MIRA
INFORM REPORT
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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TOKO INC |
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Registered Office : |
18 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
09.08.1955 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of coils |
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No. of Employees : |
11684 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 749.8 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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
TOKO INC
REGD NAME
Toko KK
MAIN OFFICE
18 Gomigaya Tsurugashima
City Saitama-Pref 350-2281 JAPAN
Tel:
049-285-2511 Fax: 049-286-7381 -
URL: http://www.toko.co.jp
E-Mail address: info@toko.co.jp
ACTIVITIES
Mfg of
coils
BRANCHES
Osaka,
Nagoya
OVERSEAS
USA
(2), Hong Kong, China (5), Taiwan, Singapore, Germany, Thailand
FACTORIES
At the caption address,
subsidiaries; China (3), Hong Kong, Taiwan, Vietnam (2), Malaysia
CHIEF EXEC
SHIGERU
KAWATSUHARA, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,829 M
PAYMENTS Slow
but Correct CAPITAL Yen
17,446 M
TREND UP WORTH Yen 16,530 M
STARTED 1955 EMPLOYES 11684
COMMENT
MFR OF COILS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 749.8 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/12/2009 |
37,986 |
-199 |
93 |
(%) |
19,720 |
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(Consolidated) |
31/12/2010 |
27,477 |
30 |
-1,719 |
-27.67 |
16,071 |
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31/12/2011 |
27,277 |
-503 |
-2,629 |
-0.73 |
12,480 |
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31/12/2012 |
26,829 |
926 |
120 |
-1.64 |
16,530 |
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31/12/2013 |
32,400 |
2,800 |
1,900 |
20.76 |
.. |
Units: In Million Yen
Forecast figures for the 31/12/2013
fiscal term.
HIGHLIGHTS
This is the leading mfr of coils. Developed in 1956 intermediate-frequency coil for transistor radios, first in world. Under auspices as listing sub of Murata Manufacturing by the end of December 2013 term. Leads other makers in field of magnetic metal alloy products. The company continues procedures related to TBO by Murata Mfg. It intends to use Murata’s sales channels to promote metal alloy coils for electronic control units used for automobile engines.
Product Details
Coil Based
Products
· Coil, Transformer, and Inductor
Widely
applicable on DVD, DSC/DVC, digital AV devices such as LCD TV, and
communication devices such as mobile phones
Common-mode
Choke Coil, Interface module
Applicable
on TI and network equipment such as personal computers, LAN, FTTH, etc.
Module Products
Digital
broadcasting and receiving module
Digital
radio for North America
Contactless
power transmission module
Contactless
power charger is suitable for cordless phone, TV game, headphone, etc.
Electronic Ceramic
Products
· Dielectric Filter, Antenna
Suitable
for various communication equipment, navigation systems.
Multilayer
Related Products (such as chip inductors)
Multilayer
chip products are suitable for mobile communication products such as cellular
phones.
FINANCIAL INFORMATION
The sales volume for Dec/2012 fiscal term amounted to Yen 26,829 million, a 2% down from Yen 27,277 million in the previous term. The recurring profit was posted at Yen 926 million and the net profit at Yen 120 million, respectively, compared with Yen 503 million recurring loss and Yen 2629 million net loss, respectively, a year ago.
(Jan/Sept/2013 results): Sales Yen 24,223 million (up 21.1%), operating profit Yen 2,600 million (up 227.3%), recurring profit Yen 2,441 million (up 497.9%), net profit Yen 1,620 million (previously Yen 358 million loss). (% & figures compared with the corresponding period a year ago).
For the current term ending Dec/2013 the recurring profit is projected at Yen 2,800 million and the net profit at Yen 1,900 million, on a 21% rise in turnover, to Yen 32,400 million. Sales of metal alloy coils for new smartphones of global leading smartphone makers rose substantially, buoyed by the positive impact of the weaker Yen. Operating profit will expand sharply, absorbing higher depreciation costs.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 749.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: 09 Aug 1955
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 300 million shares
Issued:
108,122,646 shares
Sum: Yen 17,446
million
Major shareholders (%): Murata Manufacturing (9.7), Goldman Sachs International (3.9), Saitama Resona Bank (3.8), Dai-ichi Life Ins (3.3), Master Trust Bank of Japan T (2.5), Mizuho Bank 2.5), UBS (London) IPB Segregated Cl (2.3), Japan Trustee Services T (2.2), BONY GCM Client JPRDISGFEAC (2.1), Alps Electric (1.5); foreign owners (24.5)
No. of shareholders: 9,146
Listed on the S/Exchange (s) of: Tokyo
Managements: Shigeru Kawatsubara, pres; Takashi Kuwajima, s/mgn dir; Masafumi Mizuno, mgn dir; Minoru Hojo, mgn dir; Etsuo Hayakawa, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Toko Coiltec Co, Hikari Electronics Co, Ele-Kitakami Co, other.
OPERATION
Activities: Manufactures coils, other:
(Sales Breakdown by
Divisions):
Coil Products (83%): coil, transformer, inductor, common-mode choke coil, interface module, other;
Module Products (7%): digital broadcasting & receiving module, contactless power transmission module, other;
Solid State Products (10%): dielectric filter, antenna, multilayer related products (such as chip inductors), other
Clients: [Mfrs, wholesalers] Samsung, Panasonic Corp, Continental Automotive, Sony Corp, Compal, Denso, Motorola Mobility, Alps, Sharp, LG, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Electric Wire, Epson Atomix, Hitachi Metal, Shoei Chemical Ind, other
Payment record: Slow but Correct
Location: Business area in Tsurugashima City, Saitama-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Uchisaiwaicho)
Saitama Resona Bank (Tokyo)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2012 |
31/12/2011 |
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INCOME STATEMENT |
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Annual Sales |
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26,829 |
27,277 |
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Cost of Sales |
19,648 |
21,115 |
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GROSS PROFIT |
7,181 |
6,162 |
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Selling & Adm Costs |
5,946 |
6,410 |
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OPERATING PROFIT |
1,234 |
-248 |
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Non-Operating P/L |
-308 |
-255 |
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RECURRING PROFIT |
926 |
-503 |
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NET PROFIT |
120 |
-2,629 |
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BALANCE SHEET |
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Cash |
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8,192 |
6,685 |
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Receivables |
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6,826 |
6,851 |
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Inventory |
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5,151 |
4,573 |
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Securities, Marketable |
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Other Current Assets |
1,218 |
1,160 |
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TOTAL CURRENT ASSETS |
21,387 |
19,269 |
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Property & Equipment |
12,708 |
10,344 |
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Intangibles |
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201 |
108 |
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Investments, Other Fixed Assets |
61,799 |
1,876 |
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TOTAL ASSETS |
96,095 |
31,597 |
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Payables |
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2,645 |
2,082 |
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Short-Term Bank Loans |
6,472 |
7,436 |
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Other Current Liabs |
3,087 |
2,673 |
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TOTAL CURRENT LIABS |
12,204 |
12,191 |
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Debentures |
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1,500 |
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Long-Term Bank Loans |
2,034 |
2,701 |
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Reserve for Retirement Allw |
2,296 |
2,640 |
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Other Debts |
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1,531 |
1,585 |
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TOTAL LIABILITIES |
19,565 |
19,117 |
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MINORITY INTERESTS |
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Common
stock |
17,446 |
17,446 |
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Additional
paid-in capital |
3,803 |
5,604 |
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Retained
earnings |
(293) |
(3,207) |
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Evaluation
p/l on investments/securities |
115 |
19 |
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Others |
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(4,088) |
(6,931) |
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Treasury
stock, at cost |
(453) |
(451) |
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TOTAL S/HOLDERS` EQUITY |
16,530 |
12,480 |
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TOTAL EQUITIES |
36,095 |
31,597 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2012 |
31/12/2011 |
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Cash
Flows from Operating Activities |
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1,937 |
772 |
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Cash
Flows from Investment Activities |
-2,483 |
-1,438 |
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Cash
Flows from Financing Activities |
1,485 |
-335 |
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Cash,
Bank Deposits at the Term End |
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8,127 |
6,591 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2012 |
31/12/2011 |
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Net
Worth (S/Holders' Equity) |
16,530 |
12,480 |
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Current
Ratio (%) |
175.25 |
158.06 |
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Net
Worth Ratio (%) |
45.80 |
39.50 |
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Recurring
Profit Ratio (%) |
3.45 |
-1.84 |
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Net
Profit Ratio (%) |
0.45 |
-9.64 |
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Return
On Equity (%) |
0.73 |
-21.07 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
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UK Pound |
1 |
Rs.103.93 |
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Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.