MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
HITACHI TRANSPORT SYSTEM LTD |
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Registered Office : |
Sun & Sun Bldg, 7-2-18 Toyo Kotoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Aug 1969 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Land transport |
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 14742.4 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
HITACHI TRANSPORT SYSTEM LTD
REGD NAME
KK Hitachi
Butsuryu
MAIN OFFICE
Sun & Sun
Bldg, 7-2-18 Toyo Kotoku
Tel : 03-5634-0333
Fax : 03-5634-0299
URL : http://www.hitachi-hb.co.jp/
E-Mail address: koho@hitachi-hb.co.jp (General)
ACTIVITIES
Land transport
BRANCH(ES)
OVERSEAS
(Subsidiaries/affiliated):
(Number of offices): Domestic 200; overseas 120
CHIEF EXEC
TAKAO SUZUKI, PRES
& CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 303,958 M
PAYMENTS REGULAR CAPITAL Yen 16,803 M
TREND STEADY WORTH Yen
133,393 M
STARTED 1959 EMPLOYES 7,940
COMMENT
LAND TRANSPORT SERVICE COMPANY, AFFILIATED TO HITACHI LTD. FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 14,742.4 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established on the basis of transport
divisions at plants & sales offices separated from Hitachi Ltd, largest
comprehensive mfr of electrical machinery,
Reported Distribution Agreement with
Businesses:
Domestic Logistics
Third Party Logistics (3PL) Business (Domestic)
(Logistics System Integration,
Information Control, Inventory Control, Order Control, Value Added Services,
Distribution Center Operation, Factory Logistics, Transportation & Delivery
Services);
Transportation, Installation & Setting of General Cargo, Heavy
Machineries & Artworks;
Factory & Office Moving;
Warehousing and Trunk Room Services;
Collection & Transportation of Industrial Waste;
Global Logistics:
Third Party
Logistics (3PL) Business (International)
(Customs Clearance, International Through Transportation by Surface,
Ocean & Air);
Overseas Logistics;
Air Cargo sales agent business;
Other Services:
Logistics Consulting; Logistic System Designing & Development;
Information System business; Computer sales; Travel Agency business; Automobile
Inspection Service; Car Sales & Rental; Real Estate Agent business; Driving
School, other.
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 303,958 million, a 6.4% up from Yen 285,723 million in the previous term. Domestic 3PL (3rd party logistics) expanded, with launching new areas in Information/Telecommunications such as IT-related products, office equipment & parts, etc. In Kansai, new areas of pharmaceuticals and medical goods were launched. By divisions, Domestic Transport up 7% to Yen 216,230 million; International Transport up 9% to Yen 69,559 million, thanks to robust exports into N America & Europe. The recurring profit was posted at Yen 12,168 million and the net profit at Yen 6,787 million, respectively, compared with Yen 10,302 million recurring profit and Yen 5,089 million net profit, respectively, a year ago.
(Apr/Jun/2007 results): Sales Yen 81,302 million (up 13.9%),
operating profit Yen 2,714 million (up 22.7%), recurring profit Yen 2,829
million (up 24.1%), net profit Yen 1,471 million (up 19.3%). (% compared with
the same period last year). Handling
volume expanded, thanks in part for the contribution of newly acquired
Shiseido’s distribution subsidiary, now named Hitachi Collabonext Transport
System Co Ltd. Also generated new
business areas in food, retailing, automotive parts and medical supplies. In
For the current term ending Mar 2008 the recurring profit is projected at Yen 13,200 million and the net profit at Yen 7,300 million, on an 8.6% rise in turnover, to Yen 330,000 million. 2 Kanto & Kansai large-scale distribution centers, launched in last term, will contribute fully. Newly-bought Shiseido’s subsidiary will make extra contribution. Operating profits will rise with reduced outsourcing and other expenses paying off.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 14,742.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1969
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 292 million shares
Issued: 111,776,714 shares
Sum: Yen 16,803 million
Major shareholders (%): Hitachi Ltd*(53.1), Chuo Shoji (5.6), Japan Trustee Services Bank (5.0), Employees’
S/Holding
Assn (1.9), Master Trust Bank of
Morgan
Chase Bank (1.0), CBNYDFA Int’l Cap Value P (0.9), Bank of
Jasdic
(0.9),
No. of
shareholders: 7,541
*.. Major comprehensive mfr of electrical machinery, Tokyo,
founded 1920, listed Tokyo, Osaka, Nagoya, New York S/E’s, capital Yen 282,033
million, turnover Yen 10,247,903 million, recurring profit Yen 202,338 million,
net losses Yen 32,799 million, total assets Yen 10,644,259 million, net worth
Yen 2,442,797 million, employees 384,444, pres Kazuo Furukawa.
Listed on the
S/Exchange (s) of:
Managements: Tadamichi Sakiyama, ch; Takao Suzuki, pres & CEO, Masayuki Takegawa, v pres; Takuji
Matsuba, v pres; Tetsuji Sekiyama, v pres; Kazuo Tsuda, v pres, Shunkai Horiyasu, v
pres; Izumi Yoshida, s/mgn dir; Eiji Tanaka, s/mgn dir; Shinya Hasegawa, s/mgn dir;
Kazuki Terada, s/mgn dir
Related companies:
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Transportation service provider:
Domestic transport (71%), International transport (23%), Others (6%)
(See HIGHLIGHTS
for Business Service details).
Clients: [Mfrs, chain stores] Hitachi Ltd, Hitachi Appliance,
Aeon Co (supermarket chain operator), Adidas
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Transport service providers, ship & air lines] Kansai Hitachi Transportation Service, Nishi-Kanto Hitachi Transportation Service, Chubu Hitachi Transportation Service, other group firms
Payment record:
Regular
Location: Business area in
Bank References
MUFG (
Mizuho Corporate
Bank (H/O)
Relations:
Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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303,958 |
285,723 |
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Cost of Sales |
276,229 |
260,721 |
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GROSS PROFIT |
27,729 |
25,002 |
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Selling & Adm Costs |
15,983 |
14,852 |
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OPERATING PROFIT |
11,746 |
10,150 |
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Non-Operating P/L |
422 |
152 |
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RECURRING PROFIT |
12,168 |
10,302 |
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NET PROFIT |
6,787 |
5,089 |
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BALANCE SHEET |
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Cash |
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4,116 |
6,832 |
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Receivables |
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63,848 |
59,598 |
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Inventory |
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507 |
440 |
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Securities, Marketable |
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Other Current Assets |
39,588 |
37,880 |
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TOTAL CURRENT ASSETS |
108,059 |
104,750 |
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Property & Equipment |
82,459 |
79,632 |
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Intangibles |
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3,707 |
4,104 |
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Investments, Other Fixed Assets |
14,058 |
12,488 |
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TOTAL ASSETS |
208,283 |
200,974 |
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Payables |
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22,230 |
21,651 |
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Short-Term Bank Loans |
4,000 |
71 |
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Other Current Liabs |
23,402 |
20,766 |
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TOTAL CURRENT LIABS |
49,632 |
42,488 |
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Debentures |
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Long-Term Bank Loans |
12,000 |
16,000 |
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Reserve for Retirement Allw |
11,069 |
12,299 |
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Other Debts |
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2,189 |
2,054 |
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TOTAL LIABILITIES |
74,890 |
72,841 |
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MINORITY INTERESTS |
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294 |
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Common
stock |
16,803 |
16,803 |
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Additional
paid-in capital |
13,427 |
12,427 |
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Retained
earnings |
101,870 |
96,888 |
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Evaluation
p/l on investments/securities |
669 |
807 |
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Others |
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797 |
1,086 |
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Treasury
stock, at cost |
(173) |
(172) |
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TOTAL S/HOLDERS` EQUITY |
133,393 |
127,839 |
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TOTAL EQUITIES |
208,283 |
200,974 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows
from Operating Activities |
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9,858 |
9,018 |
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Cash
Flows from Investment Activities |
-9,319 |
-6,052 |
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Cash
Flows from Financing Activities |
-1,710 |
-1,637 |
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Cash,
Bank Deposits at the Term End |
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37,263 |
38,311 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
133,393 |
127,839 |
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Current
Ratio (%) |
217.72 |
246.54 |
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Net
Worth Ratio (%) |
64.04 |
63.61 |
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Recurring
Profit Ratio (%) |
4.00 |
3.61 |
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Net
Profit Ratio (%) |
2.23 |
1.78 |
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Return
On Equity (%) |
5.09 |
3.98 |
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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. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)