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MIRA INFORM REPORT
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Report No. : |
498306 |
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Report Date : |
16.03.2018 |
IDENTIFICATION DETAILS
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Name : |
NYK TRADING CORPORATION |
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Registered Office : |
World Trade Center Bldg 34F, 2-4-1 Hamamatsucho Minatoku Tokyo
105-6134 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2016 |
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Date of Incorporation : |
March, 1948 |
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Com. Reg. No.: |
0104-01-038478 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export and wholesale of petroleum products, chemicals, ship machinery & equipment, plant machinery. |
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No. of Employees : |
144 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
Yen 1,907.4 Million |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
Company
Name And Address
NYK TRADING CORPORATION
REGD NAME: Yusen
Shoji KK
MAIN OFFICE: World
Trade Center Bldg 34F, 2-4-1 Hamamatsucho Minatoku Tokyo 105-6134 JAPAN
Tel:
03-5408-7113 Fax: 03-5408-7163
URL: http://www.nyk-rrading.com
(English), yusenshoji.co.jp (Japanese)
E-Mail address: info@yusenshoji.co.jp
ACTIVITIES
Import, export,
wholesale of petroleum products, chemicals, ship machinery & equipment, plant machinery
BRANCHES
Nagoya, Kobe,
Hiroshima, Moji, Nagasaki, Yokohama
OVERSEAS
UK, USA,
Philippines, China (--subsidiaries)
OFFICER(S)
KENJI TSUCHIYA,
PRES Jun’ichi
Yokoyama, mgn dir
Keizo Murakoso,
mgn dir Mitsuhiko
Sunouchi, mgn dir
Eiji Hoshi, mgn
dir Hidenori Hono, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 93,518 M
PAYMENTS REGULAR CAPITAL Yen 1,246 M
TREND STEADY WORTH Yen
5,271 M
STARTED 1948 EMPLOYES 144
COMMENT
TRADING FIRM
SPECIALIZING IN PETROLEUM
PRODUCTS, CHEMICALS & MACHINERY, AFFILIATED WITH NIPPON YUSEN KK.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,907.4 MILLION, 30
DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as a
trading firm by Nippon Yusen KK, nation’s largest shipping company, Tokyo (See REGISTRATION). This is a trading firm for import, export
and wholesale of petroleum products, chemicals, ship & industrial machinery, other. Originally named as
Hikawa Shoji KK, and in Oct 2003 the firm merged with Asahi Kiso KK and renamed
as captioned. Clients &
suppliers include major petroleum refineries.
FINANCIAL
INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 93,518 million, a 3% up from Yen
91,016 million in the previous term. The
recurring profit was posted at Yen 170 million and the net loss at Yen 505
million, respectively, compared with Yen 462 million recurring profit and Yen
482 million net profit, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 470 million and
the net profit at Yen 495 million, respectively, on a 3% rise in turnover, to
Yen 96,350 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 1,907.4 million, on
30 days normal terms.
REGISTRATION
Date
Registered: Mar 1948
Regd
No.: 0104-01-038478
(Tokyo-Minatoku)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 90 million shares
Issued:
24,922,520 shares
Sum:
Yen
1,246,126,000 million
Major shareholders (%): Nippon Yusen
KK*(79.2), Showa Shell Sekiyu (2.7), Azbil Corp (2.3), MUFG (2.2), Yanmar Co
(1.9), Daihatsu Diesel (1.9), other
No. of shareholders: 120
*
Japan’s largest shipping company, founded 1885, listed Tokyo, Nagoya S/E’s,
capital Yen 144,319 million, turnover Yen 1,923,881 million, operating loss Yen
18,072 million, recurring profit Yen 1,039 million, net losses Yen 265,744
million, total assets Yen 2,072,299 million, net worth Yen 518,909 million,
employees 35,935, pres Tadaaki Naito
Nothing detrimental is known as to the commercial morality of
executives.
OPERATON
Activities: Trading firm for
imports, exports and wholesales: Petroleum products (fuel oil), Chemical
ingredients & plastic products, solar energy generation equipment,
Industrial machinery & equipment, energy saving systems, other (--100%)
Clients: [Oil refineries, shipping companies,
wholesalers] Nippon Yusen Kaisha, NYK
Bulk & Projects Carrier Ltd, Cool Carriers AB, World Fuel Service Inc,
Mitsubishi Corp, Canon Inc,
Mitsubishi Heavy Ind, Asahi Kasei Corp, Mitsui & Co, Kawasaki Heavy Ind, Sinanen Co, Kanax Corp, Koatsu Gas
Kogyo, other.
No. of accounts: 350
Domestic areas of activities: Nationwide
Suppliers: [Oil refineries,
mfrs, wholesalers] Showa Shell Sekiyu, JX Nippon Oil & Energy Corp, Shell
Chemicals Japan, Yamatake Corp, Yanmar Co, Azbil Corp, Idemitsu Kosan KK, Exxon
Mobil Japan, Total Marketing Services, World Fuel Services Inc, other
Payment
record: Regular
Location: Business area in Tokyo. Office premises at
the caption address are leased and maintained satisfactorily.
Bank
References:
MUFG (H/O)
SMBC (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
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Annual
Sales |
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133,800 |
129,947 |
154,277 |
134,894 |
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Recur.
Profit |
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450 |
400 |
271 |
653 |
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Net
Profit |
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350 |
344 |
366 |
757 |
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Total
Assets |
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23,396 |
27,299 |
24,667 |
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Current
Assets |
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18,438 |
23,546 |
21,859 |
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Current
Liabs |
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15,205 |
19,966 |
17,694 |
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Net
Worth |
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5,638 |
5,499 |
5,550 |
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Capital,
Paid-Up |
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1,246 |
1,246 |
1,246 |
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Div.P.Share(¥) |
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6.00 |
6.00 |
10.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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2.97 |
-15.77 |
14.37 |
-6.90 |
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Current Ratio |
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.. |
121.26 |
117.93 |
123.54 |
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N.Worth Ratio |
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.. |
24.10 |
20.14 |
22.50 |
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R.Profit/Sales |
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0.34 |
0.31 |
0.18 |
0.48 |
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N.Profit/Sales |
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0.26 |
0.26 |
0.24 |
0.56 |
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Return On Equity |
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.. |
6.10 |
6.66 |
13.64 |
Notes: Forecast (or
estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 90.73 |
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Euro |
1 |
INR 80.32 |
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Yen |
1 |
INR 0.61 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.