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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DRESSER JAPAN LTD |
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Registered Office : |
Harumi Island
Litton Square Office Tower 23F, 1-8-10 Harumi Chuoku Tokyo 104-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
September
1977 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of auto-adjustable
valves, air blowers, compressors, measuring instruments, gasoline feeders
targeting to filling stations, other related products mainly to oil
industries |
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No. of Employees |
300 |
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 791.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
DRESSER JAPAN LTD
Dresser Japan KK
Harumi Island Litton
Square Office Tower 23F, 1-8-10 Harumi Chuoku Tokyo 104-0053 JAPAN
Tel:
03-6871-9007 Fax: 03-6890-4620
*.. The is its
Niigata Factory
URL: http://www.dresserjapan.co.jp/
E-Mail address: info@dresserjapan.co.jp
Mfg of industrial valves, air blowers, gasoline feeders,
measuring instruments
Nagasaki,
Hiroshima, Fukuoka, Niigata, Mie, Osaka
Niigata
(as given)
SHOIKU
KIM PRES Akehisa
Kikuchi, dir
Takashi
Imura, dir Tametsune
Tashiro, dir
Yosuke
Watanabe, dir Eiki Hoshi,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 9,952 M
PAYMENTSNo Complaints
CAPITAL Yen 495 M
TREND SLOW WORTH Yen 2,436 M
STARTED 1977 EMPLOYES 300
MFR OF INDUSTRIAL VALVES, OWNED BY DRESSER INC, USA.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 791.4 MILLION, ON NORMAL 30 DAYS TERMS
The subject company
was established by Dresser Inc, USA as its MFG & marketing base in
Japan. This is a trading house
specializing in oil-related valves, compressors, air blowers, measuring instruments,
gasoline feeders, etc, products of the US parent and its group firms. Aiming to grab a 5% share in gasoline feeder
sales market following the deregulated rule for opening self-service filling
stations in Japan. Goods are both
imported and exported.
The sales volume for
Dec/2012 fiscal term amounted to Yen 9,952 million, a 6% down from Yen 10,532
million in the previous term. The net
profit was posted at Yen 178 million, compared with Yen 278 million a year ago.
For the term that
ended Dec 2013 the net profit was projected at Yen 180 million, on a 3%rise in
turnover, to Yen 10,250 million. Final
results are yet to be released
.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 791.4
million, on normal 30 days terms.
Date Registered: Sept
1977
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
3.96 million shares
Issued: 990,000 shares
Sum: Yen495 million
Major shareholders (%):
Dresser International Inc (100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures auto-adjustable valves, air
blowers, compressors, measuring instruments, gasoline feeders targeting to
filling stations, other related products mainly to oil industries
(--100%).
Clients: [Mfrs] Mitsubishi Heavy Ind, Toshiba Corp, Sumitomo Heavy Ins, IHI
Corp, JGC Corp, Toyo Engineering, Asahi Glass, Chiyoda Crop, Tokyo Electric
Power, Chubu Electric Power, Hitachi Ltd, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] UEX, Mitsui Meehanite Metal, Yokogawa Electric,
other.
Payment record: No Complaints
Location: Business area in Tokyo. Office
premises at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC (Marunouchi)
MUFG (Funabashi)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
|
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
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Annual
Sales |
|
10,250 |
9,952 |
10,532 |
10,613 |
|
Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
180 |
178 |
278 |
166 |
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Total
Assets |
|
|
5,522 |
7,109 |
N/A |
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Net
Worth |
|
|
2,436 |
3,279 |
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Capital,
Paid-Up |
|
|
495 |
495 |
495 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
1.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.99 |
-5.51 |
-0.76 |
-11.08 |
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Current Ratio |
.. |
.. |
.. |
||
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N.Worth Ratio |
44.11 |
46.12 |
.. |
||
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N.Profit/Sales |
1.76 |
1.79 |
2.64 |
1.56 |
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Notes:
Financials are only partially disclosed.
Forecast (or estimated) figures for 31/12/2013
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
UK Pound |
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
-- |
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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.