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Report No. : |
331223 |
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Report Date : |
07.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SORT CO LTD |
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Registered Office : |
1-31-42 Tukushino Machida Tokyo-Metrop 194-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
April, 1991 |
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Com. Reg. No.: |
0200-01-002155 (Tokyo-Machida) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import and Wholesale of Industrial Chemicals. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 an
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. Scarce in many
natural resources, Japan has long been dependent on imported raw materials.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008.
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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 2014 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. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
SORT CO LTD
REGD NAME: KK
Sort
MAIN OFFICE: 1-31-42
Tukushino Machida Tokyo-Metrop 194-0001 JAPAN
Tel: 042-850-5751 Fax: 042-850-5756
E-Mail address: taro@kksort.com
Import, wholesale
of industrial chemicals
Nil
(Subcontracted – Taiwan, China, other)
MASATAKA TANABE,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,736 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 10 M
TREND STEADY WORTH Yen 308 M
STARTED 1991 EMPLOYES 7
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject
company was established jointly by H Yamashita (former vice- minister of
International Trade & Commerce) and Tohru Seya (then consultant of JETRO)
in order to make most of their experiences and networks in the subject line of business. And has been
transferred to the present
executives. Newly organized, the firm started
on business succession from Johnson Chemical of urethane-based chemicals. This is a family-based trading firm
specializing in import and wholesale of industrial chemicals: UV absorber
(Eversorb), UV stabilizer, urethane stabilizer, urethane adhesives, other. In May 1998, started importing products from
Shuang-Bang Industrial Corp. In Jan
2000, became sole import agent for Shuang-Bang Industrial, and in May that year
accepted their capital participation, owning 15% of the subject share. In Aug 2000, appointed as import agent by
Everlight Chemical Ind (Taiwan), and import started. In addition to import business, the firm is
engaged in consignment production of the products to Taiwan & Chinese
factories. Clients include major
chemical mfrs, wholesalers, other.
The sales volume for
Mar/2015 fiscal term amounted to Yen 1,736 million, a 10% up from Yen 1,579
million in the previous term. UV-related
products (Eversorb) continued to grow, according to the firm. Also OEM production in Taiwan & China continued brisk, says the firm. The operations
plunged into the red to post Yen 19 million net losses for the term, due to
rising costs of materials and weaker Yen rising import costs in Yen terms; this
much is disclosed for this term. Last year the
firm posted Yen 564 million recurring profit and Yen 41 million net profit,
respectively.
For the current term ending Mar 2016 the net profit is projected at Yen
50 million, on a 5% rise in turnover, to Yen 1,800 million.
The financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered:
Apr 1991
Regd No.:
0200-01-002155 (Tokyo-Machida)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major
shareholders (%): Masataka Tanabe (32.5), Reiko Tanabe (27.5), Kumiko Sumiyoshi (25),
Shuang-Bang Industrial Corp (Taiwan) (15)
No.
of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and wholesales
industrial chemicals: UV absorber (Eversorb), UV stabilizer, UV cure adhesives,
urethane stabilizer, urethane adhesives, plastics adhesives, other (--100%).
(Import
agent for): Shuang-Bang Industrial Corp, Everlight Chemical (--Taiwan), other in
China.
Clients: [Mfrs,
wholesalers] OG Corp, BASF Coatings Japan, Ricoh Co, Heisen Yoko Co, T&K
Toka Co, JSR, Meisei Co, Toyo Ink & Chemicals, Bridgestone Corp, Kansai
Paint, Dai Nippon Toryo Co, Yokohama Rubber, Hitachi Chemical, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shuang-Bang Industrial Corp, Everlight chemicals (--Taiwan; import
agent), Sanko Ink, Insight High Technology, Koshin Chemical, other
Payment record: Slow but correct
Location: Business area in
Machida City, Tokyo-Metrop. Office
premises at the caption address are leased and maintained satisfactorily.
Bank References:
Bank of Yokohama
(Nagatsuda)
SMBC (Aobadai)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
1,736 |
1,579 |
1,425 |
1,421 |
|
Recur.
Profit |
|
|
64 |
94 |
|
|
Net
Profit |
|
-19 |
41 |
60 |
64 |
|
Total
Assets |
|
|
696 |
585 |
|
|
Current
Assets |
|
|
609 |
491 |
|
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Current
Liabs |
|
|
182 |
188 |
|
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Net
Worth |
|
|
327 |
287 |
245 |
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
2.00 |
2.00 |
2.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
9.94 |
10.81 |
0.28 |
13.32 |
|
Current Ratio |
|
.. |
334.62 |
261.17 |
.. |
|
N.Worth Ratio |
|
.. |
46.98 |
49.06 |
.. |
|
R.Profit/Sales |
|
.. |
4.05 |
6.60 |
.. |
|
N.Profit/Sales |
|
-1.09 |
2.60 |
4.21 |
4.50 |
|
Return On Equity |
|
.. |
12.54 |
20.91 |
26.12 |
Notes: Financials are
only partially disclosed until the Mar/2012 fiscal term.
Actual figures (only
this much is disclosed) for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.99.11 |
|
Euro |
1 |
Rs.70.29 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
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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.