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Report Date : |
12.07.2013 |
IDENTIFICATION DETAILS
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Name : |
CORRENS CORPORATION |
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Registered Office : |
Ark Yagi Hills 3F, 1-8-7 Roppongi Minatoku
Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
December 1954 |
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Com. Reg. No.: |
0104-01-077260
(Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, wholesaler
of industrial machinery; export of PC’s & peripherals |
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No. of Employees : |
168 |
RATING & COMMENTS
|
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
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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 small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
CORRENS CORPORATION
KK Correns
Ark Yagi Hills 3F,
1-8-7 Roppongi Minatoku Tokyo 106-0032 JAPAN
Tel:
03-5114-0711
Fax: 03-3583-1330
URL: http://www.correns.co.jp/
E-mail: sales@correns.co.jp
Import,
wholesale of industrial machinery; export of PC’s & peripherals
Osaka
Germany,
France, Korea (-- rep offices)
THOMAS
NOLTING, PRES Iva Johansen, v pres
Tsuneo
Kato, dir Toshiharu
Umei, dir
Yukinori
Kusunoki, dir Kazuhiro
Itoh, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 10,848 M
PAYMENTS REGULAR CAPITAL Yen
39 M
TREND SLOW WORTH Yen
1,201 M
STARTED 1954 EMPLOYES 168
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY FROM GERMANY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established originally in 1948 by Claus Correns,
ex Tokyo Branch Manager of Hamburg Siemens Co, under the name of C Correns
& Co Ltd as an open partnership.
After his retirement in 1980, the company was transferred to Arthur von
Eisenhalf-Rothe, who subsequently retired in Dec 1997, thereafter succeeded by
the present executives. In Apr 1998
renamed as captioned. This is a trading
firm specializing in industrial machinery centrally from Germany (See OPERATIONS). Also handles electronics parts &
components, printers & other computer peripherals. The business line includes technical
services, license agreement and joint ventures.
Sales staff is mostly technical engineers. The firm has concluded more than 90 license
agreements (See OPERATION).
The sales volume for Dec/2012 fiscal term amounted to Yen 10,848
million, a 1% up from Yen 10,704 million in the previous term. The recurring profit was posted at Yen 215
million and the net profit at Yen 120 million, respectively, compared with Yen
211 million recurring profit and Yen 125 million net profit, respectively, a
year ago.
For the current term ending Dec 2013 the recurring profit is projected
at Yen 220 million and the net profit at Yen 130 million, respectively, on a 5%
rise in turnover, to Yen 11,400 million.
Business is seen steadily expanding.
’
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Dec 1954
Regd No.: 0104-01-077260 (Tokyo-Minatoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
78,000 shares
Issued: 78,000 shares
Sum: Yen 39 million
Major shareholders (%):
Thomas Nolting (80), Ivan Johansen (20)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and
wholesales industrial machinery & equipment; exports electronics, PC’s
& peripherals:
(Sales Breakdown
by Divisions):
Industrial
Machinery (65%): metal & wire working machinery, plastic molding machines, glass
processing machines, food processors, packaging & paper converting
machines, printing technology, paper-handling systems, construction technology,
mining & tunneling machines, equipment & components for automotive
industry, precision machining, measuring & inspection technologies, new
technologies (Eco-, Nano-, Biotechnology), others;
Electronics (15%): electronics parts
& components
Exports (20%): laser scan
modules, optical systems, printed circuit boards, electrical & mechanical
sub-assemblies, precision motors, fans & mechatronic parts for office
automation equipment & automotive use, electromagnetic clutches &
brakes, consumables for offset printing machines, including printing plates, special
steel wires for automotive use, complete OEM products, including personal
computers, rotary dumpers for soft-closing of toilet seats, piano lids, etc.
(% is all about)
Imports (about 80%) are centrally from Germany.
Licenses: Has several JVs
and more than 90 license agreements, including agreements for: ALWEG monorail,
Wankel Rotary-Piston Engines, Ehrenreich (TRW) Ball Joints for motor cars, De
Carbon shock absorbers.
Clients: [Mfrs,
wholesalers] SMC, Toyota Motor, Aisin Seiki Co, Kobe Steel, Tokyo Steel, Nippon
Filcon Co, Chuo Hatsujo Kogyo Co, JGC Corp, Toyo Engineering, Asahi Glass
Products, Japan Crown Cork Co, Kushiro Coal Mine, Nihon Yamamura Glass,
other.
No. of accounts: 800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Lenhardt, Wickermann, Wafios, Lingemann, Thyssen, Henschel
Liebherr, UDD Fim, Kammann, SMS Demag (--Germany), Sacmi (Italy), Larox Corp
(Finland), other from some domestic suppliers.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Toranomon)
Mizuho Bank (Shimbashi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
11,400 |
10,848 |
10,704 |
12,083 |
|
Recur.
Profit |
|
220 |
215 |
211 |
164 |
|
Net
Profit |
|
130 |
120 |
125 |
164 |
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Total
Assets |
|
|
5,431 |
5,377 |
5,611 |
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Current
Assets |
|
|
5,106 |
4,981 |
5,178 |
|
Current
Liabs |
|
|
3,887 |
3,740 |
3,893 |
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Net
Worth |
|
|
1,201 |
1,197 |
1,227 |
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Capital,
Paid-Up |
|
|
39 |
39 |
39 |
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Div.Ttl
Million (¥) |
|
|
117 |
156 |
78 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
5.09 |
1.35 |
-11.41 |
2.13 |
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Current Ratio |
|
.. |
131.36 |
133.18 |
133.01 |
|
N.Worth Ratio |
.. |
22.11 |
22.26 |
21.87 |
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R.Profit/Sales |
|
1.93 |
1.98 |
1.97 |
1.36 |
|
N.Profit/Sales |
1.14 |
1.11 |
1.17 |
1.36 |
|
|
Return On Equity |
.. |
9.99 |
10.44 |
13.37 |
|
Notes:
Forecast (or estimated) for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.64 |
|
UK Pound |
1 |
Rs.90.14 |
|
Euro |
1 |
Rs.77.99 |
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.