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Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ANEST IWATA CORPORATION |
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Registered Office : |
3176 Shinyoshidacho Kohokuku Yokohama 223-8501 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
June, 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of painting machines |
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No. of Employees : |
1,134 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 790.1 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
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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 |
ANEST IWATA
CORPORATION
REGD NAME: Anest Iwata KK
MAIN OFFICE: 3176 Shinyoshidacho
Kohokuku Yokohama 223-8501 JAPAN
Tel:
045-591-1111
Fax: 045-591-9362
URL: http://www.anest-iwata.co.jp/
E-Mail address: aijinfo@anest-iwata.co.jp
Mfg of painting machines
Tokyo, Sapporo, Sendai, Niigata, Omiya, Chiba, Nagoya, Osaka, other (Tot
12)
(Related companies): USA (3), Europe (6), Asia (11), Australia
Akita, Fukushima
TAKAHIRO TSUBOTA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 22,540 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
3,354 M
TREND STEADY WORTH Yen 19,677 M
STARTED 1948 EMPLOYES 1,134
MFR SPECIALIZING IN PAINTING MACHINES.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 790.1 MILLION, 30 DAYS NORMAL TERMS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
17,886 |
1,103 |
711 |
(%) |
17,440 |
|
(Consolidated) |
31/03/2011 |
20,171 |
2,325 |
1,379 |
12.78 |
17,367 |
|
|
31/03/2012 |
21,212 |
3,264 |
1,322 |
5.16 |
17,852 |
|
|
31/03/2013 |
22,540 |
2,638 |
1,780 |
6.26 |
19,677 |
|
|
31/03/2014 |
24,000 |
3,300 |
2,100 |
6.48 |
.. |
Unit: In million Yen
Forecast (or estimated)
figures for 31/03/2014 fiscal term
The subject company is a comprehensive mfr of painting machines, with
domestic share of over 60%. Started
originally in 1926, as individual entity developing spray gun and compressor
while making machinery parts. Engaged in
OEM exports to US firms. Strengthening
business in China. In view of strong
demand for medium-sized compressors, the company will broaden the lineup of
those products. It is expanding
operations in the overseas markets, and is considering establishment of a base
in Myanmar.
The sales volume for Mar/2013 fiscal term amounted to Yen 22,540
million, a 6.3% up from Yen 21,212 million in the previous term. The recurring profit was posted at Yen 2,638 million
and the net profit at Yen 1,780 million, respectively, compared with Yen 2,264
million recurring profit and Yen 1,322 million net profit, respectively, a year
ago.
(Apr/Sept/2013 results): Sales Yen 11,806 million (up 11.7%), operating
profit Yen 1,397
million (up 23.2%), recurring profit Yen 1,683 million (up 34.7%), net
profit Yen 1,059 million (up 28.5%). (% compared with the corresponding period
last year).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 3,300 million and the net profit at Yen 2,100 million, on a 6.5% rise in
turnover, to Yen 24,000 million. In the
domestic market, orders for both coaters & compressors will grow sluggishly
generally, despite strong demand from some of automakers. Sales of products bound for the overseas
markets will lead the sales growth.
Profit margin will improve, supported by boosted output &
enhancement of production efficiency at plants including production bases in
the overseas market.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 790.1 million, on 30 days normal terms.
Date Registered: Jun 1948
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 189,290,000 shares
Issued: 42,315,505 shares
Sum: Yen 3,354 million
Major shareholders (%): Dai-Ichi Life Ins (5.3), Material Suppliers’
S/Holding Assn (4.8), Meiji Yasuda Life Ins (3.5), Employees’ S/Holding Assn
(3.1), Japan Trustee Services T (3.0), Joyo Bank (2.3), MUFG (2.6), Master
Trust Bank of Japan T (2.5), Resona Bank (2.4); foreign owners (2.6).
No. of shareholders: 3,777
Listed on the S/Exchange (s) of: Tokyo
Managements: Takahiro Tsubota, pres; Noriyuki Iida, dir; Hiroshi Koga,
dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Anest Iwata Service, Anest Iwata Europe, other.
Activities: Manufactures painting machines, associated equipment &
components, compressors, others:
(Sales Breakdown by Divisions):
Compressors (47%): reciprocating compressors, scroll compressors,
screw compressors;
Vacuum Equipment (7%): vacuum pumping systems, vacuum chunk,
de-aerators, vacuum shaping, vacuum drying, their parts (O-rings, clamps, flanges,
elbows, etc);
Painting Equipment (39%): spray guns, paint supply equipment, air brush,
other;
Painting Process Systems (7%)
Overseas Sales Ratio (43%)
Clients: [Mfrs, wholesalers] Anest Iwata Service, Anest Iwata Europe
srl, Atlas Copco Air Power NV, Kainan Co, Yuasa Corp, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Kanaden Corp, Ryobi Ltd, Topre Corp, other.
Payment record: No complaints
Location: Business area in Yokohama.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Joyo Bank
(Shinjuku)
MUFG
(Ebisu)
Relations:
Satisfactory
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FINANCES: (Consolidated in million yen) |
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|||
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME
STATEMENT |
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||
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Annual Sales |
|
22,540 |
21,212 |
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Cost of Sales |
13,282 |
12,576 |
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GROSS PROFIT |
9,258 |
8,635 |
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Selling & Adm Costs |
7,148 |
6,591 |
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OPERATING PROFIT |
2,109 |
2,043 |
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Non-Operating P/L |
529 |
1,221 |
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RECURRING PROFIT |
2,638 |
3,264 |
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NET PROFIT |
1,780 |
1,322 |
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BALANCE
SHEET |
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Cash |
|
6,713 |
4,903 |
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Receivables |
|
4,210 |
3,803 |
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Inventory |
|
3,677 |
3,269 |
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Securities, Marketable |
250 |
100 |
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Other Current Assets |
1,064 |
960 |
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TOTAL CURRENT ASSETS |
15,914 |
13,035 |
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Property & Equipment |
6,367 |
5,411 |
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Intangibles |
|
649 |
202 |
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Investments, Other Fixed Assets |
4,635 |
6,068 |
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TOTAL ASSETS |
27,565 |
24,716 |
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Payables |
|
2,388 |
2,069 |
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Short-Term Bank Loans |
97 |
50 |
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Other Current Liabs |
2,912 |
2,337 |
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TOTAL CURRENT LIABS |
5,397 |
4,456 |
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Debentures |
|
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Long-Term Bank Loans |
37 |
35 |
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Reserve for Retirement Allw |
1,968 |
1,880 |
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Other Debts |
|
486 |
492 |
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TOTAL LIABILITIES |
7,888 |
6,863 |
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MINORITY INTERESTS |
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Common stock |
3,354 |
3,354 |
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Additional paid-in capital |
1,380 |
1,380 |
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Retained earnings |
14,434 |
13,477 |
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Evaluation p/l on investments/securities |
170 |
(34) |
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Others |
|
340 |
(323) |
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Treasury stock, at cost |
(1) |
(2) |
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TOTAL S/HOLDERS` EQUITY |
19,677 |
17,852 |
|
|
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TOTAL EQUITIES |
27,565 |
24,716 |
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CONSOLIDATED
CASH FLOWS |
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||
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Terms ending: |
31/03/2013 |
31/03/2012 |
|
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Cash Flows from Operating Activities |
|
2,727 |
879 |
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Cash Flows from Investment
Activities |
-936 |
-347 |
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Cash Flows from Financing Activities |
-953 |
-837 |
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Cash, Bank Deposits at the Term End |
|
5,601 |
4,684 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
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Net Worth (S/Holders' Equity) |
19,677 |
17,852 |
|
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Current Ratio (%) |
294.87 |
292.53 |
|
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Net Worth Ratio (%) |
71.38 |
72.23 |
|
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Recurring Profit Ratio (%) |
11.70 |
15.39 |
|
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Net Profit Ratio (%) |
7.90 |
6.23 |
|
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Return On Equity (%) |
9.05 |
7.41 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
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 |
|
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.