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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
CEMEDINE AUTOMOTIVE CO LTD |
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Registered Office : |
Gate City Osaki East Tower, 1-11-2 Osaki Shinagawaku Tokyo 141-8620 |
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Country : |
Japan |
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Date of Incorporation : |
October 1999 |
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Com. Reg. No.: |
0107-01-011926 (Tokyo-shinagawaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of automotive use adhesives, sealer, adhesive tapes, special paints. |
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No. of Employees : |
54 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Insignificant |
A1 |
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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
CEMEDINE AUTOMOTIVE CO LTD
REGD NAME: Cemedine
Automotive Co Ltd
MAIN OFFICE: Gate
City Osaki East Tower, 1-11-2 Osaki Shinagawaku Tokyo 141-8620 JAPAN
Tel:
03-6421-7407 Fax: 03-6421-7409
URL: http://www.cemedine.co.jp
E-Mail address: (thru the URL)
Mfg of automotive
use adhesives, sealer, adhesive tapes, special paints, other
Nagoya
Thailand (2),
Taiwan, uSA
Hekinan (Aichi-Pref),
Ibaraki (Development)
YASUHIDE MINAMI,
PRES
Masayuki Watanabe,
v pres
Teiji Suzuki, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,196 M
PAYMENTSUNKNOWN CAPITAL Yen
400 M
TREND SLOW WORTH Yen 73 M
STARTED 1999 EMPLOYES 54
MFR OF SEAUTOMOTIVE-USE ADHESIVES, SEALER, TAPES, OTHR,
OWNED BY CEMEDINE CO LTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1999 as a joint venture between Cemedine Co Ltd (See REGISTRATION) and Henkel KGsA. In Dec 2001 Cemedine Co Ltd acquired 100% of
the shares and made it a wholly owned subsidiary. This is a specialized mfr of automotive-use
adhesives, sealer, adhesive tapes, special paints, coating materials,
other. In Jan 2013 founded in Michigan,
USA (Cemedine Automotive Noth America Co., Ltd) a subsidiary. Goods are exported. Local clients include major auto makers..
The sales volume for
Dec/2012 fiscal term amounted to Yen 3,196 million, a 19% up from Yen 2,694
million in the previous term. Car
production rose including new models.
The recurring profit was posted at Yen 223 million and the net profit at
Yen 105 million, respectively, compared with Yen 150 million recurring profit
and Yen 88 million net profit, respectively, a year ago.
For the current term
ending Dec 2013 the recurring profit is projected at Yen 230 million and the
net profit at Yen 110 million, respectively, on a 5% rise in turnover, to Yen
3,350 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Oct 1999
Regd No.:
0107-01-011926 (Tokyo-shinagawaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 32,000 shares
Issued: 8,000 shares
Sum: Yen 400 million
Major
shareholders (%): Cemedine Co Ltd* (100)
*..Mf of adhesives, at the caption address,
founded 1948, listed Tokyo S/E, capital Yen
3,050 million, sales Yen 23,730 million, operating profit Yen 945
million, recurring profit Yen 1,007 million, net profit Yen 263 million, total
assets Yen 18,645 million, net worth Yen 9,350 million, employees 395, pres
Susumu Arai
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
automotive-use adhesives (46.7%), sealing materials (45.1%), adhesive tapes
(3.0%), special paints (0.3%), others (4.0%)
Clients: [Mfrs,
wholesalers] Toyota Motor, Honda Motor,
No. of accounts: ^
Domestic areas of
activities: ^
Suppliers: [Mfrs,
wholesalers] ^
Payment record: Unknown
Location: Business area in
^. Office premises at the caption address
are ^leased and maintained satisfactorily.
Bank References:
^ Bank (^)
^ Bank (^)
Relations:
^Satisfactory
(In Million
Yen)
^
Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the ^ fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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.