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Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ASAHI SEIKO CO LTD |
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Registered Office : |
570-1 Otori Higashimachi 6-Cho Nishiku Sakai City Osaka-Pref 593-8324 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
November, 1938 |
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Com. Reg. No.: |
1201-01-000824 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of ball bearings, clutches & brakes, linear motion products |
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No. of Employees : |
322 |
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 : |
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 |
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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 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 |
ASAHI SEIKO CO LTD
Asahi Seiko KK
570-1 Otori Higashimachi 6-Cho Nishiku Sakai City Osaka-Pref 593-8324
JAPAN
Tel: 072-272-6900 Fax:
072-272-6903
URL: http://www.asahiseiko.co.jp
E-Mail address: info@asahiseiko.co.jp
Mfg of ball bearings, clutches & brakes, linear motion products
Tokyo, Nagoya, Osaka, Kitakyushu, Hiroshima, Shizuoka, Kanazawa,
Takamatsu
Chicago, Shanghai
At the caption address
AKIHIKO SHIMIZU, PRES Noboru
Suzuki, s/mgn dir
Takeyoshi Nishimura, mgn dir Shizuo
Haneba, dir
Keishi Togawa, dir Hiroshi
Miyamoto, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 8,493 M
PAYMENTS REGULAR CAPITAL Yen
660 M
TREND UP WORTH Yen 4,193 M
STARTED 1938 EMPLOYES 322
MFR OF BALL BEARINGS, CLUTICHES, BRAKES, LINEAR MOTION PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established originally 1928 as an unlimited
partnership for making bearings.
Incorporated in 1938 the firm has been succeeded by the present
executives. This is a specialized mfr of
ball bearings, clutches 6 brakes, linear motion products, others. Products are exported.
The sales volume for Mar/2012 fiscal term amounted to Yen 8,493 million,
a 9% up from Yen 7,779 million in the previous term. Contributed by robust exports. The recurring profit was posted at Yen 647
million and the net profit at Yen 332 million, respectively, compared with Yen
468 million recurring profit and Yen 264 million net profit, respectively, a
year ago.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 670 million and the net profit at Yen 350 million, respectively, on a 4%
rise in turnover, to Yen 8,800 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Nov
1938
Regd No.: 1201-01-000824
(Osaka-Sakai-Nishiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 24
million shares
Issued:
6 million shares
Sum: Yen
660 million
Major shareholders (%): Marubeni Itochu Steel Inc (12),
Nachi-Fujikoshi Corp (12), Kurimoto Ltd (10), Resona Bank (4.9), Miyoshi
Seisakusho Co (3.3)
No. of
shareholders: 1,834
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
ball bearings, clutches & brakes, Linear motion products, others (--100%).
Export (37%)
Clients: [Mfrs,
wholesalers] Nachi-Fujikoshi Corp, SLS, AMI Bearings, Tatsuta Co, Ochiai &
Co, Daido Co, other
No. of accounts: 400
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Marubeni Itochu Steel Corp, Sumikin Bussan Corp, Amatsuji Steel
Ball Mfg, Tsubaki Nakashima Co, Miyoshi Seisakusho Co, other
Payment record: Regular
Location: Business area in
Sakai, Osaka-Pref. Office premises at
the caption address are leased and maintained satisfactorily.
Bank References:
Resona Bank (Osaka)
MUFG (Semba-Chuo)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual Sales |
|
8,800 |
8,493 |
7,779 |
6,497 |
|
Recur. Profit |
|
670 |
647 |
468 |
9 |
|
Net Profit |
|
350 |
332 |
264 |
5 |
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Total Assets |
|
|
8,562 |
8,086 |
8,206 |
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Current Assets |
|
|
5,398 |
4,987 |
4,974 |
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Current Liabs |
|
|
2,712 |
2,181 |
2,025 |
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Net Worth |
|
|
4,193 |
3,947 |
3,796 |
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Capital, Paid-Up |
|
|
660 |
660 |
660 |
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Div.P.Share(¥) |
|
|
7.00 |
6.00 |
5.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
3.61 |
9.18 |
19.73 |
-0.05 |
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Current Ratio |
|
.. |
199.04 |
228.66 |
245.63 |
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N.Worth Ratio |
.. |
48.97 |
48.81 |
46.26 |
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R.Profit/Sales |
|
7.61 |
7.62 |
6.02 |
0.14 |
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N.Profit/Sales |
3.98 |
3.91 |
3.39 |
0.08 |
|
|
Return On Equity |
.. |
7.92 |
6.69 |
0.13 |
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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.56.49 |
|
|
1 |
Rs.86.81 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.