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MIRA INFORM REPORT
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Report No. : |
493262 |
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Report Date : |
22.02.2018 |
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) : |
31.07.2017 |
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Date of Incorporation : |
Aug 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 Employees : |
35 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
Yen 211.8 Million |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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).
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Source
: CIA |
Company
name & address
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
URL: http://www.horizon.co.jp/
E-Mail address: info@horizon.co.jp
ACTIVITIES: Import, export of bookbinding
equipment
BRANCHES: Takashima, Fukuoka, Sendai
OVERSEAS: Germany
FACTORIES: (Subcontracted)
OFFICER(S): EIJIRO
HORI, PRES Kosaku
Shimamura, dir
Eiyo Hori, dir Fumiyo Hori, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,800 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen
6,110 M
STARTED 1981 EMPLOYES 35
COMMENT: TRADING HOUSE FOCUSING ON EXPORTS OF BOOKBINDING MACHINES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 211.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
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. Now exports over 100 countries in Europe, Middle/East Africa, Asia, Oceania, North & South Americas, other. Has a sales agent in Germany.
FINANCIAL
INFORMATION
Financials are only partially disclosed.
The sales volume for Jul/2017 fiscal term amounted to Yen 11,800 million, a shade fall from Yen 11,900 million in the previous term. The net profit was posted at Yen 380 million, compared with Yen 175 million a year ago.
For the current term ending Jul 2018 the net profit is projected at Yen 390 million, on a 3% rise in turnover, to Yen 12,100 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 211.8 million, on 30 days normal terms.
REGISTRATION
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 (100%)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
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] Domestic Sales Agents (58%), Horizon Nishi Consul, Horizon Higashi
Techno (--group firms), 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 (98%) (Owned by the Hori family), other
Payment record: Regular
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
FINANCES
(In Million Yen)
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Terms Ending: |
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31/07/2018 |
31/07/2017 |
31/07/2016 |
31/07/2015 |
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Annual
Sales |
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12,100 |
11,800 |
11,900 |
12,000 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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390 |
380 |
175 |
330 |
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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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6,110 |
5,730 |
5,560 |
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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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2.54 |
-0.84 |
-0.83 |
13.42 |
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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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3.22 |
3.22 |
1.47 |
2.75 |
Notes:
Financials are
only partially disclosed.
Forecast (or
estimated) figures for the 31/07/2018 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 64.82 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.94 |
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YEN |
1 |
INR 0.61 |
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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VIV |
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Report Prepared
by : |
TPT |
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
·
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.