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Report No. : |
324018 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
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Name : |
METAL ONE CORPORATION |
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Registered Office : |
Celestine Shiba Mitsui Bldg, 3-23-1 Shiba Minatoku Tokyo 105-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
January 2003 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 049321 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject have specialized trading house for
steel products |
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No. of Employee : |
10,000 |
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 – 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.
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Source
: CIA |
METAL ONE CORPORATION
REGD NAME: KK
Metal One
MAIN OFFICE: Celestine Shiba Mitsui Bldg, 3-23-1
Shiba Minatoku Tokyo 105-0014 JAPAN
Tel: 03-6400-2000
Fax: 03-6400-2939
E-Mail
address: info@mtlo.co.jp
Specialized
trading house for steel products
Domestic:
Osaka, Nagoya, Hiroshima, Fukuoka, other (Tot 14)
Affiliated firms: 6 subsidiaries, named as Metal One plus
area, such as Metal One Kyushu, etc)
Overseas:
Americas (24), Europe (14 including Russia), Asia/Oceania (39, Including 9 in
China), Mid East/Africa (16)
IWAO
TODA, PRES Takehiro Honda,
v pres
Jun Kinukawa, dir Satoshi Nagai, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,305,696 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
100,000 M
TREND SLOW WORTH Yen
355,987 M
STARTED 2003 EMPLOYES 10,000
TRADING
HOUSE SPECIALIZING IN STEEL PRODUCTS, JOINTLY OWNED BY MITSUBISHI CORP AND
SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established jointly on the basis of
steel products divisions separated from each Mitsubishi Corp and the then
Nissho Iwai Corporation (now Sojitz Corporation) in order to integrate steel
business operations. This is a
specialized trading house for import, export and wholesale of steel products,
stainless steel products, and other metal products. The operations are composed of five core
business divisions: Steel Plate, Tube & Construction Materials Div; Steel
Sheet Products, Automotive Steel Products Business Div; Wire & Specialty
Steel, Stainless Steel Div; International Steel Operation Div; and Energy
Project International Business Div. For
operation details see OPERATION. Has taken equity position of 20% in Usiminas
SA (South America), and will proceed to expand operations in Brazil. Metal One Corporation India Pvt. Ltd: founded
in Jun/2008, headquartered in New Delhi, has branches in Mumbai, Chennai and
Kolkata. The firm is actively expanding
operations in India, China and other emerging nations. It is planning to increase capital share in
JV in Brazil. In Oct 2014 Metal One
Structural Steel & Resource Corp and Mitsui & Co’s steel division
merged to work together on structural steel business.
The sales volume for Mar/2014 fiscal term amounted to Yen 2,563,303
million, an 11% up from Yen 2,305,696 million in the previous term. The recurring profit was posted at Yen 33,696
million and the net profit at Yen 23,731million, respectively, compared with
Yen 28,057 million recurring profit and Yen 21,858 million net profit,
respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is
projected at Yen 35,000 million and the net profit at Yen 33,000 million,
respectively, on a 10% rise in turnover, to Yen2,320,500 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date
Registered: Jan 2003
Regd
No.: (Tokyo-Minatoku)
049321
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued:
2,000 shares
Sum:
Yen 100,000 million
Major shareholders (%):
Mitsubishi Corp*(60), Sojitz Corp** (40)
No. of shareholders: 2
*.. Mitsubishi Corporation, largest general trading house, Tokyo,
founded 1950, listed Tokyo S/E, capital Yen 204,447 million, turnover Yen
7,589,255 million, operating profit Yen 198,467 million, recurring profit Yen
432,233 million, net profit Yen 444,793 million, total assets Yen 15,899,652
million, net worth Yen 5,017,620 million, employees 68,38375, pres Ken Kobayashi
**.. Sojitz Corporation, holding firm formed
jointly by Nichimen Corp & Nissho Iwai Corp (both former names), Tokyo,
founded 2003, listed Tokyo S/E, capital Yen 160,339 million, sales Yen 1,803,104
million, operating profit Yen 23,694 million, recurring profit Yen 44,033, net
profit Yen 27,250 million, total assets Yen 2,194,060 million, net worth Yen
465,905 million, employees 16,130, pres Yoji Sato
Nothing detrimental is known as to
the commercial morality of executives.
Activities:
Imports, exports and wholesales steel products (--100%):
Exports
(28%)
(Handling items by Divisions)
Business Division A: heavy
& medium plates, structural pipes, piping materials, steel bars, wide
flange beams, general steel shapes, lightweight steel shapes, steel sheet
piles, steel pipe piles, other structural steel, processed ferrous raw
materials;
Business Division B: hot
rolled plates & sheets, cold rolled steel plates & sheets, surface-treated
steel plates & sheets, electrical sheets, tinned steel plates & sheets;
Business Division C: line
pipes, oil country tubular goods (OCTGs), steel pipe piles, steel sheets, steel
plates, steel shapes, round bars, semi-finished products;
Wire, Specialty Steel & Stainless
Steel Division: (Wire rod sector):
wire rods & secondary & tertiary wire rod products, specialty steel
sector, structural steel, alloy steel, spring steel, ball-bearing steel,
specialty steel sheets, free-cutting steel, heat-resistant steel, tool steel; (Stainless steel sector): stainless
steel plates, sheets, strips, pipes, bar steel, shapes, round bars, stainless
steel processed products, stainless steel scrap, titanium products, other
Operations
(in terms of sales): Domestic (72%), Overseas (14%),
Export (13%), Import (1%)
Clients:
[Mfrs, wholesalers] Mitsubishi Heavy Ind, Mitsubishi Motors, Mitsubishi
Electric, Suzuki Motors, Nissan Motors, other.
No. of accounts: 2,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Steel & Sumitomo Metal Corp, JFE Steel, Kobe
Steel,
Nisshin 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 Corporate Bank
(H/O)
Relations: Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual
Sales |
|
2,820,500 |
2,563,303 |
2,305,696 |
2,473,001 |
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Recur.
Profit |
|
35,000 |
33,696 |
28,057 |
25,243 |
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Net
Profit |
|
33,000 |
23,731 |
21,858 |
14,423 |
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Total
Assets |
|
|
1,113,845 |
1,085,179 |
1,109,056 |
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Current
Assets |
|
|
861,564 |
831,141 |
872,399 |
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Current
Liabs |
|
|
647,160 |
648,240 |
708,725 |
|
Net
Worth |
|
|
355,987 |
329,956 |
299,820 |
|
Capital,
Paid-Up |
|
|
100,000 |
100,000 |
100,000 |
|
Div.P.Share(¥) |
|
|
5925.00 |
5475.00 |
3600.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
10.03 |
11.17 |
-6.77 |
-2.00 |
|
Current Ratio |
|
.. |
133.13 |
128.22 |
123.09 |
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N.Worth Ratio |
|
.. |
31.96 |
30.41 |
27.03 |
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R.Profit/Sales |
|
1.24 |
1.31 |
1.22 |
1.02 |
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N.Profit/Sales |
|
1.17 |
0.93 |
0.95 |
0.58 |
|
Return On Equity |
|
.. |
6.67 |
6.62 |
4.81 |
Forecast (or
estimated) figures for the 31/03/2015 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ASH |
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 |
-- |
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.