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Report No. : |
336183 |
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Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
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Name : |
NIIGATA POWER SYSTEMS CO., LIMITED |
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Registered Office : |
Suneast Tatsumi, 7-26, Tatsumi 3-Chome, Koto-Ku, Tokyo |
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Country : |
Japan |
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Date of Incorporation : |
03.02.2003 |
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Legal Form : |
Private Limited |
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Line of Business : |
Manufacturer of Power System Products.
Range of Products
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No. of Employees : |
360 |
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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.
|
Source
: CIA |
In absence of subject company’s financials, no credit limit could be recommended.
NIIGATA
POWER SYSTEMS CO., LIMITED
SUNEAST TATSUMI, 7-26, TATSUMI 3-CHOME, KOTO-KU, TOKYO, JAPAN
TEL: +81-3-5534-0200,
+81-3-5534-0281
FAX: +81-3-5534-0259, +81-3-5534-0289
INCORPORATION DATE : FEBRUARY 3, 2003
REGISTRATION NO. :
N/A
CHIEF EXECUTIVE :
MR. HIROMITSU HAMAMURA (CHAIRMAN)
STAFF STRENGTH : 360
PAID-UP CAPITAL : N/A
BUSINESS LINE :
MANUFACTURER
TURNOVER : N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : MODERATE AMOUNT
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : N/A
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : JPY 119.2175 = USD 1
Enquiry Address: 14-5
Sotokanda 2 Chome, chiyoda ku.
Operating Address: Suneast Tatsumi, 7-26, Tatsumi 3-chome,
Koto-ku, Tokyo
Status: Active
Location:
Head Office 9-7, Yaesu 2-chome, Chuo-ku,
Tokyo 104-0028 Japan
Telephone No +81-3-6214-2800
Fax No +81-3-6214-2809
E-Mail info@niigata-power.com
Website www.niigata-power.com
Branch Tatsumi Office
Suneast Tatsumi, 7-26, Tatsumi 3-chome,
Koto-ku, Tokyo, 35-0053 Japan
TEL:
+81-3-5534-0200, +81-3-5534-0281
FAX:
+81-3-5534-0259, +81-3-5534-0289
Factory Ohta Plant
125-1,
Nishishinmachi, Ota-city, Gunma, 373-0847 Japan
+81-276-31-8113
+81-276-31-8119
Niigata Engine Plant
1300, Okayama,
Higashi-ku, Niigata, 950-0821 Japan
+81-25-274-5115
+81-25-271-5825
Niigata Gas/ Turbine Plant
2756-3, Higasiko
5-chome, Seiromachi, Kitakanbara-gun, Niigata, 957-0101 Japan
+81-25-256-3511
+81-25-256-3530
Niigata Foundry Plant
1300, Okayama,
Higashi-ku, Niigata, 950-0821 Japan
+81-25-271-1261
+81-25-271-5294
Warehouse Ohta Plant
125-1,
Nishishinmachi, Ota-city, Gunma, 373-0847 Japan
+81-276-31-8113
+81-276-31-8119
Niigata Engine Plant
1300, Okayama,
Higashi-ku, Niigata, 950-0821 Japan
+81-25-274-5115
+81-25-271-5825
Niigata Gas/ Turbine Plant
2756-3, Higasiko
5-chome, Seiromachi, Kitakanbara-gun, Niigata, 957-0101 Japan
+81-25-256-3511
+81-25-256-3530
Niigata Foundry Plant
1300, Okayama,
Higashi-ku, Niigata, 950-0821 Japan
+81-25-271-1261
+81-25-271-5294
Website:
www.niigata-power.com
the design is professional and the content is well organized. At present it is
in both Japanese and English versions.
E-Mail: info@niigata-power.com
For the past two years there is no record of litigation.
Major shareholders (%):
Name IHI
Corporation
Share Percent 100%
Country Japan
DIRECTORS
Name Mr. Hiromitsu Hamamura
Designation Chairman
Nationality Japanese
Name Mr. Kazuhiko Motoyama
Designation President
Nationality Japanese
Line of Business Manufacturer
Items Dealing In Power
System Products
Terms of Purchase Local:
Cash or Credit
Import: Against
L/C
Terms of Sale Local:
Cash or Credit
Export: Against
L/C
Range of Products
Diesel Engines (Marine Power
Generation Railway Vehicle)
Gas
Engines
Dual
Fuel Engines
Gas
Turbines
Z-Pellers
Power
Generators
Geislinger
Couplings, Dampers,
Fuel injection equipment, Lubricating oil
centrifugal filters
Foundry
Parts
Export Market
Global
Certifications ISO
15550
Group Name
IHI Group
Subsidiaries /
Affiliates
DOMESTIC
IHI Inspection & Instrumentation Co., Ltd.
Takashima Giken
Co., Ltd.
IHI PACKAGED
BOILER CO., LTD.
IHI Plant
Construction Co., Ltd.
Japan Jurong
Engineering Co., Ltd
Kotobuki Iron
Works Co., Ltd.
Toyosu Energy
Service Co., Ltd.
Aomori Plant Co.,
Ltd.
IHI Plant
Engineering Corporation
Kanamachi
Purification Plant Energy Service Co., Ltd.
NICO Precision
Co., Inc.
IHI NeoG Algae
IHI Marine United
Inc.
IHI Engineering
Marine Co., Ltd.
IHI Amtec Co.,
Ltd.
IHI Marine Co.,
Ltd.
Shinkoh SBA Co.,
Ltd.
IHI Transport
Machinery Co., Ltd.
IHI Logistic
Technology Co., Ltd.
San-Etsu Co.,
Ltd.
CENTRAL CONVEYOR
CO., Ltd.
Niigata Transys
Co., Ltd.
IHI Infrastructure
Systems Co., Ltd.
IHI Construction
Service Co., Ltd.
Hohoemie Company
Ltd.
ISHIKAWAJIMA
CONSTRUCTION MATERIALS Co., Ltd.
Kanto Segment
Co., Ltd.
Livecon
Engineering Co., Ltd.
Japan Tunnel
Systems Corporation
Nishi-nihon
Sekkei Engineering Co., Ltd.
Chiba Warehouse
Co., Ltd.
IHI Kankyo
Engineering Co., Ltd.
IHI Machinery and
Furnace Co., Ltd.
Voith IHI Paper
Technology Co., Ltd.
IHI METALTECH
Co., Ltd.
IHI Compressor
and Machinery Co., Ltd.
IHITurbo Co.,
Ltd.
NC Engineering
Co., Ltd.
IHI AEROSPACE
CO., LTD.
IHI AEROSPACE
ENGINEERING CO., LTD.
IHI Aero
Manufacturing Co., Ltd.
IHI CASTINGS CO.,
LTD.
IHI Jet Service
Co., Ltd.
IHI MASTER METAL
Co., Ltd.
IHI Technical
Training Institution
IHI Construction
Machinery Limited
Kinki Ishiko Co.,
Ltd.
Diesel United,
Ltd.
IHI Business
Support Corporation
Seiban
Development Co., Ltd.
IHI Scube Co., Ltd
IHI TECHNOLOGY
SOLUTIONS INC.
IHI Trading, INC.
IHI Shibaura
Machinery Corporation
IHI Shibaura
Technical Service Corporation
IHI STAR
Machinery Corporation
OVERSEAS
Niigata Power
Systems (Europe) B.V.
Niigata Power
Systems (Singapore) Pte. Ltd.
Niigata Power
Systems Philippines, Inc.
Member: NIL
Parent
Company Balance Sheet
As
At 31 March 2015
Currency:
Yen (In Millions)
|
Assets |
|
|
Cash and Equivalents |
94,549.0 |
|
Short-Term Investments |
205.0 |
|
TOTAL CASH AND
SHORT TERM INVESTMENTS |
94,754.0 |
|
Accounts Receivable |
431,903.0 |
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TOTAL
RECEIVABLES |
431,903.0 |
|
Inventory |
399,301.0 |
|
Deferred Tax Assets, Current |
43,206.0 |
|
Other Current Assets |
84,562.0 |
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TOTAL CURRENT ASSETS |
1,053,726.0 |
|
NET PROPERTY
PLANT AND EQUIPMENT |
357,625.0 |
|
Goodwill |
23,301.0 |
|
Long-Term Investments |
193,443.0 |
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Deferred Tax Assets, Long Term |
35,587.0 |
|
Other Intangibles |
27,200.0 |
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TOTAL ASSETS |
1,690,882.0 |
|
|
|
|
LIABILITIES
& EQUITY |
|
|
Accounts Payable |
300,148.0 |
|
Accrued Expenses |
109,299.0 |
|
Short-Term Borrowings |
131,135.0 |
|
Current Portion of Long-Term Debt/Capital Lease |
-- |
|
Current Income Taxes Payable |
23,162.0 |
|
Other Current Liabilities, Total |
232,181.0 |
|
TOTAL CURRENT
LIABILITIES |
795,925.0 |
|
Long-Term Debt |
262,320.0 |
|
Capital Leases |
13,174.0 |
|
Minority Interest |
13,054.0 |
|
Pension & Other Post-Retirement Benefits |
157,986.0 |
|
Deferred Tax Liability Non-Current |
5,445.0 |
|
Other Non-Current Liabilities |
96,437.0 |
|
TOTAL
LIABILITIES |
1,331,287.0 |
|
Common Stock |
107,165.0 |
|
Additional Paid in Capital |
54,438.0 |
|
Retained Earnings |
152,563.0 |
|
Treasury Stock |
-655.0 |
|
Comprehensive Income and Other |
33,030.0 |
|
TOTAL COMMON
EQUITY |
346,541.0 |
|
TOTAL EQUITY |
359,595.0 |
|
TOTAL
LIABILITIES AND EQUITY |
1,690,882.0 |
Parent
Company Income Statement
For
the Year Ended 31 March 2015
Currency:
Yen (In Millions)
|
Revenues |
1,455,844.0 |
|
TOTAL REVENUES |
1,455,844.0 |
|
Cost of Goods Sold |
1,210,313.0 |
|
GROSS PROFIT |
245,531.0 |
|
Selling General & Admin Expenses, Total |
141,718.0 |
|
R&D Expenses |
32,674.0 |
|
Depreciation & Amortization, Total |
7,886.0 |
|
OTHER OPERATING
EXPENSES, TOTAL |
182,278.0 |
|
OPERATING INCOME |
63,253.0 |
|
Interest Expense |
-4,221.0 |
|
Interest and Investment Income |
2,369.0 |
|
NET INTEREST
EXPENSE |
-1,852.0 |
|
Income (Loss) on Equity Investments |
-1,701.0 |
|
Currency Exchange Gains (Loss) |
5,274.0 |
|
Other Non-Operating Income (Expenses) |
-8,445.0 |
|
EBT, EXCLUDING
UNUSUAL ITEMS |
56,529.0 |
|
Gain (Loss) on Sale of Investments |
-29,089.0 |
|
Gain (Loss) on Sale of Assets |
-- |
|
Other Unusual Items, Total |
-175.0 |
|
Other Unusual Items |
-- |
|
EBT, INCLUDING
UNUSUAL ITEMS |
27,265.0 |
|
Income Tax Expense |
20,518.0 |
|
Minority Interest in Earnings |
2,335.0 |
|
Earnings from Continuing Operations |
6,747.0 |
|
NET INCOME |
9,082.0 |
|
NET INCOME TO
COMMON INCLUDING EXTRA ITEMS |
9,082.0 |
|
NET INCOME TO
COMMON EXCLUDING EXTRA ITEMS |
9,082.0 |
N/A
Company can be considered good for normal business dealings at usual
trade terms and conditions.
SC is a large-sized company
with the history of 12 years in its line. Due to lack of the financial
statements, we are unable to determine the maximum credit limit for SC.
Interviewed with the name
of KG Traders Pvt Limited
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
UK Pound |
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.