MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
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Name : |
JAPAN TUNNEL SYSTEMS CORPORATION |
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Registered Office : |
Onocho Bldg 2F,
61-1 Onocho Tsurumiku Yokohama 230-0046 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
November
2009 |
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Com. Reg. No.: |
(Yokohama-Tsurumiku) 063516 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of shield machines |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 234.8 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
name
JAPAN TUNNEL SYSTEMS CORPORATION
REGD
NAME
Japan Tunnel
Systems KK
MAIN
OFFICE
Onocho Bldg 2F,
61-1 Onocho Tsurumiku Yokohama 230-0046 JAPAN
Tel:
045-521-8203 Fax: 045-521-8247
URL: http//:www.ihi.co.jp/jtsc
E-mail: (thru the URL)
ACTIVITIES
Mfg of
shield machines
BRANCHES
Osaka
FACTORIES
Yokohama,
Aichi)
OFFICER(S)
KEIJI
MAEDA, PRES
Toshiyuki
Ogata, v pres
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,635 M*
PAYMENTS REGULAR CAPITAL Yen 450 M
TREND UNDETD WORTH Yen
735 M
STARTED 2009 EMPLOYES 80
*..
Figures for 5 months from inception.
COMMENT
MFR OF SHIELD MACHINES, JOINTLY OWNED BY IHI CORP AND JFE ENGINEERING CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 234.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established jointly by IHI Corp and JFE Engineering Corp (See REGISTRATION) in order to mfr shield tunnels centrally and other construction machinery. The firm specializes in mfg shield machines & construction machines, other. Uses factories of both parent companies: Yokohama (JFE Engineering) and Aichi (IHI Corp). Clients are major construction firms nationwide.
FINANCIAL
INFORMATION
Financials are consolidated by IHI Corp and only partially disclosed.
The sales volume for the initial Mar/2010 fiscal term for 5 months amounted to Yen 4,635 million. The net profit was posted at Yen 407 million. .
For the term that just ended Mar 2011 the net profit was projected at Yen 1,000 million, on a 3% rise in turnover, to Yen 11,500 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 234.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 2009
Regd No.: (Yokohama-Tsurumiku) 063516
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 36,000
shares
Issued: 9,000
shares
Sum: Yen 450 million
Major shareholders (%): IHI
Corp* (51), JFE Engineering Corp** (49)
No. of shareholders: 2
*.. One of major comprehensive heavy electric machinery mfrs, Tokyo, founded 1889, listed Tokyo S/E, capital Yen 95,762 million, sales Yen 1,242,700 million, operating profit Yen 47,145 million, recurring profit Yen 33,027 million, net profit Yen 17,378 million, total assets Yen 1,328,816 million, net worth Yen 227,890 million, employees 26,112, pres Kazuaki Kama
Consolidated Financials are attached (See ATTACHMENTS)
**.. Engineering company, owned by JFE Holdings Inc, Tokyo, founded 2003, capital Yen 10,000 million, sales Yen 225,564 million, operating profit Yen 8,663 million, recurring profit Yen 12,946 million, net loss Yen 2,914 million, total assets Yen 212,196 million, employees 3,229, pres Sumiyuki Kishimoto
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures shield machines & other construction machinery (--100%)
Clients: [Construction firms, other mfrs] Shimizu Corp, Taisei Corp, Obayashi Corp, Kajima Corp, other
No. of accounts: 200
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] JFE Engineering Corp, IHI Corp, Nippon Roballo Co, Kouichi Tekkosho, Konishisaku Co, other
Payment record: Regular
Location: Business area in Yokohama. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Uchisaiwaicho)
Mizuho
Bank (Tsurumi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2011 |
31/03/2010 |
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Annual
Sales |
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11,500 |
4,635 |
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Recur.
Profit |
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Net
Profit |
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1,000 |
407 |
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Total
Assets |
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N/A |
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Net
Worth |
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735 |
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Capital,
Paid-Up |
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450 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
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S.Growth Rate |
3.38 |
- -
- |
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Current Ratio |
.. |
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N.Worth Ratio |
.. |
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N.Profit/Sales |
8.70 |
8.78 |
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Notes:
Financials are only partially disclosed.
The 31/03/2010 fiscal term was for 5 months from the
inception. Growth rate is adjusted on a
12-month basis.
Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
IHI CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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1,242,700 |
1,388,042 |
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Cost of Sales |
1,048,875 |
1,221,612 |
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GROSS PROFIT |
193,825 |
166,430 |
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Selling & Adm Costs |
146,680 |
140,751 |
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OPERATING PROFIT |
47,145 |
25,679 |
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Non-Operating P/L |
-14,118 |
-12,158 |
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RECURRING PROFIT |
33,027 |
13,521 |
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NET PROFIT |
17,378 |
-7,407 |
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BALANCE SHEET |
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Cash |
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76,641 |
87,547 |
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Receivables |
320,227 |
352,840 |
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Inventory |
404,455 |
471,164 |
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Securities, Marketable |
30,894 |
13,650 |
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Other Current Assets |
109,525 |
111,227 |
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TOTAL CURRENT ASSETS |
941,742 |
1,036,428 |
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Property & Equipment |
290,909 |
273,964 |
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Intangibles |
23,116 |
24,341 |
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Investments, Other Fixed Assets |
156,654 |
154,609 |
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TOTAL ASSETS |
1,412,421 |
1,489,342 |
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Payables |
241,185 |
294,871 |
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Short-Term Bank Loans |
173,527 |
199,084 |
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Other Current Liabs |
343,452 |
404,226 |
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TOTAL CURRENT LIABS |
758,164 |
898,181 |
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Debentures |
40,000 |
50,000 |
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Long-Term Bank Loans |
184,190 |
128,626 |
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Reserve for Retirement Allw |
135,217 |
137,796 |
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Other Debts |
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67,785 |
68,789 |
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TOTAL LIABILITIES |
1,185,356 |
1,283,392 |
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MINORITY INTERESTS |
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Common
stock |
95,762 |
95,762 |
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Additional
paid-in capital |
43,028 |
43,032 |
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Retained
earnings |
65,933 |
48,423 |
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Evaluation
p/l on investments/securities |
9,462 |
4,679 |
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Others |
12,985 |
14,209 |
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Treasury
stock, at cost |
(105) |
(155) |
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TOTAL S/HOLDERS` EQUITY |
227,065 |
205,950 |
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TOTAL EQUITIES |
1,412,421 |
1,489,342 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2010 |
31/03/2009 |
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Cash Flows
from Operating Activities |
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76,708 |
-17,638 |
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Cash
Flows from Investment Activities |
-62,754 |
-41,727 |
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Cash
Flows from Financing Activities |
-1,800 |
42,812 |
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Cash,
Bank Deposits at the Term End |
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124,870 |
107,720 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
227,065 |
205,950 |
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Current
Ratio (%) |
124.21 |
115.39 |
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Net
Worth Ratio (%) |
16.08 |
13.83 |
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Recurring
Profit Ratio (%) |
2.66 |
0.97 |
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Net
Profit Ratio (%) |
1.40 |
-0.53 |
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Return
On Equity (%) |
7.65 |
-3.60 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.33 |
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UK Pound |
1 |
Rs.72.92 |
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Euro |
1 |
Rs.64.69 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.