MIRA
INFORM REPORT
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Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA PERSONAL COMPUTER SYSTEMS CORPORATION |
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Registered Office : |
5-20-7 Masago Mihamaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1970 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of PC’s, package
software, peripherals, technical support |
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 234.1 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
TOSHIBA PERSONAL COMPUTER SYSTEMS CORPORATION
REGD NAME
Toshiba Pasocom
System KK (Pasocom is Japanese short for PC)
MAIN OFFICE
5-20-7 Masago
Mihamaku
Tel : 043-279-2622
Fax : 043-277-7792
URL : http://www.toshiba-tops.co.jp
E-Mail
address: pcp@toshiba-tops.co.jp
ACTIVITIES
Mfg of
PC’s, package software, peripherals, technical support
BRANCHES
FACTORY(IES)
At the
caption address
OFFICERS
KATSUMI
YAJIMA, PRES Michiyasu
Takeda, dir
Keiichi
Kobayashi, dir Yasuji
Hayashi, dir
Koichi
Suezawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,965 M
PAYMENTS REGULAR CAPITAL Yen 499 M
TREND STEADY WORTH Yen
1,824 M
STARTED 1970 EMPLOYES 205
COMMENT
MFR OF PCS AND PACKAGE SOFTWARE, WHOLLY OWNED BY TOSHIBA CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$650,000 / O/A 60 DAYS TERMS
MAX
CREDIT LIMIT: YEN 234.1 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Wakamatsu Ohno, as Sord KK, in order to make most of his experience in the computer business. In Mar 1985, went into business tie-up with Toshiba Corp and accepted capital participation. Name changed and now is wholly owned by Toshiba Corp (see REGISTRATION). Under Toshiba, the subject firm manufactures PC’s, PC package software and peripherals. Offers technical support, including CTO support services (customer to order), repairing, maintenance, and related services.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 20,955 million, a 2% up from Yen 20,493 million in the previous term. While PC prices were under pressure due to competition among the trade, PC software and technical support services expanded. Net profit was posted at Yen 519 million, up from Yen 448 million a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 520 million, on a 5% rise in turnover, to Yen 22,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 234.1 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financials capacities backed by the parent’s financial strength.
REGISTRATION
Date
Registered: Apr 1970
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 998,000 shares
Issued: 998,000 shares
Sum: Yen 449 million
Major shareholders (%): Toshiba
Corp*(100)
*.. One of largest comprehensive electrical machinery mfrs, Tokyo, founded 1904, listed Tokyo, Osaka, Nagoya, London S/E’s, capital Yen 274,926 million, turnover Yen 7,116,350 million, recurring profit Yen 298,460 million, net profit Yen137,429 million, total assets Yen 5,931,962 million, net worth Yen 1,108,321 million, employees 190,708, pres Atsutoshi Nishida
Consolidated financials are as attached.
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures and fabricates PC’s, PC package software, offering technical support of customer to order services, repairing, maintenance, other PC peripherals (--100%).
(Sales breakdown):
PC’s (40%), PC software, peripherals (30%), system support, engineering support, repairing, maintenance services, others (--30%).
Clients: [Mfrs, users] Toshiba Corp, NTT ME, Tokyo Shuha, Nhosa Corp, Toshiba Finance, Alpha Tech, Toshiba Sumiden Medical Information Systems, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toshiba Corp, Toshiba Information Equipments Co, Softbank BB, I-O Data Device Inc, Toshiba Multimedia Devices, other.
Payment
record: Regular
Location: Business area in
Bank References
SMBC
(Tokyo-Chuo)
Mizuho
Corporate Bank (H/O)
Relations:
Satisfactory.
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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22,000 |
20,955 |
20,493 |
20,028 |
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Recur.
Profit |
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803 |
597 |
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Net
Profit |
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520 |
519 |
448 |
253 |
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Total
Assets |
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10,001 |
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Current
Assets |
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8,246 |
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Current
Liabs |
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7,619 |
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Net
Worth |
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1,824 |
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Capital,
Paid-Up |
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499 |
499 |
499 |
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Div.P.Share(¥) |
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11.00 |
29.00 |
10.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.99 |
2.25 |
2.32 |
2.22 |
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Current Ratio |
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108.23 |
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N.Worth Ratio |
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18.24 |
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R.Profit/Sales |
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.. |
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3.92 |
2.98 |
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N.Profit/Sales |
2.36 |
2.48 |
2.19 |
1.26 |
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Return On Equity |
.. |
28.45 |
.. |
.. |
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Note: Forecast
(or estimated) for the 31/03/2008 fiscal term.
ATTACHMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
TOSHIBA CORPORATION
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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7,323,873 |
6,410,681 |
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Cost of Sales |
5,312,179 |
4,659,795 |
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GROSS PROFIT |
2,011,694 |
1,750,886 |
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Selling & Adm Costs |
1,753,330 |
1,510,276 |
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OPERATING PROFIT |
258,364 |
240,610 |
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Non-Operating P/L |
40,096 |
-62,433 |
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RECURRING PROFIT |
298,460 |
178,177 |
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NET PROFIT |
137,429 |
78,186 |
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BALANCE SHEET |
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Cash |
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309,312 |
270,921 |
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Receivables |
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1,371,604 |
1,254,480 |
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Inventory |
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801,513 |
664,922 |
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Securities, Marketable |
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Other Current Assets |
508,778 |
456,293 |
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TOTAL CURRENT ASSETS |
2,991,207 |
2,646,616 |
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Property & Equipment |
1,320,202 |
1,176,550 |
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Intangibles |
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746,720 |
115,671 |
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Investments, Other Fixed Assets |
873,833 |
788,276 |
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TOTAL ASSETS |
5,931,962 |
4,727,113 |
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Payables |
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1,305,639 |
1,037,048 |
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Short-Term Bank Loans |
202,329 |
306,088 |
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Other Current Liabs |
1,303,323 |
1,065,834 |
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TOTAL CURRENT LIABS |
2,811,291 |
2,408,970 |
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Debentures |
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Long-Term Bank Loans |
956,156 |
611,430 |
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Reserve for Retirement Allw |
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Other Debts |
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731,479 |
546,223 |
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TOTAL LIABILITIES |
4,498,926 |
3,566,623 |
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MINORITY INTERESTS |
324,715 |
158,325 |
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Common
stock |
274,926 |
274,926 |
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Additional
paid-in capital |
285,765 |
285,743 |
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Retained
earnings |
681,795 |
570,080 |
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Evaluation
p/l on investments/securities |
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Others |
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(131,228) |
(126,509) |
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Treasury
stock, at cost |
(2,937) |
(2,075) |
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TOTAL S/HOLDERS` EQUITY |
1,108,321 |
1,002,165 |
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TOTAL EQUITIES |
5,931,962 |
4,727,113 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows
from Operating Activities |
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561,474 |
501,426 |
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Cash
Flows from Investment Activities |
-712,782 |
-303,385 |
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Cash
Flows from Financing Activities |
154,796 |
-235,298 |
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Cash,
Bank Deposits at the Term End |
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309,312 |
270,921 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
1,108,321 |
1,002,165 |
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Current
Ratio (%) |
106.40 |
109.87 |
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Net
Worth Ratio (%) |
18.68 |
21.20 |
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Recurring
Profit Ratio (%) |
4.08 |
2.78 |
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Net
Profit Ratio (%) |
1.88 |
1.22 |
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Return
On Equity (%) |
12.40 |
7.80 |
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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%)