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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ALTECH CO LTD |
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Registered Office : |
Sumitomo Irifune Bldg 2F, 2-1-1 Irifune
Chuoku Tokyo 104-0042 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2013 |
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Date of Incorporation : |
May 1976 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of industrial
machinery, machine tools |
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No. of Employees |
532 |
RATING & COMMENTS
|
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 655.4 Million |
|
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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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
|
Source
: CIA |
ALTECH CO LTD
REGD NAME: Altech
KK
MAIN OFFICE: Sumitomo
Irifune Bldg 2F, 2-1-1 Irifune Chuoku Tokyo 104-0042
JAPAN
Tel:
03-5542-6760 Fax: 03-5542-6767
E-Mail address: info@altech.co.jp
Import, export,
wholesale of industrial machinery, machine tools
Osaka, Fukuoka
(subsidiaries): China,
Thailand, Indonesia, other
NORIHIRO CHONO,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 18,591 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 5,527 M
TREND SLOW WORTH Yen 9,710 M
STARTED 1976 EMPLOYES 532
TRADING FIRM SPECIALIZING IN INDUSTRIAL MACHINERY.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 655.4 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
19,272 |
365 |
7 |
(%) |
9,102 |
|
(Consolidated) |
30/11/2011 |
16,854 |
331 |
48 |
-12.55 |
8,731 |
|
30/11/2012 |
17,233 |
202 |
26 |
2.25 |
8,842 |
|
|
30/11/2013 |
16,591 |
547 |
75 |
-3.73 |
9,710 |
|
|
30/11/2014 |
17,000 |
200 |
100 |
2.47 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for 30/11/2014
fiscal term
The subject company is an independent trading house specializing in
industrial machinery, with strength in printing and image processing systems
imported from Europe. Grew rapidly with
PET bottle making system. Leads industry
in paper can-producing system. Also
engaged in manufacturing of perform plastic caps for beverage bottles in
China. Promoting metal mold-mfg
equipment for lightweight auto parts, reflecting strong demand. In new energy, importing to sell measuring
devices for thin film sola battery.
Engaged in Mfg in Asia.
The sales volume for Nov/2013 fiscal term amounted to Yen 16,591
million, a3.7% down from Yen 17,233 million in the previous term. Sales of preform struggled. In trading companies business, sales of large-scale
machines slackened. The recurring profit
was posted at Yen 547 million and the net profit at Yen 75 million,
respectively, compared with Yen 202 million recurring profit and Yen 26 million
net profit, respectively, a year ago.
(Dec/2013-Feb/2014 results): Sales Yen 3,426 million (up 18.8%),
operating loss Yen 16 million (previously Yen 17 million loss), recurring
profit Yen 28 million (down 75.2%), net profit Yen 43 million (down
66.3%). (% & figures compared with
the corresponding period a year ago).
For the current term ending Nov 2014 the recurring profit is projected
at Yen 200 million and the net profit at Yen100 million, respectively, on a
2.5% rise in turnover, to Yen 17,000 million.
New commercial products including 3D printers will fare well.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 655.4
million, on 30 days normal terms.
Date Registered: May 1976
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 40 million shares
Issued: 19,354,696 shares
Sum: Yen 5,527 million
Major
shareholders (%): Phoenix Capital Partners Tree Inv (14.4), Japan Securities Finance
(5.0), TAKEUCHI M&T (4.6), MUFG (2.6), Kazuhisa Yuri (2.6), Phillip
Securities Japan (2.0), Almine Co (2.0), Yachiyo Muranaga (2.0), Masao Naruse
(1.3), Company’s Treasury Stock (1.3); foreign owners (4.5)
No. of shareholders: 5,570
Listed on the S/Exchange (s) of: Tokyo
Managements: Norihiro Chono,
pres; Ken’ichi Takigawa, s/mgn dir; Noriyuki Sakaguchi, dir; Hidehiko Suyama,
dir; Toshishige Iketani, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Altech Communications, other
Activities: Imports, exports
and wholesales industrial machinery, equipment, machine tools, other;
Wholesaling Div (65%), preform (26%), others (10%),
Overseas
Sales Ratio (38%).
(Breakdown
of Divisions): :Digital Solution (digital printer), Package Solution (CD/DVD package);
Industrial Solutions (industrial machinery & equipment), Recycling Solution
(recycling of waste plastics, heat recovery, other; Overseas Div (machinery
& preforms associated with PET bottles.)
Clients: Printing houses,
paper-processing industries, game-console mfrs, digital electronics equipment mfrs, government agencies, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from Europe,
China, Indonesia, Thailand, other
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Ohdenmacho)
Mizuho Bank
(Yaesuguchi)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
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|
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Terms Ending: |
30/11/2013 |
30/11/2012 |
|
INCOME STATEMENT |
||||
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Annual Sales |
|
16,591 |
17,233 |
|
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Cost of Sales |
13,579 |
14,352 |
||
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GROSS PROFIT |
3,011 |
2,881 |
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Selling & Adm Costs |
2,701 |
2,677 |
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OPERATING PROFIT |
309 |
204 |
||
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Non-Operating P/L |
238 |
-2 |
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RECURRING PROFIT |
547 |
202 |
||
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NET PROFIT |
75 |
26 |
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BALANCE SHEET |
||||
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Cash |
|
3,716 |
2,493 |
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Receivables |
2,427 |
3,284 |
||
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Inventory |
1,639 |
1,869 |
||
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Securities, Marketable |
|
|
||
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Other Current Assets |
764 |
689 |
||
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TOTAL CURRENT ASSETS |
8,546 |
8,335 |
||
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Property & Equipment |
5,552 |
5,028 |
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Intangibles |
574 |
447 |
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Investments, Other Fixed Assets |
2,092 |
1,896 |
||
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TOTAL ASSETS |
16,764 |
15,706 |
||
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Payables |
2,321 |
1,778 |
||
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Short-Term Bank Loans |
1,460 |
1,537 |
||
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|
|
|
||
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Other Current Liabs |
1,609 |
2,171 |
||
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TOTAL CURRENT LIABS |
5,390 |
5,486 |
||
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Debentures |
94 |
50 |
||
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Long-Term Bank Loans |
1,187 |
1,087 |
||
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Reserve for Retirement Allw |
|
|
||
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Other Debts |
|
382 |
241 |
|
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TOTAL LIABILITIES |
7,053 |
6,864 |
||
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MINORITY INTERESTS |
||||
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Common
stock |
5,527 |
5,527 |
||
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Additional
paid-in capital |
2,252 |
2,309 |
||
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Retained
earnings |
1,812 |
1,736 |
||
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Evaluation
p/l on investments/securities |
66 |
3 |
||
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Others |
975 |
(511) |
||
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Treasury
stock, at cost |
(922) |
(222) |
||
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TOTAL S/HOLDERS` EQUITY |
9,710 |
8,842 |
||
|
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TOTAL EQUITIES |
16,764 |
15,706 |
|
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CONSOLIDATED CASH FLOWS |
||||
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Terms ending: |
30/11/2013 |
30/11/2012 |
||
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Cash
Flows from Operating Activities |
|
2,069 |
1,379 |
|
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Cash
Flows from Investment Activities |
-104 |
-887 |
||
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Cash Flows
from Financing Activities |
-977 |
-812 |
||
|
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Cash,
Bank Deposits at the Term End |
|
3,716 |
2,493 |
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ANALYTICAL RATIOS Terms ending: |
30/11/2013 |
30/11/2012 |
||
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Net
Worth (S/Holders' Equity) |
9,710 |
8,842 |
||
|
Current
Ratio (%) |
158.55 |
151.93 |
||
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Net
Worth Ratio (%) |
57.92 |
56.30 |
||
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Recurring
Profit Ratio (%) |
3.30 |
1.17 |
||
|
Net
Profit Ratio (%) |
0.45 |
0.15 |
||
|
Return
On Equity (%) |
0.77 |
0.29 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
Report Prepared
by : |
NIS |
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 |
|
|
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.