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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
RISHO KOGYO CO LTD |
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Registered Office : |
2-1-9 Dojima Kitaku Osaka 530-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December 1937 |
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Com. Reg. No.: |
1200-01-059699 (Osaka-Kitaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of electronic materials, insulation materials, other |
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No. of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 290.0 Million |
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Status : |
Moderate |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. 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. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 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 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further 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 in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues 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
RISHO KOGYO CO LTD
REGD NAME: Risho
Kogyo KK
MAIN OFFICE: 2-1-9
Dojima Kitaku Osaka 530-0003 JAPAN
Tel:
06-6345-8331 Fax: 06-6345-1388
E-Mail address: (thru the URL)
Mfg of electronic
materials, insulation materials, other
Tokyo, Nagoya,
Niigata, Toyama, Okayama, Fukuoka, other (Tot 14)
China, Singapore,
Taiwan, Korea
Shonan, Shiga,
Amagasaki
MIKIO TOKURA, PRES Koichi Tokura, ch
Kyozo Sakamoto, v
pres Setsuo Kitagawa, mgn dir
Atsuo Fujita, mgn
dir Toshihiko Fujioka, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 14,000 M
PAYMENTSREGULAR CAPITAL Yen
450 M
TREND SLOW WORTH Yen 8,155 M
STARTED 1937 EMPLOYES 500
MFR OF ELECTRONIC MATERIALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 290.0 MILLION, 30 DAYS NORMAL TERMS
The subject company was
established originally in 1921 by father of Koichi Tokura for mfg electric
insulation materials, on his account.
Incorporated in 1937 the firm has been succeeded by his
descendants. This is a specialized mfr
of electronic materials, insulation materials & engineering plastics, cast
epoxy electrical equipment, other (See OPERATION). Goods are exported.
The sales volume for
Mar/2012 fiscal term amounted to Yen 14,000 million, a 7% down from Yen 15,000
million in the previous term. Exports
were hurt by the high Yen, reducing revenues and profits in Yen terms. The net profit was posted at Yen 362 million,
compared with Yen 585 million a year ago.
For the current term
ending Mar 2013 the net profit is projected at Yen 370 million, on a 4% rise in
turnover, to Yen 14,500 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Dec
1937
Regd No.:
1200-01-059699 (Osaka-Kitaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.6 million shares
Issued: 900,000 shares
Sum: Yen 450 million
Major
shareholders (%): Koichi Tokura, Mikio Tokura, Kazuharu Tokura, Tokura families (--100)
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
electronic materials, insulating materials, industrial plastics, epoxy cast
resin, others (--100%). Goods are
exported
(Mfg
items):
Electric
Materials: High performance copper clad laminates, high thermal conductive
materials for heat dissipation substrate, multilayer CCL for surface mount devise
LED, high Tg glass/epoxy tape for semiconductor direct bonding, material base
PWB materials, stiffener for flexible printed wiring board, rubber clad
laminates for aluminum electrolytic capacitor, other
Insulating
Materials/Industrial Plastics: thermosetting resin laminates, thermosetting resin
laminated tube & rod, entry & back-up board for PCB drilling process,
high heat resistant glass/epoxy laminates for solder pallet, wave soldering
pallet, industrial winding core, filament wound FRP pipe, other;
Epoxy
Cast Resin Electric Device: top runner transformer, earthquake resistant test,
phase advance capacitor, serial reactor, surge absorbing capacitor, insulator
&bushing, other.
Clients: [Mfrs,
wholesalers] Toppan NEC Circuit Solutions, Japan CMK, Sharp, Canon Components,
Hitachi Ltd, Mitsubishi Electric, Oki Electric Ind, NEC Corp, Fujitsu Ltd,
other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nagase Corp, Mitsui Metal Ind, Dow Chemical Japan, other
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Osaka-Chuo)
Resona Bank
(Dojima)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
14,500 |
14,000 |
15,000 |
13,000 |
|
Recur.
Profit |
|
|
|
|
|
|
Net
Profit |
|
370 |
362 |
585 |
554 |
|
Total
Assets |
|
|
24,493 |
15,129 |
14,575 |
|
Current
Assets |
|
|
7,957 |
8,580 |
7,565 |
|
Current
Liabs |
|
|
5,103 |
6,375 |
5,334 |
|
Net
Worth |
|
|
8,155 |
7,851 |
7,319 |
|
Capital,
Paid-Up |
|
|
450 |
450 |
450 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.57 |
-6.67 |
15.38 |
0.00 |
|
|
Current Ratio |
|
.. |
155.93 |
134.59 |
141.83 |
|
N.Worth Ratio |
.. |
33.30 |
51.89 |
50.22 |
|
|
R.Profit/Sales |
|
.. |
.. |
.. |
.. |
|
N.Profit/Sales |
2.55 |
2.59 |
3.90 |
4.26 |
|
|
Return On Equity |
.. |
4.44 |
7.45 |
7.57 |
|
Notes: Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.