MIRA
INFORM REPORT
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Report Date : |
28.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ALCONIX CORPORATION |
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Registered Office : |
Sanno Park Tower 12F, 2-11-1 Nagatacho Chiyodaku Tokyo 100-6112 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
July 1981 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of nonferrous metals |
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No. of Employees : |
411 |
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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Status : |
Good |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 and address
ALCONIX CORPORATION
REGD NAME: Alconix
KK
MAIN OFFICE: Sanno
Park Tower 12F, 2-11-1 Nagatacho Chiyodaku Tokyo 100-6112 JAPAN
Tel:
03-3596-7400
E-Mail address: info@alconix.com
ACTIVITIES
Import, export,
wholesale of nonferrous metals
BRANCHES
Osaka, Nagoya,
Hamamatsu, Hiroshima
OVERSEAS
USA, China (4),
Hong Kong, Thailand (2), Germany, Malaysia, Taiwan,
Vietnam, Russia,
Saudi Arabia, Egypt
CHIEF EXEC
EIITSU MASAKI,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 220,703 M
PAYMENTS REGULAR CAPITAL Yen 2,830 M
TREND UP WORTH Yen 14,020 M
STARTED 1931 EMPLOYES 411
COMMENT
TRADING FIRM SPECIALIZING IN NONFERROUS METALS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDONARY BUSINESS ENGAGEMENTS.
Unit: Million Yen
Forecast (or estimated) figures for 31/03/2013
fiscal term
HIGHLIGHTS
The subject company was established on the
basis of spun-off from nonferrous metals sales firm of Sojitz Corp, major
general trading house in Japan. This is
a leading nonferrous metals trading firm, including aluminum & copper. Strengthening business in rare metals
including titanium. Also deals in
const5ruction and other industrial materials.
Reinforcing fuel-battery-use aluminum & solar power-use metal
silicon. Allotting surplus funds for
M&A and loan repayment. The company
needs M&A projects to attain the current profit target of Yen 4.5 billion
in the March 2015 term. It might plan
M&A for a wide range of firms ranging from upstream to downstream
sectors. In Jan 2012, the firm acquired
25% of all outstanding shares of Shanghai Longyang Precise Compound Tube Co
Ltd, a part of the Golden Dragon Group, the world’s largest mfr of precision
copper tubes.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal
term amounted to Yen 220,703 million, a 39.7% up from Yen 157,979 million in the
previous term. Sales rose sharply
throughout the year particularly from the electronic materials industry, and
the construction materials industry due to post-quake reconstruction demand. Demand from the auto industry, which had
fallen sharply early in the year, recovered as supply chains were restored
rapidly. By divisions, light metals
& copper products up 2.5% to Yen 66,859 million; electronics &
functional materials up 103.1% to Yen 121,222 million, as demand sharply
increased from digital consumer electronics and semiconductor industries which
rushed to build up inventories ahead of peak electricity demand in summer;
nonferrous materials down 0.3% to Yen 26,300 million; construction and
industrial materials up 33.8% to Yen 13,180 million. The recurring profit was posted at Yen 4,499
million and the net profit at Yen 2,450 million, respectively, compares with
Yen 2,963 million recurring profit and Yen 1,901 million net profit,
respectively, a year ago. Profits rose
sharply as greater sales of high-margin minor metals and rare earths offset
higher SG&A expenses.
For the current term ending Mar 2013
the recurring profit is projected at Yen 3,700 million and the net profit at
Yen 2,200 million, on a 7.1% fall in turnover, to Yen 205,000 million. Sales of aluminum, copper, and nonferrous
materials, will bottom out, helped by recovery of automobile production. Reconstruction demand for industrial
materials will emerge, but unit price of rare earth will inevitably drop from
higher market prices in the first half of the preceding term. Conservative buying behaviors among customers
will also hurt.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Jul 1981
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 18 million shares
Issued: 6,353,200 shares
Sum: Yen 2,830 million
Major
shareholders (%): BBH for Fidelity Low Price Stock (9.9), Sojitz Corp (6.8), Kobe Steel (6.7),
Mizuho Bank (3.1), Sumitomo Mitsui Trust Bank (2.9), Master Trust Bank of Japan
T (2.4), Japan Trustee Services T (2.3), MUFG (2.0), Employees’ S/Holding Assn
(1.6); foreign owners (15.3)
No.
of shareholders: 3,556
Listed on the S/Exchange (s) of: Tokyo
Managements: Eiitsu Masaki,
pres; Hideo Yamashita, s/mgn dir; Yasushi Miyazaki, dir; Michio Komatsu, dir;
Masato Takei, dir; Syunji Tenefusa, dir; Sakutaro Tanno, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Advanst Materials Japan, other
OPERATION
Activities: Imports, exports
and wholesales nonferrous metals: Light metal & copper products (30%),
electronic & functional metals (54%), nonferrous metals (12%), construction
& industrial materials (4%).
Overseas
sale ratio (23.5%): Asia 14.9%, N Americas 4.9%, Europe 3.1%, others
0.6%
Clients: [Mfrs,
wholesalers] Mitsubishi Electric, Sun Aluminum Ind, Kobe Steel, Shanghai Dong
Song Int'l, Shin-Etsu Chemical Ind, Fujikura Ltd, Sanoh Industrial de Mexico
SA, Sanoh America Inc, Hoya Alconix Europe GmbH, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kobe Steel, Kobelco Materials, Sojitz Corp, Panasonic Trading,
Kobelco & Materials Copper Tube, Sojitz Corp, Showa Denko, other
Payment record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
Mizuho Bank
(Akasaka)
MUFG (Muromachi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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220,703 |
157,979 |
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Cost of Sales |
210,060 |
149,710 |
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GROSS PROFIT |
10,642 |
8,268 |
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Selling & Adm Costs |
5,955 |
5,191 |
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OPERATING PROFIT |
4,687 |
3,077 |
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Non-Operating P/L |
-188 |
-114 |
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RECURRING PROFIT |
4,499 |
2,963 |
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NET PROFIT |
2,450 |
1,901 |
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BALANCE SHEET |
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Cash |
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10,607 |
8,340 |
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Receivables |
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31,778 |
27,118 |
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Inventory |
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18,693 |
10,094 |
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Securities, Marketable |
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Other Current Assets |
1,362 |
13,077 |
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TOTAL CURRENT ASSETS |
62,440 |
58,629 |
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Property & Equipment |
3,224 |
2,900 |
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Intangibles |
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301 |
457 |
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Investments, Other Fixed Assets |
2,635 |
2,575 |
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TOTAL ASSETS |
68,600 |
64,561 |
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Payables |
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26,896 |
22,656 |
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Short-Term Bank Loans |
15,132 |
17,669 |
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Other Current Liabs |
6,470 |
5,830 |
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TOTAL CURRENT LIABS |
48,498 |
46,155 |
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Debentures |
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1,400 |
800 |
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Long-Term Bank Loans |
3,803 |
4,587 |
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Reserve for Retirement Allw |
362 |
317 |
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Other Debts |
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517 |
557 |
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TOTAL LIABILITIES |
54,580 |
52,416 |
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MINORITY INTERESTS |
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Common
stock |
2,830 |
2,826 |
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Additional
paid-in capital |
1,872 |
1,868 |
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Retained
earnings |
9,208 |
7,234 |
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Evaluation
p/l on investments/securities |
(41) |
78 |
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Others |
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151 |
138 |
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Treasury
stock, at cost |
0 |
0 |
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TOTAL S/HOLDERS` EQUITY |
14,020 |
12,144 |
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TOTAL EQUITIES |
68,600 |
64,561 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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5,797 |
-10,927 |
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Cash
Flows from Investment Activities |
-710 |
-840 |
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Cash
Flows from Financing Activities |
-2,759 |
14,961 |
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Cash,
Bank Deposits at the Term End |
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10,502 |
8,197 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
14,020 |
12,144 |
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Current
Ratio (%) |
128.75 |
127.03 |
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Net
Worth Ratio (%) |
20.44 |
18.81 |
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Recurring
Profit Ratio (%) |
2.04 |
1.88 |
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Net
Profit Ratio (%) |
1.11 |
1.20 |
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Return
On Equity (%) |
17.48 |
15.65 |
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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.55.41 |
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1 |
Rs.86.93 |
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Euro |
1 |
Rs.68.10 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.