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Report Date : |
16.02.2013 |
IDENTIFICATION DETAILS
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Name : |
RECYCLE CORPORATION |
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Registered Office : |
1-6-1 Kamakura Katsushikaku Tokyo 125-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
June 1995 |
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Com. Reg. No.: |
0118-01-005265 (Tokyo-Katsushikaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Export of steel/iron/nonferrous metal scraps, building materials |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
RECYCLE CORPORATION
REGD NAME: KK
Recycle Corporation
MAIN OFFICE: 1-6-1
Kamakura Katsushikaku Tokyo 125-0053 JAPAN
Tel:
03-5668-2881 Fax: 03-5668-2880
URL: http//:www.recycle-corp.co.jp
E-mail: info@recycle-corp.co.jp
Export of
steel/iron/nonferrous metal scraps, building materials
Tokyo, Ichihara
(--scrap yards)
AKIRA INAGAKI,
PRES Fumiyo Inagaki, dir
Tatsuya Harada,
dir Naoto Inagaki, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,200 M
PAYMENTS SLOW
CAPITAL Yen 10 M
TREND SLOW WORTH Yen
34 M
STARTED 1995 EMPLOYES 15
EXPORTER
SPECIALIZING IN IRON/STEEL SCRAPS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was
established by Akira Inagaki in order to make most of his experience in the
subject line of business. This is a
trading firm, owned and operated by the Inagaki family, specializing in export
of iron/steel/nonferrous metal scraps, building materials, other. Export destinations are China, Taiwan,
Pakistan, Bangladesh, Vietnam, and other S/E Asian countries.
The sales volume for
May/2012 fiscal term amounted to Yen 1,200 million, a 2% down from Yen 1,219
million in the previous term. High Yen
hurt export revenues and profits in Yen terms.
The recurring loss was posted at Yen 4 million and the net profit at Yen
1 million respectively, compared with Yen 15 million recurring loss and Yen 10
million net losses, respectively, a year ago. .
For the current term
ending May 2013 the recurring profit is projected at Yen 5 million and the net
profit at Yen 5 million, respectively, on a 4% rise in turnover, to Yen 1,250
million. Exports revived into China, and
other S/E Asian countries.
The financial situation
is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jun
1995
Regd No.:
0118-01-005265 (Tokyo-Katsushikaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued:
200 shares
Sum: Yen 10 million
Major
shareholders (%): Akira Inagaki (35), Akira Inagaki (25), Shoichi Inagaki (25),
Company’s Treasury Stock (15)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Exports
iron/steel scraps (20%), nonferrous metal scraps (35%), construction material
scraps, others (--45%).
Exports to China, Taiwan, Hong Kong, Pakistan,
Bangladesh, Vietnam, and other S/E Asian countries
Clients: [Mfrs,
wholesalers] Global Metals, Taizhou Weilong Metals, Mingbo Dongby Material,
Leader Steel, Intra Corp, Steelex Inc, BS Overseas, Y&T International Inc,
Sohmyoung Steel, Rongtai International, Lucky Steel, Four Seas, Dalian Notting
International Economic & Trading Co, Jalalabad Steel Building ltd, Samsung
Corp, Profit Trading, other
No. of accounts:
Unavailable
Domestic areas of
activities: Centered in greater-Tokyo
Suppliers: [Mfrs,
wholesalers] Metal One Steel Service, Toho Sheet Frame, Leader Steel, Nisshin
A&O, Nichiha Corp, Kusano Sangyo, Sangyo Shinko Co, Sakae Kogyo, Nichiha
Matex, Mitsui & Co Steel Ltd, Sougo Kinzoku Co, Toa-Butsuryuu KK, The
Sangyo Shinko, KK, Nakamura Shoten, other.
Payment record: Slow
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Koiwa)
Mizuho Bank
(Katsushika)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual
Sales |
|
1,250 |
1,200 |
1,219 |
1,296 |
|
Recur.
Profit |
|
5 |
-4 |
-15 |
3 |
|
Net
Profit |
|
5 |
1 |
-10 |
8 |
|
Total
Assets |
|
|
256 |
275 |
293 |
|
Current
Assets |
|
|
125 |
141 |
144 |
|
Current
Liabs |
|
|
171 |
195 |
172 |
|
Net
Worth |
|
|
34 |
33 |
44 |
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.17 |
-1.56 |
-5.94 |
-48.10 |
|
|
Current Ratio |
|
.. |
73.10 |
72.31 |
83.72 |
|
N.Worth Ratio |
.. |
13.28 |
12.00 |
15.02 |
|
|
R.Profit/Sales |
|
0.40 |
-0.33 |
-1.23 |
0.23 |
|
N.Profit/Sales |
0.40 |
0.08 |
-0.82 |
0.62 |
|
|
Return On Equity |
.. |
2.94 |
-30.30 |
18.18 |
|
Notes: Forecast
(or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.