MIRA
INFORM REPORT
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Report Date : |
23.09.2011 |
IDENTIFICATION DETAILS
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Name : |
HINO TSUSHO CO LTD |
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Registered Office : |
2-2 Kuboyamacho Hachioji Tokyo-Pref
192-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
August 1988 |
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Com. Reg. No.: |
(Tokyo-Hachioji) 004329 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export,
wholesale of automotive parts, industrial machinery |
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 193.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
HINO TSUSHO CO LTD
REGD NAME: Hino
Tsusho KK
MAIN OFFICE: 2-2 Kuboyamacho
Hachioji Tokyo-Pref 192-0023 JAPAN
Tel: 042-696-4307 Fax: 042-696-4350
URL: http://www.hinotsusho.co.jp
E-Mail address: webmaster@hinotsusho.co.jp
ACTIVITIES
Import, export, wholesale
of automotive parts, industrial machinery
BRANCHES
Tokyo (2), Gunma
OFFICERS
TADASHI YODA, PRES Toshiaki Sato, s/mgn
dir
Fujio Yokota, dir Osamu
Nakagawa, dir
Jun’ichi Iwasaki,
dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,494 M
PAYMENTS REGULAR CAPITAL Yen 200 M
TREND SLOW WORTH Yen
1,389 M
STARTED 1988 EMPLOYES 60
COMMENT
TRADING FIRM SPECIALIZING IN AUTOMOTIVE PARTS, OWNED BY HINO
MOTORS CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 193.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
on the basis of a trading division separated from Hino Motors Co Ltd, mfr of
trucks (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of automotive parts/equipment, industrial
machinery, insurance broking, travel agency work, other (See OPERATION). 60% of the goods are shipped to the parent,
Hino Motors Co Ltd. Clients include
National Defense Agency.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 7,494 million, a 30% hike from Yen 5,750 million in the
previous term. Market recovered. Total demand for trucks market increased
23.5% over the last year, thanks to tax breaks and incentives for green
vehicles. The recurring profit was
posted at Yen 235 million and the net profit at Yen 132 million, respectively,
compared with Yen 162 million recurring profit and Yen 90 million net profit,
respectively, a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 250 million and the net profit at Yen 140
million, respectively, on a 5% rise in turnover, to Yen 7,900 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 193.5 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Aug
1988
Regd No.:
(Tokyo-Hachioji) 004329
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 16,000 shares
Issued: 4,000 shares
Sum: Yen 200 million
Major
shareholders (%): Hino Motors Co Ltd* (90), Tokio Marine & Nichido Fire Ins (20)
No. of shareholders: 2
*.. Top-ranked mfr of large/medium sized
trucks in Japan, Tokyo, founded 1942, listed Tokyo & Nagoya S/E’s, capital
Yen 72,717 million, sales Yen 1,242,691 million, operating profit Yen 28,902
million, recurring profit Yen 25,058 million, net loss Yen 10,041 million,
total assets Yen 722,145 million, net worth Yen 216,438 million, employees
24,934, pres Yoshio Shirai
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports
and wholesales automotive parts/equipment, industrial machinery, machine tools,
chemical products, life & non-life insurance broking, travel agency, others
(--100%).
Clients: [Mfrs,
wholesalers] Hino Motors (60%), Defense Agency, Denyo Co, Sakai Heavy Ind,
Mitsui Seiki Kogyo, Tokyo Electric Ind, Satis Int’l Pte Ltd (Singapore), other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Hino Motors (50%), Sohshin Co, Ito NC Kogyo, Masada Seisakusho, Trantechs Corp,
other
Payment record: Regular
Location: Business area in
Hachioji, Tokyo-Metrop. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Hino)
Mizuho Bank
(Hachioji)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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7,900 |
7,494 |
5,750 |
7,899 |
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Recur.
Profit |
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250 |
235 |
162 |
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Net
Profit |
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140 |
132 |
90 |
44 |
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Total
Assets |
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4,150 |
3,431 |
3,590 |
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Current
Assets |
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3,111 |
2,396 |
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Current
Liabs |
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2,588 |
1,983 |
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Net
Worth |
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1,389 |
1,299 |
1,222 |
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Capital,
Paid-Up |
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200 |
200 |
200 |
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Div.P.Share(Ą) |
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46.00 |
15.00 |
800.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.42 |
30.33 |
-27.21 |
2.16 |
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Current Ratio |
|
.. |
120.21 |
120.83 |
.. |
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N.Worth Ratio |
.. |
33.47 |
37.86 |
34.04 |
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R.Profit/Sales |
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3.16 |
3.14 |
2.82 |
.. |
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N.Profit/Sales |
1.77 |
1.76 |
1.57 |
0.56 |
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Return On Equity |
.. |
9.50 |
6.93 |
3.60 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, HINO MOTORS
CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,242,691 |
1,023,495 |
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Cost of Sales |
1,076,303 |
898,968 |
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GROSS PROFIT |
166,387 |
124,526 |
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Selling & Adm Costs |
137,485 |
123,394 |
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OPERATING PROFIT |
28,902 |
1,132 |
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Non-Operating P/L |
-3,844 |
-2,782 |
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RECURRING PROFIT |
25,058 |
-1,914 |
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NET PROFIT |
-10,041 |
-3,011 |
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BALANCE SHEET |
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Cash |
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33,929 |
30,659 |
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Receivables |
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185,809 |
202,844 |
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Inventory |
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94,521 |
92,460 |
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Securities, Marketable |
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Other Current Assets |
14,642 |
29,974 |
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TOTAL CURRENT ASSETS |
328,901 |
355,937 |
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Property & Equipment |
295,371 |
316,958 |
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Intangibles |
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18,078 |
21,839 |
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Investments, Other Fixed Assets |
79,795 |
83,075 |
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TOTAL ASSETS |
722,145 |
777,809 |
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Payables |
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164,268 |
177,505 |
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Short-Term Bank Loans |
68,239 |
105,598 |
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Other Current Liabs |
114,644 |
68,526 |
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TOTAL CURRENT LIABS |
347,151 |
351,629 |
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Debentures |
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Long-Term Bank Loans |
77,277 |
117,146 |
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Reserve for Retirement Allw |
43,019 |
41,331 |
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Other Debts |
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38,259 |
39,986 |
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TOTAL LIABILITIES |
505,706 |
550,092 |
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MINORITY INTERESTS |
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Common
stock |
72,717 |
72,717 |
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Additional
paid-in capital |
64,327 |
64,327 |
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Retained
earnings |
53,589 |
65,983 |
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Evaluation
p/l on investments/securities |
13,363 |
14,227 |
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Others |
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14,100 |
11,612 |
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Treasury
stock, at cost |
(1,658) |
(1,149) |
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TOTAL S/HOLDERS` EQUITY |
216,438 |
227,717 |
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TOTAL EQUITIES |
777,145 |
777,809 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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80,241 |
80,304 |
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Cash
Flows from Investment Activities |
-29,981 |
-40,392 |
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Cash
Flows from Financing Activities |
-45,565 |
-39,364 |
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Cash,
Bank Deposits at the Term End |
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34,150 |
30,380 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
216,438 |
227,717 |
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Current
Ratio (%) |
94.74 |
101.23 |
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Net
Worth Ratio (%) |
27.85 |
29.28 |
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Recurring
Profit Ratio (%) |
2.02 |
-0.19 |
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Net
Profit Ratio (%) |
-0.81 |
-0.29 |
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Return
On Equity (%) |
-4.64 |
-1.32 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
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|
1 |
Rs.75.48 |
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Euro |
1 |
Rs.66.10 |
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 |
|
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 |
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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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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.