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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
VT HOLDINGS CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
March 1983 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is a Automobile dealer |
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No. of Employees : |
2,305 |
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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Maximum Credit Limit : |
Yen 2,066.8 Million |
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Status : |
Satisfactory |
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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
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Source
: CIA |
VT HOLDINGS CO LTD
REGD NAME: VT
Holdings KK
MAIN OFFICE: Sakai
VT Bldg 4F, 3-10-32 Nishiki Nakaku Nagoya 460-0003 JAPAN
Tel:
052-203-9500 Fax: 052-203-9555
*.. Registered at:
4-40 Dadaboshi Kagiyamachi Tokai City Aichi-Pref -
URL: http://www.vt-holdings.co.jp
E-Mail address: (thru the URL)
Automobile dealer
Mie, Gifu
KAZUHO TAKAHASHI,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 118,317 M
PAYMENTS REGULAR CAPITAL Yen 2,493 M
TREND UP WORTH Yen 21,157 M
STARTED 1983 EMPLOYES 2,305
AUTOMOBILE DEALER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 2,066.8 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
88,276 |
4,226 |
1,809 |
(%) |
10,489 |
|
(Consolidated) |
31/03/2011 |
92,657 |
5,700 |
2,763 |
4.96 |
13,101 |
|
|
31/03/2012 |
95,974 |
6,562 |
4,361 |
3.58 |
16,921 |
|
|
31/03/2013 |
118,317 |
7,659 |
4,775 |
23.28 |
21,157 |
|
|
31/03/2014 |
128,000 |
9,300 |
5,000 |
8.18 |
.. |
Unit: In Million Yen
Forecast
figures for the 31/03/2014 fiscal term.
This is the first Honda-affiliated dealer to go public, and operates in
Aichi, Mie and Gifu prefectures.
Nissan’s cars account for high proportion in entire sales. Controls Trust Co Ltd, subsidiary engaging in
exports of used cars. Originally
established as Honda Verno Tokai Co Ltd, and renamed as captioned in Apr 2003,
after merging subsidiaries & group firms.
Active in M&A deals.
The sales volume for Mar/2013 fiscal term amounted to Yen 118,317
million, a 23.3% up from Yen 95,974 million in the previous term. The recurring profit was posted at Yen 7,659
million and the net profit at Yen 4,775 million, respectively, compared with
Yen 6,562 million recurring profit and Yen 4,361 million net profit,
respectively, a year ago.
(Apr/Sept/2013 results): Sales Yen 80,460 million (up 8.8%), operating
profit Yen 4,049 million (up 28.0%), recurring profit Yen 3,945 million (up
30.4%), net profit Yen 2,160 million (up 19.4%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 9,300 million and the net profit at Yen 5,000 million, on an 8.2% rise
in turnover, to Yen 128,000 million. New
Honda Model car “Fit” will contribute to the sales growth.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 2,066.8 million, on 30 days normal terms.
Date
Registered: Mar 1983
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
56.6 million shares
Issued: 36,793,678 shares
Sum: Yen 2,493 million
Major
shareholders (%): S&I (12.8), Mitsui Sumitomo Ins (6.9), Japan Trustee Services T
(6.9), Master Trust Bank of Japan T (4.1), Aioi Nissay Dowa Ins (3.3), Sompo
Japan Ins (3.3), Nipponkoa Ins (3.3), Tokio Marine & Nichido Fire Ins
(3.3), Trust & Custody Services (3.1), Kazuho Takahashi (2.9); foreign
owners (10.9)
No.
of shareholders: 1,966
Listed on the S/Exchange (s) of: JASDAQ
Managements: Kazuho
Takahashi, pres; Mashide Ito, s/mgn dir; Ichiro Yamauchi, mgn dir; Kazuhiko
Kato, dir; Naoki Hori, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: Honda Cars Tokai, Nagano Nissan Auto Co, Shizuoka Nissan Auto Co,
Mikawa Nissan Auto Co, VT International, LCI Ltd, other.
Activities: Automobile
dealer, other: automobile-related (98%), housing-related (2%)
Overseas
Sales Ratio (11%)
Clients: 22 Group
firms/dealers
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: Carmakers, car dealers, auction, other
Payment record: Regular
Location: Business area in
Nagoya. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Otsumachi)
Resona Bank (Nagoya)
Relations: Satisfactory
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
|
118,317 |
95,974 |
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Cost of Sales |
93,206 |
74,986 |
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GROSS PROFIT |
25,111 |
20,988 |
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Selling & Adm Costs |
17,300 |
14,325 |
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OPERATING PROFIT |
7,810 |
6,662 |
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Non-Operating P/L |
-151 |
-100 |
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RECURRING PROFIT |
7,659 |
6,562 |
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NET PROFIT |
4,775 |
4,361 |
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BALANCE SHEET |
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Cash |
|
4,244 |
6,639 |
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Receivables |
|
4,164 |
4,067 |
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Inventory |
|
10,744 |
7,532 |
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Securities, Marketable |
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Other Current Assets |
8,240 |
8,393 |
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TOTAL CURRENT ASSETS |
27,392 |
26,631 |
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Property & Equipment |
30,062 |
27,096 |
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Intangibles |
|
13,273 |
10,926 |
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Investments, Other Fixed Assets |
8,783 |
6,948 |
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TOTAL ASSETS |
79,510 |
71,601 |
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Payables |
|
12,994 |
14,620 |
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Short-Term Bank Loans |
16,463 |
14,707 |
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Other Current Liabs |
13,617 |
12,545 |
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TOTAL CURRENT LIABS |
43,074 |
41,872 |
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Debentures |
|
1,250 |
1,082 |
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Long-Term Bank Loans |
8,168 |
6,795 |
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Reserve for Retirement Allw |
740 |
486 |
|
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Other Debts |
|
5,121 |
3,445 |
|
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TOTAL LIABILITIES |
58,353 |
53,680 |
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MINORITY INTERESTS |
|
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Common
stock |
2,493 |
2,493 |
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Additional
paid-in capital |
1,029 |
1,035 |
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Retained
earnings |
16,488 |
12,588 |
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Evaluation
p/l on investments/securities |
261 |
219 |
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Others |
|
1,020 |
966 |
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Treasury
stock, at cost |
(134) |
(380) |
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TOTAL S/HOLDERS` EQUITY |
21,157 |
16,921 |
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TOTAL EQUITIES |
79,510 |
70,601 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
|
2,347 |
6,487 |
|
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Cash
Flows from Investment Activities |
-1,643 |
-594 |
|
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Cash
Flows from Financing Activities |
-3,122 |
-5,549 |
|
|
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Cash,
Bank Deposits at the Term End |
|
4,184 |
6,579 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
21,157 |
16,921 |
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Current
Ratio (%) |
63.59 |
63.60 |
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Net
Worth Ratio (%) |
26.61 |
23.97 |
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Recurring
Profit Ratio (%) |
6.47 |
6.84 |
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Net
Profit Ratio (%) |
4.04 |
4.54 |
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Return
On Equity (%) |
22.57 |
25.77 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
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 |
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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 |
|
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 |
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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.