MIRA INFORM REPORT
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Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
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Name : |
IHI INFRASTRUCTURE CO LTD |
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Registered Office : |
3 Ohama-Nishimachi Sakaiku Sakai Osaka-Pref 590-0977 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
November 2009 |
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Com. Reg. No.: |
1200-01-023932 (Osaka-Sakai) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Engineering woks of bridges, gates, other steel structures |
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No. of Employees : |
808 |
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 1,107.7 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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
IHI INFRASTRUCTURE CO LTD
REGD NAME: KK
IHI Infrastructure Systems
MAIN OFFICE: 3
Ohama-Nishimachi Sakaiku Sakai Osaka-Pref 590-0977 JAPAN
Tel:
072-223-0981 Fax: 072-223-0387
*.. The is its Tokyo
Branch Office (Oversees sales Dept)
URL: http://www.ihico.j
E-Mail address: (thru the URL)
Engineering woks
of bridges, gates, other steel structures
Tokyo (as given),
Osaka, Sapporo, Sendai, Chiba, Nagoya, other (Tot 9)
Istanbul
Sakai (Sakai
Works)
AKIRA INOUE, PRES Suguru Nose, dir
Takanobu Tokuyama,
dir Ken’ichi Ajioka, dir
Takeshi Kawakami,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 42,987 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 4,903 M
TREND SLOW WORTH Yen 13,356 M
STARTED 2009 EMPLOYES 808
ENGINEERING WORKS OF STEEL STRUCTURES, OWNED BY IHI CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,107.7 MILLION, 30 DAYS NORMAL TERMS
The subject company was
established as an engineering work company by IHI Corp. This is an engineering company of bridges,
gates and various other steel structures.
It also fabricates, sell and install disaster prevention
equipments. Clients include ministry of
Ministry of Land, Infrastructure and Transport, Japan Highway Public Corp,
local municipal offices, other.
The sales volume for
Mar/2012 fiscal term amounted to Yen 42,987 million, a 22% down from Yen 54,890
million in the previous term. Work
volumes substantially decreased as affected by the Great North Japan Earthquake
that occurred in Mar 2011 plus business slump with industrial activities were
slow. The recurring profit was posted at
Yen 292 million and the net profit at Yen 333 million, respectively, compared
with Yen 4,470 million recurring profit and Yen 5,233 million net profit,
respectively, a year ago.
For the term that ended
Mar 2013 the recurring profit was projected at Yen 300 million and the net
profit at Yen 350 million, respectively, on a 3% rise in turnover, to Yen
44,200 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 1,107.7
million, on 30 days normal terms.
Date Registered: Nov 2009
Regd No.:
1200-01-023932
(Osaka-Sakai)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 392,000 shares
Issued: 98,000 shares
Sum: Yen 4,903.82 million
Major shareholders (%): IHI Corp* (100)
*.. One of major comprehensive heavy
electric machinery mfrs, Tokyo, founded 1889, listed Tokyo, Osaka, Nagoya,
Fukuoka & Sapporo S/E’s, capital Yen 95,762 million, sales Yen 1,256,049
million, operating profit Yen 42,141 million, recurring profit Yen 36,219
million, net profit Yen 33,386 million, total assets Yen 1,364,239 million, net
worth Yen 299,282 million, employees 28,492, pres Tamotsu Saito
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Engineering
firm: design, fabrication, construction, assessment, repair & maintenance
of bridges, gates and various other steel structures; also fabrication, sales
and installation of disaster prevention equipments, others (--100%)
Clients: [Mfrs,
wholesalers] Ministry of Land, Infrastructure & Transport, Japan Highway
Public Corp, local municipalities, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
JFE Shoji Trade Construction Materials Corp, Nippon Steel Trading, Sumisho
Tekko Hambai Co, Sumikin Bussan Corp, Oiles Corp, other
Payment record: No Complaints
Location: Business area in
Sakai, Osaka. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Osaka)
MUFG (Osaka)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
|
44,200 |
42,987 |
54,890 |
26,162 |
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Recur.
Profit |
|
300 |
292 |
4,470 |
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Net
Profit |
|
350 |
333 |
5,233 |
107 |
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Total
Assets |
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|
39,667 |
41,421 |
44,417 |
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Current
Assets |
|
|
21,586 |
25,662 |
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Current
Liabs |
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21,985 |
22,998 |
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Net
Worth |
|
|
13,356 |
13,099 |
7,788 |
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Capital,
Paid-Up |
|
|
4,903 |
4,903 |
4,903 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.82 |
-21.69 |
109.81 |
90.41 |
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Current Ratio |
|
.. |
98.19 |
111.58 |
.. |
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N.Worth Ratio |
.. |
33.67 |
31.62 |
17.53 |
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R.Profit/Sales |
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0.68 |
0.68 |
8.14 |
.. |
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N.Profit/Sales |
0.79 |
0.77 |
9.53 |
0.41 |
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Return On Equity |
.. |
2.49 |
39.95 |
1.37 |
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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.59.70 |
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|
1 |
Rs.91.14 |
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Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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.