MIRA INFORM REPORT
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Report Date : |
14.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KENKO CORPORATION |
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Registered Office : |
Iwamotocho Toyo Bldg 4F, 3-1-2 Iwamotocho Chiyodaku Tokyo 101-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December 1965 |
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Com. Reg. No.: |
0100-01-034552
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of
industrial chemicals |
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No. of Employees : |
60 employees |
RATING & COMMENTS
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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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
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Source : CIA |
KENKO CORPORATION
KK Kenko Tsusho
Iwamotocho Toyo
Bldg 4F, 3-1-2 Iwamotocho Chiyodaku Tokyo 101-0032 JAPAN
Tel:
03-3258-8061 Fax: 03-3258-8060
URL: http://www.kenkoco.com
E-Mail address: contact@kenkoco.com
Import,
export, wholesale of industrial chemicals
Osaka,
Nagoya
Beijing, Shanghai, Mumbai, Moscow, Korea, Germany, Cairo (Affiliates): Soft Gel Technologies Inc (USA); Chemco Industries Inc (USA, with branches in New York, Los Angeles, Fresco, Utah); Ski Plastic Co (China);
Kenko-Balley Enterprises (Shenzhen) Ltd (China); Kenko Holding Co Inc (USA)
SATOMI
TSUCHIBE, PRES Yasushi Nakai, s/mgn dir
Tateo
Kurusu, mgn dir Tsuneyasu
Nakano, mgn dir
Shunji Ohtaki, mgn dir Yuichi
Takada, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 12,423 M
PAYMENTSNo Complaints
CAPITAL Yen 245 M
TREND SLOW WORTH Yen 1,214 M
STARTED 1965 EMPLOYES 60
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Satomi Tsuchibe in order to make most of his experience in the subject line of business. This is a trading house for import, export and wholesale of food additives, synthetic dyestuffs, organic pigments, fertilizing chemicals, seeds and other industrial chemicals. The firm has 6 divisions: Health-care Div; Food Additive Div; Fine Chemicals Div; Feed Additive Div; Agricultural Div; Mfg/R&D Div. Strong business ties with domestic major chemical firms, such as Nisshin Pharma Inc, a major mfr of chemicals, and Chisso Corp, a leading mfr of fine chemicals, both having shares in the subject. Actively engaged in overseas operations with offices in Beijing, Shanghai, Mumbai, Moscow and Cairo. Also overseas affiliates: USA (4), China (5), Germany (1). In Apr 2012 the firm increased the paid-in capital amount to Yen 245 million from the Yen 195 million to make up for the loss posted in the previous period.
The sales volume for Mar/2012 fiscal term amounted to Yen 12,423 million, an 8% down from Yen 13,524 million in the previous term. Imports/exports revenues were hurt by the high Yen, reducing considerably in Yen terms. The operations came back to profitability to post Yen 330 million recurring profit and Yen 38 million net profit, respectively, compared with Yen 252 million recurring profit and Yen 998 million net losses, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected at Yen 340 million and the net profit at Yen 45 million, respectively, on a 3% rise in turnover, to Yen 12,800 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Dec 1965
Regd No.: 0100-01-034552 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.3 million shares
Issued:
490,480 shares
Sum: Yen 245.24 million
Major shareholders (%):
Satomi Tsuchibe (30)), Yoko Tsuchibe (6), Chisso Corp (2), Nisshin Pharma (2),
MJ
Investment
Fund (1)
No. of shareholders: 30
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Trading house for import, export and wholesale of industrial chemicals (--100%):
(Handling items by
Divisions):
Fine Chemicals Div: aliphatic organic chemicals, aromatic organic chemicals, oil & fats, plastic additives, industrial additives, natural chemicals, rare earth chemicals, drug & pharmaceutical intermediates, materials for electronics industries;
Feed Additives Div: chlorine chloride, DI-Methionine, calcium L-acerbate, vitamin AD3, amino acid, minerals;
Fertilizer Div: seaweed origin fertilizer, soil conditioner, fermented soil, perennial rye grass, tall fescue, zoysia Japonica, turf-grass mixture;
Health-care Div: plant extract, powder & liquid;
Food Additives Div: guar gum, ascorbic acid, monosodium glutamate, sorbet, other;
Agriculture Div: Exclusive agent for Seed Research of Oregon Inc, USA.
Export Agent for: Nisshin Pharma for exporting their principal product, Co-enzyme Q10 mainly to US market;
Chisso Corporation for exporting their fine & organic chemicals mainly to US & European markets.
Clients: [Chemical mfrs, wholesalers] BASF Japan, Soft Gel Technology, Fujikawa Pharmaceutical, Sakata Seeds, Ashland Chemical, Chemco Ind, Nippon Kayaku Co, Maruzen Yuka Shoji, Shiratori Pharmaceutical, Tokiwa Photochemical Co, other. Exports to USA, Europe, Russia, China, India, etc.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Kaneka Corp, Mitsubishi Corp, Nisshin Pharma, Chisso Corp,
Ube Ind, Mitsui Chemical, Tokiwa Photochemical, other. Imports from Seed
Research of Oregon Inc (USA), other from USA, Europe, Asia, etc.
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Nihombashi)
MUFG
(Kanda-Ekimae)
Relations:
Satisfactory
(In Million Yen)
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Terms
Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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12,800 |
12,423 |
13,524 |
12,373 |
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Recur.
Profit |
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340 |
330 |
252 |
160 |
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Net
Profit |
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45 |
38 |
-998 |
82 |
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Total
Assets |
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6,362 |
6,547 |
118 |
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Current
Assets |
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4,575 |
4,329 |
6,567 |
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Current
Liabs |
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4,497 |
4,879 |
6,072 |
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Net
Worth |
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1,253 |
1,214 |
2,167 |
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Capital,
Paid-Up |
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245 |
195 |
195 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.03 |
-8.14 |
9.30 |
-19.29 |
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Current Ratio |
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.. |
101.73 |
88.73 |
108.15 |
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N.Worth Ratio |
.. |
19.70 |
18.54 |
1,836.44 |
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R.Profit/Sales |
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2.66 |
2.66 |
1.86 |
1.29 |
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N.Profit/Sales |
0.35 |
0.31 |
-7.38 |
0.66 |
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Return On Equity |
.. |
3.03 |
-82.21 |
3.78 |
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Notes:
Forecast (or estimated) for the 31/03/2013 fiscal term
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.91 |
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UK Pound |
1 |
Rs.84.44 |
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Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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 |
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NB |
New Business |
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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.