|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHOSHU INDUSTRY CO LTD |
|
|
|
|
Registered Office : |
3740 Yamanoi Sanyo Onoda City Yamaguchi-Pref 757-0003 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
October, 1980 |
|
|
|
|
Com. Reg. No.: |
2500-01-003858 (Yamaguchi-Sanyo-Onoda) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturing of industrial hot water systems, semiconductor
manufacturing equipment |
|
|
|
|
No. of Employees : |
638 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
CHOSHU INDUSTRY CO
LTD
REGD NAME: Choshu Sangyo KK
MAIN OFFICE: 3740 Yamanoi Sanyo Onoda City Yamaguchi-Pref
757-0003 JAPAN
Tel:
0836-71-1038
Fax: 0836-71-1202
URL: http://www.choshu.co.jp
E-Mail address: (thru the URL)
Mfg of industrial hot water systems, semiconductor mfg equipment, other
Tokyo, Osaka, Nagoya, Ibaraki, Nagano, Takamatsu, Kagoshima, other (To
9)
Shanghais (China)
At the caption address, Onoda, Hiroshima, Fukuoka
KANAME OKAMOTO, PRES Susumu
Okamoto, s/mgn dir
Hiroyuki Sekiguchi, dir Hiromi
Obaishi, dir
Kazuyuki Omori, dir Toyohide
Satoh, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 36,429 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
400 M
TREND UP WORTH Yen
7,446 M
STARTED 1980 EMPLOYES 638
MFR OF RESIDENTIAL HOT WATER SYSTEMS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$1,250,000 / O/a 180 DAYS.
The subject company was established by Kaname Okamoto in order to make most
of his experience in the subject line of business. This is a specialized mfr of residential hot
water systems, semiconductor mfg equipment, other. Solar cell system factory has started full
production. Clients include major
electronics makers, wholesalers, other.
The sales volume for Mar/2013 fiscal term amounted to Yen 36,429
million, a 22% up from Yen 29,743 million in the previous term. This is thanks to the rising sales o sola
panels, with production at its factories in full capacity. The recurring profit was posted at Yen 3,338
million and the net profit at Yen 1,238 million, respectively, compared with
Yen 210 million recurring profit and yen 138 million net profit, respectively,
a year ago. Extraordinary losses of Yen
1,100 million in the previous term were all wiped out.
For the term ended Mar 2014 the recurring profit was projected at Yen
3,400 million and the net profit at Yen 1,300 million, respectively, on a 6%
rise in turnover, to Yen 38,500 million.
Business is seen expanding steadily.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Oct 1980
Regd No.: 2500-01-003858
(Yamaguchi-Sanyo-Onoda)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
3.2 million shares
Issued:
800,000 shares
Sum: Yen 400 million
Major shareholders
(%): Kaname Okamoto (50), CIC Engineering (10), CIC Co (10), Susumu Okamoto
(5)
No. of
shareholders: 214
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
residential hot water systems, solar cell systems, semiconductor mfg equipment
(steppers, other), LCD panel mfg equipment, Mechatronics equipment,
photovoltaic systems environmental systems, mfg equipment for OLEDs,
Ultra-precision sheet metal and machinery tooling of components for
semiconductor mfg equipment, others (--100%)
Clients: [Mfrs, wholesalers]
Toray Engineering Co, Toshiba Corp, Panasonic Corp, Canon Anelva Corp, TDK
Corp, Ibiden Co, Nippon Steel & Sumikin Electro Devices Inc, Nichia
Corporation, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Sanyo Solar Energy System, Nisshin Steel Co, Mitsubishi Electric Living
Environment Systems Inc, Tokuyama Corp, Omron Corp, Inabata & Co, other
Payment record: No complaints
Location: Business area in
Onoda City, Yamaguchi-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Yamaguchi
Bank (Onoda)
Hiroshima
Bank (Ube)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
38,500 |
36,429 |
29,743 |
24,913 |
|
Recur. Profit |
|
3,400 |
3,338 |
210 |
207 |
|
Net Profit |
|
1,300 |
1,238 |
138 |
82 |
|
Total Assets |
|
|
26,105 |
23,254 |
24,159 |
|
Current Assets |
|
|
15,313 |
11,819 |
14,570 |
|
Current Liabs |
|
|
13,399 |
11,345 |
9,642 |
|
Net Worth |
|
|
7,446 |
6,178 |
6,059 |
|
Capital, Paid-Up |
|
|
400 |
400 |
400 |
|
Div.Ttl Million (¥) |
|
|
20 |
20 |
40 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.69 |
22.48 |
19.39 |
32.91 |
|
|
Current Ratio |
|
.. |
114.28 |
104.18 |
151.11 |
|
N.Worth Ratio |
.. |
28.52 |
26.57 |
25.08 |
|
|
R.Profit/Sales |
|
8.83 |
9.16 |
0.71 |
0.83 |
|
N.Profit/Sales |
3.38 |
3.40 |
0.46 |
0.33 |
|
|
Return On Equity |
.. |
16.63 |
2.23 |
1.35 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.