MIRA INFORM REPORT

 

 

Report Date :

01.10.2012

 

IDENTIFICATION DETAILS

 

Name :

TOHO TECHNOLOGY CORPORATION

 

 

 

 

Registered Office :

3-10-22 Sakae Nakaku Nagoya 450-0008

 

 

 

 

Country :

Japan

 

 

 

 

Financials (as on) :

31.03.2012

 

 

 

 

Date of Incorporation :

November 1932

 

 

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

 

 

Line of Business :

Manufacturer of industrial electronics, printed circuit board, other

 

 

 

 

No. of Employees :

311

 

 

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 :

Satisfactory

Payment Behaviour :

Slow but correct

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

(31.03.2011)

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 and address

 

TOHO TECHNOLOGY CORPORATION

REGD NAME:    Toho Technology KK

MAIN OFFICE:  3-10-22 Sakae Nakaku Nagoya 450-0008 JAPAN

     Tel: 052-251-7211     Fax: 052-251-3646

                                               

URL:                 http://www.toho-tec.co.jp

E-Mail address: info@toho-tec.co.jp

 

 

ACTIVITIES

 

Mfg of industrial electronics, printed circuit board, other

 

BRANCHES   

 

Tokyo, Toyoda, Ogaki

 

OVERSEAS

 

USA, China (3), Korea, Taiwan, Singapore

 

FACTORIES

 

Inazawa (Aichi); Shanghai

 

 

OFFICERS

 

HEDEYUKI TOMITA, PRES        Kazuo Tomita, ch

Noboru Hayakawa, v pres           G Chang, s/mgn dir

Yasuo Watanabe, s/mgn dir        Hiromi Yamazaki, dir     

         

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 21,378 M

PAYMENTS SLOW BUT CORRECTCAPITAL      Yen 430 M

TREND UP                                WORTH            Yen 8,543 M

STARTED         1932                             EMPLOYES      311

 

 

COMMENT

 

MFR OF INDUSTRIAL ELECTRONICS EQUIPMENT.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

           

 

HIGHLIGHTS

           

            The subject company was established by a certain Tomita for mfg automatic control panels and has been succeeded by his descendants.  Hideyuki Tomita took the pres office in Jan 2001.  Owned and operated by the Tomita family, the firm specializes in mfg electronic devices and clean systems.  80% of the goods are produced on an OEM basis.  In 2005, acquired FPD business division from Nano Metrics Inc (USA) and started mfg film thickness gauges.  The subject is the agent dealer in the greater-Nagoya district for Hitachi Ltd & group firms.  In 2011, opened an office in Korea & Taiwan and additional offices in China.  Clients include electric powers, electronics mfrs, car makers, other, nationwide.

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2012 fiscal term amounted to Yen 21,378 million, a 6% up from Yen 20,261 million in the previous term.  The newly opened subsidiaries in Taiwan & Korea contributed to the sales growth in full term.  The recurring profit was posted at Yen 740 million and the net profit at Yen 275 million, compared with Yen 802 million recurring profit and Yen 393 million net profit, respectively, a year ago.

 

            For the current term ending Mar 2013 the recurring profit is projected at Yen 750 million and the net profit at Yen 300 million, respectively, on a 3% rise in turnover, to Yen 22,000 million.    Sales are seen growing steadily.   

 

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

 

 

REGISTRATION

 

Date Registered:  Nov 1932

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         3.44 million shares

Issued:                860,000 shares

Sum:                   Yen 430 million

Major shareholders (%): KK Tomita Kigyo* (44), Hideyuki Tomita (13), Employees’

Shareholding Assn (11), Kazuo Tomita (11)

*.. Holding company

No. of shareholders: 8

 

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

 

 

OPERATION

 

Activities: Manufacture industrial electronics: printed circuit boards, electro-mechanical assemblies, film thickness gauges, stress measurement systems, flat panel profilers, other (--100%).

80% of the products are mfr’d on an OEM basis.

 

Clients: [Mfrs, wholesalers] Sharp Corp, Nano Metrics Japan, Panasonic LED Display, Hitachi Ltd, Chubu Electric Power, Mimasu Semiconductor Ind, BOE, Nippon Glass Corp, Toyoda Gosei Co, BOE, Toyota Motors, Nano Metrics USA, other

No. of accounts: 800

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Hitachi Ltd, Hitachi Industrial Equipment Systems Corp, Hitachi Building Systems, Hitachi Plant Technology Co, Shin Meiwa Ind, other

 

Payment record: Slow but correct

 

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

 

Bank References:

MUFG (Nagoya)

Bank of Nagoya (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

22,000

21,378

20,261

18,368

Recur. Profit

　

750

740

802

360

Net Profit

　

300

275

393

211

Total Assets

　

　

15,029

14,272

14,771

Current Assets

　

　

12,054

11,354

12,031

Current Liabs

　

　

4,526

4,312

4,916

Net Worth

　

　

8,543

8,308

7,955

Capital, Paid-Up

　

　

430

430

430

Div.P.Share(¥)

　

　

1000.00

1000.00

1000.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.91

5.51

10.31

-31.21

    Current Ratio

 

..

266.33

263.31

244.73

    N.Worth Ratio

..

56.84

58.21

53.86

    R.Profit/Sales

 

3.41

3.46

3.96

1.96

    N.Profit/Sales

1.36

1.29

1.94

1.15

    Return On Equity

..

3.22

4.73

2.65

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.69

UK Pound

1

Rs.85.71

Euro

1

Rs.68.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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