MIRA INFORM REPORT

Report Date :

23.09.2014

IDENTIFICATION DETAILS

Name :	EMORI & CO LTD

Registered Office :	1-6-23 Keya Fukui 918-8003

Country :	Japan

Date of Incorporation :	April, 2013

Com. Reg. No.:	2100-01-015150 (Fukui-Fukui)

Legal Form :	Limited Company (Kabushiki Kaisha)

Line of Business :	Import, export, wholesale of chemicals, electronic materials, dyes & textile

No. of Employees :	196

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Japan

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

EMORI & CO LTD

REGD NAME: Emori Shoji KK

MAIN OFFICE: 1-6-23 Keya Fukui 918-8003 JAPAN

Tel: 0776-36-1133 Fax: 0776-36-4002

URL: http://www.emori.co.jp (of the parent, Emori Group Holdings Co Ltd)

E-Mail address: (thru the URL)

ACTIVITIES

Import, export, wholesale of chemicals, electronic materials, dyes & textile

BRANCHES

Tokyo, Osaka, Nagoya, Kanazawa, Toyama, Tsuruga, Utsunomiya, other (Tot 13)

OVERSEAS

Warsaw, Dusseldorf, Ho Chi Ming

OFFICERS

KIYOTAKA EMORI, PRES Norio Kurose, s/mgn dir

Yoshihide Chikugo, mgn dir Koichi Anraku, dir

Takae Aoki, dir Junji Wakumotor, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 219,187 M*

PAYMENTS UNKNOWN CAPITAL Yen 450 M

TREND UP WORTH Yen 22,532 M*

STARTED 2013 EMPLOYES 196

*.. All figures are of the parent, Emori Group Holdings

COMMENT

TRADING FIRM, OWNED BY EMORI GROUP HOLDINGS CO LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

The subject company was established originally in 1957 and was reorganized in 2005 when the firm went into the equity-owned company of Emori Group Holdings Co Ltd (See REGISTRATION). This is a trading firm specializing in import, export and wholesale of chemicals, electronic products, synthetic resins, dyes & textile chemicals, other. Has overseas offices in Russia, Vietnam and Germany. Goods are imported from and exported to worldwide destinations. Domestic clients include chemical makers, wholesalers, other.

FINANCIAL INFORMATION

Financials are not yet made available.

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is unable to be assessed due to the absence of proven business.

REGISTRATIOn

Date Registered: Apr 2013

Regd No.: 2100-01-015150 (Fukui-Fukui)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 3.6 million shares

Issued: 900,000 shares

Sum: Yen 450 million

Major shareholders (%): Emori Group Holdings Co Ltd* (100)

*.. Time-honored trading firm founded in 1906, Fukui, capital Yen 1,794 million, listed Tokyo S/E, sales Yen 219,187 million, operating profit Yen 5,743 million, recurring profit Yen 5,410 million, net profit Yen 3,323 million, total assets Yen 102,152 million, net worth Yen 22,532 million, employees 786, pres Kiyotaka Emori, concurrently

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

OPERATION

Activities: Trading firm for import, export and wholesale of chemicals, electronic-related materials, synthetic resins, dyes & textile chemicals, Information-related products, system development, information service, other (--100%)

Clients: [Mfrs, wholesalers] Emori Co (China), Panasonic Corp, Sharp Corp, Sanyo Chemical Ind, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toa Gosei Co, Renesas Electronics, Panasonic Corp, NTT Data, Sanken Electric, other

Payment record: Unknown

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

Bank References:

Fukui Bank (H/O)

Mizuho Bank (Toyama)

Relations: Satisfactory

FINANCES

(In Million Yen)

NOT DISCLOSED AND UNAVAILABLE

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.79
UK Pound	1	Rs.99.30
Euro	1	Rs.78.16

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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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