|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CORNES & CO LTD |
|
|
|
|
Registered Office : |
Cornes House, 3-5-1 Shiba Minatoku Tokyo 105-0014 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
May
1947 |
|
|
|
|
Com. Reg. No.: |
0104-03-004073
(Tokyo-Minatoku) |
|
|
|
|
Legal Form : |
Branch
Office |
|
|
|
|
Line of Business : |
Trading
firm |
|
|
|
|
No. of Employees : |
120 |
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 |
|
Maximum Credit Limit : |
Yen 649.0 Million |
|
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
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source : CIA |
CORNES
& CO LTD
REGD NAME: Cornes
& Co Ltd
MAIN OFFICE: Cornes
House, 3-5-1 Shiba Minatoku Tokyo 105-0014 JAPAN
Tel:
03-5730-1660 Fax: 03-5730-1128
E-Mail
address: sales@cornes.co.jp
Trading
firm
Yokohama,
Kobe, Sapporo
Hong
Kong (Parent Office)
KENSAKU
WATARI, PRES Shin’ichiro Watari, ch
Takao Watanabe,
s/mgn dir Kenji Kato, dir
Tatsunobu
Narita, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 19,824 M
PAYMENTS NO
COMPLAINTS CAPITAL HK$ 2,500 M
TREND SLOW WORTH Yen 9,333 M
STARTED 1947 EMPLOYES 120
TRADING FIRM, OWNED BY CORNES & CO, HONG KONG.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 649.0 MILLION, 30 DAYS NORMAL TERMS
The subject company was established originally in 1861 by
Frederick Cornes & his partner. as a Japan branch. This is a trading firm, owned by Cornes &
Co, Hong Kong, for import, export and wholesale of motorcars, electronics &
industrial equipment, maritime charts, others.
Clients include public agencies, business firms, other
The sales volume for Mar/2012 fiscal term amounted to Yen
19,824 million, a 20% down from Yen 24,700 million in the previous term. This is referred to the transfer of
automobile business to a group subsidiary firm.
The recurring profit was posted at Yen 121 million and the net profit at
Yen 277 million, respectively, compared with Yen 263 net profit a year ago.
For the current term ending Mar 2013 the recurring profit is
projected at Yen 180 million and the net profit at Yen 150 million,
respectively, on a 3% rise in turnover, to Yen 20,400 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 649.0 million, on 30 days normal terms.
Date Registered: May
1947
Regd No.:
Legal Status: Branch Office
Capital: HK$ 2,500 million
Major shareholders (%): Cornes Holdings Overseas, Hong Kong
(100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Trading firm for import, export and
wholesale of: automobile, electronics & industrial equipment, agricultural
machinery, maritime survey & charts, biogas plants, insurance, other
(--100%)
Clients: Public agencies, business firms,
consumers, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Supplied by the
Hong Kong parents and group firms
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
Hong
& Shanghai Bank (Tokyo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
20,400 |
19,824 |
24,700 |
|
Recur.
Profit |
|
180 |
171 |
|
|
Net
Profit |
|
150 |
-277 |
263 |
|
Total
Assets |
|
|
17,112 |
22,449 |
|
Current
Assets |
|
|
4,919 |
9,962 |
|
Current
Liabs |
|
|
4,906 |
6,935 |
|
Net
Worth |
|
|
9,333 |
9,681 |
|
Capital,
Paid-Up |
|
|
|
|
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.91 |
-19.74 |
-3.91 |
|
|
Current Ratio |
|
.. |
100.26 |
143.65 |
|
N.Worth Ratio |
.. |
54.54 |
43.12 |
|
|
R.Profit/Sales |
|
0.88 |
0.86 |
.. |
|
N.Profit/Sales |
0.74 |
-1.40 |
1.06 |
|
|
Return On Equity |
.. |
-2.97 |
2.72 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.