|
|
|
MIRA INFORM REPORT
|
Report No. : |
491774 |
|
Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ASHIMORI INDUSTRY CO LTD |
|
|
|
|
Registered Office : |
7-11-61 Senrioka Settsu City Osaka-Pref 561-0001 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
December 1935 |
|
|
|
|
Com. Reg. No.: |
1200-01-048973 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures car safety parts, functional products |
|
|
|
|
No. of Employees : |
442 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
|
Source
: CIA |
Company
summery
ASHIMORI INDUSTRY CO LTD
REGD NAME: Ashimori Kogyo KK
MAIN OFFICE: 7-11-61 Senrioka Settsu City Osaka-Pref
561-0001 JAPAN
Tel:
06-6388-1212 Fax: 06-6380-5503 -
URL: http://www.ashimori.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES: Mfr of fire-fighting hoses, automotive
safety components, other
BRANCHES: Tokyo, Hokkaido, Sendai, Nagoya, other (Tot
7)
OVERSEAS: Thailand, China, Mexico, India, Korea
(--subsidiaries)
FACTORIES: At the caption address, Shinoyama, Obama,
Hamamatsu (Tot 4)
OVERSEAS: Thailand, Chine, Mexico, India, Korea
(Subsidiary factories)
OFFICERS: SABURO
SENO, PRES Hiroyuki Sakuragi,
mgn dir
Shuichi Tamai, mgn dir Masatoshi Ishikawa, mgn dir
Hiromasa
Ooyabu, dir Shigeyuki
Washine, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 50.331 M
PAYMENTS REGULAR CAPITAL Yen 8,388 M
TREND SLOW WORTH Yen 11,297 M
STARTED 1935 EMPLOYES 442
COMMENT
MFR OF FIREFIGHTING HOSES,
AUTOMOBILE SAFETY COMPONENTS, OTHER FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
Founded
in 1978 as a cotton & linen yarn merchant.
Subsequently started making ropes to become a leading mfr of
firefighting hoses. Also produces
conduit repair hoses & fire hydrant hoses.
Manufactures automobile safety components such as seat belts & air
bags as well. Overseas, with a joint
venture in Thailand as the core, has production bases in China, India, &
Mexico, and its own plant in South Korea started operations in 2016. Toyobo once was the major shareholder, but
Japan Wool Textile took over the position in Apr/2013, and is seeking an
alliance. Established a European office
in Germany in 2017. Relocate the head
office to the Osaka plant in Settsu City, Osaka-Pref to integrate operations.
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term amounted to Yen
50,331 million, a 2.04% fall from Yen 51,380 million in the previous term. The recurring profit was posted at Yen 1,362
million and the net profit at Yen 1,019 million, respectively, compared with
Yen 1,700 million recurring profit and Yen 1,360 million net profit,
respectively, a year ago.
For the current term ending Mar 2018 the recurring profit is
projected at Yen 2,300 million and the net profit at Yen 1,200 million,
respectively, on a 12.26% rise in turnover, to Yen 56,500 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Dec
1935
Regd No.:
1200-01-048973
(Osaka-Settsu)
Listed company:
Tokyo S/E
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 220
million shares
Issued:
60,569,890 shares
Sum: Yen 8,388 million
Major shareholders (%): Japan Wool Textile (28.1),
Customers’ S/Holding Assn (4.8), Employees’ S/Holding Assn (2.7), Japan Trustee
Services T (2.0), Japan Securities Finance (1.9), Japan Trustee Services T5
(1.3), other; foreign owners (3.1)
No. of shareholders: 6,574
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures car safety parts (72%),
functional products (28%)
Overseas Sales Ratio (28%)
(Mfg Items) Automotive seat belts, air bags, sheering
wheels, toneau covers, electric sunshade, manual shade, separation nets, other.
Clients: [Mfrs, wholesalers] Mazda Motor,
Suzuki Motor, Ashimori Engineering, Ashimori Corp,
Toko Kosen, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Daicel, Ashimori Corp, Sakaguchi Mfg, K Mac Inc, Kerun Liverse, Toyota Bosoku Corp, Shinko Trading,
other
Payment record:
Regular
Location: Business area in Settsu City,
Osaka-Pref. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Bingomachi)
MUFG (Osaka-Chuo)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
|
|
Annual Sales |
|
56,500 |
50,331 |
51,380 |
48,067 |
|
Recur. Profit |
|
2,300 |
1,362 |
1,700 |
1,306 |
|
Net Profit |
|
1,200 |
1,019 |
1,360 |
1,470 |
|
Total Assets |
|
|
40,913 |
36,464 |
36,935 |
|
Current Assets |
|
|
25,230 |
23,604 |
24,066 |
|
Current Liabs |
|
|
20,394 |
17,372 |
19,941 |
|
Net Worth |
|
|
14,297 |
13,550 |
12,810 |
|
Capital, Paid-Up |
|
|
8,388 |
8,388 |
8,388 |
|
Div Ttl in Million (¥) |
|
|
181.00 |
151.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
12.26 |
-2.04 |
6.89 |
2.86 |
|
Current Ratio |
|
.. |
123.71 |
135.87 |
120.69 |
|
N.Worth Ratio |
|
.. |
34.94 |
37.16 |
34.68 |
|
R.Profit/Sales |
|
4.07 |
2.71 |
3.31 |
2.72 |
|
N.Profit/Sales |
|
2.12 |
2.02 |
2.65 |
3.06 |
|
Return On Equity |
|
.. |
7.13 |
10.04 |
11.48 |
Notes:
Forecast (or estimated) figures for the 31/03/2018 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
YEN |
1 |
INR 0.59 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.