MIRA
INFORM REPORT
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Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
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Name : |
HINO MOTORS LTD |
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Registered Office : |
3-1-1 |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1942 |
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Com. Reg. No.: |
0134-01-000626 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of trucks, buses, parts & components |
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No. of Employees |
28,998 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Source
: CIA |
Company name and address
HINO
MOTORS LTD
REGD NAME: Hino
Jidosha KK
MAIN OFFICE: 3-1-1
Tel:
042-586-5111 Fax: 042-586-5038 -
URL: http://www.hino-global.com
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of trucks,
buses, parts & components
BRANCHES
Tokyo (Minatoku),
Hitachi Omiya, Hokkaido
OVERSEAS
China (3), India,
Indonesia, Malaysia, Thailand, Vietnam, Canada, USA,
Columbia, Mexico,
Venezuela, Belgium, Russia, Pakistan, Australia
FACTORIES
At the caption
address, Hamura, Gunma, Hokkaido
OVERSEAS
China (2),
Thailand, Vietnam, Canada, USA, Columbia, Pakistan, Mexico,
Malaysia
CHIEF EXEC
YASUHIKO
ICHIHASHI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,699,573 M
PAYMENTSREGULAR CAPITAL Yen 72,717 M
TREND STEADY WORTH Yen 379,589 M
STARTED 1942 EMPLOYES 28,998
COMMENT
MFR OF TRUCKS & BUSES
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This is the leading mfr of ordinary trucks in Japan, and top-ranked
distributor in terms of sales units.
Also undertakes commission production of Toyota’s commercial vehicles
and parts. Strengthening expanding
markets in North America and Latin America.
Belongs to Toyota Motor group.
FINANCIAL INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen 1,699,573
million, a 10.3% up from Yen 1,541,357 million in the previous term. The recurring profit was posted at Yen
109,141 million and the net profit at Yen 89,127 million, respectively, compared
with Yen 66,922 million recurring profit and Yen 47,685 million net losses,
respectively, a year ago.
(Apr/Jun/2014 results): Sales Yen 365,221 million (down 11.8%),
Operating profit Yen 23,156 million (down 27.6%), recurring profit Yen 22,762
million (down 25.8%), net profit Yen 14,298 million (down 37.3%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2015 the recurring profit is projected
at Yen 86,000 million and the net profit at Yen 558,000 million, on a 5.9% fall
in turnover, to Yen 1,600,000 million.
Sales are slumping in Thailand due to political unrest.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date Registered: May 1942
Regd No.: 0134-01-000626 (Tokyo-Hino)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 1,400 million shares
Issued: 574,580,000 shares
Sum: Yen 72,717 million
Major
shareholders (%): Toyota Motor (50.1), Master Trust Bank of Japan T (5.1), Japan Trustee
Services T (3.0), JTSB (Chuo Mitsui Trust Bank) (1.7), Tokio Marine &
Nichido Fire Ins (1.0), Chase London SL Omnibus Acct (0.9), Takenaka Corp
(0.8), State Street Bank & Trust 505225 (0.7), Nagasaka Corp (0.7),
Nisshinbo Holdings (0.7); foreign owner (18.8)
No. of shareholders: 11,149
Listed on the S/Exchange (s) of: Tokyo
Managements: Masakazu
Ichikawa, ch; Yasuhiko Ichihashi, pres; Kenji Wagai, v pres; Koichi Ojima, v pres; Hiroshi Kobori, v pres;
Kenji Suzuki, dir; Hiroshi Kajikawa, dir; Susumu Mita, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Hino Indonesia, Hino Thailand, Tokyo
chino, other.
OPERATION
Activities: Manufactures
trucks & buses, bus chassis, diesel engines (49%), consigned car production
for Toyota Motor (23%), replacement parts & components (6%), others (22%)
Overseas
Sales Ratio (32%):
Clients: [Car makers,
wholesalers] Toyota Motor, Tokyo Hino Motor, Osaka Hino Motor, Yokohama Hino
Motor, Kyushu Hino Motor, Hino Motor Indonesia, Hino Motor USA, Hino Motor
Thailand, Mitsubishi Corp, Mitsui & Co, other
No. of accounts:
800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyota Motor, Denso
Corp, J-Bus Ltd, Trantechs
Corp, Sohshin Co,
Akebono Brake Ind, other
Payment record: Regular
Location: Business area in
Hino City, Tokyo-Metrop. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (H/O)
MUFG (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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1,899,573 |
1,541,357 |
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Cost of Sales |
1,409,503 |
1,314,038 |
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GROSS PROFIT |
290,069 |
227,318 |
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Selling & Adm Costs |
177,883 |
162,200 |
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OPERATING PROFIT |
112,185 |
65,118 |
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Non-Operating P/L |
-3,044 |
1,804 |
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RECURRING PROFIT |
109,141 |
66,922 |
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NET PROFIT |
89,127 |
47,685 |
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BALANCE SHEET |
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Cash |
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44,738 |
27,143 |
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Receivables |
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285,481 |
274,680 |
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Inventory |
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155,471 |
147,535 |
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Securities, Marketable |
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Other Current Assets |
164,832 |
42,822 |
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TOTAL CURRENT ASSETS |
650,522 |
492,180 |
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Property & Equipment |
327,884 |
300,852 |
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Intangibles |
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17,589 |
16,488 |
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Investments, Other Fixed Assets |
13,421 |
93,907 |
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TOTAL ASSETS |
1,009,416 |
903,427 |
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Payables |
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247,492 |
229,887 |
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Short-Term Bank Loans |
108,883 |
121,772 |
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Other Current Liabs |
161,085 |
129,864 |
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TOTAL CURRENT LIABS |
517,460 |
481,523 |
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Debentures |
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Long-Term Bank Loans |
15,219 |
24,354 |
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Reserve for Retirement Allw |
60,680 |
53,060 |
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Other Debts |
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36,467 |
45,558 |
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TOTAL LIABILITIES |
629,826 |
604,495 |
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MINORITY INTERESTS |
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Common
stock |
72,717 |
72,717 |
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Additional
paid-in capital |
64,835 |
64,557 |
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Retained
earnings |
177,040 |
106,786 |
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Evaluation
p/l on investments/securities |
34,554 |
25,755 |
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Others |
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31,194 |
30,235 |
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Treasury
stock, at cost |
(751) |
(1,118) |
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TOTAL S/HOLDERS` EQUITY |
379,589 |
298,932 |
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TOTAL EQUITIES |
1,009,416 |
903,427 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
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142,941 |
96,930 |
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Cash
Flows from Investment Activities |
-61,812 |
-54,531 |
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Cash Flows
from Financing Activities |
-49,711 |
-43,642 |
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Cash,
Bank Deposits at the Term End |
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57,512 |
25,545 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
379,589 |
298,932 |
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Current
Ratio (%) |
125.71 |
102.21 |
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Net
Worth Ratio (%) |
37.60 |
33.09 |
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Recurring
Profit Ratio (%) |
5.75 |
4.34 |
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Net
Profit Ratio (%) |
4.69 |
3.09 |
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Return
On Equity (%) |
23.48 |
15.95 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.45 |
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1 |
Rs.99.46 |
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Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
-- |
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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.