MIRA INFORM REPORT

Report Date :

13.09.2014

IDENTIFICATION DETAILS

Name :	DOHSUI CO LTD
Registered Office :	27-5 Toyokawacho Hakodate Hokkaido 040-0065
Country :	Japan
Financials (as on) :	31.03.2014
Date of Incorporation :	September 1947
Com. Reg. No.:	4400-01-001347
Legal Form :	Limited Company
Line of Business :	Import, wholesale of fish, marine products; cold storage operation; tuna farming; tuna set-net fishing
No. of Employees	45

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 and address

DOHSUI CO LTD

REGD NAME: KK Dohsui

MAIN OFFICE: 27-5 Toyokawacho Hakodate Hokkaido 040-0065 JAPAN　

Tel: 0138-22-7136 Fax: 0138-22-3777

URL: http://www.dohsui.co.jp/

E-mail: dohsui@dohsui.co.jp

ACTIVITIES

Import, wholesale of fish, marine products; cold storage operation;

tuna farming; tuna set-net fishing

BRANCHES

Tokyo, Sapporo, Sendai, Hakodate, Niigata, Nagoya

OVERSEAS

Pusan, Dalian, Seattle (USA)

FACTORIES

At the caption address

OFFICER(S)

MOTOHIRO TAKANO, PRES Minoru Karino, s/mgn dir

Tokusai Ryo, mgn dir Kiyotaka Hirakami, dir

Kinuyo Takano, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 16,834 M

PAYMENTSNO COMPLAINTS CAPITAL Yen 50 M

TREND STEADY WORTH Yen 1,601 M

STARTED 1947 EMPLOYES 45

COMMENT

MFG, IMPORT, WHOLESALE OF FISH, FISH PRODUCTS, TUNA FISHING

FARMS, NET SET FISHING OPERATIONS

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

HIGHLIGHTS

The subject company was established by Yozo Takano in order to make most of his experience in the subject line of business, as Hokkaido Suisan Seizo Co Ltd. Motohiro is his son. This is a trading firm, with mfg division, for import and wholesale of fish, marine products, other. Also engaged in tuna farming in Malta & Mexico, set-net fishing of tuna in Morocco; frozen & cold storage operations. In Nov 1994, participated in the set-net fishing operations in Morocco together with a subsidiary, Takano Trading Co Ltd. In May 1993 renamed as captioned.

FINANCIAL INFORMATION

The sales volume for Mar/2014 fiscal term amounted to Yen 16,834 million, a 20% up from Yen 14,031 million in the previous term. Sales of tune fish increased. Tuna fish faring, which started Jul 2011, started to be on full production and speed. The recurring profit was posted at Yen 316 million and the net profit at Yen 172 million, respectively, compared with Yen 167 million net profit a year ago.

For the current term ending Mar 2015 the recurring profit is projected at Yen 320 million and the net profit at Yen 180 million, respectively, on a 5% rise in turnover, to Yen 17,600 million.

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

REGISTRATION

Date Registered: Sept 1947

Regd No.: 4400-01-001347 (Hokkaido-Hakodate)

Legal Status: 　Limited Company (Kabushiki Kaisha)

Authorized: 　200,000 shares

Issued: 　100,000 shares

Sum: 　Yen 50 million

Major shareholders (%): Motohiro Takano (42), Noriko Takano (10)

No. of shareholders: 15

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

OPERATION

Activities: Manufactures, imports and wholesales: raw & frozen fish (tuna, cuttlefish, shellfish, herring) (--80%), processing of fish products (10%), real estate management & leasing (4%), warehousing (1%).

(Tuna farming): operates in Malta & Mexico

(Tuna set-net fishing operations): engaged in Morocco, which started in Nov 1994

(Fish & products handled): tuna, mackerel, salmon, trout, cuttlefish, shrimp, prawn, anchovies, salmonroe, herring roe, herring, other.

Clients: [Mfrs, wholesalers] Kanetomo Co, Seiho Shoji, The Union, Daiei Sangyo, Mitsubishi Corp, Itochu Fresh, Sapporo Chuo Suisan, Ishio Suisan, Tokan Boeki, Shiogama Suisan Shokuhin, Sanyu Suisan, Kyokuyo Co, Global Seafoods, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers [Mfrs, wholesalers] Seiho Shoji, Takano Trading, The Union, Nichimo Co, Toyo Reizo, Hakodate Uoichiba, Matatsu Suisan, Yamahon Sato Shoten, other.

Payment record: No complaints

Location: Business area in Hakodate, Hokkaido. Office premises at the caption address are owned and maintained satisfactorily.

Bank References:

Shoko Chukin Bank (Hakodate)

Mizuho Bank (Hakodate)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		31/03/2015	31/03/2014	31/03/2013	31/03/2012
Annual Sales		17,600	16,834	14,031	13,977
Recur. Profit		320	316		192
Net Profit		180	172	167	101
Total Assets			18,548	N/A	16,343
Current Assets			15,081		12,720
Current Liabs			10,667		9,828
Net Worth			1,601	1,434	1,267
Capital, Paid-Up			50	50	50
Div.P.Share(¥)			0.00	0.00	0.00
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		4.55	19.98	0.39	15.23
Current Ratio		..	141.38	..	129.43
N.Worth Ratio		..	8.63	..	7.75
R.Profit/Sales		1.82	1.88	..	1.37
N.Profit/Sales		1.02	1.02	1.19	0.72
Return On Equity		..	10.74	11.65	7.97

Notes: Financials are only partially disclosed for the 31/03/2013 fiscal term.

Forecast (or estimated) figures for the 31/03/2015 fiscal term

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.84
UK Pound	1	Rs.98.72
Euro	1	Rs.78.64

INFORMATION DETAILS

Analysis Done by :	SUB
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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.