MIRA INFORM REPORT

 

 

Report Date :

02.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MT AQUA POLYMER INC

 

 

Registered Office :

Ueno Bldg 3F, 2-6-2 Kajicho Chiyodaku Chuoku Tokyo 101-0004

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

May, 2003

 

 

Com. Reg. No.:

0100-01-083783 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacturer of Polymer Flocculants, Water Treatment chemicals

 

 

No. of Employees :

80

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.

 

 

Source : CIA

 

 

 

 

Company Name and Address

 

MT AQUA POLYMER INC

 

REGD NAME:    MT Aqua Polymer KK

 

MAIN OFFICE:  Ueno Bldg 3F, 2-6-2 Kajicho Chiyodaku Chuoku Tokyo 101-0004 JAPAN

Tel: 03-6206-4505      Fax: 03-3251-5080

 

URL:                 http://www.mtaqua.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Mfg of polymer flocculants, water treatment chemicals

 

 

BRANCHES

 

Osaka, Nagoya, Fukuoka

 

 

FACTORIES

 

Mobara (Chiba), Sakaide (Kagawa)

 

 

OFFICERS

 

AKIRA KOMINE, PRES  Yasuhiro Mito, rep dir

Tatsumi Nonaka, dir                   Minoru Atsuchi, dir

Akira Nakano, dir                       Hisayoshi Tanaka, dir    

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                                         A/SALES          UNAVAILABLE*

PAYMENTSSLOW BUT CORRECT                     CAPITAL           Yen 460 M

TREND UNDETD                                   WORTH            Yen 6,794

STARTED         2003                                         EMPLOYES      80

*.. Sales figures are not disclosed

 

 

COMMENT

 

MFR OF POLYMER, JV WITH TOAGOSEI CO & MITSUI CHEMICALS INC.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established as a JV by Toagosei Co Ltd and Mitsui Chemicals Inc (See REGISTRATION).  This is a specialized mfr of polymer products, liquid polymer, cationic monomer, water treatment chemicals, other.  Materials are supplied from the both parents.  Clients include water treatment co, other

 

 

FINANCIAL INFORMATION

           

Financials are consolidated by the both parents and not individually disclosed, except for profits as follows and B/S as attached.

 

The net profit for Dec/2013 fiscal term was posted at Yen 498 million, compared with Yen 573 million a year ago.  From the profits, sales are estimated at around Yen 50,000 million, but the figures have not been verified.  No other databases have any figures at all.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is unable to be assessed due to the lack of proven business.

 

 

REGISTRATION

 

Date Registered:          May 2003

Regd No.:                                 0100-01-083783 (Tokyo-Chiyodaku)

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                   9,200 shares

Issued:                         9,200 shares

Sum:                            Yen 460 million

Major shareholders (%): Toagosei Co Ltd* (51), Mitsui Chemicals Inc** (49)

No. of shareholders:    2

 

*.. Toagosei Co Ltd, leading chemical mfr, Tokyo, founded 1942, listed Tokyo S/E, capital Yen 20,886 million, sales Yen 151,081 million, operating profit Yen 14,501 million, recurring profit Yen 15,346 million, net profit Yen 9,605 million, total assets Yen 194,584 million, net worth Yen 143,855 million, employees 2,483, pres Futoshi Hashimoto

           

**.. Mitsui Chemicals Inc, mfr of industrial chemicals, Tokyo, founded 1955, capital Yen 125,053 million, sales Yen 1,566,046 million, operating profit Yen 24,899 million, recurring profit Yen 22,522 million, net losses Yen 25,138 million, total assets Yen 1,432,162 million, net worth Yen 352,843 million, employees 14,271, pres Tsutomu Tannowa

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures polymer produces: liquid polymer, cationic monomer, flocculants, water treatment chemicals, other (--100%)

 

Clients: [Mfrs, wholesalers] Hymo Co, Kurita Water Ind Co, DiaNitrix Co, Mitsubishi Rayon, other 

No. of accounts: 300

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Toagosei Co, Mitsui Chemicals Inc, other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

            SMBC (Hibiya)

            Mizuho Bank (Marunouchi-Chuo)

            Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

This is the only disclosed F/S, and no other

       Terms Ending:

31/12/2013

31/12/2012

Annual Sales

　

- - -　

- - -

Recur. Profit

　

　

　

Net Profit

　

498

573

Total Assets

　

9,323

9,255

Current Assets

　

8,111

8,148

Current Liabs

　

2,423

2,576

Net Worth

　

6,794

6,577

Capital, Paid-Up

　

460

460

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.07

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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%)

 

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