MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
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 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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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, 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 199.9 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
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
Yasushi Nakai, s/mgn dir
Masahiro Sasaki, mgn dir
Yoshifumi Bohno, dir
Tateo Kurusu, dir
Shunji Ohtaki, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,098 M
PAYMENTS REGULAR CAPITAL Yen 195 M
TREND STEADY WORTH Yen 1,936 M
STARTED 1965 EMPLOYES 52
COMMENT
TRADING HOUSE
SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 199.9 MILLION, 30 DAYS NORMAL TERMS. .
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/2007 fiscal term amounted to Yen 11,098 million, a 21% down from Yen 14,060 in the previous term. Some of the operations were transferred to a sister company. And sales decreased. The recurring profit was posted at Yen 236 million and the net profit at Yen 71 million, respectively, compared with Yen 445 million recurring profit and Yen 238 million net profit, respectively, a year ago. Some NC’s are reported but not confirmed.
For the term that ended Mar 2008 the net profit was projected at Yen 73 million, on an 8% rise in turnover, to Yen12,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 199.9 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 rye grass, 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
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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12,000 |
11,098 |
14,060 |
12,160 |
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Recur.
Profit |
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236 |
445 |
983 |
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Net
Profit |
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73 |
71 |
238 |
235 |
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Total
Assets |
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8,427 |
7,123 |
7,177 |
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Current
Assets |
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5,893 |
5,079 |
5,272 |
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Current
Liabs |
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4,326 |
4,045 |
3,814 |
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Net
Worth |
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1,936 |
1,880 |
7,177 |
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Capital,
Paid-Up |
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195 |
195 |
195 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.13 |
-21.07 |
15.63 |
3.71 |
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Current Ratio |
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136.22 |
125.56 |
138.23 |
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N.Worth Ratio |
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22.97 |
26.39 |
100.00 |
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R.Profit/Sales |
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.. |
2.13 |
3.17 |
8.08 |
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N.Profit/Sales |
0.61 |
0.64 |
1.69 |
1.93 |
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Return On Equity |
.. |
3.67 |
12.66 |
3.27 |
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Notes: Forecast (or estimated)
for the 331/03/2008 fiscal term
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)