MIRA INFORM REPORT

 

 

Report Date :

20.06.2012

 

IDENTIFICATION DETAILS

 

Name :

KAWASAKI TRADING CO LTD

 

 

Registered Office :

Shinko Bldg, 8 Kaigandori Chuoku Kobe 650-0024

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

June 1951

 

 

Com. Reg. No.:

1400-01-006992 (Kobe-Chuoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of industrial machinery/equipment,

 

 

No. of Employees :

289

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

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

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

KAWASAKI TRADING CO LTD

 

 

REGD NAME

 

Kawajyu Shoji KK

 

 

MAIN OFFICE

 

Shinko Bldg, 8 Kaigandori Chuoku Kobe 650-0024 JAPAN

Tel: 078-392-1131      Fax: 078-391-1520

 

*.. The given address is its Tokyo Headquarters

 

URL:                 http://www.kawasakitrading.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of industrial machinery/equipment, other

 

 

BRANCHES

 

Tokyo, Osaka, Sendai, Chiba, Nagoya, Hiroshima, Fukuoka, other (Tot 19)

 

 

OVERSEAS

 

China (5), Hong Kong, Taiwan, Vietnam, Thailand, Singapore, Brazil

 

 

OFFICERS

 

YOSHIYUKI WATANABE, PRES           

Shimpei Morita, ch                                 Terunori Kitasjima, mgn dir

Takashi Kawashima, mgn dir                  Masakazu Nakamura, dir

Isao Ueda, dir                                        Munehiro Takawa, dir                

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 98,157 M

PAYMENTS      No Complaints          CAPITAL           Yen 600 M

TREND UP                                WORTH                        Yen 5,237 M

STARTED         1951                             EMPLOYES      289

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN INDUSTRIAL MACHINERY, AFFILIATED  TO KAWASAKI HEAVY IND.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

The subject company was established on the basis of a trading division separated from Kawasaki Heavy Ind (See REGISTRATION).  This is a trading firm for import, export and wholesale of industrial machinery/equipment, air conditioners, petroleum products, steel products, other (See OPERATION).  Goods are widely exported.  Domestic clients include heavy machinery makers, shipping lines, steel works, other, nationwide.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 98,157 million, a 13% up from Yen 87,088 million in the previous term.  Exports into China and other S/E Asian countries were robust.  The recurring profit was posted at Yen 992 million and the net profit at Yen 462 million, respectively, compared with Yen 996 million recurring profit and Yen 776 million net profit, respectively, a year ago.

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 1,000 million and the net profit at Yen 500 million, respectively, on a 5% rise in turnover, to Yen 103,000 million.   Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Jun 1951

Regd No.:         1400-01-006992 (Kobe-Chuoku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         4.8 million shares

Issued:             1.2 million shares

Sum:                   Yen 600 million

Major shareholders (%): Kawasaki Heavy Ind* (70), Kawasaki Kisen KK (10), JFE Steel (10), Showa

Shell Sekiyu (10)

No. of shareholders: 4

 

*.. Comprehensive heavy electric machinery & engineering company, Kobe, founded  1896, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 104,484 million, sales 1,303,778 million, operating profit Yen 57,484 million, recurring profit Yen 63,627 million, net profit Yen 23,323 million, total assets Yen 1,362,139 million , net worth Yen 315,922 million, employees 12,706, pres Satoshi Hasegawa

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Trading firm for import, export and wholesale of industrial machinery, construction & steel products, petroleum products, other:

 

(Sales Breakdown by Divisions):

 

Industrial Machinery/Equipment Div (60%): hydraulic equipment, hydraulic pumps, valves, motors, peripheral equipment, precision gear pumps, winders, textile machinery, industrial robots, air conditioning systems, boilers, absorption chillers, heaters, marine machinery, shipbuilding equipment, steelmaking equipment, power plants, factory equipment, other;

 

Construction Equipment/tools Div (5%): construction works, solar panels, flame detectors, other;

 

Petroleum Products Div (26%);

 

Steel Products Div (9%)

 

Clients: [Mfrs, wholesalers] Kawasaki Heavy Ind, Kawasaki Shipbuilding, JFE Steel, Kawasaki Kisen Kaisha, Fuji Kenzai (Building Materials), Kandenko, other 

            No. of accounts: 300

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Showa Shell Sekiyu, Kawasaki Heavy Ind, Nippon Steel, Daikin Ind, Nagano Keiki Co, other

 

Payment record: No Complaints

 

Location: Business area in Kobe.  Office premises at the caption address are owned by the parent, Kawasaki Heavy Ind, and maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (Kobe)

SMBC (Kobe)

Relations: Satisfactory

FINANCES

(In Million Yen)

 

Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

103,000

98,157

87,088

120,535

Recur. Profit

　

1,000

992

996

2,239

Net Profit

　

500

462

776

1,269

Total Assets

　

　

42,311

37,675

41,976

Current Assets

　

　

37,343

32,492

　

Current Liabs

　

　

36,191

31,493

　

Net Worth

　

　

5,237

5,256

5,858

Capital, Paid-Up

　

　

600

600

600

Div.P.Share(¥)

　

　

324.00

1095.00

530.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.93

12.71

-27.75

-0.26

    Current Ratio

 

..

103.18

103.17

..

    N.Worth Ratio

..

12.38

13.95

13.96

    R.Profit/Sales

 

0.97

1.01

1.14

1.86

    N.Profit/Sales

0.49

0.47

0.89

1.05

    Return On Equity

..

8.82

14.76

21.66

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, KAWASAKI HEAVY IND

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,303,778

1,226,949

 

  Cost of Sales

1,088,918

1,037,078

 

      GROSS PROFIT

214,860

189,870

 

  Selling & Adm Costs

157,375

147,242

 

      OPERATING PROFIT

57,484

42,628

 

  Non-Operating P/L

6,143

6,508

 

      RECURRING PROFIT

63,627

49,136

　

      NET PROFIT

23,323

25,965

BALANCE SHEET

 

 

 

 

  Cash

　

34,316

47,233

 

  Receivables

 

404,054

401,753

 

  Inventory

 

391,895

425,322

 

  Securities, Marketable

　

　

 

  Other Current Assets

136,921

77,411

 

      TOTAL CURRENT ASSETS

967,186

951,719

 

  Property & Equipment

274,750

275,780

 

  Intangibles

 

18,786

19,249

 

  Investments, Other Fixed Assets

101,417

107,530

 

      TOTAL ASSETS

1,362,139

1,354,278

 

  Payables

 

310,775

319,271

 

  Short-Term Bank Loans

137,568

143,972

 

　

 

　

　

 

  Other Current Liabs

247,659

240,483

 

      TOTAL CURRENT LIABS

696,002

703,726

 

  Debentures

 

60,000

50,000

 

  Long-Term Bank Loans

198,737

203,801

 

  Reserve for Retirement Allw

75,052

80,556

 

  Other Debts

　

16,425

18,761

 

      TOTAL LIABILITIES

1,046,216

1,056,844

 

      MINORITY INTERESTS

 

 

 

Common stock

104,484

104,340

 

Additional paid-in capital

54,393

54,251

 

Retained earnings

176,414

158,615

 

Evaluation p/l on investments/securities

3,989

3,876

 

Others

 

(23,336)

(23,619)

 

Treasury stock, at cost

(22)

(30)

 

      TOTAL S/HOLDERS` EQUITY

315,922

297,433

　

      TOTAL EQUITIES

1,362,139

1,354,278

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

84,737

81,929

 

Cash Flows from Investment Activities

-65,959

-52,942

 

Cash Flows from Financing Activities

-26,831

-18,862

　

Cash, Bank Deposits at the Term End

　

33,245

44,629

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

315,922

297,433

 

 

Current Ratio (%)

138.96

135.24

 

 

Net Worth Ratio (%)

23.19

21.96

 

 

Recurring Profit Ratio (%)

4.88

4.00

 

 

Net Profit Ratio (%)

1.79

2.12

 

 

Return On Equity (%)

7.38

8.73

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.01

UK Pound

1

Rs.87.85

Euro

1

Rs.70.54

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.