MIRA
INFORM REPORT
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Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
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Name : |
JAPAN WIND DEVELOPMENT CO LTD |
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Registered Office : |
Bussan Bldg Annex 6F, 1-1-15
Nishi-Shimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
July 1999 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wind Power Company |
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No. of Employees : |
140 |
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 103.6 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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic revitalization
agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined
the Trans Pacific Partnership negotiations in 2013, a pact that would open
Japan's economy to increased foreign competition and create new export
opportunities for Japanese businesses. 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 is exceeding 230% of GDP. To
help raise government revenue and reduce public debt, Japan decided in 2013 to
gradually increase the consumption tax to a total of 10% by the year 2015.
Japan is making progress on ending deflation due to a weaker yen and higher
energy costs, but reliance on exports to drive growth and an aging, shrinking
population pose other major long-term challenges for the economy
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Source
: CIA |
Company name and address
JAPAN WIND DEVELOPMENT CO LTD
REGD NAME: Nihon
Furyoku Kaihatsu KK
MAIN OFFICE: Bussan
Bldg Annex 6F, 1-1-15 Nishi-Shimbashi Minatoku Tokyo 105-0003
Tel:
03-3519-7250 Fax: 03-3519-7255 -
URL: http://www.jwd.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Wind
power company
BRANCHES
Chiba,
Hokkaido, Akita, Nagasaki
FACTORIES
Akita,
other (-- 19 subsidiaries); Germany (4)
CHIEF EXEC
MASAYUKI
TSUKAWAKI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,207 M
PAYMENTSno
complaints CAPITAL Yen 9,931 M
TREND UP WORTH Yen
12,746 M
STARTED 1999 EMPLOYES 140
COMMENT
WIND POWER COMPANY
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 103.6 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This
is an independent wind power company established by Mr Tsukawaki, originally of
Mitsui & Co. Power stations operated
by subsidiaries. Also engaged in sales
of power generating equipment, development of power plants located in both Japan
& overseas. .
FINANCIAL INFORMATION
The sales volume for Mar/2014
fiscal term amounted to Yen 8,207 million, a 30.6% up from Yen 6,283 million in
the previous term. The recurring profit was
posted at Yen 545 million and the net profit at Yen 373 million, respectively,
compared with Yen 1,299 million recurring loss and Yen 3,862 million net
profit, respectively, a year ago.
(Apr/Jun/2014 results): Sales
Yen 1,368 million (down 12.2%), operating loss Yen 186 million (previously Yen
76 million loss), recurring loss Yen 360 million (previously Yen 45 million
loss), net loss Yen 361 million (previously Yen 277 million loss). (% & figures compared with the
corresponding period a year ago).
For the
current term ending Mar 2015 the recurring profit is projected at Yen 533
million and the net profit at Yen 197 million, respectively, on a 12.1% rise in
turnover, to Yen 9,204 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 103.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1999
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 60 million shares
Issued:
15,074,500 shares
Sum: Yen 9,931
million
Major shareholders (%): Torishima Pump Mfg (4.1),
Idemitsu Kosan (3.9), Bank of NY Non Treaty Jasdec (2.3), Japan Steel Works
(2.2), Maeda Corp (2.1), Masayuki Tsukasaki (1.3), Mantaro Kito (1.3), Mitsui
Engineering & Shipbuilding (1.3), Kandenko Co (1.1), Daiwa Securities
(1.1); foreign owners (5.5)
No. of shareholders: 15,920
Listed on the S/Exchange (s) of:
Tokyo
Managements: Yasuhiro Inagawa, ch; Masayuki
Tsukawaki, pres; Kotaro Oda, s/mgn dir; Satoshi Matsushima, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: EOS
Engineering & Service, Futamata Wind Development, other.
OPERATION
Activities: Wind Power Company (100%)
Clients: [Mfrs, wholesalers] Chugoku Electric
Power, Tokyo Electric Power, Hokkaido Electric Power, Tohoku Electric Power,
Hokuriku Electric Power, Kyushu Electric Power, Japan Electric Power Exchange,
other
No. of
accounts: 50
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] GE Wind Energy,
EOS Engineering & Service, Torishima Pump Mfg, Kandenko, Japan Steel Works,
other to general contractors.
Payment record: no
complaints
Location: Business area in Tokyo. Office premises at the caption address are leased
and maintained satisfactorily.
Bank References:
MUFG
Bank (Shin-Marunouchi)
SMBC
Bank (Hibiya)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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8,207 |
6,283 |
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Cost of Sales |
5,234 |
5,374 |
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GROSS PROFIT |
2,973 |
909 |
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Selling & Adm Costs |
1,707 |
1,636 |
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OPERATING PROFIT |
1,266 |
-726 |
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Non-Operating P/L |
-721 |
-573 |
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RECURRING PROFIT |
545 |
-1,299 |
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NET PROFIT |
373 |
3,862 |
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BALANCE SHEET |
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Cash |
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3,166 |
4,505 |
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Receivables |
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1,354 |
1,282 |
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Inventory |
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5,778 |
3,938 |
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Securities, Marketable |
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Other Current Assets |
2,265 |
2,914 |
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TOTAL CURRENT ASSETS |
12,563 |
12,639 |
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Property & Equipment |
37,463 |
45,620 |
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Intangibles |
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74 |
42 |
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Investments, Other Fixed Assets |
3,571 |
2,413 |
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TOTAL ASSETS |
53,671 |
60,714 |
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Payables |
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123 |
26 |
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Short-Term Bank Loans |
14,256 |
15,089 |
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Other Current Liabs |
14,203 |
16,775 |
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TOTAL CURRENT LIABS |
28,582 |
31,890 |
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Debentures |
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500 |
3,000 |
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Long-Term Bank Loans |
8,925 |
10,826 |
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Reserve for Retirement Allw |
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Other Debts |
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2,918 |
2,949 |
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TOTAL LIABILITIES |
40,925 |
48,665 |
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MINORITY INTERESTS |
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Common
stock |
9,931 |
9,917 |
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Additional
paid-in capital |
9,807 |
9,793 |
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Retained
earnings |
(9,951) |
(10,324) |
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Evaluation
p/l on investments/securities |
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Others |
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2,959 |
2,663 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
12,746 |
12,049 |
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TOTAL EQUITIES |
53,671 |
60,714 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
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2,975 |
897 |
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Cash
Flows from Investment Activities |
-196 |
4,207 |
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Cash
Flows from Financing Activities |
-4,135 |
-4,446 |
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Cash,
Bank Deposits at the Term End |
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2,503 |
3,856 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
12,746 |
12,049 |
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Current
Ratio (%) |
43.95 |
39.63 |
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Net Worth
Ratio (%) |
23.75 |
19.85 |
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Recurring
Profit Ratio (%) |
6.64 |
-20.67 |
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Net
Profit Ratio (%) |
4.54 |
61.47 |
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Return
On Equity (%) |
2.93 |
32.05 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.43 |
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1 |
Rs.100.23 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
PDT |
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 |
-- |
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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.