MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
JTC CORPORATION |
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Registered Office : |
601, 1-4-2 Ohtemae Chuoku Osaka 540-0008 |
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Country : |
Japan |
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Financials (as on) : |
30.04.2007 |
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Date of Incorporation : |
Nov 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Export (as agent) of automotive
tires, rubber materials, rubber products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
Yen 43.1 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name
JTC CORPORATION
REGD NAME
JTC KK
MAIN OFFICE
601, 1-4-2 Ohtemae Chuoku Osaka 540-0008 JAPAN
Tel : 06-6910-3800
Fax : 06-6910-2270
URL : http://www.jtcnet.co.jp
E-Mail address: since1935@jtcnet.co.jp
ACTIVITIES
Export (as agent) of automotive tires, rubber materials,
rubber products
BRANCHES
Tokyo
OVERSEAS
Mumbai, Teheran, New Delhi (--affiliates) (See REGISTRATION)
OFFICERS
TATSUO FUJIMURA, PRES
Ichiro Fujimura, rep dir
Akiko Fujimura, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,246 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND SLOW WORTH Yen 177 M
STARTED 1946 EMPLOYES 9
COMMENT
COMMISSION MERCHANT FOR EXPORTING AUTOMOTIVE TIRES, OTHER
RUBBER PRODUCTS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 43.1 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established originally in 1935 by
Kazunori Fujimura in Shanghai (China) as a trading firm, on his account. Incorporated in 1946 as Jinsing Trading KK
in Osaka. Tatsuo is the third
generation master. In 1998, renamed as
captioned. This is a family-based
trading firm, owned and managed by the Fujimura family, for exporting
automotive tires, packing, valves, gaskets, other, including rubber raw
materials and chemicals. Major clients
are India and Iran, where the firm operates three JV’s: two in India and one in
Iran (See REGISTRATION).
FINANCIAL INFORMATION
The commission revenues for Apr/2007 fiscal term amounted to Yen 1,246 million, a 16% down from Yen 1,470 million in the previous term. Exports to Iran reduced. The net profit was posted at Yen 1 million, compared with Yen 9 million a year ago.
For the current term ending Apr 2008 the net profit is
projected at Yen 3 million, on a 16% rise in turnover, to Yen 1,450
million. Exports to Iran reviving.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 43.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1946
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.4
million shares
Issued: 600,000
shares
Sum: Yen
30 million
Major shareholders (%): Tatsuo
Fujimura (80), Masako Fujimura (10)
No. of shareholders: 4
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Bombay Chemical & Rubber Products (Mumbai); JMF Synthetics
Private Ltd (New Delhi), JV with Mitsufuku Ind (special compound mfr, Tochigi-Pref), JTC Corp and Bombay Chemical
Rubber Products; Baspar Taban Co (Mashad, Iran), automotive rubber parts mfr,
in which JTC has 15% share; GBL General Trading LLC (Dubai).
OPERATION
Activities: Exports as commission agent automotive tires, gaskets,
valves, EDPM, rubber raw materials, rubber mfg machinery, other industrial
chemicals (--100%).
Clients: [Mfrs, wholesalers] Exports to India, Iran, Indonesia, Thailand, Taiwan, Hong Kong, Malaysia, Pakistan, Korea, China, UAE, Kuwait, Tunisia, Germany, USA, other.
No. of accounts: Unavailable
Domestic areas of activities: Centered in greater-Osaka
Suppliers: [Mfrs, wholesalers] JSR Corp (40%), Nippon Electric
Glass, Pacific Industrial Corp, Kobe Steel, Bridgestone Cycle, Tosoh Corp,
Hitachi Ltd, Seiko Chemical, Sanshin Chemical Ind, Mitsui Chemicals Ind, Nippon
Roll Mfg, Kuraray Co, Arakawa Chemical Ind, Takehara Kagaku Kogyo, other.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Osaka-Chuo)
SMBC (Tenmabashi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
30/04/2008 |
30/04/2007 |
30/04/2006 |
30/04/2005 |
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Annual
Sales |
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1,450 |
1,246 |
1,470 |
1,602 |
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Recur.
Profit |
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1 |
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6 |
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Net
Profit |
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3 |
1 |
9 |
4 |
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Total
Assets |
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456 |
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391 |
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Current
Assets |
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367 |
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316 |
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Current
Liabs |
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278 |
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215 |
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Net
Worth |
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177 |
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175 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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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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S.Growth Rate |
16.37 |
-15.24 |
-8.24 |
-20.93 |
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Current Ratio |
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.. |
132.01 |
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146.98 |
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N.Worth Ratio |
.. |
38.82 |
.. |
44.76 |
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R.Profit/Sales |
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.. |
0.08 |
.. |
0.37 |
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N.Profit/Sales |
0.21 |
0.08 |
0.61 |
0.25 |
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Return On Equity |
.. |
0.56 |
.. |
2.29 |
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Notes: Financials are only partially disclosed for the
30/04/2006 fiscal term.
Forecast (or estimated) for the 30/04/2008 fiscal term.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)