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Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
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Name : |
MAEKAWA BEARING MFG CO LTD |
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Registered Office : |
1-14-3 Hiranoichimachi Hiranoku Osaka 547-0042 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2011 |
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Date of Incorporation : |
December 1951 |
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Com. Reg. No.: |
1200-01-021644 (Osaka-Hiranoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of bearings |
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No. of Employees : |
30 |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
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
MAEKAWA BEARING MFG CO LTD
REGD NAME: KK
Maekawa Seisakusho
MAIN OFFICE: 1-14-3
Hiranoichimachi Hiranoku Osaka 547-0042 JAPAN
Tel:
06-6791-3457 Fax: 06-6791-3645
E-Mail address: (thru the URL)
Mfg of bearings
Nil
At the caption
address
KAZUYOSHI MAEKAWA,
PRES
Hiroshi Maekawa,
ch
Miyoko Maekawa,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 810 M
PAYMENTS SLOW BUT
CORRECT CAPITAL Yen 40 M
TREND UP WORTH Yen 280 M
STARTED 1951 EMPLOYES 30
MFR OF BEARINGS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established
by Hikoji Maekawa for mfg bearings, on his account. Incorporated in 1951 the firm has been succeeded
by his descendants. Hiroshi is the
founder’s son and Kazuyoshi his grandson, who took the pres office in Dec
2005. This is a family-based mfr of
various bearings, branded as “MBS” (See OPERATION). Clients include automotive mfrs, mechanical
industries, other.
Financials are only partially
disclosed as is the case with family-based companies.
The sales volume for Sept/2011 fiscal term amounted to Yen 810 million,
a 41% up from Yen 575 million in the previous term. The automotive industries revived after the
global economic downturn the previous term.
Production increased both at home and abroad. Exports rose to mfg bases overseas. The net profit was posted at Yen 2 million
and the net profit at Yen 8 million, a year ago. Foreign currency exchange losses were
incurred.
For the current term ending Sept
2012 the net profit is projected at Yen 10 million, on a 5% rise in turnover,
to Yen 850 million. Business keeps
expanding.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 15.0 million, on 30 days normal
terms.
Date Registered: Dec 1951
Regd No.:
1200-01-021644 (Osaka-Hiranoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 320,000 shares
Issued: 80,000 shares
Sum: Yen 40 million
Major
shareholders (%): Kazuyoshi Maekawa (20), Hiroshi Maekawa (11), Kenzo
Maekawa (8), Miyoko Maekawa (7)
No. of shareholders: 20
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
bearings, branded as “MBS”, others (--100%)
(Mfg
items): Ball bearings, roller bearings (cylindrical, tapered, self-aligning,
etc), eccentric bearings, spherical plain bearings, other.
Clients: [Mfrs,
wholesalers] Sumitomo Heavy Ind, Nippon Thompson Co, SPK, SKF, NDEO-Shimpo
Corp, MC International, AMEX, Daibea Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Tohshin Corp, Hayashida Special Steel, SKS Hambai (Sales), Shimizu Seiko Co,
Nakanishi Metal Works, Maeda Shoji, Takachiho Kogyo, Koyo Heat Treatment Co,
other
Payment record: Slow but correct
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Hirano)
Mizuho Bank
(Hirano)
Relations:
Satisfactory
(In Million
Yen)
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30/09/2012 |
30/09/2011 |
30/09/2010 |
30/09/2009 |
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Annual
Sales |
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850 |
810 |
575 |
331 |
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Recur.
Profit |
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Net
Profit |
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10 |
2 |
8 |
-61 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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280 |
278 |
270 |
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Capital,
Paid-Up |
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40 |
40 |
40 |
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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 |
4.94 |
40.87 |
73.72 |
-41.52 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
1.18 |
0.25 |
1.39 |
-18.43 |
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Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 30/09/2012 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.52 |
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1 |
Rs.88.85 |
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Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.