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Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NIIGATA POWER SYSTEMS CO LTD |
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Registered Office : |
2-14-5 Sotokanda Chiyodaku Tokyo 101-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
February 2003 |
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Com. Reg. No.: |
0100-01-081674 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of diesel engines |
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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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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
NIIGATA POWER SYSTEMS CO LTD
REGD NAME: Niigata
Gendoki KK
MAIN OFFICE: 2-14-5
Sotokanda Chiyodaku Tokyo 101-0021 JAPAN
Tel:
03-4366-1200 Fax: 03-4366-1300
URL: http://www.niigata-power.com
E-Mail address: (thru the URL)
Mfg of diesel
engines
Sapporo, Sendai,
Niigata, Nagoya, Osaka, Fukuoka, other (Tot 13)
Indonesia, Europe
Ohta, Niigata (3);
Indonesia
JUN’ICHI SAIKAWA,
PRES Yasuhiro Itoh, v pres
Kazuhiko Motoyama,
dir Yuji Matsui,
dir
Takashi Nakanishi,
dir Shigeru Seki, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 61,878 M
PAYMENTSUSUALLY
CORRECT CAPITAL Yen 3,000 M
TREND UP WORTH Yen 15,789 M
STARTED 2003 EMPLOYES 808
MFR OF DIESEL ENGINES, OWNED BY IHI CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1895 as an engineering plant by Nippon Oil Co. Through mergers and amalgamation, the firm
was re-established anew in 2003. This is
a specialized mfr of diesel engines (marine, power, generation, railway,
vehicles), gas turbines, power generators, other. The firm is wholly owned by IHI Corp (See REGISTRATION). Clients include Self Defense Forces,
Government agencies, electric powers, gas companies, other
The sales volume for
Mar/2012 fiscal term amounted to Yen 61,878 million, a 2% up from Yen 60,930
million in the previous term. The
recurring profit was posted at Yen 4,046 million and the net profit at Yen
2,218 million, respectively, compared with Yen 5,050 million recurring profit
and Yen 2,777 million net profit, respectively, a year ago.
For the current term
ending Mar 2013 the recurring profit is projected at Yen 4,100 million and the
net profit at Yen 2,300 million, respectively, on a 3% rise in turnover, to Yen
64,000 million. Business is seen
steadily expanding.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Feb
2003
Regd No.:
0100-01-081674 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 240,000 shares
Issued: 60,000 shares
Sum: Yen 3,000 million
Major shareholders (%): IHI Corp* (100)
*.. One of major comprehensive heavy electric
machinery mfrs, Tokyo, founded 1889, listed Tokyo S/E, capital Yen 95,762
million, sales Yen 1,221,869 million, operating profit Yen 43,333 million,
recurring profit Yen 41,715 million, net profit Yen 23,823 million, total
assets Yen 1,317,408 million, net worth Yen 255,946 million, employees 28,378,
pres Tamotsu Saito
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
diesel engines (land powers, pumps, other) (19%), marine engines, Z-pellers,
parts, others (81%)
Exports
(33%)
(Mfg
Items): diesel engines, gas engines, dual fuel engines, gas turbines, Z-pellers,
power generators, Geislinger couplings dampers, fuel injection equipment,
foundry parts, other.
Clients: [Government
Agencies, mfrs, wholesalers] Japan Coast Guard, Ministry of Defense, Ministry
of Land, Infrastructure, Tokyo Electric Power, Tohoku Electric Power, Kansai
Electric Power, Kyushu Electric Power, Tokyo Gas, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] NICO Precision Co, Hitachi NICO Transmission, Nunotani Nautical
Instruments Mfg, Niigata Mechatronics Co, Solar Turbines Inc, other
Payment record: Usually Correct
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank
(Kyobashi)
SMBC (H/O)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
64,000 |
61,878 |
60,930 |
53,713 |
|
Recur.
Profit |
|
4,100 |
4,046 |
5,050 |
|
|
Net
Profit |
|
2,300 |
2,218 |
2,777 |
2,300 |
|
Total
Assets |
|
|
52,312 |
58,422 |
54,433 |
|
Current
Assets |
|
|
40,922 |
45,207 |
|
|
Current
Liabs |
|
|
27,350 |
32,927 |
|
|
Net
Worth |
|
|
15,789 |
14,968 |
12,207 |
|
Capital,
Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
|
Div.Ttl
in Million (¥) |
|
|
1,527 |
0.00 |
622 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.43 |
1.56 |
13.44 |
-14.07 |
|
|
Current Ratio |
|
.. |
149.62 |
137.29 |
.. |
|
N.Worth Ratio |
.. |
30.18 |
25.62 |
22.43 |
|
|
R.Profit/Sales |
|
6.41 |
6.54 |
8.29 |
.. |
|
N.Profit/Sales |
3.59 |
3.58 |
4.56 |
4.28 |
|
|
Return On Equity |
.. |
14.05 |
18.55 |
18.84 |
|
Notes: Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
|
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 |
|
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.