MIRA INFORM REPORT

Report Date :

09.07.2014

IDENTIFICATION DETAILS

Name :	ACE MEDICAL CORPORATION

Registered Office :	1-257 Koki-Higashi Komaki Aichi-Pref 485-0059

Country :	Japan

Date of Incorporation :	October 1985

Com. Reg. No.:	1800-02-068408

Legal Form :	Private Limited Company

Line of Business :	Manufacturing of Medical Beds

No of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Japan

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

ACE MEDICAL CORPORATION

REGD NAME

YK Ace Medical

MAIN OFFICE

1-257 Koki-Higashi Komaki Aichi-Pref 485-0059 JAPAN

Tel: 0568-72-7514

Fax: 0568-72-7530

URL: http://www.acemedical.net

E-Mail address: info@acemedical.net

ACTIVITIES

Mfg of medical beds

BRANCHES

Nil

FACTORIES

At the caption address

OFFICERS

MINORU NAKASHIMA, PRES

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 80 M

PAYMENTSNO COMPLAINTS CAPITAL Yen 3 M

TREND SLOW WORTH Yen 50 M

STARTED 1985 EMPLOYES 3

COMMENT

MFR OF MEDICAL BEDS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established by Minoru Nakashima in order to make most of his experience in the subject line of business. This is a specialized mfr of medical beds, for blood sampling, dialysis, nursing-care, other. Clients include blood centers in each prefecture/town.

FINANCIAL INFORMATION

Financials are only partially disclosed.

The sales volume for July/2013 fiscal term amounted to Yen 80 million, a 7% down from Yen 86 million in the previous term. The net profit was posted at Yen 9 million, compared with Yen 3 million a year ago.

For the current term ending July 2014 the net profit is projected at Yen 5 million, on a 6% rise in turnover, to Yen 85 million.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1.3 million, on 30 days normal terms.

REGISTRATION

Date Registered: Oct 1985

Regd No.: 1800-02-068408 (Aichi-Komaki)

Legal Status: Private Limited Company (Yugen Kaisha)

Paid-in Capital: Yen 3 million

Major shareholders (%): Minoru Nakashima, Reiko Nakashima (--100)

No. of shareholders: 2

Nothing detrimental is known as to the commercial morality of executives.

OPERATION

Activities: Manufactures medical beds (wooden) for: blood sampling, dialysis, nursing-care, other, also wholesales sporting goods (except apparel & shoes), other (--100%)

Clients: [Mfrs, wholesalers] JMS, Blood Centers of prefectures/cities, towns, other

No. of accounts: Unavailable

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Bridgestone Sports, Tachietsu Parts Co, other

Payment record: No Complaints

Location: Business area in Komaki, Aichi-Pref. Office premises at the caption address are owned and maintained satisfactorily.

Bank References

Ichi Shinkin Bank (Komaki-Kita)

Juroku Bank (Inuyama)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	31/07/2014	31/07/2013	31/07/2012	31/07/2011
Annual Sales	85	80	86	88
Recur. Profit	..	..	..	..
Net Profit	5	9	3	3
Total Assets		N/A	N/A	N/A
Net Worth		50	41	38
Capital, Paid-Up		3	3	3
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)
S.Growth Rate	6.25	-6.98	-2.27	10.00
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	5.88	11.25	3.49	3.41

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/07/2014 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.107.42
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SHG

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.