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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
JTC CORPORATION |
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Registered Office : |
Nakanoshima Daibiru 805, 3-3-23 Nakanoshima Kitaku Osaka 530-0005 |
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Country : |
Japan |
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Financials (as on) : |
30.04.2012 |
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Date of Incorporation : |
November 1946 |
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Com. Reg. No.: |
1200-01-064845 (Osaka-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Export (as agent) of automotive tires, rubber materials, rubber products |
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No. of Employees : |
9 |
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
JTC CORPORATION
REGD NAME: JTC
KK
MAIN OFFICE: Nakanoshima
Daibiru 805, 3-3-23 Nakanoshima Kitaku Osaka 530-0005 JAPAN
Tel:
06-4803-8200 Fax: 06-4803-8850
URL: http://www.jtcnet.co.jp
E-Mail address: since1935@jtcnet.co.jp
Export (as agent)
of automotive tires, rubber materials, rubber products
Nil
Mumbai, Teheran,
New Delhi (--affiliates) (See REGISTRATION)
ICHIRO FUJIMURA,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,663 M
PAYMENTSSLOW BUT
CORRECT CAPITAL Yen 30 M
TREND UP WORTH Yen 217 M
STARTED 1946 EMPLOYES 9
COMMISSION MERCHANT FOR EXPORTING AUTOMOTIVE TIRES, OTHER RUBBER
PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established originally in 1935 by Kazunori
Fujimura in Shanghai (China) as a trading firm, on his account. Incorporated in 1946 as Jinsing Trading KK in
Osaka. Ichiro is the fourth generation
master, who took the pres office in Jun 2007.
In 1998, renamed as
captioned. This is a family-based trading firm, owned
and managed by the Fujimura family, for exporting automotive tires, packing,
valves, gaskets, other, including rubber raw materials and chemicals. Major clients are in India and Iran, where
the firm operates three JV’s: two in India and one in Iran (See REGISTRATION).
The commission
revenues for Apr/2012 fiscal term amounted to Yen 3,663 million, a 14% up from
Yen 3,224 million in the previous term.
Demand revived. Exports to India
were robust, but rather sluggish into Iran.
The recurring profit was posted at Yen 25 million and the net profit at
yen 18 million, respectively, compared with Yen 13 million recurring profit and
Yen 14 million net profit, respectively, a year ago.
For the current
term ending Apr 2013 the recurring profit is projected at Yen 30 million and
the net profit at Yen 20 million, respectively, on a 4% rise in turnover, to
Yen 3,800 million. Exports to India are
steadily rising, the firm says.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements.
Date Registered:
Nov 1946
Regd No.:
1200-01-064845
(Osaka-Kitaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.4
million shares
Issued:
600,000 shares
Sum: Yen
30 million
Major shareholders (%): Tatsuo
Fujimura (80), Masako Fujimura (10)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Bombay Chemical
& Rubber Products (Mumbai);
JMF Synthetics
Private Ltd (New Delhi), JV with Mitsufuku Ind (special compound mfr,
Tochigi-Pref), JTC
Corp and Bombay Chemical Rubber Products;
Baspar Taban Co
(Mashad, Iran), automotive rubber parts mfr, in which JTC has 15% share;
GBL General
Trading LLC (Dubai).
Activities: Exports as commission agent automotive
tires, gaskets, valves, EDPM, rubber raw materials,
rubber mfg machinery, other industrial chemicals (--100%).
Clients: [Mfrs, wholesalers] Exports to India, Iran,
Indonesia, Thailand, Taiwan, Hong Kong, Malaysia,
Pakistan, Vietnam, Korea, China, UAE, Kuwait, Tunisia, Germany, USA,
other.
No. of accounts:
Unavailable
Domestic areas of
activities: Centered in greater-Osaka
Suppliers: [Mfrs, wholesalers] JSR Corp (40%), Nippon
Electric Glass, Pacific Industrial Corp,
Kobe Steel,
Bridgestone Cycle, Tosoh Corp, Hitachi Ltd, Seiko Chemical, Sanshin Chemical Ind, Mitsui
Chemicals Ind, Nippon Roll Mfg, Kuraray Co, Arakawa Chemical Ind, Takehara Kagaku Kogyo,
Bridgestone Cycle, other.
Payment record: Slow But Correct
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Osaka-Chuo)
SMBC (Tenmabashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
30/04/2013 |
30/04/2012 |
30/04/2011 |
30/04/2010 |
|
|
Annual
Sales |
|
3,800 |
3,663 |
3,224 |
4,191 |
|
Recur.
Profit |
|
30 |
25 |
13 |
84 |
|
Net
Profit |
|
20 |
18 |
14 |
70 |
|
Total
Assets |
|
|
1,220 |
1,110 |
1,160 |
|
Current
Assets |
|
|
1,123 |
1,038 |
1,098 |
|
Current
Liabs |
|
|
776 |
784 |
793 |
|
Net
Worth |
|
|
217 |
201 |
190 |
|
Capital,
Paid-Up |
|
|
30 |
30 |
30 |
|
Div.P.Share(¥) |
|
|
0.00 |
55.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.74 |
13.62 |
-23.07 |
96.21 |
|
|
Current Ratio |
|
.. |
144.72 |
132.40 |
138.46 |
|
N.Worth Ratio |
.. |
17.79 |
18.11 |
16.38 |
|
|
R.Profit/Sales |
|
0.79 |
0.68 |
0.40 |
2.00 |
|
N.Profit/Sales |
0.53 |
0.49 |
0.43 |
1.67 |
|
|
Return On Equity |
.. |
8.29 |
6.97 |
36.84 |
|
Notes: Forecast
(or estimated) for the 30/04/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.