MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
KENKO
CORPORATION |
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Registered Office : |
Mizushima
Bldg 3F, 3-2-11 Uchikanda Chiyodaku Tokyo 101-0047, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
December
1965 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export and Wholesale of industrial chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 270.4 Million |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
KENKO
CORPORATION
REGD NAME
KK Kenko
Tsusho
MAIN OFFICE
Mizushima
Bldg 3F, 3-2-11 Uchikanda Chiyodaku Tokyo 101-0047 JAPAN
Tel : 03-3258-8061
Fax : 03-3258-8060
URL :
http://www.kenkoco.com
E-Mail address :
contact@kenkoco.com
ACTIVITIES
Import, export, wholesale of industrial chemicals
BRANCHES
Osaka, Nagoya
OVERSEAS
Beijing, Shanghai, Mumbai, Moscow, Cairo (Affiliates): Soft Gel
Technologies Inc (USA); Chemco Industries Inc (USA, with branches in New York,
Los Angeles, Fresco, Utah); Ski Plastic Co (China); Kenko-Balley Enterprises
(Shenzhen) Ltd (China); Kenko Holding Co Inc (USA)
OFFICERS
SATOMI TSUCHIBE, PRES & CEO Koki
Ogawa, s/mgn dir
Toshiyasu Takada, mgn dir Yoshifumi
Bohno, dir
Tateo Kurusu, dir Masahiro
Sasaki, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,060 M
PAYMENTS REGULAR CAPITAL Yen 175 M
TREND STEADY WORTH Yen 1,880 M
STARTED 1965 EMPLOYES 55
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 270.4 MILLION, 30 DAYS NORMAL TERMS. .
Note: Forecast for the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established by Satomi Tsuchibe in order to
make most of his experience in the subject line of business. This is a trading house for import, export
and wholesale of food additives, synthetic dyestuffs, organic pigments,
fertilizing chemicals, seeds and other industrial chemicals. The firm has 6 divisions: Health-care Div;
Food Additive Div; Fine Chemicals
Div; Feed Additive Div; Agricultural Div; Mfg/R&D Div. Strong business ties with domestic major
chemical firms, such as Nisshin Pharma Inc, a major mfr of chemicals, and
Chisso Corp, a leading mfr of fine chemicals, both having shares in the
subject. Actively engaged in overseas
operations with offices in Beijing, Shanghai, Mumbai, Moscow and Cairo. Also overseas affiliates: USA (3), China (2)
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 14,060
million, a 16% up from Yen 12,160 million in the previous term. Hike in
materials prices contributed to the growth.
Sales also grew in health-care foods and ingredients. The recurring
profit was posted at Yen 446 million and the net profit at Yen 236 million,
respectively, compared with Yen 983 million recurring profit and Yen 235
million net profit, respectively, a year ago. Markups deteriorated as cost of
sales shows 24% increase to Yen 12,293 million from Yen 9,911 million a year
ago.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 450 million and the net profit at Yen 240 million,
respectively, on a 7% rise in turnover to Yen 15,000 million. Weaker Yen could
push the sales amount upwards in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 270.4 million, on 30 days normal terms.
REGISTRATION
Date Registered : Dec 1965
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
1.3 million shares
Issued :
390,500 shares
Sum :
Yen 195.25 million
Major shareholders (%)
Satomi Tsuchibe (27.4)), Yoko Tsuchibe (7.2)), Chisso Corp (2.5),
Nisshin Pharma (2.5), MJ Investment Fund (2.0)
No. of shareholders: 48
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Trading house for import, export and wholesale of
industrial chemicals (--100%):
Fine Chemicals Div: aliphatic organic
chemicals, aromatic organic chemicals, oil & fats, plastic additives, industrial additives, natural chemicals, rare
earth chemicals, drug & pharmaceutical intermediates, materials for
electronics industries;
Feed Additives Div: chlorine chloride,
DI-Methionine, calcium L-acerbate, vitamin AD3, amino acid, minerals;
Fertilizer Div: seaweed origin
fertilizer, soil conditioner, fermented soil, perennial ryegrass, tall fescue,
zoysia Japonica, turf-grass mixture;
Health-care Div: plant extract, powder
& liquid;
Food Additives Div: guar gum, ascorbic
acid, monosodium glutamate, sorbet, other;
Agriculture Div: Exclusive agent for
Seed Research of Oregon Inc, USA.
Export Agent for: Nisshin Pharma for exporting their
principal product, Co-enzyme Q10 mainly to US market;
Chisso Corporation for exporting their
fine & organic chemicals mainly to US and European markets.
Clients
[Chemical mfrs, wholesalers] BASF Japan, Soft Gel Technology,
Fujikawa Pharmaceutical, Sakata Seeds, Ashland Chemical, Chemco Ind, Nippon
Kayaku Co, Maruzen Yuka Shoji, Shiratori Pharmaceutical, Tokiwa Phytochemical
Co, other. Exports to USA, Europe, Russia, China, India, etc.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Kaneka Corp, Mitsubishi Corp, Nisshin Pharma,
Chisso Corp, Ube Ind, Mitsui Chemical, Tokiwa Phytochemical, other. Imports from Seed Research of Oregon Inc
(USA), other from USA, Europe, Asia, etc.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Nihombashi)
MUFJ (Kanda)
Relations: Satisfactory
FINANCES
(Non-Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME
STATEMENT |
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Annual Sales |
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14,060
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12,160
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Cost of Sales |
12,293
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9,912
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GROSS PROFIT |
1,767
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2,248
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Selling & Adm Costs |
1,391
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1,210
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OPERATING PROFIT |
375 |
1,037
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Non-Operating P/L |
71 |
-54 |
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RECURRING PROFIT |
446 |
983 |
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NET PROFIT |
238 |
235 |
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BALANCE
SHEET |
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Cash |
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1,514
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1,550
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Receivables |
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1,967
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2,327
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Inventory |
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1,205
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1,095
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Securities, Marketable |
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Other Current Assets |
393 |
300 |
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TOTAL CURRENT ASSETS |
5,079
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5,272
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Property & Equipment |
126 |
293 |
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Intangibles |
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52 |
30 |
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Investments, Other Fixed Assets |
1,866
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1,582
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TOTAL ASSETS |
7,123
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7,177
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Payables |
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2,281
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1,056
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Short-Term Bank Loans |
1,014
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1,555
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Other Current Liabs |
750 |
1,203
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TOTAL CURRENT LIABS |
4,045
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3,814
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Debentures |
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520 |
910 |
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Long-Term Bank Loans |
433 |
449 |
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Reserve for Retirement Allw |
244 |
254 |
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Other Debts |
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1 |
2 |
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TOTAL LIABILITIES |
5,243
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5,429
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MINORITY INTERESTS |
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Common
stock |
195 |
175 |
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Additional
paid-in capital |
125 |
105 |
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Retained
earnings |
1,548
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1,461
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Evaluation
p/l on investments/securities |
11 |
5 |
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Others |
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1 |
2 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,880
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1,748
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TOTAL EQUITIES |
7,123
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7,177
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
1,880
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1,748
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Current
Ratio (%) |
125.56
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138.23
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Net
Worth Ratio (%) |
26.39
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24.36
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Recurring
Profit Ratio (%) |
3.17 |
8.08 |
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Net
Profit Ratio (%) |
1.69 |
1.93 |
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Return
On Equity (%) |
12.66
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13.44
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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