MIRA INFORM REPORT

 

 

Report Date :           

20.07.2011

 

IDENTIFICATION DETAILS

 

Name :

SUN ACE CORPORATION

 

 

Registered Office :

4058 Nakatsu Aikawamachi Aikogun Kanagawa-Pref 243-0303

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

October 1940

 

 

Com. Reg. No.:

(Yokohama-Aikogun) 020779

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing f industrial chemicals

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 45.6 Million

Status :

Small Company 

Payment Behaviour :

Regular

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name  

 

SUN ACE CORPORATION

 

 

REGD NAME

 

KK Sun Ace

 

 

MAIN OFFICE

 

4058 Nakatsu Aikawamachi Aikogun Kanagawa-Pref 243-0303 JAPAN

Tel: 045-285-0826     Fax: 045-285-1703

                                               

URL:                             http://www.sunace-corp.com

E-Mail address:            saj@sunace-corp.com

 

 

ACTIVITIES  

 

Mfg of industrial chemicals

 

 

BRANCHES

 

Tokyo

 

 

OVERSEAS

 

India, China, Germany, Italy

 

 

FACTORIES

 

At the caption address

 

OVERSEAs

 

Singapore, China, South Africa, Saudi Arabia, Australia (2), Malaysia,

 

 

OFFICERS

 

RYO SASAKI, PRES                             Koji Yoshida, mgn dir

Norio Date, dir                                       Koji Katsuta, dir

Hajime Takano, dir                                 Kazuo Saito, dir            

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 2,500 M

PAYMENTS      REGULAR                     CAPITAL           Yen 94 M

TREND             STEADY                       WORTH            Yen 1,152 M

STARTED                     1940                             EMPLOYES      58

 

 

COMMENT    

 

MFR OF INDUSTRIAL CHEMICALS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$200,000 / OA 60 DAYS

                       

MAX CREDIT LIMIT: YEN 45.6 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Toshio Yoshida for mfg plastic additives.  Koji Yoshida, now mgn dir, is his son.  This is a specialized mfg of industrial chemicals: plastic additives, PVC stabilizers, metallic soap, other.  Clients include chemical mfrs, wholesalers, other

 

 

FINANCIAL INFORMATION

 

Financials are only partially disclosed.

           

The sales volume for Dec/2010 fiscal term amounted to Yen 2,500 million, a 9% up from Yen 2,300 million in the previous term.  Mfg plant in China, built 2009, went into full production.  Exports/imports rose.  The net profit was posted at Yen 3 million, compared with Yen 2 million a year ago.

 

For the current term ending Dec 2011 the profit is projected to mark time at Yen 3 million, on a 4% rise in turnover, to Yen 2,600 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 45.6 million, on 30 days normal terms.  The proposed amount for 60 days terms is considered within the firm’s financial capacities.

 

 

REGISTRATION

 

Date Registered:  Oct 1940

Regd No.:         (Yokohama-Aikogun) 020779

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         752,000 shares

Issued:             188,000 shares

Sum:                   Yen 49 million

Major shareholders (%): Koji Yoshida (46), Tohru Sasaki (10), Sekisui Chemical Ind (9), Sakai Chemical Ind (8),

Katsuta Kako (7)

No. of shareholders: 18

 

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

 

 

OPERATION

           

Activities: Manufactures specialty industrial chemicals: PVC stabilizer, polyolefin additives, animal feed additives, lead/copper products, metallic soap, other (--100%)

 

Clients: [Mfrs, wholesalers] Mitsubishi Corp, Sekisui Chemical Co, Shin-Etsu Polymer, Riken Technos Corp, Kubota CI, other

            No. of accounts: 300

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Sun Ace Malaysia, Mitsubishi Corp, Mitsui & Co, Kyowa Chemical Ind, other

 

Payment record: Regular

 

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

 

Bank References:

Bank of Yokohama (Atsugi)

MUFG (Hon-Atsugi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

2,600

2,500

2,300

2,690

Recur. Profit

　

　

　

　

　

Net Profit

　

3

3

2

2

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,152

1,150

1,148

Capital, Paid-Up

　

　

94

94

94

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.00

8.70

-14.50

-7.24

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.12

0.12

0.09

0.07

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/12/2011 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.62

Euro

1

Rs.62.78

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.