MIRA INFORM REPORT

Report No. :	315785
Report Date :	13.04.2015

IDENTIFICATION DETAILS

Name :	MALROB-CHEMIPLUS LIMITED
Registered Office :	Nihonbashi Kaomicho Bldg 2f 1-29-4 Nihombashi, Kaomicho Chuo-Ku, Tokyo 103-0014
Country :	Japan
Financials (as on) :	30.09.2014
Date of Incorporation :	May 2006
Com. Reg. No.:	0100-01-142864
Legal Form :	Limited Company
Line of Business :	Import/ Wholesale of specialty chemicals and services within the chemical industry.
No. of Employees :	8

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 & address

ENGLISH COMPANY NAME	MALROB-CHEMIPLUS LIMITED
Japanese company name	KK Malrob Chemiplus (Kabushiki Kaisha)
	*it used be KK Malrob Japan
Registered Office
1. Street Number and District	NIHONBASHI KAOMICHO BLDG 2F 1-29-4 NIHOMBASHI
	KAOMICHO CHUO-KU
2. City and Perefecture	Tokyo
3. ZIP Code	103-0014
4. Country	JAPAN
	*moved to the caption address.
TEL	03-6231-1361
FAX	03-6231-1368
URL	www.melrob-chemiplus.com
Email Address	thru the URL
Activities (Services & Products)	Import/ Wholesale of specialty chemicals and services within the chemical industry.
SUMMARY OF REPORT
Annual Sales (MM YEN)	4,043
Capital Amount (MM YEN)	58
Net Worth (MM YEN)	135
FINANCES	FAIR
TREND	UP
EMPLOYEES	8
OTHER INFORMATION FOLLOWS:
Year Started	2006
Month and Year Registered	May 2006
Regd No.	0100-01-142864
Major Shareholders
1	Marlob Limited UK (100%)
Number of Shareholders	1
Authorized Shares	10,000
Issued Shares	2,100
Executives
PRESIDENT	SATOSHI KATO
dir	Ian Paul Meisch
dir	Martin Ibbotson
Main Banks
1	Mizuho (Ogikubo)
2	Higanshinihon (H/O)
Relations	Satisfactory
Clients
1	Merlob Limited
2	PPG Industries
3	Merlob Europe
4	Other
Suppliers
1	Merlob Limited
2	NIPPON SHOKUBAI CO., LTD
3	Others
Branches
1	None
Factories
1	None
Overseas
1	Singapore
2	China
3	UK
4	Germany
HIGHLIGHT and COMMENT	Melrob-Chemiplus is the merger of Melrob Japan and Chemiplus Corporation. Both companies had similar beginnings working in partnership with Japanese chemical manufacturers for specific export markets. Chemiplus was established in 1988 and Melrob Japan more recently in 2007. Each company quickly established sales in North America, Europe, Asia and China. More recently both have focused on successfully developing sales in Japan. Their respective product portfolios are highly complimentary. Their sales activity is very much that of product and industry specialists meeting customer needs. Utilising this knowledge we source products from a wide cross section of chemical producers for the Japanese market. Likewise their export sales continue to grow where they work with our Melrob Europe colleagues. The Asian market is serviced through our offices in Japan, Singapore and China.
FINANCIAL INFORMATION	Finance partially disclosed
	Financials are disclosed only partially. The sales volume for Mar/2014 fiscal term amounted to Yen 4,043 million, a 35.6% up from Yen 2,980 million in the previous term. The recurring profit was posted at Yen 19 million and the net profit at Yen 11,6 million, respectively, compared with Yen 37 million recurring profit and Yen 16,8 million net profit, respectively, a year ago. For the term that ended Mar 2015 the recurring profit was projected at Yen 20 million and the net profit at Yen 12,17 million, respectively, on a 5% rise in turnover, to Yen 4,245 million. Final results are yet to be released. The financial situation is considered FAIR and good for ORDINARY business engagements.
Note: Forecast (or estimated) figures for the 30/09/2015 fiscal term
Terms Ending:	30/09/2015	30/09/2014	30/09/2013	30/09/2012
Annual Sales	4.245	4,043	2,980	2,781
Recur. Profit	20	19	37	19
Net Profit	12,17	11,6	16,8	16,7
Total Assets		668	603	615
Net Worth		135	29	12
Capital, Paid-Up
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)
S.Growth Rate	-99.90	35.67	7.16
Current Ratio		..	..	..
N.Worth Ratio		20.21	4.81	1.95
N.Profit/Sales

FILENAME (ENGLISH TITLE)
					30/09/2011	30/09/2010
					..
					#VALUE!	#VALUE!
					(%)	(%)
					#DIV/0!	#DIV/0!
					..	..
					..	..
					#DIV/0!	#DIV/0!
	S/Hldrs' Equity		#VALUE!	#VALUE!	#VALUE!	#VALUE!
	Div or Taxes
	Offs' Bonus
	Current Assets
	Current Liabs
	Credit Limit	0.1

FILENAME (COMPANY TITLE)
	Terms Ending:		31/09/2015	31/09/2014	31/09/2013	31/09/2012	31/09/2011	31/09/2010
	Annual Sales		4.245	4,043	2,980	2,781
	Recur. Profit			19	37	19
	Net Profit			11,6	16,8	16,7
	Total Assets			668	603	615
	Current Assets			579	502	338
	Current Liabs			248	282	363
	Net Worth			135	29	12	#VALUE!	#VALUE!
	Capital, Paid-Up			100	100	100	90
	Div.P.Share(¥)			0.00	0.00	0.00
	<Analytical Data>		(%)	(%)	(%)	(%)	(%)	(%)
	S.Growth Rate		-99.90	35.67	7.16	..	..	..
	Current Ratio		..	233.47	178.01	93.11	..	..
	N.Worth Ratio		..	20.21	4.81	1.95	..	..
	R.Profit/Sales		..	0.47	1.24	0.68	..	..
	N.Profit/Sales		0.00	#VALUE!	#VALUE!	#VALUE!	#DIV/0!	#DIV/0!
	Return On Equity		..	#VALUE!	..	..	#VALUE!	#VALUE!
		L-Term Liabs
		S/Hldrs' Equity			#VALUE!	#VALUE!	#VALUE!	#VALUE!
		Div or Taxes
		Offs' Bonus
		Gross Profit
		Opera.Profit
		Credit Limit		0.1

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		0	0	0
	Selling & Adm Costs
	OPERATING PROFIT		0	0	0
	Non-Operating P/L
	RECURRING PROFIT		0	0	0
	NET PROFIT
BALANCE SHEET
	Cash
	Receivables
	Inventory
	Securities, Marketable
	Other Current Assets		0	0	0
	TOTAL CURRENT ASSETS
	Property & Equipment
	Intangibles
	Investments, Other Fixed Assets		0	0	0
	TOTAL ASSETS
	Payables
	Short-Term Bank Loans
	Other Current Liabs		0	0	0
	TOTAL CURRENT LIABS
	Debentures
	Long-Term Bank Loans
	Reserve for Retirement Allw
	Other Debts		0	0	0
	TOTAL LIABILITIES
	MINORITY INTERESTS				..
	Common stock
	Additional paid-in capital
	Retained earnings
	Evaluation p/l on investments/securities
	Others		0	0	0
	Treasury stock, at cost
	TOTAL S/HOLDERS` EQUITY
	TOTAL EQUITIES		0	0	0
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)	0	0	0
		Current Ratio (%)	#DIV/0!	#DIV/0!	#DIV/0!
		Net Worth Ratio (%)	#DIV/0!	#DIV/0!	#DIV/0!
		Recurring Profit Ratio (%)	#DIV/0!	#DIV/0!	#DIV/0!
		Net Profit Ratio (%)	#DIV/0!	#DIV/0!	#DIV/0!
		Return On Equity (%)	#DIV/0!	#DIV/0!	#DIV/0!
Notes: Audited by CPA. IND/xx/yyyy.. Non-consolidated figures for (xx month)/(yyyy year) term.
		Current Sales	0
		Credit Limit	#DIV/0!

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	0	0	0	#DIV/0!	0
	31/03/2014	0	0	0	#DIV/0!	0
	31/03/2015				#DIV/0!	..
	0Forecast (or estimated) figures for *** term.				*..Unit: Million Yen

EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Analysis Done by :	DIV
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.