MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOSHIBA CARRIER CORPORATION |
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Registered Office : |
Shinagawa Center Bldg, 3-23-17 Takanawa Minatoku Tokyo 108-0074 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
April 1999 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Air-Conditioners |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 1,480.2 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
TOSHIBA CARRIER
CORPORATION
REGD NAME: Toshiba Carrier KK
MAIN OFFICE: Shinagawa Center Bldg, 3-23-17 Takanawa
Minatoku Tokyo 108-0074 JAPAN
Tel:
03-6409-1700 Fax: 03-5477-8101
URL: http://www.toshiba-carrier.co.jp/
E-Mail address: info@toshiba-carrier.co.jp
ACTIVITIES
Mfg of air-conditioners
BRANCHES
Sendai, Saitama, Sapporo, Utsunomiya, Niigata, Chiba,
Hiroshima, Nagoya, Osaka, Kanazawa, Hiroshima, Takamatsu, Fukuoka, Urasoe
FACTORY(IES)
Fuji, Kakegawa, (--Shizuoka), Tsuyama (Okayama)
OFFICER(S)
HISAYOSHI FUWA, PRES
P I Role, v pres (phonetically spelled)
Tadao Hashiguchi, v pres
Akihiko Tomita, dir
Mitsuyoshi Tatsumi, dir
Fumiaki Ushio, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 76,045 M
PAYMENTS REGULAR CAPITAL Yen 11,510 M
TREND STEADY WORTH Yen 3,138 M
STARTED 1966 EMPLOYES 2,500
COMMENT
MFR OF AIRCONDITIONING EQUIPMENT, AFFILIATED TO TOSHIBA
CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,480.2 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. In Apr 2008, merged with two sister companies, Toshiba Carrier Air-conditioning Systems Corp and Toshiba Carrier Ind, in order to integrate redundant operations. Clients include hotels, business offices, factories, commercial buildings, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 76,045 million, a shade down from % 76,671 in the previous term. This is referred to cooler summer months plus price competition among the trade in somewhat narrowed sales. The profits improved to post Yen 1,605 million recurring profit and Yen 953 million net profit, respectively, compared with Yen 801 million recurring profit and Yen 393 million net profit, respectively, a year ago. Cost-reduction efforts resulted to post Yen 2,071 million operating profit against Yen 16,482 million operating profit a year ago. Marked Yen 23 million extraordinary profits for the term, too.
For the current term ending Mar 2009 the net profit is projected at Yen 1,700 million, on a 123% rise in turnover, to Yen 170,000 million. The merger effects will contribute to sales growth and profits.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,480.2 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, See SUPPLEMENTS), founded 1979, capital Yen 3,000 million, turnover Yen 398,439 million, employees 2,256, 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
[Clients: [Mfrs, wholesalers] Toshiba Carrier Air-conditioning Systems, Toshiba
Consumer Marketing, Toshiba Lighting & Technology Corp, Toshiba Carrier
Engineering, Lawson, Kumagai Gumi, Sekisui House Ltd, 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 (h/o)
MUFG (Tokyo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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170,000 |
76,045 |
76,671 |
76,915 |
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Recur.
Profit |
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3,500 |
1,605 |
801 |
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Net
Profit |
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1,700 |
953 |
393 |
1,354 |
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Total
Assets |
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23,255 |
24,854 |
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Current
Assets |
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21,499 |
23,307 |
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Current
Liabs |
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17,433 |
19,483 |
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Net
Worth |
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3,138 |
2,677 |
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Capital,
Paid-Up |
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11,510 |
11,510 |
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Div.P.Share(Ą) |
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117.00 |
117.00 |
117.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
123.55 |
-0.82 |
-0.32 |
4.44 |
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Current Ratio |
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.. |
123.32 |
119.63 |
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N.Worth Ratio |
.. |
13.49 |
10.77 |
.. |
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R.Profit/Sales |
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2.06 |
2.11 |
1.04 |
.. |
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N.Profit/Sales |
1.00 |
1.25 |
0.51 |
1.76 |
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Return On Equity |
.. |
30.36 |
14.68 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2009
fiscal term.
For the 31/03/2009 fiscal term the merger effects will
contribute to sales growth
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE TOP PARENT, TOSHIBA CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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7,935,803 |
7,323,873 |
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Cost of Sales |
5,759,840 |
5,312,179 |
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GROSS PROFIT |
2,175,963 |
2,011,694 |
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Selling & Adm Costs |
1,937,864 |
1,753,330 |
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OPERATING PROFIT |
238,099 |
258,364 |
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Non-Operating P/L |
17,459 |
40,096 |
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RECURRING PROFIT |
255,558 |
298,460 |
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NET PROFIT |
127,413 |
137,429 |
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BALANCE SHEET |
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Cash |
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248,649 |
309,312 |
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Receivables |
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1,312,003 |
1,371,604 |
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Inventory |
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851,452 |
801,513 |
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Securities, Marketable |
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Other Current Assets |
517,278 |
508,778 |
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TOTAL CURRENT ASSETS |
2,929,382 |
2,991,207 |
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Property & Equipment |
1,332,178 |
1,320,202 |
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Intangibles |
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653,910 |
746,720 |
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Investments, Other Fixed Assets |
1,020,167 |
873,833 |
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TOTAL ASSETS |
5,935,637 |
5,931,962 |
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Payables |
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1,168,389 |
1,305,639 |
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Short-Term Bank Loans |
257,831 |
71,626 |
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Other Current Liabs |
1,559,767 |
1,434,026 |
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TOTAL CURRENT LIABS |
2,985,987 |
2,811,291 |
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Debentures |
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Long-Term Bank Loans |
740,710 |
956,156 |
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Reserve for Retirement Allw |
634,589 |
540,216 |
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Other Debts |
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182,175 |
191,263 |
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TOTAL LIABILITIES |
4,543,461 |
4,498,926 |
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MINORITY INTERESTS |
369,911 |
324,715 |
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Common
stock |
280,126 |
274,926 |
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Additional
paid-in capital |
290,936 |
285,765 |
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Retained
earnings |
774,461 |
681,795 |
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Evaluation
p/l on investments/securities |
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Others |
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(322,214) |
(131,228) |
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Treasury
stock, at cost |
(1,044) |
(2,937) |
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TOTAL S/HOLDERS` EQUITY |
1,022,265 |
1,108,321 |
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TOTAL EQUITIES |
5,935,637 |
5,931,962 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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247,128 |
561,474 |
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Cash
Flows from Investment Activities |
-322,702 |
-712,782 |
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Cash
Flows from Financing Activities |
46,573 |
154,796 |
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Cash,
Bank Deposits at the Term End |
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248,649 |
309,312 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
1,022,265 |
1,108,321 |
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Current
Ratio(%) |
98.10 |
106.40 |
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Net
Worth Ratio (%) |
17.22 |
18.68 |
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Recurring
Profit Ratio (%) |
3.22 |
4.08 |
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Net
Profit Ratio (%) |
1.61 |
1.88 |
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Return
On Equity (%) |
12.46 |
12.40 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)