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MIRA
INFORM REPORT
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Report No. : |
510175 |
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Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
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Name : |
HONDA ACCESS CORPORATION |
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Registered Office : |
8-18-4 Nobidome Niiza Saitama-Pref 352-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
August 1976 |
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Com. Reg. No.: |
0300-01-046156 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of automobile &
motorcycle parts & accessories |
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No. of Employees : |
645 |
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 3,487.4 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 - averaging 10% 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 resulted in several years of economic stagnation as firms sought 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 since 2013, supported by 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 need to address 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 a sharp contraction, so Prime Minister ABE has twice postponed the next increase, which is 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.
Under the Abe Administration, Japan’s government sought to open the country’s economy to greater foreign competition and create new export opportunities for Japanese businesses, including by joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan became the first country to ratify the TPP in December 2016, but the United States signaled its withdrawal from the agreement in January 2017. 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). Japan also reached agreement with the European Union on an Economic Partnership Agreement in July 2017, and is likely seek to ratify both agreements in the Diet this year.
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Source : CIA |
Company summary
HONDA
ACCESS CORPORATION
REGD
NAME: KK Honda Access
MAIN
OFFICE: 8-18-4 Nobidome Niiza
Saitama-Pref 352-0011 JAPAN
Tel:
048-477-2511 Fax: 048-477-9388
URL: http://www.honda.co.jp/ACCESS
E-Mail
address: info@honda.co.jp/ACCESS
ACTIVITIES: Mfr of automobile & motorcycle parts
& accessories
BRANCHES: Hidaka (Saitama), Tochigi
OVERSEAS: USA, Belgium, Brazil, Thailand, China,
Taiwan, India, Indonesia (--subsidiaries)
FACTORIES: Hidaka (Saitama), Tochigi
OFFICERS: SHOJI MATSUI, PRES Shin’ya Iwai, dir
Shiro
Yasuda, dir Manabu
Ozawa, dir
Asako
Suzuki, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 85,798 M
PAYMENTS REGULAR CAPITAL Yen 2,000 M
TREND STEADY WORTH Yen
31.575 M
STARTED 1976 EMPLOYES 645
COMMENT
MFR (R&D) OF
AUTOMOBILE & MOTORCYCLE PARTS & ACCESSORIES, WHOLLY OWNED BY HONDA
MOTOR CO LTD.
FINANCIAL
SITUATION CONSIDERED FAIR TO EXCELLENT AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,487.4 MILLION, 30
DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Honda Motor Co in order to streamline subsidiary operations in the line of mfg (R&D) of automobile & motorcycle parts & accessories. In Oct 1983, integrated logistics & distribution operations. In Jul 1987, renamed as captioned. In May 1987 started mfg of car air-conditioner. Has 8 overseas subsidiaries to cover the worldwide markets, and also utilizes the parent’s overseas offices. Stressing operations in China.
FINANCIAL INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 85,798 million, an 11% up from Yen
77,255 million in the previous term. The
recurring profit was posted at Yen 9,456 million and the net profit at Yen
5,923 million, respectively, compared with Yen 7,495 million recurring profit
and Yen 4,624 million net profit, respectively, a year ago.
For the term that
ended Mar 2018 the recurring profit was projected at Yen 9,500 million and the
net profit at Yen 6,250 million, respectively, on a 5% rise in turnover, to Yen
90,100 million. Final results are yet to
be released
The financial
situation is considered FAIR to EXCELLENT and good for ORDINARY business
engagements.
REGISTRATION
Date Registered: Aug 1976
Regd No.: 0300-01-046156 (Saitama-Niiza)
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 16 million shares
Issued:
4 million shares
Sum: Yen 2,000 million
Major shareholders (%): Honda Motor Co
Ltd (100)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures, including R&D, car & motorcycle parts & accessories (--100%). Goods are wholly shipped to the parent, Honda Motor Co ltd.
Clients: [Carmaker]
Shipped wholly to the parent, Honda Motor Co Ltd and group firms.
No. of accounts: 1 (for distribution)
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Clarion, Pioneer, Denso 10, Yachiyo Kogyo, TS Tech, Honda Logistics, Nippon Blast, other.
Payment
record: Regular
Location: Business area in Niiza City,
Saitama-Pref. Office premises at the
caption address are owned by the parent, Hondo Motor Co, and maintained
satisfactorily.
Bank
References:
MUFJ
(Niiza-Shiki)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual Sales |
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90,100 |
85,798 |
77,255 |
83,661 |
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Recur. Profit |
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9,500 |
9,456 |
7,495 |
17,939 |
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Net Profit |
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6,250 |
5,923 |
4,624 |
14,746 |
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Total Assets |
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47,587 |
47,281 |
58,174 |
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Net Worth |
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31,575 |
34,162 |
42,134 |
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Capital, Paid-Up |
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2,000 |
2,000 |
2,000 |
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Div.Ttl in Million (¥) |
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8,508.00 |
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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5.01 |
11.06 |
-7.66 |
2.54 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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66.35 |
72.25 |
72.43 |
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N.Profit/Sales |
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6.94 |
6.90 |
5.99 |
17.63 |
Note: Forecast (or estimated) 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 67.96 |
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1 |
INR 91.88 |
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Euro |
1 |
INR 80.28 |
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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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PRI |
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Report Prepared
by : |
SYL |
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
·
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.