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Report Date : |
10.12.2012 |
IDENTIFICATION DETAILS
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Name : |
IMABARI SHIPBUILDING CO LTD |
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Registered Office : |
1-4-52 Kouracho Imabari Ehime-Pref 799-2111 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
September, 1942 |
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Reg. No.: |
5000-01-011179 |
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Legal Form : |
Limited Company |
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Line of Business : |
Shipbuilding |
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No. of Employees : |
1,130 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
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Source : CIA |
IMABARI
SHIPBUILDING CO LTD
Imabari Zosen KK
1-4-52 Kouracho Imabari Ehime-Pref 799-2111 JAPAN
Tel: 0898-36-5000 Fax:
0898-36-5010
URL: http//:www.imazo.co.jp
E-mail: info@imzo.co.jp
Shipbuilding
Tokyo, Ehime, Osaka; Amsterdam, Hong Kong
At the caption address, Kagawa, Saijo (Ehime)
YUKITO HIGAKI, PRES Toshiyuki
Higaki, ch
Setsuhiro Kurokawa, v pres Takumi
Higaki, v pres
Kazuyuki Higaki, s/mgn dir Hidefumi
Higaki, s/mgn dir
Yen Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 418,621 M
PAYMENTS GOOD CAPITAL Yen 978 M
TREND SLOW WORTH Yen
211,889 M
STARTED 1942 EMPLOYES 1,130
SHIPBUILDING.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS
The subject company was established originally in 1901 by a certain
Higaki for building ships. Incorporated
in 1942 by combining all shipyards in Imabari, as Imabari Shipbuilding Co Ltd. This is a shipbuilder, owned and operated by
the Higaki family, building boats to VLCCs.
Controls about 22% shipbuilding production shares in Japan. Clients are shipping companies, general
trading houses, other, nationwide
The sales volume for Mar/2012 fiscal term amounted to Yen 418,621 million,
a 3% down from Yen 433,287million in the previous term. The shipbuilding market was sluggish. Newbuilding ships decreased. The recurring profit was posted at Yen 47,222
million and the net profit at Yen 27,686 million, respectively, compared with
Yen 41,198 million recurring profit and Yen 20,470 million net profit,
respectively, a year ago. .
For the current term ending Mar 2013 the recurring profit is projected
at Yen 47,300 million and the net profit at Yen 27,700 million, respectively,
on a similar turnover, at Yen 420,000 million.
Maritime m market continues in the downturn.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 12,612.7 million, on 30 days normal terms.
Date Registered: Sept 1942
Regd No.: 5000-01-011179 (Ehime-Imabari)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 7,800 million shares
Issued: 1,956,086 shares
Sum: Yen 978 million
Major shareholders
(%):
Higaki families (majority owned), Mitsubishi Heavy Ind, Shoei Kisen, other
No. of
shareholders: 29
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Shipbuilding of:
VLCCs, LNG carriers, bulk carriers, container ships, pure car carriers, car
ferries, product carriers, chip carriers, special cargo carriers, other
(--100%).
Clients: Shipping
companies, general trading houses, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Higaki Sangyo (subsidiary) (50%), Mitsui Engineering &
Shipbuilding, Hitachi Zosen, Mitsubishi Heavy Ind, IHI, Makita Corp, Miura Co,
Shikoku Welding Electrode, Uzushio Electric, other.
Payment record: Good
Location: Business area in
Imabari. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Imabari)
Iyo Bank (Hashihama)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual
Sales |
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420,000
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418,621
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433,287
|
483,214
|
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Recur.
Profit |
|
47,300
|
47,222
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41,198
|
52,599
|
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Net
Profit |
|
27,700
|
27,686
|
20,470
|
33,500
|
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Total
Assets |
|
|
524,966
|
549,770
|
578,884
|
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Current
Assets |
|
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348,263
|
370,039
|
375,900
|
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Current
Liabs |
|
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267,733
|
306,582
|
343,226
|
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Net
Worth |
|
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211,889
|
191,419
|
175,681
|
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Capital,
Paid-Up |
|
|
978 |
978 |
978 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
0.33 |
-3.38
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-10.33
|
1.24 |
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Current Ratio |
|
.. |
130.08
|
120.70
|
109.52
|
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N.Worth Ratio |
.. |
40.36
|
34.82
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30.35
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R.Profit/Sales |
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11.26
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11.28
|
9.51 |
10.89
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N.Profit/Sales |
6.60 |
6.61 |
4.72 |
6.93 |
|
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Return On Equity |
.. |
13.07
|
10.69
|
19.07
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Notes: Resulted, fixed figures for the 31/03/2013 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.20 |
|
|
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
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 |
-- |
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.