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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
KANSAI ELECTRIC POWER CO LTD |
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Registered Office : |
Shin-Kanden Bldg, 3-6-16 Nakanoshima
Kitaku Osaka 5300-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May 1951 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Limited Company |
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Line of Business : |
Engaged in Electric Power Generation & Supply as well as information & communications |
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No. of Employees |
34,011 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 38,990.3 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but 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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
|
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 2013 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 225% 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 |
KANSAI ELECTRIC POWER CO LTD
Kansai Denryoku KK
Shin-Kanden Bldg,
3-6-16 Nakanoshima Kitaku Osaka 5300-0005JAPAN
Tel:
06-6441-8821 Fax: 06-6443-0233 -
URL: http://www.kepco.co.jp
E-Mail address: (thru the URL)
Engaged in Electric Power Generation & Supply as well as information & communications
52
locations nationwide
166 locations nationwide: hydraulic power (150), steam power
(11), N-power (3), internal combustion (1), new energy (1); transfer substrates
(1,583)
MAKOTO
YAGI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,859,054 M
PAYMENTSSlow but Correct CAPITAL Yen 489,320 M
TREND UP WORTH Yen 1,278,106 M
STARTED 1951 EMPLOYES 34,011
ELECTRIC POWER GENERATION & SUPPLY
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 38,990.3 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
2,606,592 |
193,132 |
127,170 |
(%) |
1,789,429 |
|
(Consolidated) |
31/03/2011 |
2,769,783 |
237,987 |
123,143 |
6.26 |
1,832,416 |
|
31/03/2012 |
2,811,424 |
-274,671 |
-242,257 |
1.50 |
1,529,843 |
|
|
31/03/2013 |
2,859,054 |
-353,190 |
-243,422 |
1.69 |
1,278,106 |
|
|
31/03/2014 |
3,310,000 |
-125,000 |
-98,000 |
15.77 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is the electric power company, second largest in Japan. Pioneer in nuclear and LNG power generation. Diversifying energy sources to LNG and coal. Management deteriorating due to lower utilization of nuclear power facilities. The company will enter power retailing business in the metropolitan area with new electric power generation of a subsidiary. It is making an additional excavation survey on the interrelation of peripheral active faults at Oi and Takahama N-power plants, under the screening for re-startup. .
The sales volume for Mar/2013 fiscal term amounted to Yen 2,859,054 million, a 1.7% up from Yen 2,811,424 million in the previous term. The operations continued in the red to post Yen 353,190 million recurring loss and Yen 243,422 million net losses, respectively, compared with Yen 265,537 million recurring loss and Yen 242,257 million net loss, respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 2,398,539 million (up 15.2%), operating loss Yen 7,675 million (previously Yen 197,589 million loss), recurring loss Yen 34,178 million (previously Yen 221,472 million loss), net loss Yen 34,652 million (previously Yen 151,973 million loss). (% & figures compared with the corresponding period a year ago).
For the term that ended Mar 2014 the recurring loss is projected at 125,000 million and the net loss at Yen 98,000 million. Rate hikes were implemented. Sales were revised up under the torrid summer weather. Profits were posted in the first half, due to the lagged expense payments. N-power plants in operation became none as Oi N-power plant entered he regular facility checkups in Sept 2013. 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 38,990.3 million, on 30 days normal terms.
Date Registered: May
1951
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 1,784,059,697 shares
Issued:
938,733,028 shares
Sum: Yen 489,320
million
Major shareholders (%): Osaka City (8.9), Company’s Treasury
Stock (4.7), Nippon Life Ins (4.1), Kobe City (2.9), Japan Trustee Services T
(2.8), Master Trust Bank of Japan T (2.6), Employees’ S/Holding Assn (2.2),
Mizuho Bank (1.8), Kochi Shinkin Bank (1.6), Caceis Bank France Ordinary (1.2);
foreign owners (18.9)
No. of shareholders: 290,142
Listed on the S/Exchange (s) of: Tokyo
Managements: Shosuke Mori, ch; Makoto Yagi, pres; Masao Ikoma, v pres; Hidemi Toyomatsu, v pres; Jiro Kagawa, v pres; Shigeki Iwane, v pres; Yuzuru Hiroe, v pres; Noriaki Hashimoto, mgn dir; Yoichi Gyo, mgn dir; Yoshihiro Doi mgn dir; Masahiro Iwatani, mgn dir; Yasuhiro Yajima, mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Energia Communications, other.
Activities: Electric power generation & supply (85%), information & communications (5%), others (10%)
Clients: [Consumers, mfrs, wholesalers] JR Nishinippon, Osaka City, Kobe Steel, Sanyo Special Steel, Nippon Electric Glass, Osaka Titanium Technologies, Sharp Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Qatar LNG Service Agencies, JX Nippon Mining & Energy Corp, Kobe Steel (power generation), Electric Power Development, other
Payment record: Slow but Correct
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Osaka-Chuo)
SMBC (Osaka-Chuo)
Relations: Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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2,859,054 |
2,811,424 |
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Cost of Sales |
2,795,044 |
2,691,455 |
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GROSS PROFIT |
64,010 |
119,969 |
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Selling & Adm Costs |
378,022 |
349,357 |
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OPERATING PROFIT |
-314,012 |
-229,388 |
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Non-Operating P/L |
-39,178 |
-45,283 |
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RECURRING PROFIT |
-353,190 |
-274,671 |
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NET PROFIT |
-243,422 |
-242,257 |
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BALANCE SHEET |
||||
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Cash |
|
156,465 |
129,234 |
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Receivables |
187,290 |
181,023 |
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Inventory |
159,988 |
166,068 |
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Securities, Marketable |
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Other Current Assets |
203,771 |
247,575 |
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TOTAL CURRENT ASSETS |
707,514 |
723,900 |
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Property & Equipment |
6,927,635 |
6,797,451 |
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Intangibles |
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Investments, Other Fixed Assets |
1 |
1 |
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TOTAL ASSETS |
7,635,150 |
7,521,352 |
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Payables |
440,995 |
366,221 |
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Short-Term Bank Loans |
139,027 |
152,264 |
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Other Current Liabs |
507,939 |
529,676 |
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TOTAL CURRENT LIABS |
1,087,961 |
1,048,161 |
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Debentures |
6,258,967 |
4,928,742 |
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Long-Term Bank Loans |
1,421,525 |
1,491,491 |
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Reserve for Retirement Allw |
370,360 |
365,689 |
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Other Debts |
|
(2,781,770) |
(1,842,575) |
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TOTAL LIABILITIES |
6,357,043 |
5,991,508 |
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MINORITY INTERESTS |
||||
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Common
stock |
489,320 |
489,320 |
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Additional
paid-in capital |
66,634 |
66,634 |
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Retained
earnings |
754,319 |
1,024,581 |
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Evaluation
p/l on investments/securities |
43,411 |
26,669 |
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Others |
20,692 |
18,895 |
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Treasury
stock, at cost |
(96,270) |
(96,256) |
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TOTAL S/HOLDERS` EQUITY |
1,278,106 |
1,529,843 |
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TOTAL EQUITIES |
7,635,150 |
7,521,352 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash Flows
from Operating Activities |
|
142,673 |
43,869 |
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Cash
Flows from Investment Activities |
-430,662 |
-408,357 |
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Cash
Flows from Financing Activities |
313,695 |
399,193 |
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Cash,
Bank Deposits at the Term End |
|
155,451 |
128,514 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
1,278,106 |
1,529,843 |
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Current
Ratio (%) |
65.03 |
69.06 |
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Net
Worth Ratio (%) |
16.74 |
20.34 |
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Recurring
Profit Ratio (%) |
-12.35 |
-9.77 |
||
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Net
Profit Ratio (%) |
-8.51 |
-8.62 |
||
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Return
On Equity (%) |
-19.05 |
-15.84 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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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 |
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-- |
NB |
New Business |
-- |
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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.