|
Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
GECOSS CORPORATION |
|
|
|
|
Registered Office : |
Hamacho Center Bldg. 11F., 2-31-1, Nihonbashi-hamacho, Chuo-ku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
01.08.1946 |
|
|
|
|
Com. Reg. No.: |
0100-01-069981 |
|
|
|
|
Legal Form : |
Listed Company |
|
|
|
|
Line of Business : |
· Subject is engaged in Steel products for construction work · Leasing and rental service of construction machines and facilities · Design and contract work for civil engineering |
|
|
|
|
No. of Employees : |
1,116 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus, monetary easing, and structural
reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact
that would open Japan's economy to increased foreign competition and create new
export opportunities for Japanese businesses. Measured on a purchasing power
parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of
GDP. To help raise government revenue and reduce public debt, Japan decided in
2013 to gradually increase the consumption tax to a total of 10% by the year
2015. Japan is making progress on ending deflation due to a weaker yen and
higher energy costs, but reliance on exports to drive growth and an aging,
shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
GECOSS CORPORATION
Country: Japan
Company name: GECOSS CORPORATION
Name in local language: GECOSS K.K. (ジェコス株式会社)
Office address: Hamacho Center Bldg. 11F., 2-31-1, Nihonbashi-hamacho, Chuo-ku,
Tokyo 103-0007
Office tel: 03-3660-0777
Office fax: 03-3660-0792/0788
Website: www.gecoss.co.jp
Business type: Service
Industry: Facility leasing
Established: August 1, 1946
Capital: Jp. 4,397,500,000 yen
Employees: 1,116
Corporate formation: Listed
Corporation No.: 0100-01-069981 (Tokyo Legal Affairs Bureau)
Paid in capital : Jp. 4,397,500,000 yen
Number of authorized shares : 97,500,000 shares
Shares issued : 36,436,125 shares
Number of shareholder : 11,227
Name of shareholders Number of thousand shares (%)
JFE Steel Corp. 14,298 (39.24)
JFE Trading Corp. 7,195 (19.75)
Japan Trustee Services Bank, Ltd. 1,919 ( 5.27)
Business partners shareholder fund 1,025 ( 2.81)
Employees shareholders fund 560 ( 1.54)
Activity Product/Service Description
-------------------------------------------------------------------------------
Trading Steel products for construction work
Service Leasing and rental service of construction machines and facilities
Service Design and contract work for civil engineering
President Mr. Tsutomu Yuhba (*)
Nationality: Japan
Director Mr. Yasuo Ishibashi (*)
Nationality: Japan
Director Mr. Chikara Yokose
Nationality: Japan
Director Mr. Masuo Tanaka
Nationality: Japan
Director Mr. Tomoaki Abe
Nationality: Japan
Nationality: Japan
Director Mr. Akio Suzuki
Nationality: Japan
Director Mr. Makoto Fujita
Nationality Japan
Auditor Mr. Kazuyuki Suzuki
Nationality: Japan
Auditor Mr. Koji Kawano
Nationality: Japan
Auditor Mr. Motoo Kanoh
Nationality: Japan
Auditor Ms. Yoko Yamaguchi
Nationality: Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
(*): Representative directors
*Key Personnel*
Mr. Tsutomu Yuhba
President and representative director
Born on May 10, 1949
Business career:
Apr. 1974: Employed by Kawasaki Steel, Ltd.
Apr. 2003: General manager, sales of Construction Materials Div. of JFE Steel.
Apr. 2011: Advisor of the subject.
Jun. 2011: Representative director and president of the subject.
Home address: 4-7-1, Hanazono, Hanamigawa-ku, Chiba-shi
Currency: (local currency - Jp. yen)
-------------------------------------------------------------------------------------
Year | Sales | Net Income
-------------------------------------------------------------------------------------
|
2009 |
100,259,000,000 |
324,000,000 |
|
2010 |
81,459,000,000 |
loss 4,380,000,000 |
|
2011 |
78,635,000,000 |
1,092,000,000 |
|
2012 |
79,015,000,000 |
998,000,000 |
|
2013 |
79,787,000,000 |
2,776,000,000 |
|
2014 |
83,379,000,000 |
3,105,000,000 |
*Book Closing*
============
March 31st
*Financials*
==========
|
Consolidated
Balance Sheet |
|
|
|
|
Unit:
millions of JP yen |
|
|
|
|
|
3/31/2012 |
3/31/2013 |
3/31/2014 |
|
Current
assets |
64,957 |
65,939 |
67,304 |
|
Cash & deposits |
3,064 |
3,525 |
4,038 |
|
Account receivables |
30,324 |
31,537 |
33,529 |
|
Inventories |
30,545 |
27,827 |
28,585 |
|
Others |
1,024 |
3,050 |
1,152 |
|
Fixed
assets |
25,909 |
24,219 |
23,837 |
|
Tangible assets |
21,073 |
19,771 |
19,217 |
|
Intangible assets |
571 |
540 |
473 |
|
Investments & others |
4,265 |
3,909 |
4,147 |
|
Total
Assets |
90,867 |
90,159 |
91,142 |
|
|
|
|
|
|
Current
liabilities |
52,378 |
50,304 |
50,684 |
|
Account payables |
29,034 |
25,422 |
28,208 |
|
Short term loans |
18,900 |
20,400 |
17,900 |
|
Outstanding taxes |
328 |
367 |
664 |
|
Others |
4,116 |
4,115 |
3,912 |
|
Fixed
liabilities |
11,510 |
10,339 |
7,404 |
|
Long term loans |
6,350 |
6,350 |
3,850 |
|
Retirement benefits |
370 |
386 |
320 |
|
Others |
4,790 |
3,603 |
3,234 |
|
Shareholders'
equity |
27,919 |
30,249 |
33,064 |
|
Paid up capital |
4,398 |
4,398 |
4,398 |
|
Capital reserves |
4,596 |
4,596 |
4,596 |
|
Retained earnings |
18,941 |
21,271 |
24,087 |
|
Treasury stock |
-15 |
-15 |
-16 |
|
Valuation
& adjustment |
-941 |
-734 |
-10 |
|
Total
Net Assets |
26,978 |
29,516 |
33,054 |
|
Total
Liabilities & Net Assets |
90,867 |
90,159 |
91,142 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Income Statement |
|
|
|
|
Unit :
millions of JP yen |
|
|
|
|
|
3/31/2012 |
3/31/2013 |
3/31/2014 |
|
Sales |
79,015 |
79,787 |
83,379 |
|
Cost of
goods sold |
65,371 |
64,941 |
67,197 |
|
Gross
profit(loss) |
13,644 |
14,846 |
16,182 |
|
Sales/administrative
expenses |
11,900 |
11,210 |
11,304 |
|
Operating
profit(loss) |
1,744 |
3,637 |
4,878 |
|
Non
operating income |
322 |
314 |
267 |
|
Non
operating expenses |
431 |
431 |
270 |
|
Ordinary
profit(loss) |
1,634 |
3,520 |
4,875 |
|
Special
profits |
0 |
51 |
0 |
|
Special
losses |
6 |
660 |
102 |
|
Pretax
profit |
1,628 |
2,910 |
4,773 |
|
Taxes
& adjustment |
630 |
134 |
1,668 |
|
Net
profit |
998 |
2,776 |
3,105 |
*Latest Financials *
================
On October 28, 2014, the subject released the following business results and forecast:
As of September 30, 2014(2Q 2015 term)
Unit: millions of JPY
|
Year term |
Sales |
Operating profit |
Ordinary profit |
Net profit |
|
2Q 2014 |
39,054 |
1,903 |
1,880 |
1,236 |
|
2Q 2015 |
42,009 |
3,245 |
3,323 |
2,604 |
|
FY 2015(F) |
92,000 |
7,000 |
7,000 |
4,900 |
|
Current assets; |
64,047 |
|
Fixed assets; |
25,107 |
|
Total assets; |
89,153 |
|
Current liabilities; |
45,897 |
|
Fixed liabilities; |
7,439 |
|
Shareholders’ equity; |
35,545 |
|
Retained earnings; |
26,570 |
|
Total net assets; |
35,817 |
|
Total liabilities and net assets; |
89,153 |
*Bank Details*
Bank Name : Mizuho Bank, Ltd.
Branch : Head office
Bank Name : Sumitomo Mitsui Banking Corp.
Branch : Head office
Bank Name : Bank of Tokyo-Mitsubishi UFJ, Ltd.
Branch : Head office
The subject is a subsidiary of JFE Trading Corp., specializing in lease and rental business of steel frame and construction machines.
Currently the subject is keeping the top market share in this field.
A rapid growth is expected in recent years as reconstruction and remodeling work is getting busy nationwide.
Sourcing and customers network has been firmly established.
Financial background is stable.
Negative factors are not observed in particular at this moment.
Branch name: Tohoku branch
Branch address: Aoba-ku, Sendai-shi, Miyagi pref.
----------------------------------------------------------------------------------------------------
Branch name: Chiba branch
Branch address: Inage-ku, Chiba-shi, Chiba pref.
----------------------------------------------------------------------------------------------------
Branch name: Kita-Kanto branch
Branch address: Omiya-ku, Saitama-shi, Saitama pref.
----------------------------------------------------------------------------------------------------
Nine other branches are in Yokohama, Niigata, Nagoya, Kanazawa, Osaka, Hiroshima, Kagoshima cities and Kagawa and Fukuoka prefectures.
14 other local sales offices are in Ohfunato, Aomori, Takizawa, Akita, Tendoh, Koriyama, Mito, Iwaki, Chiba, Okayama, Fukuyama, Matsuyama, Kumamoto and Miyazaki cities.
*Main Products & Services*
======================
For Mar. 2014 term:
Leasing and rental service of steel frame for preparatory & scaffolding work(86%)
Leasing and rental service of construction machines(14%)
Sales of some products may be small since it is not specified in the financial report.
Processing and preparation sites:
Sendai site: Kurokawa-gun, Miyagi pref.
Tokyo site: Shirai-shi, Chiba pref.
Naganuma site: Chiba-shi, Chiba pref.
Tomisato machine center: Tomisato-shi, Chiba pref.
Nihonkai site: Niigata-shi, Niigata pref.
Nagoya site: Hand-shi, Aichi pref.
Osaka site: Osaka-shi, Osaka pref.
Chugoku site: Miyoshi-shi, Hiroshima pref.
Shikoku site: Aayauta-gun, Kagawa pref.
Fukuoka site: Kasuya-gun, Fukuoka pref.
Kagoshima site: Kagoshima-shi, Kagoshima pref.
*Address*
=========
Registered address is the same as the operational address.
*Company History*
================
Date Development
-----------------------------------------------------------------------------------------------
August 1, 1946 Incorporated under the name of “Fuji Kogyo K.K.”(had been dormant
until June 1968)
June 20, 1968 Started its business operation with an investment of JPY 100 million.
August 30, 1974 Renamed as “Yamamoto Kenzai Lease Co., Ltd.”
April 1990 Renamed as “Kawasho Lease System Co., Ltd.” after merging
“Kawasho Kenzai Lease Ltd.”
August 1994 Went public on the TSE(#9991).
September 1996 Renamed as “Kawasho Gecoss Co., Ltd.”
June 2000 Relocated the head office to the current address.
July 2004 Took the current company name.
August 2005 ISO9001 certified.
*Suppliers*
==========
JFE Trading Corp.
*Customers*
==========
Shimizu Corp.
Kajima Corp.
Taisei Corp.
Obayashi Corp.
Toda Corp.
Company name: Rental System Tohoku Co., Ltd.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Rental System Fuyo Co., Ltd.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Rental System Nishi-Nippon Co., Ltd.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
|
|
1 |
Rs.97.16 |
|
Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.