|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DAISHIN INDUSTRIES LTD |
|
|
|
|
Registered Office : |
1520-1 Funatsuke Yorocho Yorogun |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.08.2012 |
|
|
|
|
Date of Incorporation : |
August 1971 |
|
|
|
|
Com. Reg. No.: |
2000-01-013851 (Gifu-Yorogun) |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of generators, pumps, sprayers, brush
cutters, tillers |
|
|
|
|
No. of Employees : |
53 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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 |
Company name
DAISHIN INDUSTRIES LTD
KK Daishin
1520-1 Funatsuke
Yorocho Yorogun Gifu-Pref 503-1382 JAPAN
Tel:
0584-36-0501 Fax: 0584-36-0504
URL: http://www.daishin-japan.co.jp/
E-Mail address: overseas@daishin-japan.co.jp
Mfg of
generators, pumps, sprayers, brush cutters, tillers
Nil
Korea,
China (Dalian, Shanghai), Europe (agent)
At the
caption address (site area 33,800 m2)
SHIGENORI
SOBAJIMA, PRES Yoshifumi Sataka, mgn dir
Minoru Yamada, dir Hironori
Yoshida, dir
Takeshi
Minowa, dir Naoki
Kawase, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 3,109 M
PAYMENTS Slow
but Correct CAPITAL Yen 60 M
TREND SLOW WORTH Yen 195
M
STARTED 1971 EMPLOYES 53
MFR SPECIALIZING IN GENERATORS & PUMPS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established in order to produce manual sprayers
at the caption address, and in 1972 started manufacturing power sprayers,
followed by pumps in 1980, brush cutters and high pressure washing plunger
pumps in 1987. In 1993 began producing
welding generators, and in 1999 mini tillers for gardening. The firm’s handling items include: sprayers,
industrial & construction generators, welding generators, hedge trimmers,
brush cutters, other related products used in such areas as agriculture, civil
engineering & construction industries.
In 1995 established Korea Daishin Co Ltd and in 2002 Dalian Daishin Industries
Ltd, followed by Shanghai Office in 2005.
Clients include heavy machinery mfrs and specialty wholesalers.
The sales volume for Aug/2012 fiscal term amounted to Yen 3,109 million,
an 18% down from Yen 3,788 million in the previous term. Exports were hurt by the Thai flood. Production decreased. The operations lunged into the red to post
Yen 105 million recurring loss and Yen 115 million net losses, respectively,
compared with Yen 12 million recurring profit and Yen 7 million net profit,
respectively, a year ago
For the current term ending Aug 2013 the recurring profit is projected
at Yen 15 million and the net profit at Yen 10 million, respectively, on a 5%
rise in turnover, to Yen 3,250 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug 1971
Regd No.: 2000-01-013851 (Gifu-Yorogun)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 480,000 shares
Issued: 120,000 shares
Sum: Yen 60
million
Major
shareholders (%): Shigenori Sobajima (41), Shigehito Sobajima (6), Shoji
Haginaga (56), Yoshifumi Sataka (5)
No. of shareholders: 26
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures industrial
& construction generators, high pressure plunger pumps (water pumps,
semi-trash pumps, trash pumps, diaphragm pumps, etc), mini tillers for
gardening, brush cutters, hedge trimmers, welding generators, horticultural
pumps, others (--100%).
Clients: [Mfrs,
wholesalers] Tsurumi Mfg, Fuji Heavy Ind, Nagata Seisakusho, Fujiwara Ind, Toshin Technica, SM Jaffer, EES, Tech
Itoh, Kawasaki Heavy Ind, other.
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Honda Motors, Mitsubishi Heavy Ind Chubu Hambai, Tokai
Denka Kogyosho, Howa Kikai Kogyo, Fuji Heavy Ind, Mitsubishi Heavy Ind
Engine System, other.
Payment terms: Slow but
Correct
Location: Light industrial
area in Yorogun, Gifu-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank
References:
Ogaki Kyoritsu Bank (Fujie)
MUFG (Ogaki)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/08/2013 |
31/08/2012 |
31/08/2011 |
31/08/2010 |
|
|
Annual
Sales |
|
3,250 |
3,109 |
3,788 |
3,314 |
|
Recur.
Profit |
|
15 |
-106 |
12 |
-58 |
|
Net
Profit |
|
10 |
-115 |
7 |
-66 |
|
Total
Assets |
|
|
2,888 |
3,119 |
3,237 |
|
Current
Assets |
|
|
1,280 |
1,412 |
2,450 |
|
Current
Liabs |
|
|
1,562 |
1,780 |
1,851 |
|
Net
Worth |
|
|
195 |
231 |
184 |
|
Capital,
Paid-Up |
|
|
60 |
60 |
60 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.54 |
-17.93 |
14.30 |
-18.33 |
|
|
Current Ratio |
|
.. |
81.95 |
79.33 |
132.36 |
|
N.Worth Ratio |
.. |
6.75 |
7.41 |
5.68 |
|
|
R.Profit/Sales |
|
0.46 |
-3.41 |
0.32 |
-1.75 |
|
N.Profit/Sales |
0.31 |
-3.70 |
0.18 |
-1.99 |
|
|
Return On Equity |
.. |
-58.97 |
3.03 |
-35.87 |
|
Notes:
Forecast figures for the 31/08/2013 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
UK Pound |
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.