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Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
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Name : |
PARCO SPACE SYSTEMS CO LTD |
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Registered Office : |
Shibuya First Place Bldg, 18-16 Shinsencho Shibuyaku Tokyo 150-0045 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
June, 1964 |
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Com. Reg. No.: |
0110-01-040488 (Tokyo-Shibuyaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is engaged in the business of Engineering works of
construction works, interior finishing works, electric works of commercial
buildings |
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No. of Employees : |
424 |
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 456.0 Million |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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 |
PARCO SPACE
SYSTEMS CO LTD
REGD NAME: KK Parco Space Systems
MAIN OFFICE: Shibuya First Place Bldg, 18-16 Shinsencho
Shibuyaku Tokyo 150-0045 JAPAN
Tel: 03-5459-0311
E-Mail address: (thru the URL)
Engineering works of construction works, interior finishing works,
electric works of commercial buildings
Sapporo, Sendai, Chiba, Nagoya, Shizuoka, Fukuoka, other (Tot 28)
China
(subcontracted to group firms)
OFFICERS
TATSUMI IMAEDA, PRES Mototeru
Fujishima, adv
Masaru Odagiri, dir Takakazu
Inaba, dir
Terushi Inoue, dir Shuichi
Hirano, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 18,581 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
490 M
TREND UP WORTH Yen 2,503 M
STARTED 1964 EMPLOYES 424
ENGINEERING COMPANY, OWNED BY PARCO CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 456.0 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of a division separated
from Parco Co Ltd (See REGISTRATION).
This is an engineering company for construction, interior finishing
works, electric works, etc, of commercial facilities/buildings. About 40% of the works are thru the parent,
Parco Co Ltd. Clients include hotels,
airline offices, other.
The sales volume for Feb/2013 fiscal term amounted to Yen 18,581
million, a 2% up from Yen 18,221 million in the previous term. The recurring profit was posted at Yen 336
million and the net profit at Yen 206 million, respectively, compared with Yen
442 million recurring profit and yen 62 million net profit, respectively, a
year ago.
For the current term ending Feb 2014 the recurring profit is projected
at Yen 340 million and the net profit at Yen 210 million, respectively, on a 2%
rise in turnover, to Yen 19,000 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 456.0 million, on 30 days normal terms.
Date Registered: Jun
1964
Regd No.: 0110-01-040488
(Tokyo-Shibuyaku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 7 million shares
Issued:
17.74 million
shares
Sum: Yen
490 million
Major shareholders
(%): Parco Co Ltd* (100)
*.. Shopping Center operator, Tokyo, listed Tokyo S/E, capital Yen
34,367 million, sales Yen 267,511 million, operating profit Yen 10,824 million,
recurring profit Yen 10,329 million, net profit Yen 5,083 million, total assets
Yen 227,498 million, net worth Yen 104,527 million, employees 1,968, pres Kozo
Makiyama
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Engineering
company for construction works, interior finishing works, electric works, other
of commercial facilities/buildings (--100%)
Clients: [Mfrs, wholesalers] Parco
Co (41.2%), I Ing Co (9.2%), Delta Airlines Japan, other
No.
of accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] PM Contractor, Taisei Electric Ind, Plus Electric Co, other
Payment record: No complaints
Location: Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Marunouchi-Chuo)
SMBC
(Ikebukuro-Higashiguchi)
Relations:
Satisfactory
|
Terms Ending: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
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Annual Sales |
|
19,000 |
18,581 |
18,221 |
18,830 |
|
Recur. Profit |
|
340 |
336 |
442 |
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Net Profit |
|
210 |
206 |
62 |
422 |
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Total Assets |
|
|
7,974 |
7,906 |
8,819 |
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Current Assets |
|
|
6,054 |
6,099 |
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Current Liabs |
|
|
4,185 |
3,858 |
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Net Worth |
|
|
2,503 |
2,808 |
3,807 |
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Capital, Paid-Up |
|
|
490 |
490 |
490 |
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Div.P.Share(¥) |
|
|
6.00 |
28.00 |
57.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
2.25 |
1.98 |
-3.23 |
6.04 |
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Current Ratio |
|
.. |
144.66 |
158.09 |
.. |
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N.Worth Ratio |
.. |
31.39 |
35.52 |
43.17 |
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R.Profit/Sales |
|
1.79 |
1.81 |
2.43 |
.. |
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N.Profit/Sales |
1.11 |
1.11 |
0.34 |
2.24 |
|
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Return On Equity |
.. |
8.23 |
2.21 |
11.08 |
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Notes: Forecast (or estimated) figures for the 28/02/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.21 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.