MIRA
INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Mino CORPORATION |
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Registered Office : |
1-77 Jinmucho Yao City Osaka-Pref 581-0067 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2012 |
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Date of Incorporation : |
October, 1971 |
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Com. Reg. No.: |
(Osaka-Yao) 020225 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer
of Textile Machine Parts, Components, Accessories |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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
MINO CORPORATION
REGD NAME: KK
Mino Seisakusho
MAIN OFFICE: 1-77
Jinmucho Yao City Osaka-Pref 581-0067
Tel:
072-922-1688 Fax: 072-922-6311
URL: http://www.age.ne.jp/x/minoco
E-Mail address: minoco@Xage.ne.jp
Mfg of
textile machine parts, components, accessories
Yao
At the
caption address, Yao
NAOTSUGU
OOTOKO, PRES
Toshiko Ootoko, rep dir
Atsushi Ootoko, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 430 M
PAYMENTSSLOW
BUT CORRECT CAPITAL Yen 50 M
TREND SLOW WORTH Yen 264 M
STARTED 1971 EMPLOYES 50
MFR SPECIALIZING IN TEXTILE MACHINERY PARTS &
COMPONENTS.
FINANCIAL SITUATION CONSIDERED
RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was established by father of Naotsugu
Ootoko in order to make most of his experience in the subject line of
business. Naotsugu assumed the pres
office in July 1994. This is a
family-based mfr, owned and operated by the Ootoko family, specializing in mfg
textile machine parts, components and accessories.
Aluminum & metal drums are the mainline production. Clients include textile mills, and other
makers.
Financials
are only partially disclosed as is the case with family-based companies.
The
sales volume for Aug/2012 fiscal term amounted to Yen 430 million, a 9% down
from Yen 470 million in the previous term.
Demand declined. The net profit
was posted at Yen 13 million, compared with Yen 15 million a year ago. High Yen ate into profits in Yen terms.
For
the current term ending Aug 2013 the net profit is projected at Yen 15 million,
on a 5% rise in turnover, to Yen 450 million.
Exports continue increasing, says the firm.
The
financial situation is considered RATHER WEAK but should be good for MODERATE
business engagements.
Date Registered: Oct 1971
Regd No.: (Osaka-Yao)
020225
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued:
100,000 shares
Sum: Yen
50 million
Major shareholders
(%): Naotsugu Ootoko
(100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures textile machine
parts, components & accessories (aluminum & metal drums as mainline)
(--100%).
Clients: [Mfrs, wholesalers] Murata Machinery, Shimadz
Corp, Nisshinbo Inc, Mitsubishi Corp, Omikenshi Corp, Howa Machinery Ltd, other
Exports to: USA, Mexico,
Pakistan, Korea, Taiwan, China, Indonesia, other.
No. of
accounts: 300
Domestic
areas of activities: Centered in greater-Osaka
Suppliers: [Mfrs,
wholesalers] Daimaru Kogyo KK, Eiwa Metal Co, Furukawa Chuzosho, other
Payment record: Slow but correct
Location: Business area in Yao City,
Osaka-Pref. Office premises at the
caption address are owned and maintained
satisfactorily.
Bank References:
Osaka
Higashi Shinkin Bank (H/O)
Mizuho Bank
(Higashi-Osaka)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
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31/08/2013 |
31/08/2012 |
31/08/2011 |
31/08/2010 |
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Annual
Sales |
|
450 |
430 |
470 |
450 |
|
Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
15 |
13 |
15 |
15 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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|
264 |
249 |
234 |
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Capital,
Paid-Up |
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|
50 |
50 |
50 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.65 |
-8.51 |
4.44 |
0.00 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
3.33 |
3.02 |
3.19 |
3.33 |
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Notes: Financials are only
partially disclosed.
Forecast (or
estimated) figures for the 31/08/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.