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MIRA INFORM REPORT
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Report No. : |
510298 |
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Report Date : |
21.05.2018 |
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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Country : |
Japan |
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Financials (as on) : |
31.03.2018 |
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Date of Incorporation : |
April, 2013 |
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Com. Reg. No.: |
2100-01-015150 (Fukui-Fukui) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export and wholesale of chemicals, electronic materials, dyes
& textile. |
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No. of Employees : |
186 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (slightly less than 1% of GDP) have
helped Japan develop an advanced economy. Two notable characteristics of the
post-World War II 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 have significantly eroded under the dual pressures of
global competition and domestic demographic change.
Measured on a purchasing power parity basis
that adjusts for price differences, Japan in 2017 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. For three postwar
decades, overall real economic growth was impressive - averaging 10% in the
1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the
1990s, averaging just 1.7%, largely because of the aftereffects of inefficient
investment and the collapse of an asset price bubble in the late 1980s, which
resulted in several years of economic stagnation as firms sought to reduce
excess debt, capital, and labor. Modest economic growth continued after 2000,
but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth since 2013,
supported by Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization
agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and
structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan
is making modest progress in ending deflation, but demographic decline – a low
birthrate and an aging, shrinking population – poses a major long-term
challenge for the economy. The government currently faces the quandary of
balancing its efforts to stimulate growth and institute economic reforms with
the need to address its sizable public debt, which stands at 235% of GDP. To
help raise government revenue, Japan adopted legislation in 2012 to gradually
raise the consumption tax rate. However, the first such increase, in April
2014, led to a sharp contraction, so Prime Minister ABE has twice postponed the
next increase, which is now scheduled for October 2019. Structural reforms to
unlock productivity are seen as central to strengthening the economy in the
long-run.
Scarce in critical natural resources, Japan
has long been dependent on imported energy and raw materials. After the
complete shutdown of Japan’s nuclear reactors following the earthquake and
tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than before on imported fossil fuels. However, ABE’s government is seeking
to restart nuclear power plants that meet strict new safety standards and is
emphasizing nuclear energy’s importance as a base-load electricity source. In
August 2015, Japan successfully restarted one nuclear reactor at the Sendai
Nuclear Power Plant in Kagoshima prefecture, and several other reactors around
the country have since resumed operations; however, opposition from local
governments has delayed several more restarts that remain pending. Reforms of
the electricity and gas sectors, including full liberalization of Japan’s
energy market in April 2016 and gas market in April 2017, constitute an
important part of Prime Minister Abe’s economic program.
Under the Abe Administration, Japan’s
government sought to open the country’s economy to greater foreign competition
and create new export opportunities for Japanese businesses, including by
joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan
became the first country to ratify the TPP in December 2016, but the United
States signaled its withdrawal from the agreement in January 2017. In November
2017 the remaining 11 countries agreed on the core elements of a modified
agreement, which they renamed the Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP). Japan also reached agreement with the
European Union on an Economic Partnership Agreement in July 2017, and is likely
seek to ratify both agreements in the Diet this year.
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Source
: CIA |
Company
name and Address
EMORI & CO LTD
REGD NAME: Emori
Shoji KK
MAIN OFFICE: 1-6-23
Keya Fukui 918-8003 JAPAN
Tel:
0776-36-1133 Fax: 0776-36-4002
E-Mail address: (thru
the URL)
ACTIVITIES
Import, export, wholesale
of chemicals, electronic materials, dyes & textile, etc
BRANCHES
Tokyo, Osaka,
Nagoya, Kanazawa, Tsuruga, Utsunomiya (Tot 7)
OVERSEAS
Warsaw,
Dusseldorf, Ho Chi Ming, Singapore (--subsidiaries)
OFFICERS
TETSUO ICHIKAWA,
PRES Toru Watanabe, mgn dir
Hiroaki Shimizu,
mgn dir Yoshihide Chikugo, mgn
dir
Koichi Anraku, dir Norio Tsuda, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 44,623 M
PAYMENTS REGULAR CAPITAL Yen 450 M
TREND UP WORTH Yen
6,956 M
STARTED 2013 EMPLOYES 186
COMMENT
TRADING FIRM, OWNED BY EMORI CORPORATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
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,
Germany and the Philippines. Goods are
imported from and exported to worldwide destinations. Domestic clients include chemical makers,
wholesalers, other. The firm was
acquired by Kowa Co Ltd in Apr/2017 and became its subsidiary (See Registration).
FINANCIAL
INFORMATION
The sales volume for
the Mar/2017 fiscal term amounted to Yen 44,623 million, shade rise from Yen
44,515 million. The recurring profit was
posted at Yen 1,128 million and the net profit at Yen 971 million,
respectively, compared with Yen 952 million recurring profit and Yen 5,350
million net profit, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 1,200 million and
the net profit at Yen 1,000 million, respectively, on a 3% rise in turnover, to
Yen 45,960 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
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 (%): Kowa Co Ltd (100)
*.. Acquired by Kowa
Co Ltd in Apr/2017 and became its 100 owned subsidiary.
Kowa Co Ltd was founded 1939, Nagoya City, capital Yen 3,840 million,
sales Yen 163,989 million, ecployees1,909, pres Yoshihiro Miwa
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
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,
Murata Mfg Co, Nidec Corp, 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: Regular
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
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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45,960 |
44,623 |
44,515 |
54,153 |
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Recur.
Profit |
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1,200 |
1,128 |
952 |
164 |
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Net
Profit |
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1,000 |
971 |
5,350 |
-3,730 |
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Total
Assets |
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22,375 |
20,960 |
18,529 |
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Current
Assets |
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19,423 |
18,496 |
17,906 |
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Current
Liabs |
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14,331 |
13,999 |
17,501 |
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Net
Worth |
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6,956 |
5,933 |
578 |
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Capital,
Paid-Up |
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450 |
450 |
450 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.00 |
0.24 |
-17.80 |
.. |
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Current Ratio |
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.. |
135.53 |
132.12 |
102.31 |
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N.Worth Ratio |
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.. |
31.09 |
28.31 |
3.12 |
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R.Profit/Sales |
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2.61 |
2.53 |
2.14 |
0.30 |
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N.Profit/Sales |
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2.18 |
2.18 |
12.02 |
-6.89 |
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Return On Equity |
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.. |
13.96 |
90.17 |
-645.33 |
Notes: Forecast (or estimated) figures for the 31/03/2018
fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.96 |
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1 |
INR 91.88 |
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Euro |
1 |
INR 80.28 |
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Yen |
1 |
INR 0.61 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.