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Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
YOSHINO GYPSUM CO LTD |
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Registered Office : |
Shin-Tokyo Bldg, 3-3-1 Marunouchi Chiyodaku |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
Mar., 1937 |
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Com. Reg. No.: |
0100-01-031687 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Gypsum and Products. |
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No. of Employees : |
880 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
YOSHINO GYPSUM CO LTD
REGD NAME: Yoshino
Sekko KK
MAIN OFFICE: Shin-Tokyo
Bldg, 3-3-1 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel: 03-3216-0951 Fax: 03-3214-5094
*.. The is its Mfg Factory In Adachiku Tokyo
URL: http://www.yoshino-gypsum.com
E-Mail address: (thru the URL)
Mfg of
gypsum board, other
Osaka,
Nagoya, other (Tot 49)
Tokyo
(as given), Aichi (2), Chiba (3), Soka, Fukuoka (Tot 8)
EISAKU
SUDO, PRES Eiichiro Sudo, ch
Ushio
Sudo, s/mgn dir Katsumi
Niimi, mgn dir
Yoshitaka
Sekiguchi, mgn dir Tadafumi Yanagawa,
mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 115,695 M
PAYMENTSREGULAR CAPITAL Yen
1,406 M
TREND UP WORTH Yen 101,588 M
STARTED 1937 EMPLOYES 880
MFR OF GYPSUM & PRODUCTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
This
sis an old company started in 1901 and was incorporated in 1937. This is a specialized mfg of gypsum &
products (Tiger board). Tiger board
accounts for about 78% of plastic board market in Japan. Products are widely exported. Clients include construction companies,
builders, other, nationwide.
Financials are disclosed only
partially. Recurring profits are
disclosed but not the net profits, and they are only estimated.
The sales volume for Dec/2013 fiscal term amounted to Yen
115,695 million, a 5% up from Yen 110,577 million in the previous term. Newly made light-weight gypsum board for
ceiling-use was in good demand and sold well.
The recurring profit was posted at Yen 12,463 million and the net profit
at Yen 5,350 million (estimated), respectively, compared with Yen 11,782
million recurring profit and Yen 4,500 million net profit, respectively, a year
ago.
For the current term ending Dec 2014 the recurring profit is
projected at Yen 13,000 million and the net profit at Yen 5,500 million,
respectively, on a 5% rise in turnover, to Yen 121,500 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Mar
1937
Regd No.: 0100-01-031687
(Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 228 million shares
Issued:
57.07 million shares
Sum: Yen
3,406 million
Major shareholders (%): Tiger Shoji KK (28.9),
Employees’ S/Holding Assn (17.3), other
No. of shareholders: 29
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures gypsum (mining of gypsum
ore), gypsum board, gypsum plasters, other, for wall, ceiling, other uses
(--100%)
(Sales Breakdown):
Gypsum board & plasters; for home building use (75%),
buildings (20%), industrial use (5%):
All for fire resistant systems,
quasi-fire resistant systems fire resistant encasement systems, sound
insulation walls, other
Clients: [Mfrs, wholesalers] Sojitz Building
Materials Corp, Japan Kenzai Co, Itochu Building Materials Corp, Nice Holdings
Ins, other
No. of
accounts: 450
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Coop Chemical,
Central Glass Inc, Asahi Glass, Chisso Corp, Itochu Corp, Mitsubishi Materials,
other
Payment record: Regular
Location:
Business area in Tokyo. Office premises at
the caption address are leased and maintained satisfactory.
Bank References:
SMBC (Marunouchi)
Mizuho Bank (Marunouchi-Chuo)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
|
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
Annual
Sales |
|
121,500 |
115,695 |
110,577 |
104,886 |
|
Recur.
Profit |
|
13,000 |
12,463 |
11,782 |
13,534 |
|
Net
Profit |
|
5,500 |
5,350 |
4,500 |
4,200 |
|
Total
Assets |
|
|
180,264 |
171,647 |
N/A |
|
Net Worth |
|
|
101,588 |
97,843 |
94,693 |
|
Capital,
Paid-Up |
|
|
3,406 |
3,406 |
3,406 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.02 |
4.63 |
5.43 |
12.46 |
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
|
56.36 |
57.00 |
.. |
|
N.Profit/Sales |
|
4.53 |
4.62 |
4.07 |
4.00 |
Notes:
Financials are only partially disclosed.
Net profits are only estimated.
Forecast
(or estimated) figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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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 |
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<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.