MIRA INFORM REPORT
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Report No. : |
332793 |
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Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
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Name : |
CORRENS CORPORATION |
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Registered Office : |
Ark Yagi Hills 3F, 1-8-7 Roppongi Minatoku Tokyo 106-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
Dec., 1954 |
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Com. Reg. No.: |
0104-01-077260 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import and Wholesale of Industrial Machinery; Export of PC’s &
Peripherals. |
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No. of Employees : |
170 |
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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Maximum Credit Limit : |
Yen 133.0 Million |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 |
Company
Name and address
CORRENS CORPORATION
REGD NAME: KK
Correns
MAIN OFFICE: Ark
Yagi Hills 3F, 1-8-7 Roppongi Minatoku Tokyo 106-0032 JAPAN
Tel: 03-5114-0711 Fax: 03-3583-1330
URL: http://www.correns.co.jp/
E-mail: sales@correns.co.jp
ACTIVITIES
Import, wholesale
of industrial machinery; export of PC’s & peripherals
BRANCHES
Osaka
OVERSEAS
Germany, France,
Korea (-- rep offices)
OFFICERS
THOMAS NOLTING,
PRES Iva Johansen, v pres
Toshiharu Umei,
dir Yukinori Kusunoki,
dir
Kazuhiro Itoh, dir Ichiro Watanabe, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,152 M
PAYMENTSNO COMPLAINTS CAPITAL Yen 39 M
TREND SLOW WORTH Yen 1,201 M
STARTED 1954 EMPLOYES 170
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY FROM GERMANY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 133.0 MILLION, 30 DAYS NORMAL TERMS.
.
HIGHLIGHTS
The subject
company was established originally in 1948 by Claus Correns, ex Tokyo Branch
Manager of Hamburg Siemens Co, under the name of C Correns & Co Ltd as an open partnership. After his
retirement in 1980, the company was transferred to Arthur von Eisenhalf-Rothe,
who subsequently retired in Dec 1997, thereafter succeeded by the present executives. In Apr 1998 renamed as captioned. This is a trading firm specializing in
industrial machinery centrally from Germany (See OPERATIONS). Also handles
electronics parts & components, printers & other computer
peripherals. The business line includes
technical services, license
agreement and joint ventures. Sales staff is mostly technical engineers. The firm has concluded more than 90 license
agreements (See OPERATION). Clients
are mostly major mfrs, wholesalers, nationwide.
FINANCIAL
INFORMATION
The sales volume for Dec/2014 fiscal term amounted to Yen 11,152
million, an 8% down from Yen 12,101 million in the previous term. The recurring profit was posted at Yen 187
million and the net profit at Yen 117 million, respectively, compared with Yen
258 million recurring profit and Yen 136 million net profit, respectively, a
year ago.
For the current
term ending Dec 2015 the recurring profit is projected at Yen 195 million and
the net profit at Yen 120 million, respectively, on a 3% rise in turnover, to
Yen 11,500 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 133.0
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Dec 1954
Regd
No.: 0104-01-077260 (Tokyo-Minatoku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
78,000 shares
Issued: 78,000 shares
Sum:
Yen 39 million
Major
shareholders (%): Thomas Nolting (60), Ivan Johansen (40)
No.
of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales
industrial machinery & equipment; exports electronics, PC’s &
peripherals:
(Sales
Breakdown by Divisions):
Industrial
Machinery (65%): metal & wire working machinery, plastic molding machines, glass processing
machines, food processors, packaging & paper converting machines, printing
technology, paper-handling systems, construction technology, mining &
tunneling machines, equipment & components for automotive industry,
precision machining, measuring & inspection technologies, new technologies
(Eco-, Nano-, Biotechnology), others;
Electronics
(15%): electronics parts & components
Exports (20%): laser scan
modules, optical systems, printed circuit boards, electrical & mechanical
sub-assemblies, precision motors, fans & mechatronic parts for office
automation equipment & automotive use, electromagnetic clutches &
brakes, consumables for offset printing machines, including printing plates,
special steel wires for automotive use, complete OEM products, including
personal computers, rotary dumpers for soft-closing of toilet seats, piano
lids, etc.
(%
is all about)
Imports (about 80%) are centrally
from Germany.
Licenses:
Has
several JVs and more than 90 license agreements, including agreements for:
ALWEG monorail, Wankel Rotary-Piston Engines, Ehrenreich (TRW) Ball Joints for
motor cars, De Carbon shock absorbers.
Clients: [Mfrs,
wholesalers] SMC, Toyota Motor, Aisin Seiki Co, Kobe Steel, Tokyo Steel, Nippon
Filcon Co, Chuo Hatsujo Kogyo Co, JGC Corp, Toyo Engineering, Asahi Glass
Products, Japan Crown Cork Co, Kushiro Coal Mine, Nihon Yamamura Glass, CKD,
Itoen Sangyo, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Lenhardt, Wickermann, Wafios, Lingemann, Thyssen, Henschel
Liebherr, UDD Fim, Kammann, SMS Demag (--Germany), Sacmi (Italy), Larox Corp
(Finland), other from some domestic suppliers.
Payment
record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank
References:
MUFG
(Toranomon)
Mizuho
Bank (Shimbashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
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Annual
Sales |
|
11,500 |
11,152 |
12,101 |
10,848 |
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Recur.
Profit |
|
195 |
187 |
258 |
215 |
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Net
Profit |
|
120 |
117 |
136 |
120 |
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Total
Assets |
|
|
6,396 |
5,451 |
5,431 |
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Current
Assets |
|
|
5,980 |
5,092 |
5,106 |
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Current
Liabs |
|
|
4,754 |
3,809 |
3,887 |
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Net
Worth |
|
|
1,201 |
1,220 |
1,201 |
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Capital,
Paid-Up |
|
|
39 |
39 |
39 |
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Div.Ttl
in Million (¥) |
|
|
136.5 |
117 |
117 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.12 |
-7.84 |
11.55 |
1.35 |
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Current Ratio |
|
.. |
125.79 |
133.68 |
131.36 |
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N.Worth Ratio |
|
.. |
18.78 |
22.38 |
22.11 |
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R.Profit/Sales |
|
1.70 |
1.68 |
2.13 |
1.98 |
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N.Profit/Sales |
|
1.04 |
1.05 |
1.12 |
1.11 |
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Return On Equity |
|
.. |
9.74 |
11.15 |
9.99 |
Notes: Forecast (or estimated) for the 31/12/2015
fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.63.55 |
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|
1 |
Rs.99.10 |
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Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.