|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ISOWA CORPORATION |
|
|
|
|
Registered Office : |
66 Nishiyacho Kasugai City Aichi-Pref 486-0908 |
|
|
|
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Country : |
Japan |
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|
|
Financials (as on) : |
31.03.2014 |
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|
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Date of Incorporation : |
December 1952 |
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Com. Reg. No.: |
1800-01-011582 |
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Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Manufacture of corrugate
machinery |
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|
|
|
No. of Employees : |
220 |
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 |
|
Maximum Credit Limit : |
Yen 522.6 Million |
|
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 |
ISOWA CORPORATION
REGD NAME: KK
Isowa
MAIN OFFICE: 66
Nishiyacho Kasugai City Aichi-Pref 486-0908 JAPAN
Tel:
0568-31-3101 Fax: 0568-31-5541
*..
Registered at: 2-18-34 Heian Kitaku Nagoya
E-Mail
address: (thru the URL)
Mfg of
corrugate machinery
Tokyo,
Osaka, Nagoya, Fukuoka, Iwate
USA,
Germany, South America
At the
caption address
HIDEYUKI
ISOWA, PRES Yasuyuki Isowa, mgn
dir
Takeo
Isowa, adviser Kazuto
Kato, dir
Junji
Nakamura, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 10,698 M
PAYMENTSNo
Complaints CAPITAL Yen 180 M
TREND STEADY WORTH Yen 8,788 M
STARTED 1952 EMPLOYES 220
MFR OF CORRUGATED MACHINERY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: ESTIMATED AT YEN 522.6 MILLION, ON 30 DAYS
NORMAL TERMS.
The subject
company was established by Gen’ichi Isowa in order to make most of his
experience in the subject line of business.
The firm has been succeeded by his descendants. Hideyuki took the pres office in Jun
2001. This is a specialized mfr of
corrugated board making machinery & equipment. Goods are exported. Clients include paper industries, corrugated
board makers, other, nationwide.
The sales
volume for Mar/2014 fiscal term amounted to Yen 10,698 million, a 2% up from
Yen 10,486 million in the previous term.
The recurring profit was posted at Yen 423 million and the net profit at
Yen 245 million, respectively, compared with Yen 660 million recurring profit
and Yen 382 million net profit, respectively, a year ago.
For the
current term ending Mar 2015 the recurring profit is projected at Yen 430
million and the net profit at Yen 250 million, respectively, on a 3% rise in
turnover, to Yen 11,000 million.
Business is seen expanding steadily.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 522.6 million, on 30 days normal terms.
Date Registered: Dec 1952
Regd No.: 1800-01-011582 (Nagoya-Kitaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.44 million shares
Issued:
360,000 shares
Sum: Yen 180 million
Major shareholders (%): Nagoya Small & Medium
Business Investment & Consultation Co (25), Hideyuki Isowa (6), Yasuyuki
Isowa (3)
No. of shareholders: 27
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures corrugated machinery,
equipment, spare parts, components, other (--100%)
Clients: [Mfrs, wholesalers] Rengo Co, Morishigyo
Group, Oji Container, Tomoku Co, Dynapac Co, Chuoh Pack Ind, Fuji Service,
other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kawamoto Kozai Co,
Watanabe Electric, Kato Yokichi Shoten, Nichiden Corp, other
Payment record: no
complaints
Location:
Business area in Kasugai, Aichi-Pref.
Office premises at the caption address are owned and maintained
satisfactory.
Bank References:
MUFG
(Azuma)
SMBC
(Nagoya-Sakae)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
11,000 |
10,698 |
10,486 |
10,315 |
|
Recur.
Profit |
|
430 |
423 |
660 |
|
|
Net
Profit |
|
250 |
245 |
382 |
265 |
|
Total
Assets |
|
|
13,491 |
12,767 |
12,253 |
|
Current
Assets |
|
|
9,951 |
9,441 |
|
|
Current
Liabs |
|
|
4,269 |
3,765 |
|
|
Net
Worth |
|
|
8,788 |
8,502 |
7,889 |
|
Capital,
Paid-Up |
|
|
180 |
180 |
180 |
|
Div.Ttl
in Million (¥) |
|
|
21 |
35.9 |
21.5 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.82 |
2.02 |
1.66 |
10.32 |
|
Current Ratio |
|
.. |
233.10 |
250.76 |
.. |
|
N.Worth Ratio |
|
.. |
65.14 |
66.59 |
64.38 |
|
R.Profit/Sales |
|
3.91 |
3.95 |
6.29 |
.. |
|
N.Profit/Sales |
|
2.27 |
2.29 |
3.64 |
2.57 |
|
Return On Equity |
|
.. |
2.79 |
4.49 |
3.36 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.