|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLOWSERVE JAPAN CO LTD |
|
|
|
|
Registered Office : |
4-3 Ojimacho Kawasakiku Kawasaki 210-0861 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
Nov 1953 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures horizontal central pumps, solid liquid
separation equipment, steam turbines, compressors & other rotating
equipment, centrifuges & other machines |
|
|
|
|
No. of Employees : |
310 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaint |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
FLOWSERVE JAPAN CO
LTD
Nihon Flowserve KK
MAIN OFFICE
4-3 Ojimacho Kawasakiku
Kawasaki 210-0861 JAPAN
Tel:
044-280-3805 Fax: 044-280-3865
*..
The is its Niigata Factory (Niigata Worthington Co Ltd
URL: http://www.flowserve.co.jp
E-Mail
address: (thru the URL)
Mfg of
pumps, turbines, centrifuges, other
Kashiwazaki,
Niigata, Osaka, Fukuoka, Kadoma
USA
Niigata
(as given)
HIDEFUMI
MURATA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 7,880 M
PAYMENTS NO
COMPLAINT CAPITAL Yen 500 M
TREND SLOW WORTH Yen
4,300 M
STARTED 1953 EMPLOYES 310
MFR OF TURBINES, PUMPS, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established by Flowserve Corporation (USA) as its mfg and marketing
base in Japan. The firm specializes in
mfg horizontal central pumps, turbines, compressors, other. Products are all manufactured at Niigata
Factory (where Niigata Worthington Co is located). The firm acquired this company and will merge
on 01/12/2013. Clients include electric
powers, chemical firms, other.
The sales
volume for Dec/2012 fiscal term amounted to Yen 7,880 million, a 1.2% down from
Yen 7,977 million in the previous term.
The recurring profit was posted at Yen 150 million and the net profit at
Yen 166 million, respectively, compared with Yen 663 million recurring profit
and Yen 360 million net profit, respectively, a year ago.
For the
current term ending Dec 2013 the recurring profit is projected at Yen 650
million and the net profit at Yen 350 million, respectively, on a 4% rise in
turnover, to Yen 8,150 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Nov 1953
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1 million shares
Issued:
1 million shares
Sum: Yen
500 million
Major shareholders (%): Flowserve Corporation (USA)
(100)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures horizontal central
pumps, solid liquid separation equipment, steam turbines, compressors &
other rotating equipment, centrifuges & other machines (--100%)
Clients: [Mfrs, wholesalers] Tokyo Electric
Power, Chiyoda Corp, JGC Corp, Sumikin Bussan, Hidaka Shoji KK, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Chuetsu Kogyo Co,
Nippon Pillar Packing, UEX, Sumitomo Heavy Industries, Utoc Corp, other
Payment record: No
Complaint
Location:
Business area in Kawasaki. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Uchisaiwaicho)
MUFG
(Kawasaki)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
8,150 |
7,880 |
7,977 |
8,569 |
|
Recur.
Profit |
|
650 |
156 |
663 |
1,366 |
|
Net
Profit |
|
350 |
166 |
360 |
809 |
|
Total
Assets |
|
|
7,274 |
6,872 |
7,772 |
|
Current
Assets |
|
|
5,723 |
5,203 |
6,101 |
|
Current
Liabs |
|
|
2,860 |
2,570 |
3,670 |
|
Net
Worth |
|
|
4,300 |
4,134 |
3,976 |
|
Capital,
Paid-Up |
|
|
500 |
500 |
500 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.43 |
-1.22 |
-6.91 |
.. |
|
|
Current Ratio |
|
.. |
200.10 |
202.45 |
166.24 |
|
N.Worth Ratio |
.. |
59.11 |
60.16 |
51.16 |
|
|
R.Profit/Sales |
|
7.98 |
1.98 |
8.31 |
15.94 |
|
N.Profit/Sales |
4.29 |
2.11 |
4.51 |
9.44 |
|
|
Return On Equity |
.. |
3.86 |
8.71 |
20.35 |
|
Notes:
Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.37 |
|
UK Pound |
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.