|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUMIHATSU CO LTD |
|
|
|
|
Registered Office : |
My Iwamotocho Bldg 4F, 3-5-5 Iwamotocho Chiyodaku Tokyo 101-0032 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
May 1934 |
|
|
|
|
Com. Reg. No.: |
0100-01-020516 (Tokyo-Chiyodaku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of traffic components |
|
|
|
|
No. of Employees : |
369 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit: |
Yen 336.9 Million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Regular |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
SUMIHATSU CO LTD
REGD NAME: KK
Sumihatsu
MAIN OFFICE: My
Iwamotocho Bldg 4F, 3-5-5 Iwamotocho Chiyodaku Tokyo 101-0032 JAPAN
Tel:
03-3864-6331 Fax: 03-3864-6130
URL: http://www.sumihatsu.co.jp
E-Mail address: (thru the URL)
Mg of traffic
components
Osaka
Taiwan, China
Tsukuba (Ibaraki)
KAZUO SHIOTA, PRES Takahide Tsuru, s/mgn dir
Shinji Kaneko, mgn
dir Tadakazu Kato, mgn dir
Yoshitaka Nishida,
dir Keiichi Fujie, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 12,696 M
PAYMENTSREGULAR CAPITAL Yen
345 M
TREND UP WORTH Yen 3,939 M
STARTED 1934 EMPLOYES 369
MFR OF TRAFFIC COMPONENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 336.9 MILLION, 30 DAYS NORMAL TERMS
The subject company was
established on the basis of Tsukuba Factory separated from Sumitomo Metal Ind
(now Nippon Steel & Sumitomo Metal Ind)).
This is a specialized mfr of traffic components: leaf springs, coil
springs, railway components, other (See OPERATION). Goods are exported. Clients include railways, heavy machinery
makers, other
The sales volume for
Mar/2012 fiscal term amounted to Yen 12,696 million, a 12% up from Yen 11,300
million in the previous term. Exports
were robust into China and other S/E Asian countries. The net profit was posted at Yen 733 million,
compared with Yen 410 million a year ago.
For the term that ended
Mar 2013 the net profit was projected at Yen 750 million, on a 3% rise in
turnover, to Yen 13,100 million. Final results
are yet to be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 336.9
million, on 30 days normal terms.
Date Registered: May 1934
Regd No.:
0100-01-020516
(Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 27.6 million shares
Issued: 6.9 million shares
Sum: Yen 345 million
Major shareholders (%): NHK Spring Co
Ltd* (90), Mizuho Corporate Bank (3), Nippatsu Hambai (2), Bank of Yokohama
(1), Takashige Ishikawa (1)
No. of shareholders: 27
*.. Top-ranked mfr of springs, Yokohama,
founded 1939, listed Tokyo S/E, capital Yen 17,009 million, sales Yen 507,985
million, operating profit Yen 39,020 million, recurring profit Yen 34,907
million, net profit Yen 20,333 million, total assets Yen 425,050 million, net
worth Yen 199,783 million, employees 14,094, pres Kazumi Tamamura
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
traffic componens: laminated leaf springs, hot formed coil springs, railway
components (turnouts, rail clips, pandol clips, parts & turnouts, snowmelt
equipment), others (--100%)
Clients: [Mfrs, wholesalers]
NHK Spring Co, JR East, Sumitomo Corp, Komatsu Ltd, Odakyu Electric Railway,
Tobu Railway Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] NHK Spring Co, Sumitomo Metal Ind, JR East, Metal One Corp, Air
Water, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Yokohama)
Bank of Yokohama
(H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
13,100 |
12,696 |
11,300 |
9,682 |
|
Recur.
Profit |
|
|
|
|
|
|
Net
Profit |
|
750 |
733 |
410 |
239 |
|
Total
Assets |
|
|
8,934 |
7,917 |
6,453 |
|
Current
Assets |
|
|
6,144 |
5,095 |
3,649 |
|
Current
Liabs |
|
|
3,987 |
3,593 |
2,660 |
|
Net
Worth |
|
|
3,939 |
3,329 |
2,935 |
|
Capital,
Paid-Up |
|
|
345 |
345 |
345 |
|
Div.P.Share(¥) |
|
|
17.00 |
7.00 |
16.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.18 |
12.35 |
16.71 |
-28.77 |
|
|
Current Ratio |
|
.. |
154.10 |
141.80 |
137.18 |
|
N.Worth Ratio |
.. |
44.09 |
42.05 |
45.48 |
|
|
R.Profit/Sales |
|
.. |
.. |
.. |
.. |
|
N.Profit/Sales |
5.73 |
5.77 |
3.63 |
2.47 |
|
|
Return On Equity |
.. |
18.61 |
12.32 |
8.14 |
|
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.86.01 |
|
Euro |
1 |
Rs.73.68 |
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 |
|
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 |
|
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.