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MIRA INFORM REPORT
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Report No. : |
488139 |
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Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ISHIN HOLDINGS CO LTD |
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Registered Office : |
654-4 Ninomiya Tsuyama City Okayama-Pref 708-0013 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2017 |
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Date of Incorporation : |
May, 1990 |
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Com. Reg. No.: |
2600-01-020131 (Okayama-Tsuyama) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Building Contractor, Construction,
Other-Related Works |
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No. of Employees : |
138 |
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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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 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
ISHIN
HOLDINGS CO LTD
REGD
NAME: KK Ishin Holdings
MAIN
OFFICE: 654-4 Ninomiya Tsuyama City
Okayama-Pref 708-0013 JAPAN
Tel:
0868-28-9771 Fax: 0868-28-9775
URL: http://www.realcom.co.jp/imp/news/20120605
web ishii. html
E-Mail
address: (thru
the URL)
ACTIVITIES
Building contractor, construction, other-related
works
BRANCHES
Tokyo, Okayama, other (9 nationwide)
OVERSEAS
Ishin America Inc, Ishin Holdings Pte Ltd
(Singapore), Ishin Ltd (Russia)
OFFICERS
HIROAKI ISHIHARA, PRES Takayoshi Yamamoto, s/mgn dir
Shingo Akiyama, mgn dir Hiromi Umino, dir
Hiromasa Suto, dir
Yen Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,669 M
PAYMENTS REGULAR CAPITAL Yen
99 M
TREND SLOW WORTH Yen 5,868 M
STARTED 1990 EMPLOYES 138
COMMENT
BUILDING &
CONSTRUCTION WORKS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENS.
HIGHLIGHTS
The subject company
was established by Hiroaki Ishihara in order to make most of his experience in
the subject line of business. This is a
building contractor and construction company of “Ishin Home” with solar
generation system. Buildings and houses
are sold nationwide thru franchisee dealers.
The firm operates 6 firms domestically and 3 overseas: USA, Russia and
Singapore. The firm went into dealership
agreement in Oct 2013 with WWB Corporation, mfr of solar panel systems, for
selling “Ishii Home” nationwide. The
houses are built by 180 builders nationwide.
The tie-ups have mutual benefits: WWB Corp will sell and distribute their
making solar panel systems to the said 180 builders, and the subject can sell
and distribute “Ishin Home” thru the tie-up.
FINANCIAL
INFORMATION
The sales volume for Feb/2017 fiscal term
amounted to Yen 16.669 million, a 31% fall from Yen 24,033 million in the
previous term. The recurring profit was posted at Yen 1,088 million and the net
profit at Yen 687 million, respectively, compared with Yen 1,568 million
recurring profit and Yen 1,897 million net profit, respectively, a year ago.
For the current term ending Feb 2018 the
recurring profit is projected at Yen 1,170 million and the net profit at Yen
950 million, respectively, on a 5% rise in turnover, to Yen 17,510
million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: May
1990
Regd No.: 2600-01-020131
(Okayama-Tsuyama)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 7,920 shares
Issued: 1,980
shares
Sum: Yen
99 million
Major
shareholders (%): KK Ishin
(100)
*..Holding company
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Building contractor and construction works of “Ishin Home” (--100%)
Clients: WWS Co and franchisees; FC sales agents (250 firms), Consumers,
other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Ascon Concrete, Asahi DuPont Flush Products,
Sumitomo Forestry, Chofu Seisakusho, Goddess Create Co, other
Payment record: Regular
Location: Business area in Tsuyama City,
Okayama-Pref. Office premises at the caption address are owned and maintained
satisfactorily.
Bank
References:
Chugoku
Bank (Tsuyama-Kita)
MUFG
(Okayama)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
28/02/2018 |
28/02/2017 |
29/02/2016 |
28/02/2015 |
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Annual Sales |
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17,510
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16,669
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24,033
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32,398
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Recur. Profit |
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1,170 |
1,088 |
1,568 |
1,998 |
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Net Profit |
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950 |
887 |
1,897 |
1,570 |
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Total Assets |
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9,383 |
9,240 |
8,986 |
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Current Assets |
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6,389 |
5,949 |
6,148 |
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Current Liabs |
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3,184 |
3,424 |
4,910 |
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Net Worth |
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5,868 |
5,551 |
3,830 |
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Capital, Paid-Up |
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99 |
99 |
99 |
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Div.Ttl in Million (¥) |
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369 |
249 |
16210 |
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<Analytical
Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.05 |
-30.64
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-25.82
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281.78
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Current Ratio |
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.. |
200.66
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173.74
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125.21
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N.Worth Ratio |
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.. |
62.54 |
60.08 |
42.62 |
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R.Profit/Sales |
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6.68 |
6.53 |
6.52 |
6.17 |
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N.Profit/Sales |
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5.43 |
5.32 |
7.89 |
4.85 |
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Return On Equity |
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.. |
15.12 |
34.17 |
40.99 |
Notes: Forecast (or estimated) figures for the
28/02/2018 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 63.64 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.45 |
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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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NIS |
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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
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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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.