MIRA INFORM REPORT

Report No. :	507063
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	YAMAMOTO & CO LTD
Registered Office :	194 Nishiwaki Nishiwaki City Hyogo-Pref 677-0015
Country :	Japan
Financials (as on) :	31.10.2018
Date of Incorporation :	March 1958
Com. Reg. No.:	1400-01-075803
Legal Form :	Limited Company
Line of Business :	A trading firm for import, export and wholesale of industrial chemicals, mainly dyestuffs, other
No. of Employees :	6

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

JAPAN - ECONOMIC OVERVIEW

Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.

Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - averaging 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which resulted in several years of economic stagnation as firms sought to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.

Japan enjoyed an uptick in growth since 2013, supported by Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the need to address its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to a sharp contraction, so Prime Minister ABE has twice postponed the next increase, which is now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.

Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.

Under the Abe Administration, Japan’s government sought to open the country’s economy to greater foreign competition and create new export opportunities for Japanese businesses, including by joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan became the first country to ratify the TPP in December 2016, but the United States signaled its withdrawal from the agreement in January 2017. In November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Japan also reached agreement with the European Union on an Economic Partnership Agreement in July 2017, and is likely seek to ratify both agreements in the Diet this year.

Source : CIA

Company summery

YAMAMOTO & CO LTD

REGD NAME: Yamamoto Shoten

MAIN OFFICE: 194 Nishiwaki Nishiwaki City Hyogo-Pref 677-0015 JAPAN

Tel: 0795-22-2641 Fax: 0795-22-4857

URL: Nil

ACTIVITIES: Import, export and wholesale of industrial chemicals, dyestuffs

BRANCHES: Nil

OFFICERS: SHIGEO YAMAMOTO, PRES

Yoshie Yamamoto, dir

Nobuhiro Yamamoto, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY: FINANCES FAIR A/SALES Yen 400 M

PAYMENTS NO COMPLAINTS CAPITAL Yen 10 M

TREND SLOW WORTH Yen 150 M

STARTED 1958 EMPLOYES 6

COMMENT

TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

This is a family-based trading firm, established by Shigeo Yamamoto, for import, export and wholesale of industrial chemicals, mainly dyestuffs, etc. Clients include dyestuffs mfrs, chemical firms, other.

FINANCIAL INFORMATION

Financials are only partially disclosed.

The sales volume for Oct/2017 fiscal term amounted to Yen 417 million, a similar turnover in the previous term. The net profit was posted at 7 million, similarly in the previous term.

For the current term ending Oct 2018 the net profit is projected at Yen 10million, on a 3% rise in turnover, to Yen 430 million.

The financial situation is considered FAIR and good for ORDINARY business engagements.

REGISTRATION

Date Registered: Mar 1958

Regd No.: 1400-01-075803 (Hyogo-Nishiwaki)

Legal Status: Limited Company (Kabushiki Kaisha)

Authorized: 80,000 shares

Issued: 20,000 shares

Sum: Yen 10 million

Major shareholders (%): Shigeo Yamamoto (60), Koji Yamamoto & families (--40)

No. of shareholders: 5

Nothing detrimental is known as to the commercial morality of executives.

OPERATION

Activities: A trading firm for import, export and wholesale of industrial chemicals, mainly dyestuffs, other (100%)

Clients: [Mfrs, wholesalers] Muratoku Dyestuff Co, Harima Dyestuff, Kitaharima Dyestuff Ind, Banshu Ion Ind Coop, other

No. of accounts: 250

Domestic areas of activities: Centered in the greater-Osaka & vicinities

Suppliers: [Mfrs, wholesalers] Inabata & Co, Nishino Kinryo Corp, Harima Dyestuff, other

Payment record: No Complaints

Location: Business area in Nishiwaki City, Hyogo-Pref. Office premises at the caption address are owned and maintained satisfactorily.

Bank References:

SMBC (Nishiwaki)

Hyogo-Pref Shinkin Bank (Nishiwaki)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		31/10/2018	31/10/2017	31/10/2016	31/10/2015
Annual Sales		430	417	417	400
Recur. Profit		..	..	..	..
Net Profit		10	7	7	5
Total Assets			N/A	N/A	N/A
Net Worth			150	143	136
Capital, Paid-Up			10	10	10
Div.P.Share(¥)			0.00	0.00	0.00
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		3.12	0.00	4.25	0.00
Current Ratio			..	..	..
N.Worth Ratio			..	..	..
N.Profit/Sales		2.33	1.68	1.68	1.25

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/10/2018 fiscal term.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
YEN	1	INR 0.61

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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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.