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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ISHIHARA STEEL CO LTD |
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Registered Office : |
Shintomi TT Bldg 9F, 1-13-26 Shintomi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
Apr 1978 |
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Com. Reg. No.: |
0400-01-000562 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of
steel & nonferrous steel products |
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No. of Employees : |
9 |
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 |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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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 |
ISHIHARA STEEL CO LTD
REGD NAME: Ishihara
Kogyo KK
MAIN OFFICE: Shintomi
TT Bldg 9F, 1-13-26 Shintomi Chuoku Tokyo 104-0041 JAPAN
Tel: 03-3553-0304
Fax: 03-3553-0400
URL: http://www.ishihara-k-k.co.jp
E-Mail
address: info@ishihara-k-k.co.jp
Import,
export, wholesale of steel & nonferrous steel products
Osaka,
Chiba
HIROHISA
ISHIHARA, PRES
Satatsune
Ishihara, ch
Masahiro
Iida, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES WEAK A/SALES Yen 6,575 M
PAYMENTS Slow
CAPITAL Yen 30 M
TREND SLOW WORTH Yen
(-) 1,129 M
STARTED 1978 EMPLOYES 9
TRADING CO SPECIALIIZING IN STEEL & NONFEROUS STEEL
PRODUCTS.
FINANCIAL SITUATION CONSIDERED
WEAK AND DOUBTFUL FOR CREDIT ENGAGEMENTS: US$1,000,000 / O/A 30 DAYS.
ANY AND ALL CREDITS UNDER STRICT
SECURED TERMS
The subject
company was established by Satatsune Ishihara in order to make most of his
experience in the subject line of business.
Hirohisa is his son, who took the pres office in Jun 2005. This is a trading firm specializing in
import, export and wholesale of steel & nonferrous steel products (See OPERATION). The firm went into financial difficulties in
Feb 2012 and sought for protection from creditors under the Civil
Rehabilitation Law on 16/Feb/2012. On
the same day the Court ordered management procedure and appointed Isao Saiki of
Abe, Ikubo & Katayama Law Office as supervisor. Supervision order started on
23/Feb/2012. The liabilities are
reported at Yen 1,179 million. Business
is carried out under supervision & order of the appointed supervisor, Isao
Saiki. The bankruptcy is said referred
to over-stock & excessive inventory costs to cope with ever increasing
business activities, including import & export businesses. Clients include car makers, home electronics
makers, construction companies, other, nationwide
The sales
volume for Mar/2012 fiscal term amounted to Yen 6,575 million, a 31% up from
Yen 5,021 million in the previous term.
Demand rose steeply. Exports into
China and other S/E Asian countries were robust. The operations plunged into deficit to
register Yen 665 million recurring loss and Yen 1,197 million net losses,
respectively, compared with Yen 14 million recurring profit and Yen 2 million
net profit, respectively, a year ago.
For the
current term ending Mar 2013 the recurring profit is tentatively projected at
Yen 15 million and the net profit at Yen 15 million, respectively, on a 24%
fall in turnover, to Yen 5,000 million.
Business will be substantially curtailed. These are tentative figures and could
change.
The
financial situation is considered WEAK but should be good for MODERATE business
engagements. The proposed amount,
however, is considered TOO HIGH from the recent financial status.
Date Registered: Apr 1978
Regd No.: 0400-01-000562 (Tokyo-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
240,000 shares
Issued:
60,000 shares
Sum: Yen 30 million
Major shareholders (%): Hirohisa Ishihara (82), Satatsune
Ishihara (14), Masahiro Iida (0.3)
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales steel
& nonferrous steel products: hot rolled steel sheets & plates, cold
rolled steel sheets & plates, pickled & oiled steel sheets, surface
treated steel plates, steel bars, stainless steel, aluminum and other
nonferrous steel products, other industrial materials (--100%).
Clients: [Mfrs, wholesalers] Nihon Teppan Co,
Kanox Corp, Topy Ind, Nisshin A&C Co, Tetsusho Kayaba Corp, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kanox Corp,
Nisshin A&C Co, Metal One Steel Service, Onoken Co, NSM Coil Center, JFE Shoji
Coil Center Corp, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Shoko
Chukin Bank (H/O)
Chiba
Bank (Urayasu)
Relations:
Money deposits & transfers only
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
5,000 |
6,575 |
5,021 |
2,079 |
|
Recur.
Profit |
|
15 |
-665 |
14 |
8 |
|
Net Profit |
|
15 |
-1,197 |
2 |
3 |
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Total
Assets |
|
|
564 |
1,586 |
798 |
|
Current
Assets |
|
|
416 |
1,443 |
661 |
|
Current
Liabs |
|
|
1,116 |
1,032 |
388 |
|
Net
Worth |
|
|
-1,129 |
108 |
105 |
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Capital,
Paid-Up |
|
|
30 |
30 |
30 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
-23.95 |
30.95 |
141.51 |
29.21 |
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|
Current Ratio |
|
.. |
37.28 |
139.83 |
170.36 |
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N.Worth Ratio |
.. |
-200.18 |
6.81 |
13.16 |
|
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R.Profit/Sales |
|
0.30 |
-10.11 |
0.28 |
0.38 |
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N.Profit/Sales |
0.30 |
-18.21 |
0.04 |
0.14 |
|
|
Return On Equity |
.. |
.. |
1.85 |
2.86 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.57 |
|
|
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
-- |
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.