MIRA INFORM REPORT

Report No. :	316166
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	KOMURA CORPORATION

Registered Office :	3-9 Nishi-Yuge, Yao City, Osaka-Pref., 581-0035

Country :	Japan

Financials (as on) :	31.08.2014

Date of Incorporation :	March 1963

Com. Reg. No.:	1220-01-018430

Legal Form :	Limited Company

Line of Business :	Manufacturing of nursing care equipment & supplies : nursing care beds, electric elevating chairs, tables, mini tables, ups & downs tables, nursing carts, other (--100%)

No. of Employees :	76

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 & address

ENGLISH COMPANY NAME	KOMURA CORPORATION
Japanese company name	KK Komura Seisakujyo

Registered Office
1. Street Number and District	3-9 Nishi-Yuge, Yao City,
2. City and Perefecture	Osaka-Pref.
3. ZIP Code	581-0035
4. Country	JAPAN

TEL	072-949-0011
FAX	072-949-0009
URL	http://www.komura.co.jp
Email Address	thru the URL

Activities (Services & Products)	Mfg of nursing care equipment & supplies : nursing care beds, electric elevating chairs, tables, mini tables, ups & downs tables, nursing carts, other (--100%)



*SUMMARY OF REPORT*
Annual Sales (MM YEN)	1,998
Capital Amount (MM YEN)	64
Net Worth (MM YEN)	421
FINANCES	FAIR
TREND	UP
EMPLOYEES	76

OTHER INFORMATION FOLLOWS:
Year Started	1963
Year Registered	Mar 1963
Regs No.	1220-01-018430 (Osaka-Yao)
Legal Status:	Limited Company (Kabushiki Kaisha)

Major Shareholders(%)	Danish Capital (T. O. Nielsen) (100)
Number of Shareholders	7

Major shareholders (%):	Takashi Komura (33), Osaka Small & Medium Business
	Promotion & Investment Assn (23),		Hiroshi Komura (23), Taisuke Komura (8)

Authorized Shares (MM)	516,000
Issued Shares (MM)	129,000
Sum:	Yen 64.5 million

	Nothing detrimental is known as to the commercial morality of executives.
Executives
PRESIDENT	TAKASHI KOMURA
V President	Hiroshi Komura
dir	Makoto Ando
dir	Taisuke Komura
BRANCHES:	Nil
FACTORIES:	At the caption address

Main Banks
1	MUFG (Abenobashi-Nishi)
2	Bank of Nagoya (Osaka)
Relations	Satisfactory

Clients [Mfrs, wholesalers]
1	Nidek Co
2	Toto Ltd
3	OG Giken Co
4	Toyo Pending
5	Tiger Kawashima
6	Mutoh Industries
7	Carl Zeiss Meditech
8	Showa Boeki
9	Other

No. of accounts:	300
Domestic areas of activities:	Nationwide

Suppliers [Mfrs, wholesalers]
1	Hitachi Ltd
2	Nikkei Sangyo Co
3	Nikkoh Electronics Co,
4	Dainaga Co
5	The Pack Corp
6	Other

No. of accounts	200

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

Bank References:	Mizuho Bank (Ginza)
	MUFG (Ginza)
	Relations: Satisfactory
HIGHLIGHT and COMMENT	The subject company was established by father of Takashi Komura in order to make most of his experience in the subject line of business. This is a specialize mfr of nursing care beds, chairs, tables, nursing care carts, other. Tops in this line of business. Clients include medical institutions, nursing care homes, other.





FINANCIAL information	The sales volume for Mar/2014 fiscal term amounted to Yen 1,998 million, a 7.8% UP from Yen 1,852 million in the previous term. The recurring profit was posted at Yen 101 million and the net profit at Yen 51 million, respectively, compared with Yen million recurring profit and Yen 48 million net profit, respectively, a year ago. For the term that ended Mar 2015 the net profit was projected at Yen 52 million, respectively, on a 5 % side in turnover, to Yen 2,079 million. Final results are yet to be released. The financial situation is considered FAIR for ORDINARY business engagements. Max credit limit is estimated at Yen 23.8 million, on 30 days normal terms.













	Notes: Forecast (or estimated) figures for the 31/08/2015 fiscal term.

Terms Ending:	31/08/2015	31/08/2014	31/08/2013	31/08/2012
Annual Sales	2,079	1,998	1,852	1,960
Recur. Profit	..	101	79	114
Net Profit	52	51	48	54
Total Assets		2,143	2,174	1,974
Net Worth		421	376	336
Capital, Paid-Up		64	64	64
Div.P.Share(¥)		0.00
*<Analytical Data>*	(%)	(%)	(%)	(%)
S.Growth Rate	4.05	7.88	-5.51
Current Ratio		..	..	..
N.Worth Ratio		19.65	17.30	17.02
N.Profit/Sales	2.50	2.55	2.59	2.76

filename (English Title)
	Terms Ending:	31/08/2015	31/08/2014	31/08/2013	31/08/2012	31/08/2011	31/08/2010
	Annual Sales	2,079	1,998	1,852	1,960
	Recur. Profit	..	101	79	114	..
	Net Profit	52	51	48	54
	Total Assets		2,143	2,174	1,974
	Net Worth		421	376	336	-153	-153
	Capital, Paid-Up		64	64	64
	Div.P.Share(¥)		0.00
	*<Analytical Data>*	(%)	(%)	(%)	(%)	(%)	(%)
	S.Growth Rate	4.05	7.88	-5.51	#DIV/0!	#DIV/0!	#DIV/0!
	Current Ratio		..	..	..	..	..
	N.Worth Ratio		19.65	17.30	17.02	..	..
	N.Profit/Sales	2.50	2.55	2.59	2.76	#DIV/0!	#DIV/0!

		S/Hldrs' Equity		-51	-99	-153	-153
		Div or Taxes
		Offs' Bonus
		Current Assets
		Current Liabs
		Credit Limit	23.8

filename (Company Title)
	Terms Ending:		31/08/2015	31/08/2014	31/08/2013	31/08/2012	31/08/2011	31/08/2010
	Annual Sales		2,079	1,998	1,852	1,960
	Recur. Profit			101	79	114
	Net Profit		52	51	48	54
	Total Assets			2,143	2,174	1,974
	Current Assets			1,287	1,218	1,073
	Current Liabs			990	938	773
	Net Worth			421	376	336	(153)	(153)
	Capital, Paid-Up			64	64	64	90
	Div.P.Share(¥)				9.60	6.40
	*<Analytical Data>*		(%)	(%)	(%)	(%)	(%)	(%)
	S.Growth Rate		4.05	7.88	-5.51	0.72	..	..
	Current Ratio		..	130.00	129.85	138.81	..	..
	N.Worth Ratio		..	#REF!	17.30	21.33	..	..
	R.Profit/Sales		..	5.06	4.27	5.82	..	..
	N.Profit/Sales		2.50	2.55	2.59	2.76	#DIV/0!	#DIV/0!
	Return On Equity		..	#REF!	12.77	12.83	..	..

		L-Term Liabs
		S/Hldrs' Equity			(51)	(99)	(153)	(153)
		Div or Taxes
		Offs' Bonus
		Gross Profit
		Opera.Profit
		Credit Limit		#REF!

file_name (English Name)

FINANCES: (Consolidated in million yen)

Terms Ending:

31/03/2014

31/03/2013

IND/03/2014

INCOME STATEMENT

Annual Sales

Cost of Sales

GROSS PROFIT

Selling & Adm Costs

OPERATING PROFIT

Non-Operating P/L

RECURRING PROFIT

NET PROFIT

BALANCE SHEET

Cash

Receivables

Inventory

Securities, Marketable

Other Current Assets

TOTAL CURRENT ASSETS

Property & Equipment

Intangibles

Investments, Other Fixed Assets

TOTAL ASSETS

Payables

Short-Term Bank Loans

Other Current Liabs

TOTAL CURRENT LIABS

Debentures

Long-Term Bank Loans

Reserve for Retirement Allw

Other Debts

TOTAL LIABILITIES

MINORITY INTERESTS

Common stock

Additional paid-in capital

Retained earnings

Evaluation p/l on investments/securities

Others

Treasury stock, at cost

TOTAL S/HOLDERS` EQUITY

TOTAL EQUITIES

CONSOLIDATED CASH FLOWS

Terms ending:

31/03/2014

31/03/2013

31/03/2012

Cash Flows from Operating Activities

31,178

Cash Flows from Investment Activities

31,650

Cash Flows from Financing Activities

-94,276

Cash, Bank Deposits at the Term End

140,940

ANALYTICAL RATIOS Terms ending:

31/03/2014

31/03/2013

IND/03/2014

Net Worth (S/Holders' Equity)

Current Ratio (%)

#DIV/0!

Net Worth Ratio (%)

#DIV/0!

Recurring Profit Ratio (%)

#DIV/0!

Net Profit Ratio (%)

#DIV/0!

Return On Equity (%)

#DIV/0!

Notes: Audited by CPA. IND/xx/yyyy.. Non-consolidated figures for (xx month)/(yyyy year) term.

Current Sales

file_name (English Name)

Business

Terms Ending

Annual Sales*

R.Profit*

N.Profit*

S.Growth

Net Worth*

Results:

31/03/2011

(%)

(Consolidated)

31/03/2012

#DIV/0!

31/03/2013

#DIV/0!

31/03/2014

#DIV/0!

31/03/2015

#DIV/0!

0Forecast (or estimated) figures for *** term.

*..Unit: Million Yen

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.15
UK Pound	1	Rs.92.74
Euro	1	Rs.68.23

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.