|
Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KONDOTEC INC |
|
|
|
|
Registered Office : |
2-2-90 Sakaigawa Nishiku Osaka 550-0024 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
January 1953 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures industrial materials (61%), steel structure materials
(22%), electrical equipment mate |
|
|
|
|
No. of Employees |
695 |
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 – 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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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. 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 |
KONDOTEC INC
REGD NAME: Kondotec
KK
MAIN OFFICE: 2-2-90
Sakaigawa Nishiku Osaka 550-0024 JAPAN
Tel: 06-6582-8441 Fax: 06-6582-8410 -
URL: http://www.kondotec.co.jp
E-Mail
address: (thru the URL)
Mfg of
construction-related hardware
Tokyo,
Osaka, Sendai, Sapporo, Fukuoka, other (Tot 49)
China,
other
Shiga,
Fukuoka, Ibaraki, Hokkaido
KATSUHIKO
KONDO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 41,153 M
PAYMENTS No Complaints CAPITAL Yen 2,666 M
TREND UP WORTH Yen 16,990 M
STARTED 1953 EMPLOYES 695
MFR OF CONSTRUCTION-RELATED HARDWARE
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
35,548 |
1,376 |
834 |
(%) |
14,381 |
|
(Consolidated) |
31/03/2012 |
38,745 |
2,019 |
1,046 |
8.99 |
15,097 |
|
|
31/03/2013 |
41,153 |
2,754 |
1,605 |
6.21 |
16,990 |
|
|
31/03/2014 |
46,588 |
3,207 |
1,994 |
13.21 |
|
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This
is the leading mfr and wholesaler of construction-related hardware. Boasts high shares in turnbuckles and chains for
scaffolding and crane shackles.
Purchased products and in-house products account for 80% and 20% of
entire sales, respectively. The company will build three bases at the Kanto
Plant Ibaraki to increase production capacity of seismic retrofitting materials. The head office in Tokyo plans to increase
new graduate hiring to strengthen sales activities.
The sales
volume for Mar/2013 fiscal term amounted to Yen 41,153 million, a 6.2% up from Yen
38,745 million in the previous term.
The recurring profit was posted at Yen 2,754 million and the net profit
at Yen 1,605 million, respectively, compared with Yen 2,019 million recurring
profit and Yen 1,046 million net profit, respectively, a year ago.
(Apr/Dec/2013
results): Sales Yen 34,947 million (up 14.0%), operating profit Yen 2,453
million (up 22.7%), recurring profit Yen 2,520 million (up 22.4%), net profit
Yen 1,494 million (up 23.0%). (%
compared with the corresponding period a year ago).
For the
term that ended Mar 2014 the recurring profit was projected at Yen 3,207
million and the net profit at Yen 1,994 million, on a 13.2% rise in turnover,
to Yen 46,588 million. Final results are
yet to be released.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Jan 1953
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 60 million shares
Issued:
28,757,000 shares
Sum: Yen 2,666
million
Major shareholders (%): Toa Kosan Corp (10.4), Japan
Trustee Services T (6.6), BBH Fidelity LPSF (5.6), Employees S/Holding Assn
(5.2), OSK Sm. & Med. Bus Inv & Cons (4.3), Company’s Treasury Stock
(3.9), F Planning (3.1), Junmi Kondo (2.7), MUFG (2.6), Katsuhiko Kondo (2.6);
foreign owners (9.1)
No. of shareholders: 2,776
Listed on the S/Exchange (s) of:
Tokyo
Managements: Akira Sugawara, ch; Katsuhiko Kondo,
pres; Tomoya Ando, s/mgn dir; Shigeru Hirata, mgn dir; Kanji Takimizu, mgn dir
Kiyoshi Yamada, dir; Haruo Miya, dir; Msahiko Yano, dir; Masaru Tokuda, dir
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures industrial materials
(61%), steel structure materials (22%), electrical equipment materials (17%)
(Mfg products): wire ropes, fiber ropes, rope
fittings, lifting equipment, shackles, turn buckles, chains, scaffolding
materials, nets & sheets, stainless steel products, other
Clients: [Mfrs, wholesalers] Yamamoto Shokai
Corp, Sumikin System Building Corp,
Komatsu House, Hikari Kogyo Co,
other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Marubeni Itochu Techno Steel, Marubeni Itochu Steel, other
Payment record: No
Complaints
Location: Business
area in Osaka. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Taishobashi)
Resona
Bank (Taisho)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
41,153 |
38,745 |
|
|
Cost of Sales |
31,890 |
30,412 |
|
|
|
GROSS PROFIT |
9,262 |
8,333 |
|
|
|
Selling & Adm Costs |
6,597 |
6,406 |
|
|
|
OPERATING PROFIT |
2,664 |
1,926 |
|
|
|
Non-Operating P/L |
90 |
93 |
|
|
|
RECURRING PROFIT |
2,754 |
2,019 |
|
|
|
NET PROFIT |
1,605 |
1,046 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
4,798 |
2,790 |
|
|
Receivables |
|
11,841 |
11,214 |
|
|
Inventory |
|
2,746 |
2,670 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
1,925 |
1,854 |
|
|
|
TOTAL CURRENT ASSETS |
21,310 |
18,528 |
|
|
|
Property & Equipment |
8,636 |
8,425 |
|
|
|
Intangibles |
|
264 |
378 |
|
|
Investments, Other Fixed Assets |
982 |
1,072 |
|
|
|
TOTAL ASSETS |
31,192 |
28,403 |
|
|
|
Payables |
|
5,361 |
5,098 |
|
|
Short-Term Bank Loans |
800 |
700 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
6,301 |
5,753 |
|
|
|
TOTAL CURRENT LIABS |
12,462 |
11,551 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
207 |
207 |
|
|
|
Reserve for Retirement Allw |
1,177 |
1,197 |
|
|
|
Other Debts |
|
355 |
350 |
|
|
TOTAL LIABILITIES |
14,201 |
13,305 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
2,666 |
2,328 |
|
|
|
Additional
paid-in capital |
2,434 |
2,096 |
|
|
|
Retained
earnings |
13,593 |
12,326 |
|
|
|
Evaluation
p/l on investments/securities |
317 |
377 |
|
|
|
Others |
|
(1,522) |
(1,532) |
|
|
Treasury
stock, at cost |
(498) |
(498) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
16,990 |
15,097 |
|
|
|
TOTAL EQUITIES |
31,492 |
28,403 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash
Flows from Operating Activities |
|
2,077 |
1,454 |
|
|
Cash
Flows from Investment Activities |
-494 |
-1,511 |
|
|
|
Cash
Flows from Financing Activities |
426 |
-550 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
4,798 |
2,790 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
16,990 |
15,097 |
|
|
|
Current
Ratio (%) |
171.00 |
160.40 |
|
|
|
Net Worth
Ratio (%) |
53.95 |
53.15 |
|
|
|
Recurring
Profit Ratio (%) |
6.69 |
5.21 |
|
|
|
Net
Profit Ratio (%) |
3.90 |
2.70 |
|
|
|
Return
On Equity (%) |
9.45 |
6.93 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.99 |
|
|
1 |
Rs.101.75 |
|
Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.