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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
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Name : |
HITACHI AUTOMOTIVE SYSTEMS LTD |
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Registered Office : |
Shin-Ohtemachi Bldg, 2-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
July, 2009 |
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Com. Reg. No.: |
0100-01-015719 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of automotive components, industrial machines &
systems |
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No. of Employees : |
6,307 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
HITACHI AUTOMOTIVE
SYSTEMS LTD
REGD NAME: Hitachi Automotive Systems KK
MAIN OFFICE: Shin-Ohtemachi Bldg, 2-2-1 Ohtemachi Chiyodaku
Tokyo 100-0004 JAPAN
Tel: 03-4232-5300
*.. The is
its Atsugi Factory
URL: http://www.hitachi-automotive.co.jp
E-Mail address: (thru the URL)
Mfg of automotive components, industrial machines & systems
Ibaraki, Atsugi, Gunma (2), Kawasaki, other (17)
Overseas branch offices of Hitachi Ltd (the parent)
Atsugi, Ibaraki, Kawasaki, Gunma (2), other
KUNIHIKO OHNUMA, PRES Hiroshi
Satoh, rep dir
Koji Yamanokawa, dir Ichiro
Fujimura, dir
Tatsuhiko Izumi, dir Kazuo
Kurihara, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 389,520 M
PAYMENTS REGULAR CAPITAL Yen
15,000 M
TREND SLOW WORTH Yen 110,446 M
STARTED 2009 EMPLOYES 6,307
MFG OF AUTOMOTIVE COMPONENTS, OWNED BY HITACHI LTD
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established on the basis of a machinery section
separated from Hitachi Ltd (See REGISTRATION). This is a specialized mfr of automotive
components,, transportation-related components, industrial machinery &
systems, other. Clients include major
car makers, nationwide
The sales volume for Mar/2013 fiscal term amounted to Yen 389,520
million, a 4% down from Yen 406,069 million in the previous term. This is referred to the decreased demand from
car makers in China. The recurring
profit was posted at Yen 20,170 million and the net profit at Yen 20,048
million, respectively, compared with Yen 18,732 million recurring profit and
yen 26,634 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 21,000 million and the net profit at Yen 21,000 million, respectively,
on a 5% rise in turnover, to Yen 410,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jul 2009
Regd No.: 0100-01-015719 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
120,000 shares
Issued:
30,000 shares
Sum: Yen 1,500 million
Major shareholders
(%): Hitachi Ltd* (100)
*.. Largest comprehensive mfr of electrical products, Tokyo, listed
Tokyo, Nagoya S/E’s, capital Yen458,790 million, sales Yen 9,041,790 million,
operating profit Yen 422,028 million, recurring profit Yen 344,537 million, net
profit Yen 175,326 million, total assets Yen 10,467,271 million, net worth Yen
2,250,368 million, employees 331,781, pres Hiroaki Nakanishi
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
automotive components, transportation-related components, industrial machines
& systems: engine management systems, electric powertrain systems, drive
control systems, car information systems, other (--100%)
Clients: [Mfrs,
wholesalers] Nissan Motors, General Motors Co, Ford Motor Co, Fuji Heavy Ind,
other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Unisia JKC Steering System, Rennes Easton, NTN, Hitachi Chemical
Ind, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG
(Tokyo)
Mizuho Bank
(Ohtemachi)
Relations:
Satisfactory
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Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
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Annual Sales |
|
410,000 |
389,520 |
406,069 |
372,594 |
|
Recur. Profit |
|
21,000 |
20,170 |
18,732 |
19,037 |
|
Net Profit |
|
21,000 |
20,048 |
26,634 |
10,765 |
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Total Assets |
|
|
264,647 |
265,186 |
226,097 |
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Current Assets |
|
|
142,764 |
159,590 |
129,214 |
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Current Liabs |
|
|
138,756 |
156,302 |
134,829 |
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Net Worth |
|
|
110,446 |
93,141 |
69,990 |
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Capital, Paid-Up |
|
|
15,000 |
15,000 |
15,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.26 |
-4.08 |
8.98 |
105.56 |
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Current Ratio |
|
.. |
102.89 |
102.10 |
95.84 |
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N.Worth Ratio |
.. |
41.73 |
35.12 |
30.96 |
|
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R.Profit/Sales |
|
5.12 |
5.18 |
4.61 |
5.11 |
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N.Profit/Sales |
5.12 |
5.15 |
6.56 |
2.89 |
|
|
Return On Equity |
.. |
18.15 |
28.60 |
15.38 |
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Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.