MIRA INFORM REPORT

Report No. :	315814
Report Date :	16.04.2015

IDENTIFICATION DETAILS

Name :	SOMEI INC
Registered Office :	1F Saeki Ikebukuro Bldg., 2-12-1 Minamiikebukuro Toshimaku Tokyo 171-0022
Country :	Japan
Financials (as on) :	31.08.2014
Date of Incorporation :	December 2009
Com. Reg. No.:	0300-01-049995
Legal Form :	Not Available
Line of Business :	Parallel importing brand cosmetics, perfumes and haircare products. Development/Selling of health foods.
No. of Employee :	6

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

Maximum Credit Limit :	Yen 0.5 Millions
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	SOMEI INC
	Japanese company name	SOMEI KK
	Registered Office
	1. Street Number and District	1F Saeki Ikebukuro Bldg., 2-12-1 Minamiikebukuro Toshimaku
	2. City and Perefecture	Tokyo
	3. ZIP Code	171-0022
	4. Country	JAPAN
	TEL	050-5898-9715
	FAX	050-3737-5788
	URL	www.someiinc.jp
	Email Address	info@someiinc.jp
	Activities (Services & Products)	Parallel importing brand cosmetics, perfumes and haircare products. Development/Selling of health foods.
SUMMARY OF REPORT
	Annual Sales (MM YEN)	80
	Capital Amount (MM YEN)	4
	Net Worth (MM YEN)	Unavailable
	FINANCES	FAIR
	TREND	STABLE
	EMPLOYEES	6
	CREDIT LIMIT PROPOSED(MM YEN)	0.5
	OTHER INFORMATION FOLLOWS:
	Year Started	2009
	Month and Year Registered	Dec. 2009
	Regd No.	0300-01-049995
	Major Shareholders
	1	Yuji Togo (100%)
	Number of Shareholders	1
	Authorized Shares	10,000
	Issued Shares	400
	Executives
	PRESIDENT	YUJI TOGO
	Main Banks
	1	Mizuho Bank (Ikebukuro)
	2	Rakuten Bank
	Relations	Satisfactory
	Clients
	1	General corporations
	2	General consumers
	Suppliers
	1	N/A
	Branches
	1	None
	Factories
	1	None
	Overseas
	1	Thailand
	HIGHLIGHT and COMMENT	Ths subject company is a global trading and parallel importing company specialized in brand cosmetics, perfumes and hair care products. It also develops and sells "Made in Japan" cosmetics and health foods which are demanded by a domestic/forein market. It transacts business with more than 70 companies all over the world.
FINANCIAL information
		Financials are disclosed only sales figure of the year for 2014. The sales volume for August 2014 fiscal term amounted to Yen 80 million. For the current term ending August 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 0.5 million, on 30 days normal terms.
	PLEASE ATTACH THE FINANCIALS BELOW.
	Note: 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	80	80	n/a	n/a
	Recur. Profit
	Net Profit	n/a	n/a	n/a	n/a
	Total Assets
	Net Worth
	Capital, Paid-Up
	Div.P.Share(¥)		0.00	0.00	0.00
	<Analytical Data>	(%)	(%)	(%)	(%)
	S.Growth Rate	0.00	n/a	n/a	n/a
	Current Ratio		..	..	..
	N.Worth Ratio		..	..	..
	N.Profit/Sales	n/a	n/a	n/a	n/a

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	80	80	n/a	n/a
	Recur. Profit					..
	Net Profit	n/a	n/a	n/a	n/a
	Total Assets
	Net Worth					..	..
	Capital, Paid-Up
	Div.P.Share(¥)		0.00	0.00	0.00
	<Analytical Data>	(%)	(%)	(%)	(%)	(%)	(%)
	S.Growth Rate	0.00	n/a	n/a	n/a	..	..
	Current Ratio		..	..	..	..	..
	N.Worth Ratio		..	..	..	..	..
	N.Profit/Sales	n/a	n/a	n/a	n/a	..	..
		S/Hldrs' Equity		..	..	..	..
		Div or Taxes
		Offs' Bonus
		Current Assets
		Current Liabs
		Credit Limit	0.5

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 :	RAS
Report Prepared by :	ANK

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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