MIRA
INFORM REPORT
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Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
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Name : |
IHI SHIBAURA MACHINERY CORPORATION |
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Registered Office : |
1-1-1 Ishishiba Matsumoto Nagano-Pref
390-8714 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
April 1950 |
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Com. Reg. No.: |
(Nagano-Matsumoto) 016929 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of agricultural
machinery, diesel engines, lawn mowers, others |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 212.4 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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Name and address
IHI SHIBAURA MACHINERY CORPORATION
REGD NAME: KK
IHI Shibaura
MAIN OFFICE: 1-1-1
Ishishiba Matsumoto Nagano-Pref 390-8714 JAPAN
Tel: 0263-25-4511 Fax: 0263-25-0923
*.. The given address is
its Tokyo Headquarters
URL: http://www.ihi-shibaura.com/
E-Mail address: info@ihi-shibaura.com
ACTIVITIES
Mfg of
agricultural machinery, diesel engines, lawn mowers, others
BRANCHES
Tokyo
OVERSEAS
IHI Shibaura
Engines Ltd (UK); Perkins Shibaura Engines LLC (USA), Shanghai
FACTORIES
Matsumoto, Okayama
(2), Asahi (Nagano)
OFFICER(S)
TAKASHI NISHIMURA,
PRES Takashi Sugimoto, mgn
dir
Ken’ichi Otsuki, dir Ryozo Osawa, dir
Kazuhiro Arai, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,694 M
PAYMENTS REGULAR CAPITAL Yen 1,111 M
TREND SLOW WORTH Yen
3,564 M
STARTED 1950 EMPLOYES 690
COMMENT
MFR OF DIESEL ENGINERS, AGRICULTURAL
MACHINERY, ETC, SUBSIDIARYOF IHI CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 212.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established in 1950
as a JV between Ishikawajima Shipyard (now IHI Corp) and Shibaura Engineering
Works (now Toshiba Corp) for providing a wide range of machinery products. Since incorporated, expanded the operations
into agricultural machinery mfg to focus on mfg of diesel engines of own
brand. In 1960, agreed with Ford Motor,
USA for supply of tractors in Japan. In
1980, tied with STHIL, Germany, for marketing lawn mowers. Closely tied with Yanmar Agricultural
Equipment Co in the area of agricultural machinery. In 1995 entered into business tie-up with Perkins,
UK for mfg and marketing diesel engines, forming a JV, Perkins Shibaura Engines
Ltd*. The firm is now owned by IHI Corp
(See REGISTRATION). The handling items are now expanded from
agricultural machinery to lawn maintenance machinery, brush cutter power tools,
and the related. Leading mfr of diesel
engines.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 26,694 million, a 28% up from Yen 20,810 million in the
previous term, thanks to rising and robust demand for the products in China
& other S/E Asian countries. The
operations came back from unprofitability to post Yen 90 million recurring
profit and Yen 44 million net profit, respectively, compared with Yen 1,033
million recurring loss and Yen 2,051 million net losses, respectively, a year
ago.
For the current term ending Mar 2012 the
recurring profit is projected at Yen 100 million and the net profit at Yen 50
million, respectively, on a 9% rise in turnover, to Yen 29,000 million. Orders will rise for agricultural machinery,
tractors, other. Export demand is brisk
into China and other S/E Asian countries.
Exports now account for about 60% of total sales.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 212.4 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Apr 1950
Regd No.:
(Nagano-Matsumoto) 016929
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
88 million shares
Issued: 22.22 million shares
Sum: Yen 1,111 million
Major shareholders
(%): IHI Corp*(90.9), Yanmar Agricultural Equipment Co (9.1%)
No. of
shareholders: 2
*.. Major comprehensive heavy electric
machinery mfr, Tokyo, founded 1889, listed Tokyo, Osaka, Nagoya, Fukuoka, Sapporo
S/E’s, capital Yen 95,762 million, turnover Yen1,187,292 million, operating
profit Yen 61,390 million, recurring profit Yen 51,482 million, net profit Yen
29,764 million, total assets Yen 1,361,441 million, net worth Yen 253,640
million, employees 26,035, pres Kazuaki Kama
Consolidated
Financials are as attached (See SUPPLEMENTS).
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
diesel engines, compact tractors, tractor components, power engines,
agricultural machinery, lawn mowers, grass cutting machines, golf &
turf-care products, fire fighting pumps, ozone sterilizers, power tools,
evaporators, other industrial machinery relative to agriculture (--100%).
Exports (60%)
Clients: [Mfrs,
wholesalers] CNH Global NV, Yanmar Agricultural Equip, Honda Motors, IHI Corp,
Perkins Shibaura Engines, Kyoeisha, Nippon New Holland, other.
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kayaba Ind, Bosch Automotive Systems, Denso Corp, Nittan Valve,
Aisin Seiki, KYB Engineering & Service, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Hachijuni Bank (Matsumoto)
MUFG (Shinjuku-Shintoshin)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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29,000 |
26,694 |
20,810 |
30,936 |
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Recur.
Profit |
|
100 |
90 |
-1,033 |
-1,796 |
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Net
Profit |
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50 |
44 |
-2,051 |
-2,655 |
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Total
Assets |
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35,770 |
36,447 |
40,558 |
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Current
Assets |
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18,091 |
18,765 |
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Current
Liabs |
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21,942 |
21,942 |
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Net
Worth |
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3,564 |
3,558 |
5,626 |
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Capital,
Paid-Up |
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1,111 |
1,111 |
1,111 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.64 |
28.27 |
-32.73 |
-31.27 |
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Current Ratio |
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.. |
82.45 |
85.52 |
.. |
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N.Worth Ratio |
.. |
9.96 |
9.76 |
13.87 |
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R.Profit/Sales |
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0.34 |
0.34 |
-4.96 |
-5.81 |
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N.Profit/Sales |
0.17 |
0.16 |
-9.86 |
-8.58 |
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Return On Equity |
.. |
1.23 |
-57.64 |
-47.19 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 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: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,187,292 |
1,242,700 |
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Cost of Sales |
976,846 |
1,048,875 |
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GROSS PROFIT |
210,446 |
193,825 |
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Selling & Adm Costs |
149,056 |
146,680 |
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OPERATING PROFIT |
61,390 |
47,145 |
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Non-Operating P/L |
-9,908 |
-14,118 |
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RECURRING PROFIT |
51,482 |
33,027 |
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NET PROFIT |
29,764 |
17,378 |
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BALANCE SHEET |
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Cash |
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116,422 |
76,641 |
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Receivables |
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291,033 |
320,227 |
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Inventory |
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363,099 |
404,455 |
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Securities, Marketable |
1,183 |
30,894 |
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Other Current Assets |
81,668 |
109,525 |
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TOTAL CURRENT ASSETS |
853,405 |
941,742 |
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Property & Equipment |
328,739 |
290,909 |
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Intangibles |
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21,056 |
23,116 |
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Investments, Other Fixed Assets |
158,241 |
156,654 |
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TOTAL ASSETS |
1,361,441 |
1,412,421 |
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Payables |
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269,445 |
241,185 |
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Short-Term Bank Loans |
134,885 |
173,527 |
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Other Current Liabs |
286,801 |
343,452 |
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TOTAL CURRENT LIABS |
691,131 |
758,164 |
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Debentures |
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53,565 |
40,000 |
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Long-Term Bank Loans |
162,151 |
184,190 |
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Reserve for Retirement Allw |
132,347 |
135,217 |
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Other Debts |
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68,607 |
67,785 |
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TOTAL LIABILITIES |
1,107,801 |
1,185,356 |
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MINORITY INTERESTS |
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Common
stock |
95,762 |
95,762 |
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Additional
paid-in capital |
43,037 |
43,028 |
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Retained
earnings |
95,973 |
65,933 |
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Evaluation
p/l on investments/securities |
6,508 |
9,462 |
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Others |
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12,448 |
12,985 |
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Treasury
stock, at cost |
(88) |
(105) |
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TOTAL S/HOLDERS` EQUITY |
253,640 |
227,065 |
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TOTAL EQUITIES |
1,361,441 |
1,412,421 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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95,565 |
76,708 |
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Cash
Flows from Investment Activities |
-77,798 |
-62,754 |
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Cash
Flows from Financing Activities |
-25,907 |
-1,800 |
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Cash,
Bank Deposits at the Term End |
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115,025 |
124,870 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
253,640 |
227,065 |
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Current
Ratio (%) |
123.48 |
124.21 |
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Net
Worth Ratio (%) |
18.63 |
16.08 |
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Recurring
Profit Ratio (%) |
4.34 |
2.66 |
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Net
Profit Ratio (%) |
2.51 |
1.40 |
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Return
On Equity (%) |
11.73 |
7.65 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.12 |
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|
1 |
Rs.72.05 |
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Euro |
1 |
Rs.63.33 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.