MIRA INFORM REPORT
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Report Date : |
27.12.2011 |
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) : |
31.03.2011 |
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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 |
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No. of Employees
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10,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 58,211.2 Million |
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Status : |
Good |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
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: 6
subsidiaries, named as Metal One plus area, such as Metal One Kyushu, etc)
OVERSEAS
Overseas: Americas (24), Europe (14 including Russia), Asia/Oceania (39,
Including 9 in China), Mid East/Africa (16)
OFFICERS
NAOTO
MATSUOKA, PRES Ryoji Shinohe, v pres
Terumitsu
Kibe, s/mgn dir Hideto Nakahara,
dir
Jun
Kinukawa, dir Shigeki
Dantani, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,523,462 M
PAYMENTS REGULAR CAPITAL Yen 100,000 M
TREND UP WORTH Yen 303,296 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 ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 58,211.2 MILLION, 30 DAYS NORMAL TERMS
Notes: Forecast (or estimated) figures
for 31/03/2012 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. The firm is actively expanding operations in
India, China and other emerging nations.
It is planning to increase capital share in JV in Brazil.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 2,523,462
million, a 19.6% up from Yen 2,109,045 million in the previous term. Domestic demand remained firmly robust in
emerging nations, such as China & India, as well as other countries in
Asia. In advanced economies, such as
United States and Europe, personal consumption rebounded thanks to economic
policies, and exports to emerging nations expanded. The recurring profit was posted at Yen 31,725
million and the net profit at Yen 18,780 million, respectively, compared with
Yen 13,890 million recurring profit and Yen 10,473 million net profit, respectively,
a year ago.
(Apr/Sept/2011 results): sales Yen 1,223,427 million (down 0.6%),
operating profit Yen 12,873 million (down 25.9%), recurring profit Yen 13,937
million (down 30.3%), net profit Yen 7,163 million (down 36.6%). (% & figures compared with the
corresponding period a year ago). The
damage by the Great East Earthquake lingered.
Supply chains were disrupted for the automobile industry, decreased
construction works, etc. Further High
Yen hurt export revenues and profits in Yen terms.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 32,000 million and the net profit at Yen 19,000 million, respectively,
on a 3% rise in turnover, to Yen 2,600,000 million. Domestically public-sector investment will
rise. Business and exports to India,
China and other S/E Asian nations will rise.
Business in Brazil will be strengthened.
Negative factors include High Yen, the floods in Thailand, European debt
crisis, the excess steel production in Asia, other. These have to be watched carefully.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 58,211.2 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 204,447 million, turnover Yen 19,233,441 million, operating
profit Yen 316,141 million, recurring profit Yen 534,297 million, net profit
Yen 463,188 million, total assets Yen 11,329,078 million, net worth Yen
3,310,338 million, employees 58,470, 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 4,014,639 million, operating profit Yen 37,519
million, recurring profit Yen 45,316 million, net profit Yen 15,981 million,
total assets Yen 2,137,756 million, net worth Yen 341,808 million, employees
16,456, pres Yutaka Kase
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales steel products (--100%):
Exports (28%)
(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: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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2,523,462 |
2,109,045 |
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Cost of Sales |
2,407,398 |
2,011,269 |
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GROSS PROFIT |
116,064 |
97,776 |
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Selling & Adm Costs |
87,254 |
83,380 |
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OPERATING PROFIT |
28,810 |
14,396 |
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Non-Operating P/L |
2,915 |
-506 |
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RECURRING PROFIT |
31,725 |
13,890 |
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NET PROFIT |
18,780 |
10,473 |
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BALANCE SHEET |
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Cash |
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33,402 |
43,078 |
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Receivables |
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571,878 |
537,434 |
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Inventory |
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159,773 |
124,819 |
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Securities, Marketable |
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Other Current Assets |
25,370 |
24,153 |
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TOTAL CURRENT ASSETS |
790,423 |
729,484 |
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Property & Equipment |
101,438 |
106,464 |
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Intangibles |
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9,320 |
11,052 |
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Investments, Other Fixed Assets |
144,085 |
148,050 |
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TOTAL ASSETS |
1,045,266 |
995,050 |
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Payables |
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353,073 |
332,810 |
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Short-Term Bank Loans |
239,265 |
215,347 |
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Other Current Liabs |
29,765 |
22,035 |
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TOTAL CURRENT LIABS |
622,103 |
570,192 |
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Debentures |
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Long-Term Bank Loans |
95,970 |
94,648 |
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Reserve for Retirement Allw |
2,485 |
2,550 |
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Other Debts |
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21,412 |
29,636 |
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TOTAL LIABILITIES |
741,970 |
697,026 |
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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 |
116,893 |
104,024 |
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Evaluation
p/l on investments/securities |
17,279 |
19,501 |
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Others |
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19,124 |
24,499 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
303,296 |
298,024 |
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TOTAL EQUITIES |
1,045,266 |
995,050 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
303,296 |
298,024 |
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Current
Ratio (%) |
127.06 |
127.94 |
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Net
Worth Ratio (%) |
29.02 |
29.95 |
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Recurring
Profit Ratio (%) |
1.26 |
0.66 |
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Net
Profit Ratio (%) |
0.74 |
0.50 |
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Return
On Equity (%) |
6.19 |
3.51 |
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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.52.82 |
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UK Pound |
1 |
Rs.82.07 |
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Euro |
1 |
Rs.68.93 |
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.