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Report No. : |
337232 |
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Report Date : |
14.09.2015 |
IDENTIFICATION DETAILS
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Name : |
MUSASHI FIELD SUPPORT CO LTD |
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Registered Office : |
8-20-36 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
October 2005 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is engaged in Maintenance & repair works of information, printing & industrial systems equipment, other (--100%) |
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No. of Employees : |
92 |
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 |
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Maximum Credit Limit : |
Yen 78.3 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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
|
Source
: CIA |
MUSASHI FIELD SUPPORT CO LTD
REGD NAME: Musashi
Field Support KK
MAIN OFFICE: 8-20-36
Ginza Chuoku Tokyo 104-0061 JAPAN
Tel: 03-3546-7779
Fax: 03-3546-7850
URL: http://www.musashi-fs.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Maintenance,
repair works of system machinery/equipment
BRANCHES: 23
locations nationwide
FACTORIES: (subcontracted-Group
firms)
OFFICERS: HIDEAKI
YODA, PRES Katsumi Nakazato,
dir
Sumio Yamada, dir Koichi Kobayashi, dir
Masataka Hajima, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,689 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 50 M
TREND STEADY WORTH Yen 1,069 M
STARTED 2005 EMPLOYES 92
COMMENT: MAINTENANCE WORKS OF SYSTEM MACHINERY, OWNED BY MUSASHI CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 78.3 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company was established by Musashi Co Ltd (See REGISTRATION) as a maintenance/repair shop of system equipment of their making. The firm offers maintenance & repair works of information/printing/industrial system equipment.
The sales volume for Mar/2015 fiscal term amounted to Yen 2,689 million, a 5% up from
Yen 2,571 million in the previous term. The recurring profit was posted at Yen 394 million and the net profit at Yen 245 million, respectively, compared with Yen 327 million recurring profit and Yen 190 million net profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected at Yen 400 million and the net profit at Yen 255 million, respectively, on a 3% rise in turnover, to Yen 2,770 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 78.3 million, on 30 days normal terms.
Date Registered: Oct 2005
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 1,000
shares
Sum: Yen
50 million
Major
shareholders (%): Musashi Co Ltd* (100)
*.. Distributer of information system-related equipment, at the caption address, founded 1946, listed JASDAQ, capital Yen 1,208 million, sales Yen 37,252 million, operating profit Yen 1,420 million, recurring profit Yen 1,661 million, net profit Yen 1,096 million, total assets Yen 41,506 million, net worth Yen 25,915 million, employees 551, pres Masataka Hatori
Nothing detrimental is known as to the commercial morality of executives.
Activities: Maintenance
& repair works of information, printing & industrial systems equipment,
other (--100%)
Clients: [Mfrs,
wholesalers] Musashi Co (97.6%), FFGS Techno Service (1%), Horizon
International (0.3%)
No. of accounts:
100
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] FFGS Techno Service (11.7%), Musashi Engineering (5.3%), Oki
Customer Adtech (4.1%), other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank
(Ginza)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
2,770 |
2,689 |
2,571 |
2,591 |
|
Recur.
Profit |
|
400 |
394 |
327 |
|
|
Net
Profit |
|
255 |
245 |
190 |
171 |
|
Total
Assets |
|
|
1,757 |
1,451 |
1,355 |
|
Current
Assets |
|
|
1,333 |
1,065 |
|
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Current
Liabs |
|
|
505 |
490 |
|
|
Net
Worth |
|
|
1,069 |
800 |
609 |
|
Capital,
Paid-Up |
|
|
50 |
50 |
50 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.01 |
4.59 |
-0.77 |
7.29 |
|
Current Ratio |
|
.. |
263.96 |
217.35 |
.. |
|
N.Worth Ratio |
|
.. |
60.84 |
55.13 |
44.94 |
|
R.Profit/Sales |
|
14.44 |
14.65 |
12.72 |
.. |
|
N.Profit/Sales |
|
9.21 |
9.11 |
7.39 |
6.60 |
|
Return On Equity |
|
.. |
22.92 |
23.75 |
28.08 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.39 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.90 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.