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Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CORNES & CO LTD |
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|
|
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Registered Office : |
Cornes House, 3-5-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May 1947 |
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Com. Reg. No.: |
0104-03-004073 (Tokyo-Minatoku) |
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Legal Form : |
Branch Office |
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Line of Business : |
Trading firm for import, export and
wholesale of: electronics & industrial equipment, agricultural machinery,
maritime survey & charts, biogas plants, insurance brokerage, ship agency |
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No. of Employees : |
125 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 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
CORNES & CO LTD
REGD NAME: Cornes & Co Ltd
MAIN OFFICE: Cornes House, 3-5-1 Shiba Minatoku Tokyo 105-0014 JAPAN
Tel: 03-5730-1660
Fax: 03-5730-1128
E-Mail address:sales@cornes.co.jp
Trading firm
Yokohama, Kobe, Sapporo
Hong Kong (Parent Office)
KENSAKU WATARI, PRES Shin’ichiro Watari, ch
Takao Watanabe, s/mgn dir Kenji Kato, dir
Tatsunobu Narita, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,500 M
PAYMENTS REGULAR CAPITAL HK$ 2,500 M
TREND SLOW WORTH Yen 10,300 M
STARTED 1947 EMPLOYES 125
TRADING FIRM, OWNED BY CORNES
& CO, HONG KONG.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 136.4
MILLION, 30 DAYS NORMAL TERMS
The subject company was established
originally in 1861 by Frederick Cornes & his partner. as a Japan
branch. This is a trading firm, owned by
Cornes & Co, Hong Kong, for import, export and wholesale of motorcars,
electronics & industrial equipment, maritime charts, others. In Apr 2012 separated the motorcars sales
operations to a sister company, Cornes Motors Ltd. Clients include public agencies, business
firms, other
The sales volume for Mar/2013
fiscal term amounted to Yen 3,500 million, an 82% down from Yen 19,824 million
in the previous term. This is referred
to the said transfer of mainstay automobile business to a group subsidiary
firm. The recurring profit was posted at
Yen 1,000 million and the net profit at Yen 970 million, respectively, compared
with Yen 171 million recurring profit and Yen 277 million net losses,
respectively, a year ago.
For the current term ending Mar
2014 the recurring profit is projected at Yen 500 million and the net profit at
Yen 1200 million, respectively, on a 6% rise in turnover, to Yen 3,700
million.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 136.4
million, on 30 days normal terms.
Date Registered: May
1947
Regd No.: 0104-03-004073
(Tokyo-Minatoku)
Legal Status: Branch
Office
Capital: HK$
2,500 million
Major shareholders (%): Cornes Holdings
Overseas, Hong Kong (100)
Nothing detrimental is known as to
the commercial morality of executives.
Activities: Trading
firm for import, export and wholesale of: electronics & industrial
equipment, agricultural machinery, maritime survey & charts, biogas plants,
insurance brokerage, ship agency, other (--100%)
Clients: Public
agencies, business firms, consumers, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers]
Supplied by the Hong Kong parents and group firms
Payment record: Regular
Location: Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References: Mizuho Corporate Bank (H/O)
Hong
Kong & Shanghai Bank (Tokyo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
3,700 |
3,500 |
19,824 |
24,700 |
|
Recur.
Profit |
|
500 |
1,000 |
171 |
|
|
Net
Profit |
|
200 |
970 |
-277 |
263 |
|
Total
Assets |
|
|
16,300 |
17,112 |
22,449 |
|
Current
Assets |
|
|
4,300 |
4,919 |
9,962 |
|
Current
Liabs |
|
|
2,800 |
4,906 |
6,935 |
|
Net
Worth |
|
|
10,300 |
9,333 |
9,681 |
|
Capital,
Paid-Up |
|
|
|
|
|
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.71 |
-82.34 |
-19.74 |
-3.91 |
|
|
Current Ratio |
|
.. |
153.57 |
100.26 |
143.65 |
|
N.Worth Ratio |
.. |
63.19 |
54.54 |
43.12 |
|
|
R.Profit/Sales |
|
13.51 |
28.57 |
0.86 |
.. |
|
N.Profit/Sales |
5.41 |
27.71 |
-1.40 |
1.06 |
|
|
Return On Equity |
.. |
9.42 |
-2.97 |
2.72 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.