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Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MIYAKO KAGAKU CO LTD |
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Registered Office : |
Shin-Kokusai
Bldg 8F, 3-4-1 Marunouchi Chiyodaku |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
November
1947 |
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Com. Reg. No.: |
0100-01-030193
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, exporter, wholesaler of industrial chemicals, specialty chemicals ,
food materials, foods, synthetic resins |
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No. of Employees : |
123 |
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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Maximum Credit Limit : |
Yen 769.2 Million |
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Status : |
Satisfactory |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 |
MIYAKO KAGAKU CO LTD
Miyako Kagaku KK
Shin-Kokusai Bldg 8F,
3-4-1 Marunouchi Chiyodaku Tokyo 100-0005JAPAN
Tel:
03-3214-7671 Fax: 03-3214-7686
URL: http://www.miyakokagku.co.jp
E-Mail address: (thru the URL)
Import,
export, wholesale of industrial chemicals
Osaka,
Nagoya, Sapporo, Yokkaichi, Chiba, Yamaguchi
Kyowa
Hakko Co and subsidiaries (subcontracted)
AKIRA
IGARASHI, PRES Meiko
Azuma, s/mgn dir
Tatsuji
Hirahara, mgn dir Matsunori
Someya, mgn dir
Akimasa
Takeuchi, mgn dir Tomizo
Nakatani, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 55,466 M
PAYMENTS REGULAR CAPITAL Yen 296 M
TRENDUP WORTH Yen
3,450 M
STARTED 1917 EMPLOYES 123
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 769.2 MILLION, 30 DAYS NORMAL TERMS
The subject company is
an old-established trading firm dating back to 1921, and was incorporated in
Nov 1947. This is a trading firm
specializing in import, export and wholesale of industrial chemicals, specialty
chemicals, foodstuffs materials, resins, other.
In Jun 2010, the firm became a subsidiary of Kyowa Hakko Group
firms. Clients include painting mfrs,
food makers, chemical mfrs, other, nationwide
The sales volume for
Dec/2012 fiscal term amounted to Yen 55,466 million, a 1% up from Yen 54,698
million in the previous term. The
recurring profit was posted at Yen 793 million and the net profit at Yen 464
million, respectively, compared with Yen 743 million recurring profit and Yen
428 million net profit, respectively, a year ago.
For the current term
ending Dec 2013 the recurring profit is projected at Yen 850 million and the
net profit at Yen 470 million, respectively, on a 5% rise in turnover, to Yen
58,200 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 769.2
million, on 30 days normal terms.
Date Registered: Nov 1947
Regd No.: 0100-01-030193 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
10 million shares
Issued: 2.67 million shares
Sum: Yen 296 million
Major shareholders (%): KH Neochem Co Ltd* (100) *.. Kyowa Hakko Group Firm
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales industrial chemicals (35%), specialty
chemicals (17%), food materials, foods (15%), synthetic resins, others (30%).
Clients: [Mfrs, wholesalers] Kansai Paint, KH Neochem Co, Kyowa Kirin Foods,
Kyowa Hakko Kirin Co, Kyowa Hakko Biochemicals, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] KH Neochem Co, Kyowa Hakko Biochemicals, Kyowa
Kirin Foods, Tokuyama Corp, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Marunouchi)
MUFG
(Marunouchi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
58,200 |
55,466 |
54,698 |
37,022 |
|
Recur.
Profit |
|
850 |
793 |
743 |
547 |
|
Net
Profit |
|
470 |
464 |
428 |
240 |
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Total
Assets |
|
|
20,735 |
21,650 |
16,316 |
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Current
Assets |
|
|
17,018 |
18,111 |
|
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Current
Liabs |
|
|
16,728 |
17,669 |
|
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Net
Worth |
|
|
3,450 |
3,543 |
2,647 |
|
Capital,
Paid-Up |
|
|
296 |
296 |
296 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.93 |
1.40 |
47.74 |
42.20 |
|
|
Current Ratio |
|
.. |
101.73 |
102.50 |
.. |
|
N.Worth Ratio |
.. |
16.64 |
16.36 |
16.22 |
|
|
R.Profit/Sales |
|
1.46 |
1.43 |
1.36 |
1.48 |
|
N.Profit/Sales |
0.81 |
0.84 |
0.78 |
0.65 |
|
|
Return On Equity |
.. |
13.45 |
12.08 |
9.07 |
|
Notes:
Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
UK Pound |
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
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 |
|
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.