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Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
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Name : |
NIPPON THERMOSTAT CO LTD |
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|
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Registered Office : |
6-59-2 Nakazato Kiyose Tokyo-Metrop 204-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
May 1954 |
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Com. Reg. No.: |
0127-01-004166 (Tokyo-Kiyose) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of thermostat & accessories |
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No. of Employees : |
436 |
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 |
|
Maximum Credit Limit: |
Yen 185.4 Million |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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
NIPPON THERMOSTAT CO LTD
REGD NAME: Nippon
Thermostat KK
MAIN OFFICE: 6-59-2
Nakazato Kiyose Tokyo-Metrop 204-0003 JAPAN
Tel:
042-491-2611 Fax: 042-491-7889
E-Mail address: eigyo@ntcl.co.jp
Mfg of thermostat
& accessories
Saitama, Tochigi
USA, India
At the caption
address, Yokohama (2), Tochigi (2), Saitama, Nagano
YOSHIYUKI ONISHI,
PRES Akira Fukuda, s/mgn dir
Noriaki Ogawa, mgn
dir Tatsuki Kanayama, dir
Kiyoshi Kadoshima,
dir Ken’ichi Sekiguchi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 12,379 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 450 M
TREND UP WORTH Yen 2,675 M
STARTED 1954 EMPLOYES 436
MFR OF THERMOSTATS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 185.4 MILLION, 30 DAYS NORMAL TERMS
The subject company was
established by Yukio Onishi in order to make most of his experience in the
subject line of business. Yoshiyuki is
his son. This is a specialized mfr of thermostats
for automobiles, motorcycles and other industries. Goods are exported. Has two overseas subsidiaries in USA and
India. Clients include major car makers,
car accessories makers, other, nationwide
The sales volume for
Jan/2012 fiscal term amounted to Yen 12,379 million, a 1% up from Yen 12,209
million in the previous term. The
recurring profit was posted at Yen 360 million and the net profit at Yen 203
million, respectively, compared with Yen 507 million recurring profit and Yen
145 million net profit, respectively, a year ago.
For the term that ended
Jan 2013 the recurring profit was projected at Yen 370 million and the net
profit at Yen 210 million, respectively, on a 3% rise in turnover, to Yen
13,000 million. Final results are yet to
be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 185.4
million, on 30 days normal terms.
Date Registered: May
1954
Regd No.:
0127-01-004166 (Tokyo-Kiyose)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.6 million shares
Issued: 900,000 shares
Sum: Yen 450 million
Major shareholders
(%): Yoshiyuki Onishi (35), Nippon Thermostat (25), Resona Bank (5), other
No. of shareholders: 63
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
thermostats & accessories, others (--100%)
(Mfg
Items):
Thermo
element for automobiles: thermostat, thermo switches, air valves, hot water
cut valve, oil valve, ASD (Automatic Starting Device), carburetor heater, water
temperature sensor, thermostat for leisure & sports, other;
For
Housing: thermo ventilator, thermo ventilator under floor, hinge-type
ventilator, thermo cartridge (Mixing Valve), other.
Clients: [Mfrs,
wholesalers] Honda Motor, Suzuki Motor, GM, Nissan Motor, Daihatsu Ind, Toyota
Motor, KVK, Fuji Heavy Ind, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] NTC Ind, Kowa Spring Ind, Techno Clean, other
Payment record: No Complaints
Location: Business area in
Kiyose, Tokyo-Metrop the caption address are owned and maintained
satisfactorily.
Bank References:
Resona Bank
(Kiyose)
SMBC (Mitaka)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
|
Annual
Sales |
|
12,750 |
12,379 |
12,209 |
9,922 |
|
Recur.
Profit |
|
370 |
360 |
507 |
|
|
Net
Profit |
|
210 |
203 |
145 |
32 |
|
Total
Assets |
|
|
13,296 |
12,930 |
12,520 |
|
Current
Assets |
|
|
7,878 |
7,430 |
|
|
Current
Liabs |
|
|
3,868 |
3,792 |
|
|
Net
Worth |
|
|
2,675 |
2,522 |
2,130 |
|
Capital,
Paid-Up |
|
|
450 |
450 |
450 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.00 |
1.39 |
23.05 |
-21.95 |
|
|
Current Ratio |
|
.. |
203.67 |
195.94 |
.. |
|
N.Worth Ratio |
.. |
20.12 |
19.51 |
17.01 |
|
|
R.Profit/Sales |
|
2.90 |
2.91 |
4.15 |
.. |
|
N.Profit/Sales |
1.65 |
1.64 |
1.19 |
0.32 |
|
|
Return On Equity |
.. |
7.59 |
5.75 |
1.50 |
|
Notes: Forecast
(or estimated) figures for the 31/01/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.