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Report Date : |
19.03.2014 |
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Tel. No.: |
81-6-65836156 |
IDENTIFICATION DETAILS
|
Name : |
KYOSEI CORPORATION |
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Registered Office : |
2-3-11 Itachibori Nishiku Osaka |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
January
1949 |
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Com. Reg. No.: |
1200-01-048988 (Osaka-Nishiku) |
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Legal Form : |
Limited
Company |
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Line of Business : |
Manufacturer of Gas Pipes, Valves & Joints Products |
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No. of Employees |
158 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
KYOSEI CORPORATION
KK Kyosei
3-1-3 Chiyozaki
Nishiku Osaka 550-0023 JAPAN
Tel:
06-6583-6100 Fax: 06-6583-6105
*.. Registered at: 2-3-11 Itachibori Nishiku Osaka
URL: http://www.kyosei.com
E-Mail address: (thru the URL)
Manufacturer
of Gas Pipes, Valves & Joints Products
Tokyo,
Osaka, Nagoya, Fukuoka, Sapporo, Sendai, Shizuoka, other (Tot 21)
Narita,
Utsunomiya, Hashimoto, Nagano, Harima
YOSHIMI
HASHIMOTO, PRES Kiyoshi Minagawa, v pres
Toshiyuki
Nakanishi, dir Kiichiro
Sokooshi, dir
Tomohito
Kaneda, dir Hideki
Yamamoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 3,784 M*
PAYMENTS Slow
but Correct CAPITAL Yen 100 M
TREND SLOW WORTH Yen 3,281 M
STARTED 1949 EMPLOYES 158
*..
For three months due to the change in accounting term
MFR OF GAS PIPES, VALVES, JOINTS, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1947 by Shusaku Nishimura, on his account. Incorporated in 1949 the firm has been succeeded by the present executives. This is a specialized mfr of gas pipes, valves & joints products. In 2003, Marubeni Itochu Steel Inc (See REGISTRATION) became its major shareholder, and became its subsidiary. Clients include gas makers, other.
The sales volume for Mar/2013 fiscal term for three months due to the change in accounting term from Jan/Dec amounted to Yen 3,784 million, a 4% down, as adjusted on a 12-month basis, from Yen 15,744 million in the previous term. The recurring profit was posted at Yen 62 million and the net loss at Yen 5 million, respectively, compared with Yen 233 million recurring profit and Yen 46 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected at Yen 250 million and the net profit at Yen 100 million, respectively, on a 5% rise in turnover, to Yen 15,900 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jan 1949
Regd No.: 1200-01-048988 (Osaka-Nishiku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
800,000 shares
Issued:
200,000 shares
Sum: Yen 100 million
Major shareholders (%): Marubeni Itochu Steel Inc*
(78), Employees’ S/Holding Assn (16), others (6)
No. of shareholders: 5
*.. Marubeni Itochu Steel Inc, trading steel products, Tokyo, founded 2001, capital Yen 30,000 million, sales Yen 985,054 million, recurring profit Yen 17,156 million, net profit Yen 13,198 million, total assets Yen 365,212 million, net worth Yen 98,753 million, employees 846, pres Yasuo Matsuura
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures gas pipes, valves, joints, related products (--100%)
Clients: [Mfrs, wholesalers] Osaka Gas, Tokyo Gas, Toho Gas, Seibu Gas, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Marubeni Itochu Steel Inc, Sekisui Chemical Ind, Rinnai Corp, Metal One, LIXIL, Sumitomo Forestry, other
Payment record: Slow but Correct
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Semba)
MUFG (Osaka-Nishi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/12/2012 |
31/12/2011 |
|
|
Annual
Sales |
|
15,900 |
3,784 |
15,744 |
15,871 |
|
Recur.
Profit |
|
250 |
62 |
233 |
|
|
Net
Profit |
|
100 |
-5 |
96 |
20 |
|
Total
Assets |
|
|
11,865 |
12,061 |
12,426 |
|
Current
Assets |
|
|
7,353 |
7,526 |
|
|
Current
Liabs |
|
|
5,845 |
5,900 |
|
|
Net
Worth |
|
|
3,281 |
3,208 |
3,085 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.05 |
-3.86 |
-0.80 |
8.88 |
|
|
Current Ratio |
.. |
125.80 |
127.56 |
.. |
|
|
N.Worth Ratio |
.. |
27.65 |
26.60 |
24.83 |
|
|
R.Profit/Sales |
1.57 |
1.64 |
1.48 |
.. |
|
|
N.Profit/Sales |
0.63 |
-0.13 |
0.61 |
0.13 |
|
|
Return On Equity |
.. |
-0.15 |
2.99 |
0.65 |
|
Notes:
The 31/03/2013 fiscal term is for 3 months due to the change in the accounting
term to Apr/Mar from the previous Jan/Dec.
Growth rates are adjusted on a 12-month basis.
Forecast
(or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
|
UK Pound |
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
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 |
|
|
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.