MIRA INFORM REPORT

 

 

Report No. :

312320

Report Date :

02.04.2015

 

IDENTIFICATION DETAILS

 

Name :

DALTON CORORATION

 

 

Registered Office :

Hamarikyu Parkside Place, 5-6-10 Tsukiji Chuoku Tokyo 104-0045

 

 

Country :

Japan

 

 

Financials (as on) :

30.09.2014

 

 

Date of Incorporation :

July 1948

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Subject is engaged in Manufacturing, Selling and Installing of laboratory apparatus, educational facilities, powder machinery.

 

 

No. of Employee :

361

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

DALTON CORORATION

 

REGD NAME:   KK DALTON

MAIN OFFICE:  Hamarikyu Parkside Place, 5-6-10 Tsukiji Chuoku Tokyo 104-0045 JAPAN

                                    Tel: 03-3549-6800     Fax: 03-3549-6854     -

              

               *The is its West-Japan branch.

 

URL:                 http://www.dalton.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg/Selling/Installing of laboratory apparatus, educational facilities, powder machinery

 

 

BRANCHES

 

Osaka, Nagoya, Hiroshima, Takamatsu, Fujieda(Shizuoka), Tsukuba(Ibaragi), Sendai, Fukuoka, Sapporo, other(total 11)

 

 

OVERSEAS

 

None

 

 

FACTORIES

 

Ikebukuro (Tokyo), Tokyo (test center), Osaka (test center)

           

  

CHIEF EXEC

 

HIDEHITO YAZAWA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES      FAIR                 A/SALES          Yen 16,785 M

                        PAYMENTS      REGULAR         CAPITAL           Yen 1,387 M

                        TREND             UP                    WORTH        Yen 3,404 M

                        STARTED         1948                 EMPLOYES      361

 

 

COMMENT

 

MANUFACTURER/SELLER/INSTALLER OF LABORATORY APPARATUS, EDUCATIONAL FACILITIES, POWDER MACHINERY, OTHER

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR^ ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

Business

Terms Ending

Annual Sales*

R.Profit*

N.Profit*

S.Growth

Net Worth*

   Results:

30/09/2011

16,037

305

427

(%)

3,457

(Consolidated)

30/09/2012

17,293

309

269

7.83

3,734

30/09/2013

15,160

-9

-202

-12.33

3,542

30/09/2014

16,785

350

240

10.72

3,404

30/09/2015

18,000

406

281

7.24

3,685

                        Unit: In Million Yen

Forecast figures for the 2015 fiscal term.

 

 

HIGHLIGHTS

 

The subject company was established in 1939.  It deals with laboratory apparatus and has two main sections, Research Facilities Department and Powder Machinery Department. Research Facilities Department offers planning of institute, inspection, medicine, educational facilities and designing of energy conscious piping, production, installation and sales for Japanese market.  Its main products are Draft Chamber (Fume Hood), Laboratory Table, Exhaust Gas/ Waste fluid processing unit, High/Low Temperature Constant Humidity Room, Bio Clean Room, No Dust Germfree Devices such as Bio Safety Cabinet, Semiconductor Devices such as Wet Bus and Etching Booth. Powder Machinery Department offers whole range of powder units such as Granulator, Grinding Machinery, Dryer, Mixer, Sieving Equipment and Magnetic Separator, other. In 2011, it became the consolidated subsidiary of Itoki Corp by capital & business tie-up contract.

 

 

 

FINANCIAL INFORMATION

 

The sales volume for September 2014 fiscal term amounted to Yen 16,785 million, a 11% up from Yen 15,160 million in the previous term.  The recurring profit was posted at Yen 350 million and the net profit at Yen 240 million, respectively, compared with Yen -9 million recurring profit and Yen -202 million net profit, respectively, a year ago.

This growth has been accomplished due to higher orders of Research and Education segment especially to industry of Pharmaceutical, Food and Chemical.

 

For the current term ending September 2015 the recurring profit is projected at Yen 406 million and the net profit at Yen 281 million, respectively, on a 7% rise in turnover, to Yen 18,000 million.  Final results are yet to be released.

 

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

 

 

REGISTRATION

           

Date Registered:　Jul 1948

            Legal Status:         Limited Company (Kabushiki Kaisha)

            Authorized:         42,000,000 shares

            Issued:                14,197,438 shares

            Sum:                   Yen 1,387 million

 

Major shareholders (%): Itoki Corp(51), Hidemi Yazawa(5.7), Toshie Yazawa(3.4), Hidehito Yazawa(3.3), Akihito Yazawa(3.3)

 

No. of shareholders: 577

 

            Listed on the S/Exchange (s) of: JASDAQ

 

Managements: HIDEHITO YAZAWA, PRES; Takayuki Ando, v.pres; Takeshi Togo, ch; Hiroyuki Seo, sr/mgn/dir; Kunio Sakai, dir; Toshiyuki Kuwahara, dir; Yushi Shoji, dir; Eiji Omori, dir; Shinji Haruhara, dir; Hidefumi Kanazawa, dir; Yuichi Yoshinaga, dir 

 

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

 

             Related companies: Dalton Kogei Corp, Fujipaudal Corp, Dalton Maintenance Corp, Techno Paudalton Corp, other

 

 

OPERATION

           

Activities: Mfg/Selling/Installing of science research institute, educational facilities,

 powder machinery, other

           

Clients: [Mfrs, wholesalers] Nichia Corp, Kajima Corp, Sanyo Electric Corp, Takeda Pharmaceutical Corp, Kuraray Engineering Corp, Taisei Corp, Hitachi Plant Service Corp, Azbio Corp, Shimizu Corp, other

            No. of accounts: Unavailable

            Domestic areas of activities: Nationwide

            Suppliers: [Mfrs, wholesalers] Fujipaudal Corp, Dalton Kogei Corp, Asuka Technology Corp, Shinagawa Machinery Works Corp, Tokiwa stainless industry Corp, Hitachi Transport System Corp, other

 

            Payment record: Regular

 

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

 

            Bank References:

                        Mizuho Bank (Yotsuya)

                        MUFG (Ichigaya)

                        Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Consolidated in million yen)

　

　

　

Terms Ending:

30/09/2014

30/09/2013

INCOME STATEMENT

　

　

  Annual Sales

16,785

15,160

　

  Cost of Sales

10,757

9,979

　

      GROSS PROFIT

6,029

5,181

　

  Selling & Adm Costs

5,589

5,096

　

      OPERATING PROFIT

439

85

　

  Non-Operating P/L

-89

-94

　

      RECURRING PROFIT

350

-9

　

      NET PROFIT

240

-202

BALANCE SHEET

　

　

  Cash

　

2,556

2,383

　

  Receivables

4,023

3,893

　

  Inventory

464

604

　

  Securities, Marketable

　

　

　

  Other Current Assets

1,368

830

　

      TOTAL CURRENT ASSETS

8,410

7,709

　

  Property & Equipment

4,864

5,407

　

  Intangibles

816

922

　

  Investments, Other Fixed Assets

999

987

　

      TOTAL ASSETS

15,089

15,025

　

  Payables

2,385

2,825

　

  Short-Term Bank Loans

1,580

2,543

　

　

　

　

　

  Other Current Liabs

2,229

1,286

　

      TOTAL CURRENT LIABS

6,195

6,653

　

  Debentures

　

　

　

  Long-Term Bank Loans

2,507

2,056

　

  Reserve for Retirement Allw

1,395

1,028

　

  Other Debts

1,589

1,746

　

      TOTAL LIABILITIES

11,686

11,483

　

      MINORITY INTERESTS

　

　

Common stock

1,387

1,387

　

Additional paid-in capital

1,117

1,117

　

Retained earnings

1,270

1,030

　

Evaluation p/l on investments/securities

　

　

　

Others

(370)

8

　

Treasury stock, at cost

　

　

　

      TOTAL S/HOLDERS` EQUITY

3,404

3,542

　

      TOTAL EQUITIES

15,089

15,025

CONSOLIDATED CASH FLOWS

　

　

Terms ending:

30/09/2014

30/09/2013

　

Cash Flows from Operating Activities

　

797

-448

　

Cash Flows from Investment Activities

3

-1,533

　

Cash Flows from Financing Activities

-655

1,434

　

Cash, Bank Deposits at the Term End

　

1,644

1,499

ANALYTICAL RATIOS            Terms ending:

30/09/2014

30/09/2013

　

Net Worth (S/Holders' Equity)

3,404

3,542

　

Current Ratio (%)

135.77

115.88

　

Net Worth Ratio (%)

22.56

23.58

　

Recurring Profit Ratio (%)

2.09

-0.06

　

Net Profit Ratio (%)

1.43

-1.33

　

　

Return On Equity (%)

7.04

-5.71

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.51

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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