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Report No. : |
302728 |
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Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
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Name : |
K & I TUBULAR
CORPORATION |
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Registered Office : |
JFE |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
March 2000 |
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Com. Reg. No.: |
0100-01-068108 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading firm specializing in
steel tubes. |
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No. of Employee : |
16 |
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 : |
No Complaints |
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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) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
K&I TUBULAR CORPORATION
REGD NAME: K&I
Tokushukan Hambai KK (Tokushukan means special tubes)
MAIN OFFICE: JFE
Tokyo Honsha Bldg 6F, 2-7-1 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN
Tel:
03-3279-8751 Fax: 03-3279-8750
E-Mail address: info@kitc.co.jp
Export
of boiler tubes, other
Nil
SHIGEKI
TASHIRO, PRES Soichiro
Ichimura, v pres
Shuichi Kashiwagi,
dir Tadao
Takahashi, dir
Yasuhiro Yakushiji, dir
Yen Amount: In million Yen, unless otherwise
stated
FINANCES FAIR
A/SALES Yen 16,594 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 50 M
TREND UP WORTH Yen 850 M
STARTED 2000 EMPLOYES 16
TRADING
FIRM SPECIALIZING IN STEEL TUBES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARYBUSINESS ENGAGEMENTS.
The subject company was established on the basis of a
specialty tube sales division separated from JFE Shoji Trade Corp. This is a specialized trader for export of
tubes for boiler power generation and for plant pipe fittings, other. Goods are exported to China, S/E Asia, USA,
Europe, other.
The sales volume for Dec/2013 fiscal term amounted to Yen
16,574 million, a 4% up from Yen 15,985 million in the previous term. Exports to Korea rose to compensate for decreased
exports to Europe & USA. The
recurring profit was posted at Yen 178 million and the net profit at Yen 102
million, respectively, compared with Yen 166 million recurring profit and Yen
104 million net profit, respectively, a year ago.
For the term that ended Dec 2014 the recurring profit was
projected at Yen 185 million and the net profit at Yen 110 million,
respectively, on a 5% rise in turnover, to Yen 17,500 million. Final results are yet to be released.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Mar
2000
Regd No.: 0100-01-068108
(Tokyo-Chiyodaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 1,000
shares
Sum: Yen 50
million
Major shareholders (%): JFE Shoji Trade Corp*(60),
Marubeni-Itochu Steel Inc (40)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
Activities: A trading firm for
exporting special pipes/tubes for plant generation power, pipes for plant
facilities, steel products, other (--100%)
(Products handled): Boiler
tube, process pipe, mechanical tube, mother pipes for tube fittings, other
Clients: [Mfrs,
wholesalers] Exports to Korea (39%), USA (22.3%), China (12.1%), India (4%),
Europe 4%), other.
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] JFE Shoji Trade Corp (100%).
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the top parent, JFE Shoji Holdings Inc, and maintained
satisfactorily.
Bank References: Mizuho
Corporate Bank (H/O)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
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Annual
Sales |
|
17,500 |
16,594 |
15,985 |
19,262 |
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Recur.
Profit |
|
185 |
178 |
166 |
268 |
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Net
Profit |
|
110 |
102 |
104 |
142 |
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Total
Assets |
|
|
1,806 |
1,387 |
2,432 |
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Current
Assets |
|
|
1,776 |
1,353 |
2,398 |
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Current
Liabs |
|
|
949 |
575 |
1,642 |
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Net
Worth |
|
|
850 |
808 |
787 |
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Capital,
Paid-Up |
|
|
50 |
50 |
50 |
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Div.P.Share(¥) |
|
|
0 |
0 |
50.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
5.46 |
3.81 |
-17.01 |
17.42 |
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Current Ratio |
|
.. |
187.14 |
235.30 |
146.04 |
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N.Worth Ratio |
|
.. |
47.07 |
58.26 |
32.36 |
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R.Profit/Sales |
|
1.06 |
1.07 |
1.04 |
1.39 |
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N.Profit/Sales |
|
0.63 |
0.61 |
0.65 |
0.74 |
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Return On Equity |
|
.. |
12.00 |
12.87 |
18.04 |
Notes:
Forecast (or estimated) figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.89 |
|
|
1 |
Rs. 93.92 |
|
Euro |
1 |
Rs. 72.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ASH |
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 |
|
-- |
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.