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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SOMPO JAPAN INSURANCE INC |
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Registered Office : |
1-26-1 Nishishinjuku Shinjukuku Tokyo
160-8338 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
February 1944 |
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Com. Reg. No.: |
0111-01-023372
(Tokyo-Shinjukuku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Non-life insurance |
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No. of Employees : |
21403 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 12,570.7 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
–-- |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 |
SOMPO JAPAN INSURANCE INC
KK Songai Hoken Japan
1-26-1
Nishishinjuku Shinjukuku Tokyo 160-8338 JAPAN
Tel: 03-3349-3111
URL: http://www.sompo-japan.co.jp
E-Mail address: (thru the URL)
Non-life
insurance
913 nationwide
192 in
28 countries
KENGO
SAKURADA, PRES Masatoshi Sato, ch
Kaoru
Takahashi, v pres Hirotaka Arai, s/mgn dir
Keiji
Nishizawa, dir Masayoshi Hori, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,716,224 M
PAYMENTSREGULAR CAPITAL Yen
70,000 M
TREND STEADY WORTH Yen 578,607 M
STARTED 1944 EMPLOYES 21,403
NON-LIFE INSURANCE COMPANY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 12,570.7
MILLION, 30 DAYS NORMAL TERMS
This is a non-life insurance company and in Oct 2010 merged
with Nipponkoa Insurance Co and set up a holding company, NKSJ Holdings Co Ltd
(See REGISTRATION). As a non-life insurance company it covers
fire, marine, casualty, automobile, compulsory auto liabilities, other.
The revenues for Mar/2012 fiscal term amounted to Yen 1,716,224 million,
a 5% up from Yen 1,637,215 million in the previous term. The recurring profit was posted at Yen 3,964
million and the net losses at Yen 37,518 million, respectively, compared with
Yen 20541 million recurring profit and Yen 12,124 million net profit, respectively,
a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 4,000 million and the net profit at Yen 21,000 million, respectively, on
a 2% rise in turnover, to Yen 1,750,000 million. Automobile insurance is picking up on the
premium rate markup. Fire insurance is
still in the red due to the frequent occurrence of natural disasters, though
the impact of the Thai flood damage is gone.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 12,570.7 million, on 30 days normal terms.
Date Registered: Feb 1944
Regd No.: 0111-01-023372 (Tokyo-Shinjukuku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,000 million shares
Issued:
984,055,233 shares
Sum: Yen 70,000 million
Major shareholders
(%): NKSJ Holdings Co Ltd* (100)
*.. Joint holding company founded thru consolidation of Sompo Japan,
second-ranking non-life insurance firm, and Nipponkoa Insurance in Apr 2010,
Tokyo, listed Tokyo & Osaka S/E’s, capital Yen 100,045 million, revenues
Yen 2,790,555 million, operating profit Yen 1,973,777 million, recurring loss
51,815 million, net loss Yen 92,262 million, total assets Yen 8,567,444
million, net worth Yen 839,016 million, employees 35,710, pres Kengo Sakurada
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Non-life
insurance company, covering fire, marine, casualty, automobile, compulsory auto
liabilities, others (--100%)
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (H/O)
Mizuho
Trust Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
1,750,000 |
1,716,224 |
1,637,215 |
1,661,802 |
|
Recur.
Profit |
|
21,000 |
3,964 |
20,541 |
50,318 |
|
Net
Profit |
|
13,000 |
-37,518 |
12,124 |
42,774 |
|
Total
Assets |
|
|
4,698,720 |
5,990,780 |
6,164,068 |
|
Current
Assets |
|
|
4,600,592 |
4,786,371 |
5,029,372 |
|
Current
Liabs |
|
|
4,021,985 |
4,090,334 |
4,209,051 |
|
Net
Worth |
|
|
578,607 |
696,037 |
820,181 |
|
Capital,
Paid-Up |
|
|
70,000 |
70,000 |
70,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.97 |
4.83 |
-1.48 |
.. |
|
|
Current Ratio |
|
.. |
114.39 |
117.02 |
119.49 |
|
N.Worth Ratio |
.. |
12.31 |
11.62 |
13.31 |
|
|
R.Profit/Sales |
|
1.20 |
0.23 |
1.25 |
3.03 |
|
N.Profit/Sales |
0.74 |
-2.19 |
0.74 |
2.57 |
|
|
Return On Equity |
.. |
-6.48 |
1.74 |
5.22 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
UK Pound |
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
<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.