MIRA INFORM REPORT

Report No. :	314335
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	TOKI TRADING LTD
Registered Office :	5-3-8 Yayoigaoka Sanda City Hyogo-Pref 669-1546
Country :	Japan
Financials (as on) :	31.03.2014
Date of Incorporation :	Dec., 2002
Com. Reg. No.:	1400-01-066993 (Hyogo-Sanda)
Legal Form :	Limited Company
Line of Business :	Imports and wholesales AC adaptors for industrial/medical use (80%), AC cord/connectors, LED driver, DC/DC converters, output plug/connectors, antennas, AC cord, power cables, other (--20%)
No. of Employees :	10

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. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to contract during the 2nd and 3rd quarters of 2014. The economy has largely recovered in the three years since the disaster, but reconstruction in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the final phase of the increase until 2017 to give the economy time to recover from the 2014 increase. 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

ENGLISH COMPANY NAME	TOKI TRADING LTD
Japanese company name	Toki Trading KK
Registered Office
1. Street Number and District	5-3-8 Yayoigaoka Sanda City
2. City and Perefecture	Hyogo-Pref
3. ZIP Code	669-1546
4. Country	JAPAN
EL	079-560-7333
FAX	079-560-7334
URL	http://www.toki-t.com
Email Address	info@toki-t.com
Activities (Services & Products)	Imports and wholesales AC adaptors for industrial/medical use (80%), AC cord/connectors, LED driver, DC/DC converters, output plug/connectors, antennas, AC cord, power cables, other (--20%)

SUMMARY OF REPORT

Annual Sales (MM YEN)	300
Capital Amount (MM YEN)	10
Net Worth (MM YEN)	Unavailable
FINANCES	FAILR
TREND	UP
EMPLOYEES	10

OTHER INFORMATION FOLLOWS:
Year Started	2002
Year Registered	Dec 2002
Regd No.	1400-01-066993 (Hyogo-Sanda)
Major Shareholders
1	Tokiko Takehiro (50)
2	Sachiko Takehiro (50)
Number of Shareholders	2
Authorized Shares (MM)	800
Issued Shares (MM)	200
Executives
PRESIDENT	SACHIKO TAKEHIRO
Main Banks
1	SMBC (Sanda)
2	MUFG (Sanda)
Relations	Satisfactory
Clients [Mfrs, wholesalers]
1	Panasonic Corp
2	Mitsubishi Electric
3	NEC group
4	Hitachi Ltd group
5	other
Suppliers [Mfrs, wholesalers]
1	Power Win Inc
2	Simpro
3	ENG Inc
4	KSS
5	Rento Electric Wire
6	other
Branches
1	Sanda (2)
HIGHLIGHT and COMMENT	The subject company was established by Sachiko Takehiro in order to make most of her experience in the subject line of business. This is a family-based trading firm, owned and operated by the Takehiro family, for import and wholesale of AC adaptors, AC cord/connectors, DC/DC converters, other (See OPERATION). Clients include major electronics mfrs, other. Office premises at the caption address are owned by Sachiko Takehiko as her private residence and maintained satisfactorily.
FINANCIAL information	Financial are only partially disclosed as is the case with family-based companies. The sales volume for March/2014 fiscal term amounted to Yen 300 million, a 20% up from Yen 250 million in the previous term. The net profit is believed posted at Yen 11 million, similarly in the previous term. Net profits are not precisely disclosed. For the current term ending March 2015, the net profit at Yen 11 million is estimated based on a 5% rise in turnover, to Yen 315 million. The financial situation is considered FAIR and good for ORDINARY business engagements.
Terms Ending:	31/03/2015	31/03/2014	31/03/2013	31/03/2012
Annual Sales	315	300	250	250
Recur. Profit	..	..	..	..
Net Profit	11	11	10	10
Total Assets				..
Net Worth			62	52
Capital, Paid-Up	10	10	10	10
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)
S.Growth Rate	5.00	20.00	0.00	..
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	3.49	3.67	4.00	4.00

Terms Ending:	31/03/2015	31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Annual Sales	315	300	250	250	158
Recur. Profit	..	..	..	..	..
Net Profit	11	11	10	10	8
Total Assets		..	..	..	N/A
Net Worth		..	62	52	-31	-39
Capital, Paid-Up	10	10	10	10	10
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)	(%)	(%)
S.Growth Rate	5.00	20.00	0.00	58.23	..	..
Current Ratio		..	..	..	..	..
N.Worth Ratio		..	..	..	..	..
N.Profit/Sales	3.49	3.67	4.00	4.00	5.06	..
	S/Hldrs' Equity		-11	-21	-31	-39
	Div or Taxes
	Offs' Bonus
	Current Assets
	Current Liabs
	Credit Limit	1.8

Terms Ending:		31/03/2015	31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Annual Sales
Recur. Profit
Net Profit
Total Assets
Current Assets
Current Liabs
Net Worth						0	0
Capital, Paid-Up						90
Div.P.Share(¥)
<Analytical Data>		(%)	(%)	(%)	(%)	(%)	(%)
S.Growth Rate		..	..	..	..	..	..
Current Ratio		..	..	..	..	..	..
N.Worth Ratio		..	..	..	..	..	..
R.Profit/Sales		..	..	..	..	..	..
N.Profit/Sales		..	..	..	..	..	..
Return On Equity		..	..	..	..	..	..
	L-Term Liabs
	S/Hldrs' Equity			0	0	0	0
	Div or Taxes
	Offs' Bonus
	Gross Profit
	Opera.Profit
	Credit Limit		..

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 (%)	..	..	..
		Net Worth Ratio (%)	..	..	..
		Recurring Profit Ratio (%)	..	..	..
		Net Profit Ratio (%)	..	..	..
		Return On Equity (%)	..	..	..
Notes: Audited by CPA. IND/xx/yyyy.. Non-consolidated figures for (xx month)/(yyyy year) term.
		Current Sales	0
		Credit Limit	..

Business	Terms Ending	Annual Sales*	R.Profit*	N.Profit*	S.Growth	Net Worth*
Results:	31/03/2011				(%)
(Consolidated)	31/03/2012				..
	31/03/2013	0	0	0	..	0
	31/03/2014	0	0	0	..	0
	31/03/2015				..	..
	0Forecast (or estimated) figures for *** term.				*..Unit: Million Yen

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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