MIRA INFORM REPORT

 

 

Report Date :

09.05.2012

 

IDENTIFICATION DETAILS

 

Name :

KAWASAKI THERMAL ENGINEERING CO Ltd

 

 

Registered Office :

1000 Aochimachi Kusatsu City Shiga-Pref 525-8558

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

March 1972

 

 

Com. Reg. No.:

1600-01-012736 (Shiga-Kusatsu)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of air-conditioning equipment, multipurpose boilers

 

 

No. of Employees :

509

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

KAWASAKI THERMAL ENGINEERING CO Ltd

 

 

REGD NAME 

 

Kawaju Reinetsu Kogyo KK

 

 

MAIN OFFICE

 

1000 Aochimachi Kusatsu City Shiga-Pref 525-8558 JAPAN

 

Tel: 077-563-1111     Fax: 077-563-1120

 

*.. The given address is its Tokyo Headquarters-

 

URL:                             http://www.khi.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Mfg of air-conditioning equipment, multipurpose boilers

 

 

BRANCHES

 

Tokyo, Osaka, Nagoya, Sapporo, Niigata, Kanazawa, Kobe, other (Tot 14)

 

 

OVERSEAS

 

Pakistan, Egypt, Bangladesh, Korea, Thailand, Malaysia

 

FACTORIES  

 

At the caption address

 

CHIEF EXEC 

 

KAZUTOYO DAIKOKU, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 　A/SALES       Yen 15,250 M

PAYMENTS      REGULAR         　CAPITAL        Yen 1,460 M

TREND SLOW              　WORTH         Yen 3,986 M

STARTED         1972                 　EMPLOYES               509

 

 

COMMENT

 

MFR OF AIR-CONDITIONING EQUIPMENT & BOILERS, OWNED BY KAWASAKI HEAVY IND 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                        Unit: In Million Yen

Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

The subject company was established on the basis of an air-conditioning division separated from Kawasaki Heavy Ind (See REGISTRATION).  This is a specialized mfr of air-conditioning equipment & multipurpose boilers.  Group firm of Kawasaki Heavy Industries.  Has strength in combined marketing of boilers and air-conditioning equipment.  Clients are mainly Kawasaki Heavy Ind group firms nationwide.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 15,250 million, a 6.5% down from Yen 16,317 million in the previous term.  Orders received declined by Yen 179 million to Yen 15,461 million.  Exports were hurt by the high Yen.  The recurring profit was posted at Yen 491 million and the net losses at Yen 133 million, respectively, compared with Yen 612 million recurring profit and Yen 144 million net profit, respectively, a year ago.

 

(Apr/Dec/2011 results): Sales Yen 11,733 million (up 0.4%), operating profit Yen 151 million (down 62.4%), recurring profit Yen 65 million (down 83.3%), net losses Yen 2 million (previously Yen 129 million losses)   (% & figures compared with the corresponding period a year ago).

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 320 million and the net profit at Yen 70 million, respectively, on a 4.9% rise in turnover, to Yen 16,000 million.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:　        Mar 1972

Regd No.:                      1600-01-012736 (Shiga-Kusatsu)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       56 million shares

Issued:                16,830,000 shares

Sum:                   Yen 1,460 million

 

Major shareholders (%): Kawasaki Heavy Ind* (83.0), Customers’ S/Holding Assn (7.6), Employees’ S/Holding Assn (0.6), Manpukuji Temple (0.5), Nakanetsu Co (0.2), Marucha Co (0.2), Shiga MEC Co (0.2), Company’s Treasury Stock (0.2), Kazuo Koichi (0.1), Yamani Thermal Engineering (0.1); foreign owners (0.0)

 

*.. Kawasaki Heavy Ind Co, heavy machinery mfr, Kobe, founded  1896, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 104,484 million, sales Yen 1,226,949 million, operating profit Yen 42,628 million, recurring profit Yen 49,136 million, net profit Yen 25,965 million, total assets Yen 1,404,498 million, net worth Yen 309,700 million, employees 32,706, pres Satoshi Hasegawa

 

No. of shareholders: 440

 

Listed on the S/Exchange (s) of: JASDAQ

 

Managements: Kazutoyo Daikoku, pres; Shinji Yumura, mgn dir; Masayuki Komura, mgn dir; Osamu Oishi, dir; Takebei Inada, dir; Ikuzo Fujiura, dir; Masanao Yoshisu, dir; Hisashi Akikawa, dir; Haruo Nomura, dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures air-conditioning equipment: direct fired absorption chiller, waste heat recovery absorption chiller, steam absorption chiller, other (68%); Package boilers: water tube boilers, smoke tube boiler, drumless water tube boiler, water heat recovery boiler (32%).

           

Clients: [Mfrs, wholesalers] Kawasaki Heavy Inc, Energy Advance, Kawasaki Machine Systems, Osaka Gas, Moriya Trading, Kawasaki Trading, other,

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Heiwa Kinzoku Co, Shiga MEC, K Line Engineering, Ohkawa Sogo Service, other

 

Payment record: Regular

 

Location: Business area in Shiga.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (Osaka)

SMBC (Kyoto)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

15,250

16,317

 

  Cost of Sales

11,275

11,892

 

      GROSS PROFIT

3,975

4,425

 

  Selling & Adm Costs

3,487

3,814

 

      OPERATING PROFIT

488

611

 

  Non-Operating P/L

3

1

 

      RECURRING PROFIT

491

612

　

      NET PROFIT

-133

144

BALANCE SHEET

 

 

 

 

  Cash

　

12

9

 

  Receivables

 

3,999

4,853

 

  Inventory

 

1,054

1,255

 

  Securities, Marketable

　

　

 

  Other Current Assets

2,514

2,748

 

      TOTAL CURRENT ASSETS

7,579

8,865

 

  Property & Equipment

1,645

1,718

 

  Intangibles

 

360

260

 

  Investments, Other Fixed Assets

1,313

1,446

 

      TOTAL ASSETS

10,897

12,289

 

  Payables

 

2,530

3,050

 

  Short-Term Bank Loans

　

　

 

　

 

　

　

 

  Other Current Liabs

1,737

2,278

 

      TOTAL CURRENT LIABS

4,267

5,328

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

2,564

2,676

 

  Other Debts

　

79

112

 

      TOTAL LIABILITIES

6,910

8,116

 

      MINORITY INTERESTS

 

 

 

Common stock

1,460

1,460

 

Additional paid-in capital

1,228

1,228

 

Retained earnings

1,302

1,486

 

Evaluation p/l on investments/securities

11

13

 

Others

 

1

1

 

Treasury stock, at cost

(16)

(15)

 

      TOTAL S/HOLDERS` EQUITY

3,986

4,173

　

      TOTAL EQUITIES

10,897

12,289

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

962

379

 

Cash Flows from Investment Activities

-519

-270

 

Cash Flows from Financing Activities

-52

-51

　

Cash, Bank Deposits at the Term End

　

1,138

747

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

3,986

4,173

 

 

Current Ratio (%)

177.62

166.39

 

 

Net Worth Ratio (%)

36.58

33.96

 

 

Recurring Profit Ratio (%)

3.22

3.75

 

 

Net Profit Ratio (%)

-0.87

0.88

 

 

Return On Equity (%)

-3.34

3.45

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.34

UK Pound

1

Rs.86.09

Euro

1

Rs.69.37

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.