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Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KANEMATSU TRADING CORPORATION |
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Registered Office : |
Akebono Nihombashi Bldg 5F, 19-5 Nihombashi-Koamicho Chuoku Tokyo 103-0016 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December, 1970 |
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Com. Reg. No.: |
0100-01-013863 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of steel products, steel raw materials, stainless steel products, steel structures |
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No. of Employees : |
80 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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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.
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Source : CIA |
KANEMATSU TRADING CORPORATION
Kanematsu Trading
KK
Akebono Nihombashi
Bldg 5F, 19-5 Nihombashi-Koamicho Chuoku Tokyo
103-0016 JAPAN
Tel:
03-5860-2200 Fax: 03-5808-2321
URL: http://www.nik.e-kgt.com
E-Mail address: sumiko_tomari@kgt-kanematsu.co.jp
Import, export,
wholesale of steel products, steel raw materials, stainless steel products,
steel structures
Osaka, Sapporo
TOMOFUSA EMI, PRES Hiroyuki Harita, mgn dir
Shigeru Takeda,
dir Kunio Mori, dir
Michio Nakano, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 40,814 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
260 M
TREND UP WORTH Yen 926 M
STARTED 1970 EMPLOYES 80
TRADING HOUSE FOR IMPORT, EXPORT AND WHOLESALE OF STEEL & STAINLESS STEEL PRODUCTS, WHOLLY OWNED BY KANEMATSU
CORPORATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDIANRY BUSINESS
ENGAGEMENTS.
The subject company was established by Shingo Mochizuki as Nikko Boeki
KK for exporting specialty steel products.
In 1995, Kanematsu Corp (See REGISTRATION)
acquired 100% of the share and made it a wholly owned subsidiary. In Oct 2006 merged into Kanematsu Trading
Corporation. This is a trading firm
specializing in import, export and wholesale of specialty steel products,
stainless steel products, steel raw materials, construction materials,
others. Offers construction works,
too.
The sales volume
for Mar/2012 fiscal term amounted to Yen 40,814 million, a 2% up from Yen
40,069 in the previous term. Price hikes
of steel products contributed. Exports
continued rising. The recurring profit
was posted at Yen 180 million and the net profit at Yen 107 million,
respectively, compared with Yen 155 million recurring profit and Yen 75 million
net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 200 million and the net profit at Yen 120 million, respectively, on a 3%
rise in turnover, to Yen 42,000 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered:
Dec 1970
Regd No.:
0100-01-013863
(Tokyo-Chuoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.6
million shares
Issued:
520,000 shares
Sum: Yen
260 million
Major
shareholders (%): Kanematsu Corporation*(100)
*..Specialized trading house of foods &
IT-related business, Tokyo, founded 1918 (originally as textile merchant in Osaka),
listed Tokyo S/E, capital Yen 27,781 million,
turnover Yen 1,006,365 million, operating profit Yen 21,426 million, recurring
profit Yen 17,752 million, net profit Yen 6,510 million, total assets Yen
399,753 million, net worth Yen 56,392 million, employees 4,770, pres Masayuki
Shimojima
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Imports, exports and wholesales special steel
products (100%):
(Handling Items):
Flat
Products: stainless steel coils/sheets & plates, all flat rolled products for
various use, high nickel & titanium products, clad plates;
Rolls
& Components: various kinds of mill rolls, machine & parts for steel mills,
components for cars, agricultural & various machinery, cast & forged
products;
Tubular
& Long Products: specialty steel seamless and welded pipers &
tubes, non-ferrous copper alloy tubes, stainless steel bars in various shapes,
wire rods & wires, high alloy items including pipes, tubes & bars;
Specialty
Steel: alloy steel, tool steel, bearing steel, high speed steel items, welding
consumables in all grades.
Clients: [Mfrs,
wholesalers] Kyowa Steel, Mukoyama Steel, Itoi Shoji, Taiyo Bussan
Kaisha, Kyoei
Steel, Nitoh Rail Co, Nodaki KK, Tanaka Tekko Hambai, Nakayama Steel
Works, H&CS
Holdings Pte Ltd, Daiwa Steel, Kanematsu Corp, other.
Exports to India, USA, Australia, Peru, Pakistan,
Thailand, Taiwan, Indonesia, Egypt, Russia as main arkets, including other
worldwide destinations in over 27
countries.
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Steel & Sumitomo Metal Corp, Kanematsu Corp, Nisshin
Steel, Sangyo Metal Ind, Aichi Steel,
Kobe Steel, Nippon Metal Ind, Nakayama Steel Works, Daiwa Steel, Nabesho Co,
Azuma Metal Co, Maruichi Steel Tube Ltd, etc
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Nihombashi)
MUFG (H/O)
Relations:
Satisfactory
(In Million
Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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42,000 |
40,814 |
40,069 |
37,666 |
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Recur.
Profit |
|
200 |
180 |
155 |
252 |
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Net
Profit |
|
120 |
107 |
75 |
239 |
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Total
Assets |
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12,615 |
11,641 |
11,224 |
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Current
Assets |
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11,275 |
10,224 |
9,566 |
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Current
Liabs |
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11,247 |
9,095 |
8,618 |
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Net
Worth |
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|
926 |
896 |
833 |
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Capital,
Paid-Up |
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|
260 |
260 |
260 |
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Div.P.Share(¥) |
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|
557.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.91 |
1.86 |
6.38 |
-48.86 |
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Current Ratio |
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.. |
100.25 |
112.41 |
111.00 |
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N.Worth Ratio |
.. |
7.34 |
7.70 |
7.42 |
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R.Profit/Sales |
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0.48 |
0.44 |
0.39 |
0.67 |
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N.Profit/Sales |
0.29 |
0.26 |
0.19 |
0.63 |
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Return On Equity |
.. |
11.56 |
8.37 |
28.69 |
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Notes: Forecast
(or estimated) for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS
OF THE PARENT, KANEMATSU CORPORATION
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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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1,006,365 |
936,891 |
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Cost of Sales |
925,464 |
859,986 |
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GROSS PROFIT |
80,900 |
76,905 |
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Selling & Adm Costs |
59,473 |
58,875 |
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OPERATING PROFIT |
21,426 |
18,029 |
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Non-Operating P/L |
-3,674 |
-3,772 |
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RECURRING PROFIT |
17,752 |
14,257 |
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NET PROFIT |
6,510 |
9,175 |
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BALANCE SHEET |
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Cash |
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70,835 |
69,014 |
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Receivables |
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163,782 |
146,546 |
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Inventory |
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57,113 |
57,089 |
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Securities, Marketable |
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Other Current Assets |
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TOTAL CURRENT ASSETS |
318,581 |
299,283 |
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Property & Equipment |
27,028 |
27,884 |
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Intangibles |
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1,905 |
1,859 |
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Investments, Other Fixed Assets |
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TOTAL ASSETS |
399,753 |
388,676 |
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Payables |
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108,956 |
96,137 |
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Short-Term Bank Loans |
78,444 |
100,488 |
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Other Current Liabs |
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TOTAL CURRENT LIABS |
246,837 |
252,120 |
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Debentures |
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Long-Term Bank Loans |
82,403 |
73,138 |
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Reserve for Retirement Allw |
2,736 |
2,516 |
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Other Debts |
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TOTAL LIABILITIES |
343,360 |
339,099 |
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MINORITY INTERESTS |
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Common
stock |
27,781 |
27,781 |
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Additional
paid-in capital |
27,597 |
27,606 |
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Retained
earnings |
1,540 |
8,914 |
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Evaluation
p/l on investments/securities |
137 |
(166) |
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Others |
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Treasury
stock, at cost |
(550) |
(569) |
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TOTAL S/HOLDERS` EQUITY |
56,392 |
49,576 |
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TOTAL EQUITIES |
399,753 |
388,676 |
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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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15,822 |
7,827 |
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Cash
Flows from Investment Activities |
1,291 |
17,322 |
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Cash
Flows from Financing Activities |
-13,411 |
-20,664 |
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Cash,
Bank Deposits at the Term End |
|
70,594 |
67,426 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
56,392 |
49,576 |
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Current
Ratio (%) |
129.07 |
118.71 |
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Net
Worth Ratio (%) |
14.11 |
12.76 |
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Recurring
Profit Ratio (%) |
1.76 |
1.52 |
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Net
Profit Ratio (%) |
0.65 |
0.98 |
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Return
On Equity (%) |
11.54 |
18.51 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
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UK Pound |
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.