MIRA INFORM REPORT

 

 

Report Date :           

13.09.2011

 

IDENTIFICATION DETAILS

 

Name :

HIGAKI SANGYO KK

 

 

Registered Office :

Imabari Zosen Honsha Bldg 4F, 1-4-52 Kouracho Imabari Ehime-Pref 799-2111

 

 

Country :

japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

January 1966

 

 

Com. Reg. No.:

(Ehime-Imabari) 012188

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of ship parts, ship repairing

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 2.1 Million

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

Litigation :

---

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

HIGAKI SANGYO KK

 

 

REGD NAME

 

Higaki Sangyo KK

 

 

MAIN OFFICE

 

Imabari Zosen Honsha Bldg 4F, 1-4-52 Kouracho Imabari Ehime-Pref 799-2111, JAPAN

Tel: 0898-41-9903      Fax: 0898-41-9903

                                               

URL:                             http://www.imazo.co.jp (Of the parent, Imabari Shipbuilding Co Ltd)

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Mfg of ship parts, ship repairing

 

 

BRANCHES

 

Nil

 

 

FACTORIES  

 

At the caption address

 

 

OFFICERS

 

TAKUMI HIGAKI, PRES            

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 120 M

PAYMENTS      REGULAR                     CAPITAL           Yen 80 M

TREND             SLOW                          WORTH            Yen 110 M

STARTED                     1966                             EMPLOYES      26

                                   

           

COMMENT    

 

MFG OF SHIP PARTS, SHIP REPAIRING, WHOLLY OWNED BY IMABARI

 

SHIPBUILDING CO LTD.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 2.1 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a ship repairing division separated from Imabari Shipbuilding Co Ltd (See REGISTRATION).  Takumi Higaki is concurrently v pres at the parent.  This business specializes in mfg ship parts, steel plates, offering ship repairing.  Clients are Imabari Group firms.

 

 

FINANCIAL INFORMATION

           

Financial are consolidated by the parent and not disclosed and only partially disclosed.

 

The sales volume for Dec/2010 fiscal term amounted to Yen 120 million, an 8% down from Yen 130 million in the previous term.  Ship market is slow to recover.  The net profit was posted at Yen 1 million, similarly in the previous term.

 

For the current term ending Dec 2011 the net profit is projected at Yen 1 million, on a similar turnover, at Yen 120 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements on the financial strength of the parent, Imabari Shipbuilding Co Ltd.  Max credit limit is estimated at Yen 2.1 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Jan 1966

Regd No.:           (Ehime-Imabari) 012188

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         640,000 shares

Issued:                160,000 shares

Sum:                   Yen 80 million

Major shareholders (%): Imabari Shipbuilding Co Ltd* (100)

 

*.. Ship builder at the caption address, founded 1943, capital Yen 433,287 million, net profit Yen 20,470 million, employees 1,100, pres Yukito Higaki, owned wholly by the Higaki family.

                       

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures ship parts, steel plates, ship repairing, other (--100%)

 

Clients: [Mfrs, wholesalers] Imabari Shipbuilding Co, Koyo Dockyard, Iwaki Zosen Co, Shimanami Shipyard Co, I-S Shipyard, Shin Kasado Dockyard, Shoei Kisen Kaisha, other 

           

No. of accounts: 50

Domestic areas of activities: Limited in Shikoku

 

Suppliers: [Mfrs, wholesalers] Mitsui & Co, Metal One Corp, Sumitomo Corp, Mitsubishi Heavy Machinery Ind, Showa Shell Sekiyu, Daiei Kogyo, Marubeni-Itochu Steel Inc, Hanshin Diesel Works, Itoh Kozai Co, other

 

Payment record: Regular

 

Location: Business area in Imabari City, Ehime-Pref.  Office premises at the caption address are owned by the parent, Imabari Shipyard Co Ltd, and maintained satisfactorily.

 

Bank References:

·         Mizuho Bank (Imabari)

·         Iyo Bank (Imabari)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

120

120

130

140

Recur. Profit

　

　

　

　

　

Net Profit

　

1

1

1

1

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

110

109

108

Capital, Paid-Up

　

　

80

80

80

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

0.00

-7.69

-7.14

0.00

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.83

0.83

0.77

0.71

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/12/2011 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.97

UK Pound

1

Rs.74.22

Euro

1

Rs.63.66

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.