MIRA
INFORM REPORT
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Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
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Name : |
IWATANI CORPORATION |
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Registered Office : |
3-4-8 Honmachi
Chuoku Osaka 541-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
February
1945 |
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Com. Reg. No.: |
(Osaka-Chuoku)
077357 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale,
import, export of gases for industrial & household use |
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No. of Employees : |
8,743 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
IWATANI CORPORATION
REGD NAME
Iwatani Sangyo KK
MAIN OFFICE
3-4-8 Honmachi
Chuoku Osaka 541-0053 JAPAN
Tel:
06-6267-3355 Fax: 06-6267-3350
* The given address is its Tokyo Head Office
URL: http://www.iwatani.co.jp/
E-Mail
address: iicworld@iwatani.co.jp
ACTIVITIES
Wholesale,
import, export of gases for industrial & household use
BRANCHES
Tokyo
(address as given), Sapporo, Sendai, Nagoya, Hiroshima, Fukuoka, other. (Tot
75)
OVERSEAS
China, Hong Kong, Taiwan, Korea, Singapore, Thailand, Malaysia,
Indonesia, Philippines, Australia, USA, Europe, other
CHIEF EXEC
MASAO
NOMURA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 661,185 M
PAYMENTS
REGULAR CAPITAL Yen 20,096 M
TREND UP WORTH Yen 79,551 M
STARTED 1945 EMPLOYES 8,743
COMMENT
TRADING
COMPANY SPECIALIZING IN GASES FOR INDUSTRIAL & HOUSE HOLD USE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARYBUSINESS
ENGAGEMENTS
Unit: In million Yen
Forecast (or estimated) figures for
31/03/2013 fiscal term
HIGHLIGHTS
The subject company was established originally in 1930 by Naoji Iwatani,
on his account, for selling oxygen, carbide and solvents, and has been
succeeded by his descendants. The
founder’s name is retained in “Iwatani Naoji
Memorial Foundation”, holding 8.1% of the firm’s share, being the top
shareholder. This is a trading company
specializing in gases for industrial & household use. Largest in LPG trading. Started up hydrogen plant in Chiba in Jun
2009, contributing to improved supply and distribution efficiency in
greater-Tokyo region. Has many JV’s set
up with overseas firms, including Union Carbide (USA) in China, Indonesia,
etc. JV’s & affiliates in China
total 34 including Hong Kong & Taiwan.
Jointly with Mitsubishi Heavy Ind, the firm is involved in production
(thru affiliate) of liquid hydrogen. The
firm has withdrawn from unprofitable single-family housing business. The company plans to upgrade distribution
bases in Shanghai & Malaysia with a view to expanding helium gas sales in
Asia. It is conducting practical
experiments in hydrogen supply to fuel cell-powered automobiles utilizing
hydrogen filling stations in Kita Kyushu.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 661,185
million, a 6.8% up from Yen 618,844 million in the previous term. LPG sales benefited from extraordinary demand
for gas canisters immediately after the Great East Earthquake that occurred in
Mar 2011. By divisions, Energy &
Lifestyle Div up 5.7% to Yen 340,339 million; Industrial Gases Div up 9.3% to
Yen 133,682 million; Electronics & Machinery down 14.4% to Yen 17,489
million, as affected by the downsized market of semiconductors and high Yen;
Materials up 14.5% to Yen 131,281 million; Agr-bio & Foods up 3.8% to Yen
23,155 million. The recurring profit was
posted at Yen 19,528 million and the net profit at Yen 10,543 million,
respectively, compared with Yen 15,590 million recurring profit and Yen 6,193
million net profit, respectively, a year ago
(Apr/Jun/2012 results): Sales Yen 155,990 million (down 1.6%), operating
profit Yen 3,058 million (down 18.4%), recurring profit Yen 3,171 million (down
20.9%), net profit Yen 448 million (down 78.7%). (% compared with the corresponding period a
year ago.)
For the current term ending Mar 2013 the recurring profit is projected
at Yen 20,200 million and the net profit at Yen 9,700 million, respectively, on
a 3.8% rise in turnover, to Yen 686,600 million. LPG sales will be hit by a continued slump in
per-household consumption, but the increased number of households resulting
from buyouts of small & midsize business operators, will compensate. Sales of resources & materials will
benefit from a steady growth of smartphone-use functional materials. Industrial gas sales will recover after
slumping in the aftermath of the Earthquake, offsetting the loss of extraordinary
demand for gas canisters.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered Feb
1945
Regd No.: (Osaka-Chuoku) 077357
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400 million shares
Issued: 251,365,028 shares
Sum: Yen 20,096
million
Major shareholders (%): Iwatani Naoji Memorial Foundation (8.1), MUFG (4.4), Company’s Treasury Stock (3.0), Tetsu Iwatani Co (2.7), Iwatani Enyukai (2.3), Japan Trustee Services T (2.4),Iwatani Enyukai (2.3),Resona Bank (2.3),Nippon Life Ins (2.2), Master Trust Bank of Japan T (2.0), Jisha Senyukai (1.2); foreign owners (7.7)
No. of shareholders: 16,733
Listed on the S/Exchange (s) of: Tokyo, Osaka, Nagoya
Managements: Akiji Makino, ch; Toshio Watanabe, v ch; Masao Nomura, pres; Kazuhiko Minamimoto, v pres; Tadashi Dambara, v pres; Hisato Ueha, s/mgn dir; Yoshiaki Fukuzawa, s/mgn dir; Mitsuhiro Tanimoto, s/mgn dir; Masami Makise, mgn dir; Hirozumi Hirota, mgn dir; Masanori Watanabe, mgn dir; Msaaki Miyashiro, mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies:
Iwatani Industrial Gases Corp, Central Sekiyu Gas Co, Iwatani Materials Corp, other
OPERATION
Activities: Leading trading house specializing in energy & gases:
(Sales breakdown by
Divisions):
Energy & Lifestyle-related Div (51%): LPG, LNG, kerosene, LPG supply equipment, gas heat pumps, wind power generation systems, housing equipment, bathroom units, inte-grated kitchen systems, foods, livestock animal feeds, fertilizer, agricultural equipment, horticultural equipment & supplies, seeds & seedlings, other;\
Industrial Gas Div (20%): welding gases, gas equipment, solvents, cleaning equipment, jigs & robots, other;
Materials & Electronics Div (20%): semiconductor mfg equipment, communication devices, synthetic resin materials, ceramics, iron & metals, building materials, other;
Agri-bio & Foods (4%);
Electronics &
Machinery (3%);
Others (2%).
Overseas trading ratio (8%)
Clients: [Mfrs, wholesalers] Matsushita Electric Ind, Sharp Corp, Nippon Oil Corp, Furukawa Electric, Murata Mfg, Marubeni Gas Energy, Yasukawa Electric Corp, Marubeni Gas Energy, Zen-Noh, Iwatani Industrial Gases, Nippon Gas, Taiyo Nippon-Sanso Corp, Cosmo Petroleum Gas, Japan Air Gases, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Oil refiners, mfrs, wholesalers] Iwatani Industrial Gases, Nippon Oil Corp, Cosmo Petroleum Gas, Kobe Steel, Marubeni Gas Energy, Mitsubishi Electric, Nippon Air Liquid, Yasukawa Electric Corp, other.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Osaka)
Mizuho
Corporate Bank (Osaka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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661,185 |
618,844 |
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Cost of Sales |
516,752 |
480,236 |
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GROSS PROFIT |
144,432 |
138,608 |
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Selling & Adm Costs |
125,261 |
123,740 |
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OPERATING PROFIT |
19,171 |
14,868 |
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Non-Operating P/L |
357 |
691 |
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RECURRING PROFIT |
19,528 |
15,559 |
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NET PROFIT |
10,543 |
6,193 |
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BALANCE SHEET |
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Cash |
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19,247 |
19,957 |
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Receivables |
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116,492 |
109,617 |
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Inventory |
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37,063 |
32,326 |
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Securities, Marketable |
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Other Current Assets |
12,971 |
14,228 |
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TOTAL CURRENT ASSETS |
185,773 |
176,128 |
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Property & Equipment |
124,177 |
125,016 |
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Intangibles |
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18,909 |
14,243 |
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Investments, Other Fixed Assets |
57,268 |
58,553 |
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TOTAL ASSETS |
386,127 |
373,940 |
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Payables |
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107,115 |
94,197 |
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Short-Term Bank Loans |
36,372 |
40,802 |
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Other Current Liabs |
53,641 |
53,382 |
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TOTAL CURRENT LIABS |
197,128 |
188,381 |
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Debentures |
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8,000 |
8,000 |
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Long-Term Bank Loans |
85,248 |
91,354 |
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Reserve for Retirement Allw |
4,291 |
4,188 |
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Other Debts |
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11,909 |
10,767 |
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TOTAL LIABILITIES |
306,576 |
302,690 |
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MINORITY INTERESTS |
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Common
stock |
20,096 |
20,096 |
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Additional
paid-in capital |
17,895 |
17,897 |
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Retained
earnings |
37,317 |
28,267 |
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Evaluation
p/l on investments/securities |
1,636 |
2,074 |
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Others |
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4,725 |
4,439 |
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Treasury
stock, at cost |
(2,118) |
(1,524) |
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TOTAL S/HOLDERS` EQUITY |
79,551 |
71,249 |
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TOTAL EQUITIES |
386,127 |
373,940 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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31,404 |
14,475 |
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Cash
Flows from Investment Activities |
-21,171 |
-16,465 |
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Cash
Flows from Financing Activities |
-10,994 |
1,482 |
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Cash,
Bank Deposits at the Term End |
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18,966 |
19,678 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net Worth
(S/Holders' Equity) |
79,551 |
71,249 |
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Current
Ratio (%) |
94.24 |
93.50 |
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Net
Worth Ratio (%) |
20.60 |
19.05 |
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Recurring
Profit Ratio (%) |
2.95 |
2.51 |
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Net
Profit Ratio (%) |
1.59 |
1.00 |
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Return
On Equity (%) |
13.25 |
8.69 |
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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.55.19 |
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UK Pound |
1 |
Rs.87.65 |
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Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.