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Report No. : |
307955 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHIMIZU CORPORATION
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Registered Office : |
2-16-1 Kyobashi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2014 (Consolidated) |
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Date of Incorporation : |
August 1937 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engaged as General contractor (including Building, Civil Engineering, Construction), Construction, Earth Works, Pavement Works (including Bridges, Airports) as well as Investment & Development |
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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 |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 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
Shimizu Kensetsu
KK
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)
Engaged as General contractor (including Building, Civil Engineering, Construction), Construction, Earth Works, Pavement Works (including Bridges, Airports) as well as Investment & Development
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
PAYMENTSNo Complaints
CAPITAL Yen 74,365 M
TREND UP WORTH Yen 376,048 M
STARTED 1937 EMPLOYES 15,920
Engaged as General contractor (including Building, Civil
Engineering, Construction), Construction, Earth Works, Pavement Works
(including Bridges, Airports) as well as Investment & Development
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 29,040.2 MILLION, 30 DAYS NORMAL TERMS
|
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.
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) |
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|||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
|
1,497,578 |
1,416,044 |
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Cost of Sales |
1,401,803 |
1,333,001 |
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GROSS PROFIT |
95,774 |
83,042 |
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Selling & Adm Costs |
69,720 |
69,940 |
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OPERATING PROFIT |
26,054 |
13,101 |
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Non-Operating P/L |
3,223 |
4,229 |
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RECURRING PROFIT |
29,277 |
17,330 |
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NET PROFIT |
14,191 |
5,901 |
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BALANCE SHEET |
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Cash |
|
141,440 |
158,634 |
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Receivables |
|
478,446 |
406,492 |
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Inventory |
|
175,832 |
171,982 |
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Securities, Marketable |
42,000 |
58,000 |
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Other Current Assets |
107,194 |
128,589 |
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TOTAL CURRENT ASSETS |
944,912 |
923,697 |
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Property & Equipment |
230,659 |
218,556 |
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Intangibles |
|
4,291 |
4,017 |
|
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Investments, Other Fixed Assets |
332,824 |
310,171 |
|
|
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TOTAL ASSETS |
1,512,686 |
1,456,441 |
|
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Payables |
|
435,934 |
388,901 |
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Short-Term Bank Loans |
127,786 |
153,984 |
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Other Current Liabs |
226,252 |
235,235 |
|
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TOTAL CURRENT LIABS |
789,972 |
778,120 |
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Debentures |
|
70,000 |
70,000 |
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Long-Term Bank Loans |
106,716 |
90,630 |
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Reserve for Retirement Allw |
62,588 |
52,568 |
|
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Other Debts |
|
107,362 |
107,028 |
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TOTAL LIABILITIES |
1,136,638 |
1,098,346 |
|
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MINORITY INTERESTS |
|
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Common
stock |
74,365 |
74,365 |
|
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Additional
paid-in capital |
43,143 |
43,143 |
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Retained
earnings |
139,160 |
131,202 |
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Evaluation
p/l on investments/securities |
101,344 |
101,344 |
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Others |
|
19,543 |
9,529 |
|
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Treasury
stock, at cost |
(1,507) |
(1,489) |
|
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TOTAL S/HOLDERS` EQUITY |
376,048 |
358,094 |
|
|
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TOTAL EQUITIES |
1,512,686 |
1,456,441 |
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CONSOLIDATED CASH FLOWS |
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||
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Terms ending: |
31/03/2014 |
31/03/2013 |
|
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Cash
Flows from Operating Activities |
|
17,395 |
46,364 |
|
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Cash
Flows from Investment Activities |
-27,977 |
-29,744 |
|
|
|
Cash Flows
from Financing Activities |
-28,592 |
-14,045 |
|
|
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Cash,
Bank Deposits at the Term End |
|
183,440 |
216,634 |
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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 |
|
|
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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.62.15 |
|
UK Pound |
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
MNL |
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.