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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TD POWER SYSTEMS JAPAN LTD |
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Registered Office : |
Towa Bldg 4F, 3-3-3 Kita-Shinagawa
Shinagawaku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
16.04.1999 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Branch Office |
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Line of Business : |
importer and exporter
of AC generators & power systems, products of TD Power Systems Pvt Ltd
(India), joint products of Toyo Denki Seizo KK & Shin Nippon Electric Co.
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No. of Employees |
12 |
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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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.
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Source : CIA |
TD POWER SYSTEMS JAPAN LTD
TD Power Systems
Ltd
Towa Bldg 4F,
3-3-3 Kita-Shinagawa Shinagawaku Tokyo 140-0001 JAPAN
Tel:
03-5783-5380
Fax: 03-5783-5381
URL: www.tdps.co.jp
E-mail: s.matsuzawa@tdps.co.jp
Import,
export of AC generators, power systems
Nil
Bangalore
(India) (Parent’s office & factory)
HITOSHI
MATSUO, PRES Hikhil
Kumar, v pres
Tadao
Miyanishi, dir Zenjiro
Miyake, dir
Sennosuke
Matsuzawa, dir Yukinobu
Teshima, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,926 M
PAYMENTS No
Complaints CAPITAL - - -*
TREND SLOW WORTH Yen
461 M
STARTED 1999 EMPLOYES 12
*
Being a branch office, no capitals are registered in Japan
TRADING FIRM SPECIALIZING IN AC GENERATORS, WHOLLY OWNED BY TD POWER
SYSTEMS PVT LTD, INDIA.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS
The subject company was established by TD Power Systems Pvt Ltd (India)
as its marketing branch office in Japan. The Indian parent manufactures AC generators
under license from Toyo Denki Seizo KK, producer of electrical equipment for
rolling-stock, Tokyo (See REGISTRATION). This is a trading firm for import and export
of AC generators & power systems of the joint making with Toyo Denki Seizo
KK. Products are more exported than
imported.
The sales volume for Mar/2013 fiscal term amounted to Yen 1,926 million,
a 44% down from Yen 3,449 million in the previous term. Orders sharply decreased. Higher Yen also hurt export revenues and ate
into profits in Yen terms. The recurring
profit was posted at Yen 220 million and the net profit at Yen 136 million,
respectively, compared with Yen 231 million recurring profit and Yen 114
million net profit, respectively, a year ago.
.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 230 million and the net profit at Yen 140 million, respectively, on a 4%
rise in turnover, to Yen 2,000 million.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements.
Date Registered: 16 Apr 1999
Legal Status: Branch Office
Capitals: Being
Branch Office, capitals are not registered
* Toyo Denki Seizo KK, mfr of electrical equipment for rolling stock,
Tokyo, founded 1918, listed Tokyo S/E, capital Yen 4,998 million, sales Yen
30,575 million, operating profit Yen 501 million, recurring profit Yen 1,150
million, net profit Yen 722 million, total assets Yen 43,035 million, net worth
Yen 17,834 million, employees 1,170, pres Hitoshi Kenzo Terashima
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Trading firm for
import and export of AC generators & power systems, products of TD Power
Systems Pvt Ltd (India), joint products of Toyo Denki Seizo KK & Shin
Nippon Electric Co (Tokyo) (--100%)
(Handling Items): steam turbine, gas
turbine, hydro turbine, gas engine, diesel engine, wind power, other
Clients: [Mfrs,
wholesalers] Tharmax Limited, Nippon Steel & Sumikin Metal Ind, Hitachi
Zosen, Ebara Corp, Toyo Denki Seizo KK, Takuma Co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyo Denki Seizo
KK, Daido Electric, Niigata Power Systems, Hatayama Iron Works, other
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(Shinagawa-Ekimae)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
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Annual
Sales |
|
2,000 |
1,926 |
3,449 |
2,331 |
|
Recur.
Profit |
|
230 |
220 |
231 |
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Net
Profit |
|
140 |
136 |
114 |
68 |
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Total
Assets |
|
|
673 |
636 |
624 |
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Current
Assets |
|
|
668 |
632 |
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Current
Liabs |
|
|
211 |
312 |
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Net
Worth |
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|
461 |
324 |
209 |
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Capital,
Paid-Up |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.84 |
-44.16 |
47.96 |
-20.25 |
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Current Ratio |
|
.. |
316.59 |
202.56 |
.. |
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N.Worth Ratio |
.. |
68.50 |
50.94 |
33.49 |
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R.Profit/Sales |
|
11.50 |
11.42 |
6.70 |
.. |
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N.Profit/Sales |
7.00 |
7.06 |
3.31 |
2.92 |
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Return On Equity |
.. |
29.50 |
35.19 |
32.54 |
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Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
UK Pound |
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
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 |
-- |
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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.