MIRA INFORM REPORT
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Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
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Name : |
K & I TABULAR CORPORATION |
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Registered Office : |
JFE Tokyo Honsha Bldg 6F, 2-7-1 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 : |
March 2000 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 068108 |
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Legal Form : |
Limited Company |
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Line of Business : |
Export of boiler tubes |
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 426.8 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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
K & I TABULAR
CORPORATION
REGD NAME
K&I Tokushukan
Hambai KK (Tokushukan means special tubes)
MAIN OFFICE
JFE Tokyo Honsha
Bldg 6F, 2-7-1 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN
Tel:
03-3279-8751 Fax: 03-3279-8750
URL: http://www.jfe-shoji-hd.co.jp/
(of the parent)
E-Mail address: (thru the URL)
ACTIVITIES
Export
of boiler tubes, other
BRANCHES
Nil
OFFICER(S)
HIDENARI
YAMADA, PRES Shuichi Kashiwagi, dir
Soichiro Ichimura, dir Yoshinori Murakami, dir
Masahide Tada, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,404 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND SLOW WORTH Yen
695 M
STARTED 2000 EMPLOYES 15
COMMENT
TRADING
FIRM SPECIALIZING IN STEEL TUBES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 426.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a
specialty tube sales division separated from JFE Shoji Trade Corp. This is a specialized trader for export of
tubes for boiler power generation and for plant pipe fittings, other. Goods are exported to China, S/E Asia, USA,
Europe, other.
FINANCIAL INFORMATION
The sales volume for Dec/2010 fiscal term amounted to Yen 16,404 million, a 28% down from Yen 22,903 million in the previous term, as affected substantially by the global economic downturn, particularly in the first half of the term. Exports declined substantially into China and USA. High Yen hurt export earnings & profits in Yen terms. The net profit was posted at Yen 82 million, compared with Yen 418 million net profit a year ago.
For the current term ending Dec 2011 the net profit is projected at Yen 85 million, on a 5% rise in turnover, to Yen 17,200 million. Exports revived to overseas plant facilities.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 426.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 2000
Regd No.: (Tokyo-Chiyodaku) 068108
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 1,000
shares
Sum: Yen 50 million
Major shareholders (%): JFE
Shoji Trade Corp*(60), Marubeni-Itochu Steel Inc (40)
No. of shareholders: 2
* JFE Shoji Trade Corp, trading firm of steel, iron ore, etc, at the caption address, wholly owned by JFE Shoji Holdings Inc, founded 1972, capital Yen 14.5 million, turnover Yen 1,626,484 million, recurring profit Yen 15,442 million, net profit Yen 9,249 million, employees 1,302, pres Mikio Fukushima
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading firm for exporting special tubes for plant generation power, pipes for plant facilities, steel products, other (--100%)
Clients: [Mfrs, wholesalers] Exports to China (17.1%), Korea (36.8%), USA (19.4%), Taiwan (3.6%), other to Europe, other.
No. of accounts: unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] JFE Shoji Trade Corp (95%), other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned by the top parent, JFE Shoji Holdings Inc, and maintained satisfactorily.
Bank References:
· Mizuho Corporate Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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17,200 |
16,404 |
22,903 |
33,252 |
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Recur.
Profit |
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Net
Profit |
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85 |
82 |
418 |
934 |
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Total
Assets |
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1,634 |
1,393 |
3,456 |
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Current
Assets |
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1,607 |
1,365 |
3,435 |
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Current
Liabs |
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936 |
530 |
1,952 |
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Net
Worth |
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695 |
862 |
1,504 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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Div.Ttl
in Million(¥) |
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250 |
641 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.85 |
-28.38 |
-31.12 |
10.50 |
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Current Ratio |
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.. |
171.69 |
257.55 |
175.97 |
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N.Worth Ratio |
.. |
42.53 |
61.88 |
43.52 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
0.49 |
0.50 |
1.83 |
2.81 |
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Return On Equity |
.. |
11.80 |
48.49 |
62.10 |
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Notes:
Forecast (or estimated) figures for the 31/12/2011 fiscal term.
SUPPLEMNTS
CONSOLIDATED FINANCIALS OF THE PARENT,
JFE SHOJI TRADE 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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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.46.18 |
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UK Pound |
1 |
Rs.73.65 |
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Euro |
1 |
Rs.64.95 |
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.