|
Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
KENSETSU RUBBER
CO LTD |
|
|
|
|
Registered Office : |
4-18-4 Ayuchi-dori Showaku Nagoya 466-0027 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.04.2011 |
|
|
|
|
Date of Incorporation : |
Jun 1958 |
|
|
|
|
Com. Reg. No.: |
1800-01-008226
(Nagoya-Showaku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
|
|
|
|
Line of Business : |
Import,
wholesale of industrial rubber/plastic parts & components |
|
|
|
|
No. of Employees : |
188 |
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 : |
Slow but correct |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
KENSETSU RUBBER CO LTD
REGD NAME: Kensetsu
Gomu KK
MAIN OFFICE: 4-18-4
Ayuchi-dori Showaku Nagoya 466-0027JAPAN
Tel:
052-851-7211 Fax: 052-851-7219
URL: http//:www.kengomu.co.jp
E-mail: info@kengomu.co.jp
Import,
wholesale of industrial rubber/plastic parts & components
Aichi
(3), Shiga, Yokohama, Saga, Oita
Thailand,
Shanghai, Hong Kong
China
(3), Thailand, Hong Kong (--subcontracted)
Akemi
Inaki, ch SANSHIRO INAKI,
PRES
Takashi Asahina, s/mgn dir Koichi Ishida, mgn dir
Yasunori Fukao, mgn dir Akio Sawai, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 17,127 M
PAYMENTS
REGULAR CAPITAL Yen 40 M
TREND SLOW WORTH Yen 4,399 M
STARTED 1958 EMPLOYES 188
IMPORTER
& WHOLESALER OF INDUSTRIAL RUBBER/PLASTIC PARTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject
company was established on the basis of adhesive mfg division separated from
Gomuno Inaki Co Ltd, mfg of industrial rubber, Nagoya (See REGISTRATION). This is a trading company, with mfg division,
for import, export and wholesale of industrial rubber/plastic parts &
components principally for industries: automobile, OA equipment and home
electric appliance mfrs. Products are
subcontracted mfg to three overseas mfrs: Shanghai, Hong Kong &
Thailand. Major clients include Toyota
Motor group car interior parts makers.
The sales
volume for Apr/2012 fiscal term amounted to Yen 17,127 million, a 10% down from
Yen 19,036 million in the previous term.
Financials are only partially disclosed for this term. The net profit was posted at Yen 55 million,
compared with Yen 376 million recurring profit and Yen 220 million net profit,
respectively, a year ago.
For
the current term ending Apr 2011 the net profit is projected at 250 million, on
a 3% rise in turnover, to Yen 18,500 million.
Car industry has revived.
Business is seen expanding steadily.
The
financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 456.9
million, on 30 days normal terms.
Date Registered: Jun 1958
Regd No.: 1800-01-008226 (Nagoya-Showaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 320,000
shares
Issued:
80,000 shares
Sum: Yen 40 million
Major shareholders (%): Gomu No Inaki* (30), Sanshiro
Inaki (29), Daiichi Shokusan** (5), KK Inaki** (5)
* Holding company & mfr of industrial rubber, Nagoya,
founded 1946, capital Yen 90 million, sales Yen 38,873 million, net profit Yen
223 million, employees 396, pres Hiroshi Inaki
** Subsidiaries
No. of shareholders: 63
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Wholesales industrial rubber/plastic
parts & components for car industry (for seat, doors, other car interior
parts), for OA equipment makers and home electric appliance makers (--100%).
Products are subcontracted mfg
to three overseas makers: Shanghai, Thailand & Hong Kong.
Clients: [Mfrs, wholesalers] Toyota Boshoku
(20%), Toyota Boshoku Kyushu, T Estec, Ricoh Elemex, Takehiro Kyushu, Howa
Textile Ind, NHK Spring, Toyota Auto Body, other
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Yamaso, Misugi
Kogyo, Meihoku Gomu, Sanwa Light Kogyosho, Katsuzai Chemicals Corp, Kowa Kasei,
Gotoh & Co, Fujiwara Sangyo, other.
Payment record:
Regular
Location: Business area in Nagoya. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Nagoya-Chuo)
MUFG
(Kami-Maezu)
Relations:
Satisfactory
(in Million Yen)
|
Terms Ending: |
30/04/2012 |
30/04/2011 |
30/04/2010 |
30/04/2009 |
|
|
Annual
Sales |
|
17,949 |
17,127 |
19,036 |
21,453 |
|
Recur.
Profit |
|
|
376 |
478 |
357 |
|
Net
Profit |
|
55 |
220 |
283 |
220 |
|
Total
Assets |
|
|
11,110 |
12,918 |
12,058 |
|
Current
Assets |
|
|
5,647 |
7,356 |
6,195 |
|
Current
Liabs |
|
|
4,855 |
6,997 |
6,481 |
|
Net
Worth |
|
|
4,399 |
4,199 |
3,935 |
|
Capital,
Paid-Up |
|
|
40 |
40 |
40 |
|
Div.P.Share(¥) |
|
|
250.00 |
250.00 |
250.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.80 |
-10.03 |
-11.27 |
-23.52 |
|
|
Current Ratio |
|
.. |
116.31 |
105.13 |
95.59 |
|
N.Worth Ratio |
.. |
39.59 |
32.51 |
32.63 |
|
|
R.Profit/Sales |
|
.. |
2.20 |
2.51 |
1.66 |
|
N.Profit/Sales |
0.31 |
1.28 |
1.49 |
1.03 |
|
|
Return On Equity |
.. |
5.00 |
6.74 |
5.59 |
|
Notes: Resulted and confirmed figures for the 30/04/2012
fiscal term, though only partially disclosed.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.