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Report No. : |
342817.2 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
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Name : |
EMORI & CO LTD |
|
|
|
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Registered Office : |
1-6-23 Keya Fukui 918-8003 |
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|
|
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Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2015 |
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|
|
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Date of Incorporation : |
April 2013 |
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|
|
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Com. Reg. No.: |
2100-01-015150 (Fukui-Fukui) |
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|
|
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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|
|
|
Line of Business : |
Subject is engaged in Import, export, wholesale of chemicals, electronic materials, dyes & textile |
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|
|
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No. of Employee : |
241 |
RATING & COMMENTS
|
MIRAs Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow and Delayed |
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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 |
|
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 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 Japans 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 Abes Three Arrows economic revitalization agenda - dubbed Abenomics - of monetary easing, flexible fiscal policy, and structural reform. Abes government has replaced the preceding administrations 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 energys 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 first-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 Japans 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 |
EMORI & CO LTD
REGD NAME: Emori
Shoji KK
1-6-23 Keya Fukui
918-8003 JAPAN
Tel:
0776-36-1133 Fax: 0776-36-4002
E-Mail
address: (thru the URL)
Import,
export, wholesale of chemicals, electronic materials, dyes & textile
Tokyo,
Osaka, Nagoya, Kanazawa, Tsuruga, Utsunomiya (Tot 7)
Warsaw,
Dusseldorf, Ho Chi Ming
TETSUO
ICHIKAWA, PRES Toru Watanabe, mgn
dir
Hiroaki
Shimizu, mgn dir Yoshihide
Chikugo, mgn dir
Noboru
Yamamoto, mgn dir Takeyoshi
Nakayama, mgn dir
Yen
Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 54,153 M
PAYMENTSSLOW
AND DELAYED CAPITAL Yen 450 M
TREND UP WORTH Yen 578 M
STARTED 2013 EMPLOYES 241
TRADING FIRM, OWNED BY EMORI
CORPORATION.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS, AND GOOD FOR
CREDIT ENGAGEMENTS: US$300,000 / 90 DAYS TERMS.
The
subject company was established originally in 1957 and was incorporated in 2013
by the caption name, and subsequently in 2014 reorganized when the firm went
into the equity-owned company of Emori Group Holdings Co Ltd (Now renamed Emori
Corporation). This is a trading firm
specializing in import, export and wholesale of chemicals, electronic products,
synthetic resins, dyes & textile chemicals, other. Has overseas offices in Russia, Vietnam and
Germany. Goods are imported from and
exported to worldwide destinations.
Domestic clients include chemical makers, wholesalers, other.
The
sales volume for the Mar/2015 fiscal term (reorganized & renewed firms
initial accounting term) amounted to Yen 54,153 million. The recurring profit was posted at Yen 164
million, while the net losses at Yen 3,730 million, respectively, for the term.
(Apr/Jun/2015
results): sales Yen 11,200 million, recurring profit Yen 110 million, net
profit Yen 3,800 million.
For
the current term ending Mar 2016 the recurring profit is projected at Yen 300
million and the net profit at Yen 6,000 million, on a 5% rise in turnover, to
Yen 56,800 million. Due to the weaker
Yen sales may rise further in Yen terms,
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Apr 2013
Regd No.: 2100-01-015150
(Fukui-Fukui)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 3.6 million shares
Issued:
900,000 shares
Sum: Yen
450 million
Major shareholders (%): Emori
Corporation* (100)
*.. Holding
company, newly founded in Apr 2015 by Kowa & JWP
**.. Emori Group Holdings was bankrupted in Apr 2015 with
liabilities at Yen 71,100 million, due to delayed earnings payments from
clients in China (as reported), and asked for protection under the Civil
Rehabilitation Law on 30/Apr/2015 and accepted on the same date, and commenced proceeding under the
Law on 04/Jun/2015. The firm delisted
from the Tokyo S/E on 31/May/2015. (In
Mar 2015, the firm was reported that: bad debts emerged successively in China,
the main markets.)
Nothing detrimental is known as
to the commercial morality of executives.
Activities:
Trading firm for import, export and wholesale of chemicals, electronic-related
materials, synthetic resins, dyes & textile chemicals, Information-related products,
system development, information service, other (--100%)
Clients:
[Mfrs, wholesalers] Emori Co (China), Panasonic Corp, Sharp Corp, Sanyo
Chemical Ind, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Toa Gosei Co, Renesas Electronics, Panasonic Corp, NTT
Data, Sanken Electric, other
Payment record: Slow and Delayed
Location:
Business area in Fukui. Office premises
at the caption address are owned and maintained satisfactory.
Bank References:
Fukui
Bank (H/O)
Mizuho
Bank (Toyama)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
|
|
Annual
Sales |
|
56,860 |
54,153 |
|
Recur.
Profit |
|
300 |
164 |
|
Net
Profit |
|
6,000 |
-3,730 |
|
Total
Assets |
|
|
18,529 |
|
Current
Assets |
|
|
17,906 |
|
Current
Liabs |
|
|
17,501 |
|
Net
Worth |
|
|
578 |
|
Capital,
Paid-Up |
|
|
450 |
|
Div.P.Share(₯) |
|
|
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
|
S.Growth Rate |
|
5.00 |
- - - |
|
Current Ratio |
|
.. |
102.31 |
|
N.Worth Ratio |
|
.. |
3.12 |
|
R.Profit/Sales |
|
0.53 |
0.30 |
|
N.Profit/Sales |
|
10.55 |
-6.89 |
|
Return On Equity |
|
.. |
-645.33 |
Notes:
Forecast (or estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.26 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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
SCs 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.