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Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
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Name : |
KIMURA CORPORATION |
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Registered Office : |
1-19-17 Uno Tamano Okayama-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
May 1950 |
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Com. Reg. No.: |
2500-01-022282
(Okayama-Tamano) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of industrial oil & fats,
pints, chemicals |
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No. of Employees : |
62 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (1% of GDP) helped Japan develop a
technologically advanced economy. Two notable characteristics of the post-war
economy were the close interlocking structures of manufacturers, suppliers, and
distributors, known as keiretsu, and the guarantee of lifetime employment for a
substantial portion of the urban labor force. Both features are now eroding
under the dual pressures of global competition and domestic demographic change.
Japan's industrial sector is heavily dependent on imported raw materials and
fuels. A tiny agricultural sector is highly subsidized and protected, with crop
yields among the highest in the world. Usually self-sufficient in rice, Japan
imports about 60% of its food on a caloric basis. Japan maintains one of the
world's largest fishing fleets and accounts for nearly 15% of the global catch.
For three decades, overall real economic growth had been spectacular - a 10%
average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s.
Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of
the after effects of inefficient investment and an asset price bubble in the
late 1980s that required a protracted period of time for firms to reduce excess
debt, capital, and labor. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
Source : CIA
KIMURA CORPORATION
Kimura Shoji KK
1-19-17 Uno Tamano
Okayama-Pref JAPAN
Tel:
0863-33-9150 Fax: 0863-32-3867
URL: http://www.kimura-shoji.co.jp
E-Mail address: (thru the URL)
Import,
export, wholesale of industrial oil & fats, pints, chemicals
Tokyo,
Osaka, Chiba, Okayama (2), Hiroshima, Wakayama, Oita
China
(2)
Tamano
(warehousing, sorting, etc)
SHIGEKI
YAMADA, PRES Koji Matsuoka, dir
Kaoru
Kondo, dir Atsushi
Kimura, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 6,757 M
PAYMENTS No Complaints CAPITAL Yen 70 M
TREND SLOW WORTH Yen
1,564 M
STARTED 1950 EMPLOYES 62
TRADING FIRM SPECIALIZING IN PAINTS, OIL & FATS,
CHEMICALS, ETC.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1918 by S Kimura for selling oil & fats, on his account. Incorporated in 1950 the firm has been succeeded by his descendants. This is a trading firm specializing in import, export and wholesale of marine paints, oil & fats, chemicals, other. Has two offices in China for marketing. Goods are exported to China, Taiwan, Korea, Malaysia, Thailand, other S/E Asian countries.
The sales volume for May/2012 fiscal term amounted to Yen 6,757 million, a 14% down from Yen 7,832 million in the previous term. Sales of mainstay marine paints decreased due to the sluggish shipping & ship newbuilding markets. High Yen also hurt sales, reducing export revenues & profits in Yen terms. The recurring profit was posted at Yen 18 million and the net profit at Yen 10 million, respectively, compared with Yen 137 million recurring profit and yen 80 million net profit, respectively, a year ago.
For the current term ending May 2013 the recurring profit is projected at Yen 120 million and the net profit at Yen 70 million, respectively, on a 4% rise in turnover, to Yen 7,000 million. Sales of industrial paints will turn up somewhat, helped by steady new housing starts. In mainline ship-use paints, demand for refinish paints will be on firm tone, but sales will remain in hardships due to depression in new large shipbuilding.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: May 1950
Regd No.: 2500-01-022282 (Okayama-Tamano)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
5.6 million shares
Issued:
1.4 million shares
Sum: Yen 70 million
Major shareholders (%): Mikiko Kimura (10), Shizuko
Takeda (8), Kihachiro Kasai (7), Tohru Kimura (5)
No. of shareholders: 60
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales paints & coatings, oil & fats, synthetic resin products, others (--100%).
(Handling Items):
Paints & Coatings: marine paints, corrosion-preventive paints, automobile paints, construction paints, plastic paints, coloring paints, other;
Vegetable Oil & Fats: Tung oil, linseed oil, soybean oil, castor oil, coconut oil, palm kennel oil, other;
Chemicals/Synthetic Resin Products: epoxy resin, acrylic resin & products, polyamide hardening agents, glass cloth fiber, polyethylene foam, packaging films, other
Clients: [Mfrs, wholesalers] Mitsui Engineering & Shipbuilding Co, Nippon Paint, Panasonic Device Material Yokkaichi, Nippon Bee Chemical Co, Tsuneishi Shipbuilding Co, Mitsubishi Motors, Tohpe Corp, Shinano Group, Shin-Kobe Electric Machinery, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nippon Paints Marine, Nippon Bee Chemical, Nippon Paints, Nippon Steel & Sumikin Chemical, NKM Coatings, Nan Ya Plastics, Chugoku Marine Paints, Sumitomo Corp, Soken Chemical & Engineering, other.
Exports to China, Taiwan, Korea, Malaysia, Thailand, other
Payment record: No Complaints
Location: Business area in Tamano, Okayama-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Chugoku
Bank (H/O)
Mizuho
Bank (Umeda)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual
Sales |
|
7,000 |
6,757 |
7,832 |
7,650 |
|
Recur.
Profit |
|
120 |
18 |
137 |
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Net
Profit |
|
70 |
10 |
80 |
47 |
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Total
Assets |
|
|
4,187 |
4,602 |
4,722 |
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Current
Assets |
|
|
3,154 |
3,562 |
|
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Current
Liabs |
|
|
1,950 |
2,358 |
|
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Net
Worth |
|
|
1,564 |
1,624 |
1,564 |
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Capital,
Paid-Up |
|
|
70 |
70 |
70 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.60 |
-13.73 |
2.38 |
-6.39 |
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Current Ratio |
|
.. |
161.74 |
151.06 |
.. |
|
N.Worth Ratio |
.. |
37.35 |
35.29 |
33.12 |
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R.Profit/Sales |
|
1.71 |
0.27 |
1.75 |
.. |
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N.Profit/Sales |
1.00 |
0.15 |
1.02 |
0.61 |
|
|
Return On Equity |
.. |
0.64 |
4.93 |
3.01 |
|
Notes:
Forecast (or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.