MIRA INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
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Name : |
KYOKUTO BOEKI KAISHA LTD |
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Registered Office : |
New Ohtemachi
Bldg 7F, 2-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
November 1947 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 014327 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of industrial 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 1,316.4 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – 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
KYOKUTO BOEKI KAISHA LTD
REGD NAME
Kyokuto Boeki KK
MAIN OFFICE
New Ohtemachi Bldg
7F, 2-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN
Tel:
03-3244-3511 Fax: 03-3246-2148
E-Mail address: info@kbk.co.jp
ACTIVITIES
Import,
export, wholesale of industrial machinery
BRANCHES
Sapporo,
Nagoya, Osaka, Chiba, Hiroshima, Fukuoka, other (Tot 14)
OVERSEAS
Taipei,
China (5), USA (2), Germany, India, France
CHIEF EXEC
AKIRA
HIROSAKA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 41,828 M
PAYMENTS REGULAR CAPITAL Yen 5,030 M
TREND SLOW WORTH Yen
11,506 M
STARTED 1947 EMPLOYES 260
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,316.4 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/03/2012 fiscal term
HIGHLIGHTS
The subject company was established by employees (machinery & trade
division) of former Mitsui & Co Ltd, following that company’s dissolution
by the Zaibatsu (financial combine) dissolution laws. Since then the firm has developed into
specialized trading house of industrial machinery, offering engineering &
technical support services. This is a
trading firm for import, export and wholesale of industrial machinery,
aircraft-related machinery & equipment, plant facilities, other. Electric machinery made by Toshiba-affiliated
firms and industrial machinery by IHI Corp are mainline. Maintains top share in boiler controller
field. Technical staff accounts for over
60% of total employees. Strong in sales
to public sector & steelmakers.
Eager to advance into Brazil mainly in automobile-related products. The company will start restructuring mainly
optical communication products, the majority of electric parts, with cost
reductions unable to keep pace with slump price cuts. It plans to convert the agent for US-made
normal-temperature zinc plating agents to a subsidiary, and anticipate synergic
benefits.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 44,828
million, a 10.6% down from Yen 46,802 million in the previous term. Sales declined. Global economic downturn affected the sales
particularly in the first half of the term.
Yen’s appreciation hurt export revenues & profits in Yen terms. By Divisions, Electric Machinery Div down
14.5% to Yen 17,961 million; Electronics Div up 35.4% to Yen 9,258 million;
General Industry Div down 22.9% to Yen 14,608 million. Automotive parts into China fared well. Coatings for home electronics appliances and
heavy machinery/facilities for steel makers & chemical plants were
recovered. The recurring profit was
posted at 726 million and the net profit at Yen 494 million, respectively,
compared with Yen 63 million recurring loss and Yen 1,202 million net losses,
respectively, a year ago.
(Apr/Sept/2011 results): Sales Yen 16,839 million (down 19.2%),
operating loss Yen 25 million (previously Yen 123 profits), recurring profit
Yen 121 million (down 46.7%), net loss Yen 219 million (previously Yen 144
million profits). (% & figures
compared with the corresponding period a year ago). The aftermath of the North Japan Earthquake
lingered and the business was slow to recover.
Shortage of supply continued with supply channels hindered. Sales declined in the first half without
deliveries of large scale steel facilities.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 1,050 million and the net profit at Yen 600 million, respectively, on a
10.0% rise in turnover, to Yen 46,000 million. Aircraft-related equipments,
including communications equipment, are selling well. Thermo control systems will be robust on the
strength of resumed plant operations, and deferred projects will get in full
swing in the second half. Resource
development equipment is expected to rebound.
Food supplementary materials will continue steady growth. Electric power and steelmaking-related
large-scale products should continue.
Operating profit will rise.
The financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 1,316.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1947
Regd No.: (Tokyo-Chiyodaku) 014327
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 100
million shares
Issued: 27,899,592 shares
Sum: Yen 5,030
million
Major shareholders
(%):
IHI Corp (6.9), Japan Trustee Services T (4.3), Company’s Treasury Stock (4.0),
MUFG (3.5), SMBC (3.5), Mitsui Sumitomo Ins (3.2), Nireco Corp (2.7), Customers’
S/H Assn (1.9), CBNYDFA Int’l Cap Value P (1.7), TMEIC (1.7); foreign owners
(3.1)
No. of
shareholders: 3,277
Listed on the
S/Exchange (s) of: Tokyo
Managements: Shin’ya Araki,
ch; Akira Hirosaka, pres; Hiroshi Amemiya, v pres; Shigetoshi Kimura, mgn dir;
Jun’ichi Mito, mgn dir; Toshifumi Takei, dir, Tohru Kuze, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Nippon System
Industries Corp, KBK Inc, KBK Europe GmbH, KBK Trading (Shanghai) Co Ltd, KBK
Trading (India), other.
OPERATION
Activities: Trading house for
import, export and wholesale of industrial machinery:
(Sales Breakdown
by Divisions):
Electric Machinery
& Energy-related (43%): machinery, tools, materials, instruments, meters, vessels
& ships, vehicles, metal products, chemicals, gunpowder & explosives,
foods, fabrics & related products, medical supplies, medical appliances,
other;
Electronics &
Aircraft-related (22%): aircraft & aerospace equipment & parts,
computer & parts, power generation facilities, instrumentation
controls/monitoring instruments & parts, bridge construction, boilers,
turbines, telecommunications facilities, water treatment equipment, air
pollution analyzers & their anti-pollution devices, natural resource exploration/analysis
& drilling & their parts & equipment, liquor products, drinking
water;
General
Industry-related (35%): Repair/maintenance services of plant
facilities/equipment in above products, computer system technologies &
software, data processing & provision by computers, advertizing, general
leasing, contracting, transportation, indemnity insurance agency, other.
Overseas Sales
Ratio (24.1%): N America 9.9%, Europe 1.3%, S/E Asia 12.7%, other region 0.2%
Clients: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Defense Ministry, IHI Corp, Nippon Steel,
Hokkaido Electric Power, JFE Steel, Toray Ind, China Shougang Int’l Trade &
Engineering, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] IHI Corp, Toshiba Corp, ABB Bailey Japan, Toshiba Corp, Toshiba
Mitsubishi Industrial System Co, Fujikura Kasei Co, other
Payment record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
· MUFG (Shin-Marunouchi)
· SMBC (Tokyo-Chuo)
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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41,828 |
46,802 |
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Cost of Sales |
36,824 |
41,882 |
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GROSS PROFIT |
5,003 |
4,919 |
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Selling & Adm Costs |
4,467 |
5,184 |
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OPERATING PROFIT |
536 |
-264 |
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Non-Operating P/L |
190 |
201 |
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RECURRING PROFIT |
726 |
-63 |
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NET PROFIT |
494 |
-1,202 |
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BALANCE SHEET |
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Cash |
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2,415 |
3,121 |
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Receivables |
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12,997 |
11,779 |
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Inventory |
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1,229 |
1,822 |
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Securities, Marketable |
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Other Current Assets |
1,583 |
2,332 |
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TOTAL CURRENT ASSETS |
18,224 |
19,054 |
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Property & Equipment |
468 |
538 |
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Intangibles |
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520 |
364 |
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Investments, Other Fixed Assets |
7,610 |
8,142 |
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TOTAL ASSETS |
26,822 |
28,098 |
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Payables |
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9,905 |
9,835 |
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Short-Term Bank Loans |
1,748 |
1,908 |
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Other Current Liabs |
111,274 |
2,358 |
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TOTAL CURRENT LIABS |
122,927 |
14,101 |
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Debentures |
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600 |
900 |
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Long-Term Bank Loans |
701 |
326 |
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Reserve for Retirement Allw |
825 |
796 |
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Other Debts |
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(109,738) |
435 |
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TOTAL LIABILITIES |
15,315 |
16,558 |
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MINORITY INTERESTS |
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Common
stock |
5,030 |
5,030 |
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Additional
paid-in capital |
4,630 |
4,630 |
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Retained
earnings |
2,654 |
2,261 |
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Evaluation
p/l on investments/securities |
(102) |
240 |
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Others |
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(364) |
(280) |
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Treasury
stock, at cost |
(342) |
(341) |
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TOTAL S/HOLDERS` EQUITY |
11,506 |
11,540 |
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TOTAL EQUITIES |
26,822 |
28,098 |
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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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6 |
-2,950 |
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Cash
Flows from Investment Activities |
-489 |
555 |
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Cash
Flows from Financing Activities |
-161 |
-80 |
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Cash,
Bank Deposits at the Term End |
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2,205 |
2,887 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
11,506 |
11,540 |
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Current
Ratio (%) |
14.83 |
135.13 |
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Net
Worth Ratio (%) |
42.90 |
41.07 |
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Recurring
Profit Ratio (%) |
1.74 |
-0.13 |
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Net
Profit Ratio (%) |
1.18 |
-2.57 |
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Return
On Equity (%) |
4.29 |
-10.42 |
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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.50.90 |
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UK Pound |
1 |
Rs.80.30 |
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Euro |
1 |
Rs.68.48 |
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.