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Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA CARRIER CORPORATION |
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Registered Office : |
Shinagawa Center Bldg, 3-23-17 Takanawa
Minatoku Tokyo 108-0074 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 1999 |
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Com. Reg. No.: |
0104-01-050933 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of air-conditioners |
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No. of Employees : |
2259 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 CARRIER CORPORATION
Toshiba Carrier KK
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
Mfg of
air-conditioners
Sendai, Saitama, Sapporo,
Utsunomiya, Niigata, Chiba, Hiroshima, Nagoya,
Osaka, Kanazawa, Hiroshima,
Takamatsu, Fukuoka, Urasoe (Tot 49)
(subsidiaries): Toshiba Carrier
(Thailand); Toshiba Carrier (UK);
(Distributors): Europe/Russia
(18), Mid East/Africa (12), Asia/Oceania (16),
Central/South Americas (5)
(--group firms)
Fuji,
Kakegawa, (--Shizuoka), Tsuyama (Okayama)
AKIRA
INOUE, PRES Frederick
Merrinan, v pres (phonetically)
Toshiaki
Kuwano, dir Takashi
Kurihara, dir
Manabu
Kitamoto, dir Hidenari
Tsuru, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 123,800 M
PAYMENTS REGULAR CAPITAL Yen
11,510 M
TREND UP WORTH Yen 16,504 M
STARTED 1966 EMPLOYES 2,259
MFR OF
AIRCONDITIONING EQUIPMENT, AFFILIATED TO TOSHIBA CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
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. This is a
specialized mfr of 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.
The sales volume for Mar/2012 fiscal term amounted to Yen 123,800
million, a 2% up from Yen 121,749 million in the previous term. Extra demand increased for reconstruction
after the Great North Japan Earthquake.
The recurring profit was posted at Yen 730 million and the net profit at
Yen 959 million, respectively, compared with Yen 2,527 million recurring profit
and Yen 4,868 million net losses, respectively, a year ago.
For the term that ended ending Mar 2013 the recurring profit was
projected at Yen 750 million and the net profit at Yen 1,000 million,
respectively, on a 3% rise in turnover, to Yen 127,500 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Apr 1999
Regd No.: 0104-01-050933 (Tokyo-Minatoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
230,200 shares
Issued:
230,200 shares
Sum: Yen 11,510
million
Major shareholders (%): Toshiba Consumer Electronics
Holdings Corp*(60), Carrier HVACR Investment BV (USA) (40)
No. of shareholders: 2
*.. Holding Company of group
firms
Nothing
detrimental is known as to the commercial morality of executives.
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: 1,000
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
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
127,500 |
123,800 |
121,749 |
126,417 |
|
Recur.
Profit |
|
750 |
730 |
2,527 |
-135 |
|
Net
Profit |
|
1,000 |
959 |
-4,868 |
-3,370 |
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Total
Assets |
|
|
72,616 |
73,032 |
78,735 |
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Current
Assets |
|
|
45,792 |
45,880 |
47,157 |
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Current
Liabs |
|
|
47,859 |
49,430 |
31,577 |
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Net
Worth |
|
|
16,504 |
15,542 |
20,399 |
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Capital,
Paid-Up |
|
|
11,510 |
11,510 |
11,510 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
2.99 |
1.68 |
-3.69 |
-17.72 |
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Current Ratio |
|
.. |
95.68 |
92.82 |
149.34 |
|
N.Worth Ratio |
.. |
22.73 |
21.28 |
25.91 |
|
|
R.Profit/Sales |
|
0.59 |
0.59 |
2.08 |
-0.11 |
|
N.Profit/Sales |
0.78 |
0.77 |
-4.00 |
-2.67 |
|
|
Return On Equity |
.. |
5.81 |
-31.32 |
-16.52 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
UK Pound |
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.87.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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.