MIRA
INFORM REPORT
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Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HORIZON INTERNATIONAL INC |
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Registered Office : |
510 Kuze-Ohyabucho Minamiku Kyoto 601-8206 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2008 |
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Date of Incorporation : |
August 1981 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export of Bookbinding Equipment |
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 : |
YEN920.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
HORIZON
INTERNATIONAL INC
REGD NAME: Horizon
International KK
MAIN OFFICE: 510 Kuze-Ohyabucho
Minamiku Kyoto 601-8206 JAPAN
Tel:075-934-6700 Fax:075-934-6708
*
Registered at: 1601 Asahi Shin-Asahicho Takashimagun Shiga-Pref
URL: http://www.horizon.co.jp/
E-Mail address:
info@horizon.co.jp
ACTIVITIES
Import, export of bookbinding
equipment
BRANCHES
Nil
FACTORY(IES)
(subcontracted)
OFFICER(S)
EIJIRO HORI, PRES
Hachiro Hori, dir
Atsuhi Suzaki, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,050 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen 4,866 M
STARTED 1981 EMPLOYES 30
COMMENT
TRADING HOUSE FOCUSING ON EXPORTS OF BOOKBINDING MACHINES..
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN920.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of an international trading division separated from Taiyo Seiki KK, an industrial machinery maker, Kyoto. This is one of the Hori-family owned group firms, consisting of Taiyo Seiki KK, Horizon KK, Horizon International Inc and two subsidi- ary agent dealers. The subject specializes in exporting bookbinding equipment their parts & peripher- als, produced by Taiyo Seiki to about 40 countries worldwide, centering to USA, Germany, UK, Asia, Australia, other. Exports to Germany started in 1982 after DRUPA 82 Trade Show (Germany) and to USA in 1985 after PRINT85 Trade Show (USA), thereafter expanded into other countries.
FINANCIAL INFORMATION
The sales volume for Jul/2007 fiscal term amounted to Yen 14,650 million, a 22% up from Yen 11,986 million in the previous term. Exports rose. Weaker Yen also contributed to sales growth. The net profit was posted at Yen 295 million, coming back to profitability after the red ink of Yen 492 million net losses in the previous term.
For the current term ending Jul 2008 the net profit is projected at Yen 300 million, on a 2.4% rise in turnover, to Yen15,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen920.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1981
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen10 million
Major shareholders (%)
Eijiro Hori (--100%)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Exports, imports and wholesales bookbinding equipment: folding, collating, binding, stitching cutting machines (--100%).
(Export 60%) Goods are produced by a subsidiary mfr, Taiyo Seiki Co Ltd, Kyoto. Exports to USA, UK, Germany, other worldwide destinations.
Clients
[Mfrs, wholesalers] Horizon Nishi Consul, Horizon Higashi Techno (--subsidiary deal- ers), other. Also exports to UK, Germany, USA, etc.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfr] Taiyo Seiki Co (owned by the Hori family)
Payment record
Regular
Location
Business area in Kyoto. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Kyoto Shinkin Bank (Kisshoin^)
Bank of Kyoto (Sai-In)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/07/2008 |
31/07/2007 |
31/07/2006 |
31/07/2005 |
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Annual
Sales |
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15,000 |
14,650 |
11,986 |
10,922 |
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Recur.
Profit |
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338 |
311 |
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Net
Profit |
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300 |
295 |
-492 |
252 |
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Total
Assets |
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6,015 |
6,490 |
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Current
Assets |
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4,880 |
4,443 |
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Current
Liabs |
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1,530 |
1,247 |
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Net
Worth |
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4,866 |
4,570 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.39 |
22.23 |
9.74 |
17.29 |
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Current Ratio |
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.. |
318.95 |
356.30 |
.. |
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N.Worth Ratio |
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80.90 |
70.42 |
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R.Profit/Sales |
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.. |
2.31 |
2.59 |
.. |
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N.Profit/Sales |
2.00 |
2.01 |
-4.10 |
2.31 |
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Return On Equity |
.. |
6.06 |
-10.77 |
.. |
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Notes: Forecast (or estimated) figures for the 31/07/2008 fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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%)