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Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ISHIN HOLDINGS CO LTD |
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Registered Office : |
654-4 |
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Country : |
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
May 1990 |
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Com. Reg. No.: |
2600-01-020131 (Okayama-Tsuyama) |
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Legal Form : |
Limited Company |
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Line of Business : |
Building contractor and construction works
of “Ishin Home” (--100%) |
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No. of Employees |
32 |
RATING & COMMENTS
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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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
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. 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.
|
Source
: CIA |
ISHIN
HOLDINGS CO LTD
REGD
NAME: KK Ishin Holdings
MAIN
OFFICE: 654-4 Ninomiya Tsuyama City Okayama-Pref
708-0013 JAPAN
Tel: 0868-28-9771 Fax: 0868-28-9775
URL: http://www.realcom.co.jp/imp/news/20120605
web ishii. html
E-Mail address: (thru the URL)
Building contractor, construction,
other-related works
Tokyo, Okayama, other (6 nationwide)
Ishin America Inc, Ishin Holdings Pte Ltd
(Singapore), Ishin Ltd (Russia)
HIROAKI ISHIHARA, PRES Tetsuro Kasaya, s/mgn dir
Shingo Akiyama, mgn dir Takayoshi Yamamoto, dir
Hiromi Hamano, dir Noboru Nikaido, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,847 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 99 M
TREND UP WORTH Yen 2,090 M
STARTED 1990 EMPLOYES 32
BUILDING & CONSTRUCTION WORKS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENS.
The subject company was established by
Hiroaki Ishihara in order to make most of his experience in the subject line of
business. This is a building contractor
and construction company of “Ishin Home” with solar generation system. Buildings and houses are sold nationwide thru
franchisee dealers. The firm operates 6
firms domestically and 3 overseas: USA, Russia and Singapore. The firm went into dealership agreement in
Oct 2013 with WWB Corporation (See below), mfr of solar panel systems, for
selling “Ishii Home” nationwide. The
houses are built by 180 builders nationwide.
The tie-ups have mutual benefits: WWB Corp will sell and distribute
their making solar panel systems to the said 180 builders, and the subject can
sell and distribute “Ishin Home” thru the tie-up.
(WWB Corporation): mfr of solar panel
systems, dealer of construction machinery, Tokyo, founded Jun 2006, capital Yen
50 million, pres Junsei Ryu, sales Yen 1,026 million, net profit Yen 24
million, employees 20.
The sales volume for Feb/2013 fiscal term
amounted to Yen 2,847 million, a 25.2% up from Yen 1,293 million in the
previous term. This is thanks to the
building & sale of solar shell houses, according to the firm. The recurring profit was posted at Yen 413
million and the net profit at Yen 252 million, respectively, compared with Yen
232 million recurring profit and Yen 145 million net profit, respectively, a
year ago.
For the current term ending Feb 2014 the
recurring profit is projected at Yen 430 million and the net profit at Yen 265
million, respectively, on a 5% rise in turnover, to Yen 3,000 million. The turnover is reportedly increased
substantially thanks to the widespread of solar panel houses, but this is not
confirmed as yet.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date
Registered: May 1990
Regd
No.:
2600-01-020131
(Okayama-Tsuyama)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 7,920 shares
Issued:
1,980 shares
Sum:
Yen
99 million
Major
shareholders (%): Hiroaki Ishihara &
Ishihara families (--100)
No.
of shareholders: 7
Nothing detrimental is known as to his
commercial morality.
Activities: Building
contractor and construction works of “Ishin Home” (--100%)
Clients: WWS Co and
franchisees
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ascon Concrete, Asahi DuPont Flush Products, Sumitomo Forestry,
Chofu Seisakusho, Goddess Create Co, other
Payment
record: No Complaints
Location: Business area in
Tsuyama City, Okayama-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank
References:
Chugoku Bank (Tsuyama-Kita)
MUFG (Okayama)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
|
Annual Sales |
|
3,000 |
2,847 |
1,293 |
1,188 |
|
Recur. Profit |
|
430 |
413 |
232 |
168 |
|
Net Profit |
|
265 |
252 |
145 |
117 |
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Total Assets |
|
|
2,743 |
2,308 |
2,095 |
|
Current Assets |
|
|
1,439 |
1,256 |
1,201 |
|
Current Liabs |
|
|
457 |
249 |
151 |
|
Net Worth |
|
|
2,090 |
1,887 |
1,780 |
|
Capital, Paid-Up |
|
|
99 |
99 |
99 |
|
Div.Ttl in Million (¥) |
|
|
48 |
42 |
37 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.37 |
120.19 |
8.84 |
34.39 |
|
|
Current Ratio |
|
.. |
314.88 |
504.42 |
795.36 |
|
N.Worth Ratio |
.. |
76.19 |
81.76 |
84.96 |
|
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R.Profit/Sales |
|
14.33 |
14.51 |
17.94 |
14.14 |
|
N.Profit/Sales |
8.83 |
8.85 |
11.21 |
9.85 |
|
|
Return On Equity |
.. |
12.06 |
7.68 |
6.57 |
|
Notes: Forecast (or estimated) figures for the 28/02/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
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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 |
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<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.