|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOHATSU CORPORATION |
|
|
|
|
Registered Office : |
3-5-4 Azusawa Itabashiku Tokyo 174-0051 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
Oct 1932 |
|
|
|
|
Com. Reg. No.: |
0114-01-004553
(Tokyo-Itabashiku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
|
|
|
|
Line of Business : |
Manufactures outboard motors, pleasure boats, attachments
& accessories, portable fire pumps, small fire trucks, pumps for
drainage, others. |
|
|
|
|
No. of Employees : |
512 |
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 |
TOHATSU CORPORATION
Tohatsu KK
3-5-4 Azusawa
Itabashiku Tokyo 174-0051
Tel:
03-3966-3111 Fax: 03-3966-7667
E-Mail
address: infoer@tohatsu.co.jp
Mfg of
outboard motors, portable fire pumps, small fire trucks, pleasure boats
Fukuoka,
Osaka, Sendai
USA; also agents in Europe, Asia, other
Komagane
(Nagano)
MITSURU
KANEKO, PRES Mitsuo Hirose, mgn dir
Hiroaki
Yauchi, mgn dir Masaru
Koyama, dir
Isami
Hyuga, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 26,700 M
PAYMENTS REGULAR CAPITAL Yen
500 M
TREND UP WORTH Yen 6,002 M
STARTED 1932 EMPLOYES
MFR OF OUTBOARD MOTORS, PORTABLE FIRE PUMPS, ETC.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1922 for mfg
small-size gasoline engines and was incorporated in 1932. This is a specialized mfr of outboard motors,
portable fire pumps, small fire trucks, pleasure boats, pumps for drainage,
others. Enjoys majority share in this
line of business. Portable fire pumps
share is more than 50% in Japan, tops in this field. Goods are exported.
The sales volume for Mar/2012 fiscal term amounted to Yen
26,700 million, a 10% up from Yen 24,366 million in the previous term. Portable fire pumps were sold well
particularly after the Great East Japan Earthquake in March. Exports of outboard motors were robust into
China, S/E Asia, Africa, Mid/South America, other. The recurring profit was posted at Yen 1,725
million and the net profit at Yen 952 million, respectively, compared with Yen
1,201 million recurring profit and Yen 881 million net profit, respectively, a
year ago.
For the current term ending Mar 2013 the recurring profit is
projected at Yen 1,800 million and the net profit at Yen 980 million,
respectively, on a 5% rise in turnover, to Yen ^ million. Exports continues rising. Business is seen expanding steadily.
The financial situation is considered FAIR and good for
ORDINARY business engagements
Date Registered: Oct
1932
Regd No.: 0114-01-004553
(Tokyo-Itabashiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 24 million shares
Issued:
10 million shares
Sum: Yen 500 million
Major shareholders (%): Mitsui Fudosan Co (4.0), Employees’
S/Holding Assn (3.2), Asahi Life Ins (3.1), Mizuho Bank (3.0), Gibraltar Life
Ins (3.0)
No. of shareholders: 2,466
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures outboard motors,
pleasure boats, attachments & accessories (79%), portable fire pumps, small
fire trucks, pumps for drainage, others (12%), real estate business (7%),
others (2%)
Exports (82%)
Clients: [Mfrs, wholesalers] Tohatsu America,
Volvo Penta, Sumeco OY, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Tohatsu Marine,
Daihatsu Ind, Fujii Pump Seisakusho, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Shimura)
MUFG
(Ikebukuro-Higashiguchi)
Relations:
^Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
28,000 |
26,700 |
24,366 |
20,446 |
|
Recur.
Profit |
|
1,800 |
1,725 |
1,201 |
447 |
|
Net
Profit |
|
980 |
952 |
881 |
790 |
|
Total
Assets |
|
|
26,006 |
25,780 |
26,214 |
|
Current
Assets |
|
|
12,872 |
12,688 |
|
|
Current
Liabs |
|
|
13,572 |
13,940 |
|
|
Net
Worth |
|
|
6,002 |
5,112 |
4,334 |
|
Capital,
Paid-Up |
|
|
500 |
500 |
500 |
|
Div.P.Share(¥) |
|
|
15.00 |
10.00 |
10.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.87 |
9.58 |
19.17 |
-23.58 |
|
|
Current Ratio |
|
.. |
94.84 |
91.02 |
.. |
|
N.Worth Ratio |
.. |
23.08 |
19.83 |
16.53 |
|
|
R.Profit/Sales |
|
6.43 |
6.46 |
4.93 |
2.19 |
|
N.Profit/Sales |
3.50 |
3.57 |
3.62 |
3.86 |
|
|
Return On Equity |
.. |
15.86 |
17.23 |
18.23 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.