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Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JTC CORPORATION |
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Registered Office : |
Nakanoshima Daibiru 805, 3-3-23 Nakanoshima Kitaku Osaka 530-0005 |
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Country : |
Japan |
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Financials (as on) : |
30.04.2014 (Estimated) |
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Date of Incorporation : |
November 1946 |
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Com. Reg. No.: |
1200-01-064845 (Osaka-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Exports as Commission Agent Automotive Tires, Gaskets, Valves, EDPM,
Rubber Raw Materials, Rubber Manufacturing Machinery & Other Industrial
Chemicals |
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No of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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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 – 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 |
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 |
JTC CORPORATION
REGD NAME: JTC
KK
Nakanoshima Daibiru 805, 3-3-23 Nakanoshima Kitaku
Osaka 530-0005 JAPAN
Tel: 06-4803-8200 Fax: 06-4803-8850
URL: http://www.jtcnet.co.jp
E-Mail address: since1935@jtcnet.co.jp
Exports as Commission Agent Automotive Tires, Gaskets, Valves, EDPM,
Rubber Raw Materials, Rubber Manufacturing Machinery & Other Industrial
Chemicals
Nil
Mumbai, Teheran, New Delhi (--affiliates) (See REGISTRATION)
ICHIRO FUJIMURA, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,957 M
PAYMENTS Slow
But Correct CAPITAL Yen 30 M
TREND SLOW BUT
CORRECT WORTH Yen 227 M
STARTED 1946 EMPLOYES 10
COMMISSION
MERCHANT FOR EXPORTING AUTOMOTIVE TIRES, OTHER RUBBER PRODUCTS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1935 by
Kazunori Fujimura in Shanghai (China) as a trading firm, on his account. Incorporated in 1946 as Jinsing Trading KK in
Osaka. Ichiro is the fourth generation
master, who took the pres office in Jun 2007.
In 1998, renamed as captioned.
This is a family-based trading firm, owned and managed by the Fujimura
family, for exporting automotive tires, packing, valves, gaskets, other,
including rubber raw materials and chemicals.
Major clients are in India and Iran, where the firm operates three JV’s:
two in India and one in Iran (See REGISTRATION).
The commission revenues for Apr/2013 fiscal term amounted to
Yen 2,957 million, a 19% down from Yen 3,663 million in the previous term. Demand was sluggish, and exports
decreased. The recurring profit was
posted at Yen 10 million and the net profit at Ye 13 million, respectively,
compared with Yen 25 million recurring profit and Yen 18 million net profit,
respectively, a year ago.
For
the current term ending Apr 2014 the recurring profit is projected at Yen 15
million and the net profit at yen15 million, respectively, on a 5% rise in
turnover, to Yen 3,100 million. Exports
to India are rising, the firm says.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements.
Date Registered: Nov
1946
Regd No.: 1200-01-064845
(Osaka-Kitaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.4
million shares
Issued:
600,000 shares
Sum: Yen
30 million
Major shareholders (%): Tatsuo Fujimura (80), Masako Fujimura (10)
No. of shareholders:
4
Nothing detrimental is known as to the commercial morality
of executives
Bombay Chemical & Rubber
Products (Mumbai);
JMF Synthetics Private Ltd (New
Delhi), JV with Mitsufuku Ind (special compound mfr,
Tochigi-Pref), JTC Corp and
Bombay Chemical Rubber Products;
Baspar Taban Co (Mashad, Iran), automotive rubber parts mfr,
in which JTC has 15% share;
GBL General Trading LLC (Dubai).
Activities: Exports as
commission agent automotive tires, gaskets, valves, EDPM, rubber raw materials,
rubber mfg machinery, other industrial chemicals (--100%).
Clients: [Mfrs,
wholesalers] Exports to India, Iran, Indonesia, Thailand, Taiwan, Hong Kong,
Malaysia, Pakistan, Vietnam, Korea, China, UAE, Kuwait, Tunisia, Germany, USA,
other.
No. of accounts: Unavailable
Domestic areas of activities: Centered in greater-Osaka
Suppliers: [Mfrs,
wholesalers] JSR Corp (40%), Nippon Electric Glass, Pacific Industrial Corp,
Kobe Steel, Bridgestone Cycle, Tosoh Corp, Hitachi Ltd, Seiko Chemical, Sanshin
Chemical Ind, Mitsui Chemicals Ind, Nippon Roll Mfg, Kuraray Co, Arakawa
Chemical Industry, other.
Payment record: Slow But
Correct
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
MUFG (Osaka-Chuo)
SMBC (Tenmabashi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
30/04/2014 |
30/04/2013 |
30/04/2012 |
30/04/2011 |
|
|
Annual
Sales |
|
3,100 |
2,957 |
3,663 |
3,224 |
|
Recur.
Profit |
|
15 |
10 |
25 |
13 |
|
Net
Profit |
|
15 |
13 |
18 |
14 |
|
Total
Assets |
|
|
1,085 |
1,220 |
1,110 |
|
Current
Assets |
|
|
922 |
1,123 |
1,038 |
|
Current
Liabs |
|
|
635 |
776 |
784 |
|
Net
Worth |
|
|
227 |
217 |
201 |
|
Capital,
Paid-Up |
|
|
30 |
30 |
30 |
|
Div
Ttl in Million (¥) |
|
|
0.00 |
3 |
3.3 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.84 |
-19.27 |
13.62 |
-23.07 |
|
|
Current Ratio |
.. |
145.20 |
144.72 |
132.40 |
|
|
N.Worth Ratio |
.. |
20.92 |
17.79 |
18.11 |
|
|
R.Profit/Sales |
0.48 |
0.34 |
0.68 |
0.40 |
|
|
N.Profit/Sales |
0.48 |
0.44 |
0.49 |
0.43 |
|
|
Return On Equity |
.. |
5.73 |
8.29 |
6.97 |
|
Notes: Forecast (or estimated) for the
30/04/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.47 |
|
|
1 |
Rs. 99.70 |
|
Euro |
1 |
Rs. 81.55 |
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.