MIRA INFORM REPORT
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Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
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Correct 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) : |
31.03.2011 |
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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
: |
8924 |
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 7,625.2 Million |
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Status : |
Good |
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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 – 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
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
82)
OVERSEAS
China, Hong Kong, Taiwan, Korea, Singapore, Thailand, Malaysia,
Indonesia, Philippines, Australia, USA, Europe, other
CHIEF EXEC
AKIJI
MAKINO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 618,844 M
PAYMENTS REGULAR CAPITAL Yen
20,096 M
TREND UP WORTH Yen 71,249 M
STARTED 1945 EMPLOYES 8,924
COMMENT
TRADING
COMPANY SPECIALIZING IN GASES FOR INDUSTRIAL & HOUSE HOLD USE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARYBUSINESS
ENGAGEMENTS
MAX CREDIT LIMIT: YEN 7,625.2
MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2012 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 build a liquid hydrogen
plant in Yamaguchi-Pref following Osaka & Chiba. It will procure hydrogen from Tokuyama and
liquefy it at the same plant. It plans
to construct a new general technical center.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 618,844
million, an 11.4% up from Yen 555,477 million in the previous term. Sales recovered to the normal level. .By divisions, Energy & Lifestyle Div up
7.1% to Yen 22,352 million; Industrial Gases Div up 9.4% to Yen 122,352
million; Electronics & Machinery up 58.7% to Yen 20,432 million; Materials
up 22.6% to Yen 114,486 million; Agr-bio & Foods down 0.9% to Yen 22,031
million. The recurring profit was posted
at Yen 15,590 million and the net profit at Yen 6,193 million, respectively,
compared with Yen 13,448 million recurring profit and Yen 5,539 million net
profit, respectively, a year ago
Effect of the Earthquake: Allocating Yen 2.8 billion extraordinary
losses (including public donation), operation stop at Ishinomaki LPG Center (LP
gas), Production stop of carbon dioxide gas at Chiba Plant, Iwatani Gas
(industrial gas).
(Apr/Dec/2011 results): Sales Yen 471,558 million (up 7.7%), operating
profit Yen 8,648 million (up 16.7%), recurring profit Yen 8,790 million (up
18.6%), net profit Yen 5,077 million (up 100.1%). (% compared with the corresponding period a
year ago.)
For the current term ending Mar 2012 the recurring profit is projected
at Yen 16,200 million and the net profit at Yen 7,000 million, respectively, on
a 6.2% rise in turnover, to Yen 657,000 million. LPG sales are benefiting from extraordinary
demand for gas canisters immediately after the earthquake. Streamlining effects will offset the downturn
in household gas sales volume as energy-saving measures take hold. Industrial gases will fully recover from the
impact from the earthquake and power outage in the preceding term.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 7,625.2 million, on 30 days normal terms.
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: 17,197
Listed on the
S/Exchange (s) of: Tokyo, Osaka, Nagoya
Managements: Akiji Makino,
pres; Toshio Watanabe, v pres; Kazuhiko Minamimoto, v pres; Tadashi Danbara, v
pres; Kyohei Nishida, s/mgn dir; Hisato Ueha, s/mgn dir; Yoshiaki Fukuzawa,
s/mgn dir; Masao Nomura, s/mgn dir; Masami Makise, mgn dir; Hirozumi Hirota,
mgn dir; Mitsuhiro Tanimoto, 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 (52%): 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 (22%): semiconductor mfg equipment, communication devices, synthetic resin
materials, ceramics, iron & metals, building materials, other;
Others (6%).
Overseas trading
ratio (7.3%): East Asia (China & Taiwan) (4.3%); S/E Asia (Singapore & Thailand)
(1.3%); other region (USA, Australia) (1.7%)
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: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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618,844 |
555,477 |
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Cost of Sales |
480,236 |
422,272 |
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GROSS PROFIT |
138,608 |
133,204 |
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Selling & Adm Costs |
123,740 |
119,472 |
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OPERATING PROFIT |
14,868 |
13,732 |
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Non-Operating P/L |
722 |
-284 |
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RECURRING PROFIT |
15,590 |
13,448 |
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NET PROFIT |
6,193 |
5,539 |
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BALANCE SHEET |
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Cash |
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19,957 |
19,243 |
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Receivables |
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109,617 |
104,901 |
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Inventory |
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32,326 |
31,468 |
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Securities, Marketable |
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Other Current Assets |
14,228 |
11,527 |
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TOTAL CURRENT ASSETS |
176,128 |
167,139 |
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Property & Equipment |
125,016 |
120,679 |
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Intangibles |
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14,243 |
14,974 |
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Investments, Other Fixed Assets |
58,553 |
63,318 |
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TOTAL ASSETS |
373,940 |
366,110 |
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Payables |
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94,197 |
97,835 |
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Short-Term Bank Loans |
40,802 |
32,238 |
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Other Current Liabs |
53,382 |
54,665 |
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TOTAL CURRENT LIABS |
188,381 |
184,738 |
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Debentures |
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8,000 |
15,712 |
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Long-Term Bank Loans |
91,354 |
82,302 |
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Reserve for Retirement Allw |
5,336 |
5,215 |
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Other Debts |
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9,619 |
10,144 |
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TOTAL LIABILITIES |
302,690 |
298,111 |
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MINORITY INTERESTS |
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Common
stock |
20,096 |
20,096 |
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Additional
paid-in capital |
17,897 |
17,907 |
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Retained
earnings |
28,267 |
24,148 |
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Evaluation
p/l on investments/securities |
2,074 |
2,835 |
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Others |
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4,439 |
4,533 |
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Treasury
stock, at cost |
(1,524) |
(1,520) |
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TOTAL S/HOLDERS` EQUITY |
71,249 |
67,999 |
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TOTAL EQUITIES |
373,940 |
366,110 |
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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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14,475 |
27,787 |
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Cash Flows
from Investment Activities |
-16,464 |
-12,808 |
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Cash
Flows from Financing Activities |
1,482 |
-16,518 |
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Cash,
Bank Deposits at the Term End |
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19,678 |
19,021 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
71,249 |
67,999 |
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Current
Ratio (%) |
93.50 |
90.47 |
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Net
Worth Ratio (%) |
19.05 |
18.57 |
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Recurring
Profit Ratio (%) |
2.52 |
2.42 |
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Net
Profit Ratio (%) |
1.00 |
1.00 |
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Return
On Equity (%) |
8.69 |
8.15 |
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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.48.92 |
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UK Pound |
1 |
Rs.77.31 |
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Euro |
1 |
Rs.64.12 |
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.