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Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
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Name : |
TOWADA ELECTRONICS CO LTD |
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Registered Office : |
Tokyo Tatemono Gotanda Bldg 3F, 1-6-3 Higashi-Gotanda Shinagawaku
Tokyo 141-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April, 2003 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engineering company |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
TOWADA
ELECTRONICS CO LTD
REGD
NAME: Towada Electronics KK
MAIN
OFFICE: Tokyo Tatemono Gotanda Bldg 3F,
1-6-3 Higashi-Gotanda Shinagawaku Tokyo 141-0022 Japan
Tel: 03-5475-6618 Fax: 03-5475-6613
E-Mail address: (thru the URL)
Engineering company
Akita, Niigata, Morioka
China, Hong Kong, Vietnam
Akita, Vietnam, China
MASAKAZU GAMOU, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 885 M
PAYMENTS SLOW CAPITAL Yen 20 M
TREND UP WORTH Yen 761 M
STARTED 2003 EMPLOYES 100
ENGINEERING COMPANY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1985 on the basis of an engineering division
separated from Towada Audio Corp (See REGISTRATION),
and was incorporated in 2003. Masakazu
Gamou is concurrently pres at the parent.
This is an engineering company specializing in designing &
manufacturing of industrial machinery, other.
Operates factories in Vietnam and China.
Clients include major electronics makers, other
The sales volume for Mar/2013
fiscal term amounted to Yen 885 million, a 9% up from Yen 814 million in the
previous term. The operations continued
in the red to post Yen 204 million recurring loss and Yen 447 million net losses,
respectively, compared with Yen 69 million recurring loss and Yen 75 million
net losses, respectively, a year ago.
For the current term ending Mar
2014 the operations are projected to come back to profitability to post Yen 100
million recurring profit and Yen 50 million net profit, respectively, on a 5%
rise in turnover, to Yen 930 million.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr 2003
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1,600 shares
Issued:
400 shares
Sum: Yen 20 million
Major shareholders (%): Towada Audio Corp* (100)
*.. Mfr of electrical equipment,
Akita, founded 1974, capital Yen 10 million, sales Yen 5,400 million, net loss
Yen 692 million, employees 85, pres Masakazu Gamou, concurrently
Nothing detrimental is known as
to the commercial morality of executives.
Activities: Engineering company for designing/manufacturing
PC hardware, firmware, application software, mechanical designing, other
(--100%)
Clients: [Mfrs, wholesalers] Sony Corp, Towada
Audio Corp, Towada Hong Kong, other
No. of accounts: 300
Domestic areas of activities:
Centered in greater-Tokyo
Suppliers: [Mfrs, wholesalers] Towada Audio Corp,
Towada Hong Kong, other
Imports from China, Vietnam,
Hong Kong, other
Payment record: Slow
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
Mizuho Bank (Gotanda)
MUFG (Gotanda)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
930 |
885 |
814 |
780 |
|
Recur.
Profit |
|
100 |
-204 |
-69 |
|
|
Net
Profit |
|
50 |
-447 |
-75 |
-36 |
|
Total
Assets |
|
|
1,496 |
1,728 |
308 |
|
Current
Assets |
|
|
626 |
889 |
|
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Current
Liabs |
|
|
687 |
518 |
|
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Net
Worth |
|
|
761 |
1,209 |
-16 |
|
Capital,
Paid-Up |
|
|
20 |
20 |
20 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth
Rate |
5.08 |
8.72 |
4.36 |
8.48 |
|
|
Current
Ratio |
|
.. |
91.12 |
171.62 |
.. |
|
N.Worth
Ratio |
.. |
50.87 |
69.97 |
-5.19 |
|
|
R.Profit/Sales |
|
10.75 |
-23.05 |
-8.48 |
.. |
|
N.Profit/Sales |
5.38 |
-50.51 |
-9.21 |
-4.62 |
|
|
Return
On Equity |
.. |
-58.74 |
-6.20 |
.. |
|
Notes: Forecast (or estimated)
figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
<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.