MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	TOEI TECHNOLOGY CORPORATION
Registered Office :	2-25-12, Den-en-chofu, Ota-ku, Tokyo 145--0071
Country :	Japan
Date of Incorporation :	24.01.2005
Com. Reg. No.:	0108-02-018849
Legal Form :	Private
Line of Business :	Trader of Toner Cartridge.
No. of Employee :	01

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 :	Unknown
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

TOEI TECHNOLOGY CORPORATION

OUTLINE

========

Country: Japan

Company name: TOEI TECHNOLOGY CORPORATION

Name in local language: TOEI TECHNOLOGY Y.K.

Office address: 2-25-12, Den-en-chofu, Ota-ku, Tokyo 145--0071

Office tel: 03-5483-8858

Website: www.toeicorp.cp.jp

Business type: Trader

Industry: Toner cartridge

Established: January 27, 2005

Capital: Jp. 3,000,000 yen

Employees: 1

Corporate formation: Private

Corporation No.: 0108-02-018849 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

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

Paid in capital : Jp. 3,000,000 yen

Number of authorized shares : 60 shares

Shares issued : 60 shares

Number of shareholder : n. a.

Ms. Juri Azuma, the representative director, and Mr. Hiroshi Azuma, director, hold majority. (estimated)

DETAILED PRODUCT CLASSFICATION & ACTIVITY

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

Activity Product/Service Description

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

Trading Toner cartridge

COMPANY MANAGEMENT

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

President Ms. Juri Azuma

Nationality: N. A.

Director Mr. Hiroshi

Nationality: Japan

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

*Key Personnel*

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

Ms. Juri Azuma

President and representative director

Business career:

July 1, 2005: Became the representative director of the subject.

Home address: 2-2-5-12, Den-en-chofu, Ota-ku, Tokyo 145-0071

(Same as that of the registered address)

FINANCIALS

===========

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2008	300,000,000	n. a.
2009	301,000,000	n. a.
2010	303,000,000	n. a.
2011	299,000,000	n. a.
2012	305,000,000	n. a.
2013	310,000,000	n. a.

FINANCIAL DESCRIPTION

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

*Book Closing*

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

December 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 : Mita-dori

*Credit Opinion*

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

The subject is a Tokyo-based firm specializing in trading toner cartridge with nine-year business history.

Sales has been almost flat without disclosing net income data.

The address, Den-en-chofu, is one the prestigious residential areas in Tokyo, which usually may

not be suitable for such business though it’s a free country.

The shareholders’ equity does not look sound enough though its sales has been constant.

Its website does not show anything important in terms of financials.

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

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

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

*Main Products & Services*

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

Trading of toner cartridge.

The articles of incorporation shows that the business plans of the subject are 18 different business of trading from consumer goods to industrial equipment.

Our local investigation has found that the current business is only toner cartridge.

ORGANIZATION STRUCTURE

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

*Address*

=========

Registered address is the same as the operational address.

The address is also the residence of the business owner.

*Company History*

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

Date Development

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

January 27, 2005 Incorporated.

TRADE REFERENCES

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

*Suppliers*

==========

Local firms doing crushing and milling work of cartridge

Local manufacturers of toner cartridge

Any specific names of suppliers have not been provided.

*Customers*

==========

Hashimoto Shokai Co., Ltd.

Recycle firms of cartridge at home and abroad.

Overseas business counterparts:

China

Singapore

Indonesia

U.S.A.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

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%)

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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.