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Report Date : |
21.04.2014 |
IDENTIFICATION DETAILS
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Name : |
METAL ONE CORPORATION |
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Registered Office : |
Celestine Shiba
Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
January 2003 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 049321 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is a specialized trading house for import, export and
wholesale of steel products, stainless steel products, and other metal
products. |
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No. of Employees : |
10,000 |
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 : |
Satisfactory |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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
METAL ONE CORPORATION
KK Metal One
Celestine Shiba Mitsui Bldg, 3-23-1 Shiba
Minatoku Tokyo 105-0014 JAPAN
Tel:
03-6400-2000 Fax: 03-6400-2939
E-Mail address: info@mtlo.co.jp
Specialized
trading house for steel products
Domestic: Osaka, Nagoya, Hiroshima, Fukuoka, other (Tot 14) Affiliated firms: 6 subsidiaries, named as Metal One plus area, such as Metal One Kyushu, etc)
Overseas: Americas (24), Europe (14 including Russia), Asia/Oceania (39,
Including 9 in China), MidEast/Africa (16)
NAOTO
MATSUOKA, PRES Ryoji Shinohe, v pres
Hideto
Nakahara, dir Jun
Kinukawa, dir
Masahiro
Komiyama, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,305,696 M
PAYMENTSSlow but Correct CAPITAL Yen 100,000 M
TREND SLOW WORTH Yen 329,956 M
STARTED 2003 EMPLOYES 10,000
TRADING HOUSE SPECIALIZING IN STEEL PRODUCTS, JOINTLY OWNED BY
MITSUBISHI CORP AND SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established jointly on the basis of steel
products divisions separated from each Mitsubishi Corp and the then Nissho Iwai
Corporation (now Sojitz Corporation) in order to integrate steel business
operations. This is a specialized
trading house for import, export and wholesale of steel products, stainless
steel products, and other metal products.
The operations are composed of five core business divisions: Steel
Plate, Tube & Construction Materials Div; Steel Sheet Products, Automotive
Steel Products Business Div; Wire & Specialty Steel, Stainless Steel Div;
International Steel Operation Div; and Energy Project International Business
Div. For operation details see OPERATION. Has taken equity position of 20% in Usiminas
SA (South America), and will proceed to expand operations in Brazil. Metal One Corporation India Pvt. Ltd: founded
in Jun/2008, headquartered in New Delhi, has branches in Mumbai, Chennai and
Kolkata. The firm is actively expanding
operations in India, China and other emerging nations. It is planning to increase capital share in
JV in Brazil. The firm established a JV
company in Mexico, jointly with Nippon Steel Corp, Sumitomo Corp & Sumitomo
Pipe & Tube Co Ltd, to build a mfg & sales base for automotive steel
pipes/tubes, with a view to ensuring a response to the demand for such products
in the Mexican market, which is expected to grow significantly in the
future. The JV company is scheduled to
begin production in June 2013 and will supply products to Japanese, North
Americana and European automakers and auto parts mfrs in Mexico.
The sales volume for Mar/2013 fiscal term amounted to Yen 2,305,696 million,
a 7% down from Yen 2,473,001 million in the previous term. Demand in shipbuilding and machinery was
down, while that of automakers was up, but still not sufficient to cover the
decrease. The recurring profit was
posted at Yen 28,057 million and the net profit at Yen 21,858 million,
respectively, compared with Yen 25,243 million recurring profit and Yen 14,423
million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 30,000 million and the net profit at Yen 22,000 million, respectively,
on a 6% rise in turnover, to Yen 2,450,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jan 2003
Regd No.: (Tokyo-Minatoku) 049321
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued:
2,000 shares
Sum: Yen 100,000 million
Major shareholders
(%): Mitsubishi Corp*(60), Sojitz Corp** (40)
No. of shareholders: 2
*.. Mitsubishi Corporation,
largest general trading house, Tokyo, founded 1950, listed Tokyo S/E, capital
Yen 204,447 million, turnover Yen 20,207,183 million, operating profit Yen
133,875 million, recurring profit Yen 337,206 million, net profit Yen 360,028
million, total assets Yen 14,410,665 million, net worth Yen 4,179,698 million,
employees 65,975, pres Ken Kobayashi
**.. Sojitz Corporation,
holding firm formed jointly by Nichimen Corp & Nissho Iwai Corp (both
former names), Tokyo, founded 2003, listed Tokyo S/E, capital Yen 160,339
million, sales Yen 3,955,907 million, operating profit Yen 33,305 million,
recurring profit Yen 34,478 million, net profit Yen 14,263 million, total
assets Yen 2,086,410 million, net worth Yen 353,536 million, employees 15,963, pres
Yoji Sato
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports
and wholesales steel products (--100%):
Exports (28%)
(Handling items by
Divisions)
Business Division
A: heavy
& medium plates, structural pipes, piping materials, steel bars, wide
flange beams, general steel shapes, lightweight steel shapes, steel sheet
piles, steel pipe piles, other structural steel, processed ferrous raw
materials;
Business Division
B:
hot rolled plates & sheets, cold rolled steel plates & sheets,
surface-treated steel plates & sheets, electrical sheets, tinned steel
plates & sheets;
Business Division
C:
line pipes, oil country tubular goods (OCTGs), steel pipe piles, steel sheets,
steel plates, steel shapes, round bars, semi-finished products;
Wire, Specialty
Steel & Stainless Steel Division: (Wire
rod sector): wire rods & secondary & tertiary wire rod products,
specialty steel sector, structural steel, alloy steel, spring steel, ball-bearing
steel, specialty steel sheets, free-cutting steel, heat-resistant steel, tool
steel; (Stainless steel sector):
stainless steel plates, sheets, strips, pipes, bar steel, shapes, round bars,
stainless steel processed products, stainless steel scrap, titanium products,
other
Operations (in
terms of sales): Domestic (72%), Overseas (14%), Export (13%), Import (1%)
Clients: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Mitsubishi Motors, Mitsubishi Electric,
Suzuki Motors, Nissan Motors, other.
No. of accounts: 2,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Steel & Sumitomo Metal Corp, JFE Steel, Kobe
Steel, Nisshin Steel, other
.
Payment record: Slow but
Correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
2,450,000 |
2,305,696 |
2,473,001 |
2,523,462 |
|
Recur.
Profit |
|
30,000 |
28,057 |
25,243 |
31,725 |
|
Net
Profit |
|
22,000 |
21,858 |
14,423 |
18,780 |
|
Total
Assets |
|
|
1,085,179 |
1,109,056 |
1,045,266 |
|
Current
Assets |
|
|
831,141 |
872,399 |
790,423 |
|
Current
Liabs |
|
|
648,240 |
708,025 |
622,103 |
|
Net
Worth |
|
|
329,956 |
299,820 |
303,296 |
|
Capital,
Paid-Up |
|
|
100,000 |
100,000 |
100,000 |
|
Div.P.Share(¥) |
|
|
|
3,600.00 |
4,700.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
6.26 |
-6.77 |
-2.00 |
19.65 |
|
|
Current Ratio |
.. |
128.22 |
123.22 |
127.06 |
|
|
N.Worth Ratio |
.. |
30.41 |
27.03 |
29.02 |
|
|
R.Profit/Sales |
1.22 |
1.22 |
1.02 |
1.26 |
|
|
N.Profit/Sales |
0.90 |
0.95 |
0.58 |
0.74 |
|
|
Return On Equity |
.. |
6.62 |
4.81 |
6.19 |
|
Forecast (or
estimated) figures for the 31/03/2014 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.