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Report No. : |
356281 |
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Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
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Name : |
APEL CO LTD |
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Registered Office : |
951 Angyoueryou Negishi Kawaguchi City Saitama-Pref 333-0834 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Nov., 1976 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Medical Devices, Scientific Equipment, Other. |
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No. of Employees : |
16 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 an 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. Scarce in many natural resources,
Japan has long been dependent on imported raw materials. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become even more dependent than it was
previously on imported fossil 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
impressive - 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 aftereffects 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. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
APEL CO LTD
REGD NAME: KK
Apel
MAIN OFFICE: 951
Angyoueryou Negishi Kawaguchi City Saitama-Pref 333-0834 JAPAN
Tel: 048-282-4575 Fax: 048-283-5045
E-Mail address: (thru the URL)
Mfg of medical
devices, scientific equipment, other
Nil
Vietnam
At the caption
address; Vietnam
MINARU KASHIWADA,
PRES Mitsuru Kashiwada, rep dir
Nobuya Suzuki, dir Akihiko Iwai, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 310 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 51 M
TREND STEADY WORTH Yen
35 M
STARTED 1976 EMPLOYES 16
MFR OF MEDICAL DEVICES, SCIENTIFIC
EQUIPMENT, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject
company is a specialized mfr of medical devices/equipment, scientific
equipment, other (See OPERATION). Operates mfg factory in Vietnam. 90% of the goods are exported to 67
countries worldwide. Domestic clients include
hospitals, medical devices mfrs, other.
Financials are
disclosed only partially.
The sales volume
for Mar/2015 fiscal term amounted to Yen 310 million, a 30% up from Yen 239
million in the previous term. Production
in Vietnam Factory started. The net
profit was posted at Yen 7 million, compared with Yen 8 million a year ago.
For the current term ending Mar 2016 the net profit is projected at Yen
10 million, on a 5% rise in turnover, to Yen 325 million. Vietnam Factory continues to make full
production. Exports are robust to
overseas countries.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Nov 1976
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
408,000 shares
Issued:
102,000 shares
Sum:
Yen 51 million
Major shareholders (%): Mitsuru Kashiwada (38), Minoru Kashiwada
(36), other
No. of shareholders: 7
Nothing detrimental
is known as to the commercial morality of executives.
Activities: Manufactures
medical devices/equipment (50%), scientific equipment, other (--50%)
(Mfg items): spectrophotometer,
photoelectric colorimeter, hemoglobin meter, bilirubin meter, coagulometer,
hematocrit centrifuge, glass cuvettes, other.
Clients: [Mfrs,
wholesalers] Exports to 67 countries overseas (90%), other
Domestic clients: As One Corp, TGK Co, Sansyo Co, Osaka Mitsui Shipping,
other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Optical Coatings Japan, Fair Co, Hamamatsu Photonics, Maruwa Co,
other
Payment
record: Slow but correct
Location: Business area in Kawaguchi City,
Saitama-Pref. Office premises at the
caption address are owned and maintained satisfactory.
Bank
References:
SMBC
(Warabi)
MUFG
(Nishi-Kawaguchi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
|
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
Annual
Sales |
|
325 |
310 |
239 |
196 |
|
Recur.
Profit |
|
.. |
.. |
8 |
10 |
|
Net
Profit |
|
10 |
7 |
8 |
10 |
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Total
Assets |
|
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N/A |
219 |
229 |
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Net
Worth |
|
|
35 |
28 |
20 |
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Capital,
Paid-Up |
|
|
51 |
51 |
51 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.84 |
29.71 |
21.94 |
-4.39 |
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Current Ratio |
|
|
.. |
.. |
.. |
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N.Worth Ratio |
|
|
.. |
12.79 |
8.73 |
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N.Profit/Sales |
|
3.08 |
2.26 |
3.35 |
5.10 |
Notes: Financials are only partially disclosed.
Forecast (or
estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
YEN |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared by
: |
NIT |
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.