Tigers Bldg. 1003, 1-44-10, Higashi-ikebukuro, Toshima-ku, Tokyo 170-0013

Country: Japan

Office tel: 03-5960-0510

Business type: Trader

Industry: Machinery

Established: December 22, 2008

Capital: Jp. 10,000,000 yen

Employees: 3

Corporate formation: Private

Corporation No.: 0133-01-026875 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

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

Number of authorized shares : 240 shares

Shares issued : 200 shares

Number of shareholder : n. a.

Mr. Fumihiro Masuda, President, holds majority. (estimated)

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

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

Trading Machinery

COMPANY MANAGEMENT

President Mr. Fumihiro Masuda

Nationality: Japan

Director Ms. Keiko Masuda

Nationality: Japan

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

*Key Personnel*

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

Mr. Fumihiro Masuda

President and representative director

Born on August 20, 1948

Education: Graduated from Kitazato University

Home address: 2-3-8, Zoshigaya, Toshima-ku, Tokyo 171-0032

FINANCIALS

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2010	125,000,000	n. a.
2011	176,000,000	n. a.
2012	170,000,000	n. a.
2013	170,000,000	n. a.

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 : Sumitomo Mitsui Banking Corp.

Branch : Ikebukuro-higashiguchi

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

Branch : Ikebukuro

Bank Name : Sugamo Shinkin Bank

Branch : Higashi-ikebukuro

Credit Opinion

The subject is a Tokyo-based small-sized firm specializing in export of machines relating to marine industry.

Judging from the age of the business owner, sourcing and customers, he might have worked at a certain firm specializing in trade of such machines before retirement.

Although the exact financial condition is not available due to non-disclosure of its financial statements, the shareholders’ equity may not be sound enough, based on the annual business size.

It would be advisable to secure the deal as this kind of products costs a lot and our suggested amount is not enough to cover the full payment.

Advance payment or the Irrevocable Letter of Credit would be preferably recommendable.

Our standard suggestion would be up to US$ 10,000 on terms of 90 days.

Main activity

· Engaged in supplying ship spare parts

Engaged as worldwide supplier of Japanese and Overseas made equipment, OEM and Genuine parts for vessel and industrial industries.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

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

Exports of marine-related types of machines

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

Company History

Date Development

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

December 22, 2008 Incorporated.

TRADE REFERENCES

*Suppliers*

==========

IHI Marine Corp.

Kobe Marine Industry Co., Ltd.

Tobu Heavy Industries Co., Ltd.

Samayou Corp.

Sea Commerce Inc.

*Customers*

==========

Staff Centre Ltd.

ASP Corp.

Montenegro Corp.

Sea Scape Inc.

Gulf Marine Management GmbH

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.95
UK Pound	1	Rs.97.16
Euro	1	Rs.76.75

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.