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Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
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Name : |
KANEMATSU CHEMICALS CORPORATION |
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Registered Office : |
TT-2 Bldg 10F, 3-8-1 Nihombashi-Ningyocho
Chuoku Tokyo 103-0013 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
September 1974 |
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Com. Reg. No.: |
040329 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial chemicals |
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No. of Employees : |
64 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 2013 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 225% 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 |
KANEMATSU
CHEMICALS CORPORATION
REGD NAME: Kanematsu
Chemical KK
MAIN OFFICE: TT-2
Bldg 10F, 3-8-1 Nihombashi-Ningyocho Chuoku Tokyo 103-0013
Tel:
03-5643-3011
Fax:
03-5643-3016
E-Mail address: (thru
the URL)
Import, export,
wholesale of industrial chemicals
Osaka
KAZUYUKI
MATSUNAGA, PRES
Masana Takahashi,
dir Hiroshi Shimada, dir
Makoto Kudo, dir Hiroki Shimokawa, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 18,187 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
300 M
TREND UP WORTH Yen 731 M
STARTED 1974 EMPLOYES 64
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY OWNED BY
KANEMATSU CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established on the basis of a chemical division separated
from Kanematsu Corp, trading house of Japan, Tokyo (see REGISTRATION), in order to import, export and wholesale of
industrial chemicals. Originally named
as Kanematsu Kaseihin KK (Kaseihin means chemical products) and renamed as
captioned in Mar 2002. The firm
separated and transferred one division to a sister firm in 2005. In 2009, merged a sister company, Kowashouji
Co Ltd. In Feb 2013, merged Kanematsu
Wellness Corp and made it’s a wholly owned subsidiary. Clients include major chemical mfrs,
wholesalers, other, nationwide.
In the previous term. The high
Yen ate into earnings in Yen terms.
Total demand from China declined.
The recurring profit was posted at Yen 504 million and the net profit at
Yen 327 million, respectively, compared with Yen 521 million recurring profit
and Yen 287 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 530 million and the net profit at Yen 350 million, respectively, on a 9%
rise in turnover, to Yen 19,800 million.
This is attributed to the said merger of Kanematsu Wellness Corp, which
will contribute in full terms. The firm
posted sales in Yen 668 million for the Mar/2013 fiscal term. Weaker Yen will also contribute to increase
sales in Yen terms.
The financial situation is considered FAIR
and good for ORDINARY business engagements
Date Registered:
Sept 1974
Regd No.:
(Tokyo-Chuoku) 040329
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800,000 shares
Issued:
600,000 shares
Sum: Yen 300 million
Major shareholders (%): Kanematsu
Corp*(100)
*.. Formerly general trading house, traditionally
strong in textiles, Tokyo, now operations have been reduced to foods, energy,
steel & plants and textiles, founded 1918, listed Tokyo S/E, capital Yen
27,781 million, turnover Yen 1,019,232 million, operating profit Yen 18,262
million, recurring profit Yen 16,705 million, net profit Yen 9,564 million,
total assets Yen 398,122 million, net worth Yen 63,858 million, employees
5,522, pres Masayuki Shimojima.
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Trading house
for import, export and wholesale of industrial chemicals
(Sales
Breakdown by Divisions):
Functional
Chemicals Div (33%): petrochemical products (aromatics, ketone, ester,
alcohol, ethanol, other;
Paper
Mill Chemicals Div (15%): paper mfg chemicals, medical & sanitary
chemicals;
Functional
Chemicals Div (Osaka Branch) (15%): plywood adhesives, anti-corrosive chemicals,
naphthene, aroma chemicals, glycerin, furfural, sulfur alcohol, rosin, other;
Techno
Chemicals Div (16%): inorganic chemicals for paper mfg, fertilizer,
other industrial use, rare earth, active charcoal, other inorganic chemicals,
adhesive agents, firming agents, synthetic resins, other;
Fine
Chemicals Div (12%): functional food additives, raw materials,
pharmaceuticals, intermediates, photosensitive plastics, water treatment
chemicals, flame retardant, bactericide, fungicide, dyestuffs, pigments and
additives, other;
Others
(9%): auto chemicals, auto materials, building & construction materials,
water-proofing agents, sealants, paints & coatings, other.
Import
(15%); Export (20%) (Breakdown % are all about)
Clients: [Chemical mfrs,
other mfrs, wholesalers] Hokushin Co (10%), Daio Paper, Yamaichi Chemical Ind,
Kanematsu Corp (3.6%), Sanyo Kaseihin, Daido Chemical Ind, Maruzen
Petrochemical, other.
No. of accounts:
800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Tokuyama Corp, Mitsui Chemical, Maruzen Petrochemical, Shell
Chemicals Japan, Miyoshi Fats & Oils Corp, Daiichi Sankyo Co, other.
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References: MUFG (H/O)
SMBC
(Tokyo-Chuo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
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Annual
Sales |
|
19,800 |
18,187 |
19,487 |
17,612 |
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Recur.
Profit |
|
530 |
504 |
521 |
403 |
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Net
Profit |
|
350 |
327 |
287 |
229 |
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Total
Assets |
|
|
7,368 |
6,710 |
5,802 |
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Current
Assets |
|
|
6,757 |
6,293 |
5,416 |
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Current
Liabs |
|
|
6,457 |
5,859 |
5,026 |
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Net
Worth |
|
|
731 |
683 |
624 |
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Capital,
Paid-Up |
|
|
300 |
300 |
300 |
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Div.Ttl
in Million (¥) |
|
|
287.4 |
229.8 |
250.8 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.87 |
-6.67 |
10.65 |
3.64 |
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Current Ratio |
|
.. |
104.65 |
107.41 |
107.76 |
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N.Worth Ratio |
.. |
9.92 |
10.18 |
10.75 |
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R.Profit/Sales |
|
2.68 |
2.77 |
2.67 |
2.29 |
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N.Profit/Sales |
1.77 |
1.80 |
1.47 |
1.30 |
|
|
Return On Equity |
.. |
44.73 |
42.02 |
36.70 |
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Notes: Forecast
(or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
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.