MIRA INFORM REPORT

Report Date :

12.07.2014

IDENTIFICATION DETAILS

Name :	E S ORION CO LTD

Registered Office :	6-19-22 Nishikawaguchi Kawaguchi Saitama-Pref 332-0021

Country :	Japan

Financials (as on) :	31.01.2014

Date of Incorporation :	March, 1981

Com. Reg. No.:	0300-01-073666 (Saitama-Kawaguchi)

Legal Form :	Limited Company (Kabushiki Kaisha)

Line of Business :	Export of packaging materials

No. of Employees :	3

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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 and address

E S ORION CO LTD

REGD NAME: KK E. S. Orion

MAIN OFFICE: 6-19-22 Nishikawaguchi Kawaguchi Saitama-Pref 332-0021 JAPAN

Tel: 048-255-6537

Fax: 048-255-6386

URL: N/A

ACTIVITIES

Export of packaging materials

BRANCHES

Nil

OVERSEAS

Hong Kong

OFFICERS

KIYOTADA HISAMOTO, PRES

Yen Amount

In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 200 M

PAYMENTS SLOW BUT CORRECT CAPITAL Yen 10 M

TREND UP WORTH Yen 56 M

STARTED 1981 EMPLOYES 3

COMMENT

EXPORTER OF PACKAGING MATERIALS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established by father of Kiyotada Hisamoto in order to make most of his experience in the subject line of business. This is a trading firm for export of packaging materials, other. Exports to its branch office in Hong Kong, and therefrom to China. .

FINANCIAL INFORMATION

Financials are disclosed only partially.

The sales volume for Jan/2014 fiscal term amounted to Yen 200 million, a 5% up from Yen 190 million in the previous term. Operations continued in the red to post Yen 3 million net profit for the term, compared with Yen 4 million net losses a year ago.

For the current term ending Jan 2015 the net profit is projected at Yen 5 million, on a 3% rise in turnover, to Yen 205 million.

The financial situation is considered FAIR and good for ORDINARY business engagements.

REGISTRATION

Date Registered: Mar 1981

Regd No.: 0300-01-073666 (Saitama-Kawaguchi)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 80,000 shares

Issued: 20,000 shares

Sum: Yen 10 million

Major shareholders (%): Hikaru Hisamoto (41), Tohru Hisamoto (24), other

No. of shareholders: 4

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

OPERATION

Activities: Exports packaging materials (100%)

Clients: [Mfrs, wholesalers] Exports to Hong Kong, other

No. of accounts: Unavailable

Domestic areas of activities: Centered in Saitama-Pref

Suppliers: [Mfrs, wholesalers] Nippon Seisen Co, DIC Corp, Sumitomo 3M, Unitika Corp, other

Payment record: Slow but correct

Location: Business area in Saitama. Office premises at the caption address are owned and maintained satisfactory.

Bank References:

Mizuho Bank (Kawaguchi)

Takinogawa Shinkin Bank (Toda)

Relations: Satisfactory

FINANCES (In Million Yen)

Terms Ending:	31/01/2015	31/01/2014	31/01/2013	31/01/2012
Annual Sales	205	200	190	170
Recur. Profit	..	..	..	..
Net Profit	5	-3	-4	5
Total Assets		N/A	N/A	N/A
Net Worth		56	53	49
Capital, Paid-Up		10	10	10
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	2.50	5.26	11.76	-14.14
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	2.44	-1.50	-2.11	2.94

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/01/2015 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NNA

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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