MIRA INFORM REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
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Name : |
JFE SHOJI TRADE CORPORTION |
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Registered Office : |
2-7-1 Ohtemachi Chiyodaku Tokyo 100-8070 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
August 2004 |
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Com. Reg. No.: |
(Osaka-Kitaku) 062403 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of steel, iron ore, chemicals,
machinery |
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 17,826.4 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
JFE SHOJI TRADE CORPORTION
REGD NAME
JFE Shoji KK
MAIN OFFICE
2-7-1 Ohtemachi Chiyodaku
Tokyo 100-8070 JAPAN
Tel:
03-5203-5510 Fax: 03-5203-5289
*.. Registered at: 1-6-20 Dojima Kitaku Osaka
.
URL: http://www.jfe-shoji.co.jp/
E-Mail address: (through
the URL)
ACTIVITIES
Import,
export, wholesale of steel, iron ore, chemicals, machinery, other
BRANCHES
(Domestic)
20 locations
OVERSEAS
Korea
(2), China (3), Taiwan (2), Vietnam (2), India (4), Australia (2), USA (3),
other (Total 30 in 15 countries)
OFFICER(S)
MIKIO
FUKUSHIMA, PRES & CEO Yuji
Imataka, v pres
Hisao
Osato, s/mgn dir Kohei
Yoshioka, s/mgn dir
Katsuhiro
Takaya, s/mgn dir Hidehiko
Ogawa, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,626,484 M
PAYMENTS REGULAR CAPITAL Yen 14,539 M
TREND STEADY WORTH Yen 53,174 M
STARTED 1948 EMPLOYES 1,302
COMMENT
TRADING HOUSE OWNED BY JFE SHOJI HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 17,826.4 MILLION, 30 DAYS NORMAL TERMS
Notes: Forecast figures for the 31/03/2012
fiscal term
HIGHLIGHTS
This is a trading company belonging to JFE Shoji Holdings Inc, which was created on 01/Aug/2004 by Kawasho Corp, Kawasaki Steel group trading house. On 01/Oct/2004, Kawasho Corp and NKK Trading Inc, NKK group trading house, merged when the two parents, Kawasaki Steel and NKK merged to become JFE Holdings Inc. At the same time, the group reorganized into four individual companies under the control of JFE Shoji Holdings Inc: JFE Shoji Trade Corporation (consolidated steel business), Kawasho Foods Corporation (foods business), Kawasho Semiconductor Corporation (semiconductor business) and Kawasho Real Estate Corporation (real estate business). 98% of sales are generated by the subject firm and this is the core of the group firms. In Oct 2010 acquired of all issued shares in Republic Coal Pty Ltd, Australia. In Jun 2010 established JV with Summit Corp Thailand, as Steel Alliance Service Center Co Ltd, a steel processing center mainly serving the automobile industry. The firm announced that: Effective Apr/2013 the firm will merge with JFE Shoji Holdings Inc.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 1,626,484 million, a 14% up from Yen 1,424,232 million in the previous term. Sales expanded overseas in emerging countries in Asia and the Middle East, and focused on marketing activities in such fields as wind power generation, and energy fields for petrochemical plants and oil-drilling equipment. The recurring profit was posted at Yen 15,442 million and the net profit at Yen 9,249 million, respectively, compared with Yen 14,671 million recurring profit and Yen 9,542 million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected at Yen 16,000 million and the net profit at Yen 9,500 million, respectively, on a 10% rise in turnover, to Yen 1,800,000 million. Sales to construction/machinery firms will increase. Sales to automakers will rise. Asia bound exports are steadily expanding. The newly established JV in Thailand will contribute for the full term. Price hikes for steel products will help.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 17,826.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
2004
Regd No.: (Osaka-Kitaku) 062403
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1,000 million shares
Issued:
295,365,187 shares
Sum: Yen 14,539 million
Major shareholders: JFE Shoji Holdings Inc*(100)
*..Holding company created by Kawasho Corp & NKK Trading on 01/Aug/2004 following Apr/04 merger between their parent firms, Kawasaki Steel & NKK Corp (now JFE Holdings Inc); Listed Tokyo, Osaka S/E’s, capital Yen 20,000 million (38% owned by JFE Steel under JFE Holdings Inc), sales Yen 2,011,526 million, operating profit Yen 23,363 million, recurring profit Yen 23,783 million, net profit Yen 13,645 million, total assets Yen 571,364 million, net worth Yen 117,426 million, employees 5,915, pres Mikio Fukushima, concurrently
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: The subject is a trading house owned by JFE Shoji Holdings Inc and we here give here breakdown of operations/sales of the 4 group firms:
JFE Shoji Trade Corp (98%): steel, coal, iron ore, chemicals & fuels, steelworks machinery, engineering works:
Kawasho Foods Corp (1%): foodstuffs;
Kawasho Semiconductor Corp (1%): semiconductor equipment & supplies;
(Major Handling Items
by JFE Shoji Trade Corp):
Steel: shipbuilding steel, thick steel plate, processed steel for ships & bridges, hot-rolled sheet, cold-rolled sheet, electrical steel sheet, coated steel sheet, steel plate, stainless steel, special steel, galvanized sheet, tin plate, steel pipes, special steel pipes, treated steel pipes, iron powder, hot charge, steel piles, wire, H-beam, lightweight shaped steel plate, regular shaped steel plate, reinforced products, columns, semi-finished steel products (slabs, etc), civil engineering products, construction materials, housing materials, other products, civil engineering, construction;
Raw Materials: iron ore, sintering ore, coal for coke making, dolomite & other steel making materials, cokes & coal products, nickel, chromium, zinc, alloy iron, scrap iron & other metal raw materials, aluminum, scrap aluminum, deoxidized aluminum, aluminum products;
Machinery: blast furnaces, coke ovens, oxygen facilities, continuous slab casting machines, hot rolling mills, galvanizing equipment & steel mfg machinery, roll, lubricating oil, bearing, electric cable & steel mfg materials, metal processing machinery, boilers, turbines, electrical equipment, amusement part equipment, hospital facilities, building facilities, factory facilities, various new ship building, sale & purchase of used ships, scrapping ships, ship repairs, ship equipment, other products;
Chemicals & Fuels: coal tar, coal tar pitch, creosote oil & other chemical coal products, magnesium chloride, nitric acid & other inorganic chemicals, ferrite core, molding materials, iron oxide, fertilizers, general use plastic, engineering plastics & other plastic raw materials & compound products, fine ceramics, ultra-fine nickel powder & other functional chemical products, industrial gases, crude oil, gasoline, LPG, lubricating oil & other petroleum products.
Clients: [Mfrs, wholesalers] JFE Steel (50%), Nissan Motor, Mitsubishi Motors, Samsung Japan, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] JFE Steel, JFE Chemical, JFE Steel Plate, BM Alliance, BHP Billiton, Wesfarmers, Vale, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Uchisaiwaicho)
SMBC
(H/O)
Relations:
Satisfactory
FINANCIALS
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,626,484 |
1,424,232 |
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Cost of Sales |
1,591,023 |
1,391,191 |
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GROSS PROFIT |
35,460 |
33,041 |
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Selling & Adm Costs |
20,811 |
20,688 |
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OPERATING PROFIT |
14,649 |
12,353 |
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Non-Operating P/L |
793 |
2,318 |
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RECURRING PROFIT |
15,442 |
14,671 |
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NET PROFIT |
9,249 |
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BALANCE SHEET |
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Cash |
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14,478 |
9,381 |
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Receivables |
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216,354 |
197,262 |
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Inventory |
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22,463 |
15,647 |
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Securities, Marketable |
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Other Current Assets |
53,952 |
54,852 |
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TOTAL CURRENT ASSETS |
307,247 |
277,142 |
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Property & Equipment |
6,352 |
6,485 |
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Intangibles |
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4,137 |
5,519 |
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Investments, Other Fixed Assets |
77,750 |
75,366 |
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TOTAL ASSETS |
395,486 |
364,512 |
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Payables |
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201,928 |
182,476 |
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Short-Term Bank Loans |
49,000 |
66,636 |
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Other Current Liabs |
70,620 |
45,728 |
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TOTAL CURRENT LIABS |
321,548 |
294,840 |
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Debentures |
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Long-Term Bank Loans |
14,000 |
17,000 |
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Reserve for Retirement Allw |
3,494 |
2,936 |
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Other Debts |
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3,269 |
3,293 |
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TOTAL LIABILITIES |
342,311 |
318,069 |
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MINORITY INTERESTS |
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Common
stock |
14,539 |
14,539 |
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Additional
paid-in capital |
4,779 |
4,779 |
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Retained
earnings |
30,096 |
23,246 |
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Evaluation
p/l on investments/securities |
3,758 |
3,876 |
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Others |
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2 |
3 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
53,174 |
46,443 |
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TOTAL EQUITIES |
395,486 |
364,512 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
53,174 |
46,443 |
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Current
Ratio (%) |
95.55 |
94.00 |
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Net
Worth Ratio (%) |
13.45 |
12.74 |
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Recurring
Profit Ratio (%) |
0.95 |
1.03 |
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Net
Profit Ratio (%) |
0.57 |
0.00 |
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Return
On Equity (%) |
17.39 |
0.00 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.96 |
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UK Pound |
1 |
Rs.73.94 |
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Euro |
1 |
Rs.64.56 |
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.