MIRA
INFORM REPORT
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Report Date : |
16.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CORRENS CORPORATION |
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Registered Office : |
Iino Bldg 8F, 2-1-1 Uchisaiwaicho Chiyodaku Tokyo 100-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Dec 1954 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of industrial
machinery; export of PC’s & peripherals |
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 121.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
CORRENS CORPORATION
REGD NAME
KK Correns
MAIN OFFICE
Iino Bldg 8F, 2-1-1 Uchisaiwaicho Chiyodaku Tokyo 100-0011 JAPAN
Tel : 03-3501-2361
Fax : 03-3501-5309
URL : http://www.correns.co.jp/
E-mail :
sales@correns.co.jp
ACTIVITIES
Import, wholesale of industrial machinery; export of PC’s
& peripherals
BRANCHES
Osaka
OVERSEAS
Germany, France, Hong Kong, Korea
OFFICERS
M VON EISENHALT-ROTHE, PRES P
Neuhoefer, v pres
Thomas Nolting, v pres J
Mehringer, dir
Tsuneo Kato, dir Toshiharu
Umei, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 13,171 M
PAYMENTS REGULAR CAPITAL Yen 39 M
TREND STEADY WORTH Yen 842 M
STARTED 1954 EMPLOYES 156
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY FROM
GERMANY. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 121.5 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established originally in 1948 by Claus
Correns, ex Tokyo Branch Manager of Hamburg Siemens Co, under the name of C
Correns & Co Ltd as an open partnership.
After his retirement in 1980,
the company was transferred to Arthur von Eisenhalf-Rothe, who subsequently
retired in Dec 1997, thereafter to the present executives. Renamed as captioned in Apr 1998. This is a
trading house specializing in industrial machinery centrally from Germany. (See OPERATIONS for details). Also handles electronics parts &
components, printers & other computer peripherals. The business line includes technical
services, license agreement and joint ventures. Sales staff is mostly technical engineers. In Dec 2003 founded a subsidiary in Hong
Kong to have a foothold into China market.
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 13,171 million, a 7.5% down from Yen 14,245 million in the previous term. The recurring profit was posted at Yen 148 million and the net profit at Yen 54 million, respectively, compared with Yen 324 million recurring profit and Yen 158 million net profit, respectively, a year ago. Some extraordinary losses are reported.
For the current term ending Dec 2007 the net profit is
projected at Yen 100 million, on a 3% rise in turnover, to Yen 13,500
million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 121.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1954
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 78,000
shares
Issued: 78,000
shares
Sum: Yen
39 million
Major shareholders (%): M von Eisenhalf-Rothe*(35), P
Neuhoefer*(30), T Nolting*(25), J Mehringer*(10)
*..
all serving as representative directors.
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales industrial machinery &
equipment; exports electronics, PC’s & peripherals:
(Sales
Breakdown by divisions):
Industrial Machinery
(65%): metal & wire working machinery, plastic molding machines, glass
processing machines, food processors, packaging equipment, printing machinery,
equipment & components for automakers, measuring & inspection
equipment, others;
Electronics
(15%): electronics parts & components
Exports (20%):
custom-made subassemblies & components (including OEM products), iron oxide
for toners, ferrite & iron powders.
Imports (about 80%) are centrally from Germany.
Clients: [Mfrs, wholesalers] SMC, Japan Mint Bureau, Nippon Sheet Glass, Kushiro Coal Mine, Asahi Glass, Nihon Yamamura Glass, Hoya Corp, Nikkei Sangyo, Yamatake Co, Umetoku Co, Hitachi Ltd, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Lenhardt, Wickermann, Wafios,
Lingemann, Thyssen, Henschel Liebherr, UDD Fim, Kammann, SMS Demag (--Germany),
Sacmi (Italy), Larox Corp (Finland), other from some domestic suppliers.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Toranomon)
Mizuho Bank (Shimbashi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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13,500 |
13,171 |
14,245 |
14,317 |
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Recur.
Profit |
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150 |
148 |
324 |
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Net
Profit |
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100 |
54 |
158 |
119 |
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Total
Assets |
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5,973 |
6,767 |
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Current
Assets |
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5,596 |
6,342 |
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Current
Liabs |
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4,449 |
5,184 |
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Net
Worth |
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842 |
925 |
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Capital,
Paid-Up |
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39 |
39 |
39 |
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Div.P.Share(¥) |
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1250.00 |
1250.00 |
1250.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.50 |
-7.54 |
-0.50 |
17.23 |
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Current Ratio |
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.. |
125.78 |
122.34 |
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N.Worth Ratio |
.. |
14.10 |
13.67 |
.. |
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R.Profit/Sales |
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1.11 |
1.12 |
2.27 |
.. |
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N.Profit/Sales |
0.74 |
0.41 |
1.11 |
0.83 |
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Return On Equity |
.. |
6.41 |
17.08 |
.. |
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Notes: Forecast (or estimated) for the 31/12/2007 fiscal
term.
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. |
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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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%)