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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
IHI STAR MACHINERY CORPORATION |
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Registered Office : |
1061-2 Kamiosatsu Chitose City Hokkaido 066-0077 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
August, 1954 |
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Com. Reg. No.: |
4300-01-043682 (Hokkaido-Chitose) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of agricultural machinery |
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No. of Employees : |
214 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
IHI STAR MACHINERY
CORPORATION
REGD NAME: KK IHI Star
MAIN OFFICE: 1061-2 Kamiosatsu Chitose City Hokkaido
066-0077 JAPAN
Tel:
0123-26-1122
Fax: 0123-26-2097
URL: http://www.ihi-star.com
E-Mail address: (thru the URL)
Mfg of agricultural machinery
Chitose, Sendai, Okayama, Kumamoto, other (Tot 10)
Shanghai (China)
At the caption address
MINORU AOYANAGI, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 5,973 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 500 M
TREND UP WORTH Yen 2,256 M
STARTED 1934 EMPLOYES 214
MR OF AGRICULTURAL MACHINERY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established originally in 1937 as Toyohira Kikai
Seisakusho, as a private company, and was incorporated in 1954. Changed the name as captioned in Apr
2008. This is a specialized mfr of
agricultural machinery & products (See
OPERATION), under IHI Corp and its Group firms. Goods are exported. Clients include agricultural machinery
makers, wholesalers, other, nationwide
The sales volume for Mar/2013 fiscal term amounted to Yen 5,975 million,
a 1% up from Yen 5,907 million in the previous term. Exports to China and other Asian countries
rose. The recurring profit was posted at
Yen 186 million and the net profit at Yen 111 million, respectively, compared
with Yen 111 million recurring profit and Yen 195 million net profit,
respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 190 million and the net profit at Yen 120 million, respectively, on a 4%
rise in turnover, to Yen 6,200 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug 1954
Regd No.: 4300-01-043682 (Hokkaido-Chitose)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 4
million shares
Issued:
1 million shares
Sum: Yen 500 million
Major shareholders
(%): IHI Corp* (80), IHI Shibaura (20)
No. of shareholders: 2
*.. IHI Corp, comprehensive heavy machinery mfr, Tokyo, founded 1889,
listed Tokyo S/E, capital Yen 95,762 million, sales Yen 1,256,049 million,
operating profit Yen 42,141 million, recurring profit Yen 36,219 million, net
profit Yen 33,386 million, total assets Yen 1,379,271 million, net worth Yen
304,177 million, employees 27,420, pres Tamotsu Saito
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
agricultural machinery, equipment, products (--100%)
(Mfg Items): forage cutter,
mounted cutter, chaff cutter, fertilizer spreader, 0lime sower, manure
spreader, slurry tanker, rear grader, still crumbler, corn planter, forage
harvester, disk mower, gyro hay maker, other
Clients: [Mfrs, wholesalers]
Kubota Corp, Yanmar Co, New Holland HFT Japan Iseki & Co, Mitsubishi
Agricultural Machinery, MSK Farm Machinery Corp, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Yanmar Co, EDEC, Sato Seiko Co, Minagawa Noki Seizo, other
Payment record: Slow but correct
Location: Business area in
Chitose, Hokkaido. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
Hokkaido
Bank (H/O)
Mizuho Bank
(Sapporo)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
6,200 |
5,973 |
5,907 |
6,212 |
|
Recur. Profit |
|
190 |
186 |
111 |
|
|
Net Profit |
|
120 |
111 |
195 |
317 |
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Total Assets |
|
|
6,522 |
6,537 |
6,665 |
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Current Assets |
|
|
3,551 |
3,521 |
|
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Current Liabs |
|
|
3,042 |
2,974 |
|
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Net Worth |
|
|
2,256 |
2,238 |
2,157 |
|
Capital, Paid-Up |
|
|
500 |
500 |
500 |
|
Div.Ttl in Million(¥) |
|
|
97.5 |
190.7 |
179.9 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.80 |
1.12 |
-4.91 |
-23.79 |
|
|
Current Ratio |
|
.. |
116.73 |
118.39 |
.. |
|
N.Worth Ratio |
.. |
34.59 |
34.24 |
32.36 |
|
|
R.Profit/Sales |
|
3.06 |
3.11 |
1.88 |
.. |
|
N.Profit/Sales |
1.94 |
1.86 |
3.30 |
5.10 |
|
|
Return On Equity |
.. |
4.92 |
8.71 |
14.70 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
|
Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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 |
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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 |
|
<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.