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Report No. : |
327346 |
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Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISHIN HOLDINGS CO LTD |
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|
|
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Registered Office : |
654-4 Ninomiya Tsuyama City Okayama-Pref 708-0013 |
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|
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Country : |
Japan |
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|
|
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Financials (as on) : |
28.02.2015 |
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Date of Incorporation : |
May 1990 |
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|
|
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Com. Reg. No.: |
2600-01-020131 |
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Legal Form : |
Limited Company |
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|
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Line of Business : |
Building contractor and construction works
of “Ishin Home” (--100%) |
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|
|
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No. of Employees : |
42 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 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. The government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
ISHIN
HOLDINGS CO LTD
REGD NAME: KK
Ishin Holdings
MAIN OFFICE: 654-4
Ninomiya Tsuyama City Okayama-Pref 708-0013 JAPAN
Tel: 0868-28-9771
Fax: 0868-28-9775
URL: http://www.realcom.co.jp/imp/news/20120605 web ishii.
html
E-Mail address: (thru the URL)
ACTIVITIES: Building
contractor, construction, other-related works
BRANCHES: Tokyo,
Okayama, other (4 nationwide)
OVERSEAS: Ishin
America Inc, Ishin Holdings Pte Ltd (Singapore), Ishin Ltd (Russia)
OFFICERS: HIROAKI
ISHIHARA, PRES Takayoshi Yamamoto, dir
Shingo Akiyama, mgn dir Hiromi Umino, dir
Hiromasa Sudou, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 32,398 M
PAYMENTSREGULAR CAPITAL Yen 99 M
TREND UP WORTH Yen 3,830 M
STARTED 1990 EMPLOYES 42
COMMENT: BUILDING & CONSTRUCTION WORKS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENS
AND GOOD FOR CREDIT ENGAGEMENTS: US$6,000/TERMS O/A 90 DAYS.
The subject company was established by Hiroaki Ishihara in order to make
most of his experience in the subject line of business. This is a building contractor and
construction company of “Ishin Home” with solar generation system. Buildings and houses are sold nationwide thru
franchisee dealers. The firm operates 6
firms domestically and 3 overseas: USA, Russia and Singapore. The firm went into dealership agreement in
Oct 2013 with WWB Corporation (See below), mfr of solar panel systems, for
selling “Ishii Home” nationwide. The
houses are built by 180 builders nationwide.
The tie-ups have mutual benefits: WWB Corp will sell and distribute their
making solar panel systems to the said 180 builders, and the subject can sell
and distribute “Ishin Home” thru the tie-up.
Starting from this year, the firm upgraded itself as FC Headquarters of
Ishin Homes and started operations nationwide.
The sales volume for Feb/2015 fiscal term amounted to Yen 32,398
million, a 282% up from Yen 8,486 million in the previous term. This attributed to upgrade the firm to FC
Headquarters of Ishin Group, as mentioned above, and started nationwide
business operations. The recurring
profit was posted at Yen 1,998 million and the net profit at Yen 1,570 million,
respectively, compared with Yen 630 million recurring profit and Yen 486
million net profit, respectively, a year ago.
For the current term ending Feb 2016 the recurring profit is projected
at Yen 2,000 million and the net profit at Yen 1,650 million, respectively, on
a 5% rise in turnover, to Yen 34,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: May
1990
Regd No.: 2600-01-020131 (Okayama-Tsuyama)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 7,920
shares
Issued: 1,980
shares
Sum: Yen
99 million
Major
shareholders (%): Hiroaki Ishihara & Ishihara families (--100)
No. of shareholders: 7
Nothing
detrimental is known as to his commercial morality.
Activities: Building
contractor and construction works of “Ishin Home” (--100%)
Clients: WWS Co and
franchisees
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ascon Concrete, Asahi DuPont Flush Products, Sumitomo Forestry,
Chofu Seisakusho, Goddess Create Co, other
Payment record: Regular
Location: Business area in
Tsuyama City, Okayama-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Chugoku Bank
(Tsuyama-Kita)
MUFG (Okayama)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
29/02/2016 |
28/02/2015 |
28/02/2014 |
28/02/2013 |
|
|
Annual
Sales |
|
34,000 |
32,398 |
8,486 |
2,847 |
|
Recur.
Profit |
|
2,000 |
1,998 |
630 |
413 |
|
Net
Profit |
|
1,650 |
1,570 |
486 |
252 |
|
Total
Assets |
|
|
8,986 |
4,790 |
2,743 |
|
Current
Assets |
|
|
6,148 |
3,532 |
1,439 |
|
Current
Liabs |
|
|
4,910 |
2,254 |
457 |
|
Net
Worth |
|
|
3,830 |
2,321 |
2,090 |
|
Capital,
Paid-Up |
|
|
99 |
99 |
99 |
|
Div.Ttl
in Million (¥) |
|
|
162 |
300 |
48 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.94 |
281.78 |
198.07 |
.. |
|
Current Ratio |
|
.. |
125.21 |
156.70 |
314.88 |
|
N.Worth Ratio |
|
.. |
42.62 |
48.46 |
76.19 |
|
R.Profit/Sales |
|
5.88 |
6.17 |
7.42 |
14.51 |
|
N.Profit/Sales |
|
4.85 |
4.85 |
5.73 |
8.85 |
|
Return On Equity |
|
.. |
40.99 |
20.94 |
12.06 |
Notes: Forecast
(or estimated) figures for the 28/02/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.03 |
|
|
1 |
Rs.99.27 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
|
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 |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
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.