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Report No. : |
326115 |
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Report Date : |
08.06.2015 |
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 (Estimated) |
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Date of Incorporation : |
December 1954 |
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Com. Reg. No.: |
0104-01-077260 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
· Engaged as Importer and wholesaler of Industrial Machinery & Equipment ·
Engaged as Exporter of 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 Subject product ranges includes :- Industrial Machinery 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) |
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No of Employees : |
168 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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.
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Source
: CIA |
CORRENS CORPORATION
KK Correns
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
· Engaged as Importer and wholesaler of Industrial Machinery & Equipment
·
Engaged as Exporter of 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
Subject product ranges includes:-
Industrial Machinery
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)
Osaka
Germany, France, Korea (-- rep offices)
THOMAS NOLTING, PRES Iva
Johansen, v pres
Toshiharu Umei, dir Yukinori
Kusunoki, dir
Kazuhiro Itoh, dir Tatsuo
Kato, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 12,101 M
PAYMENTSNo Complaints CAPITAL Yen 39 M
TREND UP WORTH Yen 1,220 M
STARTED 1954 EMPLOYES 168
TRADING HOUSE SPECIALIZING IN
INDUSTRIAL MACHINERY FROM GERMANY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 177.6 MILLION, 30 DAYS NORMAL
TERMS. .
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).
The sales volume for Dec/2013 fiscal term amounted to Yen 12,101 million, a 12% up from Yen 10,848 million in the previous term. Prices of industrial machinery were up. The recurring profit was posted at Yen 258 million and the net profit at Yen 136 million, respectively, compared with Yen 215 million recurring profit and Yen 120 million net profit, respectively, a year ago.
For the term that ended Dec 2014 the recurring profit was projected at Yen 270 million and the net profit at Yen 150 million, respectively, on a 5% rise in turnover, to Yen 12,750 million. Final results are yet to be released. ’
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 177.6 million, on 30 days normal terms.
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 (80), Ivan Johansen (20)
No. of
shareholders: 2
Nothing detrimental is known as to the commercial morality
of executives.
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)
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
(% 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
(In Million Yen)
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Terms Ending: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
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Annual
Sales |
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12,750 |
12,101 |
10,848 |
10,704 |
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Recur.
Profit |
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270 |
258 |
215 |
211 |
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Net
Profit |
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150 |
136 |
120 |
125 |
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Total
Assets |
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5,451 |
5,431 |
5,377 |
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Current
Assets |
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5,092 |
5,106 |
4,981 |
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Current
Liabs |
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3,809 |
3,887 |
3,740 |
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Net
Worth |
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1,220 |
1,201 |
1,197 |
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Capital,
Paid-Up |
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39 |
39 |
39 |
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Div.Ttl
in Million (¥) |
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117 |
117 |
156 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.36 |
11.55 |
1.35 |
-11.41 |
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Current Ratio |
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.. |
133.68 |
131.36 |
133.18 |
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N.Worth Ratio |
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22.38 |
22.11 |
22.26 |
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R.Profit/Sales |
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2.12 |
2.13 |
1.98 |
1.97 |
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N.Profit/Sales |
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1.18 |
1.12 |
1.11 |
1.17 |
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Return On Equity |
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11.15 |
9.99 |
10.44 |
Notes: Forecast (or estimated) for the 31/12/2014 fiscal
term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.89 |
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UK Pound |
1 |
Rs.97.97 |
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Euro |
1 |
Rs.71.81 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
DPT |
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.