MIRA INFORM REPORT
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Report Date : |
25.11.2011 |
IDENTIFICATION DETAILS
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Name : |
DIESEL UNITED LTD |
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Registered Office : |
5292 Aioi Aioi City Hyogo-Pref 678-0041 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 1988 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 823411 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of ship’s engines |
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No. of Employees
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153 Persons |
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 323.7 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name
DIESEL UNITED LTD
REGD NAME
KK Diesel United
MAIN OFFICE
5292 Aioi Aioi City
Hyogo-Pref 678-0041 JAPAN
Tel:
0791-24-2608 Fax: 0791-24-2648
*.. Registered at: 2-8 Kanda-Sudacho Chiyodaku Tokyo
URL: http//:www.ihi.co.jp/du
E-mail: info@du.ihi.co.jp/du/
ACTIVITIES
Mfg of
ship’s engines
BRANCHES
Tokyo
(registered), Kobe
FACTORY
At the
caption address
OFFICER(S)
MASATOKI
UTSUNOMIYA, PRES
Yoshiyuki Umemoto, dir Hidehiro Yokota, dir
Toshiyuki Nakashima, dir Shigeo Ohkawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 18,195 M
PAYMENTS REGULAR CAPITAL Yen
153 M
TREND SLOW WORTH Yen
12,287 M
STARTED 1988 EMPLOYES 153
COMMENT
MFR OF
SHIP’S ENGINES, WHOLLY OWNED BY IHI CORP
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 323.7 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of license agreement executed
between Harima Shipyard Co Ltd (now IHI Corp) (See REGISTRATION) and Sulzer Brothers Ltd of Switzerland (present
Wartsila of Switz). This is a
specialized mfr of ship’s engines, diesel engines, gas engines, other. Has licensee agreement with WARTSILA (Switz)
and SEMT (France). Clients are shipyards
nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 18,195
million, a 21% down from Yen 22,916 million in the previous term. Sales declined due to reduced newbuilding
ship orders. The North East Earthquake
affected the sales due to the supply channel disrupted. Export volumes decreased. The net profit was posted at Yen 700 million,
compared with Yen 650 million a year ago.
.
For the current term ending Mar 2012 the net profit is projected at Yen
500 million, on a 2% rise in turnover, to Yen 18,500 million. New shipbuilding orders revived. Sales will grow. .
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 323.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1988
Regd No.: (Tokyo-Chiyodaku) 823411
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 100,000
shares
Issued: 27,000 shares
Sum: Yen 153 million
Major shareholders (%): IHI
Corp* (100)
* Major heavy
electric machinery mfr, Tokyo, founded 1889, listed Tokyo, Osaka, Nagoya,
Sapporo S/E’s, capital Yen 95,762 million, sales Yen 1,187,292 million,
operating profit Yen 51,482 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 27,083, pres Kazuaki Kama
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
ship’s engines (100%);
Exports (15%)
Clients: [Shipyards,
mfrs] Oshima Dockyar4, Sanoyasu Hishino Shipyard, Universal Dockyard, IHI
Marine United, Imabari Shipyard, NYK Lines, Sumitomo Heavy Industries Marine
Engineering Co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] IHI Corp, Kobe Steel, JFE Steel, Sasebo Shipyard, Toa Koki,
Nabtesco Corp, Riken Corp, other
Payment record: Regular
Location: Business area in
Kobe. Office premises at the caption
address are owned by the parent and maintained satisfactorily.
Bank References:
· Mizuho Bank (H/O)
· SMBC (Himeji)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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18,500 |
18,195 |
22,916 |
22,169 |
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Recur.
Profit |
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Net
Profit |
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500 |
700 |
650 |
550 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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2,287 |
1,797 |
1,419 |
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Capital,
Paid-Up |
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153 |
153 |
153 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.68 |
-20.60 |
3.37 |
-10.01 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
2.70 |
3.85 |
2.84 |
2.48 |
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Notes:
Financials are fully consolidated by the parent and are only partially
disclosed.
Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCILS 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 |
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US Dollar |
1 |
Rs.52.25 |
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UK Pound |
1 |
Rs.81.23 |
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Euro |
1 |
Rs.69.83 |
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.