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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
TAIWA CO LTD |
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Registered Office : |
811 Ichihiraga Seki Gifu-Pref 501-3822 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
October, 1971 |
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Com. Reg. No.: |
019305 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of forged products, metal molds, horse shoes, automobile
equipment |
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No. of Employees : |
50 |
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 26.1 million |
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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 |
|
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 |
TAIWA CO LTD
Taiwa Kogyo KK
811 Ichihiraga Seki Gifu-Pref 501-3822 JAPAN
Tel: 0575-24-1111 Fax:
0575-24-7110
E-Mail address: info@taiwa-co.com
Mfg of forged products, metal molds, horse shoes, automobile
equipment
Chiba
Australia
At the caption address
Shanghai (China)
KAZUHIRO HASEGAWA, PRES
Hisako Hasegawa, ch Yuji
Hayakawa, dir
Tatsuhiko Hasegawa, dir Satoshi
Ogura, dir
Yuki Hasegawa, dir Yumiko
Hasegawa, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,420 M
PAYMENTS REGULAR CAPITAL Yen
45 M
TREND UP WORTH Yen 140 M
STARTED 1971 EMPLOYES 50
MFR OF METAL MOLDS, FORGED PRODUCTS, AUTOMOBILE PARTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 26.1 MILLION, 30 DAYS NORMAL TERMS
The subject company was established by Taizo Hasegawa in
order to make most of his experience in the subject line of business. Kazuhiro is his son, who took the pres office
in 1991. This is a family-based mfr,
wholly owned by the Hasegawa family, of forged products (aluminum, copper,
other), metal molds, horse shoes, hoofs, other.
In 1988, started mfg horse shoes, hoofs, other, having over 80% market
share in Japan. From 2010, the firm
switched the mainline mfg items to automobile equipment and parts, and sales
have expanded. Operates mfg factory in
Shanghai (China), where the products are produced to local market and
exports.
Financial are only partially disclosed as is the case with
family-based companies.
The sales volume for Dec/2012 fiscal term amounted to Yen
1,420 million, a 1.4% up from Yen 1,400 million in the previous term. Forged products for automobiles &
bicycles rose, but exports were hurt by the high Yen, reducing revenues in Yen
terms. The net profit was posted at Yen
21 million, compared with Yen 2 million a year ago.
For the current term ending Dec 2013 the net profit is
projected at Yen 25 million, on a 5% rise in turnover, to Yen 1,490
million. Production at Shanghai Factory
is increasing steadily.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 26.1 million, on 30 days normal terms.
Date
Registered: Oct 1971
Regd
No.: (Gifu-Seki) 019305
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 360,000
shares
Issued:
90,000 shares
Sum: Yen
45 million
Major
shareholders (%): Kazuhiro
Hasegawa (100)
Nothing detrimental is known as to the commercial morality
of executives.
Activities:
Manufactures forged products (aluminum, copper, other) for automobiles, bicycle
industries, metal molds (aluminum, copper, magnesium, die cast, other), horse
shoes, hoofs, other (--100%)
Clients: [Mfrs,
wholesalers] Howa Machinery Ltd, KYB Co, Aisin Seiki Co, Wako Filter Technology
Co, Hitachi Ltd, Yamaha Motor Co, Shimano Inc, Miki Pulley Co, other
No. of
accounts: 300
Domestic
areas of activities: Centered in greater-Nagoya
Suppliers:
[Mfrs, wholesalers] Koyama Steel Ltd, Apple Inc, other
Imports from China, other
Payment
record: Regular
Location:
Business area in Seki City, Gifu-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank
References:
Jyuroku Bank (Seki)
Ogaki Kyoritsu Bank (Seki)
Relations: Satisfactory
(In
Million Yen)
|
Terms Ending: |
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Annual Sales |
|
1,490 |
1,420 |
1,400 |
600 |
|
Recur. Profit |
|
.. |
.. |
.. |
.. |
|
Net Profit |
|
25 |
21 |
2 |
10 |
|
Total Assets |
|
|
N/A |
N/A |
N/A |
|
Net Worth |
|
|
140 |
126 |
124 |
|
Capital, Paid-Up |
|
|
45 |
45 |
45 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.93 |
1.43 |
133.33 |
9.09 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
1.68 |
1.48 |
0.14 |
1.67 |
|
Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/12/2013 fiscal
term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.