MIRA INFORM REPORT
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Report No. : |
317767 |
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Report Date : |
16.04.2015 |
IDENTIFICATION DETAILS
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Name : |
RYODEN TRADING CO LTD |
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Registered Office : |
K&C Higashi-Ikebukuro Bldg, 3-15-15 Higashi-Ikebukuro Toshimaku Tokyo 170-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
April 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Imports, exports and wholesales: FA & environmental systems,
semiconductors & devices |
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No. of Employee : |
1,247 |
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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Maximum Credit Limit : |
Yen 8,215.8 Million |
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Status : |
Satisfactory |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four
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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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
RYODEN TRADING CO LTD
REGD NAME: Ryoden
Shoji KK
MAIN OFFICE: K&C
Higashi-Ikebukuro Bldg, 3-15-15 Higashi-Ikebukuro Toshimaku Tokyo 170-0013
JAPAN
Tel: 03-5396-6111
Fax: 03-5396-6448 -
URL: http://www.ryoden.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Import, export,
wholesale of FA & environmental systems, semiconductor, other
BRANCHES
Sapporo, Sendai,
Nagoya, Osaka, Fukuoka, other (Tot 23)
OVERSEAS
USA, Singapore,
India, Indonesia, Thailand, Vietnam, Hong Kong, China, Germany
CHIEF
EXEC
SATOSHI YAMASHITA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 224,766 M
PAYMENTSREGULAR CAPITAL Yen
10,334 M
TREND UP WORTH Yen
57,582 M
STARTED 1947 EMPLOYES 1,247
COMMENT
TRADING FIRM SPECIALIZING IN FA EQUIPMENT,
SEMICONDUCTOR, ETC
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
8,215.8 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast
figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This is a trading firm directly affiliated with
Mitsubishi Electric which holds 33.9% of the firm’s stocks. Shifting emphasis from heavy electric
machinery and cooling-heating equipment into electronics &
semiconductors. Improving management
efficiency with completion of distribution base in Osaka area. .
FINANCIAL
INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen 224,766
million, a 10.3% up from Yen 203,730 million in the previous term. The recurring profit was posted at Yen 5,641
million and the net profit at Yen 3,550 million, respectively, compared with
Yen 4,862 million recurring profit and Yen 2,852 million net profit,
respectively, a year ago.
(Apr/Dec/2014 results): Sales Yen 170,734 million (up 6.0%), operating
profit Yen 3,697 million (up 10.1%), recurring profit Yen 4,337 million (up
16.5%), net profit Yen 2,817 million (up 19.9%). (% as compared with the corresponding period
a year ago).
For the term that ended Mar 2015 the
recurring profit is projected at Yen 5,970 million and the net profit at Yen
4,000 million, respectively, on a 4.6% rise in turnover, to Yen 235,000
million. Sales of FA systems grew thanks
to recovering production of semiconductors & automobiles. The electronics business also expanded. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 8,215.8 million, on
30 days normal terms.
REGISTRATION
Date Registered: Apr 1947
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
113,100,000 shares
Issued: 45,649,955
shares
Sum: Yen
10,334 million
Major
shareholders (%): Mitsubishi Electric (33.9), Company’s Treasury Stock (5.0), Tokio
Marine &Nichido Fire Ins (2.3), BBH Boston F Nomura JP Cap (1.9), DBNYDFA
Int’l Small Cap F620065 (1.9), Japan Trustee Services T (1.7), Master Trust of
Japan T (1.5), Citizen Holding (1.2), Employees’ S/Holding Assn (1.1), Bank of
New York Mellon SANV10 (0.9); foreign owners (15.9)
No.
of shareholders: 3,711
Listed on the S/Exchange (s) of: Tokyo
Managements: Satoshi
Yamashita, pres; Takamichi Kasugai, s/mgn dir; Yoshiaki Okamura, mgn dir;
Shoichi Chiba, mgn dir; Masaaki Amada, mgn dir; Akira Shindo, mgn dir; Nobuo
Shogaki, mgn dir; Isao Iguchi, dir; Hitoshi Chihara, dir; Toshiharu Ooya, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Ryoden Techno, Ryoden Hong Kong, other.
OPERATION
Activities: Imports, exports
and wholesales: FA & environmental systems (30%), semiconductors &
devices (70%)
Overseas
Sales Ratio (28%)
Clients: [Mfrs,
wholesalers] Panasonic Corp, Mitsubishi Electric, Ryosho HK, Canadian Solar Japan, Mitsubishi Aluminium, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Electric Living Environmental Systems, Mitsubishi Electric, Sanken Electric,
Renesas Electronics, Micron Technology Inc, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Marunouchi)
Joyo Bank (Tokyo)
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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224,766 |
203,730 |
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Cost of Sales |
201,926 |
183,142 |
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GROSS PROFIT |
22,840 |
20,587 |
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Selling & Adm Costs |
17,561 |
16,172 |
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OPERATING PROFIT |
5,278 |
4,414 |
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Non-Operating P/L |
363 |
248 |
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RECURRING PROFIT |
5,641 |
4,662 |
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NET PROFIT |
3,550 |
2,852 |
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BALANCE SHEET |
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Cash |
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14,058 |
22,881 |
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Receivables |
58,654 |
52,488 |
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Inventory |
18,010 |
15,662 |
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Securities, Marketable |
200 |
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Other Current Assets |
11,635 |
3,713 |
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TOTAL CURRENT ASSETS |
102,557 |
94,744 |
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Property & Equipment |
4,628 |
4,128 |
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Intangibles |
578 |
409 |
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Investments, Other Fixed Assets |
10,173 |
8,591 |
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TOTAL ASSETS |
117,936 |
107,872 |
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Payables |
39,801 |
44,248 |
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Short-Term Bank Loans |
2,586 |
2,123 |
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Other Current Liabs |
13,334 |
4,172 |
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TOTAL CURRENT LIABS |
55,721 |
50,543 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
3,363 |
1,981 |
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Other Debts |
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1,269 |
1,227 |
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TOTAL LIABILITIES |
60,353 |
53,751 |
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MINORITY INTERESTS |
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Common
stock |
10,334 |
10,334 |
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Additional
paid-in capital |
7,375 |
7,375 |
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Retained
earnings |
39,943 |
37,275 |
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Evaluation
p/l on investments/securities |
985 |
558 |
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Others |
(203) |
(606) |
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Treasury
stock, at cost |
(852) |
(815) |
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TOTAL S/HOLDERS` EQUITY |
57,582 |
54,121 |
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TOTAL EQUITIES |
117,936 |
107,872 |
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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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778 |
11,124 |
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Cash
Flows from Investment Activities |
-1,920 |
-269 |
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Cash
Flows from Financing Activities |
-994 |
-245 |
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Cash,
Bank Deposits at the Term End |
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21,556 |
22,881 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
57,582 |
54,121 |
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Current
Ratio (%) |
184.05 |
187.45 |
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Net
Worth Ratio (%) |
48.82 |
50.17 |
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Recurring
Profit Ratio (%) |
2.51 |
2.29 |
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Net
Profit Ratio (%) |
1.58 |
1.40 |
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Return
On Equity (%) |
6.17 |
5.27 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.40 |
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1 |
Rs.92.15 |
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Euro |
1 |
Rs.66.48 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
-- |
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.