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Report No. : |
321940 |
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Report Date : |
11.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SOJITZU AEROSPACE CORPORATION |
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Registered Office : |
Marunouchi Trust Tower 4F, 1-8-3 Marunouchi Chiyodaku Tokyo 100-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
April 1975 |
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Com. Reg. No.: |
0104-01-021742 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports and wholesales aircrafts, their parts & components, space
ships, defense equipment & products, vehicles, bridges, information,
others (--100%). |
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No. of Employees : |
128 |
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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Maximum Credit Limit : |
Yen 3,133.1 Million |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 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. The government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
SOJITZU AEROSPACE
CORPORATION
Sojitz Aerospace KK
Marunouchi Trust Tower 4F, 1-8-3 Marunouchi Chiyodaku Tokyo 100-0005
JAPAN
Tel: 03-6870-7000 Fax:
03-6870-7040
URL: http://www.sojitz-aero.com/
E-Mail address: info@sojitz-aero.com
ACTIVITIES: Import, wholesale of aerospace &
defense equipment, ships, other
BRANCHES: Nagoya, Osaka
OVERSEAS: Sojitz Aerospace America Corp (New York,
Los Angeles, St Louis, Masa),
Sojitz Aerospace
Europe (UK)
OFFICER(S): MIKIO TAKEUCHI, PRES Takao Miyazaki, s/mgn
dir
Takanori Hasegawa, dir Masayuki Haga, dir
Masahiro Komiyama,
dir Soichiro Tsuchiya, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 151,705 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 1,410 M
TREND STEADY WORTH Yen
5,659 M
STARTED 1975 EMPLOYES 128
COMMENT: IMPORTER OF AEROSPACE & DEFENSE
EQUIPMENT, WHOLLY OWNED BYSOJITZ CORP. FINANCIAL SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,133.1 MILLION, 30 DAYS NORMAL TERMS
The subject company was established originally by the then Nissho Iwai
Corp in order to
advance into aerospace business.
In 2004, when Nissho Iwai Corp merged with Nichimen Corp to become
Sojitz Corp (See REGISTRATION), the
firm renamed as captioned. This is a
trading house handling aviation, space, ships, vehicles, rockets, information,
others. Major client is Japan’s Maritime
Self-Defense Forces, to which the firm supplies escort ships, submarines,
vehicles, other. Has a subsidiary in USA
& UK.
The sales volume for Mar/2014 fiscal term amounted to Yen 151,705
million, a 23% up from Yen 122,940 million in the previous term. The price hike of materials & equipment pushed
the sales amount in Yen terms. Demand
rose from LCC carriers. The recurring
profit was posted at Yen 666 million and the net profit at Yen 432 million,
respectively, compared with Yen 814 million recurring profit and Yen 479
million net profit, respectively, a year ago.
For the term that ended Mar 2015 the recurring profit was projected at
Yen 700 million and the net profit at Yen 450 million, respectively, on a 5%
rise in turnover, to Yen 160,000 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 3,133.1 million, on 30 days normal terms.
Date Registered: Apr
1975
Regd No.: 0104-01-021742
(Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 11 million shares
Issued: 2.82 million shares
Sum: Yen
1,410 million
Major shareholders
(%): Sojitz Corp* (100)
* General Trading House, specializing in aircraft, lumber & urban
development, founded 2003 by the merger of the then Nissho Iwai Corp &
Nichimen Corp, listed Tokyo S/E, capital Yen 160,339 million, turnover Yen
4,105,296 million, operating profit Yen 33,550 million recurring profit Yen
37,650 million, net profit Yen 33,075 million, total assets Yen 2,297,358
million, net worth Yen 590,656 million, employees 15,936, pres Yoji Sato
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports and
wholesales aircrafts, their parts & components, space ships, defense
equipment & products, vehicles, bridges, information, others (--100%).
(Handling Items):
Aviation: aircrafts, their
parts & components;
Maritime: Escort
ships/submarines for National Defense Forces;
Land: Vehicles,
temporary panel bridges others for National Defense Forces;
Space: Rockets boosters,
high-tech products for satellite, others.
Clients: [Governments,
mfrs, wholesalers] National Self-Defense Forces, Mitsubishi Heavy Ind, IHI,
Kawasaki Heavy Ind, Fuji Heavy Ind, Toshiba Corp, Mitsubishi Electric Co, IHI
Corp, IHI Aerospace, Boeing Japan, Asahi Kasei Chemicals, Japan Air Lines,
other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Heavy Ind, Fuji Heavy Ind, Kawasaki Heavy Ind, Sojitz
Aerospace America, Sojitz Corp America, Yokohama Rubber, Shin-Meiwa Corp,
Toshiba Corp, Boeing, Synfonia Technology, Kobe Steel, NIPPI Corp, other.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mizuho Bank (Uchisaiwaicho)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual Sales |
|
160,000 |
151,705 |
122,940 |
112,349 |
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Recur. Profit |
|
700 |
666 |
814 |
620 |
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Net Profit |
|
450 |
432 |
479 |
381 |
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Total Assets |
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23,497 |
23,011 |
24,960 |
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Current Assets |
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|
22,568 |
22,295 |
24,196 |
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Current Liabs |
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17,653 |
17,546 |
19,895 |
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Net Worth |
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5,659 |
5,330 |
4,887 |
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Capital, Paid-Up |
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1,410 |
1,410 |
1,410 |
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Div.Ttl in Million (¥) |
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|
100 |
100 |
100 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.47 |
23.40 |
9.43 |
14.87 |
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Current Ratio |
|
.. |
127.84 |
127.07 |
121.62 |
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N.Worth Ratio |
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.. |
24.08 |
23.16 |
19.58 |
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R.Profit/Sales |
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0.44 |
0.44 |
0.66 |
0.55 |
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N.Profit/Sales |
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0.28 |
0.28 |
0.39 |
0.34 |
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Return On Equity |
|
.. |
7.63 |
8.99 |
7.80 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.05 |
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|
1 |
Rs.99.04 |
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Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
TPT |
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.