MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOSHIBA CARRIER CORPORATION |
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Registered Office : |
South Port Shinagawa, 2-12-32 Konan Minatoku Tokyo 108-0075 |
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Country : |
Japan |
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Date of Incorporation : |
Apr 1999 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of air conditioners |
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 2367.9 millions |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
TOSHIBA CARRIER CORPORATION
REGD NAME
Toshiba Carrier KK
MAIN OFFICE
South Port Shinagawa, 2-12-32 Konan Minatoku Tokyo 108-0075 JAPAN
Tel : 03-5781-7816
Fax : 03-5781-7842
URL : http://www.toshiba-carrier.co.jp
E-Mail address: info@toshiba-carrier.co.jp
ACTIVITIES
Mfg of air conditioners
BRANCHES
Nil
FACTORY(IES)
Fuji (Shizuoka)
OFFICERS
TOSHIRO NIGO, PRES P
E Roley, v pres (phonetic)
Shimpei Kitamura, s/mgn dir Akio
Mitani, dir
Ken’ichi Ogiya, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 104,315 M
PAYMENTS REGULAR CAPITAL Yen 11,510 M
TREND STEADY WORTH Yen 19,723 M
STARTED 1999 EMPLOYES 1,463
COMMENT
MFR OF AIR CONDITIONERS, JOINTLY OWNED BY TOSHIBA CORP &
CARRIER HVACR INVESTMENT BV (USA). FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,367.9 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established by merging the air
conditioner division of Toshiba Corp and Carrier Corporation (USA) in order to
combine Toshiba’s technology in air-conditioning and Carrier’s overseas network
and know-how of large air-conditioners.
Specializes in mfg air conditioners for households & industries air
conditioning control & ventilation systems, freezer and refrigerating
systems. Also manufactures and markets
core parts of these equipment, such as compressors & key components, such
as inverters. Goods are supplied to and
marketed by Toshiba group firms nationwide.
Also marketed through a wide network of Carrier worldwide.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 104,315 million, a 1.7% down from Yen 106,146 million in the previous term. Colder summer weather dumped demand for air-conditioners. The recurring profit was posted at Yen 469 million and the net profit at Yen 472 million, respectively, compared with Yen 1,221 million recurring profit and Yen 915 million net losses, respectively, a year ago.
For the term just ended Mar 2007 the recurring profit was
projected and believed posted at Yen 470 million, and the net profit at Yen 470
million, respectively, on a slight rise in turnover, to Yen 105,000
million. Weaker Yen should have
contributed to raise export income.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 2,367.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1999
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 230,200
shares
Issued: 230,200
shares
Sum: Yen
11,510 million
Major shareholders (%): Toshiba Consumer Marketing*(60), Carrier HVACR Investment BV (USA) (40)
No. of shareholders: 2
*.. Wholesaler of home electronics appliances, wholly owned by
Toshiba Corp (whose financials are attached), founded 1979, capital Yen 3,000
million, turnover Yen 386,617 million, employees 2,400, pres Satoshi Ono
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures a wide range of air-conditioners
(--100%).
(Production items):
Room air-conditioners, residential multi split air-conditioners,
light-commercial air-conditioners, package air-conditioners, air-conditioning
systems for railway carriages, gas & kerosene air-conditioners (light
commercial heaters, gas & kerosene refrigerant-heating air-conditioners),
cold chain equipment (display, cases, condensing
units, cooling units, refrigerator units for trunk), rotary compressors, reciprocal
compressors, scroll compressors, helical compressors, ventilating fans, air
purifiers, inverter devices, other.
Clients: [Mfrs, wholesalers] Toshiba Carrier Air-conditioning
Systems, Toshiba Consumer Marketing, Toshiba Lighting & Technology Corp,
Toshiba Carrier Engineering, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Fuji Isuzu KK, Nakamura
Seisakusho, Omura Sogyo, Nishiyama Kogyo, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Tokyo)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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105,000 |
104,315 |
106,146 |
95,166 |
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Recur.
Profit |
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470 |
469 |
1,221 |
-3,733 |
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Net
Profit |
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470 |
472 |
-915 |
-3,708 |
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Total
Assets |
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74,151 |
75,781 |
67,635 |
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Current
Assets |
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41,663 |
41,117 |
35,686 |
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Current
Liabs |
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40,689 |
43,161 |
44,466 |
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Net
Worth |
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19,723 |
19,227 |
20,136 |
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Capital,
Paid-Up |
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11,510 |
11,510 |
11,510 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.66 |
-1.72 |
11.54 |
.. |
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Current Ratio |
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.. |
102.39 |
95.26 |
80.25 |
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N.Worth Ratio |
.. |
26.60 |
25.37 |
29.77 |
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R.Profit/Sales |
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0.45 |
0.45 |
1.15 |
-3.92 |
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N.Profit/Sales |
0.45 |
0.45 |
-0.86 |
-3.90 |
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Return On Equity |
.. |
2.39 |
-4.76 |
-18.41 |
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Note: Forecast (or estimated) for the 31/03/2007 fiscal
term.
FINANCIALS OF THE TOP
OWNER, TOSHIBA CORP.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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6,343,506 |
5,836,139 |
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Cost of Sales |
4,659,795 |
4,296,572 |
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GROSS PROFIT |
1,683,711 |
1,539,567 |
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Selling & Adm Costs |
1,447,186 |
1,389,596 |
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OPERATING PROFIT |
236,525 |
149,971 |
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Non-Operating P/L |
-58,348 |
-38,739 |
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RECURRING PROFIT |
178,177 |
111,232 |
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NET PROFIT |
78,186 |
46,041 |
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BALANCE SHEET |
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Cash |
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270,921 |
295,003 |
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Receivables |
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1,254,480 |
1,120,896 |
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Inventory |
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664,922 |
649,998 |
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Securities, Marketable |
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Other Current Assets |
456,293 |
408,422 |
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TOTAL CURRENT ASSETS |
2,646,616 |
2,474,319 |
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Property & Equipment |
1,176,550 |
1,164,183 |
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Intangibles |
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Investments, Other Fixed Assets |
903,947 |
932,910 |
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TOTAL ASSETS |
4,727,113 |
4,571,412 |
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Payables |
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1,037,048 |
906,248 |
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Short-Term Bank Loans |
142,530 |
197,765 |
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Other Current Liabs |
1,229,392 |
1,162,830 |
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TOTAL CURRENT LIABS |
2,408,970 |
2,266,843 |
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Debentures |
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Long-Term Bank Loans |
611,430 |
683,396 |
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Reserve for Retirement Allw |
474,198 |
581,598 |
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Other Debts |
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72,025 |
79,361 |
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TOTAL LIABILITIES |
3,566,623 |
3,611,198 |
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MINORITY INTERESTS |
158,325 |
144,707 |
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Common
stock |
274,926 |
274,926 |
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Additional
paid-in capital |
285,743 |
285,736 |
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Retained
earnings |
570,080 |
511,185 |
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Evaluation
p/l on investments/securities |
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Others |
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(126,509) |
(254,753) |
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Treasury
stock, at cost |
(2,075) |
(1,587) |
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TOTAL S/HOLDERS` EQUITY |
1,002,165 |
815,507 |
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TOTAL EQUITIES |
4,727,113 |
4,571,412 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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322,662 |
305,533 |
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Cash
Flows from Investment Activities |
-189,466 |
-243,106 |
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Cash
Flows from Financing Activities |
-132,733 |
-92,324 |
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Cash,
Bank Deposits at the Term End |
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319,277 |
295,003 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
1,002,165 |
815,507 |
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Current
Ratio (%) |
109.87 |
109.15 |
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Net Worth
Ratio (%) |
21.20 |
17.84 |
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Recurring
Profit Ratio (%) |
2.81 |
1.91 |
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Net
Profit Ratio (%) |
1.23 |
0.79 |
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Return
On Equity (%) |
7.80 |
5.65 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)