|
Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ITO ENGINEERIG CO LTD |
|
|
|
|
Registered Office : |
2-12 Saiwaicho Shimizuku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
February 1944 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of blowers, vacuum pumps, stage blower & pump |
|
|
|
|
No. of Employees : |
108 |
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 22.8 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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
ITO ENGINEERIG CO LTD
KK Ito Tekkosho
2-12 Saiwaicho
Shimizuku Shizuoka 424-0923 JAPAN
Tel:
054-334-2141 Fax: 054-334-2279
URL: http://www.ito-eng.com
E-Mail address: oh@ito-eng.com
Mfg of
blowers, vacuum pumps, other
Sendai,
Sapporo, Tokyo, Osaka, Shizuoka, Shimizu
China
(4), Hong Kong, Taiwan
At the
caption address
TETSUYA
SHIKISHIMA, PRES Masao
Okajima, v pres
Akira
Wakabayashi, mgn dir Kuniyuki Sawada, dir
Takayoshi
Egoshi, dir Hideyuki
Morioka, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,088 M
PAYMENTSSlow but Correct CAPITAL Yen 140 M
TREND SLOW WORTH Yen 348 M
STARTED 1944 EMPLOYES 108
MFR OF BLOWERS, VACUUM PUMPS, OTHER
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 22.8 MILLION, 30 DAYS NORMAL TERMS
The subject company was established originally in 1968 by a certain entrepreneur for making blowers, on his account. Incorporated in 1944 the firm has been succeeded by the present executives. This is a specialized mfr of blowers, vacuum pumps, stage blower & pumps other. Clients include heavy machinery mfrs, engineering companies, other.
The sales volume for Mar/2013 fiscal term amounted to Yen 2,088 million, an 18% down from Yen 2,547 million in the previous term. The operations plunged into the red to post Yen 35 million recurring loss and Yen 35 million net losses, respectively, compared with Yen 61 million recurring profit and Yen 34 million net profits, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected at Yen 50 million and the net profit at Yen 35 million, respectively, on a 5% rise in turnover, to Yen 2,200 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 22.8 million, on 30 days normal terms.
Date Registered: Feb 1944
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.12 million shares
Issued:
280,000 shares
Sum: Yen 140 million
Major shareholders (%): Akiyuki Ito (19), Kaori Sakai
(12) Michiko Wakabayashi (10), Tetsuya Shikishima (9)
No. of shareholders: 35
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures blowers, vacuum pumps, stage blower & pump, other (--100%)
Clients: [Mfrs, wholesalers] Mitsubishi Heavy Ind, Sumitomo Heavy Ind, Kawasaki Heavy Ind, IHI Corp, Toray Engineering, Sumitomo Seika Chemicals, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toshiba Industrial Products & Systems Corp, Takatsu Corp, Wakasugi Seiki, other
Payment record: Slow but Correct
Location: Business area in Shizuoka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Shizuoka Bank (Shimizu)
Shimizu Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
2,200 |
2,088 |
2,547 |
2,469 |
|
Recur.
Profit |
|
50 |
-35 |
61 |
|
|
Net
Profit |
|
35 |
-35 |
34 |
21 |
|
Total
Assets |
|
|
2,356 |
2,387 |
2,619 |
|
Current
Assets |
|
|
1,341 |
1,391 |
|
|
Current
Liabs |
|
|
1,088 |
1,114 |
|
|
Net
Worth |
|
|
348 |
384 |
349 |
|
Capital,
Paid-Up |
|
|
140 |
140 |
140 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.36 |
-18.02 |
3.16 |
9.25 |
|
|
Current Ratio |
|
.. |
123.25 |
124.87 |
.. |
|
N.Worth Ratio |
.. |
14.77 |
16.09 |
13.33 |
|
|
R.Profit/Sales |
|
2.27 |
-1.68 |
2.39 |
.. |
|
N.Profit/Sales |
1.59 |
-1.68 |
1.33 |
0.85 |
|
|
Return On Equity |
.. |
-10.06 |
8.85 |
6.02 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
|
UK Pound |
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.