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Report Date : |
05.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
JFE SHOJI TRADE CORPORTION |
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Registered Office : |
1-9-5 Ohtemachi Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
August 2004 |
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Com. Reg. No.: |
(Osaka-Kitaku) 062403 |
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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 : |
933 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
JFE SHOJI TRADE CORPORTION
REGD NAME: JFE
Shoji KK
MAIN OFFICE: 1-9-5
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)
Import, export,
wholesale of steel, iron ore, chemicals, machinery, other
(Domestic) 21
locations
Korea (2), China (3), Taiwan (2), Vietnam (2), India (4), Australia (2), USA (3), India, other. (Total 32 in 17 countries)
TSUTOMU YAJIMA,
PRES Kohei Yoshioka, s/mgn dir
Katsuyoshi Takaya,
s/mgn dir Hidehiko Ogawa, s/mgn dir
Masaru Saruwatari,
s/mgn dir Takeshi Fujiwara, mgn dir
Yen Amount: In million
Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,743,900 M
PAYMENTS REGULAR CAPITAL Yen 14,539 M
TREND SLOW WORTH Yen
134,600 M
STARTED 1948 EMPLOYES 933
TRADING HOUSE OWNED BY JFE SHOJI HOLDINGS INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
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 became a wholly-owned subsidiary of
JFE Holdings in Oct 2012 through a stock swap, and the company was delisted on
September 26, 2012.
The sales volume for
Mar/2013 fiscal term amounted to Yen 1,743,900 million, a 16% down from
2,086,595 million in the previous term.
Sales declined due mainly to decline prices of steel products and raw
materials for producing steel. The
recurring profit was posted at Yen 15,000 million and the net profit at Yen
7,100 million, respectively, compared with Yen 17,283 million recurring profit
and Yen 12,108 million net profit, respectively, a year ago.
For the current term
ending Mar 2014 the recurring profit is projected at Yen 17,000 million and the
net profit at Yen 10,000 million, respectively, on a 5% rise in turnover, to
Yen 1,830,000 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Aug 2004
Regd No.:
(Osaka-Kitaku) 062403
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 115 million shares
Issued: 29 million shares
Sum: Yen 14,539 million
Major
shareholders: JFE Holdings Inc* (100)
*.. Holding company formed thru business
combination between Kawasaki Steel and NKK, Tokyo, founded 2002, listed Tokyo,
Osaka, Nagoya S/E’s, capital Yen 147,143 million, sales Yen 3,189,198 million, operating
profit Yen 39,873 million, recurring profit Yen 52,214 million, net profit Yen
39,599 million, total assets Yen 4,107,519 million, net worth Yen 1,598,797
million, employees 54,341, pres Hajime Bada
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales steel, steel
products (60%), materials, chemicals, oil & fuels (20%), machinery &
equipment, others (10%)
Clients: [Mfrs,
wholesalers] JFE Steel (50%), Nissan Motor, Mitsubishi Motors, Samsung Japan,
other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] JFE Steel, JFE Chemical, JFE Steel Plate, BM Alliance, BHP
Billiton, Wesfarmers, Vale, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Osaka)
MUFG (H/O)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
1,830,000 |
1,743,900 |
2,086,595 |
2,011,526 |
|
Recur.
Profit |
|
17,000 |
15,000 |
17,283 |
23,783 |
|
Net
Profit |
|
10,000 |
7,100 |
12,108 |
13,645 |
|
Total
Assets |
|
|
523,000 |
576,493 |
571,364 |
|
Current
Assets |
|
|
|
470,077 |
462,737 |
|
Current
Liabs |
|
|
|
433,593 |
429,676 |
|
Net
Worth |
|
|
134,600 |
123,692 |
117,426 |
|
Capital,
Paid-Up |
|
|
14,539 |
14,539 |
14,539 |
|
Div.Ttl
Million (¥) |
|
|
707 |
2,400 |
2,400 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.94 |
-16.42 |
3.73 |
0.08 |
|
|
Current Ratio |
|
.. |
.. |
108.41 |
107.69 |
|
N.Worth Ratio |
.. |
25.74 |
21.46 |
20.55 |
|
|
R.Profit/Sales |
|
0.93 |
0.86 |
0.83 |
1.18 |
|
N.Profit/Sales |
0.55 |
0.41 |
0.58 |
0.68 |
|
|
Return On Equity |
.. |
5.27 |
9.79 |
11.62 |
|
Notes: Financials are
disclosed in rounded-off numbers for the 31/03/2013 fiscal term.
Forecast (or
estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.64 |
|
|
1 |
Rs.86.68 |
|
Euro |
1 |
Rs.73.97 |
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 |
|
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.