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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
HIGUCHI INC |
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Registered Office : |
Taiyo Seimei Shinagawa Bldg 10F, 2-16-2
Konan Minatoku Tokyo 108-0075 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1927 |
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Com. Reg. No.: |
0104-01-025124
(Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
importer, exporter & wholesaler of
pharmaceutical additives, lubricant additives, petrochemical industrial
products, biochemical products, food ingredients, food additives, health
foods, pharmaceutical machinery & equipment, analytical testing machines,
LED lamps, halogen lamps & ultra-violet lamps |
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|
|
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No of Employees : |
73 |
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 278.2 million |
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|
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow But Correct |
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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 |
HIGUCHI INC
KK Higuchi Shokai
Taiyo Seimei
Shinagawa Bldg 10F, 2-16-2 Konan Minatoku Tokyo 108-0075, JAPAN
Tel: 03-5479-5533 Fax: 03-5479-5674
URL: http://www.higuchi-inc.co.jp
E-Mail address: (thru the URL)
importer, exporter & wholesaler of
pharmaceutical additives, lubricant additives, petrochemical industrial
products, biochemical products, food ingredients, food additives, health foods,
pharmaceutical machinery & equipment, analytical testing machines, LED
lamps, halogen lamps & ultra-violet lamps
Osaka,
Otaku (workshop)
USA,
Hong Kong, China (2)
YASUNORI
OHAMA, PRES Tetsushi
Kawamura, mgn dir
Masahiko
Oikawa, mgn dir Makoto
Teraoka, dir
Shinsuke
Togawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 10,422 M
PAYMENTS Slow
But Correct CAPITAL Yen 75 M
TREND SLOW WORTH Yen 1,790 M
STARTED 1927 EMPLOYES 73
TRADING FIRM SPECIALIZING IN MEDICAL EQUIPMENT, CHEMICALS,
HALLOGEN LAMPS, OTHER
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 278.2 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company was established by Yujiro Higuchi for importing
petroleum and products, and in 1958 started to import medical equipment &
supplies from Germany (now Evonik Industries AG). This is a trading firm specializing
pharmaceutical additives, lubricant additives, biochemical products, halogen
lamps, other (See OPERATION). Goods are imported from USA, Germany, China,
other. Clients include pharmaceutical
makers, oil refineries, other.
The sales volume for Mar/2013 fiscal term amounted to Yen 10,422
million, a 6% down from Yen 11,083 million in the previous term. This is due to decreased handling of
unprofitable operations, while the profits increased. The recurring profit was posted at Yen 325
million and the net profit at Yen 20 million, respectively, compared with Yen
262 million recurring profit and Yen 31 million net profit, respectively, a
year ago.
For the term that ended Mar 2014 the recurring profit was projected at
Yen 350 million and the net profit at Yen 35 million, respectively, on a 6%
rise in turnover, to Yen 11,000 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 278.2 million, on the normal 30 days terms.
Date Registered: Dec
1927
Regd No.: 0104-01-025124 (Tokyo-Minatoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
600,000 shares
Issued: 150,000 shares
Sum: Yen 75 million
Major shareholders (%): Sachiko Higuchi (17), Yasunori
Ohama (11), other
No. of shareholders: 17
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Trading firm for
import, export & wholesale of: pharmaceutical additives, lubricant
additives, petrochemical industrial products, biochemical products, food
ingredients, food additives, health foods, pharmaceutical machinery &
equipment, analytical testing machines, LED lamps, halogen lamps, ultra-violet
lamps, other (--100%)
Clients: [Mfrs,
wholesalers] Takeda Chemical Ind, Astellas Pharma Inc, Idemitsu Kosan, JX
Nippon Oil & Energy Corp, Kyowa Hakko Kirin Co, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ohly GmbH, Evonik Industries, I Holland Inc, Suheung Japan, Meggle
Japan, other
Payment record: Slow But
Correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Marunouchi)
SMBC (Marunouchi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
11,000 |
10,422 |
11,083 |
7,735 |
|
Recur.
Profit |
|
350 |
325 |
262 |
|
|
Net
Profit |
|
35 |
20 |
31 |
67 |
|
Total
Assets |
|
|
5,046 |
6,714 |
5,545 |
|
Current
Assets |
|
|
4,262 |
5,869 |
|
|
Current
Liabs |
|
|
2,597 |
4,507 |
|
|
Net
Worth |
|
|
1,790 |
1,933 |
1,925 |
|
Capital,
Paid-Up |
|
|
75 |
75 |
75 |
|
Div.Ttl
in Million (¥) |
|
|
21.6 |
22.5 |
22.5 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.55 |
-5.96 |
43.28 |
16.90 |
|
|
Current Ratio |
|
.. |
164.11 |
130.22 |
.. |
|
N.Worth Ratio |
.. |
35.47 |
28.79 |
34.72 |
|
|
R.Profit/Sales |
|
3.18 |
3.12 |
2.36 |
.. |
|
N.Profit/Sales |
0.32 |
0.19 |
0.28 |
0.87 |
|
|
Return On Equity |
.. |
1.12 |
1.60 |
3.48 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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.