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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SUMMIT AGRO INTERNTIONAL LTD |
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|
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Registered Office : |
Harumi Island Triton Square Office Tower
23F, 1-8-12 Harumi Chuoku Tokyo 104-6223 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
July 1982 |
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Com. Reg. No.: |
0100-01-020197 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of crop protection products, environmental health products, pet care products |
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|
|
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No. of Employees : |
94 |
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 Limited : |
Yen
271.2 Million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Usually correct |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
SUMMIT AGRO INTERNTIONAL LTD
REGD NAME: Sumisho
Agro International KK
MAIN OFFICE: Harumi
Island Triton Square Office Tower 23F, 1-8-12 Harumi Chuoku Tokyo
104-6223
JAPAN
Tel:
03-6221-3000 Fax: 03-6221-3005
URL: http://www.summit-agro.co.jp
E-Mail
address: (thru the URL)
Import,
export, wholesale of crop protection products, environmental health products, pet care products
Nil
USA,
Europe, Korea, China, other (Tot 15)
MICHIHARU
MURAKAMI, PRES
Tatsuya
Sudo, dir Akira
Tokumitsu, dir
Kotaro
Tameda, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 26,513 M
PAYMENTSREGULAR CAPITAL Yen
320 M
TREND SLOW WORTH Yen 1,300 M
STARTED 1982 EMPLOYES 94
TRADING FIRM SPECIALIZING IN CROP PROTECTION PRODUCTS, OWNED
BY SUMITOMO CORPORATION.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 271.2
MILLION, 30 DAYS NORMAL TERMS
The subject
company was established on the basis of a division separated from Sumitomo
Corporation (See REGISTRATION). This is a trading firm specializing in crop
protection products, hygienic insecticides, pet care products, others (See OPERATION). Products are imported and exported using the
network of Sumitomo Corp. Clients
include chemical makers, pharmaceutical makers, other
The sales
volume for Mar/2012 fiscal term amounted to Yen 26,513 million, a 6% down from
Yen 28,127 million in the previous term.
Exports were hurt by the high Yen, reducing earnings in Yen terms. The recurring profit was posted at Yen 936
million and the net profit at Yen 553 million, respectively, compared with Yen
795 million recurring profit and Yen 494 million net profit, respectively, a
year ago.
For the
current term ending Mar 2013 the recurring profit is projected at Yen 950
million and the net profit at Yen 570 million, respectively, on a 9% rise in
turnover, to Yen 28,900 million.
Business is seen expanding steadily.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 271.2 million, on 30 days normal terms.
Date Registered: Jul 1982
Regd No.: 0100-01-020197 (Tokyo-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
25,600 shares
Issued:
6,400 shares
Sum: Yen 320 million
Major shareholders
(%): Sumitomo Corporation* (100)
*.. One
of leading trading houses of Japan, Tokyo, founded 1919, listed Tokyo, Osaka,
Nagoya, Fukuoka S/E’s, capital Yen 219,2270 million, sales Yen 8,273,043
million, operating profit Yen 219,857 million, recurring profit Yen 341,387
million, net profit Yen 250,669 million, total assets Yen 7,079,985 million,
net worth Yen 1,695,986 million, employees 71,087, pres Kuniharu Nakamura
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales crop
protection products, environmental health products, pet care products:
insecticides, fungicides, herbicides, seeds, household insecticides, animal
health products (87%), communicable disease control materials (4%), pet care
products, others (--9%)
Overseas trading ratio (79%)
Clients: [Mfrs, wholesalers] Iharabras, Earth
Chemical Co, Mitsui Chemical Agro, Nichino America Inc, Nippon Soda Co,
other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Chemical,
Nippon Soda Co, Mitsui Chemical Agro, Shin-Etsu Chemical Ind, Kumiai Chemical
Ind, Nissan Chemical Ind, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC
(Tokyo)
MUFG
(Jinbocho)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
28,900 |
26,513 |
28,127 |
29,201 |
|
Recur.
Profit |
|
950 |
936 |
795 |
581 |
|
Net
Profit |
|
570 |
553 |
494 |
342 |
|
Total
Assets |
|
|
10,322 |
10,322 |
10,704 |
|
Current
Assets |
|
|
8,748 |
8,811 |
|
|
Current
Liabs |
|
|
8,953 |
9,073 |
|
|
Net
Worth |
|
|
1,300 |
1,196 |
1,030 |
|
Capital,
Paid-Up |
|
|
320 |
320 |
320 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
9.00 |
-5.74 |
-3.68 |
-0.52 |
|
|
Current Ratio |
|
.. |
97.71 |
97.11 |
.. |
|
N.Worth Ratio |
.. |
12.59 |
11.59 |
9.62 |
|
|
R.Profit/Sales |
|
3.29 |
3.53 |
2.83 |
1.99 |
|
N.Profit/Sales |
1.97 |
2.09 |
1.76 |
1.17 |
|
|
Return On Equity |
.. |
42.54 |
41.30 |
33.20 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.09 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared by
: |
PDT |
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.