MIRA INFORM REPORT
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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
TOKYO KEIKI INC |
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Registered Office : |
2-16-46 Minami-Kamata Ohtaku Tokyo 144-8551 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
December 1948 |
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Com. Reg. No.: |
0108-01-008436 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures marine & port/harbor
equipment (23%), hydraulic and pneumatic equipment (28%), others (9%). |
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No. of Employees : |
1,371 |
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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Maximum Credit Limit : |
Yen 1,113.3 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
--- |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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Source
: CIA |
Company
name and address
TOKYO KEIKI INC
REGD NAME: Tokyo
Keiki KK
MAIN OFFICE: 2-16-46
Minami-Kamata Ohtaku Tokyo 144-8551 JAPAN
Tel:
03-3732-2111 Fax: 03-3736-0261
-
*.. The is its Sano Branch Office
URL: http://www.tokyo-keiki.co.jp
E-Mail
address: (thru the URL to each division)
ACTIVITIES
Mfg of
airborne & marine instruments
BRANCHES
Sapporo,
Sendai, Sano, Numazu, Nagoya, Osaka, Hiroshima, other (Tot 13)
OVERSEAS
Korea
(3), Singapore, China, Vietnam
FACTORIES
Nasu,
Tochigi (2)
CHIEF EXEC
KENICHI
WAKI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 40,217 M
PAYMENTSREGULAR CAPITAL Yen
7,218 M
TREND SLOW WORTH Yen 21,319 M
STARTED 1948 EMPLOYES 1,371
COMMENT
MFR OF AIRBORNE & MARINE INSTRUMENTS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,113.3 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
HIGHLIGHTS
This
is the leading mfr of airborne & marine instruments. Originated as Japan’s first producer of pressure
gauges. Now major supplier to the
Defense Ministry. Developing private
demand by expanding application of hydraulic/gyro technology. Also engaged in OA, FA and medical
equipment. Has capital alliance with
Oval Corp, etc. The company will continue
investment in backbone information systems replacement, including production
and process management, in the March 2015 term.
The solenoid valve subsidiary in Vietnam aims at market development in
Southeast Asia.
FINANCIAL INFORMATION
The sales
volume for Mar/2013 fiscal term amounted to Yen 40,217 million, a 2.0% down
from Yen 41,065 million in the previous term.
Sales of flow equipment, and defense and communications equipment, were
benefited from concentrated deliveries only at the term’s end. Operating profits fell due to the hefty
updating costs on in-house information systems.
The recurring profit was posted at Yen 1,944 million and the net profit
at Yen 1,360 million, respectively, compared with Yen 2,190 million recurring
profit and Yen 1,314 million net profit, respectively, a year ago.
(Apr/Jun/2023
results): Sales Yen 7,262 million (down 19.0%), operating loss Yen 378 million
(previously Yen 39 million loss), recurring loss Yen 318 million (previously
Yen 16 million loss), net loss Yen 194 million (previously Yen 70 million
loss). (% & figures represent the
corresponding period a year ago).
For the
current term ending Mar 2014 the recurring profit is projected at Yen 2,150
million and the net profit at Yen 1,400 million, on a 15.6% rise in turnover,
to Yen 46,500 million. F-15
fighter-related orders from the Defense Ministry delayed from the preceding
term will contribute to profit margin in second half after upfront costs were
posted in the first half. Sales of
marine & harbor equipment will remain flat, but hydraulic and pneumatic
equipment sales will rally, thanks to recovering domestic overseas sales
construction machinery. Flowmeters,
including for waterworks, will fare well, backed by increased public works
investment. Operating profit will grow,
despite costs on information investment.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 1,113.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1948
Regd No.: 0108-01-008436 (Tokyo-Ohtaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 250 million shares
Issued:
85,382,196 shares
Sum: Yen 7,218
million
Major shareholders (%): Japan Trustee Services T
(6.5), Company’s Kyoryokukai Assn (5.2), SMBC (4.8), Company’s S/Holding Assn
(3.8), Nippon Life Ins (3.3), Customers’ S/Holding Assn (2.9), Bank of Yokohama
(2.7), Mitsubishi UFJ Trust Bank (2.4), Aioi Nissay Dowa Ins (2.2), Keihanshin
Kogyo (2.1); foreign owners (3.5)
No. of shareholders: 7,896
Listed on the S/Exchange (s) of:
Tokyo
Managements: Kenichi Waki, pres; Yoshisuke Akita,
s/mgn dir; Hidemitsu Yamada, mgn dir; Tamotsu Mitobe, dir; Takeshi Andoh, dir;
Yukitoshi Atsumi, dir; Yasuo Abe, dir; Makoto Tsuchiya, dir; Naoto Okayasu,
dir; Kenichi Hori, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Tokyo Keiki Aviation, other.
OPERATION
Activities: Manufactures marine & port/harbor
equipment (23%), hydraulic and pneumatic equipment (28%), others (9%).
Overseas Sales Ratio (15%)
Clients: [Mfrs, wholesalers] Defense Ministry,
Mitsubishi Heavy Ind, Kyocera Corp, Japan Coast Guard, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfr, wholesalers] ANA Trading Co,
Kitazawa Electric Works, Nunotani Nautical Instruments Mfg Co, Oki Software,
other
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(H/O)
Bank
of Yokohama (Kamata)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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40,217 |
41,055 |
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Cost of Sales |
29,649 |
30,401 |
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GROSS PROFIT |
10,568 |
10,654 |
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Selling & Adm Costs |
8,739 |
8,618 |
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OPERATING PROFIT |
1,829 |
2,036 |
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Non-Operating P/L |
115 |
154 |
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RECURRING PROFIT |
1,944 |
2,190 |
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NET PROFIT |
1,360 |
1,314 |
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BALANCE SHEET |
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Cash |
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10,515 |
8,718 |
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Receivables |
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13,666 |
14,860 |
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Inventory |
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12,151 |
11,811 |
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Securities, Marketable |
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Other Current Assets |
1,201 |
1,143 |
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TOTAL CURRENT ASSETS |
37,533 |
36,532 |
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Property & Equipment |
5,654 |
5,334 |
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Intangibles |
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192 |
262 |
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Investments, Other Fixed Assets |
3,935 |
3,858 |
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TOTAL ASSETS |
47,314 |
45,986 |
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Payables |
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5,030 |
5,697 |
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Short-Term Bank Loans |
8,675 |
8,654 |
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Other Current Liabs |
3,880 |
3,345 |
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TOTAL CURRENT LIABS |
17,585 |
17,696 |
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Debentures |
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Long-Term Bank Loans |
4,080 |
3,411 |
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Reserve for Retirement Allw |
3,077 |
3,598 |
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Other Debts |
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1,252 |
1,284 |
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TOTAL LIABILITIES |
25,994 |
25,989 |
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MINORITY INTERESTS |
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Common
stock |
7,218 |
7,218 |
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Additional
paid-in capital |
14 |
14 |
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Retained
earnings |
13,698 |
12,590 |
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Evaluation
p/l on investments/securities |
448 |
280 |
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Others |
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134 |
88 |
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Treasury
stock, at cost |
(193) |
(193) |
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TOTAL S/HOLDERS` EQUITY |
21,319 |
19,997 |
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TOTAL EQUITIES |
47,314 |
45,986 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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2,110 |
-108 |
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Cash
Flows from Investment Activities |
-679 |
-263 |
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Cash Flows
from Financing Activities |
352 |
-1,300 |
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Cash,
Bank Deposits at the Term End |
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10,515 |
8,713 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
21,319 |
19,997 |
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Current
Ratio (%) |
213.44 |
206.44 |
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Net
Worth Ratio (%) |
45.06 |
43.48 |
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Recurring
Profit Ratio (%) |
4.83 |
5.33 |
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Net
Profit Ratio (%) |
3.38 |
3.20 |
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Return
On Equity (%) |
6.38 |
6.57 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.78 |
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|
1 |
Rs.99.56 |
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Euro |
1 |
Rs.83.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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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.