MIRA INFORM REPORT
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Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SORT CO LTD |
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Registered Office : |
Fujiyoshi Bldg 2F, 5-2-60 Nagatsuda
Midoriku Yokohama 226-0027 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
April 1991 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale
of industrial chemicals |
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 33.5 Million |
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Status : |
Small Company |
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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
SORT CO LTD
REGD NAME
KK Sort
MAIN OFFICE
Fujiyoshi Bldg 2F,
5-2-60 Nagatsuda Midoriku Yokohama 226-0027 JAPAN
Tel:
045-982-0180 Fax: 045-982-0377
E-Mail address: taro@kksort.com
ACTIVITIES
Import, wholesale of industrial chemicals
BRANCHES
Nil
FACTORYIES
(subcontracted
– Taiwan, China, other)
OFFICER(S)
REIKO
TANABE, PRES
Masataka
Tanabe, rep dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,078 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen
88 M
STARTED 1991 EMPLOYES 6
COMMENT
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS BUT DOUBTFUL FOR CREDIT ENGAGEMENTS: US$2,500,000 / O/A 60 DAYS.
MAX CREDIT LIMIT: YEN 33.5 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established jointly by H Yamashita (former vice- minister of International Trade & Commerce) and Tohru Seya (then consultant of JETRO) in order to make most of their experience and networks in the subject line of business. And has been transferred to the present executives. Newly organized, the firm started on business succession from Johnson Chemical of urethane-based chemicals. This is a family-based trading firm specializing in import and wholesale of industrial chemicals: UV absorber (Eversorb), UV stabilizer, urethane stabilizer, urethane adhesives, other. In May 1998, started importing products from Shuang-Bang Industrial Corp. In Jan 2000, became sole import agent for Shuang-Bang Industrial, and in May that year accepted their capital participation, owning 15% of the subject share. In addition to import business, the firm is engaged in consignment production of the products to Taiwan & Chinese factories.
FINANCIAL INFORMATION
Financials are only partially disclosed as from the Mar/2006 fiscal term.
The sales volume for Mar/2010 fiscal term amounted to Yen 1,078 million, an 11% up from Yen 974 million in the previous term. UV-related products (Eversorb) grew, according to the firm. Also OEM production in Taiwan & China was brisk, says the firm. The net profit was posted at Yen 44 million, compared with Yen 22 million a year ago.
For the term that ended Mar 2011 the net profit was projected at Yen 45 million, on a 7% rise in turnover, to Yen 1,150 million. The projection was made before the Great East Japan Earthquake and the firm says the figures are being revised, taking into the impact/loss from the Earthquake. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business engagements. The proposed amount for 60 days terms, however, is considered TOO HIGH from the recent financial status. Max credit limit is considered at Yen 33.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1991
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
800 shares
Issued:
200 shares
Sum: Yen 10 million
Major shareholders (%): Masataka Tanabe (32.5), Reiko Tanabe
(27.5), Kumiko Sumiyoshi (25), Shuang-Bang Industrial Corp (Taiwan) (15)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales industrial chemicals: UV absorber (Eversorb), UV stabilizer, UV cure adhesives, urethane stabilizer, urethane adhesives, plastics adhesives, other (--100%).
(Import agent for): Shuang-Bang Industrial Corp, Everlight Chemical (--Taiwan), other in China.
Clients: [Mfrs, wholesalers] OG Corp, BASF Coatings Japan, Ricoh Co, Heisen Yoko Co, T&K Toka Co, JSR, Meisei Co, Toyo Ink & Chemicals, Bridgestone Corp, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shuang-Bang Industrial Corp, Everlight chemicals (--Taiwan), Sanko Ink, Insight High Technology, Koshin Chemical, other
Payment record: Regular
Location: Business area in Yokohama. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Bank
of Yokohama (Nagatsuda)
SMBC
(Aobadai)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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1,150 |
1,078 |
974 |
948 |
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Recur.
Profit |
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Net
Profit |
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45 |
44 |
22 |
22 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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88 |
58 |
43 |
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Capital,
Paid-Up |
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|
10 |
10 |
10 |
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Div.P.Share(¥) |
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10.00 |
10.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.68 |
10.68 |
2.74 |
16.46 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
3.91 |
4.08 |
2.26 |
2.32 |
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Notes: Financials are only partially disclosed as from the
Mar/2006 fiscal term.
Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
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UK Pound |
1 |
Rs.72.92 |
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Euro |
1 |
Rs.64.34 |
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.