MIRA INFORM REPORT

 

 

Report Date :

28.12.2012

 

IDENTIFICATION DETAILS

 

Name :

TOYO DENSO CO LTD

 

 

Registered Office :

2-10-4 Shimbashi Minatoku Tokyo 105-0004

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

November 1960

 

 

Com. Reg. No.:

0104-01-020356 (Tokyo-Minatoku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufactures electronic components for automobiles/motorcycles, generators, etc.

 

 

No. of Employees :

1,018 Employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

Litigation :

Clear

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

japan - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

 

Source : CIA

 

 

COMPANY NAME & ADDRESS

 

TOYO DENSO CO LTD

 

REGD NAME:   Toyo Denso KK

 

MAIN OFFICE:  2-10-4 Shimbashi Minatoku Tokyo 105-0004 JAPAN

Tel: 03-3502-0151      Fax: 03-3502-7946

 

*.. The is its Technical Center in Saitama-Pref

 

URL:                 http://www.toyo-denso.co.jp

E-Mail address: (thru the URL)

 

ACTIVITIES

 

Mfg of electronic components of automobiles/motorcycles, generators

 

BRANCHES

 

Hamamatsu, Utsunomiya, Kameyama

 

OVERSEAS

 

USA, China, Thailand, Taiwan, Indonesia, Vietnam, UK

 

FACTORIES

 

Mie, Kumamoto

 

OFFICERS

 

KIYOSHI KOIDE, PRES             Isao Koide, ch

Kazuyuki Koide, v ch                 Kyogo Sakaguchi, v pres

Takanori Watase, s/mgn dir        Kenji Takenaka, s/mgn dir         

           

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 44,582 M

PAYMENTSREGULAR   CAPITAL           Yen 596 M

TREND UP                    WORTH            Yen 8,754 M

STARTED         1960                 EMPLOYES      1,018

 

COMMENT

 

MFR OF ELECTRONIC COMPONENTS FOR AUTOMOBILES.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

HIGHLIGHTS

           

The subject company was established originally in 1947 as Koide Electric Works as a private enterprise and was incorporated in 1960.  This is a specialized mfr of electronic components for automobiles/motorcycles.  This firm is owned and operated essentially by the Koike family.  Goods are exported.  Clients include major carmakers.

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2012 fiscal term amounted to Yen 44,582 million, a 24% up from Yen 36,014 million in the previous term.  Car production revived and rose both at home and abroad, after being hit by the global economic downturn the previous year.  The recurring profit was posted at Yen 815 million and the net profit at Yen 391 million, respectively, compared with Yen 488 million recurring profit and yen 277 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 850 million and the net profit at Yen 400 million, respectively, on a 3% rise in turnover, to Yen 46,000 million.  Business is seen expanding steadily. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

REGISTRATION

 

Date Registered:             Nov 1960

Regd No.:                       0104-01-020356 (Tokyo-Minatoku)

Legal Status:        Limited Company (Kabushiki Kaisha)

Authorized:                   5.5 million shares

Issued:                 1.38 million shares

Sum:                    Yen 696.12 million

     Major shareholders (%): Kiyoshi Koide (15), Iso Koide (13), Honda Motors (10), Mariko Koide (4)

No. of shareholders:        39

 

Nothing detrimental is known as to the commercial morality of executives.

 

OPERATION

           

Activities: Manufactures electronic components for automobiles/motorcycles, generators, others (--100%)

 

Clients: [Carmakers, wholesalers] Honda Motor, Thai Toyo Denso, Toyo Denso Indonesia, Shanghai Toyo Denso, W Eastec Inc, Vietnam Toyo Denso, Isuzu Motor, Honda Trading Corp, Kawasaki Heavy Ind, other

No. of accounts: 300

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Honda Motor, Shanghai Toyo Denso, Thai Toyo Denso, Toyo Denso Indonesia, Sojitz Planet, Nexus Co, Kodo Co, Vietnam Toyo Denso, Toyo Denko Co, Sumitomo Wiring System, other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Shimbashi-Ekimae)

Mizuho Corporate Bank (Nihombashi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

46,000

44,582

36,014

32,945

Recur. Profit

　

850

815

488

215

Net Profit

　

400

391

277

140

Total Assets

　

　

36,237

33,059

34,922

Current Assets

　

　

18,880

15,574

17,831

Current Liabs

　

　

15,076

11,838

12,317

Net Worth

　

　

8,574

8,417

9,121

Capital, Paid-Up

　

　

596

596

596

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.18

23.79

9.32

-19.63

    Current Ratio

 

..

125.23

131.56

144.77

    N.Worth Ratio

..

23.66

25.46

26.12

    R.Profit/Sales

 

1.85

1.83

1.36

0.65

    N.Profit/Sales

0.87

0.88

0.77

0.42

    Return On Equity

..

4.56

3.29

1.53

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.84

UK Pound

1

Rs.88.39

Euro

1

Rs.72.62

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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

--

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%)

 

 

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.