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Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
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Name : |
HINO SYSTECH CORPORATION |
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Registered Office : |
1-20-2 Minami-Rokugo Otaku Tokyo 144-0045 |
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Country : |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
October 1957 |
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Com. Reg. No.: |
0108-01-010052 (Tokyo-Otaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of electric equipment, control console, switch board, other |
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No. of Employees : |
80 |
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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 : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World
War II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest economy
in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
Source : CIA
HINO SYSTECH CORPORATION
REGD NAME: Hino
Systech KK
MAIN OFFICE: 1-20-2
Minami-Rokugo Otaku Tokyo 144-0045 JAPAN
Tel: 03-3732-3591
Fax: 03-3739-7249
URL: http://www.hino-systech.co.jp
E-Mail address: n-ueno@hino-systech.co.jp (products); s-muramatsu@hino-systech.co.jp
(technical)
Mfg of electric
equipment, control console, switch board, other
Nil
(subcontracted)
AKIRA KUMAZAWA,
PRES
Masanori Hino, ch
Michihiro
Takahashi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,184 M
PAYMENTS SLOW
BUT CORRECT CAPITAL Yen 45 M
TREND SLOW WORTH Yen
207 M
STARTED 1957 EMPLOYES 80
MFR OF ELECTRIC EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$150,000.00.
The subject company was established
by Eiji Hino originally in 1950 for starting electric work business. Incorporated in 1957 the firm has been
succeeded by his descendants. This is a
specialized mfr of electric equipment, control console, switch board, monitor
control systems, process instrument system, offering electric instrumentation
work, other. Clients include major heavy
machinery makers, construction companies, Tokyo-Metrop Office, other.
The sales volume for Sept/2011
fiscal term amounted to Yen 1,184 million, a 21% down from Yen 1,225 million in
the previous term. Demand decreased substantially
from heavy machinery makers due to slowing capital spending. The recurring profit was posted at Yen 1
million, but the bottom line posted Yen 21 million net losses for the term,
compared with Yen 27 million recurring profit and Yen 1 million net profit,
respectively, a year ago.
For the term that just ended Sept
2012 the recurring profit was projected at Yen 30 million and the net profit at
Yen 20 million, respectively, on a 1% rise in turnover, to Yen 1,200
million. Final results are yet to be
released.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Oct 1957
Regd No.:
0108-01-010052 (Tokyo-Otaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 360,000 shares
Issued: 90,000 shares
Sum: Yen 45 million
Major
shareholders (%): Masayasu Hino (20), Akira Kumazawa (13), Masanori Hino (12), Employees’
S/Holding Assn (10), Hatsue Hino (7)
No. of shareholders: 28
Nothing detrimental
is known as to the commercial morality of executives.
Activities: Manufactures
electric equipment: control console, switch board, instrument board, monitor
controlling system, anti-disaster equipment, process instrumentation system,
others, offering electric instrumentation work (--100%)
Clients: [Mfrs,
wholesalers] NGC Corp, Chiyoda Corp, Mitsubishi Heavy Ind, IHI Corp,
Tokyo-Metrop Office, Kawasaki Heavy Ind, JFE Engineering, Ebara Corp, Mitsui
Engineering & Shipbuilding Ind, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kanaden Corp, Teruya Electric Co, Aitech Engineering, HIMA,
Midoriya Techno Co, Takagi Shokai,
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Kamata)
Mizuho Bank
(Kamata)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
30/09/2012 |
30/09/2011 |
30/09/2010 |
30/09/2009 |
|
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Annual
Sales |
|
1,200 |
1,184 |
1,225 |
1,524 |
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Recur.
Profit |
|
30 |
1 |
27 |
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Net
Profit |
|
20 |
-21 |
1 |
7 |
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Total
Assets |
|
|
963 |
798 |
869 |
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Current
Assets |
|
|
661 |
501 |
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Current
Liabs |
|
|
449 |
459 |
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Net
Worth |
|
|
207 |
229 |
227 |
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Capital,
Paid-Up |
|
|
45 |
45 |
45 |
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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 |
1.35 |
-3.35 |
-19.62 |
5.54 |
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Current Ratio |
|
.. |
147.22 |
109.15 |
.. |
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N.Worth Ratio |
.. |
21.50 |
28.70 |
26.12 |
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R.Profit/Sales |
|
2.50 |
0.08 |
2.20 |
.. |
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N.Profit/Sales |
1.67 |
-1.77 |
0.08 |
0.46 |
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Return On Equity |
.. |
-10.14 |
0.44 |
3.08 |
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Notes: Forecast
(or estimated) figures for the 30/09/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.67 |
|
|
1 |
Rs.86.05 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.