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Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SOJITZU AEROSPACE CORPORATION |
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Registered Office : |
Akasaka Twin Tower Bldg 17F, 2-17-22 Akasaka Minatoku
Tokyo 107-8518 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
April 1975 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of aerospace & defense equipment,
ships |
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No. of Employees : |
119 |
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 1,839.3 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 |
|
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 |
SOJITZU AEROSPACE CORPORATION
Sojitz Aerospace
KK
Akasaka Twin Tower Bldg 17F, 2-17-22 Akasaka
Minatoku Tokyo 107-8518JAPAN
Tel:
03-5574-6006 Fax: 03-5574-6001
URL: http://www.sojitz-aero.com/
E-Mail address: info@sojitz-aero.com
Import,
wholesale of aerospace & defense equipment, ships, other
Nagoya,
Osaka
Sojitz
Aerospace America Corp (New York, Los Angeles, St Louis, Mesa), Sojitz
Aerospace Europe
MIKIO
TAKEUCHI, PRES Takao Miyazaki,
s/mgn dir
Takeshi
Sekine, mgn dir Takanori
Hasegawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 112,349 M
PAYMENTS REGULAR CAPITAL Yen
1,410 M
TREND STEADY WORTH Yen
4,887 M
STARTED 1975 EMPLOYES 119
IMPORTER
OF AEROSPACE & DEFENSE EQUIPMENT, WHOLLY OWNED BYSOJITZ CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,839.3 MILLION, 30 DAYS NORMAL TERMS
The subject company was established originally by the then Nissho Iwai Corp in order to advance into aerospace business. In 2004, when Nissho Iwai Corp merged with Nichimen Corp to become Sojitz Corp (See REGISTRATION), the firm renamed as captioned. This is a trading house handling aviation, ships, vehicles, rockets, others. Major client is Japan’s Maritime Self-Defense Forces, to which the firm supplies escort ships, submarines, vehicles, other. Has a subsidiary in USA & Europe.
The sales volume for Mar/2013 fiscal term amounted to Yen 112,349 million, a 15% up from Yen 97,806 million in the previous term. The price hike of materials & equipment pushed the sales amount in Yen terms. The recurring profit was posted at Yen 620 million and the net profit at Yen 381 million, respectively, compared with Yen 469 million recurring profit and Yen 198 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected at Yen 640 million and the net profit at Yen 390 million, respectively, on a 3% rise in turnover, to Yen 115,700 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
1,839.3 million, on 30 days normal terms
Date Registered: Apr 1975
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
11 million shares
Issued: 2.82 million shares
Sum: Yen 1,410 million
Major shareholders (%):
Sojitz Corp*(100)
* General Trading House, specializing in aircraft, lumber & urban development, founded 2003 by the merger of the then Nissho Iwai Corp & Nichimen Corp, listed Tokyo S/E, capital Yen 160,339 million, turnover Yen 4,494,237 million, operating profit Yen 64,522 million recurring profit Yen 62,228 million, net profit Yen 3,649 million, total assets Yen 2,006,513 million, net worth Yen 290,207 million, employees 16,467, pres Yoji Sato
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and wholesales aircrafts, their parts & components, defense equipment & products, vehicles, bridges, others (--100%).
(Handling Items):
Aviation: aircrafts, their parts & components;
Maritime: Escort ships/submarines for National Defense Forces;
Land: Vehicles, temporary panel bridges others for National Defense Forces;
Space: Rockets boosters, high-tech products for satellite, others.
Clients: [Governments, mfrs, wholesalers] National Self-Defense Forces, Mitsubishi Heavy Ind, IHI, Kawasaki Heavy Ind, Fuji Heavy Ind, Toshiba Corp, Mitsubishi Electric Co, IHI Aerospace, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Heavy Ind, Fuji Heavy Ind, Sojitz Aerospace America, Sojitz Corp America, Yokohama Rubber, Shin-Meiwa Corp, Toshiba Corp, Booing, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(H/O)
Mizuho
Corporate Bank (Uchisaiwaicho)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
115,700 |
112,349 |
97,806 |
111,728 |
|
Recur.
Profit |
|
640 |
620 |
469 |
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Net
Profit |
|
390 |
381 |
198 |
546 |
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Total
Assets |
|
|
24,960 |
23,944 |
24,039 |
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Current
Assets |
|
|
24,196 |
23,087 |
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Current
Liabs |
|
|
19,895 |
19,131 |
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Net
Worth |
|
|
4,887 |
4,607 |
4,746 |
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Capital,
Paid-Up |
|
|
1,410 |
1,410 |
1,410 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.98 |
14.87 |
-12.46 |
1.57 |
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Current Ratio |
|
.. |
121.62 |
120.68 |
.. |
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N.Worth Ratio |
.. |
19.58 |
19.24 |
19.74 |
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R.Profit/Sales |
|
0.55 |
0.55 |
0.48 |
.. |
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N.Profit/Sales |
0.34 |
0.34 |
0.20 |
0.49 |
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Return On Equity |
.. |
7.80 |
4.30 |
11.50 |
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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.54.43 |
|
UK Pound |
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
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 |
|
---- |
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.