MIRA INFORM REPORT
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Report Date : |
30.04.2011 |
IDENTIFICATION DETAILS
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Name : |
METAL ONE CORPORATION |
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Registered Office : |
Celestine Shiba
Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
January 2003 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 049321 |
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Legal Form : |
Limited Company |
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Line of Business : |
Specialized trading house for steel products |
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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Maximum Credit Limit : |
Yen 50,199.0 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
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, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Company name
METAL ONE CORPORATION
REGD NAME
KK Metal One
MAIN OFFICE
Celestine Shiba
Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 JAPAN
Tel:
03-6400-2000 Fax: 03-6400-2939
E-Mail address: info@mtlo.co.jp
ACTIVITIES
Specialized
trading house for steel products
BRANCHES
Domestic:
Osaka, Nagoya, Hiroshima, Fukuoka, other (Tot 16)
Affiliated firms: 7
subsidiaries, named as Metal One plus area, such as Metal One Kyushu, etc)
OVERSEAS
Overseas: Americas (24), Europe (14 including Russia), Asia/Oceania (35, Including 9 in China), Mid East/Africa (16)
OFFICERS
NAOTO
MATSUOKA, PRES Ryoji Shinohe, v pres
Terumitsu
Ohba, v pres Shinichi
Tateno, dir (ex ch)
Hideto
Nakahara, dir Jun
Kinukawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,109,045 M
PAYMENTS REGULAR CAPITAL Yen 100,000 M
TREND SLOW WORTH Yen
298,024 M
STARTED 2003 EMPLOYES 10,000
COMMENT
TRADING HOUSE SPECIALIZING IN STEEL PRODUCTS, JOINTLY OWNED BY
MITSUBISHI CORP AND SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$500,000.00 / DA TEMS.
MAX CREDIT
LIMIT: YEN 50,199.0 MILLION, 30 DAYS NORMAL TERMS
Notes: Forecast (or estimated) figures
for 31/12/2011 fiscal term
HIGHLIGHTS
The subject company was established jointly on the basis of steel products
divisions separated from each Mitsubishi Corp and the then Nissho Iwai
Corporation (now Sojitz Corporation) in order to integrate steel business
operations. This is a specialized
trading house for import, export and wholesale of steel products, stainless
steel products, and other metal products.
The operations are composed of five core business divisions: Steel
Plate, Tube & Construction Materials Div; Steel Sheet Products, Automotive
Steel Products Business Div; Wire & Specialty Steel, Stainless Steel Div;
International Steel Operation Div; and Energy Project International Business
Div. For operation details see OPERATION. Has taken equity position of 20% in Usiminas
SA (South America), and will proceed to expand operations in Brazil.
Metal One Corporation India Pvt. Ltd: founded in Jun/2008, headquartered
in New Delhi, has branches in Mumbai, Chennai and Kolkata, managing director
Takanori Higashino.
Regarding to the response to the
Tohoku Pacific Offshore Earthquake, the firm announced that: Metal One decided
to offer support in the form of a Yen 10 million relief fund to try to assist
those who suffered from the earthquake.
Further, regarding the repercussions of this earthquake, we were able to
confirm that our Tohoku Branch’s employees are safe but intend to suspend
operations today. We will devote every
effort to resume operations and will post updates on our Website. As of this report writing, no such news is
announced.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 2,109,045 million, a 36.7% down from Yen 3,331,557 million in the previous term. The global economic downturn affected the sales significantly. The broad downturn in the first half was substantial. However, in the second half business performance steadily recovered, sustained mainly by demand in China and the rest of Asia in addition to moved by automotive appliance, and other mfg sectors in Japan to ease production cuts. In terms of partner industries, the automotive, construction, and distribution industries represented more than 50%, followed by shipbuilding and electrical machinery industries. The recurring profit was posted at Yen 13,890 million and the net profit at Yen 10,473 million, respectively, compared with Yen 48,395 million recurring profit and Yen 20,642 million net profit, respectively, a year ago.
(Apr/Sept/2010 results): sales Yen 1,230,812 million (up 26.5%), operating profit Yen 17,387 million (up 556%), recurring profit Yen 20,004 million (previously Yen 1,267 million), net profit Yen 11,298 million (previously Yen 1,587 million). (% & figures compared with the corresponding period a year ago). Global demand recovered substantially and took an upward turn in the first half 2010. Steel sales to the automotive, electrical equipment and construction and industrial equipment industries remained firm at home and abroad, offsetting lagging structural steel sales to the domestic construction industry.
For the term that ended Mar 2011 the recurring profit was projected at Yen 30,000 million and the net profit at Yen 13,000 million, respectively, on a 15% fall in turnover, to Yen 1,800,000 million. While the final results are yet to be released, the firm comments that: in the second half of 2010 demand in the domestic construction industry is expected to remain low. Also, there is a concern over a deceleration in the economies in US and emerging nations, the strong Yen, the end of the “eco-car” subsidy program.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 50,199.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan
2003
Regd No.: (Tokyo-Minatoku) 049321
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued: 2,000 shares
Sum: Yen 100,000 million
Major shareholders
(%): Mitsubishi Corp*(60), Sojitz Corp** (40)
No. of shareholders: 2
*.. Mitsubishi Corporation,
largest general trading house, Tokyo, founded 1950, listed Tokyo, Osaka,
Nagoya, London S/E’s, capital Yen 203,228 million, turnover Yen 17,098,705
million, operating profit Yen 181,447 million, recurring profit Yen 294,268
million, net profit Yen 273,147 million, total assets Yen 10,891,275 million,
net worth Yen 2,961,376 million, employees 58,583, pres Ken Kobayashi
**.. Sojitz Corporation,
holding firm formed jointly by Nichimen Corp & Nissho Iwai Corp (both
former names), Tokyo, founded 2003, listed Tokyo, Osaka S/E’s, capital Yen
160,339 million, sales Yen 3,844,418 million, operating profit Yen 16,128
million, recurring profit Yen 13,702 million, net profit Yen 8,794 million,
total assets Yen 2,160,918 million, net worth Yen 352,417 million, employees
17,331, pres Yutaka Kase
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales steel products (--100%):
(Handling items by
divisions)
Steel Plate, Tube
& Construction Materials Div: seamless steel pipes, welded steel pipes, large-diameter steel pipes, steel
plates, steel bars, wide flange beams, general steel sections, lightweight
steel sections, steel sheet piles, steel pipe piles, processed ferrous raw
materials;
Steel Sheet Products,
automotive Steel Products Business Div: hot rolled steel plates & sheets, cold rolled steel plates &
sheets, surface-treated steel plates & sheets, electrical sheets, tinned
steel plates & sheets;
Wire &
Specialty Steel Div: wire rods, secondary & tertiary wire rod
products, structural steel, alloy steel, tool steel, ball-bearing steel, spring
steel, free-cutting steel, heat-resistant steel;
Stainless Steel
Div:
stainless steel plates, sheets & strips, pipes, bar steel, sections &
round bars, wire rods & wire rod products, stainless steel processed
products, Titanium products;
International
Steel Operation Div: export/import and global trading of steel sheets,
plates, structural steel, semi-finished products and steel sheets for cans;
Energy Project
International Business Div: handles complete sets of steel pipes, materials
& other equipment used in natural resource energy projects overseas. In 2003, the Div was awarded order for line
pipes used in Russia’s natural gas development project in Sakhalin II, the
biggest line pipe orders ever placed with a Japanese company.
Operations (in
terms of sales): Domestic (72%), Overseas (14%), Export (13%), Import (1%)
Clients: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Mitsubishi Motors, Mitsubishi Electric,
Suzuki Motors, Nissan Motors, other.
No. of accounts: 2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Steel, JFE Steel, Kobe Steel, Nisshin Steel,
Sumitomo Metal Ind, other
.
Payment record: Regular
Location: Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(H/O)
Mizuho
Corporate Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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2,109,045 |
3,331,557 |
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Cost of Sales |
2,011,269 |
3,181,390 |
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GROSS PROFIT |
97,776 |
150,167 |
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Selling & Adm Costs |
83,380 |
104,824 |
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OPERATING PROFIT |
14,396 |
45,343 |
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Non-Operating P/L |
-506 |
3,052 |
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RECURRING PROFIT |
13,890 |
48,395 |
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NET PROFIT |
10,473 |
20,642 |
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BALANCE SHEET |
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Cash |
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43,078 |
40,529 |
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Receivables |
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537,434 |
554,538 |
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Inventory |
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124,819 |
195,869 |
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Securities, Marketable |
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Other Current Assets |
24,153 |
23,973 |
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TOTAL CURRENT ASSETS |
729,484 |
814,909 |
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Property & Equipment |
106,464 |
112,106 |
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Intangibles |
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11,052 |
11,275 |
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Investments, Other Fixed Assets |
148,050 |
120,042 |
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TOTAL ASSETS |
995,050 |
1,058,332 |
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Payables |
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332,810 |
336,826 |
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Short-Term Bank Loans |
215,347 |
310,494 |
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Other Current Liabs |
28,035 |
33,405 |
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TOTAL CURRENT LIABS |
576,192 |
680,725 |
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Debentures |
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Long-Term Bank Loans |
94,648 |
80,850 |
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Reserve for Retirement Allw |
2,550 |
2,608 |
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Other Debts |
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23,636 |
16,009 |
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TOTAL LIABILITIES |
697,026 |
780,192 |
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MINORITY INTERESTS |
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Common
stock |
100,000 |
100,000 |
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Additional
paid-in capital |
50,000 |
50,000 |
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Retained
earnings |
104,024 |
102,848 |
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Evaluation
p/l on investments/securities |
19,501 |
7,345 |
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Others |
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24,499 |
17,947 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
298,024 |
278,140 |
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TOTAL EQUITIES |
995,050 |
1,058,332 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
298,024 |
278,140 |
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Current
Ratio (%) |
126.60 |
119.71 |
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Net
Worth Ratio (%) |
29.95 |
26.28 |
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Recurring
Profit Ratio (%) |
0.66 |
1.45 |
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Net Profit
Ratio (%) |
0.50 |
0.62 |
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Return
On Equity (%) |
3.51 |
7.42 |
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Notes:
Forecast (or estimated) figures for the 31/03/2011 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.44.38 |
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UK Pound |
1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.83 |
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.