MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	AMCO INC.
Registered Office :	4-8-7, Iidabashi, Chiyoda-ku, Tokyo 102-0072
Country :	Japan
Date of Incorporation :	18.01.1951
Com. Reg. No.:	0100-01-010255
Legal Form :	Private Company
Line of Business :	Trader of Medical Instruments and Physical & Chemical Appliances.
No of Employees :	151

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. 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

AMCO INC.

OUTLINE

========

Country : Japan

Company name : AMCO INC.

Name in local language : AMCO, K.K.

Office address : 4-8-7, Iidabashi, Chiyoda-ku, Tokyo 102-0072

Office tel : 03-3265-4262

Office fax : 03-3265-4467

Website : www.amco.co.jp

Business type : Trader

Industry : Medical instruments and physical & chemical appliances

Established : January 18, 1951

Capital : Jp. 84,240,000 yen

Employees : 151

Corporate formation : Private

Corporation No. : 0100-01-010255 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

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

Paid in capital : Jp. 84,240,000 yen

Number of authorized shares : 3,600,000 shares

Shares issued : 1,684,800 shares

Number of shareholder : 30

Name of shareholders Number of shares (%)

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

Mr. Yoichiro Sakata, former president 247,320 shares (14.7)

Mr. Akihiro Koshikawa, president 150,000 shares ( 8.9)

Mr. Makoto Ishihara, managing director 132,610 shares ( 7.9)

Mr. Seiji Yamada, ditto 94,000 shares ( 5.6)

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

Total 623,930 shares (37.0)

DETAILED PRODUCT CLASSFICATION & ACTIVITY

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

Activity Product/Service Description

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

Trading Medical instruments

Trading Physical and chemical appliances

COMPANY MANAGEMENT

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

President Mr. Akihiro Koshikawa

Nationality: Japan

Director Mr. Teruo Hayashi

Nationality: Japan

Director Mr. Kenzo Watanabe

Nationality: Japan

Director Mr. Morio Yamazaki

Nationality: Japan

Director Mr. Toru Hiroishi

Nationality Japan

Auditor Mr. Yukio Uchiyama

Nationality: Japan

Auditor Mr. Kimiyoshi Aizawa

Nationality: Japan

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

*Key Personnel*

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

Mr. Akihiro Koshikawa

President and representative director

Born on November 19, 1954

Business career:

August 1, 2011: Representative director and president of the subject.

Home address: 1-20-6-1002, Higashi-ayase, Adachi-ku, Tokyo

FINANCIALS

===========

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2008	6,743,054,000	167,623,000
2009	6,874,864,000	128,995,000
2010	6,986,080,000	214,274,000
2011	7,717,679,000	346,255,000
2012	8,098,248,000	342,805,000
2013	8,867,305,000	524,502,000

FINANCIAL DESCRIPTION

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

*Book Closing*

July 31st

*Financials*

==========

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

*Bank Details*

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

Bank Name : Mizuho Bank, Ltd.

Branch : Iidabashi

Bank Name : Sumitomo Mitsui Banking Corp.

Branch : Ueno

Bank Name : Resona Bank, Ltd.

Branch : Kagurazaka

*Credit Opinion*

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

The subject is a Tokyo-based long-standing firm specializing in marketing medical instruments and physical & chemical appliances with 63-year business history.

A successful growth has continued since July 2007 term at least.

Although the exact financial condition is not available due to non-disclosure of its financial statements, there would be a certain amount of retained earnings.

Negative factors are not observed in particular at present except for a weaker currency for imported equipment.

Our standard suggestion would be up to US$ 2 million on terms of 90 days.

LOCAL BRANCHES & MANAGEMENT

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

Branch name: Osaka branch

Branch address: 2-2-13, Shima-machi, Chuo-ku, Osaka-shi, Osaka

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

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

Branch name: Chubu branch

Branch address: 17-17, Higashi-osone-cho, Higashi-ku, Nagoya-shi, Aichi

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

Branch name: Fukuoka branch

Branch address: 3-16-22, Higashi-hie, Hakata-ku, Fukuoka-shi, Fukuoka

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

Branch name: Sapporo branch

Branch address: 4-2-25, Kita 10-jo-higashi, Higashi-ku, Sapporo-shi, Hokkaido

Two other local sales offices are in Sendai and Hiroshima cities

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

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

*Main Products & Services*

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

Trading of the following medical instruments and physical & chemical appliances:

Operating Room: Operating Theater...

Electro Surgical Generators

Surgical Lighting Systems

Surgical Tables

Surgical Instruments

Trocars

Endoscopic Anti-Fog

Ultrasonic Aspirators

Pressure Care Devices

Xenon Head Lights

Retractors

Manual Manipulators

Abdominal Insufflators

Instrument Insulation Checkers

Cooling Bandages

Sharps Safety Boxes

Instrument Guards

Blade Removers

Disposable Light Handle cover

Endoscopic Positioner

Surgical Smoke Evacuation System

LED Headlight

Suction Irrigation

Patient Positioning

Percutaneous Ratcheting Grasper/Retractor

Surgical Eyewear

Gastroenterological Endoscopy...

Telemed Endoscope Accessories

Balloon Dilators

Confocal Laser Endomicroscope

Hematology...

Osmometers

Pressure Infusors

Program Freezers

Diagnostics & Urology…

Ultrasound Scanners

Urodynamics Systems

Uroflowmeters

Urine Collection Bags

TRUS-MR Fusion Targeted Biopsy

Others...

Oxygen Saturation Monitors

Mercury Manometers

Asthma Spacer

Hemoglobin Measuring Systems

Biological Indicators

Medical Simulation Training System

FACTORY FACILITIES & MANUFACTURING CAPABILITIES

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

One logistics center: 4-3-1, Rinkai-cho, Edogawa-ku, Tokyo

ORGANIZATION STRUCTURE

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

*Address*

=========

Registered address is the same as the operational address.

The quoted phone number,81-3-3265-4261, is for General Affairs Department of the subject.

*Company History*

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

Date Development

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

January 18, 1951 Incorporated.

TRADE REFERENCES

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

*Suppliers*

==========

Erbe Elektromodizin K.K.(35%)

Konica Minolta, Inc.

Fresenius-Kabi Japan K.K.

Integra Inc.

Aspen Corp.

Steris Corp.

The subject introduces itself as follows, too:

Quote:

Our past footprints...

We have represented products and technologies from these and other leading companies in the Japanese market. We helped them establish the basis of their current business activity in Japan.

Boston Scientific

CIRCON-ACMI

Cobe Laboratories

Computer Motions

Datex

Innerdyne

Ohmeda

Organon Teknika B.V

Puritan-Bennett

Ultracision (Harmonic Scalpel)

Valleylab

Vitek Systems

Unquote:

*Customers*

==========

National University Hospitals and Institutes

Medical College Hospitals

National Medical Centers

General Hospitals

Japanese Red Cross Blood Centers

Pharmaceutical Companies

Biochemical Companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

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.