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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
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Name : |
SUMISHO AERO-SYSTEMS CORPORATION |
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Registered Office : |
Triton Square W 6F, 1-8-8 Harumi Chuoku
Tokyo 104-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2013 |
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Date of Incorporation : |
September 1982 |
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Com. Reg. No.: |
0100-01-020185 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of aircraft structural systems, control systems/equipment |
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No. of Employees : |
103 |
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 296.4 Million |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 |
SUMISHO AERO-SYSTEMS CORPORATION
Sumisho Aero
System KK
Triton Square W
6F, 1-8-8 Harumi Chuoku Tokyo 104-0053 JAPAN
Tel:
03-5144-0030 Fax: 03-5144-0035
E-Mail address: (thru the URL)
Import, export, wholesale of aircraft structural systems,
control systems/equipment
Nagoya
USA (2), UK
TATSUYA
NGAI, PRES
Tomoaki
Watanabe, dir
Eiji
Ishida, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 22,578 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND UP WORTH Yen 1,813 M
STARTED 1982 EMPLOYES 103
TRADING FIRM SPECIALIZING IN AIRPLANE STRUCTURAL SYSTEMS,
OWNED BY SUMITOMO CORPORATION.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 296.4 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of a division separated from Sumitomo Corporation (See REGISTRATION), in order to expand Defense/Aerospace business of the Sumitomo Corporation. Tied with SAS, the firm import, export and wholesales airplane structural systems, engines, radars, other (See OPERATION). 50% of the products are supplied to Ministry of Defense and Government agencies. Clients include major heavy machinery makers, airline companies, other.
The sales volume for Mar/2012 fiscal term amounted to Yen 22,578 million, a 6% up from Yen 21,211 million in the previous term. Supplies to Defense Forces increased. The recurring profit was posted at Yen 801 million and the net profit at Yen 443 million, respectively, compared with Yen 772 million recurring profit and Yen 418 million net profit, respectively, a year ago.
For the term that ended Mar 2013 the recurring profit was projected at Yen 810 million and the net profit at Yen 445 million, respectively, on a 2% rise in turnover, to Yen 23,000 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 296.4 million, on 30 days normal terms.
Date Registered: Sept 1982
Regd No.: 0100-01-020185 (Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
800,000 shares
Issued:
200,000 shares
Sum: Yen 100 million
Major shareholders (%): Sumitomo Corporation* (100)
*.. One of leading trading houses in Japan, Tokyo, founded 1919, listed Tokyo, Osaka, Nagoya, Fukuoka S/E’s, capital Yen 219,279 million, sales Yen 8,273,043 million, operating profit Yen 219,857 million, recurring profit Yen 341,387 million, net profit Yen 250,669 million, total assets Yen 7,359,620 million, net worth Yen 1,822,058 million, employees 71,087, pres Kuniharu Nakamura
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales airplane structural systems, equipment, parts, components, others (--100%)
(Handling Items):
Avionics: radar, communication, navigation, MEMS sensors, cockpit meters, flight control systems, EO/IR sensor systems;
Engine System: engine control, fuel control, fuel hydro pump, heat exchanger, aerofoil, disk, shaft, forging materials:
Aircraft System: propeller, landing gear, fuel system, hydro actuating system, ejection system,
Others: ASW system, Mine countermeasure system, target tow-reeling machine, missile components, weapon system, ammunition, ground support equipment, armament control system, countermeasure dispenser, docking guidance system, data link systems, others
Clients: [Mfrs, wholesalers] Self Defense & government agencies (50%), IHI Corp, All Nippon Airways, Fuji Heavy Ind, Mitsubishi Electric, Fujitsu Ltd, Kawasaki Heavy Ind, Japan Aviation Electronics Ind, Shin Meiwa Ind Ltd, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Corp USA, Sumitomo Corp UK, Sumitomo Precision Products, Co, Yokogawa Electric Corp, Sumitomo Heavy Ind, Sumitomo Electric Ind, Daicel Corp, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC (Kanda)
MUFG (Jinbocho)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
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Annual
Sales |
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23,000 |
22,578 |
21,211 |
70,409 |
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Recur.
Profit |
|
810 |
801 |
772 |
389 |
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Net
Profit |
|
445 |
442 |
418 |
207 |
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Total
Assets |
|
|
10,491 |
10,889 |
70,409 |
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Current
Assets |
|
|
10,373 |
10,723 |
12,802 |
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Current
Liabs |
|
|
8,617 |
9,218 |
11,626 |
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Net
Worth |
|
|
1,813 |
1,591 |
1,262 |
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Capital,
Paid-Up |
|
|
100 |
100 |
100 |
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Div.Ttl
in Million (¥) |
|
|
210 |
104 |
286 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.87 |
6.44 |
-69.87 |
17.85 |
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Current Ratio |
|
.. |
120.38 |
116.33 |
110.12 |
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N.Worth Ratio |
.. |
17.28 |
14.61 |
1.79 |
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R.Profit/Sales |
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3.52 |
3.55 |
3.64 |
0.55 |
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N.Profit/Sales |
1.93 |
1.96 |
1.97 |
0.29 |
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Return On Equity |
.. |
24.38 |
26.27 |
16.40 |
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Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
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UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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 |
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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.