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Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
JTEKT CORPORATION |
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Registered Office : |
Midland Square 15F, 4-7-1 Meieki
Nakamuraku Nagoya 450-8515 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
January 1935 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of steering systems, driveline components, bearings, machine tools, sensor systems, mechatronics components, electronic control devices & home accessory equipment |
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No. of Employees |
Consolidated: 43,086 (as
of September 30,2013) |
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 |
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Maximum Credit Limit : |
Yen 28,906.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 2013 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 225% 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 |
JTEKT CORPORATION
KK JTEKT
Midland Square 15F,
4-7-1 Meieki Nakamuraku Nagoya 450-8515 JAPAN
Tel:
052-527-1900 Fax: 052-527-1911
3-5-8 Minamisemba
Chuoku Osaka 542-8502 JAPAN
Tel:
06-6271-8451 Fax: 06-6245-7892
E-Mail address: info@jtekt.co.jp
Manufacturer of steering
systems, driveline components, bearings, machine tools, sensor systems,
mechatronics components, electronic control devices & home accessory
equipment
Osaka,
Nagoya, Toyota, Kariya, Yokohama, Nara, Hamamatsu, other (Tot 49)
(Subsidiaries): USA (19), Brazil (3), Argentina, Canada,
Panama, Mexico, France (7), Netherlands (3), UK (3), Germany (2), Czech Republic
(2), Italy, Belgium (2), Romania, Sweden, Spain, China (30), Thailand (5),
Korea (2), Singapore, Australia, Malaysia, Philippines
Nara,
Osaka, Okazaki, Toyohashi, Tagomisaki, Kokubu, Tokushima, Tokyo, Kagawa,
Kameyama, Kariya,
Higashikariya
(Tot 12)
TETSUO
AGATA,, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,067,526 M
PAYMENTSNo Complaints
CAPITAL Yen 45,591 M
TREND STEADY WORTH Yen 384,243 M
STARTED 1935
Consolidated: 43,086
(as of September 30,2013)
Nonconsolidated: 11,026 (as of September 30,2013)
MFR SPECIALIZING IN BEARINGS
& STEERING SYSTEMS FOR AUTOMOBILE, AFFILIATED TO TOYOTA MOTOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 28,906.6 MILLION, 30 DAYS NORMAL TERMS.
|
Business |
Terms Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
769,682 |
-252 |
-19,413 |
(%) |
315,159 |
|
(Consolidated) |
31/03/2011 |
955,470 |
40,263 |
20,052 |
24.14 |
336,086 |
|
31/03/2012 |
1,052,671 |
38,649 |
12,303 |
10.17 |
342,340 |
|
|
31/03/2013 |
1,067,526 |
34,240 |
13,862 |
1.41 |
384,243 |
|
|
31/03/2014 |
1,240,000 |
61,000 |
19,000 |
16.16 |
.. |
Unit: In Million Yen
Forecast
(or estimated) figures for 31/03/2014 fiscal term
This is one of the leading mfr and associated with Toyota Motor. Highly reliant on auto industry with power steering systems being world-strategy product. Merged with Toyota Machine Works in Jan 2006, with Koyo Seiko as existing entity. By the merger, newly added machine tools & driveline components businesses. The firm developed world’s first electronically controlled power steering in 1983, followed by world’s first electric power steering in 1988. Aggressively engaged in overseas activities
The sales volume for Mar/2013 fiscal term amounted to Yen 1,057,525
million, a 1.4% up from Yen 1,052,671 million in the previous term. The recurring profit was posted at Yen
34,240 million and the net profit at Yen 13,862 million, respectively, compared
with Yen 38,649 million recurring profit and Yen 12,303 million net profit,
respectively, a year ago.
(Apr/Dec/2013 results): sales Yen 926,168 million (up 19.0%), operating
profit Yen 41,255 million (up 118.5%), recurring profit Yen45,764 million (up
130.8%) net profit Yen 13,526 million (up 104.2%). (% compared with the corresponding period a
year ago).
For the that ended Mar 2014 the recurring profit was projected at Yen
61,000 million and the net profit at Yen 19,000 million, respectively, on a
16.2% rise in turnover, to Yen 1,240,000 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 28,906.6 million, on 30 days normal terms.
Date Registered: Jan 1935
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1,200 million shares
Issued: 342,186,207 shares
Sum: Yen 45,591
million
Major shareholders
(%):
Toyota Motor (22.5), Master Trust Bank of Japan T (6.1), Japan Trustee Services
Bank T (6.5), Denso Corp (53.5), Nippon Life Ins (3.5) Toyota Industries (223),
Resona Bank (1.9), Sumitomo Trust Bank (2.1), SMBC (1.8), Toyota Tsusho Corp
(1.7); foreign owners (16.3)
No. of shareholders: 15,679
Listed on the S/E of; Tokyo
*..
Managements: Atsusi Niimi, ch; Shoji Ikawa, v ch; Tetsuo
Agta, pres; Takaaki Suzuki, v pres; Seiho Kawakami, v pres; Masakazu Isaka, v
pres; Noriya Murase, s/mgn dir; Tetsuji Okuda, s/mgn dir; Shiro Nakano, mgn
dir; Atsushi Kume, mgn dir; Hiroyuki Miyazaki, mgn dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies: Koyo Machine Ind, JTEKT North America
Inc, Koyo Canada Inc, JTEKT Europe, JTEKT Automotive UK, JTEKT (China) Co,
other )
Activities: Manufactures bearings, steering systems, driveline components (86%), Machine tools, sensor systems, mechatronics components, others (14%).
Overseas Sales Ratio
(53%)
(Products lineups):
Steering systems: electric power steering, hydraulic power steering, high-performance steering, components;
Driveline
components: driveshaft, 4WD couplings, TORSENs (torque sensing differential for
fulltime 4WD), damper pull-ups, proportionally controlled valves for AT, CVT
oil pumps;
Bearings: general purpose bearings, automotive bearings & unit products, bearings for extreme special environment, bearings for electric & electronic products, machine tool bearings, steel mill bearings, bearings for general industrial equipment, & related products;
Machine tools: machine tools & Mechatronics, grinders, horizontal spindle machining center, die & mold machining center;
Mechatronics: programmable controllers (TOYOPUC), motion controllers, general Operation panels;
Sensor systems: sensors for medical & health care equipment, advanced
automotive systems, etc.
Clients: [Automakers, machinery mfrs] Toyota Motor, Toyota Tsusho Corp, Koyo America, Daihatsu Motor, Toyota Machinery USA, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyota Tsusho Corp, Denso Corp, Mitsubishi Electric Corp, Ihara Seiki, Nakanishi Metal Works, Nakatetsu KK, Toyota Tsusho Marubeni-Itochu Steel Inc, Hekikai Koki, Yamasei Kogyo, other
Payment record: No
Complaints
Location: Business area in
Nagoya. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Resona Bank (Osaka)
Sumitomo Trust Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
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 |
|
1,067,526 |
1,052,671 |
|
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Cost of Sales |
927,074 |
903,462 |
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GROSS PROFIT |
140,452 |
149,208 |
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Selling & Adm Costs |
111,294 |
113,550 |
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OPERATING PROFIT |
29,158 |
15,657 |
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Non-Operating P/L |
5,082 |
22,992 |
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RECURRING PROFIT |
34,240 |
38,649 |
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NET PROFIT |
13,862 |
12,303 |
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BALANCE SHEET |
||||
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Cash |
|
55,104 |
55,659 |
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Receivables |
223,484 |
210,771 |
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Inventory |
163,955 |
154,574 |
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Securities, Marketable |
40,533 |
93,034 |
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Other Current Assets |
55,805 |
50,239 |
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TOTAL CURRENT ASSETS |
538,881 |
564,277 |
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Property & Equipment |
385,443 |
308,290 |
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Intangibles |
8,520 |
7,784 |
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Investments, Other Fixed Assets |
94,089 |
79,323 |
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TOTAL ASSETS |
1,026,933 |
959,674 |
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Payables |
206,426 |
208,473 |
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Short-Term Bank Loans |
85,561 |
87,315 |
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Other Current Liabs |
142,465 |
110,545 |
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TOTAL CURRENT LIABS |
434,452 |
406,333 |
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Debentures |
40,000 |
40,000 |
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Long-Term Bank Loans |
97,847 |
102,390 |
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Reserve for Retirement Allw |
59,468 |
58,853 |
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Other Debts |
|
10,923 |
9,757 |
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TOTAL LIABILITIES |
642,690 |
617,333 |
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MINORITY INTERESTS |
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Common
stock |
45,591 |
45,591 |
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Additional
paid-in capital |
108,237 |
108,237 |
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Retained
earnings |
209,194 |
200,802 |
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Evaluation
p/l on investments/securities |
16,650 |
10,968 |
||
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Others |
4,956 |
(22,875) |
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Treasury
stock, at cost |
(385) |
(383) |
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TOTAL S/HOLDERS` EQUITY |
384,243 |
342,340 |
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TOTAL EQUITIES |
1,026,933 |
959,674 |
|
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CONSOLIDATED CASH FLOWS |
||||
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Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Cash Flows
from Operating Activities |
|
49,934 |
48,878 |
|
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Cash
Flows from Investment Activities |
-101,023 |
-56,212 |
||
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Cash
Flows from Financing Activities |
-5,837 |
39,520 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
93,890 |
146,625 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
384,243 |
342,340 |
||
|
Current
Ratio (%) |
124.04 |
138.87 |
||
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Net
Worth Ratio (%) |
37.42 |
35.67 |
||
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Recurring
Profit Ratio (%) |
3.21 |
3.67 |
||
|
Net
Profit Ratio (%) |
1.30 |
1.17 |
||
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Return
On Equity (%) |
3.61 |
3.59 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
UK Pound |
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
MNL |
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 |
|
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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.