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Report Date : |
06.04.2013 |
IDENTIFICATION DETAILS
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Name : |
IHI PLANT CONSTRUCTION CO LTD |
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Registered Office : |
Toyosu IHI Bldg, 3-1-1 Toyosu Kotoku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
September 1969 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engineering/construction of power plants |
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No. of Employees : |
475 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
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 |
IHI PLANT CONSTRUCTION CO LTD
IHI Plant Kensetsu
KK
Toyosu IHI Bldg,
3-1-1 Toyosu Kotoku Tokyo 135-0061 JAPAN
Tel:
03-4553-1000 Fax: 03-4553-1040
E-Mail address: ipc_info_mail@ipc-ihico.jp
Engineering/construction
of power plants
Sunamachi
(Kotoku), Chita, Aioi, Fukushima, Tochigi, Hyogo
NOZOMU
KOBAYASHI, PRES Hideaki Kobayashi, mgn
dir
Tatsuo
Tanaka, mgn dir Osamu
Sasagawa, mgn dir
Hiroaki
Shimojo, mgn dir Takeshi Nishiyama, mgn
dir
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 32,159 M
PAYMENTS No Complaints
CAPITAL Yen 500 M
TREND SLOW WORTH Yen 7,184 M
STARTED 1969 EMPLOYES 475
ENGINEERING/CONSTRUCTION OF POWER PLANTS.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR CREDIT ENGAGEMENTS: US#2,000,000.-
The subject company was established on the basis of an engineering
division separated from IHI Corp (See REGISTRATION). This is an engineering firm for construction of
power plants: thermal, atomic power, wind power, solar energy, other. Also makes industrial machinery. Clients include electric power companies, gas
companies, other.
The sales volume for Mar/2012 fiscal term amounted to Yen 32,159
million, a 2% down from Yen 32,926 million in the previous term. The recurring profit was posted at Yen 1,078
million and the net profit at Yen 238 million, respectively, compared with Yen
1,555 million recurring profit and yen 476 million net profit, respectively, a
year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 1,080 million and the net profit at Yen 240 million, respectively, on an
almost similar turnover, to Yen 32,200 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Sept 1969
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
3.2 million shares
Issued:
806,000 shares
Sum: Yen 500 million
Major shareholders (%): IHI Corp* (100)
*.. One of major heavy electric machinery mfr, Tokyo, founded 1889,
listed Tokyo, Osaka, Nagoya, Fukuoka, Sapporo S/E’s,
capital Yen 95,762 million, sales Yen 1,221,869 million, operating profit Yen
43,333 million, recurring profit Yen 41,713 million, net profit Yen 23,823
million, total assets Yen 1,292,267 million, net worth Yen 251,130 million,
employees 28,137, pres Tamotsu Saito
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Engineering/construction of power plants: thermal power plants, atomic power
plants, wind power plants, solar power plants, other; manufactures industrial
machinery, other; power boilers (24%), atomic power facilities (28%), storage
plant environmental facilities (28%), steel structures, industrial machinery,
others (20%)
Clients: [Mfrs,
wholesalers] IHI Corp, IHI Infrastructure Systems Co, Tokyo Gas Engineering,
IHI Metal Tech Co, Nuclear Services Co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Gastech Corp, Hokkaido Power Engineering, JGC Plant Solution,
Tokyo Douryoku Co, Yamazaki Co, other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent, IHI Corp, and maintained satisfactorily.
Bank References:
Mizuho
Bank (Fukagawa)
SMBC
(Tokyo-Chuo)
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 |
|
32,200 |
32,159 |
32,926 |
43,922 |
|
Recur.
Profit |
|
1,080 |
1,078 |
1,555 |
817 |
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Net
Profit |
|
240 |
238 |
476 |
434 |
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Total
Assets |
|
|
24,369 |
19,920 |
30,038 |
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Current
Assets |
|
|
21,287 |
16,498 |
26,115 |
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Current
Liabs |
|
|
14,811 |
10,273 |
20,576 |
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Net
Worth |
|
|
7,184 |
7,171 |
6,945 |
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Capital,
Paid-Up |
|
|
500 |
500 |
500 |
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Div.P.Share(¥) |
|
|
91.00 |
288.00 |
256.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
0.13 |
-2.33 |
-25.04 |
-11.24 |
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Current Ratio |
|
.. |
143.72 |
160.60 |
126.92 |
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N.Worth Ratio |
.. |
29.48 |
36.00 |
23.12 |
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R.Profit/Sales |
|
3.35 |
3.35 |
4.72 |
1.86 |
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N.Profit/Sales |
0.75 |
0.74 |
1.45 |
0.99 |
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|
Return On Equity |
.. |
3.31 |
6.64 |
6.25 |
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Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
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UK Pound |
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
---- |
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.