MIRA INFORM REPORT

Report No. :	315784
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	SEIWA INC
Registered Office :	2F Kowa SK Bldg., 5-5-1 Horikiri Katsushikaku, Tokyo, 124-0006
Country :	Japan
Financials (as on) :	30.09.2015
Date of Incorporation :	April 1988
Com. Reg. No.:	0118-02-004303
Legal Form :	Not Available
Line of Business :	Subject is engaged in International trading of plastic raw materials.
No. of Employee :	4

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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

	SEIWA INC
Japanese company name	YK SEIWA
Registered Office
1. Street Number and District	2F Kowa SK Bldg., 5-5-1 Horikiri Katsushikaku
2. City and Perefecture	Tokyo
3. ZIP Code	124-0006
4. Country	JAPAN
TEL	03-5680-0125
FAX	03-5680-0203
URL	www.seiwajpn.com/
Email Address	thru the URL
Activities (Services & Products)
International trading of plastic raw materials.
SUMMARY OF REPORT
Annual Sales (MM YEN)	250
Capital Amount (MM YEN)	3
Net Worth (MM YEN)	Unavailable
FINANCES	FAIR
TREND	STABLE
EMPLOYEES	4
OTHER INFORMATION FOLLOWS
Year Started	1988
Month and Year Registered	Apr. 1988
Regd No.	0118-02-004303
Major Shareholders
1	Unavailable
Number of Shareholders	Unavailable
Authorized Shares	3,000
Issued Shares	3,000
Executives
PRESIDENT	SHIGEO IMANARI
Director	Atsuko Imanari
Main Banks
1	SMBC (Katsushika)
2	Tokyo Higashi Shinking Bank (Katsushika)
Relations	Satisfactory
Export to
1	China
2	Hong Kong
3	Thailand
4	Korea
5	India
Suppliers
1	Recycling manufacturers
2	Oil traders
3	Others
Branches
1	None
Factories
1	None
Overseas
1	None
HIGHLIGHT and COMMENT The subject company was established by Shigeo Imanari in order to make most of his experience in the subject line of business. It is an international trading company from Japan, specializing in a various range of general and engineering Plastic/Polymer raw materials based on Recycle, Plant Clen Up and Offgrade. It focus on procuring high-quality plastics generated from factory production loss as well as petrochemical plants. Those are exported to foreign recycling or finished product factories directly or via partner traders.
FINANCIAL information
Finance partially disclosed The sales volume for September/2014 fiscal term amounted to Yen 250 million, 11% down from Yen 280 million in the previous term. The net profit at Yen 0.5 million which is decreased from Yen 0.7 million in the previous year. For the current term ending September 2015, similar level of turnover is estimated. Final results are yet to be released. The financial situation is considered Fair and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1.5 million, on 30 days normal terms.
PLEASE ATTACH THE FINANCIALS BELOW.
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	250	250	280	380
Recur. Profit	..	..	..	..
Net Profit	0.5	0.5	0.7	0.7
Total Assets
Net Worth
Capital, Paid-Up
Div.P.Share(¥)		0.00	0.00	0.00
<Analytical Data>	(%)	(%)	(%)	(%)
S.Growth Rate	0.00	-10.71	-26.32
Current Ratio		..	..	..
N.Worth Ratio		..	..	..
N.Profit/Sales	0.20	0.20	0.25	0.18

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.40
UK Pound	1	Rs.92.15
Euro	1	Rs.66.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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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