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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
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Name : |
KISETSU CO LTD |
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Registered Office : |
2-27-21 Minami-Futajima Wakamatsuku
Kitakyushu Fukuoka-Pref 808-0109 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
August 1977 |
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Com. Reg. No.: |
2908-01-012133
(Kitakyushu-Wakamatsuku) |
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Legal Form : |
Limited Company |
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Line of Business : |
importer, exporter and wholesaler of machine
tools, sheet metal machines, structural fabrication machines, injection
molding machines, industrial machines, overhead electric travelling cranes
& hosts. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – 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 |
KISETSU CO LTD
KK Kisetsu
2-27-21
Minami-Futajima Wakamatsuku Kitakyushu Fukuoka-Pref 808-0109 JAPAN
Tel: 093-701-3726 Fax: 093-791-406
E-Mail address: info@kisetsu.jp
Export,
wholesale of machine tools, sheet metal machines
Nil
Shanghai
(China)
At the
caption address, China (repairing9
MASANORI
USAMI, PRES Kyoko Usami, dir
Aya
Usami, dir Norihisa
Usami, dir
Sumiko
Usami, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 843 M
PAYMENTSNo Complaints
CAPITAL Yen 20 M
TREND SLOW WORTH Yen 154 M
STARTED 1977 EMPLOYES 15
TRADING FIRM SPECIALISING IN MACHINE TOOLS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was established by Masanori Usami in order to make most of his experience in the subject line of business. This is a trading firm, wholly owned and operated by the Usami family, for export and wholesale of machine tools, sheet metal machines, other. It also offers reaping of the machines. Has a mfg base in Shanghai. Goods are exported centrally to China, Thailand, Korea, other. Domestic clients inclued major machinery makers.
The sales volume for May/2013 fiscal term amounted to Yen 843 million, a
5% down from Yen 885 million in the previous term. The high Yen hurt export sales, reducing
revenues in Yen terms. The recurring
profit was posted at Yen 42 million and the net profit at Yen 26 million,
respectively, compared with Yen 33 million recurring profit and Yen 17 million
net profit, respectively, a year ago.
For the current term ending May 2014 the recurring profit is projected
at Yen 45 million and the net profit at Yen 30 million, respectively, on a 6%
rise in turnover, to Yen 890 million.
Weaker Yen may push export sales upward in Yen terms.
The financial situation is considered RATHER WEAK but should be good for
MODERATE business engagements.
Date Registered: Aug 1977
Regd No.: 2908-01-012133 (Kitakyushu-Wakamatsuku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1,600 shares
Issued:
400 shares
Sum: Yen 20 million
Major shareholders (%): Masanori Usami (59), Hisako
Usami (10), Kyoko Usami (6), Aya Usami (5)
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Trading firm for
import, export and wholesale of: machine tools, sheet metal machines,
structural fabrication machines, injection molding machines, industrial
machines, overhead electric travelling cranes & hosts, other (new &
old) (--100%).
Clients: [Mfrs, wholesalers]
Amada Co, Amada Lease Co, Hataly Inc, Yokomori Mfg Co, Showa Mfg Co, Heiwa
Giken Co, Iwanaga KK, other
Exports to China, Thailand, Korea, other
No. of accounts: 300
(domestic only)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Amada Co, Amada Reverse Co, Mitsui & Co, NCC Co, Hataly Inc,
Yuasa Trading, other
Payment record: No Complaints
Location: Business area in
Kitakyushu. Office premises at the
caption address are owned and maintained satisfactorily.
Bank
References:
Nishinippon City Bank (Orio)
Fukuoka Bank (Nishima)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2014 |
31/05/2013 |
31/05/2012 |
31/05/2011 |
|
|
Annual
Sales |
|
890 |
843 |
885 |
667 |
|
Recur.
Profit |
|
45 |
42 |
33 |
|
|
Net
Profit |
|
30 |
26 |
19 |
13 |
|
Total
Assets |
|
|
814 |
750 |
763 |
|
Current
Assets |
|
|
571 |
499 |
|
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Current
Liabs |
|
|
286 |
285 |
|
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Net
Worth |
|
|
154 |
133 |
118 |
|
Capital,
Paid-Up |
|
|
20 |
20 |
20 |
|
Div.Ttl
in Million (¥) |
|
|
5 |
3 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.58 |
-4.75 |
32.68 |
-9.86 |
|
|
Current Ratio |
|
.. |
199.65 |
175.09 |
.. |
|
N.Worth Ratio |
.. |
18.92 |
17.73 |
15.47 |
|
|
R.Profit/Sales |
|
5.06 |
4.98 |
3.73 |
.. |
|
N.Profit/Sales |
3.37 |
3.08 |
2.15 |
1.95 |
|
|
Return On Equity |
.. |
16.88 |
14.29 |
11.02 |
|
Notes:
Forecast (or estimated) figures for the 31/05/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
UK Pound |
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<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.