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Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
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Name : |
CHOSHU INDUSTRY CO LTD |
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Registered Office : |
3740 Yamanoi Sanyo Onoda City Yamaguchi-Pref 757-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
October 1980 |
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Com. Reg. No.: |
2500-01-003858 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures of industrial hot
water systems, photovoltaic systems, other |
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No. of Employees : |
650 |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 |
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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 |
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, photovoltaic systems, other
Tokyo,
Osaka, Nagoya, Ibaraki, Nagano, Takamatsu, Kagoshima, other (To 9)
Shanghai
(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
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 50,987 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 400 M
TREND UP WORTH Yen 11,035 M
STARTED 1980 EMPLOYES 650
MFR OF RESIDENTIAL HOT WATER SYSTEMS, SOLAR SYSTEMS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
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, solar 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/2014 fiscal term amounted to Yen 50,997 million, a 40% up from
Yen 36,429 million in the previous term.
This is thanks to the rising sales of photovoltaic system and panels,
with production at its new factory in full capacity. The recurring profit was posted at Yen 6,667
million and the net profit at Yen 3,705 million, respectively, compared with
Yen 3,338 million recurring profit and yen 1,238 million net profit,
respectively, a year ago.
For the
current term ending Mar 2015 the recurring profit is projected at Yen 6,800
million and the net profit at Yen 3,850 million, respectively, on a 5% rise in
turnover, to Yen 53,500 million.
Business is seen expanding steadily.
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 (%): Susumu Okamoto (20), Audax Co
(15) Kaname Okamoto (10), other
No. of shareholders: 210
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures residential hot water
systems, solar cell systems, other household items (80%), 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 (--20%)
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
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
53,500 |
50,997 |
36,429 |
29,743 |
|
Recur.
Profit |
|
6,800 |
6,667 |
3,338 |
210 |
|
Net
Profit |
|
3,850 |
3,705 |
1,238 |
138 |
|
Total
Assets |
|
|
29,006 |
26,105 |
23,254 |
|
Current
Assets |
|
|
17,793 |
15,313 |
11,819 |
|
Current
Liabs |
|
|
14,149 |
13,399 |
11,345 |
|
Net
Worth |
|
|
11,085 |
7,446 |
6,178 |
|
Capital,
Paid-Up |
|
|
400 |
400 |
400 |
|
Div.Ttl
in Million (¥) |
|
|
60 |
20 |
20 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.91 |
39.99 |
22.48 |
19.38 |
|
Current Ratio |
|
.. |
125.75 |
114.28 |
104.18 |
|
N.Worth Ratio |
|
.. |
38.22 |
28.52 |
26.57 |
|
R.Profit/Sales |
|
12.71 |
13.07 |
9.16 |
0.71 |
|
N.Profit/Sales |
|
7.20 |
7.27 |
3.40 |
0.46 |
|
Return On Equity |
|
.. |
33.42 |
16.63 |
2.23 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
|
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 |
|
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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 |
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-- |
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.