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Report No. : |
298733 |
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Report Date : |
05.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MACGREGOR JAPAN LTD. |
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Registered Office : |
Suzue Baydium 9F.,
1-15-1, Kaigan, Minato-ku, Tokyo 105-0022 |
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Country : |
Japan |
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Date of Incorporation : |
07.01.2011 |
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Com. Reg. No.: |
0104-01-091665
(Tokyo) |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Engaged in providing integrated cargo and load handling
solutions and services for the maritime transportation and offshore
industries. |
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No of Employees : |
95 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 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 |
Note
In absence of financials, no Credit Limit could be recommended.
MACGREGOR JAPAN LTD.
Company name: MACGREGOR
JAPAN LTD.
Name in local
language: MACGREGOR JAPAN K.K.
Office address: Suzue
Baydium 9F., 1-15-1, Kaigan, Minato-ku, Tokyo 105-0022
Country: Japan
Office tel: 03-5403-1951
Business type: Trader
Industry: Machinery
Established: January
7, 2011
Capital: Jp.
100,000,000 yen
Employees: 95
Corporate formation:
Private
Corporation No.: 0104-01-091665 (Tokyo)
Paid in capital : Jp. 100,000,000 yen
Number of authorized
shares : 100,000 shares
Shares issued : 93,970 shares
Number of shareholder
: 1
Cargotec Finland
Oy(Finland) holds 100 percent.
Activity Product/Service
Description
-------------------------------------------------------------------------------
Trading Machines
and equipment
Service Installation,
maintenance and repair work after sales
President Mr.
Ikuma Sadakane
Nationality: Japan
Director Mr.
Passy Letnen
Nationality: Finland
Nationality: Finland
Auditor Mr.
Yuha Hittia
Nationality: Finland
Note: The names of
director(s) and auditor(s) are phonetically spelt.
*Key Personnel*
==============
Mr. Ikuma Sadakane
President and
representative director
Home address:
2-9-18-1001, Maiko-dai, Tarumi-ku, Kobe-shi 655-0046
Currency: (local
currency - Jp. yen)
-------------------------------------------------------------------------------------
Year |
Sales | Net Income
-------------------------------------------------------------------------------------
|
2011 |
n. a. |
36,621,000 |
|
2012 |
n. a. |
loss 4,794,641,000 |
*Book Closing*
============
December 31st
*Financials*
==========
As a private limited
company, no official financial statement is required to be disclosed publicly.
*Bank Details*
============
Bank Name : Mizuho Bank, Ltd.
Branch : Hamamatsu-cho
Bank Name : Bank of Tokyo-Mitsubishi UFJ, Ltd.
Branch : Shinbashi
*Credit Opinion*
=============
The subject is a
relatively new subsidiary held by Cargotec Finland Oy.
The profile of the
parent company is introduced in the Internet as follows:
Quote:
Cargotec Oy is a Finnish
company that makes cargo-handling machinery for ships, ports, terminals and
local distribution. Cargotec was formed in June 2005 when Kone Corporation was
split into two companies to be listed: Cargotec and new KONE.
After the split,
Kone Corporation’s container handling (Kalmar Industries AB), load handling
(HIAB and marine cargo handling (MacGregor) business units formed Cargotec.
However, the businesses within Cargotec have much longer histories and have
been formed through a series of mergers and acquisitions over several decades.
At the end of 2013,
Cargotec had approximately 11,000 personnel working in over 100 countries.
Cargotec's major
shareholders are the heirs of Pekka Herlin, who founded Kone Corporation.
Current (since July 12, 2005) Chairman of the Cargotec's Board of Directors is
Ilkka Herlin.
Unquote:
The above
explanation indicates that the parent and its group looks a well-established
firm, but the history of the subject shows some difficulties at the initial
stage of its business in Japan.
The clients are
reliable.
It would be
advisable to ask for wither Irrevocable Letter of Credit in full or a payment
guarantee by its parent to secure the deal.
No recommendation
for any open accounts as a single business entity at present.
Branch name: Mie
facility
Branch address: Anotsupia,
4-6-1, Anotsu-dai, Tsu-shi, Mie pref.
Branch tel: 059-236-3250
*Main Products &
Services*
======================
Engaged in providing integrated cargo and load handling
solutions and services for the maritime transportation and offshore industries.
Repair work at Mie
facility
*Address*
=========
Registered address
is the same as the operational address.
The quoted address
is for Mie facility.
The quoted phone
number belongs to Mie facility.
Date Development
-----------------------------------------------------------------------------------------------
January 7, 2011 Incorporated
with an investment of JPY 10 million.
March 118, 2011 Merged
“Hiab Ltd.,” a member of Cargotec Finland Oy group.
March 19, 2011 Increased
the capital to JPY 4,010 million.
April 1, 2012 Merged
“Cargotec Japan Ltd.,” a member of Cargotec Finland Oy
group.
November 30, 2012 Decreased the capital to JPY 100 million.
July 1, 2013 Company
split to found “Cargotec Japan Ltd.” again.
*Suppliers*
==========
Cargotec Finland Oy
Shibaoka Sangyo Co.,
Ltd.
Nicchitsu Corp.
*Customers*
==========
Mitsui Engineering
& Shipbuilding Co., Ltd.
Kanax Corporation
Japan Marine United Co.,
Ltd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.29 |
|
UK Pound |
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.