MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	NISSIN SHIPPING CO., LTD.
Registered Office :	Nihonasbhi 1-Chome Bldg. 19F., 1-4-1, Nihonbashi, Chuo-Ku, Tokyo 103-0027
Country :	Japan
Date of Incorporation :	10.05.1967
Com. Reg. No.:	0100-01-053521
Legal Form :	Private Company
Line of Business :	Shipping Agency Services.
No. of Employees :	24

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 :	Slow but correct
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

NISSIN SHIPPING CO., LTD.

OUTLINE

Country: Japan

Company name: NISSIN SHIPPING CO., LTD.

Name in local language: NISSHIN KAIUN K.K.

Office address: Nihonasbhi 1-chome Bldg. 19F., 1-4-1, Nihonbashi, Chuo-ku,

Tokyo 103-0027

Office tel: 03-5204-1211

Business type: Service

Industry: Shipping agency

Established: May 10, 1967

Capital: Jp. 30,000,000 yen

Employees: 24

Corporate formation: Private

Corporation No.: 0100-01-053521 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

Paid in capital : Jp. 30,000,000 yen

Number of authorized shares : 240,000 shares

Shares issued : 60,000 shares

Number of shareholder : 1

Nissin Kaiun Holdings Co., Ltd. holds 100 percent.

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

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

Service Shipping agency

COMPANY MANAGEMENT

President Mr. Yayoi Fujii

Nationality: Japan

Senior Managing Director Mr. Masaaki Kanayama

Nationality: Japan

Managing Director Mr. Motomu Ishikawa

Nationality: Japan

Director Mr. Shinsuke Fujii

Nationality: Japan

Auditor Ms. Tamiko Fujii

Nationality: Japan

Auditor Ms. Akiko Toshimitsu

Nationality: Japan

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

*Key Personnel*

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

Mr. Yayoi Fujii

President and representative director

Born on January 20, 1932

Home address: 7-10, Kaiko-cho, Atami-shi, Shzuoka pref. 413-0003

FINANCIALS

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2008	10,080,591,000	5,669,096,000
2009	7,218,793,000	loss 1,526,987,000
2010	3,602,000,000	7,151,000,000
2011	4,335,000,000	4,318,000,000
2012	2,669,138,000	896,777,000
2013	2,076,360,000	2,022,655,000
2014	3,015,074,000	351 882 000

FINANCIAL DESCRIPTION

*Book Closing*

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

March 31st

*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 : Kyobashi

Bank Name : Hyakujushi Bank, Ltd.

Branch : Tokyo

Bank Name : Hokuriku Bank, Ltd.

Branch : Tokyo

*Credit Opinion*

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

The subject is a Tokyo-bade small- to mid-sized firm specializing in shipping agency business since 1967.

The financial figures, however, imply that the subject must be doing some other side businesses as the net income is ridiculously huge for some certain fiscal years.

It is unbelievable that the subject posted JPY 3,602 million of annual sales but net income; JPY 7,151 million for Mar. 2010.

We’ve double checked through our multi channels but to find these figures are not incorrect.

It suggests that the subject must be doing some other business such as real estate-related or dealing of securities etc.

We have no other way to confirm whether those figures are correct.

We have to leave them given as per our local report.

Our standard suggestion would be up to US$ 500,000 on terms of 90 days.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

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

Shipping agency

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

*Company History*

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

Date Development

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

May 10, 1067 Incorporated.

April 1, 2004 Relocated to the current address from the following:

1-17-10, Kyobashi, Chuo-ku, Tokyo

TRADE REFERENCES

*Suppliers*

==========

JFE Trading Corp.

Kamei Corp.

Kanax Inc.

Yamamoto Senguten Co., Ltd.

Fuji Kou-un Co., Ltd.

Fujiwara Un-yu Co., Ltd.

Other shipping firms

*Customers*

==========

Mainly European shipping firms

Traders of grain

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.