MIRA INFORM REPORT

 

 

Report Date :

07.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

TOSHIBA CARRIER CORPORATION

 

 

Registered Office :

Shinagawa Center Bldg, 3-23-17 Takanawa Minatoku Tokyo 108-0074

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

April 1999

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of air-conditioners

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

Yen 2,291.1 Million

 

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

                                                                                    

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 (Tot 49)

 

 

OVERSEAS   

 

(subsidiaries): Toshiba Carrier (Thailand); Toshiba Carrier (UK); (Distributors): Europe/Russia (18), Mid East/Africa (12), Asia/Oceania (16), Central/South Americas (5)

 

 

FACTORIES  

 

Fuji, Kakegawa, (--Shizuoka), Tsuyama (Okayama)

 

OFFICER(S)  

 

AKIRA INOUE, PRES               Frederick Merrinan, v pres (phonetically spelled)                                      

Akihiko Tomita, mgn dir

Takashi Kurihara, dir                  Manabu Kitamoto, dir

                                               

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 126,417 M

PAYMENTS                  REGULAR         CAPITAL           Yen 11,510 M

TREND             SLOW              WORTH            Yen 20,399 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 2,291.1 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 the 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 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/2010 fiscal term amounted to Yen 153,650 million, an 18% down from Yen 153,650 million in the previous term, as affected by the global economic downturn.  Consumer spending was sluggish.  Exports & overseas sales were hurt by the high Yen, reducing revenues & profits in Yen terms.  Market recovered somewhat in the latter half of the term but not sufficient to cover the loss in the first half.  The operations continued in the red to post Yen 135 million recurring loss and Yen 3,370 million net losses, respectively, compared with Yen 2,156 million recurring loss and Yen 2,690 million net losses, respectively, a year ago.  The losses are referred to extraordinary losses coming & carried over from the said merger, including liquidation of unprofitable operations.

 

For the current term ending Mar 2011 the operations are projected to come back to profitability to post Yen 3,500 million recurring profit and Yen 1,300 million net profit, respectively, on a 5% rise in turnover, to Yen 133,000 million.  Sales of air-conditioners was robust and expanded under scorching summer, and also backed up by “Eco Points” (about 30% of purchase prices) given back to buyers of household electric appliances.  The accumulated extraordinary losses are now gone and profits will recover and improve.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 2,291.1 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 500 million, sales Yen 446,642 million, net profit Yen 159 million, employees 1,493, pres Ryuzo Kajita

 

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 Electronics Holdings, Toshiba Lighting & Technology Corp, Toshiba Carrier Engineering, Lawson, Kumagai Gumi, Sekisui House Ltd, Watanabe Pipe, other. 

            No. of accounts: 2,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Fuji Toshiba Carrier Products, Toshiba Corp, Fukushima

Industries, Fuji Reinetsu Kogyo, NIDEC Shibaura Corp, Carrier Corp, 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)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

133,000

126,417

153,650

76,045

Recur. Profit

　

3,500

-135

-2,156

1,606

Net Profit

　

1,300

-3,370

-2,690

954

Total Assets

　

　

78,735

81,609

23,256

Current Assets

　

　

47,157

52,230

21,500

Current Liabs

　

　

31,577

29,379

17,433

Net Worth

　

　

20,399

23,767

3,138

Capital, Paid-Up

　

　

11,510

11,510

11,510

Div.P.Share(¥)

　

　

0.00

0.00

117.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.21

-17.72

102.05

-0.82

    Current Ratio

 

..

149.34

177.78

123.33

    N.Worth Ratio

..

25.91

29.12

13.49

    R.Profit/Sales

 

2.63

-0.11

-1.40

2.11

    N.Profit/Sales

0.98

-2.67

-1.75

1.25

    Return On Equity

..

-16.52

-11.32

30.40

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE TOP PARENT, TOSHIBA CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

6,381,599

6,654,518

 

  Cost of Sales

4,922,327

5,306,087

 

      GROSS PROFIT

1,459,362

1,288,431

 

  Selling & Adm Costs

1,342,171

1,538,617

 

      OPERATING PROFIT

117,191

-250,185

 

  Non-Operating P/L

-92,239

-29,067

 

      RECURRING PROFIT

24,962

-279,252

　

      NET PROFIT

-19,743

-343,559

BALANCE SHEET

 

 

 

 

  Cash

　

267,449

343,799

 

  Receivables

 

1,184,399

1,083,386

 

  Inventory

 

795,601

　

 

  Securities, Marketable

　

　

 

  Other Current Assets

514,157

1,293,446

 

      TOTAL CURRENT ASSETS

2,761,606

2,720,631

 

  Property & Equipment

978,726

1,069,579

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

1,710,841

1,663,015

 

      TOTAL ASSETS

5,451,173

5,453,225

 

  Payables

 

1,191,885

1,003,865

 

  Short-Term Bank Loans

257,364

1,033,886

 

　

 

　

　

 

  Other Current Liabs

1,039,196

1,030,022

 

      TOTAL CURRENT LIABS

2,488,445

3,067,773

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

1,109,486

906,775

 

  Reserve for Retirement Allw

725,620

719,396

 

  Other Debts

　

0

0

 

      TOTAL LIABILITIES

4,323,551

4,693,944

 

      MINORITY INTERESTS

 

 

 

Common stock

439,901

280,281

 

Additional paid-in capital

447,733

291,137

 

Retained earnings

375,376

395,126

 

Evaluation p/l on investments/securities

　

　

 

Others

 

(134,083)

(206,053)

 

Treasury stock, at cost

(1,305)

(1,210)

 

      TOTAL S/HOLDERS` EQUITY

1,127,622

759,281

　

      TOTAL EQUITIES

5,451,173

5,453,225

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

451,445

-16,911

 

Cash Flows from Investment Activities

-252,922

-335,308

 

Cash Flows from Financing Activities

-277,861

478,452

　

Cash, Bank Deposits at the Term End

　

267,449

343,793

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

1,127,622

759,281

 

 

Current Ratio (%)

110.98

88.68

 

 

Net Worth Ratio (%)

20.69

13.92

 

 

Recurring Profit Ratio (%)

0.39

-4.20

 

 

Net Profit Ratio (%)

-0.31

-5.16

 

 

Return On Equity (%)

-1.75

-45.25

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.31

UK Pound

1

Rs.70.26

Euro

1

Rs.59.56

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.