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Report No. : |
309209 |
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Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
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Name : |
KOTEC CORPORATION |
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Registered Office : |
3-21-15 Chayamadai Sakai Osaka-Pref
590-0115 |
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Country : |
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Financials (as on) : |
30.06.2015 (Estimated) |
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Date of Incorporation : |
July 1982 |
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Com. Reg. No.: |
1201-01-002259
(Sakai-Minamiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Engaged as manufacturer
and exporter of polycarbonate & PPs resins
used as Materials for Engineering Plastics |
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No of Employees : |
49 |
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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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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. 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 |
KOTEC CORPORATION
KK Kotec
3-21-15 Chayamadai
Sakai Osaka-Pref 590-0115 JAPAN
Tel:
072-294-8711 Fax: 072-294-8533
URL: http://www.kotec-corp.co.jp/
E-Mail address: info@kotec-corp.co.jp
Engaged as manufacturer and exporter of polycarbonate & PPs resins used as Materials for Engineering Plastics
Tokyo,
Wakayama
Hong
Kong, China, Los Angeles, Europe
Kinokawa
(Wakayama), China (JV)
TETSUO
OGAWA, PRES Kazuo Masunaga, mgn
dir
Ryoko
Ogawa, dir Atsuko
Ogawa, dir
Hitoshi
Ogawa, dir Hajime
Ogawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,359 M
PAYMENTS No
Complaints CAPITAL Yen
98 M
TREND STEADY WORTH Yen
1,197 M
STARTED 1982 EMPLOYES 49
MFR SPECIALIZING IN POLYCARBONATE RESINS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1969 by Tetsuo Ogawa in order to make most of his experience in the subject line of business, on his account. Incorporated in 1982, the subject firm concentrated in mfg synthetic resins. The firm is wholly owned and managed by the Ogawa family. Specializes in mfg polycarbonate & PPS resins used as materials for engineering plastics. Tied with Kotec Corp, Europe, in the way of mfg and marketing. Products are widely exported to Asia, Europe, USA, Canada, Australia, Mid/Near East, S Africa, other.
The sales volume for Jun/2014 fiscal term amounted to Yen 2,359 million, a 21% up from Yen 1,947 million in the previous term, boosted by the robust exports to worldwide destinations. The recurring profit was posted at Yen 432 million and the net profit at Yen 228 million, respectively, compared with Yen 286 million recurring profit and Yen 162 million net profit, respectively, a year ago.
For the current term ending Jun 2015 the recurring profit is projected at Yen 460 million and the net profit at Yen 240 million, respectively, on a 5% rise in turnover, to Yen 2,470 million. Demand for the product continues on the rise.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements.
Date Registered: Jul 1982
Regd No.: 1201-01-002259 (Sakai-Minamiku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
784,000 shares
Issued:
196,000 shares
Sum: Yen 98
million
Major
shareholders (%): Tetsuo Ogawa (50), Ryoko Ogawa (30), Hitoshi Ogawa (10), Hajime Ogawa (10)
No. of shareholders: 4
Nothing detrimental is known as to the commercial morality of executives.
Activities: Engaged as manufacturer and exporter of polycarbonate & PPS resins used as Materials for Engineering Plastics (100%)
Goods are exported to Asia, Europe, USA, Mid East, S Africa, other.
Clients: [Mfrs, wholesalers] Exports to Asia, Europe, USA, Canada, South Africa, Australia, Russia, Mid/Near East, other.
Also supplied to Mitsui & Co, Sumitomo Dow, Jepco Inc, Kotec Ltd, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Engineering Plastics, Idemitsu Kosan, Sumitomo Dow, Mitsubishi Gas Chemical, Nippon A&L Inc, Panasonic Corp, other
Payment record: No Complaints
Location: Business area in Sakai City, adjacent to Osaka City. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Sakai)
Kiyo Bank (Sakai)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
30/06/2015 |
30/06/2014 |
30/06/2013 |
30/06/2012 |
|
|
Annual
Sales |
|
2,470 |
2,359 |
1,947 |
1,735 |
|
Recur.
Profit |
|
460 |
432 |
286 |
236 |
|
Net
Profit |
|
240 |
228 |
162 |
128 |
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Total
Assets |
|
|
2,360 |
2,243 |
2,537 |
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Current
Assets |
|
|
1,284 |
1,063 |
1,262 |
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Current
Liabs |
|
|
270 |
238 |
405 |
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Net
Worth |
|
|
1,197 |
970 |
808 |
|
Capital,
Paid-Up |
|
|
98 |
98 |
98 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.71 |
21.16 |
12.22 |
-22.54 |
|
Current Ratio |
|
.. |
475.56 |
446.64 |
311.60 |
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N.Worth Ratio |
|
.. |
50.72 |
43.25 |
31.85 |
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R.Profit/Sales |
|
18.62 |
18.31 |
14.69 |
13.60 |
|
N.Profit/Sales |
|
9.72 |
9.67 |
8.32 |
7.38 |
|
Return On Equity |
|
.. |
19.05 |
16.70 |
15.84 |
Notes: Forecast (or estimated) figures for
30/06/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
UK Pound |
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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.