MIRA INFORM REPORT

 

 

Report Date :

11.11.2013

 

IDENTIFICATION DETAILS

 

Name :

SPIRAX SARCO LTD

 

 

Registered Office :

2-37 Hamada Mihamaku Chiba 261-0025

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

June, 1951

 

 

Com. Reg. No.:

0400-03-000165 (Chiba-Mihamaku)

 

 

Legal Form :

Branch Office

 

 

Line of Business :

Mfg, import, wholesale of control equipment, others

 

 

No. of Employees :

45

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit:

Yen 21.9 million

Status :

Moderate

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 anme

 

SPIRAX SARCO LTD

 

 

REGD NAME

 

Spirax Sarco Limited

 

 

MAIN OFFICE

 

2-37 Hamada Mihamaku Chiba 261-0025 JAPAN

Tel: 043-274-4811     Fax: 044-274-4818

 

URL:                 http//:www.spiraxsarco.com

E-mail:             info@spiraxsarco.com

 

 

ACTIVITIES  

 

Mfg, import, wholesale of control equipment, others

 

 

BRANCHES

 

Osaka

 

 

OVERSEAS   

 

UK

 

 

FACTORIES

 

At the caption address

 

 

OFFICER(S)  

 

A MARK IAN, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 1,200 M

PAYMENTS      SLOW BUT CORRECT   CAPITAL           Yen - - -

TREND             SLOW                           WORTH            Yen 213 M

STARTED         1951                             EMPLOYES      45

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN CONTROL EQUIPMENT

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 21.9 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company is a Japan branch of Spiral Sarco Limited, UK.  The firm imports and wholesales control units/equipment of the parent’s products.  It also manufactures control units on a small scale.  Clients include major construction companies, gas companies, other

 

 

FINANCIAL INFORMATION

 

Financials are only partially disclosed.

 

The sales volume for Dec/2012 fiscal term amounted to Yen 1,200 million, a 13% down from Yen 1,380 million in the previous term.  The net profit was posted at Yen 5 million, compared with Yen 20 million a year ago.  .

 

For the current term ending Dec/2013 the net profit is projected at Yen 5 million, on a 4% rise in turnover, to Yen 1,250 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 21.9 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Jun 1951

Regd No.:                                 0400-03-000165 (Chiba-Mihamaku)

Legal Status:                Branch Office (Shiten)

Sum:                            Paid in UK & unavailable

Major shareholders (%): Spirax Sarco Limited, UK (100)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures, imports and wholesales control equipment/units: steam traps, condensate pumps, equipment systems & packages, condensate & heat recovery packages, boiler control & systems, metering, control systems, isolation valves, clean steam, compressed air, humidifiers, others (--100%).

 

 

Clients: [Mfrs, wholesalers] JGC Corp, Chiyoda Corp, Tokyo Gas, Osaka Gas, Yuasa Corp, Ishigro, Ichinose, Miura Co Ltd, Nippon Thermoener Co, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Spirax Sarco Limited, Yamatake, other,

 

Payment record: Slow but Correct

 

Location: Business area in Chiba.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Hamamatsucho)

MUFG (Shimbashi)

Relations: Satisfactory

 

 

FINANCES

 

 (In Million Yen)

Terms Ending:

 

31/12/2013

31/12/2012

31/12/2011

31/12/2010

Annual Sales

 

1,250

1,200

1,380

1,380

Recur. Profit

 

..

..

..

..

Net Profit

 

5

5

20

15

Total Assets

 

 

N/A

N/A

N/A

Net Worth

 

 

213

208

188

Capital, Paid-Up

 

 

 

 

 

Div.P.Share(¥)

 

 

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

S.Growth Rate

4.17

-13.04

0.00

2.22

Current Ratio

 

 

..

..

..

N.Worth Ratio

 

..

..

..

N.Profit/Sales

0.40

0.42

1.45

1.09

Notes: Financials are only partially disclosed.  Capitals are paid in UK.

Forecast (or estimated) figures for the 31/12/2013 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.