MIRA
INFORM REPORT
|
Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TAMAGAWA HOLDINGS CO LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
May 1970 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Holding company of 8 group
firms, mfg high-frequency circuit devices, other Manufactures electronics &
telecommunication equipment (77%), photovoltaic power system sales (21%),
photovoltaic power generation plant (1%)
|
|
|
|
|
No. of Employees : |
136 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus, monetary easing, and structural
reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact
that would open Japan's economy to increased foreign competition and create new
export opportunities for Japanese businesses. 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 is exceeding 230% of
GDP. To help raise government revenue and reduce public debt, Japan decided in
2013 to gradually increase the consumption tax to a total of 10% by the year
2015. Japan is making progress on ending deflation due to a weaker yen and
higher energy costs, but reliance on exports to drive growth and an aging,
shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
Company name and address
TAMAGAWA HOLDINGS CO LTD
REGD NAME: KK
Tamagawa Holdings
MAIN OFFICE: Hamamatsucho
Place 1F, 1-6-15 Hamamatsucho Minatoku Tokyo 105-0013
Tel: 03-6435-6933 Fax: 03-6435-6934 -
URL: http://www.tmex.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Holding
company of 8 group firms, mfg high-frequency circuit devices, other
BRANCHES
Fukuoka
FACTORIES
(subsidiaries)
CHIEF EXEC
TOORU
MATSUZAWA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,171 M
PAYMENTSREGULAR CAPITAL Yen
1,625 M
TREND UP WORTH Yen 2,638 M
STARTED 1970 EMPLOYES 136
COMMENT
MFR OF HIGH FREQUENCY CIRCUIT
DEVICES
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This
is mfr of high-frequency circuit devices for wireless telecommunication
equipment. Also engaged in photovoltaic
power generation and other energy fields.
FINANCIAL INFORMATION
The sales volume for Mar/2014
fiscal term amounted to Yen 4,171 million, a 13.6% up from Yen 3,671 million in
the previous term. The recurring profit was
posted at Yen 478 million and the net profit at Yen 436 million, respectively,
compared with Yen 374 million recurring profit and Yen 339 million net profit,
respectively, a year ago.
For the
current term ending Mar 2015 the recurring profit is projected at Yen 540
million and the net profit at Yen 300 million, respectively, on a 17.5% rise in
turnover, to Yen 4,900 million. Business
is seen expanding steeply and steadily.
The
financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: May 1970
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 124,196,000 shares
Issued:
41,259,000 shares
Sum: Yen 1,625
million
Major shareholders (%): Marilyn Tang (17.5), CBSG Bank
Julius Singapore (10.4), Perman Yadi (7.9), Japan Securities Finance (5.3),
Hiromasa Shimanuki (4.6), EFG Bank (Hong Kong) (3.4), Sato Sogo Kikaku (2.6),
Sadamu Kubota (2.5), Noriyuki Arai (2.4), SIX SIS Ltd (2.3); foreign owners
(43.1)
No. of shareholders: 723
Listed on the S/Exchange (s) of:
Tokyo (JASDAQ)
Managements: Tooru Matsuzawa, pres; Masanori
Kobayashi, rep dir; Kosaburo Miyauchi, dir; Naruto Kusaka, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Tamagawa Electronics, Tamagawa Solar Systems, other.
OPERATION
Activities: Manufactures electronics &
telecommunication equipment (77%), photovoltaic power system sales (21%),
photovoltaic power generation plant (1%)
Clients: [Mfrs, wholesalers] GP Energy,
Tamagawa Kyushu (Fukuoka), MS Japan,
Kankyo Kagaku Co, Camco Co,
Premate Co, Tamagawa Electronics, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Tabuchi Electric Co, Solton Co, Raise Corporation, other
Payment record: Slow
but correct
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Yamato)
MUFG
(Yamato)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
4,171 |
3,671 |
|
|
Cost of Sales |
2,973 |
2,622 |
|
|
|
GROSS PROFIT |
1,198 |
1,048 |
|
|
|
Selling & Adm Costs |
721 |
675 |
|
|
|
OPERATING PROFIT |
477 |
373 |
|
|
|
Non-Operating P/L |
1 |
1 |
|
|
|
RECURRING PROFIT |
478 |
374 |
|
|
|
NET PROFIT |
436 |
339 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
1,763 |
388 |
|
|
Receivables |
|
1,112 |
1,344 |
|
|
Inventory |
|
346 |
326 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
199 |
56 |
|
|
|
TOTAL CURRENT ASSETS |
3,420 |
2,114 |
|
|
|
Property & Equipment |
718 |
564 |
|
|
|
Intangibles |
|
31 |
1 |
|
|
Investments, Other Fixed Assets |
41 |
30 |
|
|
|
TOTAL ASSETS |
4,210 |
2,709 |
|
|
|
Payables |
|
473 |
385 |
|
|
Short-Term Bank Loans |
200 |
|
|
|
|
|
|
|
|
|
|
Other Current Liabs |
456 |
322 |
|
|
|
TOTAL CURRENT LIABS |
1,129 |
707 |
|
|
|
Debentures |
|
60 |
80 |
|
|
Long-Term Bank Loans |
234 |
71 |
|
|
|
Reserve for Retirement Allw |
132 |
99 |
|
|
|
Other Debts |
|
16 |
1 |
|
|
TOTAL LIABILITIES |
1,571 |
958 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
1,625 |
1,386 |
|
|
|
Additional
paid-in capital |
1,619 |
1,381 |
|
|
|
Retained
earnings |
(554) |
(60) |
|
|
|
Evaluation
p/l on investments/securities |
3 |
1 |
|
|
|
Others |
|
5 |
(898) |
|
|
Treasury
stock, at cost |
(60) |
(60) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
2,638 |
1,750 |
|
|
|
TOTAL EQUITIES |
4,210 |
2,709 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
764 |
35 |
|
|
Cash
Flows from Investment Activities |
-265 |
-454 |
|
|
|
Cash Flows
from Financing Activities |
875 |
783 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
1,763 |
389 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
2,638 |
1,750 |
|
|
|
Current
Ratio (%) |
302.92 |
299.01 |
|
|
|
Net
Worth Ratio (%) |
62.66 |
64.60 |
|
|
|
Recurring
Profit Ratio (%) |
11.46 |
10.19 |
|
|
|
Net
Profit Ratio (%) |
10.45 |
9.23 |
|
|
|
Return
On Equity (%) |
16.53 |
19.37 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.100.23 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.