|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
RIN KAGAKU KOGYO CO LTD |
|
|
|
|
Registered Office : |
34 Shinbori
Imizu City Toyama-Pref 934-0035 |
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|
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
November
1943 |
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|
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Com. Reg. No.: |
2300-01-012583 (Toyama-Imizu) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of phosphoric acid |
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|
No. of Employees : |
80 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
RIN KAGAKU KOGYO CO LTD
Rin Kagaku Kogyo
KK
34 Shinbori Imizu
City Toyama-Pref 934-0035 JAPAN
Tel:
0766-86-25110035 Fax: 0766-86-1178
E-Mail address: (thru the UEL)
Mfg of
phosphoric acid
Tokyo
At the
caption address
YOICHI
YASUDA, PRES
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 2,947 M
PAYMENTSNo Complaints CAPITAL Yen 120 M
TREND UP WORTH Yen 2,454 M
STARTED 1943 EMPLOYES 80
MFR OF PHOSPHORIC ACID, OWNED BY TOSOH CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established on the basis of a division separated from Tosoh Corp (See REGISTRATION). This is a specialized mfr of polymer phosphate, other (See OPERATION). Clients include major chemical mfrs, other.
The sales volume for Mar/2012 fiscal term amounted to Yen 2,947 million, a 9% up from Yen 2,698 million in the previous term. The recurring profit was posted at Yen 474 million and the net profit at Yen 263 million, respectively, compared with Yen 360 million recurring profit and yen 218 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected at Yen 500 million and the net profit at Yen 270 million, respectively, on a 5% rise in turnover, to Yen 3,100 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Nov 1943
Regd No.: 2300-01-012583 (Toyama-Imizu)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
240,000 shares
Issued:
240,000 shares
Sum: Yen 120 million
Major shareholders (%): Tosoh Corp* (100)
*.. Major comprehensive chemical mfr, Tokyo, founded 1935, listed Tokyo S/E, capital Yen 40,633 million, sales Yen 687,131 million, operating profit Yen 23,737 million, recurring profit Yen 24,773 million, net profit Yen 9,379 million, total assets Yen 708,720 million, net worth Yen 200,197 million, employees 11,238, pres Ken’ichi Udagawa
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures high purity phosphoric acid, polymer phosphate, red phosphorus flame control additives, other (--100%)
Clients: [Mfrs, wholesalers] Rinka Ind Inc, Organo Corp, Toray Ltd, Daiichi-Kasei Co, Nippon Unicar Co, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyota Tsusho Corp, Tosoh Corp, Tosoh Nikkemi Corp, Mitsubishi Corp, Sumitomo Corp, other
Payment record: No Complaints
Location: Business area in Toyama. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Toyama
Daiichi Bank (H/O)
Shoko
Chukin Bank (Toyama)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
3,100 |
2,947 |
2,698 |
3,171 |
|
Recur.
Profit |
|
500 |
474 |
360 |
421 |
|
Net
Profit |
|
270 |
265 |
218 |
239 |
|
Total
Assets |
|
|
3,705 |
3,453 |
3,868 |
|
Current
Assets |
|
|
2,252 |
1,933 |
2,227 |
|
Current
Liabs |
|
|
628 |
783 |
1,000 |
|
Net
Worth |
|
|
2,454 |
2,632 |
2,334 |
|
Capital,
Paid-Up |
|
|
120 |
120 |
120 |
|
Div.Ttl
I Million (¥) |
|
|
100 |
98 |
22 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.19 |
9.23 |
-14.92 |
-31.81 |
|
|
Current Ratio |
|
.. |
358.60 |
246.87 |
222.70 |
|
N.Worth Ratio |
.. |
66.23 |
76.22 |
60.34 |
|
|
R.Profit/Sales |
|
16.13 |
16.08 |
13.34 |
13.28 |
|
N.Profit/Sales |
8.71 |
8.99 |
8.08 |
7.54 |
|
|
Return On Equity |
.. |
10.80 |
8.28 |
10.24 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
TOSOH CORP
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
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|
Terms Ending: |
31/03/2012 |
31/03/2011 |
||
|
INCOME STATEMENT |
|
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||||
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Annual Sales |
|
687,131 |
684,398 |
||
|
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Cost of Sales |
567,614 |
552,613 |
|||
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GROSS PROFIT |
119,516 |
131,785 |
|||
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Selling & Adm Costs |
95,779 |
98,253 |
|||
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OPERATING PROFIT |
23,737 |
33,531 |
|||
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Non-Operating P/L |
1,036 |
-3,710 |
|||
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RECURRING PROFIT |
24,773 |
29,821 |
|||
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NET PROFIT |
9,379 |
10,014 |
|||
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BALANCE SHEET |
|
|
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|||
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Cash |
|
67,701 |
53,863 |
||
|
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Receivables |
|
165,563 |
181,765 |
||
|
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Inventory |
|
121,911 |
115,599 |
||
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Securities, Marketable |
|
|
|||
|
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Other Current Assets |
25,718 |
20,999 |
|||
|
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TOTAL CURRENT ASSETS |
380,893 |
372,226 |
|||
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Property & Equipment |
251,239 |
276,963 |
|||
|
|
Intangibles |
|
3,292 |
5,121 |
||
|
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Investments, Other Fixed Assets |
73,296 |
71,607 |
|||
|
|
TOTAL ASSETS |
708,720 |
725,917 |
|||
|
|
Payables |
|
94,042 |
96,113 |
||
|
|
Short-Term Bank Loans |
198,484 |
195,906 |
|||
|
|
|
|
|
|
||
|
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Other Current Liabs |
42,407 |
40,409 |
|||
|
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TOTAL CURRENT LIABS |
334,933 |
332,428 |
|||
|
|
Debentures |
|
24 |
40 |
||
|
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Long-Term Bank Loans |
145,033 |
168,210 |
|||
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Reserve for Retirement Allw |
17,588 |
18,502 |
|||
|
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Other Debts |
|
10,944 |
13,225 |
||
|
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TOTAL LIABILITIES |
508,522 |
532,405 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
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Common
stock |
40,633 |
40,633 |
|||
|
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Additional
paid-in capital |
30,053 |
30,053 |
|||
|
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Retained
earnings |
109,047 |
101,485 |
|||
|
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Evaluation
p/l on investments/securities |
1,938 |
2,166 |
|||
|
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Others |
|
19,472 |
20,163 |
||
|
|
Treasury
stock, at cost |
(946) |
(988) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
200,197 |
193,512 |
|||
|
|
TOTAL EQUITIES |
708,720 |
725,917 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
55,322 |
49,643 |
||
|
|
Cash
Flows from Investment Activities |
-17,582 |
-26,986 |
|||
|
|
Cash
Flows from Financing Activities |
-22,661 |
-25,907 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
67,358 |
52,862 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
200,197 |
193,512 |
||
|
|
|
Current
Ratio (%) |
113.72 |
111.97 |
||
|
|
|
Net Worth
Ratio (%) |
28.25 |
26.66 |
||
|
|
|
Recurring
Profit Ratio (%) |
3.61 |
4.36 |
||
|
|
|
Net
Profit Ratio (%) |
1.36 |
1.46 |
||
|
|
|
Return
On Equity (%) |
4.68 |
5.17 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.