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MIRA INFORM REPORT
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Report No. : |
488992 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ISUZU MOTORS LTD |
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Registered Office : |
6-26-1 Minami-Ohi Shinagawaku Tokyo 140-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
April, 1947 |
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Com. Reg. No.: |
0107-01-000904 (Tokyo-Shinagawaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Automobile. |
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No. of Employees : |
8,359 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
Yen 62,108.6 Million |
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Status : |
Excellent |
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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.
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name and address
ISUZU MOTORS LTD
REGD NAME: Isuzu
Jidosha KK
MAIN OFFICE: 6-26-1
Minami-Ohi Shinagawaku Tokyo 140-0013 JAPAN
Tel:
03-5471-1141 Fax: 03-5471-1144
*.. The given address is its Fujisawa Factory -
URL: http://www.isuzu.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Automobile mfr
BRANCHES
Tokyo, Hokkaido,
other (tot 3)
OVERSEAS
China, Thailand,
other Asia. Europe, Americas (--overseas offices).
FACTORIES
Fujisawa (as
given), Tochigi (Tot 2)
OFFICERS
MASANORI KATAYAMA,
PRES Susumu Hosoi, ch
Muneo Shiomi, v
pres Hiroshi
Nakagawa, dir
Yukio Narimatsu,
dir Makoto
Kawahara, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,953,186 M
PAYMENTS REGULAR CAPITAL Yen 40,644 M
TREND UP WORTH Yen 818,438 M
STARTED 1937 EMPLOYES 8,359
COMMENT
AUTOMOBILE MFR
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 62,108.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This is the medium-scale automaker, with trucks and diesel engines
mainline. Better known for trucks and commercial
vehicles. Also highly competitive in
diesel engines. Engaged in production of
pick-up trucks in Thailand. Has strength
in marketing overseas.
FINANCIAL
INFORMATION
The sales volume for
Mar/2017 fiscal term amounted to Yen 1,953,186 million, a 1.36% up from Yen
1,926,927 million in the previous term.
The recurring profit was posted at Yen 152,022 million and the net
profit at Yen 93,858 million, respectively, compared with Yen 186,690 million
recurring profit and Yen 114,676 million net profit, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 175,000 million
and the net profit at Yen 109.000 million, respectively, on a 5.47% rise in
turnover, to Yen 2,060,000 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 62,108.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1947
Regd No.: 0107-01-000904
(Tokyo-Shinagawaku)
Listed company: Tokyo
S/E
Legal
Status: Limited
Company (Kabushiki Kaisha
Authorized: 3,369
million shares
Issued:
1,696,845,339 shares
Sum:
Yen
40.644 million
Major shareholders
(%):
Mitsubishi Corp (7.5), Company’s Treasury Stock (7.0), Itochu Jidosha Toshi
(6.2), Toyota Motor (5.8), Japan Trustee Services T (3.7), Master Trust Bank of
Japan T (3.3), Mizuho Bank (1.8), Company’s Treasury Stock (1.7), JFE Steel
(1.7), Development Bank of Japan (1.5), Zenkyoren (1.4); foreign owners (31.8)
No. of
shareholders: 37,384
Nothing detrimental is known as to the
commercial morality of executives.
Related
companies: Isuzu Motor Thailand, Isuzu Motor Sales, other
OPERATION
Activities: Automobile mfrs:
large & middle-sized trucks (25%), small sized trucks (47%), parts for
overseas production (3%), engine & components (5%), others (20%)
Overseas
Sales Ratio (60%)
Clients: [Mfrs,
wholesalers] Isuzu Motor sales, Itochu Corp, Mitsubishi Corp, Isuzu Australia,
Itochu Automobile America, Hitachi Construction Machinery, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Jidosha Buhin Kogyo, Denso Corp, I Metal Technology, Press Kogyo
Co, NHK Spring, Nippon Fruehalf Co, Shonan UNITEK Co, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
Mizuho Bank (Uchisaiwaicho)
MUFG (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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2,060,000 |
1,953,186 |
1,926,967 |
1,879,442 |
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Recur.
Profit |
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175,000 |
152,022 |
186,690 |
187,441 |
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Net
Profit |
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109,000 |
93,858 |
114,676 |
117,060 |
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Total
Assets |
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1,880,826 |
1,809,270 |
1,801,918 |
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Current
Assets |
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957,404 |
929,705 |
939,436 |
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Current
Liabs |
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556,336 |
565,277 |
585,093 |
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Net
Worth |
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818,438 |
751,365 |
754,544 |
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Capital,
Paid-Up |
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40,644 |
40,644 |
40,644 |
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Div.Ttl
in Million (¥) |
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25,231 |
26.671 |
21.917 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.47 |
1.36 |
2.53 |
6.73 |
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Current Ratio |
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.. |
172.09 |
164.47 |
160.56 |
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N.Worth Ratio |
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.. |
43.51 |
41.53 |
41.87 |
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R.Profit/Sales |
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8.50 |
7.78 |
9.69 |
9.97 |
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N.Profit/Sales |
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5.29 |
4.81 |
5.95 |
6.23 |
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Return On Equity |
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.. |
11.47 |
15.26 |
15.51 |
Notes: Forecast (or estimated) figures for the
31/03/2018 fiscal term
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.61 |
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1 |
INR 90.18 |
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Euro |
1 |
INR 78.95 |
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Yen |
1 |
INR 0.58 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.