MIRA INFORM REPORT

 

 

Report Date :

04.08.2011

 

IDENTIFICATION DETAILS

 

Name :

UNION ENGINEERING CO LTD

 

 

Registered Office :

Union Bldg, 2-15-8 Tenma Kitaku Osaka 530-0043

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

December 1979

 

 

Com. Reg. No.:

(Osaka-Kitaku) 071713

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of industrial machinery, parts, tooling for steel plants

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 19.2 Million

 

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

UNION ENGINEERING CO LTD

REGD NAME:    Union Engineering KK

MAIN OFFICE:  Union Bldg, 2-15-8 Tenma Kitaku Osaka 530-0043 JAPAN

                        Tel: 06-6351-3684     Fax: 06-6351-3685

                                               

URL:                 http://www.union-eng.co.jp

E-Mail address: unioneng@gold.ocn.ne.jp

 

 

ACTIVITIES

 

Import, export, wholesale of industrial machinery, parts, tooling for steel plants

 

BRANCHES   

 

Nil

 

OVERSEAS   

 

Singapore, Philippines, Thailand

 

FACTORIES  

 

(subcontracted)

 

 

OFFICERS

 

SHIGEATSU NISHIGUCHI, PRES           Koichi Nakayama, mgn dir

Yoichi Inaba, dir                                     Kunio Naito, dir

Tsunehiko Sekiguchi, dir            

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 1,000 M

PAYMENTS      REGULAR                     CAPITAL           Yen 13 M

TREND             SLOW                          WORTH            Yen 230 M

STARTED                     1979                             EMPLOYES      15

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN INDUSTRIAL MACHINES FOR STEEL

PLANTS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY                                  

BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 19.2 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

            The subject company was established by Shigeatsu Nishiguchi in order to make most of his experience in the subject line of business.  This is a trading firm for import, export and wholesale of facilities for steel plants: pipe forming line, high frequency welding machine, pipe galvanizing equipment, continuous sheet galvanizing line, splitting & shearing lines, other (See OPERATION).  Goods are exported widely worldwide: Thailand, Indonesia, Malaysia, Singapore, Korea, African continent, Americas, Brazil, China, Pakistan, other.  Also acts as agent for seven makers (See OPERATION).  Domestic clients include major steel mills, heavy machinery makers, other, nationwide.

 

 

FINANCIAL INFORMATION

           

            Financials are only partially disclosed as is the case with family-based companies.

 

The sales volume for Dec/2010 fiscal term amounted to Yen 1,000 million, a 17% down from Yen 1,200 million in the previous term, as affected by the global economic downturn, particularly in the first half of the term.  Exports were hurt by the high Yen, reducing earnings & profits in Yen terms.  The net was posted at Yen 20 million, similarly in the previous term.

 

            For the current term ending Dec 2011 the net profit is projected at Yen 22 million, on a 10% rise in turnover, to Yen 1,100 million.  Exports are brisk and increasing.  Export volumes are increasing to compensate for the loss from high Yen.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 19.2 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Dec 1979

Regd No.:         (Osaka-Kitaku) 071713

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         80,000 shares

Issued:                26,000 shares

Sum:                   Yen 13 million

Major shareholders (%): Shigeatsu Nishiguchi and families (--100)

No. of shareholders: 7

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports, exports and wholesales industrial machines, parts & tooling for the steel industry (--100%)

 

(Handling items): Pipe & sectional steel forming line, continuous sheet galvanizing line, continuous sheet color coating line, high frequency welder, pipe galvanizing line, general (batch type) galvanizing line, special galvanizing winch for general galvanizing, Eddy current flaw detector equipment, pipe hydrostatic testing machines, DDS control equipment, various bearings, ferrite/impeder cores & casings, various electrical power & control equipment, forming rolls, slitter lines, cut-to-length (shear) lines, circular saw blades, cutting tools/inserts, power RF/vacuum (oscillation) tubes, zinc by-products from galvanizing lines, walking beams, continuous pickling lines, other.

 

(Exporting countries): Indonesia, Singapore, Thailand, Taiwan, Malaysia, Vietnam, Brazil, Pakistan, USA, Canada, Korea, African Continent (Egypt, Libya, Ethiopia, Sudan, Nigeria, Uganda, etc), Chine, Philippines, Australia.

 

(Import/Export Agent for): NEOSID (Canada) Ltd, Well Time Steel Co Ltd (Taiwan), Shinko Hamono Co Ltd (Japan), Nippon Reliance Co Ltd (Japan), Sumitomo Heavy Ind Sales Co Ltd (Japan), Tsurumi Mfg Co Ltd (Japan), Sew-Eurodrive Japan Co Ltd (Japan).

 

Clients: [Steel.mills, heavy machinery mfrs, wholesalers] Nippon Steel Corp, Maruichi Steel Tube Ltd, Sumitomo Pipe & Tube Corp, Osaka Steel Co, Metal One Corp, Nittetsu Steel Pipe Co, other.

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Nippon Reliance Co, Tsurumi Mfg Co, Shinko Hamono Co, Sumitomo Heavy Ind, Hitachi Metals Admet Ltd, Fuji Work Co.

 

Payment record: Regular

 

Location: Business area in Osaka.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Tenma)

Resona Bank (Kitahama)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

1,100

1,000

1,200

1,300

Recur. Profit

　

　

　

　

　

Net Profit

　

22

20

20

17

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

230

216

202

Capital, Paid-Up

　

　

13

13

13

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

10.00

-16.67

-7.69

85.71

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

2.00

2.00

1.67

1.31

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/12/2011 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.20

Euro

1

Rs.62.87

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.