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Report No. : |
325169 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
IHI AEROSPACE CO LTD |
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Registered Office : |
3-1-1 Toyosu Kotoku Tokyo 135-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Feb., 1990 |
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Com. Reg. No.: |
0700-01-011877 (Gunma-Tomioka) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of rocket, space project,
satellite propulsion systems, other |
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No. of Employees : |
870 |
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 : |
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 second-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.
|
Source
: CIA |
IHI AEROSPACE CO LTD
REGD NAME: KK
IHI Aerospace
MAIN OFFICE: 3-1-1
Toyosu Kotoku Tokyo 135-0061 JAPAN
Tel: 03-6204-8000 Fax: 03-6204-8810
*.. The is its
Tomioka Plant (Gunma-Pref), and registered
URL: http://www.ihi.co.jp
E-Mail address: (thru
the URL)
Mfg of rocket,
space project, satellite propulsion systems, other
Tokyo, Aioi
(Hyogo-Pref)
At the caption
address, Aichi
SHIGEKI KINAI,
PRES Jiro Mitsuoka, ch
Kiyoshi Ishii, dir Hiroyuki Takada, dir
Masatoshi
Nakamura, dir Takashi Makino, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 47,359 M
PAYMENTSREGULAR CAPITAL Yen 5,000 M
TREND UP WORTH
Yen 12,159 M
STARTED 1990 EMPLOYES 870
MFR OF ROCKET, SATELLITE PROPULSION SYSTEM,
OWNED BY IHI CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject
company was established originally in 1924 as engine plant of Nakajima Aircraft
Industries Ltd and in 1990 became subsidiary of IHI Corp (See REGISTRATION). This is a specialized mfr of rocket, satellite
propulsion systems, space project, other (See OPERATION) Clients include
Defense Ministry, heavy machinery mfrs, other.
The sales volume
for Mar/2014 fiscal term amounted to Yen 47,359 million, a 4% down from Yen
49,519 million in the previous term. The recurring profit was posted at Yen
1,935 million and the net profit at Yen 1,334 million, respectively, compared
with Yen 1,763 million recurring profit and Yen 1,152 million net profit,
respectively, a year ago.
For the term THAT
ENDED Mar 2015 the recurring profit was projected at Yen 2,000 million and the
net profit at Yen 1,400 million, respectively, on a 5% rise in turnover, to Yen
49,700 million. Final results are yet to
be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Feb 1990
Regd No.:
0700-01-011877 (Gunma-Tomioka)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 5,000 million
Major shareholders (%): IHI Corp* (100)
*.. Comprehensive heavy machinery mfr, Tokyo, founded 1889, listed Tokyo
S/E, capital Yen 107,165 million, sales Yen 1,455,844 million, operating profit
Yen 63,253 million, recurring profit Yen 56,529 million, net profit Yen 9,082
million, total assets Yen 1,690,882 million, net worth Yen 359,595 million,
employees 28,554, pres Tamotsu Saito
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures:
rockets (S-type sounding rockets, meteorological sounding rockets, TR-TA
rockets, other), satellite propulsion systems, space projects, liquid
bipropellant engines, liquid monopropellant engine, pressurant & propellant
tank, other (--100%)
Clients: [Mfrs, wholesalers]
Defense Ministry, Japan Aerospace Exploration Agency, Mitsubishi Heavy Ind, IHI
Corp, Toshiba Corp, Mitsubishi Electric, other
No. of accounts: 150
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Komatsu Mfg Ind, Hitachi Ltd, IHI Corp, IHI Aerospace Engineering, Asahi Kasei
Corp, Daicel Corp, other
Payment
record: Regular
Location: Business area in Gunma. Office premises at the caption address are
owned and maintained
satisfactory.
Bank
References:
Mizuho Bank (Takasaki)
Hachijuni Bank (Takasaki)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual
Sales |
|
49,700 |
47,359 |
49,519 |
47,195 |
|
Recur.
Profit |
|
2,000 |
1,935 |
1,763 |
1,651 |
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Net
Profit |
|
1,400 |
1,334 |
1,152 |
1,056 |
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Total
Assets |
|
|
48,584 |
50,784 |
53,747 |
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Current
Assets |
|
|
34,106 |
36,909 |
39,449 |
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Current
Liabs |
|
|
23,575 |
28,858 |
31,854 |
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Net
Worth |
|
|
12,159 |
10,924 |
9,877 |
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Capital,
Paid-Up |
|
|
5,000 |
5,000 |
5,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.94 |
-4.36 |
4.92 |
9.04 |
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Current Ratio |
.. |
144.67 |
127.90 |
123.84 |
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N.Worth Ratio |
.. |
25.03 |
21.51 |
18.38 |
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R.Profit/Sales |
4.02 |
4.09 |
3.56 |
3.50 |
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N.Profit/Sales |
2.82 |
2.82 |
2.33 |
2.24 |
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Return On Equity |
.. |
10.97 |
10.55 |
10.69 |
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Notes: Forecast (or estimated) figures for the
31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.