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Report No. : |
299489 |
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Report Date : |
09.01.2015 |
IDENTIFICATION DETAILS
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Name : |
KING TECH CORPORATION |
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Registered Office : |
Pacific Marx Nihonbashi-tomizawacho 2F., 10-18, Nihonbahsi-tomizawacho, Chuo-ku, Tokyo 103-0006 |
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Country : |
Japan |
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Date of Incorporation : |
24.10.2000 |
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Com. Reg. No.: |
0100-01-071373 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is trading computer hardware, software and peripherals |
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No. of Employee : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
KING TECH
CORPORATION
Country: Japan
Company name: KING TECH CORPORATION
Name in local language: KING TECH,
K.K. (株式会社キング・テック)
Office address: Pacific Marx
Nihonbashi-tomizawacho 2F., 10-18,
Nihonbahsi-tomizawacho,
Chuo-ku, Tokyo 103-0006
Office tel: 03-5643-2671
Website: www.kingtech.co.jp/
Business type: Trader
Industry: Computer
& Information Products
Established: October 24, 2000
Capital: Jp.
148,200,000 yen
Employees: 40
Corporate formation: Private
Corporation No.: 0100-01-071373
(Tokyo Legal Affairs Bureau)
Paid up capital Jp.
148,200,000 yen
Number of authorized shares 32,000
shares
Number of outstanding shares 6,952
shares
Number of shareholders 67
Major
shareholders shares (%)
---------------------------------------------------------------------------------------------
Mr. Yuan-yang Wang, president
2,940 (42.3)
Talen Gain Development Ltd. (Hong Kong) 960 (13.8)
Ryoyoh Electro Corp. 880 (12.7)
Cremax Tech Corp.(Taiwan)
360 ( 5.2)
M. Fan-qi Wang
164
( 2.4)
Digital China Co., Ltd. n. a.
I.I.M. Corp. n. a.
Activity Product/Service
Description
-------------------------------------------------------------------------------
Trading Computer and its parts
Trading Computer peripherals
Service Travel agency
Service Workers dispatch agency
President Mr. Yuan-yao Wang (王遠耀)
Nationality: China
Director Mr. Wei Guo (郭為)
Nationality: China
Director Mr. Etsuro Nakagawa
Nationality: Japan
Auditor Mr. Akio Asakura
Nationality: Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
All of the board
members except Mr. Wang are outside(inactive) members.
*Key Personnel*
=============
Mr. Yuan-yao Wang
Representative director since its establishment
Born on April 8, 1966 in China
Registered home address: 2-9-10-303, Senju-azuma, Adachi-ku, Tokyo
120-0025
Currency: (local currency - Jp. yen)
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Year
| Sales | Net Income
-------------------------------------------------------------------------------------
|
2008 |
2,107,086,000 |
15,357,000 |
|
2009 |
2,555,054,000 |
1,809,000 |
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2010 |
3,297,742,000 |
1,929,000 |
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2011 |
3,111,090,000 |
1,154,000 |
|
2012 |
1,619,833,000 |
2,119,000 |
|
2013 |
1,031,400,000 |
2,864,000 |
*Book Closing*
============
September 30th
*Financials*
==========
As a private limited company, no official financial statement is
required to be disclosed publicly.
*Bank Details*
============
Bank Name: Bank of
Tokyo-Mitsubishi UFJ, Ltd.
Branch: Kasuga-cho
Bank Name: Mizuho Bank, Ltd.
Branch: Ginza-dori
Bank Name: Sumitomo Mitsui Banking Corp.
Branch: Nihonbashi-higashi
Bank Name: Resona Bank, Ltd.
Branch: Muromachi
*Credit Opinion*
=============
A Tokyo-based small-sized firm specializing in trading computer
hardware, software and peripherals with 13-year business history.
Business size looks small for its customers list, which show more than
80.
Investment has been aggressively implemented despite its small equity
and net income.
It is uncertain who else backs up the subject financially besides The
Bank of Tokyo-Mitsubishi UFJ, Ltd.
Sales almost halved for Sep. 2012 term from the previous year while the net
profit was increased, and sale further declined for 2013 term with the net
income up.
The exact financial condition is not available due to non disclosure of
its financial statements.
At any rate a minimal net profit has been worked out.
When we researched the subject last time in January 2014, we found the
following facts:
The website says the subject holds 25.61% of issued shares of REMIX
POINT CORP., but the latest financial report shows that KING TECH SERVICE(HK)
LTD. holds 11.9% and the subject itself holds 4.8% only.
The latest financial status of REMIX POINT shows 1,756 million JPY of
retained loss as of September 30, 2013.
The amount of shareholders equity could be estimated around 182 million
yen including the unsecured bonds undertaken by the above banker.
However, we are unable to find any updated information.
We’ve checked the latest available financial report of REMIX POINT, a
public listed corporation but the name of Mr. Wang was not listed as a major
shareholder as of September 30, 2014.
The company history has not been updated.
The reason why the subject increased the capital paid in three times in
2014 cannot be specified.
*Main Business*
==============
Imports/exports, wholesale, repair work and related services of the
following computer-related products:
Total storage products
- Hardware and software relating to disk array
- Hardware and software relating to tape back-up
- Hard ware and software relating to optical back-up
PC and peripherals
- Hardware and software relating to UPS
- Memory-related products
- Firewall
- Network equipment and devices
Data media services
- Data conversion
- Data erasing
- Library initializing
Workers dispatch services
Travel agency
Offshore development
*Address*
========
Registered address is same as that of the operating head office.
The quoted address, 2-10-1, Nihonbashi-hamacho, Chuo-ku, Tokyo, is the
previous address.
*Company History*
================
Date Development
-----------------------------------------------------------
October 24, 2000 Incorporated with an investment of
30,000,000 yen.
Cremax Tech, I.I.M. and
others(Taiwan) and other companies
undertook
some of the initial fundings.
February 2003 Increased the capital to 49,800,000 yen.
Digital
China Co., Ltd. and others undertook the investment.
May 2005 Acquired the business assets from
System Management Inc.
August 2005 50 million yen of unsecured bond issued
and undertaken by The
Bank
of Tokyo-Mitsubishi UFJ, Ltd.
March 2006 Acquired MRF Solution Inc.
July 2006 Founded King Tech Service (Hong Kong)
Ltd.
August 2006 Increased the capital to the current
amount of 99,700,000 yen
together
with 49,900,000 yen of capital reserves.
March 2007 Acquired A & Access Inc.
June 2007 Established a joint venture, "Iris
Corp." with Youth Corp.
March 2008 100 million yen of unsecured bond issued
and undertaken by The
Tokyo-Mitsubishi
UFJ, Ltd., again.
April 2008 Invested to "Seamless Service
Inc."
October 2008 Founded a subsidiary, "KT Soft
Corp."
Founded
a subsidiary, "HPC Tech Corp."
March 2009 Became a member of CCCJ(Chinese Chamber
of Commerce Japan)
and
Mr. Wang was appointed as a managing director.
October 24, 2011 Relocated to the current address from the
following address:
2-10-1,
Nihonbashi-hamacho, Chuo-ku, Tokyo
July 15, 2014 Increased the capital to JPY
112,200,000.
September 29, 2014 Increased the capital to JPY 133,200,000.
October 9, 2014 Increased the capital to JPY 148,200,000.
*Suppliers*
==========
Accordance System Inc.(Taiwan)
Accusys, Inc.(Taiwan)
Areca Technology Corp.(Taiwan)
IBM Japan Ltd.(*)
Ryoyoh Electro Corp.(*)
Daiwabo Information System Co., Ltd.
Lenovo Japan Corp.(*)
SoftBank BB Corp.
Ohtsuka Corp.
Transcend Japan Inc.
A total of 18 suppliers are listed in its website.
Companies with (*) are the business partners.
*Customers*
===========
IBM Japan Ltd.(*)
SoftBank BB Corp.
Daiwabo Information System Co., Ltd.
NTT Data Corp.
Ricoh Corp.
The University of Tokyo
More than 80 customers are listed in its website.
Company name: KING TECH SERVICE(HONG KONG) LTD.
Country: Hong Kong
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: KT SOFT CORP.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: HPC TECH CORP.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: KING
TECH DEVICE CORP.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: IT Storage Service Corp.
Country: Japan
Status: Affiliate
----------------------------------------------------------------------------------------------------
Company name: Guides Inc.
Country: Japan
Status: Affiliate
----------------------------------------------------------------------------------------------------
Company name: Seamless Service Corp.
Country: Japan
Status: Affiliate
----------------------------------------------------------------------------------------------------
Company name: King Tech Corp. Beijing
Country: China
Status: Affiliate
----------------------------------------------------------------------------------------------------
Company name: Jiang-Yin Nan-Fang New Tech Sources Co.,
Ltd.
Country: China
Status: Affiliate
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.39 |
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|
1 |
Rs.94.16 |
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Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
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.