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Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA-MITSUBISHI ELECTRIC INDUSTRIAL
SYSTEMS CORP |
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Registered Office : |
Mita 43 MT Bldg, 3-13-16 Mita Minatoku Tokyo 108-0073 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Oct 2003 |
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Com. Reg. No.: |
0104-01-041839
(Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject engaged in engineering, installation &
servicing of industrial electric & automation systems for industrial mfg
plants; development & mfg of power electronic apparatus, large capacity
electric motors and automation systems for industrial application, rotary
machines, |
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No. of Employees : |
1,811 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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 |
TOSHIBA-MITSUBISHI
ELECTRIC INDUSTRIAL SYSTEMS CORP
Toshiba Mitsubishi
Denki Sangyo System KK
Mita 43 MT Bldg,
3-13-16 Mita Minatoku Tokyo 108-0073 JAPAN
Tel:
03-5441-9100 Fax: 03-5441-9140
E-Mail
address: (thru the URL)
Mfg of
industrial electric & automation systems, power electronic apparatus
Sapporo,
Chiba, Shizuoka, Toyama, Nagoya, Osaka, Himeji, Okayama,
Hiroshima, Yamaguchi, Takamatsu,
Kitakyushu, Fukuoka, Nagasaki
USA
(2), China (5 including Hong Kong), UK, Germany, Italy, Poland, India (2),
Singapore,
UAE, Taiwan
Fuchu,
Yokohama, Kobe, Nagasaki
JUN’ICHI
ICHIHARA, PRES Yasutaka Machida, v
pres
Ken’ichi
Nakagawa, mgn dir Toshiaki Matsuura,
mgn dir
Shinji
Tatara, dir Hiroo
Kikuchihara, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 188,819 M
PAYMENTSREGULAR CAPITAL Yen
15,000 M
TREND STEADY WORTH Yen 94,056 M
STARTED 2003 EMPLOYES 1,811
MFR OF INDUSTRIAL ELECTRIC & AUTOMATION SYSTEMS, JOINTLY
OWNED BY TOSHIBA CORP AND MITSUBISHI ELECTRIC CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established jointly by Toshiba Corp
& Mitsubishi Electric Corp in order to utilize the most of each other’s
technologies in each field. This firm
specializes in mfg industrial electric & automation systems for plants in
the mfg industry, including iron & steel industry. Major clients are steel mills & mfrs,
nationwide.
The sales
volume for Mar/2013 fiscal term amounted to Yen 188,819 million, a 5% up from
Yen 180,652 million in the previous term.
Overseas operations rose on the back of robust demand for iron &
steel, particularly in China & S/E Asian countries. The recurring profit was posted at Yen 14,475
million and the net profit at Yen 9,130 million, respectively, compared with
Yen 14,648 million recurring profit and Yen 8,624 million net profit,
respectively, a year ago.
For
the current term ending Mar 2014 the recurring profit is projected at Yen 15,000
million and the net profit at Yen 9,500 million, respectively, on a 5% rise in
turnover, to Yen 198,000 million.
Business is seen expanding steadily.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Oct
2003
Regd No.: 0104-01-041839 (Tokyo-Minatoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 300,000 shares
Issued:
300,000 shares
Sum: Yen 15,000 million
Major shareholders (%):
Toshiba Corp*(50), Mitsubishi Corp** (50)
No. of shareholders: 2
* One of largest comprehensive electrical
machinery mfrs, Tokyo, founded 1904, listed Tokyo, Nagoya, London S/E’s,
capital Yen 439,901 million, sales Yen 5,800,281 million, operating profit Yen
194,316 million, recurring profit Yen 155,553 million, net profit Yen 77,533
million, total assets Yen 6,106,732 million, net worth Yen 1,034,456 million,
employees 206,087, pres Hisao Tanaka.
** Mitsubishi Electric Corp,
Tokyo, founded 1921, listed Tokyo, Amsterdam, Frankfurt, London S/E’s, capital
Yen 175,820 million, sales Yen 3,567,184 million, operating profit Yen 152,095
million, recurring profit Yen 65,141 million, net profit Yen 69,517 million,
total assets Yen 3,410,410 million, net worth Yen 1,300,070 million, employees
120,958, pres Ken’ichiro Yamanishi
Nothing detrimental is known as
to the commercial morality of executives.
Activities: Engineering, installation &
servicing of industrial electric & automation systems for industrial mfg
plants (61%); development & mfg of power electronic apparatus, large
capacity electric motors and automation systems for industrial application
(23%), rotary machines, others (16%)
Exports (32%)
(Handling items):
Power Electronics: uninterruptible power supply,
drive equipment, power converters devices;
Electric Motors: motors, generators;
Others: Ozone-Gas Generating Systems/Ozone
Water Producing Systems, other.
Clients: [Steel mills, mfrs, wholesalers]
Nippon Steel, Mitsubishi Heavy Ind, JFE Steel, IHI, Asahi Beer, Mitsubishi
Corp, other
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs] Supplied wholly from the JV
owners, Toshiba Corp & Mitsubishi Electric Corp.
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
(H/O)
Relations:
Satisfactory.
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
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Annual
Sales |
|
198,000 |
188,819 |
180,652 |
166,524 |
|
Recur.
Profit |
|
15,000 |
14,475 |
14,643 |
11,384 |
|
Net
Profit |
|
9,500 |
9,130 |
8,624 |
6,834 |
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Total
Assets |
|
|
161,973 |
158,083 |
144,175 |
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Current
Assets |
|
|
144,404 |
140,781 |
126,565 |
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Current
Liabs |
|
|
63,872 |
66,912 |
58,401 |
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Net
Worth |
|
|
94,056 |
87,667 |
82,032 |
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Capital,
Paid-Up |
|
|
15,000 |
15,000 |
15,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.86 |
4.52 |
8.48 |
-14.51 |
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Current Ratio |
|
.. |
226.08 |
210.40 |
216.72 |
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N.Worth Ratio |
.. |
58.07 |
55.46 |
56.90 |
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R.Profit/Sales |
|
7.58 |
7.67 |
8.11 |
6.84 |
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N.Profit/Sales |
4.80 |
4.84 |
4.77 |
4.10 |
|
|
Return On Equity |
.. |
9.71 |
9.84 |
8.33 |
|
Note:
Forecast (or estimated) for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
UK Pound |
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
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.