MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOSHIBA ELECTRON TUBES & DEVICES CO LTD |
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Registered Office : |
1385 Shimoishigami Otawara Tochigi-Pref 324-0036 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Oct 2003 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of electron tubes
(X-ray tubes), application products |
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 370.6 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
TOSHIBA ELECTRON TUBES & DEVICES CO LTD
REGD NAME
Toshiba Denshikan Device KK
MAIN OFFICE
1385 Shimoishigami Otawara Tochigi-Pref 324-0036 JAPAN
Tel : 0287-26-6531
Fax : 0287-26-6590
URL : http://www.toshiba-wcs.jp
E-mail :
info@toshiba-wcs.jp
ACTIVITIES
Mfg of electron tubes (X-ray tubes), application products
BRANCHES
Tokyo
OVERSEAS
Toshiba America Electronic Components Inc; Toshiba Electronics
Europe GmbH (Germany); Toshiba Electron Devices & Materials (Shanghai) Co
Ltd; Beijing Office (--subsidiaries)
FACTORY(IES)
At the caption address
OFFICERS
FUMIO FUJIMORI, PRES Koji
Namiki, dir
Tetsuo Yazu, dir Osamu
Kanoh, dir
Hidemi Miura, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,500 M
PAYMENTS REGULAR CAPITAL Yen 480 M
TREND STEADY WORTH Yen 3,652 M
STARTED 2003 EMPLOYES 364
COMMENT
MFR SPECIALIZING IN X-RAY TUBES, WHOLLY OWNED BY TOSHIBA
CORP. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 370.6 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established on the basis of electron
devices mfg division separated from Toshiba Corp, comprehensive electrical
machinery mfr, Tokyo (See REGISTRATION) in order to focus on mfg &
developing X-ray tubes and application devices. The origin dates back to 1915 when Toshiba Corp succeeded in
prototyping Japan’s first X-ray tubes.
Goods are also exported. Has 3
overseas subsidiaries to actively expand overseas operations. Domestically the products are shipped to
Toshiba & group firms centrally.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 16,500 million, a 6% up from Yen 15,526 million in the previous term. Demand for X-ray tubes continued robust, particularly exports increased. The recurring profit was posted at Yen 2,185 million and the net profit at Yen 1,258 million, respectively, compared with Yen 2,134 million recurring profit and Yen 1,165 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the net profit is
projected at Yen 1,300 million, on a 6% rise in turnover, to Yen 17,500
million. Demand continues rising. New devices to be developed will contribute
to sales growth.
The financial situation is considered FAIR to GOOD and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 370.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct
2003
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 38,400
shares
Issued: 9,600
shares
Sum: Yen
480 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 (See SUPPLEMENTS).
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures X-ray tubes, electron tubes, X-ray image intensifiers, radiation detectors, other electron application products (--100%).
(Mfg
items):
X-ray
tubes: digital/medical, analytical/industrial, general,
angiography, mammography, computed tomography;
X-ray
image intensifiers: medical X-ray imaging systems,
industrial X-ray imaging systems;
Electron tubes: power grid tubes (triodes & tetrodes), continuous wave magnetrons, pulsed magnetrons, klystrons, gyrotrons, couplers, traveling wave tubes, laser induced breakdown spectroscopy systems;
Radiation detectors: proportional counters, ionization chambers, neutron proportional counters (NPC), position sensitive detectors (PSD), beam loss counters.
Clients: [Medical equipment mfrs, wholesalers] Toshiba Medical Systems, Toshiba Corp, Shimadz Corp, Ministry of Defense, Toshiba Medical Supply, Sumitronics Corp, Hitachi Medical Corp, other.
Goods are exported to USA, Europe, China, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kyocera Corp, Mitsui & Co,
Toshiba Materials, Hitachi Cable Ltd, Origin Electric, NGK Insulators, other.
Payment record: Regular
Location: Business area in Otawara City, Tochigi-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
SMBC (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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17,500 |
16,500 |
15,526 |
15,091 |
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Recur. Profit |
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2,185 |
2,134 |
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Net Profit |
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1,300 |
1,258 |
1,165 |
1,377 |
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Total Assets |
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10,768 |
10,435 |
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Current Assets |
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7,140 |
6,851 |
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Current Liabs |
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4,136 |
4,059 |
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Net Worth |
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3,652 |
3,490 |
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Capital, Paid-Up |
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480 |
480 |
480 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.06 |
6.27 |
2.88 |
98.83 |
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Current Ratio |
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172.63 |
168.79 |
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N.Worth Ratio |
.. |
33.92 |
33.45 |
.. |
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R.Profit/Sales |
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.. |
13.24 |
13.74 |
.. |
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N.Profit/Sales |
7.43 |
7.62 |
7.50 |
9.12 |
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Return On Equity |
.. |
34.45 |
33.38 |
.. |
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Notes: 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. |
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%)