MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
PLANT ENGINEERING CORPORATION |
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Registered Office : |
Hirose Bldg 8F, 3-17 Kanda-Nishikicho
Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 1987 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku)
028653 |
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Legal Form : |
Limited Company |
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Line of Business : |
Plant maintenance business for refinery, petrochemical, fertilizer, LNG & Gas, power plant (coal, petroleum, gas, waterpower, atomic energy), mining refining, plant and steel plant, material handling equipment, water treatment plant (RO seawater desalination plant), other, including supply of equipment (new facility introduction and modification), supply of spare parts & technical advisory service |
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No. of Employees : |
15 |
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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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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 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.
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Source : CIA |
PLANT ENGINEERING CORPORATION
Plant Maintenance
KK
Hirose Bldg 8F,
3-17 Kanda-Nishikicho Chiyodaku Tokyo 101-0054 JAPAN
Tel:
03-5259-1611
Fax: 03-5259-1621
URL: www.pmchq.co.jp
E-mail: gaff@pmchq.co.jp
Plant
maintenance works
Nil
KAZUO
SAITO, PRES Tomokazu
Saitoh, mgn dir
Keiko
Nogita, dir Miyoko
Murakami, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,815 M
PAYMENTS No
Complaints CAPITAL Yen 50
M
TREND UP WORTH Yen 309 M
STARTED 1987 EMPLOYES 15
PLANT
MAINTENANCE FIRM.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established on the basis of a chemical division separated from Mitsui& Co Ltd. This is a plant maintenance firm covering a wide range of plants overseas. In Nov 2003, the company board and employees obtained the company through MBO. And in November 2006, the firm became fully independent from its former company, Mitsui & Co Ltd. Activities cover overseas plants: petrochemical, oil refinery, gas chemical, iron & steel, coal, mineral refining, other (See OPERATION). It exports plant equipment, spare parts, other
The sales volume for Mar/2013 fiscal term amounted to Yen 1,815 million, a 27% up from Yen 1,438 million in the previous term. The recurring profit was posted at Yen 44 million and the net profit at Yen 24 million, respectively, compared with Yen 37 million recurring profit and Yen 21 million net profit, respectively, a year ago. .
For the current term ending Mar 2014 the recurring profit is projected at Yen 50 million and the net profit at yen 30 million, respectively, on a 5% rise in turnover, to Yen 1,900 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr 1987
Regd No.: (Tokyo-Chiyodaku) 028653
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4,000 shares
Issued: 1,000 shares
Sum: Yen 50
million
Major shareholders (%): Kazuo Saitoh (40), Tomokazu
Takahashi (25), Keiko Nogita (20), Miyoko Murakami (10), Employees’ S/Holding
Assn (52)
No. of shareholders: 5
Nothing detrimental is known as to
the commercial morality of executives.
Activities: Plant maintenance business for: refinery, petrochemical, fertilizer, LNG & Gas, power plant (coal, petroleum, gas, waterpower, atomic energy), mining refining, plant and steel plant, material handling equipment, water treatment plant (RO seawater desalination plant), other, including supply of equipment (new facility introduction and modification), supply of spare parts, technical advisory service, other (--100%).
Clients: [Mfrs, wholesalers] Mitsui & Co, other
Exports plant equipment & spare parts to: India, Mexico, Venezuela, Russia, Korea, Brazil, Argentine, Indonesia, Kuwait, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui Engineering & Shipbuilding, Hitachi Ltd, Nippon Steel, Kobe Steel, Japan Steel Works, MES Techno Service, other
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC (Kanda)
MUFG (Kanda)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
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Annual
Sales |
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1,900 |
1,815 |
1,438 |
1,993 |
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Recur.
Profit |
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50 |
44 |
37 |
23 |
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Net
Profit |
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30 |
24 |
21 |
11 |
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Total
Assets |
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|
907 |
782 |
648 |
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Current
Assets |
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|
728 |
612 |
484 |
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Current
Liabs |
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549 |
401 |
281 |
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Net Worth |
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309 |
342 |
329 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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Div.Ttl
in Million(¥) |
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58 |
8 |
8 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.68 |
26.22 |
-27.85 |
27.10 |
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Current Ratio |
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.. |
132.60 |
152.62 |
172.24 |
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N.Worth Ratio |
.. |
34.07 |
43.73 |
50.77 |
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R.Profit/Sales |
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2.63 |
2.42 |
2.57 |
1.15 |
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N.Profit/Sales |
1.58 |
1.32 |
1.46 |
0.55 |
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Return On Equity |
.. |
7.77 |
6.14 |
3.34 |
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Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
^
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.18 |
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UK Pound |
1 |
Rs.103.38 |
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Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
-- |
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.