MIRA INFORM REPORT
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Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA MACHINE CO LTD |
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Registered Office : |
2068-3 Ohka Numazu City
Shizuoka-Pref410-8510 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1949 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of molding machines, machine tools |
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No. of Employees : |
3,140 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 2,904.2 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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 |
Company
name
TOSHIBA MACHINE CO LTD
REGD NAME
Toshiba Kikai KK
MAIN OFFICE
2068-3 Ohka Numazu
City Shizuoka-Pref410-8510 JAPAN
Tel:
055-926-8510 Fax: 055-926-6501
* Tokyo Head Office at: 2-2-2 Uchisaiwaicho Chiyodaku Tokyo, as given
URL: http://www.toshiba-machine.co.jp/
E-Mail address: info@toshiba-machine.co.jp
ACTIVITIES
Mfg of
molding machines, machine tools
BRANCH(ES)
Tokyo,
Osaka, Nagoya, Sendai, Fukuoka, Takasaki, Shizuoka, Fukuyama
OVERSEAS
USA (8
offices), Canada, Germany, Singapore, China (10 offices), India, Thailand, other (Tot: 10 subsidiaries)
FACTORY(IES)
At the
caption address, Zama, Gotemba (--Kanagawa); Shanghai (China)
CHIEF EXEC
AKINORI
IDE, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 195,653 M
PAYMENTS REGULAR CAPITAL Yen 12,484 M
TREND SLOW WORTH Yen 65,325 M
STARTED 1949 EMPLOYES 3,140
COMMENT
MFR SPECIALIZING IN MOLDING MACHINES & MACHINE
TOOLS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 2,904.2 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for
31/03/2012 fiscal term
HIGHLIGHTS
This is large-sized machine tool mfr set up in 1949 as industrial
machinery mfr. In 1961, merged with Toshiba group machine tool firm
to integrate & strengthen operations.
Manufactures injection molding machines and die-casting machines, as two
pillar products, plastic extrusion
machines, semiconductor mfg equipment, other.
Injection molding machines and die-casting
machines are its leading export products.
Injection molding machines account for 60% of the group sales. 4% of the products are exported to Asia,
principally China, USA & Europe.
Shanghai subsidiary is also engaged in production.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 95,553
million, a 28% up from Yen 74,694 million in the previous term. Market recovered from the last term’s global
economic downturn. Orders received were
up 73.0%, particularly active from China.
By Divisions, Molding Machines up 60.1% to Yen 49,290 million (orders
received up 83.1%); Machine Tools down 24.6% to Yen 23,617 million (orders
received up 36.3%), as affected by the last year’s declined orders & sales;
Oil Hydraulic Equipment up 98.8% to Yen 11,381 million (orders received up
108.6%). The recurring profit was posted
at Yen 3,834 million and the net profit at Yen 3,280 million, respectively,
compared with Yen 2,112 recurring loss and Yen 4,531 million net losses,
respectively, a year ago.
(Apr/Jun/2011 results): Sales Yen 26,341 million (48.6% up), operating
profit Yen 1,591 mill4,849 million (up from Yen 28 million, recurring profit
Yen 1,849 million (up from Yen 538 million loss9, net profit Yen 1,308 million
(up from 885 million loss). (% & figures
compared with the corresponding period a year ago).
For the current term ending Mar 2012 the recurring profit is projected
at Yen 6,200 million and the net profit at Yen 4,500 million, on a 15% rise in
turnover, to Yen 110,000 million. The
term’s start order backlog remained high at Yen 56.4 billion, up 17%. Sales of large machine tools will grow
sluggishly, but those of injection molding machines perform exceptionally well,
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max
credit limit is estimated at Yen 2,904.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1949
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 360
shares
Issued: 166,885,530
shares
Sum: Yen 12,484 million
Major shareholders
(%):
Toshiba Corp (20.1), Company’s Treasury Stock (8.8),Master Trust Bank of Japan
T (6.2), State Street Bank & Trust (3.7), Japan Trustee Services T (3.3),
Chase London Sl Omnibus Acct (3.1), Shizuoka Bank (1.7), SMBC (1.6), Customers’
S/Holding Assn (1.5), Morgan Stanley Co (1.4); foreign owners (20.0).
No. of
shareholders: 12,691
Listed on the
S/Exchange (s) of: Tokyo
Managements: Akinori Ide,
pres; Kosei Takeyama, s/mgn dir; Hideo Tanaka, mgn dir; Fumihisa Yano, dir;
Masaki Ikuta, dir; Akinori Ide, dir; Yukio Iimura;
dir, Taketeru Yoshimura, dir; Yoshihiro Kishimoto, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: (Domestic): Toshiba Machine Machinery,
Hyest Corp, Toshiba Machine Plastic & Diecast Engineering, other (Tot: 12);
(Overseas): Toshiba Machine Co
America, Toshiba Machine Europe GmbH, Toshiba Machine South East (Singapore),
other (Tot:10)
OPERATION
Activities: Manufactures
machine tools & industrial equipment:
(Sales Breakdown
by Divisions):
Molding Machines
(52%): Injection molding machines, plastic extrusion machines, die-casting machines, printing presses,
other;
Machine Tools
(25%): high precision machines, semiconductor mfg equipment, castings, other;
Others (24%): hydraulic
equipment, high precision machines, electronic controls, industrial robots,
waste water treatment units, others.
Clients: [Mfrs,
wholesalers] Fuji Film, Toyota Tsusho, Yamaha Corp, Kyokuto Boeki, Sumitomo
Construction Machinery, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Matsushita Electric Ind, Toei Electric, Shibaura Systems,
Kanematsu Corp, Star Seiki Co, Tokimec Inc, Topcon Corp, other..
Payment record:
Regular
Location: Business area in
Numazu City, Shizuoka-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
·
SMBC (H/O)
·
Shizuoka Bank (Tokyo)
Relations:
Satisfactory
FINACIALS
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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95,653 |
74,694 |
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Cost of Sales |
69,997 |
56,470 |
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GROSS PROFIT |
25,656 |
18,223 |
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Selling & Adm Costs |
21,627 |
20,039 |
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OPERATING PROFIT |
4,028 |
-1,815 |
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Non-Operating P/L |
-194 |
-297 |
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RECURRING PROFIT |
3,834 |
-2,112 |
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NET PROFIT |
3,280 |
-4,531 |
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BALANCE SHEET |
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Cash |
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18,513 |
15,992 |
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Receivables |
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35,194 |
28,633 |
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Inventory |
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25,796 |
35,585 |
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Securities, Marketable |
17,500 |
16,000 |
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Other Current Assets |
4,159 |
(12,950) |
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TOTAL CURRENT ASSETS |
101,162 |
83,260 |
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Property & Equipment |
22,240 |
23,452 |
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Intangibles |
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468 |
480 |
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Investments, Other Fixed Assets |
7,333 |
8,614 |
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TOTAL ASSETS |
131,203 |
115,806 |
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Payables |
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27,339 |
17,312 |
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Short-Term Bank Loans |
11,412 |
10,514 |
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Other Current Liabs |
11,492 |
8,800 |
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TOTAL CURRENT LIABS |
50,243 |
36,626 |
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Debentures |
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Long-Term Bank Loans |
6,800 |
7,500 |
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Reserve for Retirement Allw |
8,438 |
8,997 |
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Other Debts |
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397 |
(689) |
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TOTAL LIABILITIES |
65,878 |
52,434 |
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MINORITY INTERESTS |
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Common
stock |
12,484 |
12,484 |
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Additional
paid-in capital |
19,600 |
19,600 |
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Retained
earnings |
43,750 |
40,926 |
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Evaluation
p/l on investments/securities |
1,236 |
1,516 |
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Others |
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(1,706) |
(1,116) |
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Treasury
stock, at cost |
(10,039) |
(10,038) |
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TOTAL S/HOLDERS` EQUITY |
65,325 |
63,372 |
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TOTAL EQUITIES |
131,203 |
115,806 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash Flows
from Operating Activities |
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5,635 |
10,054 |
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Cash
Flows from Investment Activities |
-840 |
-1,959 |
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Cash
Flows from Financing Activities |
-307 |
-2,900 |
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Cash,
Bank Deposits at the Term End |
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36,013 |
31,992 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
65,325 |
63,372 |
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Current
Ratio (%) |
201.35 |
227.32 |
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Net
Worth Ratio (%) |
49.79 |
54.72 |
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Recurring
Profit Ratio (%) |
4.01 |
-2.83 |
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Net
Profit Ratio (%) |
3.43 |
-6.07 |
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Return
On Equity (%) |
5.02 |
-7.15 |
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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.53.21 |
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UK Pound |
1 |
Rs.83.32 |
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Euro |
1 |
Rs.69.51 |
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 |
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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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.