MIRA INFORM REPORT
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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
METAL ONE CORPORATION |
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Registered Office : |
Celestine Shiba
Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
January 2003 |
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Com. Reg. No.: |
(Tokyo-Minatoku)
049321 |
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Legal Form : |
Limited Company |
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Line of Business : |
Specialized
trading house for steel products |
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No. of Employees
: |
10,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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 |
Company name
METAL ONE CORPORATION
REGD NAME
KK Metal One
MAIN OFFICE
Celestine Shiba Mitsui
Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 JAPAN
Tel:
03-6400-2000 Fax: 03-6400-2939
E-Mail address: info@mtlo.co.jp
ACTIVITIES
Specialized
trading house for steel products
BRANCHES
Domestic: Osaka, Nagoya, Hiroshima, Fukuoka, other (Tot 16)
Affiliated firms: 6
subsidiaries, named as Metal One plus area, such as Metal One Kyushu, etc)
OVERSEAS
Overseas: Americas (24), Europe (14 including Russia), Asia/Oceania (39,
Including 9 in China), Mid East/Africa (16)
OFFICERS
NAOTO
MATSUOKA, PRES Ryoji Shinohe, v pres
Terumitsu
Kibe, s/mgn dir Hideto Nakahara,
dir
Jun
Kinukawa, dir Shigeki
Dantani, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,523,462 M
PAYMENTSREGULAR CAPITAL Yen
100,000 M
TREND UP WORTH Yen 303,296 M
STARTED 2003 EMPLOYES 10,000
COMMENT
TRADING HOUSE SPECIALIZING IN STEEL PRODUCTS, JOINTLY OWNED BY
MITSUBISHI CORP AND SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
%2012-Oct-2012_files/image002.gif)
Notes: Forecast (or estimated) figures
for 31/03/2012 fiscal term
HIGHLIGHTS
The subject company was established jointly on the basis of steel
products divisions separated from each Mitsubishi Corp and the then Nissho Iwai
Corporation (now Sojitz Corporation) in order to integrate steel business
operations. This is a specialized
trading house for import, export and wholesale of steel products, stainless
steel products, and other metal products.
The operations are composed of five core business divisions: Steel
Plate, Tube & Construction Materials Div; Steel Sheet Products, Automotive
Steel Products Business Div; Wire & Specialty Steel, Stainless Steel Div;
International Steel Operation Div; and Energy Project International Business
Div. For operation details see
OPERATION. Has taken equity position of
20% in Usiminas SA (South America), and will proceed to expand operations in
Brazil. Metal One Corporation India Pvt.
Ltd: founded in Jun/2008, headquartered in New Delhi, has branches in Mumbai,
Chennai and Kolkata, managing director Takanori Higashino. The firm is actively expanding operations in
India, China and other emerging nations.
It is planning to increase capital share in JV in Brazil.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 2,523,462
million, a 19.6% up from Yen 2,109,045 million in the previous term. Domestic demand remained firmly robust in
emerging nations, such as China & India, as well as other countries in
Asia. In advanced economies, such as
United States and Europe, personal consumption rebounded thanks to economic
policies, and exports to emerging nations expanded. The recurring profit was posted at Yen 31,725
million and the net profit at Yen 18,780 million, respectively, compared with
Yen 13,890 million recurring profit and Yen 10,473 million net profit, respectively,
a year ago.
(Apr/Sept/2011 results): sales Yen 1,223,427 million (down 0.6%),
operating profit Yen 12,873 million (down 25.9%), recurring profit Yen 13,937
million (down 30.3%), net profit Yen 7,163 million (down 36.6%). (% & figures compared with the
corresponding period a year ago). The
damage by the Great East Earthquake lingered.
Supply chains were disrupted for the automobile industry, decreased
construction works, etc. Further High
Yen hurt export revenues and profits in Yen terms.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 32,000 million and the net profit at Yen 19,000 million, respectively,
on a 3% rise in turnover, to Yen 2,600,000 million. Domestically public-sector investment will
rise. Business and exports to India,
China and other S/E Asian nations will rise.
Business in Brazil will be strengthened.
Negative factors include High Yen, the floods in Thailand, European debt
crisis, the excess steel production in Asia, other. These have to be watched carefully.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jan
2003
Regd No.: (Tokyo-Minatoku) 049321
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued: 2,000
shares
Sum: Yen 100,000 million
Major shareholders
(%): Mitsubishi Corp*(60), Sojitz Corp** (40)
No. of shareholders: 2
*.. Mitsubishi Corporation,
largest general trading house, Tokyo, founded 1950, listed Tokyo, Osaka,
Nagoya, London S/E’s, capital Yen 204,447 million, turnover Yen 19,233,441
million, operating profit Yen 316,141 million, recurring profit Yen 534,297
million, net profit Yen 463,188 million, total assets Yen 11,329,078 million,
net worth Yen 3,310,338 million, employees 58,470, pres Ken Kobayashi
**.. Sojitz Corporation,
holding firm formed jointly by Nichimen Corp & Nissho Iwai Corp (both
former names), Tokyo, founded 2003, listed Tokyo, Osaka S/E’s, capital Yen
160,339 million, sales Yen 4,014,639 million, operating profit Yen 37,519
million, recurring profit Yen 45,316 million, net profit Yen 15,981 million,
total assets Yen 2,137,756 million, net worth Yen 341,808 million, employees
16,456, pres Yutaka Kase
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales steel products (--100%):
Exports (28%)
(Handling items by
divisions)
Steel Plate, Tube
& Construction Materials Div: seamless steel pipes, welded steel pipes, large-diameter steel pipes, steel
plates, steel bars, wide flange beams, general steel sections, lightweight
steel sections, steel sheet piles, steel pipe piles, processed ferrous raw
materials;
Steel Sheet
Products, automotive Steel Products Business Div: hot rolled steel
plates & sheets, cold rolled steel
plates & sheets, surface-treated steel plates & sheets, electrical
sheets, tinned steel plates & sheets;
Wire &
Specialty Steel Div: wire rods, secondary & tertiary wire rod
products, structural steel, alloy steel, tool steel, ball-bearing steel, spring
steel, free-cutting steel, heat-resistant steel;
Stainless Steel
Div:
stainless steel plates, sheets & strips, pipes, bar steel, sections &
round bars, wire rods & wire rod products, stainless steel processed
products, Titanium products;
International
Steel Operation Div: export/import and global trading of steel sheets,
plates, structural steel, semi-finished products and steel sheets for cans;
Energy Project International
Business Div: handles complete sets of steel pipes, materials & other equipment
used in natural resource energy projects overseas. In 2003, the Div was awarded order for line
pipes used in Russia’s natural gas development project in Sakhalin II, the
biggest line pipe orders ever placed with a Japanese company.
Operations
(in terms of sales): Domestic (72%), Overseas (14%),
Export (13%), Import (1%)
Clients:
[Mfrs, wholesalers] Mitsubishi Heavy Ind, Mitsubishi Motors, Mitsubishi
Electric, Suzuki Motors, Nissan Motors, other.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Nippon Steel, JFE Steel, Kobe Steel, Nisshin Steel, Sumitomo Metal Ind, other
.
Payment
record: Regular
Location: Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References:
· MUFG (H/O)
· Mizuho Corporate Bank (H/O)
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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2,523,462 |
2,109,045 |
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Cost of Sales |
2,407,398 |
2,011,269 |
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GROSS PROFIT |
116,064 |
97,776 |
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Selling & Adm Costs |
87,254 |
83,380 |
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OPERATING PROFIT |
28,810 |
14,396 |
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Non-Operating P/L |
2,915 |
-506 |
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RECURRING PROFIT |
31,725 |
13,890 |
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NET PROFIT |
18,780 |
10,473 |
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BALANCE SHEET |
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Cash |
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33,402 |
43,078 |
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Receivables |
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571,878 |
537,434 |
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Inventory |
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159,773 |
124,819 |
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Securities, Marketable |
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Other Current Assets |
25,370 |
24,153 |
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TOTAL CURRENT ASSETS |
790,423 |
729,484 |
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Property & Equipment |
101,438 |
106,464 |
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Intangibles |
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9,320 |
11,052 |
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Investments, Other Fixed Assets |
144,085 |
148,050 |
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TOTAL ASSETS |
1,045,266 |
995,050 |
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Payables |
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353,073 |
332,810 |
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Short-Term Bank Loans |
239,265 |
215,347 |
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Other Current Liabs |
29,765 |
22,035 |
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TOTAL CURRENT LIABS |
622,103 |
570,192 |
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Debentures |
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Long-Term Bank Loans |
95,970 |
94,648 |
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Reserve for Retirement Allw |
2,485 |
2,550 |
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Other Debts |
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21,412 |
29,636 |
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TOTAL LIABILITIES |
741,970 |
697,026 |
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MINORITY INTERESTS |
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Common
stock |
100,000 |
100,000 |
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Additional
paid-in capital |
50,000 |
50,000 |
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Retained
earnings |
116,893 |
104,024 |
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Evaluation
p/l on investments/securities |
17,279 |
19,501 |
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Others |
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19,124 |
24,499 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
303,296 |
298,024 |
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TOTAL EQUITIES |
1,045,266 |
995,050 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
303,296 |
298,024 |
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Current
Ratio (%) |
127.06 |
127.94 |
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Net
Worth Ratio (%) |
29.02 |
29.95 |
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Recurring
Profit Ratio (%) |
1.26 |
0.66 |
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Net Profit
Ratio (%) |
0.74 |
0.50 |
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Return
On Equity (%) |
6.19 |
3.51 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.53.07 |
|
|
1 |
Rs.84.94 |
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Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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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 |
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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.