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Report No. : |
335248 |
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Report Date : |
03.09.2015 |
IDENTIFICATION DETAILS
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Name : |
DYSTAR JAPAN LIMITED |
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Registered Office : |
Shin Toyama Bldg 5f, 1-7-20, Azuchi-Machi,
Chuo-Ku, Osaka City, Osaka 541-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
July, 1995 |
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Legal Form : |
Private Limited |
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Line of Business : |
Subject is engaged in manufacturer of chemicals |
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No. of Employee : |
63 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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 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.
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Source
: CIA |
DYSTAR JAPAN
LIMITED
SHIN TOYAMA BLDG
OSAKA 541-0052, JAPAN
TEL: +81-662636670 FAX:
+81-662636690
INCORPORATION DATE :
JULY, 1995
REGISTRATION NO. :
N/A
CHIEF EXECUTIVE :
MR. YARIN SUL (CHAIRMAN)
STAFF STRENGTH :
63
PAID-UP CAPITAL :
N/A
BUSINESS LINE :
MANUFACTURER
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
NO COMPLAINTS
MARKET CONDITION : ACTIVE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
JPY 120.314 = US$
Adopted abbreviations:
ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)
NA - not available M - million JPY-Japan JPY
LOCATIONS
Head Office Shin Toyama Bldg
Factory Yubinbango
836-0017 Fukuoka Prefecture Omuta Shinkai-Cho 2-65, Japan
Factory Telephone No N/A
Factory Fax No N/A
Warehouse Yubinbango836-0017
Fukuoka Prefecture Omuta Shinkai-Cho 2-65,
Japan
E-mail: dyestar.japan@dyestar.com
For the past two years there is no record of litigation.
SHAREHOLDERS
Name DyStar
Singapore Pte Limited
Share Percent 100%
Country Singapore
The immediate holding company of the Subject
is DYSTAR SINGAPORE PTE LIMITED.
DIRECTORS
Name Mr.
Yarin Sul
Designation Chairman
Nationality Japanese
Name Mr.
Michael Becker
Designation President
Nationality Singaporean
Name Mr.
Asao Kazuhiko
Designation Managing
Director
Nationality Japanese
Line of Business Manufacturer
Items Dealing In Chemicals
Terms of Purchase Local: Cash or Credit
Import: Against L/C
Terms of Sale Local: Cash or Credit
Export: Against L/C
Range of Products
v Reactive Dye
v Disperse Dyes
v Basic Dyes
v Acid Dyes
v Acidic Metal Complex Dye
v Chromium Dyes
v Direct Dye
v Vat Dyes
v Sulfur Dyes
v Indjigo Dye
v Azoic Dye
v Pigment Resin Color
Export Market
v
Global
Certifications N/A
PARENT COMPANY
DyStar Singapore Pte Limited
BRANCHES
N/A
SUBSIDIARIES /
AFFILIATES
v
DyStar Korea Ltd
v
DyStar (Shanghai) Trading
Co., Ltd
v
DyStar Taiwan Ltd
v
DyStar China Ltd
v
PT DyStar Colours
Indonesia
v
DyStar Pakistan (Pvt.)
Ltd.
v
DyStar Thai Ltd
v
DyStar Peru S.A.C.
v
Dystar Ecuador CIA LTDA
v
DyStar Colombia S.A.S.
v
DyStar de Mexico, S. de R.
L. de C. V.
v
DyStar L.P.
v
DyStar Boehme Africa (Pty)
Ltd.
v
DyStar Industria e
Comércio de Produtos Químicos Ltda
v
DyStar Kimya Sanayi ve
Ticaret Limited Sirketi
v
DYSTAR ITALIA S.r.l.
v
DyStar Colours
Distribution GmbH
v
DyStar Anilinas Tíxteis
Unipessoal, Lda
v
DyStar Argentina SURFACTAN
S.A.
MEMBER
N/A
FINANCIAL
INFORMATION
SC’s financial
details are not available at present. However, we managed to find some
financial information of its parent company.
Parent Company Balance Sheet
As At 31 December 2015
Currency: USD (In Million)
|
Assets |
|
|
Cash and
Equivalents |
251.8 |
|
Short-Term
Investments |
15.7 |
|
TOTAL
CASH AND SHORT TERM INVESTMENTS |
267.5 |
|
Accounts
Receivable |
735.3 |
|
Notes Receivable |
55.0 |
|
Other
Receivables |
208.4 |
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TOTAL
RECEIVABLES |
998.7 |
|
Inventory |
825.7 |
|
Prepaid Expenses |
0.5 |
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Other Current
Assets |
83.3 |
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TOTAL
CURRENT ASSETS |
2,175.7 |
|
Gross Property
Plant and Equipment |
1,202.9 |
|
Accumulated
Depreciation |
-361.2 |
|
NET
PROPERTY PLANT AND EQUIPMENT |
841.7 |
|
Goodwill |
10.1 |
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Long-Term Investments |
329.0 |
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Accounts
Receivable, Long Term |
1.6 |
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Loans
Receivable, Long Term |
-- |
|
Deferred Tax
Assets, Long Term |
30.3 |
|
Deferred
Charges, Long Term |
1.5 |
|
Other
Intangibles |
93.2 |
|
Other Long-Term
Assets |
133.8 |
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TOTAL
ASSETS |
3,616.9 |
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LIABILITIES
& EQUITY |
|
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Accounts Payable |
281.0 |
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Accrued Expenses |
103.4 |
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Short-Term
Borrowings |
607.8 |
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Current Portion
of Long-Term Debt/Capital Lease |
140.1 |
|
Current Portion
of Capital Lease Obligations |
-- |
|
Current Income
Taxes Payable |
43.7 |
|
Other Current
Liabilities, Total |
58.0 |
|
Unearned
Revenue, Current |
189.4 |
|
TOTAL
CURRENT LIABILITIES |
1,423.5 |
|
Long-Term Debt |
210.3 |
|
Capital Leases |
-- |
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Minority
Interest |
162.1 |
|
Unearned Revenue,
Non-Current |
26.7 |
|
Pension &
Other Post-Retirement Benefits |
7.6 |
|
Deferred Tax
Liability Non-Current |
13.8 |
|
Other
Non-Current Liabilities |
15.4 |
|
TOTAL
LIABILITIES |
1,697.3 |
|
Common Stock |
240.3 |
|
Additional Paid
in Capital |
330.0 |
|
Retained
Earnings |
1,112.5 |
|
Comprehensive
Income and Other |
74.6 |
|
TOTAL
COMMON EQUITY |
1,757.5 |
|
TOTAL
EQUITY |
1,919.6 |
|
TOTAL
LIABILITIES AND EQUITY |
3,616.9 |
Parent Company
Income Statement
For Year Ended 31
December 2015
Currency: USD (In Million)
|
Revenues |
2,349.3 |
|
Other Revenues |
30.5 |
|
TOTAL REVENUES |
2,379.8 |
|
Cost of Goods Sold |
1,485.2 |
|
GROSS PROFIT |
894.6 |
|
Selling General & Admin Expenses,
Total |
383.3 |
|
Other Operating Expenses |
17.4 |
|
OTHER OPERATING EXPENSES, TOTAL |
400.7 |
|
OPERATING INCOME |
493.9 |
|
Interest Expense |
-40.2 |
|
Interest and Investment Income |
80.5 |
|
NET INTEREST EXPENSE |
40.2 |
|
Currency Exchange Gains (Loss) |
-0.7 |
|
Other Non-Operating Income (Expenses) |
-8.4 |
|
EBT, EXCLUDING UNUSUAL ITEMS |
524.9 |
|
Impairment of Goodwill |
-- |
|
Gain (Loss) on Sale of Investments |
-0.4 |
|
Gain (Loss) on Sale of Assets |
-13.4 |
|
Other Unusual Items, Total |
12.3 |
|
Other Unusual Items |
16.4 |
|
EBT, INCLUDING UNUSUAL ITEMS |
523.4 |
|
Income Tax Expense |
82.4 |
|
Minority Interest in Earnings |
-43.1 |
|
Earnings from Continuing Operations |
441.0 |
|
NET INCOME |
397.9 |
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NET INCOME TO COMMON INCLUDING EXTRA ITEMS |
397.9 |
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NET INCOME TO COMMON EXCLUDING EXTRA ITEMS |
397.9 |
No banker is found in our databank.
SC is considered medium-sized in its line with a development history of
20 years and can be considered good for normal business dealings at usual trade
terms and conditions. However, due to lack of financial statements, Credit
dealings with SC in moderate amount appear acceptable
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
ASH |
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 |
|
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.