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Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
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Name : |
JTC CORPORATION |
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Registered Office : |
Nakanoshima Daibiru 805, 3-3-23 Nakanoshima Kitaku |
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Country : |
Japan |
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Financials (as on) : |
30.04.2012 |
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Date of Incorporation : |
November 1946 |
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Com. Reg. No.: |
1200-01-064845 (Osaka-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Export (as agent) of automotive tires, rubber materials, rubber products |
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No. of Employees : |
9 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2011 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2011. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
JTC CORPORATION
REGD NAME: JTC
KK
MAIN OFFICE: Nakanoshima
Daibiru 805, 3-3-23 Nakanoshima Kitaku Osaka 530-0005 JAPAN
Tel: 06-4803-8200
Fax: 06-4803-8850
URL: http://www.jtcnet.co.jp
E-Mail address: since1935@jtcnet.co.jp
Export (as agent)
of automotive tires, rubber materials, rubber products
Nil
Mumbai, Teheran,
New Delhi (--affiliates) (See REGISTRATION)
ICHIRO FUJIMURA,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,663 M
PAYMENTS SLOW
BUT CORRECT CAPITAL Yen 30 M
TREND UP WORTH Yen 217 M
STARTED 1946 EMPLOYES 9
COMMISSION MERCHANT FOR EXPORTING AUTOMOTIVE TIRES, OTHER RUBBER
PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1935 by Kazunori Fujimura in Shanghai (China) as a
trading firm, on his account.
Incorporated in 1946 as Jinsing Trading KK in Osaka. Ichiro is the fourth generation master, who
took the pres office in Jun 2007. In
1998, renamed as
captioned. This is a family-based trading firm, owned
and managed by the Fujimura family, for exporting automotive tires, packing,
valves, gaskets, other, including rubber raw materials and chemicals. Major clients are in India and Iran, where
the firm operates three JV’s: two in India and one in Iran (See REGISTRATION).
The commission revenues for Apr/2012
fiscal term amounted to Yen 3,663 million, a 14% up from Yen 3,224 million in
the previous term. Demand revived. Exports to India were robust, but rather sluggish
into Iran. The recurring profit was
posted at Yen 25 million and the net profit at yen 18 million, respectively,
compared with Yen 13 million recurring profit and Yen 14 million net profit,
respectively, a year ago.
For the current term ending Apr 2013 the
recurring profit is projected at Yen 30 million and the net profit at Yen 20
million, respectively, on a 4% rise in turnover, to Yen 3,800 million. Exports to India are steadily rising, the
firm says.
The financial situation is considered maintained
FAIR and good for ORDINARY business engagements.
Date Registered: Nov 1946
Regd No.:
1200-01-064845 (Osaka-Kitaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2.4 million shares
Issued:
600,000 shares
Sum: Yen 30 million
Major shareholders (%): Tatsuo Fujimura
(80), Masako Fujimura (10)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Bombay Chemical
& Rubber Products (Mumbai);
JMF Synthetics
Private Ltd (New Delhi), JV with Mitsufuku Ind (special compound mfr,
Tochigi-Pref), JTC
Corp and Bombay Chemical Rubber Products;
Baspar Taban Co
(Mashad, Iran), automotive rubber parts mfr, in which JTC has 15% share;
GBL General
Trading LLC (Dubai).
Activities: Exports as commission agent automotive
tires, gaskets, valves, EDPM, rubber raw materials,
rubber mfg machinery, other industrial chemicals (--100%).
Clients: [Mfrs, wholesalers] Exports to India, Iran,
Indonesia, Thailand, Taiwan, Hong Kong, Malaysia,
Pakistan, Vietnam, Korea, China, UAE, Kuwait, Tunisia, Germany, USA,
other.
No. of accounts:
Unavailable
Domestic areas of
activities: Centered in greater-Osaka
Suppliers: [Mfrs, wholesalers] JSR Corp (40%), Nippon
Electric Glass, Pacific Industrial Corp,
Kobe Steel,
Bridgestone Cycle, Tosoh Corp, Hitachi Ltd, Seiko Chemical, Sanshin Chemical Ind, Mitsui
Chemicals Ind, Nippon Roll Mfg, Kuraray Co, Arakawa Chemical Ind, Takehara Kagaku Kogyo,
Bridgestone Cycle, other.
Payment record: Slow But Correct
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Osaka-Chuo)
SMBC (Tenmabashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
30/04/2013 |
30/04/2012 |
30/04/2011 |
30/04/2010 |
|
|
Annual
Sales |
|
3,800 |
3,663 |
3,224 |
4,191 |
|
Recur.
Profit |
|
30 |
25 |
13 |
84 |
|
Net
Profit |
|
20 |
18 |
14 |
70 |
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Total
Assets |
|
|
1,220 |
1,110 |
1,160 |
|
Current
Assets |
|
|
1,123 |
1,038 |
1,098 |
|
Current
Liabs |
|
|
776 |
784 |
793 |
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Net
Worth |
|
|
217 |
201 |
190 |
|
Capital,
Paid-Up |
|
|
30 |
30 |
30 |
|
Div.P.Share(¥) |
|
|
0.00 |
55.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
3.74 |
13.62 |
-23.07 |
96.21 |
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Current Ratio |
|
.. |
144.72 |
132.40 |
138.46 |
|
N.Worth Ratio |
.. |
17.79 |
18.11 |
16.38 |
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R.Profit/Sales |
|
0.79 |
0.68 |
0.40 |
2.00 |
|
N.Profit/Sales |
0.53 |
0.49 |
0.43 |
1.67 |
|
|
Return On Equity |
.. |
8.29 |
6.97 |
36.84 |
|
Notes: Forecast (or
estimated) for the 30/04/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.08 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.69.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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.