MIRA INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CORRENS CORPORATION |
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Registered Office : |
Ark Yagi Hills 3F, 1-8-7 Roppongi Minatoku
Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
December 1954 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 077260 |
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Legal Form : |
Limited Company |
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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 : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 173.8 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
--- |
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Japan |
a1 |
a1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
CORRENS CORPORATION
REGD NAME
KK Correns
MAIN OFFICE
Ark Yagi Hills 3F,
1-8-7 Roppongi Minatoku Tokyo 106-0032 JAPAN
Tel: 03-5114-0711 Fax: 03-3583-1330
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, Korea (-- rep offices)
OFFICERS
M VON EISENHALT-ROTHE, PRES homas Nolting, v pres
Iva Johansen, v pres Tsuneo
Kato, dir
Toshiharu Umei, dir Yukinori
Kusunoki, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 12,083 M
PAYMENTS REGULAR CAPITAL Yen 39 M
TREND SLOW WORTH Yen
1,227 M
STARTED 1954 EMPLOYES 157
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY FROM
GERMANY.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 173.8 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 succeeded by
the present executives. In Apr 1998
renamed as captioned. This is a trading
firm specializing in industrial machinery centrally from Germany (See OPERATIONS). 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. The firm has concluded more than 90 license
agreements (See OPERATION).
FINANCIAL INFORMATION
The sales volume for Dec/2010 fiscal term amounted to Yen 12,083
million, a 2% up from Yen 11,831 million in the previous term. Market revived. Exports of electronics products into China
and other S/E Asian countries were brisk.
The recurring profit was posted at Yen 164 million and the net profit at
Yen 164 million, respectively, compared with Yen 104 million recurring profit
and Yen 122 million net profit, respectively, a year ago.
For the current term ending Dec 2011 the recurring profit is projected
at Yen 167 million and the net profit at Yen 167 million, respectively, on a 3%
rise in turnover, to Yen 12,500 million.
Business is seen steadily expanding after the global economic downturn. ’
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 173.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1954
Regd No.: (Tokyo-Minatoku) 077260
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
78,000 shares
Issued: 78,000
shares
Sum: Yen 39 million
Major shareholders (%):
Thomas Nolting (80), Ivan Johansen (20)
No. of shareholders: 2
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 & paper converting machines, printing technology, paper-handling systems,
construction technology, mining & tunneling machines, equipment &
components for automotive industry, precision machining, measuring &
inspection technologies, new technologies (Eco-, Nano-, Biotechnology), others;
Electronics (15%): electronics parts
& components
Exports (20%): laser scan
modules, optical systems, printed circuit boards, electrical & mechanical
sub-assemblies, precision motors, fans & mechatronic parts for office
automation equipment & automotive use, electromagnetic clutches &
brakes, consumables for offset printing machines, including printing plates,
special steel wires for automotive use, complete OEM products, including
personal computers, rotary dumpers for soft-closing of toilet seats, piano
lids, etc.
(% is all about)
Imports (about 80%) are centrally from Germany.
Licenses: Has several JVs and
more than 90 license agreements, including agreements for:
ALWEG monorail, Wankel Rotary-Piston Engines, Ehrenreich (TRW) Ball
Joints for motor cars, De Carbon shock absorbers.
Clients: [Mfrs,
wholesalers] SMC, Toyota Motor, Aisin Seiki Co, Kobe Steel, Tokyo Steel,
Nip-pon Filcon Co, Chuo Hatsujo Kogyo Co, 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: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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12,500 |
12,083 |
11,831 |
13,022 |
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Recur.
Profit |
|
167 |
164 |
104 |
256 |
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Net
Profit |
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167 |
164 |
122 |
106 |
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Total
Assets |
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5,611 |
6,093 |
7,870 |
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Current
Assets |
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5,178 |
5,731 |
7,270 |
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Current
Liabs |
|
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3,893 |
4,292 |
5,961 |
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Net
Worth |
|
|
1,227 |
1,141 |
1,018 |
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Capital,
Paid-Up |
|
|
39 |
39 |
39 |
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Div.P.Share(¥) |
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|
1,000.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.45 |
2.13 |
-9.15 |
-7.36 |
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Current Ratio |
|
.. |
133.01 |
133.53 |
121.96 |
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N.Worth Ratio |
.. |
21.87 |
18.73 |
12.94 |
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R.Profit/Sales |
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1.34 |
1.36 |
0.88 |
1.97 |
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N.Profit/Sales |
1.34 |
1.36 |
1.03 |
0.81 |
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Return On Equity |
.. |
13.37 |
10.69 |
10.41 |
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Notes:
Forecast (or estimated) for the 31/12/2011 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
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UK Pound |
1 |
Rs.72.21 |
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Euro |
1 |
Rs.62.87 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.