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Report Date : |
08.04.2013 |
IDENTIFICATION DETAILS
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Name : |
JFE SHOJI TRADE CORPORTION |
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Registered Office : |
2-7-1 Ohtemachi Chiyodaku Tokyo 100-8070 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
August 2004 |
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Com. Reg. No.: |
1200-01-062403 (Osaka-Kitaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of steel, iron ore, chemicals, machinery, other. |
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No. of Employees : |
6,119 |
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 |
COMPANY NAME AND
ADDRESS
JFE SHOJI TRADE CORPORTION
REGD NAME: JFE
Shoji KK
MAIN OFFICE: 2-7-1
Ohtemachi Chiyodaku Tokyo 100-8070 JAPAN
Tel:
03-5203-5510 Fax: 03-5203-5289
*.. Registered at:
1-6-20 Dojima Kitaku Osaka
.
URL: http://www.jfe-shoji.co.jp/
E-Mail address: (through
the URL)
ACTIVITIES: Import,
export, wholesale of steel, iron ore, chemicals, machinery, other
BRANCHES: (Domestic)
21 locations
OVERSEAS: Korea (2), China (3), Taiwan (2),
Vietnam (2), India (4), Australia (2), USA (3), India, Istanbul, Myanmar,
other. (Total 32in 17 countries)
OFFICERS: TSUTOMU
YAJIMA, PRES Mikio Fukushima, ch
Masaru Saruwatari,
s/mgn dir Kohei Yoshioka, s/mgn dir
Katsuyoshi Takaya, s/mgn
dir Hidehiko Ogawa, s/mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 2,086,595 M
PAYMENTS REGULAR CAPITAL Yen 20,000 M
TREND STEADY WORTH Yen
123,692 M
STARTED 1948 EMPLOYES 6,119
COMMENT: TRADING HOUSE OWNED BY JFE SHOJI HOLDINGS
INC.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 36,122.3
MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS:
This is a trading
company belonging to JFE Shoji Holdings Inc, which was created on 01/Aug/2004
by Kawasho Corp, Kawasaki Steel group trading house. On 01/Oct/2004, Kawasho Corp and NKK Trading
Inc, NKK group trading house, merged when the two parents, Kawasaki Steel and
NKK merged to become JFE Holdings Inc.
At the same time, the group reorganized into four individual companies
under the control of JFE Shoji Holdings Inc: JFE Shoji Trade Corporation (consolidated
steel business), Kawasho Foods Corporation (foods business), Kawasho
Semiconductor Corporation (semiconductor business) and Kawasho Real Estate
Corporation (real estate business). 98%
of sales are generated by the subject firm and this is the core of the group
firms. In Oct 2010 acquired of all
issued shares in Republic Coal Pty Ltd, Australia. In Jun 2010 established JV with Summit Corp
Thailand, as Steel Alliance Service Center Co Ltd, a steel processing center
mainly serving the automobile industry.
The firm was listed on the Tokyo S/E Apr 2012. The firm become a wholly-owned subsidiary of
JFE Holdings in Oct 2012 through a stock swap, and delisted from Tokyo S/E on
Sept 26, 2012.
FINANCIAL
INFORMATION:
The sales volume for
Mar/2012 fiscal term amounted to Yen 2,086,595 million, a 3.7% up from Yen
2,011,526 million in the previous term.
In the steel business, its core business field, Japan’s automobile
industry witnessed a quicker than expected resumption in its supply chain. The recurring profit was posted at Yen 17,283
million and the net profit at Yen 12,108 million, respectively, compared with
Yen 23,783 million recurring profit and Yen 13,645 million net profit,
respectively, a year ago.
(Apr/Sept/2012
results): Sales Yen 958,280 million, operating profit Yen 7,853 million,
recurring profit Yen 7,481 million, net profit Yen 4,179 million.
For the current term
ending Mar 2013 the recurring profit is projected at Yen 8,000 million and the
net profit at Yen 4,500 million, respectively, on Yen 980,000 million sales
turnover.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 36,122.3
million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 2004
Regd No.:
1200-01-062403 (Osaka-Kitaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 320 million shares
Issued: 236,777,704 shares
Sum: Yen 20,000 million
Major
shareholders: JFE Holdings Inc* (100)
*.. Holding company formed thru business
combination between Kawasaki Steel and NKK, Tokyo, founded 2002, listed Tokyo
S/E, capital Yen 147,143 million, sales Yen 3,166,511 million, operating profit
Yen 44,779 million, recurring profit Yen 52,977 million, net losses Yen 36,633
million, total assets Yen 3,811,848 million, net worth Yen 1,392,644 million,
employees 54,341, pres Hajime Bada
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION:
Activities: The subject is a trading house owned by JFE Shoji Holdings
Inc and we here give here breakdown
of operations/sales of the 3 group firms:
JFE
Shoji Trade Corp (98%): steel, coal, iron
ore, chemicals & fuels, steelworks machinery, engineering works:
Kawasho
Foods Corp (1%): foodstuffs;
Kawasho
Semiconductor Corp (1%): semiconductor
equipment & supplies;
(Major Handling Items by JFE Shoji Trade Corp):
Steel
(60%): shipbuilding steel, thick steel plate, processed steel for ships &
bridges, hot-rolled sheet, cold-rolled sheet, electrical steel sheet, coated
steel sheet, steel plate, stainless steel, special steel, galvanized sheet, tin
plate, steel pipes, special steel pipes, treated steel pipes, iron powder, hot
charge, steel piles, wire, H-beam, lightweight shaped steel plate, regular
shaped steel plate, reinforced products, columns, semi-finished steel products
(slabs, etc), civil engineering products, construction materials, housing
materials, other products, civil engineering, construction;
Raw Materials
(10%): iron ore, sintering ore, coal for coke making, dolomite & other
steel making materials, cokes & coal products, nickel, chromium, zinc,
alloy iron, scrap iron & other metal raw materials, aluminum, scrap aluminum,
deoxidized aluminum, aluminum products;
Machinery
(10%): blast furnaces, coke ovens, oxygen facilities, continuous slab casting
machines, hot rolling mills, galvanizing equipment & steel mfg machinery,
roll, lubricating oil, bearing, electric cable & steel mfg materials, metal
processing machinery, boilers, turbines, electrical equipment, amusement part
equipment, hospital facilities, building facilities, factory facilities,
various new ship building, sale & purchase of used ships, scrapping ships,
ship repairs, ship equipment, other products;
Chemicals & Fuels (20%): coal tar, coal tar
pitch, creosote oil & other chemical coal
products, magnesium chloride, nitric acid
& other inorganic chemicals, ferrite core, molding materials, iron oxide,
fertilizers, general use plastic, engineering plastics & other plastic raw
materials & compound products, fine ceramics, ultra-fine nickel powder
& other functional chemical products, industrial gases, crude oil,
gasoline, LPG, lubricating oil & other petroleum products.
Clients: [Mfrs,
wholesalers] JFE Steel (50%), JFE Shoji Osaka, Hanwa Kozai Co, Tosen Ltd,
Yashimanada Inc, Mizushima Steel, Sanei Metal Co, Kowa Kinzoku Corp, Daiei
Kogyo, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] JFE Steel, JFE Chemical, JFE Steel Plate, BM Alliance, BHP
Billiton, Wesfarmers, Vale, Mizushima Steel, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Osaka)
SMBC (Osaka)
Relations:
Satisfactory
FINANCIALS
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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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2,086,595 |
2,011,526 |
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Cost of Sales |
2,020,266 |
1,938,329 |
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GROSS PROFIT |
66,328 |
73,196 |
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Selling & Adm Costs |
49,551 |
49,833 |
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OPERATING PROFIT |
16,777 |
23,363 |
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Non-Operating P/L |
506 |
420 |
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RECURRING PROFIT |
17,283 |
23,783 |
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NET PROFIT |
12,108 |
13,645 |
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BALANCE SHEET |
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Cash |
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27,998 |
31,551 |
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Receivables |
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334,374 |
322,108 |
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Inventory |
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79,585 |
77,502 |
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Securities, Marketable |
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Other Current Assets |
28,120 |
31,576 |
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TOTAL CURRENT ASSETS |
470,077 |
462,737 |
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Property & Equipment |
37,594 |
38,061 |
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Intangibles |
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4,018 |
5,503 |
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Investments, Other Fixed Assets |
64,804 |
65,063 |
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TOTAL ASSETS |
576,493 |
571,364 |
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Payables |
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283,783 |
304,539 |
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Short-Term Bank Loans |
90,717 |
78,105 |
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Other Current Liabs |
59,093 |
47,032 |
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TOTAL CURRENT LIABS |
433,593 |
429,676 |
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Debentures |
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Long-Term Bank Loans |
10,388 |
14,000 |
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Reserve for Retirement Allw |
5,133 |
4,802 |
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Other Debts |
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3,687 |
5,460 |
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TOTAL LIABILITIES |
452,801 |
453,938 |
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MINORITY INTERESTS |
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Common
stock |
20,000 |
20,000 |
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Additional
paid-in capital |
17,428 |
17,428 |
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Retained
earnings |
92,310 |
83,742 |
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Evaluation
p/l on investments/securities |
2,933 |
3,829 |
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Others |
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(8,618) |
(7,217) |
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Treasury
stock, at cost |
(361) |
(356) |
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TOTAL S/HOLDERS` EQUITY |
123,692 |
117,426 |
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TOTAL EQUITIES |
576,493 |
571,364 |
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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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-23,611 |
16,343 |
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Cash Flows
from Investment Activities |
-6,429 |
-7,069 |
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Cash
Flows from Financing Activities |
26,123 |
-850 |
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Cash,
Bank Deposits at the Term End |
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27,953 |
31,501 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
123,692 |
117,426 |
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Current
Ratio (%) |
108.41 |
107.69 |
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Net
Worth Ratio (%) |
21.46 |
20.55 |
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Recurring
Profit Ratio (%) |
0.83 |
1.18 |
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Net Profit
Ratio (%) |
0.58 |
0.68 |
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Return
On Equity (%) |
9.79 |
11.62 |
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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.