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Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
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Name : |
USHIO LIGHTING INC |
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Registered Office : |
Shuwa Higashi-Yaesu Bldg, 2-9-1 Hatchobori Chuoku |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
March 1963 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of halogen lamps, lighting fixtures, movie
projectors |
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No. of Employees : |
345 employees |
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 : |
No Complaints |
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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 (31.03.2012) |
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 |
USHIO LIGHTING INC
Ushio Lighting KK
Shuwa
Higashi-Yaesu Bldg, 2-9-1 Hatchobori Chuoku Tokyo 104-0032 JAPAN
Tel: 03-3552-8261 Fax: 03-3552-8263
*.. The is its Fukusaki Factory in Hyogo-Pref
URL: http://www.ushiolighting.co.jp
E-Mail address: info@ushiolighting.co.jp
Mfg of
halogen lamps, lighting fixtures, movie projectors, other
Osaka,
Nagoya, Fukuoka, Tsukuba
Taiwan
Fukusaki
(as given), Yokohama
TAKAMASA
KITSUKAWA, PRES
Shiro
Ushio, ch Ryujiro
Tsubaki, dir
Yoshiaki
Maemoto, dir Tadashi Tagi,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 9,440 M
PAYMENTS No Complaints CAPITAL Yen
1,017 M
TREND SLOW WORTH Yen 7,646 M
STARTED 1963 EMPLOYES 345
MFR OF HALLOGEN LAMPS, OTHER, OWNED BY USHIO INC.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established as Japan Sealant KK, for mfg lamps, lights and lighting fixtures, and in1983 merged with a sister company and became the mfg division of Ushio Inc (See REGISTRATION), and its wholly owned consolidated subsidiary. This is a specialized mfr of halogen lamps, LED lights, UV lamps, fish-luring lights, stage lamps/lighting fixtures, other (See OPERATION). Products are actively exported. Clients include electric mfrs, film makers, food processors, other, nationwide.
The sales volume for Mar/2012 fiscal term amounted to Yen 9,440 million, a 9% down from Yen 10,349 million in the previous term. While the sales of LED lamps were good, sales of halogen lamps contracted in the second half of the year. The recurring profit was posted at Yen 268 million and the net profit at Yen 140 million, respectively, compared with Yen 373 million recurring profit and yen 255 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected at Yen 280 million and the net profit at Yen 150 million, respectively, on a 6% rise in turnover, to Yen 10,000 million. Shipment of equipment will recover, led by those for small & medium-sized LCDs. Sales of digital projectors will advance to non-cinema fields.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Mar 1963
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
6.8 million shares
Issued:
1,701,944 shares
Sum: Yen 1,017,485,000.00
Major shareholders (%): Ushio Inc* (100)
*..Mfr of special lamps, Tokyo, founded 1964, listed Tokyo S/E, capital Yen 19,556 million, Sales Yen 150,087 million, operating profit Yen 10,696 million, recurring profit Yen 13,112 million, net profit Yen 8,748 million, total assets Yen 210,553 million, net worth Yen 151,786 million, employees 5,556, pres Shiro Sugata
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures lamps, lights, lighting fixtures, other: LED lamps, halogen lamps, metal-halide lamps, xenon lamps, UV lamps, halogen heaters, fish-luring lights, alarm lamps, warning lights, stage lamps, stage lighting fixtures, digital cinema projectors, other (--100%)
Clients: [Mfrs, wholesalers] Ushio Inc, Fuji Film Corp, Ono Lighting, Morinaga Milk Ind, Marumo Electric Co, Ushio America Inc, Shuko Electric Co, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Christi Digital Systems Japan, Taiwan Ushio Lighting, Itochu Plastics, other.
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Resona Bank (Tokyo)
MUFG (Shin-Marunouchi)
Relations: Satisfactory
(In Million Yen)
|
Terms
Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
10,000 |
9,440 |
10,349 |
9,151 |
|
Recur.
Profit |
|
280 |
268 |
373 |
290 |
|
Net
Profit |
|
150 |
140 |
255 |
165 |
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Total
Assets |
|
|
10,603 |
10,512 |
10,217 |
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Current
Assets |
|
|
7,630 |
7,387 |
6,981 |
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Current
Liabs |
|
|
2,687 |
2,655 |
2,579 |
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Net
Worth |
|
|
7,646 |
7,576 |
7,371 |
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Capital,
Paid-Up |
|
|
1,017 |
1,017 |
1,017 |
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Div.P.Share(¥) |
|
|
0.00 |
49.00 |
129.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.93 |
-8.78 |
13.09 |
-14.79 |
|
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Current Ratio |
|
.. |
283.96 |
278.23 |
270.69 |
|
N.Worth Ratio |
.. |
72.11 |
72.07 |
72.14 |
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R.Profit/Sales |
|
2.80 |
2.84 |
3.60 |
3.17 |
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N.Profit/Sales |
1.50 |
1.48 |
2.46 |
1.80 |
|
|
Return On Equity |
.. |
1.83 |
3.37 |
2.24 |
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Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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.