MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	TASHIKA BOEKI SHOKAI K.K.
Registered Office :	1-12, Kaiyo-Cho, Ashiya-Shi, Hyogo Pref. 659-0035
Country :	Japan
Date of Incorporation :	03.04.1997
Com. Reg. No.:	1400-01-028293
Legal Form :	Private Company
Line of Business :	Trader of Industrial Equipment and Devices
No. of Employees :	3

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 :	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

TASHIKA BOEKI SHOKAI K.K.

OUTLINE

Country: Japan

Company name: TASHIKA BOEKI SHOKAI K.K.

Name in local language: TASHIKA BOEKI SHOKAI K.K.

Office address: 1-12, Kaiyo-cho, Ashiya-shi, Hyogo pref. 659-0035

Office tel: 0797-23-9035

Office fax: 0797-23-2105

Website: www.tashika.co.jp

Business type: Trader

Industry: Industrial equipment and devices

Established: April 3, 1997

Capital: Jp. 10,000,000 yen

Employees: 3

Corporate formation: Private

Corporation No.: 1400-01-028293 (Kobe 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 : n. a.

Mr. Rajesh Toshniwal, President, holds majority.

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

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

Trading Industrial equipment and devices

Trading Parts and components

COMPANY MANAGEMENT

President Mr. Rajesh Toshniwal

Nationality: India

Director Ms. Narini Toshniwal

Nationality: India

Director Mr. Kenji Fujiwara

Nationality: Japan

Auditor Ms. Tomomi Serizawa

Nationality: Japan

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

*Key Personnel*

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

Mr. Rajesh Toshniwal

President and representative director

Home address: 1-12, Kaiyo-cho, Ashiya-shi, Hyogo pref.

(This is also the registered address of the subject.)

FINANCIALS

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2007	100,000,000	10 ,000,000
2008	248,289,000	2,371,000
2009	351,173,000	1,732,000
2010	n. a.	n. a.
2011	n. a.	n. a.
2012	120,000,000	n. a.
2013	100,000,000	n. a.
2014	90,000,000	n. a.

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 : India State Bank, Ltd.

Branch : Osaka

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

Branch : Senba-chuo

Bank Name : Sumitomo Mitsui Banking Corp.

Branch : Sannomiya

*Credit Opinion*

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

The subject is a small-sized firm, of which main business is apparently exporting of industrial equipment and devices(mainly sensor and detector) from Japan to India.

Its website shows many products, but the latest sales looks small for the line-up of such products.

Net income data used to be disclosed in the middle of 2000s, but no longer after 2009.

Sales has been declining after it hit a peak for Mar. 2009 term despite a weaker currency.

The exact financial condition is not available due to non-disclosure of its financial statements.

It would be advisable to enter into any business under well-secured conditions.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

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

Trading of the following equipment, devices, parts and components:

- Temperature sensors, instruments and components

- Environmental protection instruments

- Optical instruments and components

- Others such as anti-theft security sensor, oxygen sensor for glass industry etc.

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

*Company History*

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

Date Development

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

April 1994 Started export business in Kobe City.

January 1995 Facility was damaged by The Great Hanshin Earthquake.

April 3, 1997 Incorporated at the following address:

M-1003, 29, Shin-ashiya-kami, Suita-shi, Osaka pref.

April 2004 Started import business from India to Japan.

February 2007 Founded “Tashika Boeki Pte. Ltd.

October 1, 2007 Relocated to the following address:

Okazaki Bldg. 6F., 3-1-3, Goko-dori, Chuo-ku, Kobe-shi, Hyogo pref.

December 15, 2011 Relocated to the current address.

TRADE REFERENCES

*Suppliers*

==========

Hayashi Denko Co., Ltd.

Okazaki Seisakusho Co., Ltd.

Shimaden Corp.

Figaro Giken Co., Ltd.

Import from:

India

Singapore

*Customers*

==========

Export to :

Mostly India

Domestic customers are not disclosed.

SUBSIDIARIES, JOINT-VENTURES & AFFILIATES

Company name: Tashika Boeki Pte. Ltd.

Country: Singapore

Status: Affiliate

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 :	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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