MIRA INFORM REPORT
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Report No. : |
307673 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ALCONIX CORPORATION |
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Registered Office : |
Sanno Park Tower 12F, 2-11-1 Nagatacho Chiyodaku Tokyo 100-6112 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
July, 1981 |
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Com. Reg. No.: |
0104-01-042424 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Nonferrous Metals. |
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No. of Employees : |
773 |
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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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. 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.
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Source
: CIA |
Company
Name and Address
ALCONIX CORPORATION
REGD NAME: Alconix
KK
MAIN OFFICE: Sanno
Park Tower 12F, 2-11-1 Nagatacho Chiyodaku Tokyo 100-6112 JAPAN
Tel: 03-3596-7400
*.. The is its Osaka Office
E-Mail address: info@alconix.com
ACTIVITIES
Import,
export, wholesale of nonferrous metals
BRANCHES
Osaka,
Nagoya, Hamamatsu, Hiroshima
OVERSEAS
USA,
China (4), Hong Kong, Thailand (2), Germany, Malaysia, Taiwan,
Vietnam,
Russia, Saudi Arabia, Egypt
CHIEF
EXEC
EIITSU
MASAKI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 183,749 M
PAYMENTSREGULAR CAPITAL Yen
2,835 M
TREND UP WORTH Yen 21,358 M
STARTED 1981 EMPLOYES 773
COMMENT
TRADING FIRM SPECIALIZING IN NONFERROUS METALS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDONARY BUSINESS ENGAGEMENTS.
Unit: Million Yen
Forecast (or estimated) figures for 31/03/2015 fiscal term
HIGHLIGHTS
The subject
company was established on the basis of spun-off from nonferrous metals sales
firm of Sojitz Corp, major general trading house in Japan. This is a leading nonferrous metals trading
firm, including aluminum & copper.
Strengthening business in rare metals including titanium. Also deals in const5ruction and other
industrial materials. Reinforcing
fuel-battery-use aluminum & solar power-use metal silicon. In Jan 2012, the
firm acquired 25% of all outstanding shares of Shanghai Longyang Precise Compound
Tube Co Ltd, a part of the Golden Dragon Group, the world’s largest mfr of
precision copper tubes.
FINANCIAL
INFORMATION
The
sales volume for Mar/2014 fiscal term amounted to Yen 183,749 million, a 12% up
from Yen 164,769 million in the previous term.
Sales of main profit-earner light metals and copper products continued
to rise for the automobile industry & industrial machinery industry. The recurring profit was posted at Yen 3,600
million and the net profit at Yen 3,144 million, respectively, compares with
Yen 2,892 million recurring profit and Yen 1,430million net profit,
respectively, a year ago.
(Apr/Dec/2014
results): Sales Yen 151,608 million (up 10.5%), operating profit Yen 3,810
million (up 31.7%), recurring profit Yen 4,410 million (up 64.1%), net profit
Yen 3,221 million (up 31.1%). (% as
compared with the corresponding period a year ago)
For
the current term ending Mar 2015 the recurring profit is projected at Yen 4,950
million and the net profit at Yen 3,500 million, on a 9.4% rise in turnover, to
Yen 201,000 million. The weaker Yen may
help increase earnings in Yen terms.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
REGISTRATION
Date Registered: Jul 1981
Regd No:
0104-01-042424
(Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
16 million shares
Issued:
6,358,800 shares
Sum: Yen 2,835
million
Major shareholders (%): BBH for Fidelity Low Price
Stock (9.7), Kobe Steel (6.7), Japan Trustee Service T (6.4), Mizuho Bank
(3.1), Master Trust Bank of Japan T (2.9), SMBC (2.9), Kitz Corp (2.2), MUFG
(2.0), Japan Pure Chemical (1.5), Employees’ S/Holding Assn (1.5); foreign
owners (18.5)
No. of shareholders: 2,623
Listed on the S/Exchange (s) of: Tokyo
Managements: Eiitsu Masaki, pres; Hideo Yamashita,
s/mgn dir; Yasushi Miyazaki, dir; Michio Komatsu, dir; Masato Takei, dir;
Syunji Tenefusa, dir; Sakutaro Tanno, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Advanst Materials Japan, other
OPERATION
Activities: Imports, exports and wholesales
nonferrous metals: Light metal & copper products (41%), electronic &
functional metals (36%), nonferrous metals (18%), construction & industrial
materials (5%).
Overseas sale ratio (39%)
Clients: [Mfrs, wholesalers] Mitsubishi
Electric, Sun Aluminum Ind, Kobe Steel, Shanghai Dong Song Int'l, Shin-Etsu Chemical
Ind, Fujikura Ltd, Sanoh Industrial de Mexico SA, Sanoh America Inc, Hoya
Alconix Europe GmbH, other
No. of accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kobe Steel,
Kobelco Materials, Sojitz Corp, Panasonic Trading, Kobelco & Materials
Copper Tube, Sojitz Corp, Showa Denko, other
Payment record:
Regular
Location:
Business area in Tokyo. Office premises at the caption address are leased and
maintained satisfactorily.
Bank References:
Mizuho Bank (Akasaka)
MUFG (Muromachi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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183,749 |
164,769 |
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Cost of Sales |
172,754 |
156,010 |
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GROSS PROFIT |
10,995 |
8,759 |
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Selling & Adm Costs |
7,510 |
5,473 |
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OPERATING PROFIT |
3,484 |
3,286 |
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Non-Operating P/L |
116 |
-394 |
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RECURRING PROFIT |
3,600 |
2,892 |
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NET PROFIT |
3,144 |
1,430 |
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BALANCE SHEET |
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Cash |
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12,926 |
11,082 |
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Receivables |
35,668 |
30,055 |
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Inventory |
15,782 |
12,436 |
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Securities, Marketable |
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Other Current Assets |
1,960 |
1,782 |
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TOTAL CURRENT ASSETS |
66,336 |
55,355 |
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Property & Equipment |
6,365 |
3,940 |
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Intangibles |
6,607 |
6,059 |
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Investments, Other Fixed Assets |
6,356 |
5,028 |
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TOTAL ASSETS |
85,664 |
70,382 |
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Payables |
28,138 |
23,243 |
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Short-Term Bank Loans |
14,961 |
12,250 |
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Other Current Liabs |
7,088 |
4,604 |
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TOTAL CURRENT LIABS |
50,187 |
40,097 |
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Debentures |
1,200 |
1,800 |
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Long-Term Bank Loans |
9,982 |
10,297 |
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Reserve for Retirement Allw |
311 |
271 |
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Other Debts |
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2,616 |
2,099 |
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TOTAL LIABILITIES |
64,296 |
54,564 |
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MINORITY INTERESTS |
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Common
stock |
2,835 |
2,835 |
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Additional
paid-in capital |
1,877 |
1,874 |
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Retained
earnings |
12,952 |
10,226 |
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Evaluation
p/l on investments/securities |
304 |
83 |
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Others |
3,400 |
800 |
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Treasury
stock, at cost |
0 |
0 |
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TOTAL S/HOLDERS` EQUITY |
21,368 |
15,818 |
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TOTAL EQUITIES |
85,664 |
70,382 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
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1,992 |
7,056 |
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Cash
Flows from Investment Activities |
-2,428 |
-9,376 |
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Cash
Flows from Financing Activities |
1,414 |
2,589 |
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Cash,
Bank Deposits at the Term End |
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12,765 |
11,042 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
21,368 |
15,818 |
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Current
Ratio (%) |
132.18 |
138.05 |
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Net Worth
Ratio (%) |
24.94 |
22.47 |
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Recurring
Profit Ratio (%) |
1.96 |
1.76 |
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Net
Profit Ratio (%) |
1.71 |
0.87 |
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Return
On Equity (%) |
14.71 |
9.04 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.96 |
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1 |
Rs.94.41 |
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Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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.