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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
BOSCH CORPORATION |
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Registered Office : |
3-6-7 Shibuya Shibuyaku |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
July, 1939 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of diesel engine fuel injection systems, car air-conditioning equipment,
other |
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No. of Employees : |
5,692 |
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 |
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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 |
|
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 |
BOSCH CORPORATION
Bosch KK
3-6-7 Shibuya Shibuyaku Tokyo 150-8360 JAPAN
Tel: 03-3400-1551 Fax:
03-3499-4116
E-Mail address: info@bosch.co.jp
Mfg of diesel engine fuel injection systems, car air-conditioning
equipment, other
Osaka, Sapporo, Nagoya, Hiroshima, Yokohama, other (Tot 17); Taiwan
Saitama (3), Gunma, Tochigi, Okazaki, Hiroshima, Tomioka
H HEMING, PRES Hideaki
Oda, ch
Noriko Morikawa, v pres C
Honma, v pres
Shigeo Komatsu, s/mgn dir Ryuichi
Mitsuoka, s/mgn dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 264,019 M
PAYMENTS REGULAR CAPITAL Yen
36,800 M
TREND SLOW WORTH Yen 73,822 M
STARTED 1939 EMPLOYES 5,692
MFR OF DIESEL ENGINE FUEL INJECTION SYSTEMS, CLOSELY TIED WITH ROBERT
BOSCH GmbH, GERMANY.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established originally in 1939 as Diesel Kiki
(Kiki means equipment), renamed Zexel in 1990), before renamed as captioned, by
engine manufacturers including Isuzu Motor, for making fuel pumps under license
from Bosch (Germany). Isuzu Motor sold
most of its shares to Bosch in 1997. The
subject is the largest producer of fuel injection pumps for diesel
engines. Automobile air-condition units
are also a mainstay, as the firm formed tie-up with Valeo (France) in the
air-conditioner area. In Jul 2005 merged
Bosch KK, wholly owned by Robert Bosch GmbH, and renamed from Bosch Automotive
Systems Corp to Bosch Corporation. By
this merger the whole operations of the Bosch group in Japan have been
integrated into the subject firm.. Clients
are major carmakers nationwide.
The sales volume for Dec/2012 fiscal term amounted to Yen 264,019
million, a 3% down from Yen 272,026 million in the previous term. The recurring profit was posted at Yen 19,520
million and the net profit at Yen 10,374 million, respectively, compared with
Yen 15,505 million recurring profit and Yen 7,560 million net profit,
respectively, a year ago.
For the current term ending Dec 2013 the recurring profit is projected
at Yen 20,000 million and the net profit at Yen 10,500 million, respectively,
on a 3% rise in turnover, to Yen 272,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jul
1939
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 600 million shares
Issued: 423,095,930
shares
Sum: Yen
36,800 million
Major shareholders
(%):
Robert Bosch Invest Nederland
(65.5), Robert Bosch LLC (17.2)
No. of
shareholders: 5
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
fuel injection systems for controlling diesel engine fuel (48%), automobile
brake systems (23%), automobile electronics, power trains (17%), imports
automotive aftermarket equipment, work-shop testing equipment, power tools,
security systems, others (12%). Overseas sales ratio (25%) (Breakdowns are all about).
Clients: [Carmakers] Isuzu
Motors, Mazda Motor, Nissan Motors, Toyota Motor, Nissan Diesel, Mitsubishi
Fuso Truck & Bus, Mitsubishi Motor, Hyundai Motor, Robert Bosch GmbH, Jatco
Ltd, other.
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Robert Bosch group firms, Gunma Seiki Co, Tokyo Foundry, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate Bank (H/O)
Mitsubishi Trust Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual Sales |
|
272,000 |
264,019 |
272,025 |
278,596 |
|
Recur. Profit |
|
20,000 |
19,520 |
15,505 |
20,910 |
|
Net Profit |
|
10,500 |
10,374 |
7,560 |
8,392 |
|
Total Assets |
|
|
189,002 |
196,535 |
190,668 |
|
Current Assets |
|
|
125,636 |
125,551 |
120,132 |
|
Current Liabs |
|
|
52,120 |
62,669 |
59,701 |
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Net Worth |
|
|
73,822 |
76,562 |
69,079 |
|
Capital, Paid-Up |
|
|
36 |
36 |
36 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.02 |
-2.94 |
-2.36 |
39.63 |
|
|
Current Ratio |
|
.. |
241.05 |
200.34 |
201.22 |
|
N.Worth Ratio |
.. |
39.06 |
38.96 |
36.23 |
|
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R.Profit/Sales |
|
7.35 |
7.39 |
5.70 |
7.51 |
|
N.Profit/Sales |
3.86 |
3.93 |
2.78 |
3.01 |
|
|
Return On Equity |
.. |
14.05 |
9.87 |
12.15 |
|
Notes: Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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 |
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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 |
|
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.