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Report No. : |
319847 |
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Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
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Name : |
WELLSTON TRADING CORPORATION |
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Registered Office : |
WTC House 2F, 2-11-10 Hiratsuka Shinagawaku Tokyo 142-0051 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
Nov., 2002 |
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Com. Reg. No.: |
0109-02-024592 (Tokyo-Setakayaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export of Spare/Repair Parts & Equipment for Ships, Power Plants, & Automobiles. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 19.2 Million |
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Status : |
Satisfactory |
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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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
WELLSTON TRADING CORPORATION
REGD NAME: KK Wellston
MAIN OFFICE: WTC House 2F,
2-11-10 Hiratsuka Shinagawaku Tokyo 142-0051 JAPAN
Tel:
03-6421-5966 Fax: 03-6421-5977
*.. Registered
at: 1-10-20 Okusawa Setagayaku Tokyo
E-Mail address: info@wellston.jp
Import,
export of spare/repair parts & equipment for ships, power plants, & automobiles
Nil
Singapore,
China, Korea, Philippines (--sales agents)
KEN’YA
ISHII, PRES
Chiemi
Ishii, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SAES Yen
1,050 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 3
M
TREND UP WORTH Yen 92 M
STARTED 2002 EMPLOYES 6
TRADING FIRM SPECIALIZING IN SHIP’S PARTS & EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 19.2
MILLION, 30 DAYS NORMAL TERMS.
The
subject company was established originally in 1935 as Kyowa Works Corp for mfg
& selling spare parts for automobiles, construction machineries and ships’
engines. In Nov 2002, reconstructed and
started a new company as captioned by Ken’ya Ishii. This is a trading firm specializing in
supplying spare/repair parts & equipment for ships/vessels: air
compressors, boilers, cranes, diesel engines, other (See OPERATION). The products are
also for use in power plants, automobiles & construction machines. Exports account for 70% of the
total sales.
Financials
are not partially disclosed. Profits are
not disclosed and only estimated.
The
sales volume for the Dec/2014 fiscal term amounted to Yen 1,050 million, a 5%
up from Yen 1,000 million in the previous term.
Shipbuilding orders increased.
The net profit is estimated posted at Yen 13 million, compared with Yen
10 million a year ago.
For
the current term ending Dec 2015 the net profit is projected at Yen 15 million,
on a 5% rise in turnover, to Yen 1,100 million.
The
financial situation is considered FAIR and good for ORDINARY business engagements. Max
credit amount is estimated at yen 19.2 million, on 30 days normal terms.
Date Registered: Nov 2002
Regd No.: 0109-02-024592
(Tokyo-Setakayaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 240 shares
Issued:
60 shares
Sum: Yen
3 million
Major shareholders (%):
Ken’ya Ishii (100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Imports, exports and wholesales repair parts & equipment for ships/vessels:
air compressors, air conditioners, refrigeration, boilers, cranes, diesel
engines, electric equipment, filters, governors, hatch covers, heat exchangers,
pumps, purifiers, turbo chargers, tachometers, thermometers, valves, other
(--100%).
Exports
(70%)
Clients: Ship
owners, shipbuilders, other; exports to Singapore, Korea, China, other
No. of accounts: 120 (domestic),
100 (Overseas)
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Daikin, Mitsubishi Heavy Ind, Yanmar, Macgregor-Kayaba,
other.
Payment record: Slow but correct
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Resona
Bank (Shimbashi)
Tokyo Tomin
Bank (Kuhonbutsu)
Relations:
Money deposits and transfers only
(In Million Yen)
|
Terms Ending: |
|
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual
Sales |
|
1,100 |
1,050 |
1,000 |
800 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
|
Net
Profit |
|
15 |
12 |
10 |
8 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
|
|
92 |
80 |
70 |
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Capital,
Paid-Up |
|
|
3 |
3 |
3 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
4.76 |
5.00 |
25.00 |
14.29 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
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|
.. |
.. |
.. |
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N.Profit/Sales |
|
1.36 |
1.14 |
1.00 |
1.00 |
Notes: Financials
are only partially disclosed. Profits
are not disclosed and only estimated.
Forecast
(or estimated) figures for the 31/12/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.