MIRA
INFORM REPORT
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Report Date : |
25.05.2012 |
IDENTIFICATION DETAILS
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Name : |
HINO MOTORS LTD |
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Registered Office : |
3-1-1 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
May 1942 |
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Com. Reg. No.: |
0134-01-000626 (Tokyo-Hino) |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Mfg
of trucks, buses, parts & components |
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No. of Employees : |
25,619 |
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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Status : |
Good |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
HINO MOTORS Ltd
REGD NAME: Hino
Jidosha KK
MAIN OFFICE: 3-1-1
Tel:
042-586-5111 -
URL: http://www.hino-global.com
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
trucks, buses, parts & components
BRANCHES
Tokyo
(Minatoku), Hitachi Omiya, Hokkaido
OVERSEAS
China (3),
India, Indonesia, Malaysia, Thailand, Vietnam, Canada, USA,
Columbia,
Mexico, Venezuela, Belgium, Russia, Pakistan, Australia
FACTORIES
At the
caption address, Hamura, Gunma
OVERSEAS
China
(2), Thailand, Vietnam, Canada, USA, Columbia, Pakistan, Mexico
CHIEF EXEC
YOSHIO
SHIRAI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,314,588 M
PAYMENTS REGULAR CAPITAL Yen 72,717 M
TREND STEDY WORTH Yen 234,931 M
STARTED 1942 EMPLOYES 25,619
COMMENT
MFR OF TRUCKS & BUSES
FINANCIAL SITUATION COSIDERED
FAIR 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 ordinary trucks in Japan, and top-ranked distributor in
terms of sales units. Also undertakes
commission production of Toyota’s commercial vehicles and parts. Strengthening expanding markets in North
America and Latin America. Belongs to
Toyota Motor group. The company plans to
launch sales of the country’s first non-contact battery-charging hybrid bus in
the March 2014 term, targeting urban areas.
It will start customized production of mini trucks for independent
business operators, aiming at sales volume growth.
FINANCIAL INFORMATION
The sales
volume for Mar/2012 fiscal term amounted to Yen 1,314,588 million, a 5.8% up
from Yen 1,242,691 million in the previous term. The sales growth is due to stronger sales at
its subsidiaries in Indonesia and Thailand.
Its business in Thailand ahs resumed after slowing in the wake of the
massive floods that hit the Southeast Asian nation last year. Total unit sales of Hino Brand trucks and
buses increased 17.9% to 128 thousand units, while sales to Toyota Motor Corp
decreased 3.4% to 153 thousand units.
The recurring profit was posted at Yen 34,577 million and the net profit
at Yen 16,303 million, respectively, compared with Yen 25,058 million recurring
profit and Yen 10,041 million net losses, respectively, a year ago.
For the
current term ending Mar 2013 the recurring profit is projected at Yen 45,000
million and the net profit at Yen 28,000 million, on a 12.6% rise in turnover,
to Yen 1,480,000 million. Post-quake
demand will continue. Sales are expected
to rise in ASEAN and South America.
Production on consignment to Toyota Motor will take a recover path. Profits are estimated to decrease due to the
soaring materials costs and the strong Yen.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
REGISTRATION
Date Registered: May 1942
Regd No.:
0134-01-000626 (Tokyo-Hino)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 1,400 million shares
Issued:
574,580,000 shares
Sum: Yen 72,717
million
Major shareholders (%): Toyota Motor (50.1), Japan
Trustee Services T (4.4), Master Trust Bank of Japan T (4.4), JTSB (Chuo Mitsui
Trust Bank) (1.7), Tokio Marine & Nichido Fire Ins (1.0), Japan Trustee Services
T9 (0.9), Takenaka Corp (0.9), Company’s Treasury Stock (0.79, Nagasaka Corp
(0.7), Nisshinbo Holdings (0.7); foreign owner (13.6)
No. of shareholders:
10,594
Listed on the S/Exchange (s) of:
Tokyo, Nagoya
Managements: Kazuo Okamoto, ch; Yoshio Shirai,
pres; Masakazu Ichikawa, v pres; Toshinori Inoue, v pres; Kiyohide Okazaki,
s/mgn dir; Kenji Wagai, s/mgn dir; Akimasa Yamamoto,, s/mgn dir; Yasuo
Tanigawa, s/mgn dir; Koichi Ojima, s/mgn dir; Kenji Suzuki, s/mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Hino
Indonesia, Hino Thailand, Tokyo chino, other.
OPERATION
Activities: Manufactures trucks & buses, bus
chassis, diesel engines (42%), consigned car production to Toyota Motor (28%),
replacement parts & components (6%), others (24%)
Overseas Sales Ratio (34.0%): Asia 22.6%, North America
5.6%, Oceania 2.6%, Latin America 2.3%, others 1.2%
Clients: [Car makers, wholesalers] Toyota
Motor, Tokyo Hino Motor, Osaka Hino Motor, Yokohama Hino Motor, Kyushu Hino
Motor, Hino Motor Indonesia, Hino Motor USA, Hino Motor Thailand, other
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] J Bus Sohshin, Sawafuji Electric Co, Takebe Tekkosho,
Fukushima
Steel Works, Sankyo Radiator, Trantechs Corp, Riken Forge Co, other
Payment record:
Regular
Location:
Business area in Hino City, Tokyo-Metrop.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
SMBC
(H/O)
MUFG
(Nihombashi-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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1,314,588 |
1,242,691 |
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Cost of Sales |
1,136,424 |
1,076,303 |
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GROSS PROFIT |
178,163 |
166,387 |
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Selling & Adm Costs |
140,635 |
137,485 |
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OPERATING PROFIT |
37,527 |
28,902 |
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Non-Operating P/L |
-2,950 |
-3,844 |
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RECURRING PROFIT |
34,577 |
25,058 |
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NET PROFIT |
16,303 |
-10,041 |
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BALANCE SHEET |
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Cash |
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25,850 |
33,929 |
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Receivables |
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168,511 |
185,809 |
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Inventory |
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122,084 |
94,521 |
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Securities, Marketable |
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Other Current Assets |
138,227 |
14,642 |
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TOTAL CURRENT ASSETS |
454,672 |
328,901 |
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Property & Equipment |
287,821 |
295,371 |
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Intangibles |
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17,019 |
18,078 |
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Investments, Other Fixed Assets |
85,496 |
79,795 |
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TOTAL ASSETS |
845,008 |
722,145 |
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Payables |
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237,347 |
164,268 |
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Short-Term Bank Loans |
76,580 |
68,239 |
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Other Current Liabs |
163,665 |
114,644 |
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TOTAL CURRENT LIABS |
477,592 |
347,151 |
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Debentures |
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Long-Term Bank Loans |
39,063 |
77,277 |
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Reserve for Retirement Allw |
52,724 |
43,019 |
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Other Debts |
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40,697 |
38,259 |
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TOTAL LIABILITIES |
610,076 |
505,706 |
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MINORITY INTERESTS |
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Common
stock |
72,717 |
72,717 |
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Additional
paid-in capital |
64,361 |
64,327 |
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Retained
earnings |
66,472 |
53,589 |
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Evaluation
p/l on investments/securities |
18,508 |
13,363 |
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Others |
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14,393 |
14,100 |
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Treasury stock, at cost |
(1,520) |
(1,658) |
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TOTAL S/HOLDERS`
EQUITY |
234,931 |
216,438 |
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TOTAL EQUITIES |
845,008 |
722,145 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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35,266 |
80,241 |
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Cash Flows
from Investment Activities |
-38,703 |
-29,981 |
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Cash
Flows from Financing Activities |
-4,471 |
-45,565 |
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Cash,
Bank Deposits at the Term End |
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25,520 |
34,150 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
234,931 |
216,438 |
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Current
Ratio (%) |
95.20 |
94.74 |
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Net
Worth Ratio (%) |
27.80 |
29.97 |
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Recurring
Profit Ratio (%) |
2.63 |
2.02 |
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Net Profit
Ratio (%) |
1.24 |
-0.81 |
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Return
On Equity (%) |
6.94 |
-4.64 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.56.28 |
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1 |
Rs.88.25 |
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Euro |
1 |
Rs.70.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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.