MIRA INFORM REPORT
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Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SUMISHO METALEX CORPORATION |
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Registered Office : |
1-8-10 Harumi Chuoku Tokyo 104-6020 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
April 1973 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 020211 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of aluminum products & components |
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 2,027.9 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 – 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
SUMISHO METALEX CORPORATION
REGD NAME
Sumisho Metalex KK
MAIN OFFICE
1-8-10 Harumi Chuoku
Tokyo 104-6020 JAPAN
Tel:
03-3533-6010 Fax: 03-3533-6019
*.. The given address is its Osaka Branch at: 4-5-33 Kitahama Chuoku
Osaka
URL: http//:www.metalex.co.jp
E-mail: (thru the URL)
ACTIVITIES
Import,
export, wholesale of aluminum products & components
BRANCHES
Osaka,
Nagoya, Sapporo, Niigata, Hiroshima, Fukuoka
OFFICER(S)
KAZUHIRO
ATSUSHI, PRES Nobuyuki Sugiura, mgn
dir
Masaaki
Yoshimoto, mgn dir Masao Sekiuchi,
dir
Akihiko
Shono, dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 104,871 M
PAYMENTS REGULAR CAPITAL Yen 1,169 M
TREND STEADY WORTH Yen
8,314 M
STARTED 1973 EMPLOYES 204
COMMENT
TRADING FIRM SPECIALIZING IN ALUMINUM PRODUCTS & COMPONENTS, WHOLLY OWNED BY SUMITOMO
CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$200,000 / O/A 60 DAYS
MAX CREDIT LIMIT: YEN 2,027.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a non-ferrous metal
division separated from Sumitomo Corporation, one of leading general trading
houses, Tokyo (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of aluminum products & components:
electric/electronic products, transport, industrial components, hot-water
heating systems, housing equipment, building materials, other (Details in OPERATION). Major items are hot-water supply, heating
systems, etc. Clients include city gas
companies, electronics mfrs, other.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 104,871
million, a 33% up from Yen 79,155 million in the previous term. Sales increased in all sectors thanks to price
hikes of the products. Exports
rose. The recurring profit was posted at
Yen 1,959 million and the net profit at Yen 1,122 million, respectively,
compared with Yen 1,022 million recurring profit and Yen 625 million net
profit, respectively, a year ago. .
For the current term ending Mar 2012 the recurring profit is projected
at Yen 2,000 million and the net profit at Yen 1,150 million, respectively, on
a 3% rise in turnover, to Yen 108,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 2,027.9 million, on 30 days normal terms. The proposed amount for 60 days term is
considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Apr 1973
Regd No.: (Tokyo-Chuoku) 020211
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 39
million shares
Issued: 9.98
million shares
Sum: Yen 1,169,800 million
Major shareholders (%):
Sumitomo Corporation* (100)
*.. One of general trading houses, Tokyo, founded 1919, listed Tokyo,
Osaka, Nagoya,
Fukuoka S/E’s, capital Yen 219,279 million, turnover Yen 8,349,371
million, operating profit Yen 183,485 million, recurring profit Yen 280,463 million,
net profit Yen 209,792 million, total assets Yen 7,230,502 million, net worth
Yen 1,682,090 million, employees 64,886, pres Susumu Kato
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales components water-supply systems, including hot-water supply,
fabricated products for electric/electronic, transport and general machinery
industries, building materials, others (--100%).
(Handling Items):
Electric &
Electronic Products: solar power generation, rechargeable battery,
materials for air conditioners, electric & telecommunication equipment
(aluminum sheets & fabricated products for satellite antenna, fabricated
products for terrestrial antenna);
Transport,
Industrial Components: transport (pistons & connecting rods for
engines, aluminum materials & precision products for aircrafts, precision
products for oil pressure control systems, aluminum molded/forged products, aluminum
extrusion, heat exchangers;
Hot-Water Heating
Systems: hot-water heating terminal, hot-water piping components, hot-water
floor heating, hot-water radiator;
Housing
Equipment/Facilities: air supply/exhaust pipe components, water supply
system by plastic piping, fire extinguishing equipment;
Building
Materials: exterior/roofing materials, plastic building materials, metallic
materials, others.
Clients: [Mfrs,
wholesalers] Sharp Corp, Tokyo Gas Co, Osaka Gas Co, other
No. of accounts: 800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sumitomo Light Metal Ind, Sumitomo Metal Mining, Tanaka Chemical
Corp, other.
Payment record: Regular
Location:
Business area in Tokyo. Office premises at
the caption address are leased and maintained satisfactorily.
Bank References:
SMBC
(Tokyo)
Sumitomo
Trust Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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108,000 |
104,871 |
79,155 |
83,253 |
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Recur.
Profit |
|
2,000 |
1,959 |
1,022 |
1,354 |
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Net
Profit |
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1,150 |
1,122 |
625 |
827 |
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Total
Assets |
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34,902 |
31,661 |
30,361 |
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Current
Assets |
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33,908 |
30,517 |
29,090 |
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Current
Liabs |
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|
26,080 |
23,687 |
21,622 |
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Net
Worth |
|
|
8,314 |
7,517 |
8,367 |
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Capital,
Paid-Up |
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|
1,169 |
1,169 |
1,169 |
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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 |
2.98 |
32.49 |
-4.92 |
-21.20 |
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Current Ratio |
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.. |
130.02 |
128.83 |
134.54 |
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N.Worth Ratio |
.. |
23.82 |
23.74 |
27.56 |
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R.Profit/Sales |
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1.85 |
1.87 |
1.29 |
1.63 |
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N.Profit/Sales |
1.06 |
1.07 |
0.79 |
0.99 |
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Return On Equity |
.. |
13.50 |
8.31 |
9.88 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, SUMITOMO CORPORATION
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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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8,349,371 |
7,757,382 |
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Cost of Sales |
2,101,656 |
2,236,191 |
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GROSS PROFIT |
6,247,715 |
5,521,191 |
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Selling & Adm Costs |
6,064,230 |
5,395,822 |
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OPERATING PROFIT |
183,485 |
125,369 |
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Non-Operating P/L |
96,978 |
96,599 |
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RECURRING PROFIT |
280,463 |
221,968 |
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NET PROFIT |
200,222 |
165,365 |
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BALANCE SHEET |
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Cash |
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704,313 |
814,288 |
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Receivables |
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1,511,442 |
1,512,678 |
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Inventory |
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698,810 |
670,220 |
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Securities, Marketable |
5,239 |
5,259 |
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Other Current Assets |
569,502 |
532,780 |
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TOTAL CURRENT ASSETS |
3,489,306 |
3,535,225 |
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Property & Equipment |
813,435 |
838,272 |
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Intangibles |
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348,993 |
341,679 |
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Investments, Other Fixed Assets |
2,578,768 |
2,391,868 |
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TOTAL ASSETS |
7,230,502 |
7,107,044 |
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Payables |
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1,026,160 |
1,045,833 |
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Short-Term Bank Loans |
850,435 |
945,821 |
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Other Current Liabs |
466,481 |
480,873 |
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TOTAL CURRENT LIABS |
2,343,076 |
2,472,527 |
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Debentures |
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Long-Term Bank Loans |
850,435 |
945,821 |
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Reserve for Retirement Allw |
18,811 |
20,062 |
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Other Debts |
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2,336,090 |
2,031,412 |
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TOTAL LIABILITIES |
5,548,412 |
5,469,822 |
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MINORITY INTERESTS |
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Common
stock |
219,279 |
219,279 |
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Additional
paid-in capital |
288,868 |
289,117 |
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Retained
earnings |
1,068,193 |
916,013 |
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Evaluation
p/l on investments/securities |
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Others |
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106,803 |
213,896 |
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Treasury
stock, at cost |
(1,053) |
(1,083) |
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TOTAL S/HOLDERS` EQUITY |
1,682,090 |
1,637,222 |
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TOTAL EQUITIES |
7,230,502 |
7,107,044 |
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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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219,502 |
503,829 |
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Cash
Flows from Investment Activities |
-469,378 |
-51,566 |
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Cash
Flows from Financing Activities |
155,879 |
-151,302 |
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Cash,
Bank Deposits at the Term End |
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704,313 |
814,288 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
1,682,090 |
1,637,222 |
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Current
Ratio (%) |
148.92 |
142.98 |
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Net
Worth Ratio (%) |
23.26 |
23.04 |
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Recurring
Profit Ratio (%) |
3.36 |
2.86 |
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Net
Profit Ratio (%) |
2.40 |
2.13 |
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Return
On Equity (%) |
11.90 |
10.10 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
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UK Pound |
1 |
Rs.71.75 |
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Euro |
1 |
Rs.62.60 |
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 |
|
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.