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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
CHOSHU INDUSTRY CO LTD |
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Registered Office : |
3740, Yamanoi Sanyo Onoda City
Yamaguchi-Pref 757-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Oct 1980 |
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Com. Reg. No.: |
2500-01-003858 (Yamaguchi-Sanyo-Onoda) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of industrial hot water systems, semiconductor
manufacturing equipment, other. |
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No. of Employees : |
620 |
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
CHOSHU
INDUSTRY CO LTD
Choshu Sangyo KK
3740 Yamanoi Sanyo
Onoda City Yamaguchi-Pref 757-0003 JAPAN
Tel:
0836-71-1038 Fax: 0836-71-1202
E-Mail address: (thru the URL)
Mfg of industrial
hot water systems, semiconductor mfg equipment, other
Tokyo, Osaka,
Nagoya, Ibaraki, Nagano, Takamatsu, Kagoshima
Shanghais (China)
At the caption
address, Onoda, Hiroshima, Fukuoka
KANAME OKAMOTO,
PRESSusumu Okamoto, s/mgn dir
Hiroyuki Sekiguchi, dir Hiromi Obaishi, dir
Kazuyuki Omori, dir Toyohide Satoh, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 36,429 M
PAYMENTSREGULAR CAPITAL Yen
400 M
TREND UP WORTH Yen 7,446 M
STARTED 1980 EMPLOYES 620
MFR OF RESIDENTIAL HOT WATER SYSTEMS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS
The subject
company was established by Kaname Okamoto in order to make most of his
experience in the subject line of business.
This is a specialized mfr of residential hot water systems,
semiconductor mfg equipment, other.
Solar cell system factory has started full production. Clients include major electronics makers,
wholesalers, other.
The sales volume for Mar/2013 fiscal term amounted to Yen 36,429
million, a 22% up from Yen 29,743 million in the previous term. This is thanks to the rising sales o sola
panels, with production at its factories in full capacity. The recurring profit was posted at Yen 3,338
million and the net profit at Yen 1,238 million, respectively, compared with
Yen 210 million recurring profit and yen 138 million net profit, respectively,
a year ago. Extraordinary losses of Yen
1,100 million in the previous term were all wiped out.
For the current
term ending Mar 2014 the recurring profit is projected at Yen 3,400 million and
the net profit at Yen 1,300 million, respectively, on a 6% rise in turnover, to
Yen 38,500 million. Business is seen
expanding steadily.
The financial
situation is considered FAIR and good for ORDINARY business engagements. The proposed
amount for 180 days terms is considered well within the firm’s financial
capacities.
Date
Registered: Oct 1980
Regd
No.: 2500-01-003858
(Yamaguchi-Sanyo-Onoda)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3.2 million shares
Issued:
800,000 shares
Sum:
Yen
400 million
Major
shareholders(%):Kaname Okamoto (50), CIC Engineering (10), CIC Co (10), Susumu Okamoto
(5)
No. of shareholders: 214
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
residential hot water systems, solar cell systems, semiconductor mfg equipment
(steppers, other), LCD panel mfg equipment, Mechatronics equipment, others
(--100%)
Clients: [Mfrs, wholesalers]
Toray Engineering Co, Toshiba Corp, Panasonic Corp, Canon Anelva Corp, TDK
Corp, Ibiden Co, Nippon Steel & Sumikin Electro Devices Inc, Nichia
Corporation, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sanyo Solar Energy System, Nisshin Steel Co, Mitsubishi Electric
Living Environment Systems Inc, Tokuyama Corp, Omron Corp, Inabata & Co,
other
Payment
record: Regular
Location: Business area in Onoda City,
Yamaguchi-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Yamaguchi Bank
(Onoda)
Hiroshima Bank
(Ube)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
38,500 |
36,429 |
29,743 |
24,913 |
|
Recur.
Profit |
|
3,400 |
3,338 |
210 |
207 |
|
Net
Profit |
|
1,300 |
1,238 |
138 |
82 |
|
Total
Assets |
|
|
26,105 |
23,254 |
24,159 |
|
Current
Assets |
|
|
15,313 |
11,819 |
14,570 |
|
Current
Liabs |
|
|
13,399 |
11,345 |
9,642 |
|
Net
Worth |
|
|
7,446 |
6,178 |
6,059 |
|
Capital,
Paid-Up |
|
|
400 |
400 |
400 |
|
Div.Ttl
Million (¥) |
|
|
20 |
20 |
40 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.69 |
22.48 |
19.39 |
32.91 |
|
|
Current Ratio |
|
.. |
114.28 |
104.18 |
151.11 |
|
N.Worth Ratio |
.. |
28.52 |
26.57 |
25.08 |
|
|
R.Profit/Sales |
|
8.83 |
9.16 |
0.71 |
0.83 |
|
N.Profit/Sales |
3.38 |
3.40 |
0.46 |
0.33 |
|
|
Return On Equity |
.. |
16.63 |
2.23 |
1.35 |
|
Notes: Forecast
(or estimated) figures for the 31/03/23014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
|
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 |
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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 |
|
<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.