MIRA INFORM REPORT

Report Date :

24.07.2014

IDENTIFICATION DETAILS

Name :	MAIDO CORPORATION

Registered Office :	8-3-10 Isogamidori Chuoku Kobe 651-0086

Country :	Japan

Financials (as on) :	30.11.2013

Date of Incorporation :	December 2003

Com. Reg. No.:	1400-01-023216

Legal Form :	Limited Company

Line of Business :	Export of industrial chemicals

No. of Employees	06

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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

MAIDO CORPORATION

REGD NAME: KK Maido

MAIN OFFICE: 8-3-10 Isogamidori Chuoku Kobe 651-0086 JAPAN

Tel: 078-200-3520 Fax: 078-200-3521

URL: http://wwc.maidocorp.jp

Mail-Address: sales@maidocorp.jp

ACTIVITIES

Export of industrial chemicals

BRANCHES

Nil

OFFICERS

KAZUHIRO TAKASHIMA, PRES

Akiko Tatekawa, dir

Hitoaki Sasaki, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES R/WEAK A/SALES Yen 1,560 M

PAYMENTSSLOW BUT CORRECT CAPITAL Yen 10 M

TREND UP WORTH Yen 94 M

STARTED 2003 EMPLOYES 6

COMMENT

TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS.

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established by father of Kazuhiro Takashima in order to make most of his experience in the subject line of business. Kazuhiro Takashima took the pres office in Aug 2011. This is a trading firm for export of industrial chemicals, rubber chemicals, other. Exports to USA, Europe, Oceania, S/E Asia, other. Goods are supplied from major chemical mfrs.

FINANCIAL INFORMATION

Financials are only partially disclosed.

The sales volume for Nov/2013 fiscal term amounted to Yen 1,560 million, a shade up from Yen 1,550 million in the previous term. The net profit was posted at Yen 6 million, compared with Yen 5 million a year ago.

For the current term ending Nov 2014 the net profit is projected at Yen 7 million, on a 3% rise in turnover, to Yen 1,600 million.

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.

REGISTRATION

Date Registered: Dec 2003

Regd No.: 1400-01-023216 (Kobe-Chuoku)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 800 shares

Issued: 200 shares

Sum: Yen 10 million

Major shareholders (%): Kazuhiro Takahashi (60), Akiko Tatekawa (40)

No. of shareholders: 2

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

OPERATION

Activities: Exports industrial chemicals, rubber chemicals, pigments, textiles, electronic products, optical goods, feed, pharmaceuticals, reagents, other (--100%)

Clients: [Mfrs, wholesalers] Exports to USA, Europe, Oceania, S/E Asia, other

No. of accounts: Unavailable

Domestic areas of activities: Centered in greater-Osaka

Suppliers: [Mfrs, wholesalers] Mitsubishi Chemical, Mitsui Chemical, Daicel Chemical Ind, Sanyo Chemical Ind, Asahi Electric Ind, other

Payment record: Slow but correct

Location: Business area in Kobe. Office premises at the caption address are leased and maintained satisfactorily.

Bank References:

SMBC (Kobe)

Minato Bank (H/O)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:	30/11/2014	30/11/2013	30/11/2012	30/11/2011
Annual Sales	1,600	1,560	1,550	1,550
Recur. Profit	..	..	..	..
Net Profit	7	6	5	5
Total Assets		N/A	N/A	N/A
Net Worth		94	88	83
Capital, Paid-Up		10	10	10
Div.P.Share(¥)		0.00	0.00	0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	2.56	0.65	0.00	-3.13
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	0.44	0.38	0.32	0.32

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 30/11/2014 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.18
UK Pound	1	Rs.102.68
Euro	1	Rs.81.03

INFORMATION DETAILS

Analysis Done by :	SUM

Report Prepared by :	NIS

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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