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Report No. : |
354383 |
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Report Date : |
09.12.2015 |
IDENTIFICATION DETAILS
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Name : |
HITACHI-GE NUCLEAR ENERGY LTD |
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Registered Office : |
3-1-1 Saiwaicho Hitachi City Ibaraki-Pref 317-0073 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Jan., 2007 |
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Com. Reg. No.: |
0500-01-024551 (Hitachi-Saiwaicho) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Operation of Nuclear Energy Power Plants. |
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No. of Employees : |
1,535 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 1,671.9 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 an 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. Scarce in many natural resources,
Japan has long been dependent on imported raw materials. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become even more dependent than it was
previously on imported fossil 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
impressive - 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 aftereffects 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 four times
since 2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out nuclear
power with a new policy of seeking to restart nuclear power plants that meet
strict new safety standards, and emphasizing nuclear energy’s importance as a
base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP)
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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
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Source
: CIA |
HITACHI-GE NUCLEAR ENERGY LTD
REGD NAME: Hitachi-GE
Nuclear Energy KK
MAIN OFFICE: 3-1-1
Saiwaicho Hitachi City Ibaraki-Pref 317-0073 JAPAN
Tel: 0294-22-1000 Fax: 0294-55-9881
URL: http://www.hitachi-hgne.co
E-Mail address: (thru the URL)
Operation of
nuclear energy power plants
Tokyo, Sendai,
Toyama, Nagoya, Hiroshima (Tot 5)
USA
At the caption
address, Ohma (--Nuclear Energy Power Plants)
HIDETOSHI
TAKEHARA, PRES
Hiroto Uozumi, ch Katsuhide Tanigaki, dir
Masaharu Hanyu,
dir Brown Robert, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 116,698 M
PAYMENTS REGULAR CAPITAL Yen 5,000 M
TREND UP WORTH Yen
35,769 M
STARTED 2007 EMPLOYES 1,535
NUCLEAR ENERGY POWER PLANT OPERATOR, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
ESTIMATED AT YEN 1.671.9 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company
was established on the basis of a nuclear energy division separated from
Hitachi Ltd (See REGISTRATION), and is a JV with General Electric. The firm operates
two nuclear energy plants (prime contractor NSSS, other) at the caption address and Ohma. Clients include
electric power plants, other.
The sales volume
for Mar/2015 fiscal term amounted to Yen 116,698 million, a 14% up from Yen
102,363 million in the previous term.
The recurring profit was posted at Yen 7,263 million and the net profit
at Yen 4,575 million, respectively, compared with Yen 5,216 million recurring
profit and Yen 2,779 million net profit, respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 122,600 million
and the net profit at Yen 7,800 million, respectively, on a 4,800% rise in
turnover, to Yen 122,600 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen
1,671.9 million, on 30 days normal terms.
Date
Registered: Jan 2007
Regd
No.: 0500-01-024551 (Hitachi-Saiwaicho)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
400 million shares
Issued:
100 million shares
Sum:
Yen 5,000 million
Major shareholders (%): Hitachi Ltd* (80), Nautilus Pacific Tree GK
(20)
No. of shareholders: 2
*.. Comprehensive electronic machinery mfr, Tokyo, founded 1920, listed
Tokyo, Nagoya S/E’s, capital Yen
458,790 million, sales Yen 9,761,970 million, operating profit Yen 600,479
million, recurring profit Yen 535,612 million, net profit Yen 241,301 million, total assets Yen 12,516,062 million,
net worth Yen 1,013,956 million, employees 536,670, pres Hiroaki Nakanishi
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Operation of
nuclear electric power plants (--100%)
Clients: [Mfrs,
wholesalers] Tokyo Electric Power, Hokuriku Electric Power, Tohoku Electric
Power, Chubu Electric Power, Japan Atomic Energy Assn, Japan Electric Power
Development Co, other
No. of accounts: 50
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hitachi Ltd, Hitachi Power Solutions, other Hitachi Group firms
Payment
record: Regular
Location: Business area in Hitachi City. Office premises at the caption address are
owned and maintained satisfactory.
Bank
References:
Mizuho
Bank (H/O)
MUFG
(Tokyo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
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Annual
Sales |
|
122,600 |
116,698 |
102,363 |
152,324 |
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Recur.
Profit |
|
7,800 |
7,263 |
5,216 |
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Net
Profit |
|
4,800 |
4,575 |
2,779 |
1,714 |
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Total
Assets |
|
|
177,882 |
132,160 |
129,441 |
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Current
Assets |
|
|
164,120 |
122,647 |
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Current
Liabs |
|
|
142,038 |
99,511 |
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Net
Worth |
|
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35,769 |
32,582 |
30,688 |
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Capital,
Paid-Up |
|
|
5,000 |
5,000 |
5,000 |
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Div.Ttl
in Million (¥) |
|
|
1,390 |
858 |
2,637 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
5.06 |
14.00 |
-32.80 |
0.81 |
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Current Ratio |
|
.. |
115.55 |
123.25 |
.. |
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N.Worth Ratio |
|
.. |
20.11 |
24.65 |
23.71 |
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R.Profit/Sales |
|
6.36 |
6.22 |
5.10 |
.. |
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N.Profit/Sales |
|
3.92 |
3.92 |
2.71 |
1.13 |
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Return On Equity |
|
.. |
12.79 |
8.53 |
5.59 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.80 |
|
|
1 |
Rs.100.49 |
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Euro |
1 |
Rs.72.52 |
|
Yen |
1 |
Rs.0.54 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.