MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	MASA CORPORATION
Registered Office :	PMO Nihonbashi-Ohdenma-Cho 9F., 6-8, Nihonbashi-Ohdenma-Cho, Chuo-Ku, Tokyo 103-0011
Country :	Japan
Date of Incorporation :	05.10.2007
Com. Reg. No.:	0100-01-12671
Legal Form :	Private Company
Line of Business :	Trader of GPS Measuring Device
No. of Employees :	15

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 :	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

OMPANY NAME

MASA CORPORATION

OUTLINE

Country: Japan

Company name: MASA CORPORATION

Name in local language: MASA, K.K.

Office address: PMO Nihonbashi-ohdenma-cho 9F., 6-8, Nihonbashi-ohdenma-cho,

Chuo-ku, Tokyo 103-0011

Office tel: 03-3662-5290

Office fax: 03-3662 2802

Website: www.masa.co.jp

Business type: Trader

Industry: Measuring devices

Established: October 5, 2007

Capital: Jp. 28,000,000 yen

Employees: 15

Corporate formation: Private

Corporation No.: 0100-01-126714 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

Paid in capital : Jp. 28,000,000 yen

Number of authorized shares : 2,000 shares

Shares issued : 560 shares

Number of shareholder : 2

Name of shareholders Number of shares (%)

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

Mr. Masashi Suenaga, president 420 shares (75.0)

Ms. Chieko Suenaga 140 shares (25.0)

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

Total 560 shares (100.0)

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

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

Trading GPS measuring device

COMPANY MANAGEMENT

President Mr. Masashi Suenaga

Nationality: Japan

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

*Key Personnel*

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

Mr. Masashi Suenaga

President and representative director since its establishment

Born on November 12, 1948

Business career:

Apr. 1971: Employed by Toshiba Corporation

1995: Chief engineer at Space Project

1998: Invented a hybrid system for mobile satellite broadcasting system and became a director of Mobile Broadcasting Corp.

October 5, 2007: Founded the subject as the president after retiring the above firm.

Home address: Waterrace Tower Residence, 2-101, Kanda-awaji-cho, Chiyoda-ku, Tokyo 101-0063

FINANCIALS

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2008	0	loss 9,475,000
2009	326,902,000	44,928,000
2010	304,027,000	15,896,000
2011	270,000,000	15,000,000
2012	280,000,000	8,000,000
2013	471,559,000	34,635,000

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 : Asahi Shinkin Bank

Branch : Toshima-cho

Bank Name : Mizuho Bank, Ltd.

Branch : Zushi

Bank Name : Sumitomo Mitsui Banking Corp.

Branch : Ningyo-cho

*Credit Opinion*

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

The subject is a Tokyo-based small-sized venture business founded by Mr. Masashi Suenaga, who used to work for Space Project at Toshiba Corporation.

The name of MASA comes from “Media And Space Adventure.”

The distance-measuring devices invented by him is for self-players of golf, utilizing GPS.

Business seems to be growing successfully so far.

The personal background is clear, but financial sponsor is not.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

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

Development, out-sourcing and sales of the following devices:

- GPS measuring devices

Registered trademark: GreenOn, GPS Caddie

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

The quoted phone number belongs to the subject, too.

*Company History*

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

Date Development

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

October 5, 2007 Incorporated at the following address:

5-14-7, Numama, Zushi-shi, Kanagawa pref. 249-0004

July 7, 2009 Relocated to the following address:

3-9-2, Iwamoto-cho, Chiyoda-ku, Tokyo

February 2, 2011 Relocated to the current address.

TRADE REFERENCES

*Suppliers*

==========

Import from:

- Taiwan(80%)

- R.O.K.

- China

*Customers*

==========

Osawa Shokai Co., Ltd. and its group companies

Victoria Inc.

Yuhga-en Golf Co., Ltd.

Yodobashi Camera Co., Ltd.

Bic Camera Co., Ltd.

Kaga Sprots Inc.

Local golf shops

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 :	RAS
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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