MIRA INFORM REPORT

 

 

Report Date :

12.10.2011

 

IDENTIFICATION DETAILS

 

Name :

kenko corporation

 

 

Registered Office :

Mizushima Bldg 3F, 3-2-11 Uchikanda Chiyodaku Tokyo 101-0047

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

December 1965

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 094552

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of 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 192.8 Million

Status :

Moderate

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 and 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, Korea, Germany, 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                       Tateo Kurusu, mgn dir   

Yoshifumi Bohno, dir                              Shunji Ohtaki, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 13,524 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 195 M

TREND             SLOW                          WORTH            Yen 1,214 M

STARTED                     1965                             EMPLOYES      54

 

COMMENT

 

TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 192.8 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 (4), China (5), Germany (1).

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2011 fiscal term amounted to Yen 13,524 million, a 9% down from Yen 12,373 million in the previous term, as substantially affected by the global economic downturn.  Imports/exports revenues were hurt by the high Yen, reducing considerably in Yen terms.  The operations plunged into the red to post Yen 998 million net losses for the term, compared with Yen 160 million recurring profit and Yen 82 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 260 million and the net profit at Yen 100 million, respectively, on a 5% rise in turnover, to Yen 14,200 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 192.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Dec 1965

Regd No.:         (Tokyo-Chiyodaku) 094552

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         1.3 million shares

Issued:                390,500 shares

Sum:                   Yen 195.25 million

Major shareholders (%): Satomi Tsuchibe (31.0)), Yoko Tsuchibe (7.3), Chisso Corp (2.5), Nisshin Pharma (2.5), MJ Investment Fund (2.0)

No. of shareholders:  45

 

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

 

 

OPERATION

 

Activities: Trading house for import, export and wholesale of industrial chemicals     (--100%):

 

(Handling items by Divisions):

 

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 &

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 Photochemical 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 Photochemical, 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)

            MUFG (Kanda-Ekimae)

            Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

14,200

13,524

12,373

15,330

Recur. Profit

　

260

252

160

218

Net Profit

　

100

-998

82

91

Total Assets

　

　

6,547

9,118

9,390

Current Assets

　

　

4,329

6,567

8,758

Current Liabs

　

　

4,879

6,072

6,159

Net Worth

　

　

1,214

2,167

2,088

Capital, Paid-Up

　

　

195

195

195

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.00

9.30

-19.29

19.77

    Current Ratio

 

..

88.73

108.15

142.20

    N.Worth Ratio

..

18.54

23.77

22.24

    R.Profit/Sales

 

1.83

1.86

1.29

1.42

    N.Profit/Sales

0.70

-7.38

0.66

0.59

    Return On Equity

..

-82.21

3.78

4.36

 

Notes: Forecast (or estimated) for the 31/03/2012 fiscal term

 

                                      


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.03

UK Pound

1

Rs.76.60

Euro

1

Rs.66.80

 

 

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.