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Report No. : |
349539 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
HORIZON INTERNATIONAL INC |
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Registered Office : |
1601 Asahi Shin-Asahicho Takashima City Shiga-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.07.2014 |
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Date of Incorporation : |
August 1981 |
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Com. Reg. No.: |
1600-01-012050 (Shiga-Takashima) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Exports, imports and wholesales bookbinding equipment: folding,
collating, binding, stitching & cutting machines (--100%). |
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No. of Employee : |
34 |
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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Maximum Credit Limit : |
Yen 194.4 Million |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 first-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 |
HORIZON INTERNATIONAL INC
REGD NAME: Horizon International
KK
MAIN OFFICE: 510 Kuze-Ohyabucho
Minamiku Kyoto 601-8206 JAPAN
Tel: 075-934-6700 Fax: 075-934-6708
* Registered at: 1601 Asahi
Shin-Asahicho Takashima City Shiga-Pref
E-Mail
address: info@horizon.co.jp
Import, export of
bookbinding equipment
Nil
Germany
(subcontracted)
EIJIRO HORI, PRES
Kosaku Shimamura,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 10,580 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 10 M
TREND STEADY WORTH Yen 5,360 M
STARTED 1981 EMPLOYES 34
TRADING HOUSE
FOCUSING ON EXPORTS OF BOOKBINDING MACHINES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 194.4 MILLION, 30 DAYS NORMAL TERMS
The subject company
was established on the basis of an international trading division
separated from Taiyo Seiki KK, an industrial machinery maker,
Kyoto. This is one of the Hori-family
owned group firms, consisting of Taiyo Seiki KK, Horizon KK, Horizon
International Inc and two subsidiary agent dealers. The subject specializes in exporting
bookbinding equipment their parts & peripherals, produced by Taiyo Seiki to
about 40 countries worldwide, centering to USA, Germany, UK, Asia, Australia,
other. Exports to Germany started in 1982 after DRUPA 82 Trade Show (Germany)
and to USA in 1985 after PRINT85 Trade Show (USA), thereafter expanded into
other countries. Has a sales agent in
Germany.
Financials are only partially disclosed.
The sales volume for Jul/2014 fiscal term amounted to Yen 10,588
million, a 16% up from Yen 9,100 million in the previous term. Large lot of orders received from
overseas. Exports were robust. The net profit was posted at Yen 177 million,
compared with Yen 230 million a year ago.
For the term that ended Jul 2015 the net profit was projected at Yen 200
million, on a 5% rise in turnover, to Yen 11,110 million. The weaker Yen may have contributed to raise
export earnings in Yen terms. Final
results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 194.4
million, on 30 days normal terms.
Date Registered: Aug 1981
Regd No.:
1600-01-012050 (Shiga-Takashima)
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen 10 million
Major shareholders (%): Eijiro Hori, others (--100%)
No. of
shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Exports, imports
and wholesales bookbinding equipment: folding, collating, binding, stitching
& cutting machines (--100%).
Goods are produced by a subsidiary mfr,
Taiyo Seiki Co Ltd, Kyoto
(Export
60%)
Clients: [Mfrs,
wholesalers] Horizon Nishi Consul, Horizon Higashi Techno (--subsidiary
dealers), other.
Exports to USA, UK, Germany, Netherlands,
France, Sweden, Australia, China, Asia, and other worldwide destinations.
No. of accounts: 300 (Domestic)
Domestic areas of activities: Nationwide
Suppliers: [Mfr] Taiyo
Seiki Co (owned by the Hori family)
Payment record: No Complaints
Location: Business area in
Kyoto. Office premises at the caption address
are owned by Taiyo Seiki Co and maintained satisfactorily.
Bank References:
Kyoto Shinkin Bank
(Kisshoin)
Bank of Kyoto
(Sai-In)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
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31/07/2015 |
31/07/2014 |
31/07/2013 |
31/07/2012 |
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Annual
Sales |
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11,110 |
10,580 |
9,100 |
8,500 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
200 |
177 |
230 |
62 |
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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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5,360 |
5,236 |
5,006 |
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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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5.01 |
16.26 |
7.06 |
0.00 |
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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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1.80 |
1.67 |
2.53 |
0.73 |
Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 31/07/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
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|
1 |
Rs.99.95 |
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Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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 |
-- |
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.