MIRA INFORM REPORT

Report No. :	351480
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	TAIYO NIPPON SANSO CORP
Registered Office :	Toyo Bldg 1-3-26 Koyama, Shinagawa-ku, Tokyo 1420062
Country :	Japan
Financials (as on) :	2015
Date of Incorporation :	20.07.1918
Legal Form :	Public Listed Company
Line of Business :	Manufacturer of Chemicals.
No. of Employees :	13,719

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.

Source : CIA

Company name

TAIYO NIPPON SANSO CORP

Company Details

Country	:	Japan
Business Entity Name	:	TAIYO NIPPON SANSO CORP ^(1)
Name in Local Language	:	大陽日酸株式会社
Operating Address	:	Toyo Bldg 1-3-26 Koyama, Shinagawa-ku, Tokyo 1420062
Tel	:	[+81] 3-57888000
Website	:	http://www.tn-sanso.co.jp
Primary Business Activity	:	Manufacturer
Primary Industry	:	Chemicals

Key Facts

Registered Legal Address

:

Toyo Bldg 1-3-26 Koyama, Shinagawa-ku, Tokyo 1420062

Name History

:

Business Entity Name	Effective Date
NIPPON SANSO KK	20 Jul, 1918
NIPPON RIKA KOGYO CO LTD	Jun, 1937
NIPPON SANSO CO LTD	Apr, 1955
TAIYO NIPPON SANSO CORP	1 Oct, 2004

License Number

:

0107-01-015826

Date of Registration

:

20 Jul, 1918

Issuing Authority

:

Legal Affairs Bureau, Ministry of Justice

Legal Form - Category

:

Public Listed Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

License Status

:

License exists - Normal.

Operational Status of Business

:

Normal

Employees

:

13,719

Capital

:

n/a ⁽²⁾

Note:

⁽¹⁾ Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

⁽²⁾ Not applicable.
Based on the current corporate laws of Japan there is no longer a requirement for Authorized Capital.

Adverse Data

Results

:

Total of  0  record found.

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2013 Annual	4,504,154,246	5,921,915,569	-19,915,376
2014 Annual	4,409,498,102	6,171,885,280	170,341,628
2015 Annual	4,638,635,044	6,487,743,594	172,186,748

Sales Trend - Analysis

2006	2007	2008	2009	2010	2011	2012	2013	2014	2015
-	-	-	-	-

Key Person

Legal Title	:	Chairman
Name	:	Mr. Shotaro Yoshimura
Local Name	:	吉村章太郎
Nationality	:	Japanese

Primary Products

Products / Materials / Services Description	Activity
Air separation plants	Manufacturing, Exporting
Argon	Manufacturing, Exporting
Carbon dioxide	Manufacturing, Exporting
Chemical plant equipment	Manufacturing, Exporting
Chemical plants	Manufacturing, Exporting

Full check Report Details

Country	:	Japan
Business Entity Name	:	TAIYO NIPPON SANSO CORP
Primary Business Activity	:	Manufacturer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	Toyo Bldg 1-3-26 Koyama, Shinagawa-ku, Tokyo 1420062
Tel	:	[+81] 3-57888000
Factory Contact Details
Address	:	6-2 Kojima-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa 2100861
Tel	:	[+81] 44-2886800
Website Details
Website	:	http://www.tn-sanso.co.jp
Status	:	Normal - operational
Country of Registration	:	Japan
Ownership Type	:	Registered ownership by Subject Business Entity

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Air and gas compressors, and parts and attachments, nspf	3563	Manufacturing, Exporting
Chemical preparations, nspf	2899	Manufacturing, Exporting
Chemicals and Allied Products	2800	Manufacturing, Exporting
Food products, nspf	2099	Manufacturing, Exporting
Industrial gases	2813	Manufacturing, Exporting
Packaged Frozen Foods	5142	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Air compressors, portable	8414801090	Manufacturing, Exporting
Air compressors, turbochargers and superchargers	8414800500	Manufacturing, Exporting
Argon	2804210000	Manufacturing, Exporting
Carbon dioxide	2811210000	Manufacturing, Exporting
Carboys, bottles, flasks amd similar articles	3923300090	Manufacturing, Exporting
Chemical products and preparations of the chemical or allied industries	3823909050	Manufacturing, Exporting
Food preparations	2106	Manufacturing, Exporting
Helium	2804290010	Manufacturing, Exporting
Miscellaneous chemical products	3800	Manufacturing, Exporting
Nitrogen	2804300000	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Compressors	Primary	Manufacturing, Exporting
Cryogenic gas	Primary	Manufacturing, Exporting
Desserts	Primary	Manufacturing, Exporting
Electronic gas	Primary	Manufacturing, Exporting
Frozen foods	Primary	Manufacturing, Exporting
Gas separation plants	Primary	Manufacturing, Exporting
Hamburger	Primary	Manufacturing, Exporting
Helium	Primary	Manufacturing, Exporting
Industrial gases	Primary	Manufacturing, Exporting
Metalworking equipment	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TAIYO NIPPON SANSO CORP is Manufacturing - Finished products.

Key products include :

· Air separation plants

· Argon

· Carbon dioxide

· Chemical plant equipment

· Chemical plants

· Compressors

· Cryogenic gas

· Desserts

· Electronic gas

· Frozen foods

· Gas separation plants

· Hamburger

· Helium

· Industrial gases

· Metalworking equipment

· Nitrogen

· Oxygen

· Vacuum bottles

· Vacuum equipment

An integral part of the core business includes:

· Research & Development (R&D)

· Manufacturing - Materials

· Engineering design

· Distribution

Supplementary Business

In addition to the core business, TAIYO NIPPON SANSO CORP also is engaged in the following areas of business:

1. Exporting

· Exporting - Finished products

2. Importing

· Importing - Raw materials

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	63%
International Sales (Export)	37%

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

STOCK EXCHANGE LISTING DETAILS

Country

:

Japan

Name of Stock Exchange

:

Name	Acronym
TOKYO STOCK EXCHANGE	TSE

Stock Symbol / No.

:

4091

Date of listing

:

May, 1949

Country

:

Japan

Name of Stock Exchange

:

Name	Acronym
OSAKA STOCK EXCHANGE	OSE

Stock Symbol / No.

:

4091

Date of listing

:

May, 1949

BRANDS & TRADEMARKS

Brands & Trademarks	Application Category
NIPPON SANSO	n/a

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Shigeru Amada	Japanese	Senior Managing Director	-
2	Mr. Kiyoshi Fujita	Japanese	Auditor	-
3	Mr. Kunishi Hazama	Japanese	Vice Chairman	-
4	Mr. Yujiro Ichihara	Japanese	President	Business Development
5	Mr. Masanori Karatsu	Japanese	Director	Administration
6	Mr. Mitsuhiro Katsumaru	Japanese	Director	Legal
7	Mr. Hiroshi Katsumata	Japanese	Senior Managing Director	-
8	Mr. William J. Kroll	American	Senior Managing Director	-
9	Mr. Tadashige Maruyama	Japanese	Vice President	Operations
10	Mr. Yasufumi Miyazaki	Japanese	Auditor	-
11	Mr. Shinji Tanabe	Japanese	Vice Chairman	-
12	Mr. Akio Yamada	Japanese	Director	Legal
13	Mr. Kazuo Yoshida	Japanese	Auditor	-
14	Mr. Shotaro Yoshimura	Japanese	n/a	-
15	Mr. Ichiro Yumoto	Japanese	Auditor	-

Management Details - 1

Personal Unique Identifier	:	MI03776057
Name	:	Mr. Shigeru Amada
Name in local language	:	天田茂

Management Details - 2

Personal Unique Identifier	:	MI02368210
Name	:	Mr. Kiyoshi Fujita
Name in local language	:	藤田清

Management Details - 3

Personal Unique Identifier	:	MI03776053
Name	:	Mr. Kunishi Hazama
Name in local language	:	間邦司

Management Details - 4

Personal Unique Identifier	:	MI03776055
Name	:	Mr. Yujiro Ichihara
Name in local language	:	市原裕史郎

Management Details - 5

Personal Unique Identifier	:	MI03927030
Name	:	Mr. Masanori Karatsu
Name in local language	:	唐津正典

Management Details - 6

Personal Unique Identifier	:	MI03927031
Name	:	Mr. Mitsuhiro Katsumaru
Name in local language	:	勝丸充啓

Management Details - 7

Personal Unique Identifier	:	MI03776059
Name	:	Mr. Hiroshi Katsumata
Name in local language	:	勝又宏

Management Details - 8

Personal Unique Identifier	:	MI03776058
Name	:	Mr. William J. Kroll

Management Details - 9

Personal Unique Identifier	:	MI03776036
Name	:	Mr. Tadashige Maruyama
Name in local language	:	丸山忠重

Management Details - 10

Personal Unique Identifier	:	MI03776067
Name	:	Mr. Yasufumi Miyazaki
Name in local language	:	宮崎泰史

Management Details - 11

Personal Unique Identifier	:	MI03776022
Name	:	Mr. Shinji Tanabe
Name in local language	:	田邉信司

Management Details - 12

Personal Unique Identifier	:	MI03927032
Name	:	Mr. Akio Yamada
Name in local language	:	山田昭雄

Management Details - 13

Personal Unique Identifier	:	MI03776069
Name	:	Mr. Kazuo Yoshida
Name in local language	:	吉田和夫

Management Details - 14

Personal Unique Identifier	:	MI03776054
Name	:	Mr. Shotaro Yoshimura
Name in local language	:	吉村章太郎

Management Details - 15

Personal Unique Identifier	:	MI03776068
Name	:	Mr. Ichiro Yumoto
Name in local language	:	湯本一郎

FINANCIALS - SUMMARY 

(Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
1997 Annual	2,456,300,000	2,972,000,000	19,000,000
2000 Annual	2,271,000,000	2,512,100,000	14,800,000
2001 Annual	1,469,083,697	n/a	5,045,617
2002 Annual	1,963,788,618	n/a	25,479,675
2003 Annual	2,043,755,893	n/a	36,538,956
2004 Annual	2,112,587,156	2,418,302,752	41,660,550
2010 Annual	5,160,019,050	7,348,672,461	187,498,512
2011 Annual	6,290,582,726	8,034,287,201	165,660,770
2012 Annual	5,574,442,499	7,087,262,113	247,518,973

CAPITAL (Currency: JPY - Japanese Yen)

No. of Authorized Shares	:	1,600,000,000
Paid-up Capital	:	¥ 37,344,000,000

Date	Paid-up Capital - History
2009	27,039,000,000
15 Oct, 2013	37,344,000,000

FINANCIAL STATEMENT – DETAILED

Balance Sheet

Currency	:	JPY
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual	2014 Annual	2015 Annual
Share Capital(*)	27,039,000,000	37,344,000,000	37,344,000,000
Total Liabilities(*)	391,566,000,000	433,201,000,000	441,149,000,000
Assets
Current Assets(*)	203,376,000,000	249,322,000,000	268,105,000,000
Total Assets(*)	615,820,000,000	731,677,000,000	782,357,000,000
Non Current Assets(*)	412,444,000,000	482,355,000,000	514,252,000,000
Liabilities
Non Current Liabilities(*)	215,324,000,000	247,226,000,000	256,579,000,000
Current Liabilities(*)	176,242,000,000	185,975,000,000	184,570,000,000
Cash & Equivalents	24,743,000,000	58,336,000,000	53,420,000,000
Accounts Receivable	123,282,000,000	134,959,000,000	150,552,000,000
Inventories	37,908,000,000	41,780,000,000	48,792,000,000
Deferred Tax Assets	7,285,000,000	6,698,000,000	8,387,000,000
Other Assets	10,158,000,000	7,549,000,000	6,954,000,000
Total Current Assets	203,376,000,000	249,322,000,000	268,105,000,000
Tangible Fixed Assets	272,142,000,000	307,057,000,000	324,842,000,000
Intangible Fixed Assets	60,774,000,000	86,655,000,000	92,173,000,000
Investment & Other Assets	79,528,000,000	88,643,000,000	97,237,000,000
Total Fixed Assets	412,444,000,000	482,355,000,000	514,252,000,000
Total Assets	615,820,000,000	731,677,000,000	782,357,000,000
Accounts Payable	70,785,000,000	70,002,000,000	77,036,000,000
Short-Term Loans	75,062,000,000	66,508,000,000	65,746,000,000
Long-Term Loans Due	0	15,000,000,000	0
Allowances	2,998,000,000	3,487,000,000	3,758,000,000
Outstanding Taxes	2,716,000,000	3,487,000,000	3,758,000,000
Other Current Liabilities	24,681,000,000	27,491,000,000	34,272,000,000
Total Current Liabilities	176,242,000,000	185,975,000,000	184,570,000,000
Bonds	35,000,000,000	45,000,000,000	45,000,000,000
Long-Term Loans	135,806,000,000	144,897,000,000	148,904,000,000
Retirement Benefits	4,641,000,000	7,531,000,000	5,054,000,000
Deferred Tax Liabilities	27,229,000,000	35,764,000,000	43,451,000,000
Other Fixed Liabilities	12,648,000,000	14,034,000,000	14,170,000,000
Total Fixed Liabilities	215,324,000,000	247,226,000,000	256,579,000,000
Total Liabilities	391,566,000,000	433,201,000,000	441,149,000,000
Shareholders' Equity	222,787,000,000	270,983,000,000	284,025,000,000
Paid in Capital	27,039,000,000	37,344,000,000	37,344,000,000
Capital Reserves	44,909,000,000	56,478,000,000	55,955,000,000
Retained Earnings (Loss)	159,999,000,000	177,269,000,000	190,957,000,000
Treasury Stock	(9,161,000,000)	(108,000,000)	(232,000,000)
Valuation & Adjustment	(19,013,000,000)	3,325,000,000	33,221,000,000
Minority Interests	20,481,000,000	24,168,000,000	23,963,000,000
Total Net Assets	224,254,000,000	298,476,000,000	341,208,000,000
Total Liabilities & Net Assets	615,820,000,000	731,677,000,000	782,357,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	JPY
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual	2014 Annual	2015 Annual
Turnover(*)	468,387,000,000	522,746,000,000	559,373,000,000
Profit (Loss) Before Tax(*)	(450,000,000)	34,370,000,000	34,507,000,000
Profit After Tax attributable to Shareholders(*)	(2,071,000,000)	20,194,000,000	20,764,000,000
Net Sales/Revenue	468,387,000,000	522,746,000,000	559,373,000,000
Cost of Goods Sold	317,999,000,000	353,204,000,000	374,924,000,000
Gross Profit	150,388,000,000	169,542,000,000	184,449,000,000
Selling, General & Administrative Expenses	125,504,000,000	138,053,000,000	149,152,000,000
Operating Profit (Loss)	24,884,000,000	31,489,000,000	35,297,000,000
Non Operating Income	4,877,000,000	6,082,000,000	6,200,000,000
Non Operating Expenses	6,701,000,000	7,025,000,000	7,215,000,000
Ordinary Profit (Loss)	23,060,000,000	30,546,000,000	34,282,000,000
Special Profit	109,000,000	7,488,000,000	2,491,000,000
Special Loss	23,619,000,000	3,664,000,000	2,266,000,000
Pretax Profit (Loss)	(450,000,000)	34,370,000,000	34,507,000,000
Provisions for Taxes	281,000,000	12,808,000,000	12,373,000,000
Minority Interest	1,340,000,000	1,368,000,000	1,370,000,000
Net Profit (Loss)	(2,071,000,000)	20,194,000,000	20,764,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2013 Annual	2014 Annual	2015 Annual
Growth %
Year-on-Year Growth	(1.90)	11.61	7.01
Profitability
Profit Margin (%)	(0.44)	3.86	3.71
Return on Equity (%)	(0.93)	7.45	7.31
Return on Assets (%)	(0.34)	2.76	2.65
Leverage
Total Debt Equity (Times)	1.76	1.60	1.55
Current Debt Equity (Times)	0.79	0.69	0.65
Long Term Debt to Equity	0.97	0.91	0.90
Total Asset To Total Equity	2.76	2.70	2.75
Asset Management
Total Assets Turnover (Times)	0.76	0.71	0.71
Fixed Assets Turnover (Times)	1.14	1.08	1.09
Liquidity
Current Ratio	1.15	1.34	1.45

REPUTATION

The TAIYO NIPPON SANSO CORP maintains a good and well-established reputation in the local market.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

BANK DETAILS

Bank Name	:	BANK OF TOKYO-MITSUBISHI UFJ LTD, THE
Global Identifier	:	P0006866
Branch	:	Chiyoda-ku,Tokyo
Branch Address	:	Chiyoda-kuTokyo
SWIFT Code	:	BOTKJPJT
Bank Name	:	MITSUBISHI UFJ TRUST & BANKING CORP
Global Identifier	:	P0017263
Branch	:	Chiyoda-ku,Tokyo
Branch Address	:	1-4-5 Marunouchi Chiyoda-ku Tokyo 1000005 (Head Office)
SWIFT Code	:	MTBCJPJT
Bank Name	:	MIZUHO BANK LTD
Global Identifier	:	P0217434
Branch	:	Chiyoda-ku,Tokyo
Branch Address	:	MIZUHO BANK LTD , THE
SWIFT Code	:	MHCBJPJT
Bank Name	:	NORINCHUKIN BANK, THE
Global Identifier	:	P0188858
Branch	:	Chiyoda-ku,Tokyo
Branch Address	:	Chiyoda-kuTokyo
SWIFT Code	:	NOCUJPJT

LOCAL BRANCHES & MANAGEMENT

Branch	:	TAIYO NIPPON SANSO CORP - HAKATA-KU, FUKUOKA-SHI
Branch Address	:	5Fl Shinkansen Hakata Bldg 1-1 Hakata-eki-chuo-gai, Hakata-ku, Fukuoka-shi, Fukuoka 8120012
Branch Tel	:	81-92-4820681
Branch	:	TAIYO NIPPON SANSO CORP - NAKA-KU, HIROSHIMA-SHI
Branch Address	:	3-1 Tsurumi-cho, Naka-ku, Hiroshima-shi, Hiroshima 7300045
Branch Tel	:	81-82-2418691
Branch	:	TAIYO NIPPON SANSO CORP - OMIYA-KU, SAITAMA-SHI
Branch Address	:	3Fl KS Bldg 1-11-5 Sakuragi-cho, Omiya-ku, Saitama-shi, Saitama 3300854
Branch Tel	:	81-48-6460061
Branch	:	TAIYO NIPPON SANSO CORP - MIYAGINO-KU, SENDAI-SHI
Branch Address	:	8Fl Sendai MT Bldg 4-2-3 Tsutsujigaoka, Miyagino-ku, Sendai-shi, Miyagi 9830852
Branch Tel	:	81-22-7424770
Branch	:	TAIYO NIPPON SANSO CORP - NAKAMURA-KU, NAGOYA-SHI
Branch Address	:	3Fl Aqua Town Nayabashi Office Wing 5-33-10 Meieki, Nakamura-ku, Nagoya-shi, Aichi 4500002
Branch Tel	:	81-52-5338120
Branch	:	TAIYO NIPPON SANSO CORP - NISHI-KU, OSAKA-SHI
Branch Address	:	Tiyo Nissan Honmachi Bldg 2-4-11 Utsubo-honmachi, Nishi-ku, Osaka-shi, Osaka 5500004
Branch Tel	:	81-6-64497080
Branch	:	TAIYO NIPPON SANSO CORP - SAIWAI-KU, KAWASAKI-SHI
Branch Address	:	4-320-2 Tsukagoshi, Saiwai-ku, Kawasaki-shi, Kanagawa 2120051
Branch Tel	:	81-44-5499300
Branch Fax	:	81-44-5499600

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to TAIYO NIPPON SANSO CORP:

TYPE	DOMESTIC	INTERNATIONAL
	TOTAL	Africa	Asia / Pacific	Europe	Middle-East	North America	South America	TOTAL
Subsidiaries	-	-	12	2	-	5	-	19
Joint-Ventures	-	-	-	-	-	-	-	-
Minority shareholdings	6	-	2	-	-	-	-	2
Affiliates	-	-	1	-	-	-	-	1
Liaison / Representative Offices	-	-	-	-	-	-	-	-

Domestic

Business Entity Name	:	ETO OXYGEN CO LTD
Global Identifier	:	P0592896
Country	:	Japan
Relationship	:	Minority shareholding
Operational Address	:	1-16 Otozu-Machi, Oita-Shi, Oita 8700145
Primary Business Activity	:	Trader
Industry	:	Medical Equipment & Pharmaceutical

Business Entity Name	:	MIYAZAKI SANSO CO LTD
Global Identifier	:	P0474143
Country	:	Japan
Relationship	:	Minority shareholding
Operational Address	:	2-140-1 Gion, Miyazaki-shi, Miyazaki 8800024
Primary Business Activity	:	Manufacturer
Industry	:	Medical Equipment & Pharmaceutical

Business Entity Name	:	NAKAMURA SANSO CORP
Global Identifier	:	P1298231
Country	:	Japan
Relationship	:	Minority shareholding
Operational Address	:	2-1-10 Eba-minami, Naka-ku, Hiroshima-shi, Hiroshima 7300835
Primary Business Activity	:	Trader
Industry	:	Petrochemicals

Business Entity Name	:	SHINANO AIR WATER INC
Global Identifier	:	P0208726
Country	:	Japan
Relationship	:	Minority shareholding
Operational Address	:	3878-1 Azusagawa Yamato, Matsumoto-shi, Nagano 3901701
Primary Business Activity	:	Manufacturer
Industry	:	Medical Equipment & Pharmaceutical

Business Entity Name	:	SUZUKI SHOKAN CO LTD
Global Identifier	:	P0104490
Country	:	Japan
Relationship	:	Minority shareholding
Operational Address	:	Helios II Bldg 1-12-11 Funado, Itabashi-ku, Tokyo 1740041
Primary Business Activity	:	Trader
Industry	:	Chemicals

Business Entity Name	:	TOHO ACETYLENE CO LTD
Global Identifier	:	P0102504
Country	:	Japan
Relationship	:	Minority shareholding
Operational Address	:	Tosoh Kyobashi Bldg 2-4-10 Higashi-Nihonbashi, Chuo-ku, Tokyo 1030004
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

International

Business Entity Name	:	AIR PRODUCTS INDUSTRY CO LTD
Global Identifier	:	31600606
Country	:	Thailand
Relationship	:	Subsidiary
Operational Address	:	84/8 Moo 4 Soi Petchkasem 69 Petchkasem Rd, Nong Khaem, Bangkok 10160
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	CANADIAN THERMOS PRODUCTS INC
Global Identifier	:	P0291771
Country	:	Canada
Relationship	:	Subsidiary
Operational Address	:	2040 Eglinton Ave East, Scarborough, Ontario M1L 2M8
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	CROWN MANUFACTURING CORP
Global Identifier	:	31510936
Country	:	Taiwan
Relationship	:	Minority shareholding
Operational Address	:	8Fl-1, 2 Fu Hsin South Rd Section 1, Chungshan Dist, Taipei City 104
Primary Business Activity	:	Manufacturer
Industry	:	Houseware

Business Entity Name	:	DALIAN NIPPON SANSO CO LTD
Global Identifier	:	P0291761
Country	:	China
Relationship	:	Subsidiary
Operational Address	:	Dalian Economic & Technological Development Zone 3 West Tieshan Rd, Dalian, Liaoning 116600
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	INGAS CO INC
Global Identifier	:	31100162
Country	:	Philippines
Relationship	:	Subsidiary
Operational Address	:	8Fl PSE (Philippine Stock Exchange) Centre - West Tower Exchange Rd, Ortigas Center, Pasig, NCR 1605
Primary Business Activity	:	Manufacturer
Industry	:	Petrochemicals

Business Entity Name	:	MATHESON GAS PRODUCTS CANADA INC
Global Identifier	:	P0291753
Country	:	Canada
Relationship	:	Subsidiary
Operational Address	:	530-T Watson St. E, Whitby, Ontario L1N 5R9
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	MATHESON GAS PRODUCTS KOREA INC
Global Identifier	:	P0154165
Country	:	Korea, South (Republic of Korea)
Relationship	:	Subsidiary
Operational Address	:	396-2 Seongjeong-Ri Byeongcheon-Myeon, Chon-an, Chungnam-do 330863
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	MATHESON TRI-GAS INC
Global Identifier	:	P0154163
Country	:	USA
Relationship	:	Subsidiary
Primary Business Activity	:	Trader
Industry	:	Chemicals

Business Entity Name	:	MOX GASES SDN BHD
Global Identifier	:	30819938
Country	:	Malaysia
Relationship	:	Subsidiary
Operational Address	:	13 Jalan 222, Petaling Jaya, Selangor 46100
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	NATIONAL OXYGEN PTE LTD
Global Identifier	:	P0110373
Country	:	Singapore
Relationship	:	Subsidiary
Operational Address	:	21 Tanjong Kling Rd 628047
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	NIPPON CUTTING & WELDING EQUIPMENT CO LTD
Global Identifier	:	31625888
Country	:	Thailand
Relationship	:	Minority shareholding
Operational Address	:	Rojana Industrial Park 1/10 Moo 5 Rojana Rd, Kanham, Uthai, Ayudhya 13210
Primary Business Activity	:	Manufacturer
Industry	:	Hardware & Tools

Business Entity Name	:	NIPPON SANSO CORP
Global Identifier	:	31616495
Country	:	Thailand
Relationship	:	Subsidiary
Operational Address	:	11Fl Sermmit Tower 159 Soi Asoke Sukhumvit 21 Rd, Khlong Toey, Bangkok 10110
Primary Business Activity	:	Manufacturer
Industry	:	Machinery

Business Entity Name	:	NIPPON SANSO CORP
Global Identifier	:	32409882
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	3Fl Storied Bldg 2A Nguyen Dinh Chieu St, Hai Ba Trung Dist, Hanoi
Primary Business Activity	:	Service
Industry	:	Professional Services

Business Entity Name	:	NIPPON SANSO CORP - BEIJING REPRSENTATIVE OFFICE
Global Identifier	:	P0030537
Country	:	China
Relationship	:	Subsidiary
Operational Address	:	Rm 707 Beijing Fortune Bldg 5 Dongsanhuan Bei Lu, Beijing 100004
Primary Business Activity	:	Trader
Industry	:	Chemicals

Business Entity Name	:	NIPPON SANSO EUROPE GMBH
Global Identifier	:	P0291755
Country	:	Germany
Relationship	:	Subsidiary
Operational Address	:	Hoffgeshofweg 10, Krefeld 47807
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	NIPPON SANSO PT
Global Identifier	:	P0093883
Country	:	Indonesia
Relationship	:	Subsidiary
Operational Address	:	Rm 1306 13Fl Wisma Kyoei Prince Jalan Jend Sudirman Kav 3, Jakarta, West Java 10220
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	NIPPON SANSO USA INC
Global Identifier	:	P0291770
Country	:	USA
Relationship	:	Subsidiary
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	TAIYO NIPPON SANSO TAIWAN INC
Global Identifier	:	P0313641
Country	:	Taiwan
Relationship	:	Affiliate
Operational Address	:	1Fl, 5, Lane 29, Lin Chin St, Chungshan Dist, Taipei City 104
Primary Business Activity	:	Trader
Industry	:	Petrochemicals

Business Entity Name	:	THERMOS (UK) LTD
Global Identifier	:	P0291773
Country	:	United Kingdom
Relationship	:	Subsidiary
Operational Address	:	Brentwood, Essex CM144HQ
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	THERMOS CO, THE
Global Identifier	:	P0291769
Country	:	USA
Relationship	:	Subsidiary
Operational Address	:	Suite 800, 2550 W. Golf Rd, Rolling Meadows, Illinois 60008
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	THERMOS PTY LTD
Global Identifier	:	30104069
Country	:	Australia
Relationship	:	Subsidiary
Operational Address	:	15 Walker Place, Wetherill Park, Sydney, NSW 2164
Primary Business Activity	:	Trader
Industry	:	Houseware

Business Entity Name	:	TOP THERMO MFG (MALAYSIA) SDN BHD
Global Identifier	:	30830874
Country	:	Malaysia
Relationship	:	Subsidiary
Operational Address	:	Lot 64565, Batu 4, 1/2 Jalan Kebun Section 36, Shah Alam, Selangor 40470
Primary Business Activity	:	Manufacturer
Industry	:	Metals & Metal Products

SHAREHOLDERS

Total number of shareholders	:	9,132
Total number of shares	:	433,092,837

Currency

:

JPY - Japanese Yen

No.	Shareholders	Country	Shares
			Number	Amount (JPY)	%
1	MITSUBISHI CHEMICAL HOLDINGS CORP	Japan	158,048,000	13,627,896,857	36.49
2	Public shareholding traded via Stock Exchange	n/a	121,050,837	10,437,767,773	27.95
3	MITSUBISHI CHEMICAL CORP	Japan	60,947,000	5,255,235,307	14.07
4	JFE STEEL CORP	Japan	25,254,000	2,177,559,395	5.83
5	TAIYO NIPPON SANSO CLIENT SHAREHOLDING SOCIETY	n/a	19,282,000	1,662,615,833	4.45
6	MIZUHO BANK LTD , THE	Japan	16,365,000	1,411,093,668	3.78
7	MEIJI YASUDA LIFE INSURANCE CO	Japan	10,007,000	862,866,748	2.31
8	NORINCHUKIN BANK , THE	Japan	7,000,000	603,584,215	1.62
9	MASTER TRUST BANK OF JAPAN LTD , THE (TRUST UNIT)	Japan	5,819,000	501,750,935	1.34
10	JAPAN TRUSTEE SERVICES BANK LTD , THE	Japan	5,441,000	469,157,388	1.26
11	TAIYO NIPPON SANSO CORP - EMPLOYEES FUND	n/a	3,879,000	334,471,881	0.90
Total			433,092,837	37,344,000,000	100.00

Today's Exchange rate

:

1.00 JPY Japanese Yen

=

0.008293 USD United States Dollars

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03927032
Name	:	Mr. Akio Yamada
Name in local language	:	山田昭雄
2
Personal Unique Identifier	:	MI03776059
Name	:	Mr. Hiroshi Katsumata
Name in local language	:	勝又宏
3
Personal Unique Identifier	:	MI03776053
Name	:	Mr. Kunishi Hazama
Name in local language	:	間邦司
4
Personal Unique Identifier	:	MI03927030
Name	:	Mr. Masanori Karatsu
Name in local language	:	唐津正典
5
Personal Unique Identifier	:	MI03927031
Name	:	Mr. Mitsuhiro Katsumaru
Name in local language	:	勝丸充啓
6
Personal Unique Identifier	:	MI03776057
Name	:	Mr. Shigeru Amada
Name in local language	:	天田茂
7
Personal Unique Identifier	:	MI03776022
Name	:	Mr. Shinji Tanabe
Name in local language	:	田邉信司
8
Personal Unique Identifier	:	MI03776036
Name	:	Mr. Tadashige Maruyama
Name in local language	:	丸山忠重
9
Personal Unique Identifier	:	MI03776058
Name	:	Mr. William J. Kroll
10
Personal Unique Identifier	:	MI03776056
Name	:	Mr. Yoshikazu Yamano
Name in local language	:	山野佳員
11
Personal Unique Identifier	:	MI03776055
Name	:	Mr. Yujiro Ichihara
Name in local language	:	市原裕史郎

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Importing
Indonesia	Medium	Exporting
Singapore	Medium	Exporting
Taiwan	Medium	Exporting
United Kingdom	Medium	Importing

OVERSEAS SUPPLIERS

Business Entity Name	Global Identifier	Country
EDWARDS LTD	P1162570	United Kingdom

OVERSEAS CUSTOMERS

Business Entity Name	Global Identifier	Country
POWERCHIP TECHNOLOGY CORP	31550245	Taiwan
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD	31528656	Taiwan

DOMESTIC SUPPLIERS

Business Entity Name	Global Identifier
ASTOMOS ENERGY CORP	P0928689
IWATANI INT'L CORP	P0041068
KANKEN TECHNO CO LTD	P0442590
R-DEC CO LTD	P0417536
SUZUKI SHOKAN CO LTD	P0104490

DOMESTIC CUSTOMERS

Business Entity Name	Global Identifier
IWAMOTO CO LTD	P1017712
KOIKE SANSO KOGYO CO LTD	P0111442
SHIKOKU WELDING ELECTRODE CO LTD	P1202732
SHIMANE MASUDA ELECTRONICS CO LTD	P0469485
SUZUKI SHOKAN CO LTD	P0104490

OVERSEAS AGENTS AND DISTRIBUTORS

Country	:	Singapore
Agent	:	AMERICAN DYNAMICS PTE LTD
Global Identifier	:	31206479
Product Description	:	Chemical plant equipment
Country	:	Singapore
Agent	:	LANDEX (SINGAPORE) PTE LTD
Global Identifier	:	31205149
Product Description	:	Frozen foods

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	TAIYO NIPPON SANSO CORP - SHINAGAWA-KU, TOKYO
Primary Use	:	Office & Administration facilities
Address	:	Toyo Bldg 1-3-26 Koyama, Shinagawa-ku, Tokyo 1420062
Country	:	Japan
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

The following information relates to the Business Entity's factories as listed above:

Name	:	TAIYO NIPPON SANSO CORP - SAKAI-KU, SAKAI-SHI
Address	:	1 Takumi-cho, Sakai-ku, Sakai-shi, Osaka 5908517
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - NUKATA-GUN, AICHI
Address	:	12-1 Kamanaga-iru Ashinoya Kouta-cho, Nukata-gun, Aichi 4440116
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - KUWANA-SHI, MIE
Address	:	1563 Mizono Tado-cho, Kuwana-shi, Mie 5110118
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - KAMEYAMA-SHI, MIE
Address	:	c/o SHARP Kameyama Plant 464 Sachikawa Shiraki-cho, Kameyama-shi, Mie 5190169
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - INASHIKI-GUN, IBARAKI
Address	:	2520 Kihara Miura-mura, Inashiki-gun, Ibaraki 3000421
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - KITAGAMI-SHI, IWATE
Address	:	106-160 Jiwari 2 Goto Waga-cho, Kitagami-shi, Iwate 0240335
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - AIZUWAKAMATSU-SHI, FUKUSHIMA
Address	:	5 Takaku Industrial Park, Aizuwakamatsu-shi, Fukushima 9650060
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - AIZUWAKAMATSU-SHI, FUKUSHIMA
Address	:	2-2 Kadota Industrial Park Kadota-cho, Aizuwakamatsu-shi, Fukushima 9650845
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - ISAWA-GUN, IWATE
Address	:	4-6 Nishine-moriyama Kanegasaki-cho, Isawa-gun, Iwate 0294503
Status	:	Operational
Name	:	TAIYO NIPPON SANSO CORP - KAWASAKI-KU, KAWASAKI-SHI
Address	:	6-2 Kojima-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa 2100861
Status	:	Operational

MERGER

Merger ( 1 )

Date of Merger	:	May, 1964
Circumstances Involved	:	Amicable merger

Parties Involved

Business Entity Name	Country
NIPPON RIKA KOGYO CO LTD	Japan

Merger ( 2 )

Date of Merger	:	Oct, 2004
Circumstances Involved	:	Amicable merger

Parties Involved

Business Entity Name	Country
TAIYO TOYO SANSO CO LTD	Japan

ACQUISITION - SBE HAS PURCHASED A BUSINESS ENTITY

Acquisition ( 1 )

Date of Acquisition	:	Apr, 1992
Circumstances Involved	:	Strategic acquisition

Parties Involved

Business Entity Name	Country
TRI GAS CORP	USA

Acquisition ( 2 )

Date of Acquisition	:	Feb, 2006
Circumstances Involved	:	Strategic acquisition

Parties Involved

Business Entity Name	Country
TAIYO NISSAN HOKKAIDO CO LTD	Japan

Acquisition ( 3 )

Date of Acquisition	:	Mar, 2006
Circumstances Involved	:	Strategic acquisition

Parties Involved

Business Entity Name	Country
TAIYO NISSAN HIGASH-KNATO CO LTD	Japan

Acquisition ( 4 )

Date of Acquisition	:	Oct, 2013
Circumstances Involved	:	Strategic acquisition

Parties Involved

Business Entity Name	Country
PACIFIC MEDICO CO LTD	Japan

ACQUISITION - SBE HAS BEEN PURCHASED BY ANOTHER BUSINESS ENTITY

Acquisition ( 1 )

Date of Acquisition	:	Nov, 2014
Circumstances Involved	:	SBE's decision to sell to another business entity

Parties Involved

Business Entity Name	Country
MITSUBISHI CHEMICAL HOLDINGS CORP	Japan

PREVIOUS CONTACT DETAILS

Company Address	:	Kamata, Ota-ku, Tokyo
Date of Relocation	:	Oct, 2004
Company Address	:	1-16-1 Shinmachi, Nishi-ku, Osaka-shi, Osaka 5500013
Telephone Number	:	81-6-65321409
Company Address	:	6-2 Kojimacyo, Kawasaki-ku, Kawasaki-shi, Kanagawa 2100861
Company Address	:	15-21 Tsubaki-cho, Nakamura-ku, Nagoya-shi, Aichi 4530015
Telephone Number	:	81-52-4530211
Company Address	:	15 Oneyama Odaka-cho, Midori-ku, Nagoya-shi, Aichi 4598001
Telephone Number	:	81-52-6290601

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.