MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	TOYO KITCHEM TRADING CO., LTD.
Registered Office :	C/o Toyo Kitchen Style Co., Ltd., 2-21, Issha, Meito-ku, Nagoya-shi, Aichi pref. 465-8670
Country :	Japan
Date of Incorporation :	21.06.2004
Com. Reg. No.:	1800-01-054412
Legal Form :	Private Company
Line of Business :	Trader of Kitchen Utensils and Other Related Products.
No. of Employee :	1

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$ 70,000
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

TOYO KITCHEM TRADING CO., LTD.

OUTLINE

Country: Japan

Company name: TOYO KITCHEN TRADING CO., LTD.

Name in local language: TOYO KITCHEN TRADING K.K.

Office address: c/o Toyo Kitchen Style Co., Ltd., 2-21, Issha, Meito-ku, Nagoya-shi,

Aichi pref. 465-8670

Office tel: 052-709-0189

Business type: Trader

Industry: Kitchen utensils and other related products

Established: June 21, 2004

Capital: Jp. 10,000,000 yen

Employees: 1

Corporate formation: Private

Corporation No.: 1800-01-054412 (Nagoya 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

Mr. Takao Watanabe, president, holds 100 percent.

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

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

Trading Kitchen utensils and other related products

COMPANY MANAGEMENT

President Mr. Takao Watanabe (president of Toyo Kitchen Style Co., Ltd.)

Nationality: Japan

Director Ms. Nobuko Watanabe

Nationality: Japan

Director Mr. Hidetsugu Watanabe

Nationality: Japan

Director Ms. Sayako Watanabe

Nationality: Japan

Auditor Mr. Toshio Hirata

Nationality: Japan

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

*Key Personnel*

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

Mr. Takao Watanabe

President and representative director since its establishment

Born on January 2, 1948

Education: Graduated from a foreign university

Other responsibility: Representative director and president of Toyo Kitchen Style Co., Ltd.

Home address: 7-30, Minami-yama-cho, Showa-ku, Nagoya-shi, Aichi 466-0835

FINANCIALS

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2009	559,000,000	7,691,000
2010	372,000,000	3,281,000
2011	639,000,000	33,687,000
2012	746,000,000	49,074,000
2013	821,000,000	42,025,000
2014	987,000,000	29,002,000

FINANCIAL DESCRIPTION

*Book Closing*

May 31st

*Financials*

==========

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

*Bank Details*

Bank Name : Ohgaki-Kyoritsu Bank, Ltd.

Branch : Nagoya

Bank Name : Juroku Bank, Ltd.

Branch : Nagoya business banking department

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

Branch : Gifu

*Credit Opinion*

The subject has been acting as a purchasing agent for Toyo Kitchen Style Co., Ltd., of which profile is as follows:

Address: 2-21, Issha, Meito-ku, Nagoya-shi, Aichi (same as that of the subject)

Start of business: December 1934

Date of incorporation: March 27, 1945

Main business: Manufacture and sales of system kitchen, bathroom unit, kitchen utensils and other construction materials(almost same as that of the subject)

Annual sales: JPY 5,200 million (as of March 31, 2014)

Number of employees: 258

Business network: Running two factories in Gifu Prefecture and 25 business offices including three abroad.

The subject can be regarded as the same business entity as that of the above company, headed by Mr. Takao Watanabe.

The business of the subject seems to have taken off in 2011.

Negative factors are not observed in particular at present.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

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

Import, export and sales of the following products, as well as the following insurance agency:

1. Home use interior items, kitchen utensils and other interior items.

2. System kitchen, bathroom unit and other related items.

3. Flooring materials, doors, furniture, stainless and aluminum products for construction.

4. Steel materials and special steel products.

5. Non-life insurance agency

6. Car insurance agency

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

*Company History*

Date Development

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

June 21, 2004 Incorporated.

TRADE REFERENCES

*Suppliers*

==========

Pro Steel Inc.

Sastec Corp.

Suppliers in Italy

Suppliers in Switzerland

Suppliers in Germany

*Customers*

==========

Toyo Kitchen Style Co., Ltd. (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	SUM
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%)

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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.