MIRA INFORM REPORT

 

 

Report Date :

19.11.2014

 

IDENTIFICATION DETAILS

 

Name :

TOYO GRINDING BALL CO LTD

 

 

Registered Office :

Toyo Bldg 2F, 1-2-4 Koishikawa Bunkyoku Tokyo 112-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.01.2014

 

 

Date of Incorporation :

February 1945

 

 

Com. Reg. No.:

0100-01-005363 (Tokyo-Bunkyoku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Imports, exports and wholesales grinding machines, wear & tear resistant parts, components, other

 

 

No of Employees :

20

 

 

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 – 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

Very High

 

C1

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

COMPANY NAME & ADDRESS

 

TOYO GRINDING BALL CO LTD

 

REGD NAME:   Toyo Tetsukyu KK

MAIN OFFICE:  Toyo Bldg 2F, 1-2-4 Koishikawa Bunkyoku Tokyo 112-0002 JAPAN

                                    Tel: 03-3815-5861      Fax: 03-3811-9238

 

URL:                 http://www.toyo-gb.com

E-Mail address: hiroyuki@toyo-gb.com

 

 

ACTIVITIES  

 

Import, export, wholesale of grinding machines, wear & heat resistant parts

 

 

BRANCHES

 

Sapporo, Fukuoka

 

 

Overseas   

 

China

 

 

FACTORIES  

 

(subcontracted)

 

 

OFFICERS

 

SHIN’ICHI KASUGA, PRES

Hiroyuki Kasuga, mgn dir

Masashi Kinoshita, dir  

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 2,000 M

PAYMENTSNO COMPLAINTS    CAPITAL           Yen 60 M

TREND UP                                WORTH            Yen 2,027 M

STARTED         1945                             EMPLOYES      20

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN GRINDING MACHINES, OTHER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

           

 

HIGHLIGHTS

           

The subject company was established originally in 1937 by father of Shin’ichi Kasuga, on his account, for exporting grinding machines and was incorporated in Feb/1945.  Shin’ichi Kasuga took the pres office in Mar/1985.  This is a trading firm for import, export and wholesale of grinders, wear & heat resistant parts & components.  Clients include major mfrs, wholesalers, other

 

 

FINANCIAL INFORMATION

           

The sales volume for Jan/2014 fiscal term amounted to Yen 2,000 million, a similar amount in the previous term.  The net profit was posted at Yen 52 million, compared with Yen 94 million a year ago.

 

For the current term ending Jan 2015 the net profit is projected at Yen 100 million, on a 5% rise in turnover, to Yen 2,100 million.  Business is seen expanding steadily. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements

 

 

REGISTRATION

 

Date Registered:                                   Feb 1945

Regd No.:                                             0100-01-005363 (Tokyo-Bunkyoku)

Legal Status:                            Limited Company (Kabushiki Kaisha)

Authorized:                              4.8 million shares

Issued:                                     1.2 million shares

Sum:                                        Yen 60 million

Major shareholders (%):                       Shin’ichi Kasuga, executives, families (--100)

No. of shareholders:                 7

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports, exports and wholesales grinding machines, wear & tear resistant parts, components, other (--100%)

 

Clients: [Mfrs, wholesalers] JX Nippon Oil & Nikko Mining Corp, Sumitomo Osaka Cement, Taiheiyo Cement, Mitsubishi Material Trading, Takenaka Corp, Taisei Corp, Toyota Tsusho Corp, other 

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toyo Grinding Ball China (40%), Kanae Co, Yoshino Gypsum Co, Apollo Kenzai Co, other

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Marunouchi)

SMBC (Kanda)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/01/2015

31/01/2014

31/01/2013

31/01/2012

Annual Sales

　

2,100

2,000

2,000

1,950

Recur. Profit

　

　

　

　

　

Net Profit

　

100

52

94

55

Total Assets

　

　

3,539

3,102

3,133

Current Assets

　

　

1,229

882

826

Current Liabs

　

　

839

531

686

Net Worth

　

　

2,027

1,994

1,907

Capital, Paid-Up

　

　

60

60

60

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

5.00

0.00

2.56

8.33

    Current Ratio

　

..

146.48

166.10

120.41

    N.Worth Ratio

　

..

57.28

64.28

60.87

    R.Profit/Sales

　

..

..

..

..

    N.Profit/Sales

　

4.76

2.60

4.70

2.82

    Return On Equity

　

..

2.57

4.71

2.88

           

Notes:  Forecast (or estimated) figures for the 31/01/2015 fiscal term.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.81

UK Pound

1

Rs.96.77

Euro

1

Rs.77.09                      

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.