MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
HITACHI PLANT TECHNOLOGIES LTD |
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Registered Office : |
Hitachi Kamakurabashi Bldg, 1-1-14 Uchikanda Chiyodaku Tokyo 101-0047 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Jun 1929 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Plant installation engineering works |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 5770.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
HITACHI PLANT TECHNOLOGIES LTD
REGD NAME
KK Hitachi Plant Technologies
MAIN OFFICE
Hitachi Kamakurabashi Bldg, 1-1-14 Uchikanda Chiyodaku Tokyo 101-0047
JAPAN
Tel : 03-3292-8111
Fax : 03-3219-5380
URL : http://www.hitachi-pt.co.jp/
E-Mail address: info@hitachi-pt.co.jp
ACTIVITIES
Plant installation engineering works
BRANCHES
Nationwide (77);
(Overseas); China (2), Egypt, Venezuela, Philippines, etc
(Tot 10)
FACTORY(IES)
Tsuchiura, Amagasaki, Ebina, Sano
CHIEF EXEC
MASAHARU SUMIKAWA, PRES & CEO
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 218,212 M
PAYMENTS REGULAR CAPITAL Yen 7,319 M
TREND STEADY WORTH Yen 69,687 M
STARTED 1929 EMPLOYES 3,406
COMMENT
PLANT
INSTALLATION ENGINEERING WORKS, AFFILIATED TO HITACHI LTD. FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 5,770.8 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company is the nation’s largest plant installation engineering company, affiliated to Hitachi Ltd. In Apr 2006, merged two Hitachi group firms and changed the company name from Hitachi Plant Engineering & Construction. By the merger, the firm reorganized operations into five core divisions; social Infrastructure & industrial machinery systems; Mechatronics, industrial plant systems, air conditioning systems, and energy systems. (See OPERATION).
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 218,212
million, a 9.7% up from Yen 199,014 million in the previous term. Orders received were up 2.6% to 213,690
million, the work completion increased 9.6% to Yen 218,212 million, thanks to
some recovery in capital spending. The
recurring profit was posted at Yen 6,279 million and the net profit at Yen
2,753 million, respectively, compared with Yen 4,649 million recurring profit
and Yen 2,033 million net profit, respectively, a year ago.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 6,700 million and the net profit at Yen 3,000 million, on a
60.4% rise in turnover, to Yen 350,000 million. Earnings and profits
will upswing on effect of business consolidation with two sister firms.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 5,770.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1929
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 250
million shares
Issued: 135,590,898
shares
Sum: Yen
7,319 million
Major shareholders (%): Hitachi Ltd*(54.6), Japan Trustee
Services Bank T (4.2), Morgan Stanley Int’l (2.4), Master Trust Bank of Japan T
(1.6), Company’s Treasury Stock (1.5), Nippon Life Ins (1.0), Employees’
S/Holding Assn (1.0), Mizuho Bank (0.9), UBS (London) Asia Equities (0.8),
Custody & Trust Ins (0.8); foreign owners (8.0)
No. of shareholders: 7,363
*.. Largest comprehensive mfr of electrical machinery, Tokyo,
founded 1920, listed Tokyo, Osaka, Nagoya, Luxemburg, Frankfurt, Amsterdam,
Paris, New York S/E’s, capital Yen 282,033 million, turnover Yen 9,464,801
million, recurring profit Yen 274,864 million, net profit Yen 37,320 million,
total assets Yen 10,021,195 million, net worth Yen 2,507,773 million, employees
55,879, pres Etsuhiko Shoyama (--all at Mar/2006 fiscal term)
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Masaharu Sumikawa, pres & CEO; Toshimasa
Takaoka, v pres; Naoki Murata, v pres; Kazuichi Sakamoto, s/mgn dir; Masamitsu
Hayashi, s/mgn dir; Yoshiaki Kobayashi, s/mgn dir; Takao Murayama, s/mgn dir; Shuzo
Hanamura, s/mgn dir; Yasuo Yamada, mgn dir; Jun’ichiro Hashimoto, mgn dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Hitachi Plant Construction & Services, Nichiwa Sogo
Setsubi, other (Tot 10 as of Mar/06)
OPERATION
Activities: Plant installation engineering works:
(Sales
breakdown by divisions at Mar/2006 fiscal term):
Energy Systems (19%), Industrial Systems (14%), Air
Conditioning Systems (40%), Social & Environmental Systems (25%), Others
(2%).
Overseas sales ratio 14.7%: Asia 11.5%, other region 3.2%.
(Newly
reorganized divisions):
Social Infrastructure & Industrial Machinery Systems: pump systems, water treatment systems, compressors, gears;
Mechatronics: electronics mfg systems, clean materials handling systems, logistics systems, cranes;
Industrial Plant Systems: plants, equipment, total engineering, refrigerating facilities, materials handling systems, industrial wastewater treatment systems, engineering systems;
Air Conditioning
Systems: building equipment, industrial air-conditioning facilities &
clean rooms;
Energy
Systems: power plants, dust collection systems, other.
Clients: [Mfrs, wholesalers] Hitachi Ltd, Renesas
Technologies, Hitachi Displays, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Tokyo Kinsho, Hitachi Densen
Shoji, Shinko Dengyo, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned by the parent
and maintained satisfactorily.
Bank References
Mizuho Bank (Kanda-Ekimae)
MUFG (Tokyo)
Relations: Satisfactory
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FINANCES (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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218,212 |
199,014 |
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Cost of Sales |
195,067 |
178,484 |
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GROSS PROFIT |
23,145 |
20,530 |
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Selling & Adm Costs |
17,774 |
16,828 |
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OPERATING PROFIT |
5,371 |
3,702 |
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Non-Operating P/L |
908 |
947 |
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RECURRING PROFIT |
6,279 |
4,649 |
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NET PROFIT |
2,753 |
2,033 |
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BALANCE SHEET |
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Cash |
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5,280 |
5,322 |
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Receivables |
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90,286 |
81,108 |
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Inventory |
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Securities, Marketable |
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Other Current Assets |
78,738 |
81,045 |
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TOTAL CURRENT ASSETS |
174,304 |
167,475 |
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Property & Equipment |
7,799 |
8,055 |
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Intangibles |
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1,532 |
1,621 |
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Investments, Other Fixed Assets |
12,663 |
11,651 |
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TOTAL ASSETS |
196,298 |
188,802 |
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Payables |
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67,138 |
61,036 |
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Short-Term Bank Loans |
5,250 |
6,000 |
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Other Current Liabs |
40,253 |
40,548 |
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TOTAL CURRENT LIABS |
112,641 |
107,584 |
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Debentures |
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12,567 |
12,793 |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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90 |
254 |
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TOTAL LIABILITIES |
125,298 |
120,631 |
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MINORITY INTERESTS |
1,313 |
996 |
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Common
stock |
7,319 |
7,319 |
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Additional
paid-in capital |
10,132 |
10,134 |
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Retained
earnings |
52,255 |
51,264 |
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Evaluation
p/l on investments/securities |
2,520 |
1,324 |
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Others |
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(1,846) |
(1,905) |
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Treasury
stock, at cost |
(693) |
(961) |
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TOTAL S/HOLDERS` EQUITY |
69,687 |
67,175 |
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TOTAL EQUITIES |
196,298 |
188,802 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows
from Operating Activities |
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4,655 |
-6,672 |
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Cash
Flows from Investment Activities |
-851 |
-293 |
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Cash
Flows from Financing Activities |
-2,135 |
-3,263 |
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Cash,
Bank Deposits at the Term End |
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19,782 |
17,915 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
69,687 |
67,175 |
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Current
Ratio (%) |
154.74 |
155.67 |
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Net
Worth Ratio (%) |
35.50 |
35.58 |
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Recurring
Profit Ratio (%) |
2.88 |
2.34 |
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Net
Profit Ratio (%) |
1.26 |
1.02 |
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Return
On Equity (%) |
3.95 |
3.03 |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)