|
Report Date : |
25.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TSUKISHIMA KANKYO ENGINEERING LTD |
|
|
|
|
Registered Office : |
KDX Harumi Bldg, 3-12-1
Harumi Chuoku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
April 1958 |
|
|
|
|
Com. Reg. No.: |
0100-01-105209 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in Engineering works of industrial waste disposal system (71%), repairing & maintenance works (24%), parts/components supply, others (5%) |
|
|
|
|
No of Employees : |
140 |
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 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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 |
TSUKISHIMA KANKYO ENGINEERING LTD
Tsukishima Kankyo Engineering KK
KDX Harumi Bldg, 3-12-1 Harumi Chuoku Tokyo 104-0053 JAPAN
Tel: 03-6758-2310
Fax: 03-6758-2324
URL: http://www.tske.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES: Engineering of industrial
waste disposal system, chemical plant, other
BRANCHES: Chiba, Fukuoka
OFFICERS: KIKUO
MAKISHIMA, PRES Kazuhiko Yamada, ch
Hitoshi Ota, s/mgn dir Shigetoyo
Kiyama, mgn dir
Akira
Watanabe, dir Kenji
Sugiura, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 8,100 M
PAYMENTSNO COMPLAINTS CAPITAL Yen 455 M
TREND UP WORTH Yen 1,640 M
STARTED 1958 EMPLOYES 140
COMMENT: ENGINEERING FIRM OF INDUSTRIAL WASTE DISPOSAL SYSTEM, OTHER. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company is an
engineering firm of industrial waste disposal, chemical & petroleum plants,
and maintenance works. In July 2005 the
firm became a wholly consolidated subsidiary of Tsukishima Kikai Co Ltd (See REGISTRATION). In Nov 2013 received orders from Korea for
waste disposal works/systems for MMA Plant in Saudi Arabia. Domestic clients include chemical makers,
engineering firms, other, nationwide.
The sales volume for Mar/2014
fiscal term amounted to Yen 8,100 million, a 3% up from Yen 7,868 million in
the previous term. The recurring profit
was posted at Yen 616 million and the net profit at Yen 346 million,
respectively, compared with Yen 381 million recurring profit and Yen 241
million net profit, respectively, a year ago.
For the current term ending
Mar 2015 the recurring profit is projected at Yen 650 million and the net
profit at Yen 360 million, respectively, on a 5% rise in turnover, to Yen 8,500
million. Business is seen expanding
steadily.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr 1958
Regd No.: 0100-01-105209
(Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 616,000
shares
Issued: 154,000
shares
Sum: Yen 455 million
Major
shareholders (%): Tsukishima
Kikai Co Ltd* (100)
*..
Leading environmental safety plant engineering firm, Tokyo, founded 1917,
listed Tokyo
S/E,
capital Yen 6,646 million, sales Yen 71,216 million, operating profit Yen 5,001
million, recurring profit Yen 5,201 million, net profit Yen 3,986 million,
total assets Yen 98,688 million, net worth Yen 55,333 million, employees 2,191,
pres Kazuhiko Yamada
Nothing detrimental is known as to the commercial morality
of executives.
Activities:
Engineering works of industrial waste disposal system (71%), repairing &
maintenance works (24%), parts/components supply, others (5%)
Exports (50%)
Clients:
[Mfrs, wholesalers] Sumitomo Chemical Ind, Mitsubishi Heavy Machinery,
Shin-Etsu Chemical Ind, Asahi Glass, Kao Corp, Konica Minolta Inc, Kaneka Corp,
JGC Corp, Nippon Steel & Sumitomo Metal Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Azbil Corp, Yokogawa Electric Ind, Nippon Shokubai Co,
Takeda Pharmaceutical Co, Kuraray Chemical Ind, other
Payment record: No Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactory.
Bank References:
MUFG (Ginzadori)
Mizuho Bank (Tokyo)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
8,500 |
8,100 |
7,868 |
5,847 |
|
Recur.
Profit |
|
650 |
616 |
381 |
167 |
|
Net
Profit |
|
360 |
346 |
241 |
83 |
|
Total
Assets |
|
|
6,503 |
6,041 |
4,538 |
|
Current
Assets |
|
|
6,203 |
5,636 |
|
|
Current
Liabs |
|
|
4,513 |
4,375 |
|
|
Net
Worth |
|
|
1,640 |
1,309 |
1,066 |
|
Capital,
Paid-Up |
|
|
455 |
455 |
455 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.94 |
2.95 |
34.56 |
-34.05 |
|
Current Ratio |
|
.. |
137.45 |
128.82 |
.. |
|
N.Worth Ratio |
|
.. |
25.22 |
21.67 |
23.49 |
|
R.Profit/Sales |
|
7.65 |
7.60 |
4.84 |
2.86 |
|
N.Profit/Sales |
|
4.24 |
4.27 |
3.06 |
1.42 |
|
Return On Equity |
|
.. |
21.10 |
18.41 |
7.79 |
Notes: Forecast (or estimated) figures for the 31/03/2015
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.03 |
|
|
1 |
Rs.99.99 |
|
Euro |
1 |
Rs.78.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.