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Report No. : |
306643 |
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Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ISS MACHINERY SERVICES LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
April, 1991 |
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Com. Reg. No.: |
1200-03-004722 ( |
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Legal Form : |
Branch Office |
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Line of Business : |
Supply of Ship Machinery and Equipment. |
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No. of Employees : |
129 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
ISS MACHINERY SERVICES LIMITED
REGD NAME: ISS Machinery
Services Limited (Branch Office)
MAIN OFFICE: Osaka Kasen Bldg,
4-6-8 Kawaramachi Chuoku Osaka 541-0048 JAPAN
Tel: 06-6203-5156 Fax: 06-6203-5195
URL: http//:www.issmachinery.com
E-mail: psc@iss-shipping.com
Supply of ship
machinery & equipment
Tokyo
KIYONAMI HAYASHI, MGN DIR
Mikihiko Oka, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 15,980 M
PAYMENTSNO COMPLAINTS CAPITAL Yen 285 M
TREND UP WORTH Yen 3,978 M
STARTED 1991 EMPLOYES 129
SUPPLIER OF SHIP
ENGINES & EQUIPMENT, OWNED BY INCHCAPE SHIPPING SERVICES
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject
company was established originally in 1971 on the basis of a ship engine sales division separated from Dodwell & Co
Ltd and was reorganized in 1991 when the ownership changed to Inchcape Shipping Services. This is a branch
office acting as import agent for ship
engines & machinery parts. It has two operating divisions: Parts Supply
Division (supplying ship’s spare parts, etc), and Plant Machinery Division
(supplying industrial & land
machinery). Goods are mostly supplied from the domestic heavy machinery makers nationwide. Clients are
shipping companies, shipyards, oil refineries, other.
The sales volume
for Dec/2013 fiscal term amounted to Yen 15,980 million, a 21% up from Yen
13,245 million in the previous term. Exports
rose as demand was robust overseas.
Profits increased. The net profit
was posted at Yen 612 million, compared with Yen 392 million net profit a year
ago. .
For the current
tem ending Dec 2014 the net profit is projected at Yen 650 million, on a 3%
rise in turnover, to Yen 16,500 million.
Final results are yet to be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Apr 1991
Regd
No.: 1200-03-004722 (
Legal
Status: Branch Office
Regd
Capital: Yen 825
million
Major shareholders
(%): Istithmar PJSC (UAE)* (100)
* Inchcape Shipping Service, the original
owner, sold the stocks in Jan 2006
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports and
supplies marine spare parts & equipment for vessels: main engine, auxiliary
engine, pumps, compressors, navigation, control, communication, deck &
bridge equipment, industrial & land machinery & equipment (--100%).
Clients: [Shipping lines,
dockyards] Barber Line, Oil Refinery, Billabong, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Kawasaki Heavy Ind, IHI, Kobe Steel, Kubota
Corp, Naniwa Pump Mfg,
Payment record: No Complaints
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Kawaramachi)
Hong Kong Shanghai
Bank (Osaka)
Relations:
Satisfactory
(In
Million Yen)
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Terms Ending: |
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31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
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Annual
Sales |
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16,500 |
15,980 |
13,245 |
15,401 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
650 |
612 |
392 |
575 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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3,978 |
3,550 |
3,276 |
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Capital,
Paid-Up |
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|
285 |
285 |
285 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.25 |
20.65 |
-14.00 |
-6.69 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
3.94 |
3.83 |
2.96 |
3.73 |
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Notes: Financials are only partially disclosed.
Forecast (or
estimated) figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
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|
1 |
Rs.92.71 |
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Euro |
1 |
Rs.69.94 |
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.