MIRA INFORM REPORT

 

 

 

Report Date :

27.06.2012

 

IDENTIFICATION DETAILS

 

Name :

HOSHIZAKI ELECTRIC CO LTD

 

 

Registered Office :

3-16 Minamiyakata-Sakae Toyonaka Aichi-Pref 170-1168

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

Feb 1947

 

 

Legal Form :

Limited Company (Kabushiki Kaisha

 

 

Line of Business :

Manufactures ice-making machines

 

 

No. of Employees :

10,195

 

 

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

 

Status :

Good

Payment Behaviour :

Regular

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

HOSHIZAKI ELECTRIC CO LTD

REGD NAME:    Hoshizaki Denki KK

MAIN OFFICE:  3-16 Minamiyakata-Sakae Toyonaka Aichi-Pref 170-1168 JAPAN

Tel: 0562-97-2111     -

 

URL:                 http://www.hoshizaki.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of ice-making machines, business-use refrigerators, dispensers

 

 

BRANCHES

 

Nationwide (19(

 

 

OVERSEAS

 

28 offices

 

 

FACTORIES

 

At the caption address

 

 

CHIEF EXEC

 

YURIHIKO SUZUKI PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 　A/SALES       Yen 173,000 M

PAYMENTS      REGULAR         　CAPITAL        Yen 7,812 M

TREND UP                    　WORTH         Yen 116,136 M

STARTED         1947                 　EMPLOYES   10,195

 

 

COMMENT

 

MFR OF ICE-MAKING MACHINES, REFRIGERATORS, OTHER 

FINANCIAL SITUATION COSIDERED FAI AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

Unit: In Million Yen

Forecast figures for the 31/03/2013 fiscal term.

 

 

HIGHLIGHTS

 

This is the leading mfr of commercial-use kitchen equipment.  Established in 1947 as cooperative factory of Brother Industries.  Maintains 30% global share in ice-making equipment.  Also top-ranked maker of business-use refrigerators, freezers in Japan.  Aggressive in M&A activities.  The company intends to focus on cultivation of new customers in non-restaurants, such as hospitals.  It will stress marketing of industrial pre-fabricated freezers and refrigerators and cooking appliances, while opening Osaka branch office to enhance customer service to cultivate new customers for refrigerators.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2012 fiscal term amounted to Yen 173,000 million, a 2.14% up from Yen 109,370 million in the previous term.  Exports were hurt by the high Yen.  The recurring profit was posted at Yen 13,560 million and the net profit at Yen 7,220 million, respectively, compared with Yen 13,056 million recurring profit and Yen 8884 million net profit, respectively, a year ago. 

           

            For the current term ending Mar 2013 the recurring profit is projected at Yen 13,000 million and the net profit at Yen 7,300 million, on a 1.0% rise in turnover, to Yen 171,000 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

           

Date Registered:　     Feb 1947

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       250 million shares

Issued:                72,118,250

Sum:                   Yen 7,812 million

 

Major shareholders (%): Hoshizaki Green Foundation (8.0), Group Employees’ S/Holding Assn (6.3), Sakamoto Donation Foundation (4.4), JPM-organ Chase Bank (2.6), Seishi Sakamoto (2.5), Kaoru Sunagi (2.4), Yutaka Snagi (2.4), Goldman Sachs (2.4), Mika Inamori (2.2), Junko Morii (2.3); foreign owners (17.1)

 

No. of shareholders: 3,088

Listed on the S/Exchange (s) of: Tokyo, Nagoya

 

Managements: Seishi Sakamoto, ch; Yukihiko Suzuki, pres; Nobutaka Naruse, s/mgn dir; Yasuhiro Urat, s/mgn dir; Masdami Hongo, mgn dir

 

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

 

 

OPERATION

           

Activities: Manufactures ice-making machines (17%), business-use refrigerators (23%), dish washers (6%), dispensers (14%), purchased products (14%), maintenance & repairing (19%), others (9%)

Overseas sales ratio (22%)

           

Clients: [Mfrs, wholesalers

No. of accounts: Hoshizaki Group domestic

Domestic areas of activities: & overseas

Suppliers: [Mfrs, wholesales] Hoshizaki Group

 

Payment record: Regular

 

Location: Business area in Toyoake, ichi-Pref.  The premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

Nagoya Bank (H/O)

SMBC (Nagoya)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

42,934

40,875

 

  Cost of Sales

26,643

25,644

 

      GROSS PROFIT

16,290

15,230

 

  Selling & Adm Costs

12,681

12,359

 

      OPERATING PROFIT

3,609

2,871

 

  Non-Operating P/L

671

257

 

      RECURRING PROFIT

4,280

3,128

　

      NET PROFIT

2,454

1,784

BALANCE SHEET

 

 

 

 

  Cash

　

77,631

81,418

 

  Receivables

 

21,919

17,069

 

  Inventory

 

14,283

12,868

 

  Securities, Marketable

7,401

6,410

 

  Other Current Assets

5,419

4,381

 

      TOTAL CURRENT ASSETS

126,653

122,146

 

  Property & Equipment

37,653

122,147

 

  Intangibles

 

13,492

13,707

 

  Investments, Other Fixed Assets

13,342

(72,718)

 

      TOTAL ASSETS

191,140

185,282

 

  Payables

 

12,567

9,490

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

43,534

42,633

 

      TOTAL CURRENT LIABS

56,101

52,123

 

  Debentures

 

12,567

9,490

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

4,542

2,206

 

  Other Debts

　

1,793

7,018

 

      TOTAL LIABILITIES

75,003

70,837

 

      MINORITY INTERESTS

 

 

 

Common stock

7,812

7,812

 

Additional paid-in capital

14,335

14,335

 

Retained earnings

100,458

100,167

 

Evaluation p/l on investments/securities

(90)

(176)

 

Others

 

(6,379)

(7,693)

 

Treasury stock, at cost

0

0

 

      TOTAL S/HOLDERS` EQUITY

116,136

114,445

　

      TOTAL EQUITIES

191,140

185,282

ANALYTICAL RATIOS           Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

116,136

114,445

 

 

Current Ratio (%)

225.76

234.34

 

 

Net Worth Ratio (%)

60.76

61.77

 

 

Recurring Profit Ratio (%)

9.97

7.65

 

 

Net Profit Ratio (%)

5.72

4.36

 

 

Return On Equity (%)

2.11

1.56

           

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.57.07

UK Pound

1

Rs.88.95

Euro

1

Rs.71.40

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.