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Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
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Name : |
IWASE COSFA CO LTD |
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Registered Office : |
1-7-11 Doshomachi Chuoku Osaka 541-0045 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
July 1948 |
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Com. Reg. No.: |
1200-01-074785 (Osaka-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of cosmetic ingredients,
pharmaceutical ingredients, household raw materials, functional foods and
food supplements, food additives, industrial raw materials, electronic
materials, preclinical test contract |
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No. of Employees : |
98 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Regular |
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Litigation : |
--- |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 |
IWASE COSFA CO LTD
Iwase Cosfa KK
1-7-11 Doshomachi
Chuoku Osaka 541-0045 JAPAN
Tel:
06-6231-3456
Fax: 06-6231-8109
*.. The is its Tokyo Head Office
E-Mail address: (thru the URL)
Import,
export, wholesale of chemicals, pharmaceuticals, cosmetics, other
Tokyo
(as given)
China
(3), Korea (agent), other
Tsukuba
(Distribution Center)
KENJI
IWASE, PRES Yoshinori
Iwase, v pres
Yoshichika
Suwa, mgn dir Norio Ogawa, mgn dir
Ikuo
Itsumi, dir Shiro
Iwase, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 18,901 M
PAYMENTS REGULAR CAPITAL Yen
179 M
TREND UP WORTH Yen 6,371 M
STARTED 1948 EMPLOYES 98
TRADING FIRM SPECIALIZING IN CHEMICALS, COSMETICS, OTHERS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1931 by Kenjiro Iwase,
on his account, for import, export and wholesale of cosmetics, chemicals,
others. Incorporated in 1948 the firm
has been succeeded by his descendants.
This is a trading firm for import, export and wholesale of: chemicals,
cosmetic ingredients, pharmaceutical ingredients, foods, food additives, others
(see OPERATION). Goods are imported from and exported to
China, Taiwan, other S/E Asian countries.
Operates a distribution center in Tsukuba, Ibaraki-Pref. In Oct 2012, the firm established a JV sales
company in Vietnam. Clients include
cosmetics makers, chemical makers, pharmaceutical mfrs, other, nationwide.
The sales volume for Mar/2013 fiscal term amounted to Yen 18,901
million, a 2% up from Yen 18,578 million in the previous term. The weaker Yen assisted to raise
import/export revenues in Yen terms. The
recurring profit was posted at Yen 804 million and the net profit at Yen 466
million, respectively, compared with Yen 495 million recurring profit and Yen
223 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 830 million and the net profit at Yen 480 million, respectively, on a 5%
rise in turnover, to Yen 19,800 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jul 1948
Regd No.: 1200-01-074785 (Osaka-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
110,000 shares
Issued:
27,500 shares
Sum: Yen 179 million
Major shareholders (%): Osaka Small & Medium
Business Promotion & Investment Co (30.8), Kenji Iwase (15.4), Employees’
S/Holding Assn (5.0), Executives’ S/Holding Assn (4.9), Yasuhiko Iwase (4.7)
No. of shareholders: 64
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales: cosmetic ingredients, pharmaceutical ingredients, household raw
materials, functional foods and food supplements, food additives, industrial
raw materials, electronic materials, preclinical test contract, other (--100%)
Clients: [Mfrs,
wholesalers] Kao Corp, Mandom Corp, Kose Corp, Shiseido Co, Pola Chemical Ind
Inc, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Kao Corp, Sojitz Corp, Ajinomoto Co Inc, Maruzen Pharmaceuticals
Co, Nisshin Oilio Group, other
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption address
are owned and maintained satisfactorily.
Bank
References:
MUFG (Kawaramachi)
Mizuho
Bank (Osaka)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
19,800 |
18,901 |
18,578 |
18,244 |
|
Recur.
Profit |
|
830 |
804 |
495 |
495 |
|
Net
Profit |
|
480 |
466 |
223 |
299 |
|
Total
Assets |
|
|
11,697 |
10,491 |
10,563 |
|
Current
Assets |
|
|
7,667 |
6,731 |
|
|
Current
Liabs |
|
|
4,812 |
4,208 |
|
|
Net
Worth |
|
|
6,371 |
5,823 |
5,582 |
|
Capital,
Paid-Up |
|
|
179 |
179 |
179 |
|
Div.P.Share(¥) |
|
|
15.00 |
15.00 |
10.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.76 |
1.74 |
1.83 |
1.82 |
|
|
Current Ratio |
|
.. |
159.33 |
159.96 |
.. |
|
N.Worth Ratio |
.. |
54.47 |
55.50 |
52.84 |
|
|
R.Profit/Sales |
|
4.19 |
4.25 |
2.66 |
2.71 |
|
N.Profit/Sales |
2.42 |
2.47 |
1.20 |
1.64 |
|
|
Return On Equity |
.. |
7.31 |
3.83 |
5.36 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.39 |
|
UK Pound |
1 |
Rs.89.90 |
|
Euro |
1 |
Rs.77.23 |
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.