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Report No. : |
308874 |
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Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HITACHI MEDICAL CORPORATION |
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Registered Office : |
Akihabara UDX 18F, 4-14-1 Soto-Kanda Chiyodaku Tokyo 101-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1949 |
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Com. Reg. No.: |
0100-01-027024 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures medical systems, diagnostic ultrasound systems, MRI
systems, X-ran CT systems, S-ray systems, nuclear medicine systems,
radiotherapy systems, medical information systems, general analysis systems,
radiation measuring instruments, other (--100%) |
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No. of Employees : |
2,125 |
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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Maximum Credit Limit : |
Yen 2,723.7 Million |
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Status : |
Moderate |
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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 – 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.
|
Source
: CIA |
HITACHI MEDICAL
CORPORATION
KK Hitachi Medico
Akihabara UDX 18F, 4-14-1 Soto-Kanda Chiyodaku Tokyo 101-0021 JAPAN
Tel: 03-3526-8880 Fax:
03-3526-8810
*.. The is its Factory in Kashiwa City, Chiba-Pref
URL: http://www.hitachi-medical.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg of medical systems (MRI systems, X-ray CT
systems, other), other
BRANCHES: Nationwide (58 branches)
OVERSEAS: USA, Europe, Singapore, China, Middle East
FACTORIES: Chiba (Kashiwa, Mobara), Osaka
OFFICERS: AKIO YAMAMOTO, PRES Tsuneo Maeda, v pres
Etsuo Murase, v
pred Shigenobu Sasaki, s/mgn
dir
Ryoji
Sasaki, s/mgn dir Masahiro
Kitano, mgn dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 90,200 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 13,884 M
TREND UP WORTH Yen 44,793 M
STARTED 1949 EMPLOYES 2,125
COMMENT: MFR OF MEDICAL SYSTEMS, WHOLLY OWNED BY
HITACHI LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 2,723.7 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company was established originally as an individual company
and listed on the Tokyo S/E, but Feb 2014 became a wholly owned subsidiary of
Hitachi Ltd (see REGISTRATION) and
delisted. This is a specialized mfr of
medical systems (MRI systems, X-ray CT systems, X-ray systems), medical
information systems other. Goods are
widely exported worldwide. Clients
include national & public hospitals, university hospitals, general &
private hospitals, other
The sales volume for Mar/2014 fiscal term amounted to Yen 90,200
million, a 3% up from Yen 87,207 million in the previous term. The operations continued in the red to post
Yen 2,084 million recurring loss and Yen 9,993 million net losses,
respectively, compared with Yen 3,579 million recurring loss and Yen 3,586
million net losses, respectively, a year ago.
For the current term ending Mar 2015 the operations are projected to
come back profitability to post Yen 1,000 million recurring profit and Yen 500
million net profit, respectively, on a 5%rise in turnover, to Yen 94,700
million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 2,723.7
million, on 30 days normal terms.
Date Registered: May
1949
Regd No.: 0100-01-027024
(Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 155 million shares
Issued:
38.79 million shares
Sum: Yen
13,884 million
Major shareholders
(%): Hitachi Ltd* (100)
*.. Largest comprehensive mfr of electrical
products, Tokyo, founded 1920, listed Tokyo & Nagoya S/E’s, capital Yen 458,790 million,
sales Yen 9,616,202 million, operating profit Yen 532,811 million, recurring
profit Yen 568,182 million, net profit Yen 264,975 million, total assets Yen 10,882,978 million, net
worth Yen 2,635,772 million, employees 325,700, pres Hiroaki Nakanishi
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
medical systems, diagnostic ultrasound systems, MRI systems, X-ran CT systems,
S-ray systems, nuclear medicine systems, radiotherapy systems, medical
information systems, general analysis systems, radiation measuring instruments,
other (--100%)
Clients: National &
other public hospitals, university hospitals, general hospitals, private
hospitals, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Japan Accuray, Analogic, Varian Association, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactory.
Bank References:
MUFG (Tokyo)
Mizuho Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
94,700 |
90,200 |
87,207 |
85,520 |
|
Recur. Profit |
|
1,000 |
-2,084 |
-3,579 |
-2,519 |
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Net Profit |
|
500 |
-9,993 |
-3,586 |
-2,484 |
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Total Assets |
|
|
109,689 |
111,626 |
119,343 |
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Current Assets |
|
|
56,868 |
51,909 |
57,750 |
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Current Liabs |
|
|
57,114 |
48,438 |
52,565 |
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Net Worth |
|
|
44,793 |
51,673 |
55,679 |
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Capital, Paid-Up |
|
|
13,884 |
13,884 |
13,884 |
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Div.P.Share(¥) |
|
|
10.00 |
10.00 |
10.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.99 |
3.43 |
1.97 |
1.33 |
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Current Ratio |
|
.. |
99.57 |
107.17 |
109.86 |
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N.Worth Ratio |
|
.. |
40.84 |
46.29 |
46.65 |
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R.Profit/Sales |
|
1.06 |
-2.31 |
-4.10 |
-2.95 |
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N.Profit/Sales |
|
0.53 |
-11.08 |
-4.11 |
-2.90 |
|
Return On Equity |
|
.. |
-22.31 |
-6.94 |
-4.46 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.