MIRA
INFORM REPORT
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Report Date : |
24th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
HRD CO LTD |
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Registered Office : |
3-6-44 Edobori Nishiku Osaka 550-0002 Japan |
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Country : |
Japan |
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Financials (as on) : |
31/03/2005 |
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Date of Incorporation : |
Sept 1946 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale of materials handling &
factory automation systems |
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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Maximum Credit Limit : |
YEN 169 MILLION |
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Status : |
Fair |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME
HRD CO
LTD
REGD NAME
H. R.
D. KK
MAIN OFFICE
3-6-44
Edobori Nishiku Osaka 550-0002 JAPAN
Tel:
06-6443-5051
Fax:
06-6443-5881
E-Mail address: info@hrd-a.co.jp
ACTIVITIES
Wholesale of materials handling & factory automation systems
BRANCHES
Tokyo, Osaka, Nagoya, Toyoda, Hiroshima, Kyoto, Shizuoka, other
(Tot 13)
FACTORY(IES)
Nagoya, Toyoda (--warehouses)
OFFICER(S)
AKIYOSHI KANEKO, PRES Yoshinori
Kume, mgn dir
Yoshito Kawahara, mgn dir Shinji
Okuma, mgn dir
Hideshi Yamane, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,075 M
PAYMENTS REGULAR CAPITAL Yen 201 M
TREND STEADY WORTH Yen 1,307 M
STARTED 1946 EMPLOYES 134
COMMENT
WHOLESALER SPECIALIZING IN MATERIAL HANDLING EQUIPMENT & SYSTEMS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$375,000 /
O/A 30 DAYS.
MAX CREDIT LIMIT: YEN 169 MILLION, NORMAL 30 DAYS TERMS.
Forecast
(or estimated) for the 31/03/2006 fiscal term.
HIGHLIGHTS
The subject company was established originally in 1902 by a
certain Harada in order to sell material handling equipment, on his account,
and has been succeeded by his descendants.
Originally named as Harada Shoji Co Ltd and renamed as captioned in Oct
2004. Since incorporated the firm has
expanded handling items to include: factory automation & material handling
systems, industrial machinery, power transmission, vacuum systems, die-cast
goods, other. Acts as agent dealer for
Tsubakimoto Chain Co (see REGISTRATION); having four JV distribution companies. In Oct 2004, founded HRD Thailand Co Ltd in
Thailand. The machine handling systems
are used widely in auto, newspaper, paper & pulp, distribution industries,
other.
The sales volume for Mar/2005 fiscal term amounted to Yen 14,075
million, a 1% up from Yen 13,932 million in the previous term. The recurring profit was posted at Yen 121
million and the net profit at Yen 21 million, compared with Yen 40 million
recurring profit and Yen 9 million net profit, respectively, a year ago. Extraordinary losses are gone and profits
improved.
For the term ended Mar 2006 the recurring profit is believed
posted at Yen 120 million and the net profit at Yen 25 million, respectively,
on a 3% rise in turnover, to Yen 14,500 million. Final results have not been made available as yet.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 169 million, on normal 30 days terms. The proposed amount is considered well
within the firm’s financial capabilities.
REGISTRATION
Date Registered: Sept
1946
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 16 shares
Issued: 4,022,700 shares
Sum: Yen 210,135,000.-
Major shareholders (%): Yoshisuke Harada (11.8), Tsubakimoto
Chain*(10), Akiyoshi Kaneko3.9), Shigeyuki Tanaka (3.8), Fujiko Harada (3.4)
No. of shareholders: 161
*.. Largest mfr of chains & conveyers, Osaka, founded 1917,
listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 17,076 million, turnover Yen
129,563 million, recurring profit Yen 8,888 million, net profit Yen 4,449
million, total assets Yen 189,906 million, net worth Yen 77,305 million,
employees 1,760, pres Tatsuhiko Mimoto
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities:
Wholesales material handling and factory automation systems (--100%);
Factory Automation Systems: Newspaper distribution systems, material distribution systems,
bulk materials distribution systems, computer systems, industrial robots
(including chain conveyors, drive chains, conveyor chains, other material
handling systems);
Industrial Machinery: Belt conveyors, auto fuel supply systems, parts feeders,
automatic packaging systems, liquid filling machines, press & molding
machines, compressors, boilers, cranes, car parking towers, air-conditioning
facilities, stirring devices, other;
Power Transmission Systems: chains, conveyor belts, controllers, pneumatic tools, servo
motors, air blow nozzles, powder handling systems, other;
Vacuum Systems: HS collectors, vacuum pumps, vacuum exhaust systems, other;
Environmental Equipment: washing machines, dust collectors, crushing machines, recycling
plants, incinerators, liquid pumps, fan blowers, other;
Die-cast Products: Die-cast goods, precision molds, other.
(Detailed sales breakdowns unavailable).
Clients: [Mfrs, wholesalers] Toyota Motor, Mitsubishi Heavy Ind,
Matsushita Electric Ind, Mitsubishi Electric, Showa Denko, Aichi Tokei Denki,
Yomiuri Shimbun (Newspaper) group, Chunichi Shimbun, Meidensha Corp, Kubota
Corp, Toyota Ind Corp, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Tsubakimoto Chain (acting as agent
dealer), Mitsubishi Electric, Nachi-Fujikoshi Corp, Estic, Tsubakimoto Bulk
Systems, Taiyo Ltd, Kotobuki Diecastings, Ishikawajima-Harima Heavy Ind,
Matsuda Pump Engineering, Anlet Co, Ryoden Trading, other.
Payment record: Regular
Location: Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (Osaka)
SMBC (Umeda)
Relations: Satisfactory
FINANCES
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(in million yen) |
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Terms Ending: |
31/03/2005 |
31/03/2004 |
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INCOME STATEMENT |
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Annual
Sales |
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14,075 |
13,932 |
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Cost of
Sales |
12,418 |
12,405 |
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GROSS PROFIT |
1,657 |
1,526 |
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Selling
& Adm Costs |
1,507 |
1,462 |
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OPERATING PROFIT |
149 |
64 |
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Non-Operating P/L |
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RECURRING PROFIT |
121 |
40 |
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NET
PROFIT |
21 |
9 |
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BALANCE SHEET |
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Cash |
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395 |
1,046 |
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Receivables |
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4,801 |
4,928 |
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Inventory |
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773 |
539 |
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Securities, Marketable |
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Other
Current Assets |
668 |
645 |
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TOTAL CURRENT ASSETS |
6,637 |
7,158 |
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Property
& Equipment |
1,367 |
1,441 |
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Intangibles |
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7 |
7 |
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Investments, Other Fixed Assets |
(7) |
(47) |
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TOTAL ASSETS |
8,004 |
8,559 |
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Payables |
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4,931 |
5,216 |
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Short-Term Bank Loans |
1,025 |
1,602 |
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Other
Current Liabs |
57 |
117 |
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TOTAL CURRENT LIABS |
6,013 |
6,935 |
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Debentures |
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Long-Term Bank Loans |
590 |
264 |
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Reserve
for Retirement Allw |
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5 |
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Other
Debts |
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93 |
101 |
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TOTAL LIABILITIES |
6,696 |
7,305 |
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MINORITY INTERESTS |
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Common stock |
201 |
201 |
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Additional paid-in capital |
120 |
120 |
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Retained earnings |
1,106 |
1,092 |
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Evaluation p/l on investments/securities |
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Others |
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(120) |
(120) |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,307 |
1,293 |
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TOTAL EQUITIES |
8,004 |
8,599 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2005 |
31/03/2004 |
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Net Worth (S/Holders' Equity) |
1,307 |
1,293 |
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Current Ratio (%) |
110.38 |
103.22 |
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Net Worth Ratio (%) |
16.33 |
15.04 |
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Recurring Profit Ratio (%) |
0.86 |
0.29 |
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Net Profit Ratio (%) |
0.15 |
0.06 |
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Return On Equity (%) |
1.61 |
0.70 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |