MIRA INFORM REPORT
|
Report No. : |
332662 |
|
Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
KANEMATSU CORPORATION |
|
|
|
|
Registered Office : |
119 Itocho Chuoku Kobe |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
March, 1918 |
|
|
|
|
Com. Reg. No.: |
0104-01-007153 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, export, wholesale of IT-related
equipment, foods, machinery, energy |
|
|
|
|
No. of Employee : |
6,002 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
COMPANY NAME AND
ADDRESS
KANEMATSU CORPORATION
REGD NAME: Kanematsu
KK
MAIN OFFICE: 1-2-1
Shibaura Minatoku Tokyo 105-0023 JAPAN
Tel: 03-5440-8111 Fax: 03-5440-6500
*.. Registered at: 119 Itocho Chuoku Kobe
URL: http://www.kanematsu.co.jp/
E-Mail address: pr@kanematsu.co.jp
ACTIVITIES
Import, export, wholesale of IT-related
equipment, foods, machinery, energy
BRANCHES
Osaka, Nagoya, Sapporo, Sendai, Yokohama,
Kobe, Fukuoka (Tot 7)
OVERSEAS
USA (9), Europe (7), Australia (3), Mid
East/Africa (3), China (6), Taiwan (2),
Vietnam (3), Korea, Singapore, Indonesia,
Philippines, other (Tot 39 subsidiaries)
CHIEF
EXEC
MASAYUKI SHIMOJIMA, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR
A/SALES Yen 1,117,096 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 27,781 M
TREND STEADY WORTH Yen 118,731 M
STARTED 1918 EMPLOYES 6,002
COMMENT
GENERAL TRADING HOUSE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGGEMENTS.
MAX CREDIT LIMIT: YEN 22,108.6 MILLION, 30
DAYS NORMAL TERMS.
Unit:
In Million Yen
Forecast
figures for the 31/03/2016 fiscal term.
HIGHLIGHTS
The subject company was established
originally as a textile specialized trader and later has grown into one of the
leading general trading houses of Japan.
Traditionally strong in textiles, but financial structure deteriorated,
resulting in trimming down of operations.
Following debt forgiveness by the main bank, the firm made a new start,
focusing operations on 4 key sectors including food and IT-related areas under
supervision of Bank of Tokyo-Mitsubishi UFJ (MUFG). Sold majority of less-profitable textile
subsidiaries’ shares. It-related
continuing growth led by solutions, including mobile communications equipment. Foods and steel products plant
expanding. Cultivation of non-gene modified
soybeans with Canadian farmers expanding; studying cultivation in other
countries. Plant division is striving to
win new orders for geothermal power generation in Asia. Now concentrates on areas such as
electronics, IT, foods, steel, environmental, and materials. Business results are showing a steady
improvement on a result of the restructuring.
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term
amounted to Yen 1,117,096 million, a 0.2% up from Yen 1,114,539 million in the previous
term. The recurring profit was posted at
Yen 22,895 million and the net profit at Yen 11,470 million, respectively,
compared with Yen 20,160 million recurring profit and Yen 11,799 million net
profit, respectively, a year ago.
For the current term ending Mar 2016 the
recurring profit is projected at Yen 23,000 million and the net profit at Yen
12,500 million, respectively, on a 7.4% rise in turnover, to Yen 1,200,000
million. Earnings will be contributed from
the inclusion of Kanematsu NNK Corporation in the consolidated account and the
electronics business will be boosted.
The vehicle and aircraft business will also continue growing.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 22,108.6 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Mar 1918
Regd No.: 0104-01-007153 (Kobe-Chuoku)
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1,016,653,604 shares
Issued: 422,501,010 shares
Sum: Yen 27,781 million
Major shareholders (%): Japan Trustee
Services T (3.9), Master Trust Bank of Japan T (3.3), MUFG (3.1), Norin Chukin
Bank (2.9), Japan Trustee Services T (2.9), Mitsui Sumitomo Ins (2.7), Tokio
Marine & Nichido Fire Ins (2.7), Tokio Marine & Nichido Fire Ins (2.7),
HAYAT (1.2), Japan Trustee Services T9 (1.2), Japan Trustee Services T1 (1.0),
Japan Trustee Services T2 (1.0); foreign owners (21.2)
No. of shareholders: 20,987
Listed on the S/Exchange (s) of: Tokyo
Managements: Masayuki Shimojima, pres; Masao
Hasegawa, v pres; Takashi Gunji, s/mgn dir; Kaoru Tanigawa, s/mgn dir; Morihiro
Toida, mgn dir; Tetsuya Kaneko, mgn dir; Yoshiya Miyabe, mgn dir; Nobuyoshi
Sakuyama, mgn dir; Kazuo Shibata, mgn dir; Keiichi Inabe, mgn dir; Eiji Kan,
dir; Katsumi Morita, dir; Masayuki Hamasaki, dir; Hiroyasu Hirasawa, dir
Related companies: Kanematsu KGK, Kanematsu
Communications, Kanematsu Electronics, other (Tot 46 subsidiaries: domestic 7
& overseas 39)
OPERATION
Activities: Trading house for import, export and wholesale of:
electronics & devices (25%), foods (28%), steel, material and plants (42%),
motor vehicle & aerospace (5%) Overseas Sales Ratio (37%)
Clients: [Mfrs, wholesalers] JX Nippon Oil &
Energy Corp, Kanematsu USA, Kanematsu Trading, Idemitsu Kosan KK, Showa Shell
Oil, CGC Japan, Marudai Food Co, Zen-Noh Group, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Taiyo Oil,
Yamaha Motor, Kignus Sekiyu, Idemitsu Kosan KK, EMG Marketing, Soltec Japan,
Seiko Epson, Yamahisa Corp, Zen-Noh Group, JFE Steel, Danish Crown, Wilmar
Trading (China) Pte Ltd, JFE Steel, Mitsubishi Heavy Ind, Kobe Steel, other.
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mizuho Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
|
Terms
Ending: |
31/03/2015 |
31/03/2014 |
||
|
INCOME STATEMENT |
||||
|
Annual
Sales |
1,117,096 |
1,114,539 |
||
|
Cost
of Sales |
1,025,655 |
1,028,136 |
||
|
GROSS
PROFIT |
91,441 |
86,402 |
||
|
Selling
& Adm Costs |
69,315 |
66,626 |
||
|
OPERATING
PROFIT |
23,125 |
19,776 |
||
|
Non-Operating
P/L |
-230 |
384 |
||
|
RECURRING
PROFIT |
22,895 |
20,160 |
||
|
NET
PROFIT |
11,470 |
11,799 |
||
|
BALANCE SHEET |
||||
|
Cash |
68,468 |
73,867 |
||
|
Receivables |
180,319 |
178,984 |
||
|
Inventory |
87,254 |
66,256 |
||
|
Securities,
Marketable |
3 |
16 |
||
|
Other
Current Assets |
30,767 |
26,243 |
||
|
TOTAL
CURRENT ASSETS |
366,811 |
345,366 |
||
|
Property
& Equipment |
28,931 |
24,218 |
||
|
Intangibles |
14,725 |
11,706 |
||
|
Investments,
Other Fixed Assets |
48,544 |
47,169 |
||
|
TOTAL
ASSETS |
459,011 |
428,459 |
||
|
Payables |
116,567 |
115,210 |
||
|
Short-Term
Bank Loans |
61,688 |
80,792 |
||
|
Other
Current Liabs |
74,092 |
62,633 |
||
|
TOTAL
CURRENT LIABS |
252,347 |
258,635 |
||
|
Debentures |
||||
|
Long-Term
Bank Loans |
74,426 |
61,113 |
||
|
Reserve
for Retirement Allw |
5,137 |
4,630 |
||
|
Other
Debts |
8,369 |
7,877 |
||
|
TOTAL
LIABILITIES |
340,279 |
332,255 |
||
|
MINORITY
INTERESTS |
||||
|
Common
stock |
27,784 |
27,784 |
||
|
Additional
paid-in capital |
27,502 |
27,493 |
||
|
Retained
earnings |
44,845 |
35,737 |
||
|
Evaluation
p/l on investments/securities |
4,020 |
1,743 |
||
|
Others |
14,802 |
3,768 |
||
|
Treasury
stock, at cost |
(222) |
(321) |
||
|
TOTAL
S/HOLDERS` EQUITY |
118,731 |
96,204 |
||
|
TOTAL
EQUITIES |
459,011 |
428,459 |
||
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms
ending: |
31/03/2015 |
31/03/2014 |
||
|
Cash
Flows from Operating Activities |
10,115 |
22,384 |
||
|
Cash Flows
from Investment Activities |
-8,903 |
-1,111 |
||
|
Cash
Flows from Financing Activities |
-9,895 |
-9,351 |
||
|
Cash,
Bank Deposits at the Term End |
67,377 |
73,548 |
||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2015 |
31/03/2014 |
||
|
Net
Worth (S/Holders' Equity) |
118,731 |
96,204 |
||
|
Current
Ratio (%) |
145.36 |
133.53 |
||
|
Net
Worth Ratio (%) |
25.87 |
22.45 |
||
|
Recurring
Profit Ratio (%) |
2.05 |
1.81 |
||
|
Net
Profit Ratio (%) |
1.03 |
1.06 |
||
|
Return
On Equity (%) |
9.66 |
12.26 |
||
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.