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Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MEXICHEM FLUOR JAPAN LTD |
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Registered Office : |
NYK Tennoz Bldg 14F, 2-2-20 Higashi-Shinagawa Shinagawaku Tokyo 140-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
May
1992 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of HFOs, refrigerants, medical propellants, fluorated feedstock chemicals |
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No. of Employees : |
19 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 |
MEXICHEM FLUOR JAPAN LTD
Mexichem Japan KK
NYK Tennoz Bldg
14F, 2-2-20 Higashi-Shinagawa Shinagawaku Tokyo 140-0002, JAPAN
Tel: 03-5462-8661 Fax: 03-5462-8686
URL: http://www.mexichemfluor.co.jp
E-Mail address: info@mexichemfluor.co.jp
Mfg of
HFOs, refrigerants, medical propellants, fluorated feedstock chemicals
Nil
Taiwan
Mihara,
Kawasaki; Taiwan
RYO
KOMAI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 10,400 M
PAYMENTSNo Complaints
CAPITAL Yen 320 M
TREND SLOW WORTH Yen 5,873 M
STARTED 1992 EMPLOYES 19
MFR OF HFOs, REFRIGERANTS, OTHERS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established as a fluorochemicals company combining
ICI Teijin Fluorochemicals Ltd and the KLEA, a division of ICI Japan. It later became INEOS Fluor, a part of the
INEOS group. Mexichem SAB de CV (Mexico)
acquired the business on 31/03/2010. The
firm produces a wide range of industrial and specialty fluorinated chemicals,
including refrigerants for the replacement of CFCs & HCFCs as well as
medical propellants & chemical intermediates. Its applications range from automotive,
refrigeration and air-coating, to foam & specialist aerosol – to make the
complete transition away from CFCs & HCFCs.
Products are actively exported to China, S/E Asia, other.
Financials are only partially disclosed.
The sales volume for Dec/2012 fiscal term amounted to Yen 10,400
million, a 27% down from Yen 14,200 million in the previous term. High Yen hurt export sales, reducing revenues
and profits in Yen terms. Competition
among the trade was harsh, with product unit prices substantially down. The operations plunged into the red to post
Yen 15 million net losses for the term, compared with Yen 700 million net
profit a year ago.
For the current term ending Dec 2013 the net profit is projected at Yen
500 million, on a 6% rise in turnover, to Yen 11,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: May
1992
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
180 shares
Issued: 180 shares
Sum: Yen 320 million
Major shareholders
(%): Mexichem SAB de CV (60), other Mexichem groups
No. of shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
HFOs (hydrofluorolefins), chlorine-vinyl fluorine (chlorine-soda & derivatives,
vinyl resins, plasticizers & PVC compounds), fluorine (acid grade
fluorspar, metallurgical grade fluorspar, hydrofluoric gases, KLEA refrigerant,
HCFCs refrigerant), others (--100%)
Clients: [Mfrs,
wholesalers] Exports to China, Korea, Taiwan, Australia, other
Domestically: Toyota Motor & group firms, Fuji Heavy Ind, Mazda
Motor, Mitsubishi Motor, Daihatsu Motor, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Itochu Corp, Central Glass, Mexichem UK Ltd, Kanto Denka Kogyo,
Morita Chemical Ind, Toa Gosei Co, Stella Chemifa Corp, other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Mizuho Corporate Bank (H/O)
MUFG (Hibiya)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
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Annual
Sales |
|
11,000 |
10,400 |
14,200 |
9,100 |
|
Recur.
Profit |
|
|
.. |
.. |
.. |
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Net
Profit |
|
500 |
-15 |
700 |
2,100 |
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Total
Assets |
|
|
N/A |
N/A |
N/A |
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Net
Worth |
|
|
5,873 |
5,888 |
5,188 |
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Capital,
Paid-Up |
|
|
320 |
320 |
320 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
5.77 |
-26.76 |
56.04 |
30.00 |
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|
Current Ratio |
|
|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
|
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N.Profit/Sales |
4.55 |
-0.14 |
4.93 |
23.08 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
UK Pound |
1 |
Rs.83.70 |
|
Euro |
1 |
Rs.71.42 |
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 |
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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 |
|
---- |
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.