|
Report Date : |
17.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
METAL ONE
CORPORATION |
|
|
|
|
Registered Office : |
Celestine Shiba Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
Jan., 2003 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 049321 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Imports, Exports and Wholesales of Steel Products. |
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No. of Employees : |
10,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
METAL ONE CORPORATION
REGD NAME: KK
Metal One
MAIN OFFICE: Celestine Shiba Mitsui Bldg, 3-23-1
Shiba Minatoku Tokyo 105-0014 JAPAN
Tel:
03-6400-2000 Fax: 03-6400-2939
E-Mail address: info@mtlo.co.jp
Specialized
trading house for steel products
Domestic: Osaka,
Nagoya, Hiroshima, Fukuoka, other (Tot 14)
Affiliated firms: 6 subsidiaries, named as
Metal One plus area, such as Metal One Kyushu, etc)
Overseas: Americas (24), Europe (14
including Russia), Asia/Oceania (39, Including 9 in China), Mi East/Africa (16)
IWAO TODA, PRES Takehiro Honda, v pres
Jun Kinukawa, dir Satoshi Nagai, dir
Yen Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,305,696 M
PAYMENTSREGULAR CAPITAL Yen
100,000 M
TREND SLOW WORTH Yen 355,987 M
STARTED 2003 EMPLOYES 10,000
TRADING HOUSE SPECIALIZING IN STEEL PRODUCTS, JOINTLY OWNED BY MITSUBISHI CORP AND SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established jointly on the basis of steel products divisions
separated from each Mitsubishi Corp and the then Nissho Iwai Corporation (now
Sojitz Corporation) in order to integrate steel business operations. This is a specialized trading house for
import, export and wholesale of steel products, stainless steel products, and
other metal products. The operations are
composed of five core business divisions: Steel Plate, Tube & Construction
Materials Div; Steel Sheet Products, Automotive Steel Products Business Div;
Wire & Specialty Steel, Stainless Steel Div; International Steel Operation
Div; and Energy Project International Business Div. For operation details see OPERATION. Has taken equity position of 20% in Usiminas
SA (South America), and will proceed to expand operations in Brazil. Metal One Corporation India Pvt. Ltd: founded
in Jun/2008, headquartered in New Delhi, has branches in Mumbai, Chennai and
Kolkata. The firm is actively expanding
operations in India, China and other emerging nations. It is planning to increase capital share in
JV in Brazil. In Oct 2014 Metal One
Structural Steel & Resource Corp and Mitsui & Co’s steel division
merged to work together on structural steel business.
The sales volume
for Mar/2014 fiscal term amounted to Yen 2,563,303 million, an 11% up from Yen
2,305,696 million in the previous term.
The recurring profit was posted at Yen 33,696 million and the net profit
at Yen 23,731million, respectively, compared with Yen 28,057 million recurring
profit and Yen 21,858 million net profit, respectively, a year ago.
For the current
term ending Mar 2015 the recurring profit is projected at Yen 35,000 million
and the net profit at Yen 33,000 million, respectively, on a 10% rise in
turnover, to Yen2,320,500 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jan 2003
Regd No.:
(Tokyo-Minatoku)
049321
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 8,000
shares
Issued:
2,000 shares
Sum: Yen 100,000 million
Major
shareholders (%): Mitsubishi Corp*(60),
Sojitz Corp** (40)
No. of
shareholders: 2
*.. Mitsubishi Corporation,
largest general trading house, Tokyo, founded 1950, listed Tokyo S/E, capital
Yen 204,447 million, turnover Yen 7,589,255 million, operating profit Yen
198,467 million, recurring profit Yen 432,233 million, net profit Yen 444,793
million, total assets Yen 15,899,652 million, net worth Yen 5,017,620 million,
employees 68,38375, pres Ken Kobayashi
**.. Sojitz Corporation,
holding firm formed jointly by Nichimen Corp & Nissho Iwai Corp (both
former names), Tokyo, founded 2003, listed Tokyo S/E, capital Yen 160,339
million, sales Yen 1,803,104 million, operating profit Yen 23,694 million,
recurring profit Yen 44,033, net profit Yen 27,250 million, total assets Yen 2,194,060
million, net worth Yen 465,905 million, employees 16,130, pres Yoji Sato
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Imports, exports and wholesales steel
products (--100%):
Exports (28%)
(Handling
items by Divisions)
Business
Division A: heavy & medium plates, structural pipes, piping materials, steel
bars, wide flange beams, general steel shapes, lightweight steel shapes, steel
sheet piles, steel pipe piles, other structural steel, processed ferrous raw
materials;
Business
Division B: hot rolled plates & sheets, cold rolled steel plates & sheets,
surface-treated steel plates & sheets, electrical sheets, tinned steel
plates & sheets;
Business
Division C: line pipes, oil country tubular goods (OCTGs), steel pipe piles, steel
sheets, steel plates, steel shapes, round bars, semi-finished products;
Wire,
Specialty Steel & Stainless Steel Division: (Wire rod sector): wire rods &
secondary & tertiary wire rod products, specialty steel sector, structural
steel, alloy steel, spring steel, ball-bearing steel, specialty steel sheets,
free-cutting steel, heat-resistant steel, tool steel; (Stainless steel sector): stainless steel plates, sheets, strips,
pipes, bar steel, shapes, round bars, stainless steel processed products,
stainless steel scrap, titanium products, other
Operations
(in terms of sales): Domestic (72%), Overseas (14%), Export (13%),
Import (1%)
Clients: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Mitsubishi Motors, Mitsubishi Electric, Suzuki
Motors, Nissan Motors, other.
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Steel & Sumitomo Metal Corp, JFE Steel, Kobe Steel,
Nisshin Steel, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
2,820,500 |
2,563,303 |
2,305,696 |
2,473,001 |
|
Recur.
Profit |
|
35,000 |
33,696 |
28,057 |
25,243 |
|
Net
Profit |
|
33,000 |
23,731 |
21,858 |
14,423 |
|
Total
Assets |
|
|
1,113,845 |
1,085,179 |
1,109,056 |
|
Current
Assets |
|
|
861,564 |
831,141 |
872,399 |
|
Current
Liabs |
|
|
647,160 |
648,240 |
708,725 |
|
Net
Worth |
|
|
355,987 |
329,956 |
299,820 |
|
Capital,
Paid-Up |
|
|
100,000 |
100,000 |
100,000 |
|
Div.P.Share(¥) |
|
|
5925.00 |
5475.00 |
3600.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
10.03 |
11.17 |
-6.77 |
-2.00 |
|
Current Ratio |
|
.. |
133.13 |
128.22 |
123.09 |
|
N.Worth Ratio |
|
.. |
31.96 |
30.41 |
27.03 |
|
R.Profit/Sales |
|
1.24 |
1.31 |
1.22 |
1.02 |
|
N.Profit/Sales |
|
1.17 |
0.93 |
0.95 |
0.58 |
|
Return On Equity |
|
.. |
6.67 |
6.62 |
4.81 |
Forecast (or estimated)
figures for the 31/03/2015 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
|
|
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.