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Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
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Name : |
IAC INTERNATIONAL INC |
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Registered Office : |
401-1 Minami-Kawasecho Hikone City Shiga-Pref 522-0222 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2013 |
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Date of Incorporation : |
October, 1990 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Wholesale, Retail of Automobiles, Motorcycles,
their parts and Components |
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No. of Employees : |
37 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
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 |
IAC INTERNATIONAL
INC
KK IAC International
401-1 Minami-Kawasecho Hikone City Shiga-Pref 522-0222 JAPAN
Tel: 0749-25-2155
Fax: 0749-25-1002
E-Mail address: info@iac-int.com
Import, wholesale, retail of automobiles, motorcycles, their
parts & components
Shiga (4)
USA
Shiga (garage)
EIJI IMAMURA, PRES Takashi
Nakashima, v pres
Yutaka Motomochi, s/mgn dir Katsuaki
Onishi, mgn dir
Yen
Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 1,649 M
PAYMENTS SLOW BUT
CORRECT CAPITAL Yen 100 M
TREND SLOW WORTH Yen 199 M
STARTED 1990 EMPLOYES 37
TRADING FIRM FOR IMPORT, WHOLESALE & RETAIL OF
AUTOMOBILES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established by Eiji Imamura in order
to make most of his experience in the subject line of business. This is a trading firm for import, wholesale
and retail of automobiles, motorcycles, their parts & components, other. Has 5 stores in Shiga-Pref. Their USA office also offers dealership. Suppliers are Peugeot, Ford, General Motors,
other.
The sales volume for Aug/2013 fiscal term amounted to Yen
1,649 million, a 3% down from Yen 1,704 million in the previous term. The recurring profit was posted at Yen 11
million and the net profit at Yen 7 million, respectively, compared with Yen 6
million recurring profit and Yen 5 million net profit, respectively, a year
ago.
For the term that ended Aug 2014 the recurring profit was
projected at Yen 15 million and the net profit at Yen 10 million, respectively,
on a 6% rise in turnover, to Yen 1,750 million.
The weaker Yen may have raised earnings in Yen terms. Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date
Registered: Oct 1990
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued:
2,000 shares
Sum: Yen
100 million
Major
shareholders (%): Eiji Imamura (86), Takashi Nakashima, Yutaka Motomochi,
Katsuaki Onishi, Akemi Imamura (--each 2)
No. of
shareholders: 10
Nothing detrimental is known as to the commercial morality
of executives.
Activities:
Imports, wholesales and retails automobiles, motorcycles, their parts &
components, offering repairing services, other (--100%)
Clients:
Individual consumers, automobile stores, group firms, other
No. of accounts: 300 (wholesale div only)
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Peugeot Japan, General Motors Japan, Ford Japan, other
Payment
record: Slow But Correct
Location:
Business area in Hikone, Shiga-Pref.
Office premises at the caption address are owned and maintained
satisfactory.
Shiga Chuo Shinkin Bank (Jonan)
Shiga Bank (Hikone)
Relations: Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/08/2014 |
31/08/2013 |
31/08/2012 |
31/08/2011 |
|
|
Annual Sales |
|
1,750 |
1,649 |
1,704 |
1,569 |
|
Recur. Profit |
|
15 |
11 |
6 |
|
|
Net Profit |
|
10 |
7 |
5 |
7 |
|
Total Assets |
|
|
894 |
794 |
872 |
|
Current Assets |
|
|
410 |
355 |
|
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Current Liabs |
|
|
91 |
77 |
|
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Net Worth |
|
|
199 |
191 |
186 |
|
Capital, Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
6.12 |
-3.23 |
8.60 |
24.52 |
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Current Ratio |
|
.. |
450.55 |
461.04 |
.. |
|
N.Worth Ratio |
|
.. |
22.26 |
24.06 |
21.33 |
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R.Profit/Sales |
|
0.86 |
0.67 |
0.35 |
.. |
|
N.Profit/Sales |
|
0.57 |
0.42 |
0.29 |
0.45 |
|
Return On Equity |
|
.. |
3.52 |
2.62 |
3.76 |
Notes: Forecast (or estimated) figures for the 31/08/2014
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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|
Report Prepared
by : |
SHG |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.