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Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
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Name : |
RICOH LOGISTICS SYSTEMS CO LTD |
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Registered Office : |
1-2-6 Keihinjima Otaku Tokyo |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
February, 1964 |
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Com. Reg. No.: |
0108-01-012582 (Tokyo-Otaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is Integrated logistics & distribution service provider |
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No. of Employees : |
1,996 |
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 1,932.1 million |
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Status : |
Good |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.
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Source
: CIA |
RICOH LOGISTICS
SYSTEMS CO LTD
REGD NAME: Ricoh Logistics KK
MAIN OFFICE: TK Ikedayama Bldg 2-4F’s, 5-24-10 Higashigotanda Shinagawaku Tokyo
141-0022 JAPAN
Tel:
03-5449-1211
Fax: 03-5449-1241
*.. The is
its subsidiary;
Registered at:
1-2-6 Keihinjima Otaku Tokyo
E-Mail address:intl.sales@rlc.co.jp
Integrated logistics & distribution service provider
Sapporo, Sendai, Yokohama, Chiba, Shizuoka, Nagoya, Kyoto, Osaka,
Hiroshima, Okayama, Fukuoka, other (--distribution centers: Tot 30)
USA (3), Hong Kong, China (2), Netherlands, France, UK (--subsidiaries)
KATSUHISA WAKAMATSU, PRES Mitsuyoshi
Endo, dir
Hiroshi Yanagawa, dir Norikazu
Ito, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 58,581 M
PAYMENTS REGULAR CAPITAL Yen
448 M
TREND STEADY WORTH Yen
14,709 M
STARTED 1964 EMPLOYES 1,996
LOGISTICS & DISTRIBUTION SERVICE PROVIDER, OWNED BY RICOH CO
LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS
MAX CREDIT LIMIT: YEN 1,932.1 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of a physical
distribution division separated from Ricoh Co Ltd, nation’s top mfr of OA
equipment, Tokyo (See REGISTRATION),
originally named as San-Ai Unyu KK (Unyu means transportation). In 1989, merged sister firm to integrate
logistics operations and renamed as captioned.
From the original concept of a mere physical distribution service
provider, e.g. forwarding, warehousing & insurance activities, the firm has
expanded its core operations to offering integrated logistic services, such as
international freight forwarding, international purchasing, air-freight,
storage management, customs clearance, other related services to cover both
domestic and overseas. The firm operates
6 distributions centers (all subsidiaries) to cover respective regions: Tohoku
region (Northern Japan), Tokyo, Kanto region (greater-Tokyo areas, other than
Tokyo), Chubu region (Nagoya & vicinities), Kansai region (greater-Osaka
areas), and Kyushu region (all Kyushu areas); the firms are all capped by
San-Ai Logistics KK. All the regions are
located at the parent’s mfg factories.
In Sept 2005 the firm became 100% subsidiary of Ricoh Co Ltd by equity
swaps.
The sales volume for Mar/2014 fiscal term amounted to Yen 58,581
million, a 5% up from Yen 55,933 million in the previous term. This was thanks to robust demand for copiers
& Fax machines produced by the parent, Ricoh Co Ltd, particularly exports
rose into China & other S/E Asian countries. The net profit was posted at Yen 1,592
million, compared with Yen 1,284 million a year ago.
For the current term ending Mar/2015 the net profit is projected at Yen
1,650 million, on a 5% rise in turnover, to Yen 61,500 million. Business is seen expanding steadily. The weaker Yen will contribute to raise
earnings in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,932.1 million, on 30 days normal terms.
Date Registered: Feb 1964
Regd No.: 0108-01-012582 (Tokyo-Otaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
26 million shares
Issued:
6.5 million shares
Sum: Yen 448 million
Major shareholders
(%): Ricoh Co Ltd* (100)
*.. Nation’s top mfr of copiers & Fax machines, Tokyo, founded 1936,
listed Tokyo, Sapporo, Nagoya, Fukuoka, Paris S/E’s; capital Yen 135,364
million, turnover Yen 1,924,497 million, recurring profit Yen 58,173 million,
net profit Yen 32,467 million, total assets Yen 2,423,617 million, net worth
Yen 947,418 million, employees 108,862, pres Shiro Kondo
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Integrated
logistics & distribution service provider (Sales breakdown by divisions):
domestic transportation, forwarding, trucking, customs clearance, and the
related services (--42%), warehousing, storage operations (--27%), cargo
sorting, packaging (--10%), International sea, land & air freight
forwarding services (15%), others (6%).
Clients: [Mfrs, business
firms] Ricoh Co, Otsuka Shokai, NBS Ricoh, Tohoku Ricoh, Ricoh Sales, Ricoh
Elemex, Ricoh Techno Systems, Ricoh Industry France, Ricoh Business Experts,
San-Ai Logistics, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Transportation firms,
forwarders] San-Ai Logistics Kansai, San-Ai Logistics Tobu, San-Ai Logistics
Chubu, San-Ai Logistics Kanto (--subsidiaries), Nippon Express, Kintetsu
Express, Kawasaki Air Service, Cosco Japan, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG
(Omori)
Mizuho Bank
(Shinagawa)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual Sales |
|
61,500 |
58,581 |
55,933 |
58,415 |
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Recur. Profit |
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1,770 |
1,840 |
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Net Profit |
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1,650 |
1,592 |
1,284 |
1,110 |
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Total Assets |
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27,311 |
26,666 |
26,948 |
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Current Assets |
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|
16,870 |
17,971 |
19,523 |
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Current Liabs |
|
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11,502 |
10,774 |
11,622 |
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Net Worth |
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14,709 |
14,350 |
14,039 |
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Capital, Paid-Up |
|
|
448 |
448 |
448 |
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Div.P.Share(¥) |
|
|
200.00 |
197.00 |
170.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.98 |
4.73 |
-4.25 |
9.75 |
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Current Ratio |
.. |
146.67 |
166.80 |
167.98 |
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N.Worth Ratio |
.. |
53.86 |
53.81 |
52.10 |
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R.Profit/Sales |
.. |
.. |
3.16 |
3.15 |
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N.Profit/Sales |
2.68 |
2.72 |
2.30 |
1.90 |
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Return On Equity |
.. |
10.82 |
8.95 |
7.91 |
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Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
|
1 |
Rs.102.90 |
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Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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 |
-- |
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.