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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIZUSHIMA
FERROALLOY CO LTD |
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Registered Office : |
1-1 Kawasakidori Mizushima Kurashiki City Okayama-Pref 712-8513 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
November 1964 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures manganese ferroalloys, ceramics, other |
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No. of Employees |
179 |
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 : |
Regular |
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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 |
|
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 |
MIZUSHIMA FERROALLOY CO LTD
REGD NAME: Mizushima
Gokintetsu KK
MAIN OFFICE: 1-1
Kawasakidori Mizushima Kurashiki City Okayama-Pref 712-8513 JAPAN
Tel:
086-444-4241 Fax: 086-45-1229
URL: http://www.mizukin.co.jp
E-Mail
address: (thru the URL)
Mfg of
manganese ferroalloys, ceramics other
Okayama
China
(subsidiary maker)
At the
caption address
SHIZUKI
KASAOKA, PRES Tadanobu Masukawa,
dir
Shoji
Takahashi, dir Shoichi
Hiwasa, dir
Yosuke Ueda, dir Iwao Okochi, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 32,963 M
PAYMENTSREGULAR CAPITAL Yen
1,257 M
TREND SLOW WORTH Yen 27,073 M
STARTED 1964 EMPLOYES 179
MFR OF FERROALLOYS, OWNED BY JFE STEEL CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company is JFE Steel Corp owned and specializes
in mfg manganese ferroalloys, ceramics, other.
Operates mfg plant in South Africa.
Clients include steel makers, wholesalers, other, nationwide.
The sales
volume for Mar/2013 fiscal term amounted to Yen 32,963 million, a 6% down from
Yen 34,953 million in the previous term.
The recurring profit was posted at Yen 2,582 million and the net profit
at Yen 1,594 million, respectively, compared with Yen 1,141 million recurring
profit and Yen 683 million net profit, respectively, a year ago.
For the
term that ended Mar 2014 the recurring profit was projected at Yen 2,600
million and the net profit at Yen 1,600 million, respectively, on a 3% rise in
turnover, to Yen 23,950 million. Final
results are yet to be released.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Nov 1964
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
38 million shares
Issued:
9.610,000 shares
Sum: Yen 1,257 million
Major shareholders (%): JFE Steel Corp* (100)
*.. Mfr of steel, Tokyo, founded
1950, capital Yen 239,614 million, sales Yen 2,499,814 million, operating profit
Yen 2,580 million, recurring profit Yen 15,300 million, net loss Yen 27,627
million, total assets Yen 3,523,809 million, net worth Yen 1,170,066 million,
employees 42,519, pres Eiji Hayashida
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures manganese ferroalloys,
ceramics, other (--100%)
Clients: [Mfrs, wholesalers] JFE Steel Corp,
Kobe Steel, Tokyo Steel, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Corp, JFE
Shoji Trade Corp, Chuo Denki Kogyo, other
Payment record: Regular
Location:
Business area in Mizushima, Okayama-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Mizuho
Bank (Mizushima)
Chugoku
Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
33,950 |
32,963 |
34,953 |
39,855 |
|
Recur.
Profit |
|
2,600 |
2,582 |
1,141 |
5,972 |
|
Net
Profit |
|
1,600 |
1,594 |
683 |
3,620 |
|
Total
Assets |
|
|
35,913 |
34,436 |
34,364 |
|
Current
Assets |
|
|
17,464 |
22,517 |
|
|
Current
Liabs |
|
|
8,080 |
7,802 |
|
|
Net
Worth |
|
|
27,073 |
25,501 |
26,680 |
|
Capital,
Paid-Up |
|
|
1,257 |
1,257 |
1,257 |
|
Div.P.Share(¥) |
|
|
74.93 |
0.00 |
194.40 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.99 |
-5.69 |
-12.30 |
21.28 |
|
|
Current Ratio |
|
.. |
216.14 |
288.61 |
.. |
|
N.Worth Ratio |
.. |
75.38 |
74.05 |
77.64 |
|
|
R.Profit/Sales |
|
7.66 |
7.83 |
3.26 |
14.98 |
|
N.Profit/Sales |
4.71 |
4.84 |
1.95 |
9.08 |
|
|
Return On Equity |
.. |
5.89 |
2.68 |
13.57 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
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
: |
DIV |
|
|
|
|
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 |
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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 |
|
|
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.