|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DALTON CORPORATION |
|
|
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|
Registered Office : |
Hamarikyu Parkside Place 10F/15F, 5-6-10 Tsukiji Chuoku Tokyo 104-0045 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
July 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of chemical research equipment, flour milling machines |
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|
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No. of Employees |
361 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
DALTON CORPORATION
REGD NAME: KK
Dalton
MAIN OFFICE: Hamarikyu
Parkside Place 10F/15F, 5-6-10 Tsukiji Chuoku Tokyo 104-0045
JAPAN
Tel: 03-3549-6800
Fax:
03-3549-6854 -
URL: http://www.dalton.co.jp
E-Mail address: (thru the URL)
Mfg of chemical
research equipment, flour milling machines
Sapporo, Sendai,
Nagoya, Osaka, Hiroshima, Fukuoka, other (Tot 15)
(subcontracted –
group firms)
HIDEO YAZAWA, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 15,160 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 1,387 M
TREND UP WORTH Yen 3,542 M
STARTED 1948 EMPLOYES 361
TRADING FIRM SPECIALIZING IN SCIENTIFIC EQUIPMENT
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
15,502 |
281 |
208 |
(%) |
2,494 |
|
(Consolidated) |
30/09/2011 |
16,037 |
305 |
427 |
3.45 |
3,457 |
|
30/09/2012 |
17,293 |
309 |
269 |
7.83 |
3,734 |
|
|
30/09/2013 |
15,160 |
-8 |
-202 |
-12.33 |
3,542 |
|
|
30/09/2014 |
18,100 |
383 |
237 |
19.39 |
.. |
Unit: In Million Yen
Forecast figures for the 30/09/2014 fiscal term.
This is the leading mfr & wholesaler of equipment used in chemical
research, and flour milling machines, mainly to corporations and local governments.
(For products see OPERATION). Maintains strong market share in experiment
stands. Subsidiary of Itoki Corp. Clients include technical research firms,
chemical firms, other, nationwide.
The sales volume for Sept/2013 fiscal term amounted to Yen 15,160
million, a 12.3% down from Yen 17,293 million in the previous term. The operations plunged into the red to post
Yen 8 million recurring loss and Yen 202 million net loss, respectively,
compared with Yen 309 million recurring profit and Yen 269 million net profit,
respectively, a year ago
(Oct/Dec/2013 results): Sales Yen
2,859 million (down 1.5%), operating loss Yen 333 million (previously Yen 285
million loss), recurring loss Yen 354 million (previously Yen 310 million
loss), net loss Yen 396 million (previously Yen 442 million loss). (% & figures compared with the
corresponding period a year ago).
For the current term ending Sept 2014 the recurring profit is projected at
Yen 383 million and the net profit at Yen 237 million, on a 19.4% rise in
turnover, to Yen 18,100 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date
Registered: Jul 1948
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
42 million shares
Issued: 14,197,438 shares
Sum: Yen 1,387 million
Major
shareholders (%): Itoki Corp (51.0), Hidemi Yazawa (5.6), Toshie Yazawa (3.3), Akio Yazawa
(3.2), Mizue Yazawa (2.9), Chizuko Hashida (2.5), Kazutaka Muraguchi (2.1),
Employees’ S/Holding Assn (1.8), Company’s Treasury Stock (1.4); foreign owners
(1.0)
No.
of shareholders: 503
Listed on the S/Exchange (s) of: JASDAQ
Managements: Takeshi Togo,
ch; Hideto Yazawa, pres; Takayuki Ando, v pres; Hiroyuki Seo, s/mgn dir; Kunio
Sakai, mgn dir; Toshiyuki Kuwahara, dir; Yuji Shoji, dir; Eiji Omori, dir;
Shinji Haruhara, dir; Hidefumi Kanazawa, dir; Yuichi Yoshinaga, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Fuji Paudal Co, Kogei Dalton Corp, other.
Activities: Manufactures
(subcontracted) laboratory apparatus: laboratory table, draft chamber, other
(--100%)
(Main
Products)
(Research
Facilities Department):draft chamber (fume hood), laboratory table, sink,
working table, exhaust gas/waste fluid processing unit, high temperature
constant humidity room, low temperature test room, clean room, bio clean room,
semiconductor devices such as wet bus, etching booth;
(Powder
Machinery Department): granulator, grinding machinery, dryer, mixer,
magnet separator, conveyer, other
Clients: [Mfrs,
wholesalers] Fuji Rika Kogyo, Nikkyo Technos Co, LCI Corporation, Daiichi Sankyo
Propharma, Asahi Kasei Engineering, Daiwa Kasei, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Fuji Paudal, Kogei Dalton Corp, Shinagawa Machinery Works, Tokiwa
Stainless Ind, Fujino Kogyo, Sanritsu Kogyo, Asuka Technology, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank
(Yotsuya)
MUFG (Ichigaya)
Relations: Satisfactory
(In Million
Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
|
Terms Ending: |
30/09/2013 |
30/09/2012 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
15,160 |
17,293 |
|
|
Cost of Sales |
9,979 |
11,875 |
||
|
GROSS PROFIT |
5,181 |
5,417 |
||
|
Selling & Adm Costs |
5,095 |
5,000 |
||
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OPERATING PROFIT |
85 |
417 |
||
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Non-Operating P/L |
77 |
-108 |
||
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RECURRING PROFIT |
-8 |
309 |
||
|
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NET PROFIT |
-202 |
269 |
|
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BALANCE SHEET |
||||
|
Cash |
|
2,382 |
2,910 |
|
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Receivables |
3,892 |
3,533 |
||
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Inventory |
1,165 |
1,138 |
||
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Securities, Marketable |
|
|
||
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Other Current Assets |
270 |
327 |
||
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TOTAL CURRENT ASSETS |
7,709 |
7,908 |
||
|
Property & Equipment |
5,406 |
4,232 |
||
|
Intangibles |
922 |
443 |
||
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Investments, Other Fixed Assets |
988 |
874 |
||
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TOTAL ASSETS |
15,025 |
13,457 |
||
|
Payables |
2,824 |
3,222 |
||
|
Short-Term Bank Loans |
2,542 |
2,203 |
||
|
|
|
|
||
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Other Current Liabs |
1,286 |
1,150 |
||
|
TOTAL CURRENT LIABS |
6,652 |
6,575 |
||
|
Debentures |
668 |
305 |
||
|
Long-Term Bank Loans |
2,055 |
1,150 |
||
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Reserve for Retirement Allw |
883 |
925 |
||
|
Other Debts |
|
1,224 |
767 |
|
|
TOTAL LIABILITIES |
11,482 |
9,722 |
||
|
MINORITY INTERESTS |
||||
|
Common
stock |
1,387 |
1,387 |
||
|
Additional
paid-in capital |
1,116 |
1,116 |
||
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Retained
earnings |
1,030 |
1,232 |
||
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Evaluation
p/l on investments/securities |
18 |
1 |
||
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Others |
51 |
57 |
||
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Treasury
stock, at cost |
(60) |
(59) |
||
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TOTAL S/HOLDERS` EQUITY |
3,542 |
3,734 |
||
|
|
TOTAL EQUITIES |
15,025 |
13,457 |
|
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
30/09/2013 |
30/09/2012 |
||
|
Cash
Flows from Operating Activities |
|
-448 |
424 |
|
|
Cash
Flows from Investment Activities |
-1,532 |
-500 |
||
|
Cash Flows
from Financing Activities |
1,434 |
721 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
1,498 |
2,045 |
|
ANALYTICAL RATIOS Terms ending: |
30/09/2013 |
30/09/2012 |
||
|
Net
Worth (S/Holders' Equity) |
3,542 |
3,734 |
||
|
Current
Ratio (%) |
115.89 |
120.27 |
||
|
Net
Worth Ratio (%) |
23.57 |
27.75 |
||
|
Recurring
Profit Ratio (%) |
-0.05 |
1.79 |
||
|
Net
Profit Ratio (%) |
-1.33 |
1.56 |
||
|
Return
On Equity (%) |
-5.70 |
7.20 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.