MIRA
INFORM REPORT
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Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
HRD CO LTD |
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Registered Office : |
3-6-44 Edobori Nishiku Osaka 550-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
September 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of FA Automation Systems,
Industrial Machines, other |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 163.2 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
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 FA automation systems, industrial machines,
other
BRANCHES
Tokyo, Osaka, Nagoya, Toyoda, Hiroshima, Kyoto, Shizuoka,
other (Tot 13)
FACTORY(IES)
Nagoya, Toyoda (--warehouses)
OFFICER(S)
SHINJI OKUMA, PRES
Eiji Yamane, mgn dir
Yoji Kurosaki, dir
Issei Omomura, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 15,665 M
PAYMENTS REGULAR CAPITAL Yen 201 M
TREND STEADY WORTH Yen 1,299 M
STARTED 1946 EMPLOYES 142
COMMENT
WHOLESALER
SPECIALIZING IN FA AUTOMATION SYSTEMS, INDUSTRIAL MACHINERY, OTHER.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 163.2 MILLION, 30 DAYS NORMAL TERMS.
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.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 15,665 million, an 11%dpwm from Yen 17,544 million in the previous
term. Affected by slumping industrial
activities. The recurring profit was
posted at Yen 190 million and the net profit at Yen 12 million, compared with
Yen 200 million recurring profit and Yen 24million net profit, respectively, a
year ago. Rising costs of fuel oils and
materials ate into profits.
For the term ending Mar 2008 the
recurring profit is projected at Yen 200 million and the net profit at Yen 15
million, respectively, on a 5% rise in turnover, to Yen16,500 million.
Financial situation is
considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 163.2
million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1946
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 16
million shares
Issued: 4,022,700
shares
Sum: Yen
201.13 million
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 155,746 million,
recurring profit Yen 14,545 million, net
profit Yen 8,541 million, total assets Yen 212,739 million, net worth Yen 8,541
million, employees 5,114, pres Tatsuhiko Mimoto
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Wholesales material handling and factory
automation systems (--100%);
Handling items:
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 Die- castings, 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
MUFG (Osaka)
SMBC (Dojima)
Relations: Satisfactory
Finances
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Terms
Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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16,500 |
15,665 |
17,554 |
14,075 |
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Recur.
Profit |
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200 |
190 |
200 |
121 |
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Net
Profit |
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15 |
12 |
24 |
21 |
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Total
Assets |
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9,100 |
8,229 |
8,004 |
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Current
Assets |
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7,889 |
6,895 |
6,637 |
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Current
Liabs |
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6,965 |
6,337 |
6,013 |
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Net
Worth |
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1,229 |
1,312 |
1,307 |
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Capital,
Paid-Up |
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201 |
201 |
201 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth
Rate |
5.33 |
-10.76 |
24.72 |
1.03 |
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Current
Ratio |
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.. |
113.27 |
108.81 |
110.38 |
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N.Worth
Ratio |
.. |
13.51 |
15.94 |
16.33 |
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R.Profit/Sales |
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1.21 |
1.21 |
1.14 |
0.86 |
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N.Profit/Sales |
0.09 |
0.08 |
0.14 |
0.15 |
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Return
On Equity |
.. |
0.98 |
1.83 |
1.61 |
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Notes: Forecast figures for the 31/03/2008 fiscal term.
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%)