|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI HEAVY INDUSTRIES PRINTING &
PACKAGING MACHINERY LTD |
|
|
|
|
Registered Office : |
1-1-1
Itozaki-Minami Mihara Hiroshima-Pref 729-0329 |
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Country : |
Japan |
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|
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Financials (as on) : |
31.03.2012 |
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|
|
|
Date of Incorporation : |
April
2010 |
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Com. Reg. No.: |
(Hiroshima-Mihara)
040326 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of printing press |
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|
No. of Employees : |
950 employees |
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 : |
Slow but Correct |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
|
Source : CIA |
MITSUBISHI HEAVY INDUSTRIES PRINTING &
PACKAGING MACHINERY LTD
Mitsubishi Jyuko
Insatsu Shiko Kikai KK
1-1-1
Itozaki-Minami Mihara Hiroshima-Pref 729-0329 JAPAN
Tel:
0848-67-2068
E-Mail address: (thru the URL)
Mfg of
printing press
Tokyo,
Osaka, Sapporo, Nagoya, Sendai, Niigata, Saitama , other (Tot 16)l
USA,
Europe, Canada, China (3), India, other
At the
caption address
MASAMI
SHIMIZU, PRES
Yuzuru
Kazumasa, rep dir
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 43,574 M
PAYMENTSSlow but Correct CAPITAL Yen
10,000 M
TREND UP WORTH Yen 11,870 M
STARTED 2010 EMPLOYES 950
MFR OF PRINTING PRESS, WHOLLY OWNED BY MITSUBISHI HEAVY IND.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 2004 on the basis of a division separated from Mitsubishi Heavy Industries Ltd (See REGISTRATION). And was reorganized in 2010 by merging sister companies. This is a specialized mfr of printing press and packaging machines.
The sales volume for Mar/2012 fiscal term amounted to Yen 43,574 million, a 17% up from Yen 37,199 million in the previous term. A portion of business operations was transferred from the group firms. The operations came back to profitability to post Yen 1,262 million recurring profit and Yen 690 million net profit, respectively, compared with Yen 1,957 million recurring loss and Yen 4,144 million net loss, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected at Yen 1,300 million and the net profit at Yen 700 million, respectively, on a 3% rise in turnover, to Yen 44,800 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr 2010
Regd No.: (Hiroshima-Mihara) 040326
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 800,000
shares
Issued:
200,000 shares
Sum: Yen 10,000 million
Major shareholders (%): Mitsubishi Heavy Machinery Ltd*
(100)
*.. Nation’s largest comprehensive heavy machinery mfr, Tokyo, founded 1950, listed Tokyo, Osaka, Nagoya, Sapporo S/E’s, capital Yen 265,608 million, sales Yen 2,820,932 million, operating profit Yen 111,961 million, recurring profit Yen 86,182 million, net profit Yen 24,540 million, total assets Yen 3,963,987 million, net worth Yen 1,306,366 million, employees 68,509, pres Hideaki Ohmiya
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures printing presses (sheet fed offset presses), paper converting machines (corrugating machinery, box making machines), other (--100%).
Clients: [Mfrs, wholesalers] MHI Finance, International Pulp & Paper, Nippon Pulp & Paper, Rengo Co, Dynapac Co, DNP Nishinippon, Toppan Printing, Mainichi Newspaper, Nikkei Inc, Yomiuri Newspaper Group, other
No. of accounts: 600
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Heavy Industries Transportation Equipment Engineering & Service Co, NSK Ltd, Mitsubishi Electric Co, other
Payment record: Slow but Correct
Location: Business area in Mihara, Hiroshima-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Fukuyama)
SMBC
(Shinjuku)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
44,800 |
43,574 |
37,199 |
17,340 |
|
Recur.
Profit |
|
1,300 |
1,262 |
-1,957 |
-25 |
|
Net
Profit |
|
700 |
690 |
-4,144 |
-605 |
|
Total
Assets |
|
|
57,697 |
59,629 |
15,287 |
|
Current
Assets |
|
|
48,581 |
46,931 |
11,933 |
|
Current
Liabs |
|
|
25,405 |
27,382 |
9,016 |
|
Net
Worth |
|
|
11,870 |
11,227 |
3,459 |
|
Capital,
Paid-Up |
|
|
10,000 |
10,000 |
1,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.81 |
17.14 |
114.53 |
-14.94 |
|
|
Current Ratio |
|
.. |
191.23 |
171.39 |
132.35 |
|
N.Worth Ratio |
.. |
20.57 |
18.83 |
22.63 |
|
|
R.Profit/Sales |
|
2.90 |
2.90 |
-5.26 |
-0.14 |
|
N.Profit/Sales |
1.56 |
1.58 |
-11.14 |
-3.49 |
|
|
Return On Equity |
.. |
5.81 |
-36.91 |
-17.49 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
MITSUBISHI HEAVY INDUSTRIES LTD
|
FINANCES: (Consolidated
in million yen) |
|
|||||
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Terms Ending: |
31/03/2012 |
31/03/2011 |
||
|
INCOME STATEMENT |
|
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||||
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Annual Sales |
|
2,820,932 |
2,903,770 |
||
|
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Cost of Sales |
2,375,158 |
2,461,857 |
|||
|
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GROSS PROFIT |
445,774 |
441,913 |
|||
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Selling & Adm Costs |
333,812 |
340,693 |
|||
|
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OPERATING PROFIT |
111,961 |
101,219 |
|||
|
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Non-Operating P/L |
-25,779 |
-33,108 |
|||
|
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RECURRING PROFIT |
86,182 |
68,113 |
|||
|
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NET PROFIT |
24,540 |
30,117 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
262,287 |
301,047 |
||
|
|
Receivables |
|
958,064 |
852,645 |
||
|
|
Inventory |
|
1,053,342 |
1,116,205 |
||
|
|
Securities, Marketable |
1 |
8 |
|||
|
|
Other Current Assets |
|
|
|||
|
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TOTAL CURRENT ASSETS |
2,639,003 |
2,575,613 |
|||
|
|
Property & Equipment |
797,584 |
861,528 |
|||
|
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Intangibles |
|
25,313 |
25,165 |
||
|
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Investments, Other Fixed Assets |
|
|
|||
|
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TOTAL ASSETS |
3,963,987 |
3,989,001 |
|||
|
|
Payables |
|
651,101 |
619,107 |
||
|
|
Short-Term Bank Loans |
152,344 |
85,488 |
|||
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|
|
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|
||
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Other Current Liabs |
|
|
|||
|
|
TOTAL CURRENT LIABS |
1,714,695 |
1,534,070 |
|||
|
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Debentures |
|
250,000 |
330,000 |
||
|
|
Long-Term Bank Loans |
553,189 |
684,989 |
|||
|
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Reserve for Retirement Allw |
47,002 |
49,842 |
|||
|
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Other Debts |
|
|
|
||
|
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TOTAL LIABILITIES |
2,657,621 |
2,676,322 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
265,608 |
265,608 |
|||
|
|
Additional
paid-in capital |
203,942 |
203,939 |
|||
|
|
Retained
earnings |
822,473 |
815,145 |
|||
|
|
Evaluation
p/l on investments/securities |
22,082 |
25,579 |
|||
|
|
Others |
|
|
|
||
|
|
Treasury
stock, at cost |
22,082 |
25,579 |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
1,306,366 |
1,312,678 |
|||
|
|
TOTAL EQUITIES |
3,963,987 |
3,989,001 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
200,361 |
337,805 |
||
|
|
Cash
Flows from Investment Activities |
-47,047 |
-137,248 |
|||
|
|
Cash
Flows from Financing Activities |
-183,614 |
-169,793 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
254,605 |
288,868 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
1,306,366 |
1,312,678 |
||
|
|
|
Current
Ratio (%) |
153.91 |
167.89 |
||
|
|
|
Net
Worth Ratio (%) |
32.96 |
32.91 |
||
|
|
|
Recurring
Profit Ratio (%) |
3.06 |
2.35 |
||
|
|
|
Net
Profit Ratio (%) |
0.87 |
1.04 |
||
|
|
|
Return
On Equity (%) |
1.88 |
2.29 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.