MIRA INFORM REPORT
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Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HOKUETSU TRADING CORPORATION |
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Registered Office : |
Sankeido Bldg, 4-3-15 Nihombashi-Muromachi
Chuoku Tokyo 103-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 1968 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 028948 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of pulps, industrial chemicals;
real estate business |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 34.2 Million |
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Status : |
Moderate |
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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 – 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
HOKUETSU TRADING CORPORATION
REGD NAME
Hokuetsu Trading
KK
MAIN OFFICE
Sankeido Bldg,
4-3-15 Nihombashi-Muromachi Chuoku Tokyo 103-0022 JAPAN
Tel:
0258-24-4990 Fax: 0258-24-0655
*.. The given address is its Real Management Division at: 57 Enokicho Niigata
URL: http://www.hokuetsu-trading.co.jp
E-Mail address: Nagaoka-fudosan@hokuetsu-trading.co.jp
ACTIVITIES
Import,
export, wholesale of pulps, industrial chemicals; real estate business
LICENSES
Land & Traffic Ministry (12) No. 1092
BRANCHEs
Tokyo,
Niigata (2)
OFFICERS
HIROSHI
KUWABARA, PRES
Takanobu Kanagawa, dir
Kazunori Hosoi, direr
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,900 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND SLOW WORTH Yen
466 M
STARTED 1962 EMPLOYES 33
COMMENT
TRADING DIVISION OWNED BY HOKUETSU KITSU PAPER CO LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 34.2
MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division
separated from Hokuetsu Kishu Paper Co Ltd, pulp/paper mfr, Tokyo (See
REGISTRATION). This is a trading firm
with three divisions: import/wholesale of pulp & industrial chemicals; real
estate owning & management; motor school operation. Pulp & industrial chemicals are for
exclusive supply to the parent and its group firms.
FINANCIAL INFORMATION
Financials are fully consolidated by the parent and only partially
disclosed.
The sales volume for Mar/2010 fiscal term amounted to Yen 1,900 million,
a 33% down from Yen 2,838 million in the previous term, as substantially
affected by the global economic downturn, particularly in the first half of the
term. Domestic demand was lackluster. Consumer spending was sluggish. The net profit was posted at Yen 29 million,
compared with Yen 41 million a year ago.
For the term that ended Mar 2011 the net profit was projected at Yen 30
million, on a 3% rise in turnover, to Yen 1,950 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 34.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1968
Regd No.: (Tokyo-Chuoku) 028948
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
800,000 shares
Issued:
200,000 shares
Sum: Yen 100 million
Major shareholders (%): Hokuetsu Kishu Paper Co Ltd*
(100)
*.. One of leading pulp/paper mfr, Tokyo, listed Tokyo S/E, capital Yen
42,020 million, sales Yen 217,013 million, operating profit Yen 8,743 million,
recurring profit Yen 10,282 million, net profit Yen 5,431 million, total assets
Yen 322,254 million, net worth Yen 139,822, employees 3,951, pres Sekio
Kishimoto
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Trading firm
for: import/export/wholesale of pulps, industrial chemicals (--55%),
Motor school operation (25%), real estate owning/management, others
(20%).
Clients: [Mfrs,
wholesalers] Hokuetsu Kishu Paper Co and group firms; consumers, business firms
No. of accounts: 300
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Marubeni Corp, Mitsubishi Corp, Nihon Comstarch Corp, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Nihombashi)
MUFG
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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1,950 |
1,900 |
2,838 |
3,401 |
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Recur.
Profit |
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Net
Profit |
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30 |
29 |
41 |
12 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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466 |
437 |
396 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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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 |
2.63 |
-33.05 |
-16.55 |
-5.00 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
1.54 |
1.53 |
1.44 |
0.35 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
HOKUETSU KISHU PAPER CO LTD
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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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217,013 |
193,951 |
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Cost of Sales |
177,521 |
157,261 |
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GROSS PROFIT |
39,492 |
36,690 |
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Selling & Adm Costs |
30,749 |
26,798 |
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OPERATING PROFIT |
8,743 |
9,891 |
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Non-Operating P/L |
1,539 |
-318 |
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RECURRING PROFIT |
10,282 |
9,573 |
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NET PROFIT |
5,431 |
7,239 |
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BALANCE SHEET |
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Cash |
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11,194 |
11,749 |
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Receivables |
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62,404 |
63,261 |
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Inventory |
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25,358 |
24,744 |
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Securities, Marketable |
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Other Current Assets |
4,779 |
4,626 |
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TOTAL CURRENT ASSETS |
103,735 |
104,380 |
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Property & Equipment |
183,325 |
199,146 |
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Intangibles |
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1,020 |
951 |
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Investments, Other Fixed Assets |
34,174 |
36,502 |
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TOTAL ASSETS |
322,254 |
340,979 |
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Payables |
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23,753 |
22,470 |
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Short-Term Bank Loans |
45,117 |
67,877 |
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Other Current Liabs |
29,161 |
21,233 |
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TOTAL CURRENT LIABS |
98,031 |
111,580 |
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Debentures |
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20,000 |
20,000 |
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Long-Term Bank Loans |
36,732 |
39,741 |
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Reserve for Retirement Allw |
12,603 |
10,658 |
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Other Debts |
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15,066 |
19,002 |
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TOTAL LIABILITIES |
182,432 |
200,981 |
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MINORITY INTERESTS |
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Common
stock |
42,020 |
42,020 |
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Additional
paid-in capital |
45,435 |
45,435 |
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Retained
earnings |
54,200 |
51,278 |
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Evaluation
p/l on investments/securities |
(266) |
891 |
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Others |
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576 |
695 |
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Treasury
stock, at cost |
(2,143) |
(330) |
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TOTAL S/HOLDERS` EQUITY |
139,822 |
139,989 |
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TOTAL EQUITIES |
322,254 |
340,970 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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25,859 |
36,944 |
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Cash
Flows from Investment Activities |
-6,208 |
-10,637 |
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Cash
Flows from Financing Activities |
-20,020 |
-30,866 |
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Cash,
Bank Deposits at the Term End |
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11,194 |
11,668 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
139,822 |
139,989 |
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Current
Ratio (%) |
105.82 |
93.55 |
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Net
Worth Ratio (%) |
43.39 |
41.06 |
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Recurring
Profit Ratio (%) |
4.74 |
4.94 |
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Net Profit
Ratio (%) |
2.50 |
3.73 |
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Return
On Equity (%) |
3.88 |
5.17 |
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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.44.42 |
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UK Pound |
1 |
Rs.70.95 |
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Euro |
1 |
Rs.63.63 |
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 |
---- |
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.