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Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
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Name : |
Tokyo Cosmos Electric Co Ltd |
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Registered Office : |
2-12-1 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 1947 |
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Com. Reg. No.: |
0210-01-028329 (Kanagawa-Zama) |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is specializes in variable resistors to hybrid ICs, automobile-use flexible heating sheets & sensor part |
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No. of Employees |
966 |
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 176.8 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 |
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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.
|
Source : CIA |
TOKYO COSMOS ELECTRIC CO LTD
Tokyo Cosmos Denki
KK
2-12-1 Sobudai
Zama City Kanagawa-Pref 252-0011 JAPAN
Tel:
046-253-2111 Fax: 046-253-3640- -
URL: http://www.tokos-j.cl.jp
E-Mail address: (thru the URL)
Mfg of
variable resistors, automotive electric components, sensors
Kanagawa, Tokyo
At the
caption address; Yantai (China)
HIDEMI
TAKAHASHI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 6,740 M
PAYMENTSNo Complaints
CAPITAL Yen 1,277 M
TREND SLOW WORTH Yen 3,528 M
STARTED 1947 EMPLOYES 966
MFR OF VARIABLE RESISTORS, SENSORS, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 176.8 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
6,757 |
424 |
215 |
(%) |
3,696 |
|
(Consolidated) |
31/03/2011 |
8,784 |
704 |
389 |
30.00 |
3,080 |
|
|
31/03/2012 |
7,588 |
386 |
58 |
-13.62 |
3,148 |
|
|
31/03/2013 |
7,122 |
498 |
334 |
-6.14 |
3,528 |
|
|
31/03/2014 |
7,600 |
650 |
270 |
6.71 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is a major mfr of variable resistors, mainly for industrial machinery. Diversifying from the specialization in variable resistors to hybrid ICs, automobile-use flexible heating sheets & sensor parts. The company started operation of new lines for motorcycle sensors at its plant in Yantai, Chine in January 2014, aiming to strengthen marketing of these products in China & Taiwan. It will promote newly-launched small wireless modules, appealing its ease of use and energy-saving performances.
The sales volume for Mar/2013 fiscal term amounted to Yen 7,122 million, a 6.1% down from Yen 7,588 million in the previous term. The recurring profit was posted at Yen 498 million and the net profit at Yen 334 million, respectively, compared with Yen 386 million recurring profit and Yen 58 million net profit, respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 5,996 million (up 3.6%), operating profit Yen 556 million (u 20.7%), recurring profit Yen 503 million (up 10.3%), net profit Ye 357 million (up 26.5%). (% compared with the corresponding period a year ago).
For the current term ending Mar 20143 the recurring profit is projected at Yen 650 million and the net profit at Yen 370 million, on a 6.7% rise in turnover, to Yen 7,600 million. Sales of variable resistors for amusement equipment are holding steady.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 176.8 million, on 30 days normal terms.
Date Registered: Apr
1947
Regd No.:
0210-01-028329
(Kanagawa-Zama)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 42 million shares
Issued:
15,812,500 shares
Sum: Yen 1,277
million
Major shareholders (%): Customers’ S/Holding Assn (4.6), Mitsubishi Corp (4.3), SECOM General Ins (3.0), MUFG (2.7), Okasan Security Group (2.5), Toshio Shimizu (2.0), Tsuneo Maru (1.7), other
No. of shareholders: 1,931
Listed on the S/Exchange (s) of: Tokyo (second section)
Managements: Hidemi Takahashi, pres; Yoshinori Inose, mgn dir; Akira Yanagida, dir; Minoru Terada, dir; Hiroharu Murakami, dir
Nothing detrimental is known as to the commercial morality of executives..
Activities: Manufactures variable resistors (45%), automotive electrical components (sheets sensors other) (48%), others (7%)
Overseas Sales Ratio (20%)
Clients: [Mfrs, wholesalers] Hitachi
Automotive Systems, Hiramatsu, Cosmos Electronic
Sales,
Mahle Filter Systems, other
Exports
to China, Taiwan, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Shoji Plastic, Tokuriki Honten, Shin-Etsu
Precision, other
Payment record: No
Complaints
Location: Business
area in Zama City, Kanagawa-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Jinbocho)
Resona
Bank (Kanda)
Relations:
Satisfactory
(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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7,122 |
7,588 |
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Cost of Sales |
5,384 |
5,929 |
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GROSS PROFIT |
1,738 |
1,659 |
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Selling & Adm Costs |
1,249 |
1,248 |
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OPERATING PROFIT |
488 |
410 |
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Non-Operating P/L |
10 |
-24 |
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RECURRING PROFIT |
498 |
386 |
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NET PROFIT |
334 |
58 |
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BALANCE SHEET |
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Cash |
|
2,038 |
1,856 |
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Receivables |
|
1,906 |
2,023 |
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Inventory |
|
1,415 |
1,386 |
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Securities, Marketable |
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Other Current Assets |
369 |
224 |
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TOTAL CURRENT ASSETS |
5,728 |
5,489 |
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Property & Equipment |
2,515 |
2,796 |
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Intangibles |
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8 |
14 |
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Investments, Other Fixed Assets |
697 |
777 |
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TOTAL ASSETS |
8,948 |
9,076 |
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Payables |
|
897 |
1,078 |
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Short-Term Bank Loans |
240 |
340 |
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Other Current Liabs |
1,351 |
1,363 |
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TOTAL CURRENT LIABS |
2,488 |
2,781 |
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Debentures |
|
112 |
187 |
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Long-Term Bank Loans |
1,536 |
1,729 |
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Reserve for Retirement Allw |
701 |
636 |
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Other Debts |
|
582 |
594 |
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TOTAL LIABILITIES |
5,419 |
5,927 |
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MINORITY INTERESTS |
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Common
stock |
1,277 |
1,277 |
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Additional
paid-in capital |
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Retained
earnings |
1,625 |
1,310 |
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Evaluation
p/l on investments/securities |
52 |
13 |
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Others |
|
592 |
566 |
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Treasury
stock, at cost |
(18) |
(18) |
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TOTAL S/HOLDERS` EQUITY |
3,528 |
3,148 |
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TOTAL EQUITIES |
8,948 |
9,075 |
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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 |
|
656 |
53 |
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Cash
Flows from Investment Activities |
-33 |
-353 |
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Cash
Flows from Financing Activities |
-431 |
152 |
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Cash,
Bank Deposits at the Term End |
|
1,591 |
1,356 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
3,528 |
3,148 |
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Current
Ratio (%) |
230.23 |
197.38 |
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Net
Worth Ratio (%) |
39.43 |
34.69 |
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Recurring
Profit Ratio (%) |
6.99 |
5.09 |
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Net Profit
Ratio (%) |
4.69 |
0.76 |
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Return
On Equity (%) |
9.47 |
1.84 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
UK Pound |
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.