|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHIMIZU CORPORATION |
|
|
|
|
Registered Office : |
2-16-1 Kyobashi Chuoku Tokyo 104-0031 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
August, 1937 |
|
|
|
|
Legal Form : |
Limited Company
(Kabushiki Kaisha |
|
|
|
|
Line of Business : |
General contractor (building, civil engineering,
construction): construction, earth works, pavement works (bridges, airports)
(--80%), investment & development (2%), others (18%) |
|
|
|
|
No. of Employees |
15,920 |
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 |
|
Maximum Credit Limit : |
Yen 29,040.2 million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. 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.
|
Source
: CIA |
SHIMIZU CORPORATION
REGD NAME: Shimizu
Kensetsu KK
MAIN OFFICE: 2-16-1
Kyobashi Chuoku Tokyo 104-0031 JAPAN
Tel: 03-3561-1111 -
URL: http://www.shimizu.co.jp
E-Mail address: (thru the URL)
General contractor
45 locations
nationwide
Asia (17), Europe
(4), USA (2), Mexico, UAE, Turkey, Zambia
Kotoku (Tokyo)
YOICHI MIYAMOTO,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,497,578 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
74,365 M
TREND UP WORTH Yen 376,048 M
STARTED 1937 EMPLOYES 15,920
MAX CREDIT LIMIT:
YEN 29,040.2 MILLION, 30 DAYS NORMAL TERMS
GENERAL CONTRACTOR
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
1,303,755 |
18,815 |
10,848 |
(%) |
296,461 |
|
(Consolidated) |
31/03/2012 |
1,336,194 |
16,159 |
1,430 |
2.49 |
307,002 |
|
|
31/03/2013 |
1,416,044 |
17,330 |
5,901 |
5.98 |
358,094 |
|
|
31/03/2014 |
1,497,578 |
29,277 |
14,191 |
5.76 |
376,048 |
|
|
31/03/2015 |
1,500,000 |
40,000 |
24,000 |
0.16 |
.. |
Unit: In Million
Yen
Forecast figures for the 31/03/2015 fiscal
term.
This is one of the largest general contractors in Japan, with company
origins far back to 1804 of Edo (present Tokyo) era. Has strength in commercial building construction,
mainly in Tokyo metropolitan area.
Emphasis placed more on environment and energy-related projects. In the development of technologies, the
company plans to diversify a lineup of earthquake-control systems against
long-period vibration to increase projects applicable to the system. It is fostering technology for measures for
cope with the aging of infrastructure, including a concrete inspection system,
painting to prevent life-threatening destruction, etc.
The sales volume for Mar/2014 fiscal term amounted to Yen 1,497,578
million, a 5.8% up from Yen 1,416,044 million in the previous term. Building construction fared well. The recurring profit was posted at Yen 29,277
million and the net profit at Yen 14,191 million, respectively, compared with
Yen 17,330 million recurring profit and Yen 5,901 million net profit,
respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 40,000 million and the net profit at Yen 24,000 million, on a 0.2% rise
in turnover, to Yen 1,500,000 million.
New order will be at a high level.
Completions will improve both in construction and civil engineering by
absorbing high labor and material costs.
Operating profit will continue to grow.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit
limit is estimated at Yen 29,040.2 million, on 30 days normal terms.
Date
Registered: Aug 1937
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
1,500
million shares
Issued: 788,514,613
shares
Sum: Yen
74,365 million
Major shareholders (%): Shimizu & Co (7.6), Shimizu Foundation (4.8), Master Trust Bank of Japan T (4.1),
Japan Trustee Services T (3.3), Employees’ S/Holding Assn (3.0), Housing Res. Found JUSOKEN (2.2), Mizuho
Bank (20), Japan Trustee Services T4 (1.4), Dai-ichi Life Ins (1.3), Fukoku Life Ins (1.3); foreign owners (18.8)
No.
of shareholders: 47,001
Listed on the S/Exchange (s) of: Tokyo
Managements: Yoichi Miyamoto,
pres; Kazuo Yoshida, v pres; Seikichi Kurosawa, v pres; Tatsuo Kakiya, v pres;
Susumu Hoshii, v pres; Kozo Kobashi, v pres; Mitsuaki Shimizu, dir; Yo
Takeuchi, dir
Nothing detrimental is known as to the
commercial morality of executives.
Related companies: TTK
Co, Katayama Stratech Corp, MILX Corp, other.
Activities: General
contractor (building, civil engineering, construction): construction, earth
works, pavement works (bridges, airports) (--80%), investment & development
(2%), others (18%)
Clients: [Mfrs,
wholesalers] Ministry of Land, Infrastructure & Transport, Sakai Display
Products, Dainippon Printing, Tokyo Metropolitan Government, Sumitomo Real
Estate, Nippon Steel & Sumikin Plant Co, Yamada Mfg Co, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] MILX Corp, Kandenko Co, Takasago Thermal Engineering, Hanwa Co,
Yamato Co, Fujiki Sash, Uchida Yoko Co, Mizuho Factors Ltd, Jesco Co, etc
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG Bank (H/O)
Hachijuni Bank
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
1,497,578 |
1,416,044 |
|
|
Cost of Sales |
1,401,803 |
1,333,001 |
|
|
|
GROSS PROFIT |
95,774 |
83,042 |
|
|
|
Selling & Adm Costs |
69,720 |
69,940 |
|
|
|
OPERATING PROFIT |
26,054 |
13,101 |
|
|
|
Non-Operating P/L |
3,223 |
4,229 |
|
|
|
RECURRING PROFIT |
29,277 |
17,330 |
|
|
|
NET PROFIT |
14,191 |
5,901 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
141,440 |
158,634 |
|
|
Receivables |
|
478,446 |
406,492 |
|
|
Inventory |
|
175,832 |
171,982 |
|
|
Securities, Marketable |
42,000 |
58,000 |
|
|
|
Other Current Assets |
107,194 |
128,589 |
|
|
|
TOTAL CURRENT ASSETS |
944,912 |
923,697 |
|
|
|
Property & Equipment |
230,659 |
218,556 |
|
|
|
Intangibles |
|
4,291 |
4,017 |
|
|
Investments, Other Fixed Assets |
332,824 |
310,171 |
|
|
|
TOTAL ASSETS |
1,512,686 |
1,456,441 |
|
|
|
Payables |
|
435,934 |
388,901 |
|
|
Short-Term Bank Loans |
127,786 |
153,984 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
226,252 |
235,235 |
|
|
|
TOTAL CURRENT LIABS |
789,972 |
778,120 |
|
|
|
Debentures |
|
70,000 |
70,000 |
|
|
Long-Term Bank Loans |
106,716 |
90,630 |
|
|
|
Reserve for Retirement Allw |
62,588 |
52,568 |
|
|
|
Other Debts |
|
107,362 |
107,028 |
|
|
TOTAL LIABILITIES |
1,136,638 |
1,098,346 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
74,365 |
74,365 |
|
|
|
Additional
paid-in capital |
43,143 |
43,143 |
|
|
|
Retained
earnings |
139,160 |
131,202 |
|
|
|
Evaluation
p/l on investments/securities |
101,344 |
101,344 |
|
|
|
Others |
|
19,543 |
9,529 |
|
|
Treasury
stock, at cost |
(1,507) |
(1,489) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
376,048 |
358,094 |
|
|
|
TOTAL EQUITIES |
1,512,686 |
1,456,441 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash Flows
from Operating Activities |
|
17,395 |
46,364 |
|
|
Cash
Flows from Investment Activities |
-27,977 |
-29,744 |
|
|
|
Cash
Flows from Financing Activities |
-28,592 |
-14,045 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
183,440 |
216,634 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
376,048 |
358,094 |
|
|
|
Current
Ratio (%) |
119.61 |
118.71 |
|
|
|
Net
Worth Ratio (%) |
24.86 |
24.59 |
|
|
|
Recurring
Profit Ratio (%) |
1.95 |
1.22 |
|
|
|
Net
Profit Ratio (%) |
0.95 |
0.42 |
|
|
|
Return
On Equity (%) |
3.77 |
1.65 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
UK Pound |
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.