MIRA INFORM REPORT
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Report No. : |
332942 |
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Report Date : |
20.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HONEST IBARAKI KK |
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Registered Office : |
220-2 Aoyagicho Mito City Ibaraki-Pref 310-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1965 |
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Com. Reg. No.: |
0500-01-001258 (Ibaraki-Mito) |
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Legal Form : |
Limited Company |
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Line of Business : |
Repairing works of vehicles: automobiles, construction
machinery (except tractors, cranes), other |
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No. of Employees : |
9 |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Japan |
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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 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 second-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.
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Source
: CIA |
Company
name
HONEST IBARAKI KK
REGD NAME: KK Honest Ibaraki
Address
MAIN OFFICE: 220-2 Aoyagicho Mito City Ibaraki-Pref 310-0004 JAPAN
Tel: 029-221-5684 Fax: 029-221-5631
URL: N/A
ACTIVITIES
Repairing of vehicles (automobile, construction machinery,
other)
BRANCHES
Ibaraki
FACTORIES
At the caption address
OFFICERS
KIICHI YAKUSHIJI, PRES Kayoko
Yakushiji, dir
Noboru Yanagioka, dir Hidetoshi
Yanagioka, dir
Shin’ya Ito, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 88 M
PAYMENTS SLOW
BUT CORRECT CAPITAL Yen 10 M
TREND SLOW WORTH Yen 44 M
STARTED 1 965 EMPLOYES 9
COMMENT
REPAIRING
WORKS OF VEHICLES.
FINANCIAL
SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS
ENGAGEMENTS.
HIGHLIGHTS
This is a repairer of
vehicles: automobiles, construction machinery, other. Clients include construction companies,
electric makers, other, in addition to individual consumers.
FINANCIAL
INFORMATION
Financials are disclosed only
partially.
The
sales volume for Mar/2014 fiscal term amounted to Yen 88 million, a similar
amount in the previous term. The net profit marked time at Yen 1 million.
For the term that ended Mar
2015 the net profit was projected at Yen 2 million, on a 2% rise in turnover,
to Yen 90 million. Final results are yet
to be released.
The financial situation is
considered RATHER WEAK but should be good for MODERATE business
engagements.
REGISTRATION
Date Registered: May 1965
Regd No.: 0500-01-001258 (Ibaraki-Mito)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen 10 million\
Major
shareholders (%): Kiichi Yakushiji and
families (--100)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Repairing works of vehicles: automobiles, construction machinery (except
tractors, cranes), other (-100%)
Clients:
[Mfrs, wholesalers, consumers] Kandenko Co, other Communication firms, electric
firms, other
No. of accounts: 100
Domestic areas of activities: Centered in Mito City,
Ibaraki-Pre
Suppliers:
[Mfrs, wholesalers] Aichi Corporation, Sakai Heavy Ind, IHI Construction
Machinery, other auto dealers, other
Payment record: Slow but correct
Location: Business
area in Mito. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Tsukuba
(Izumicho)
Joyo
Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms
Ending: |
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31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual
Sales |
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90 |
88 |
88 |
80 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
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2 |
1 |
1 |
1 |
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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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44 |
43 |
42 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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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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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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2.27 |
0.00 |
10.00 |
-2.44 |
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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 |
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2.22 |
1.14 |
1.14 |
1.25 |
Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/03/2015 fiscal
term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
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UK Pound |
1 |
Rs.99.43 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
VNT |
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.