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Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TOKYO ELECTRIC POWER CO INC |
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Registered Office : |
1-1-3 Uchi-Saiwaicho Chiyodaku Tokyo
1008560 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May 1951 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engaged in electric power generation & supply which includes thermal, hydroelectric, nuclear, renewable energies, fuels, power supply, network & fuels |
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No. of Employees |
47,254 |
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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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
|
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.
|
Source : CIA |
TOKYO ELECTRIC POWER CO INC
Tokyo Denryoku KK
1-1-3
Uchi-Saiwaicho Chiyodaku Tokyo 1008560 JAPAN
Tel: 03-6373-1111 -
URL: http://www.tepco.co.jp
E-Mail address: (thru the URL)
Electric
power generation & supply
Nationwide
(25 locations)
USA,
UK
Aomori, Fukushima (6), Niigata (2), Ibaraki (2), Chiba (6), Tokyo (4), Nagano (2), Kanagawa (6) (--electric power plant)
NAOMI
HIROSE, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 5,976,239 M
PAYMENTS Slow
but Correct CAPITAL Yen
1,400,975 M
TREND UP WORTH Yen 1,137812 M
STARTED 1951 EMPLOYES 47,254
ELECTRIC POWER COMPANY
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
5,016,257 |
204,340 |
133,775 |
(%) |
2,516,478 |
|
(Consolidated) |
31/03/2011 |
5,368,536 |
317,696 |
-1,247,348 |
7.02 |
1,602,478 |
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|
31/03/2012 |
5,349,445 |
-400,405 |
-781,641 |
-0.36 |
812,476 |
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31/03/2013 |
5,976,239 |
-326,955 |
-685,292 |
11.72 |
1,137,812 |
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31/03/2014 |
6,500,000 |
10,000 |
400,000 |
8.76 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is the world largest-class electric power company, serving Kanto (East Japan) area including Tokyo. But financial position deteriorating due to huge compensations and nuclear reactor decommission expenses resultant of accident as Fukushima Daiichi Nuclear Power Station. Received public fund and put under government control. The company has received its special comprehensive business plan, but there are no prospects at Fukushima Daiichi would be decommissioned. .
The sales volume for Mar/2013 fiscal term amounted to Yen 5,976,239 million, a 12% up from Yen 5,349,445 million in the previous term. The operations continued in the deficit to post Yen 326,955 million recurring loss and Yen 685,292 million net losses, respectively, compared with Yen 400,405 million recurring loss and Yen 781,641 million net losses, respectively, a year ago.
(Apr/Sept/2013 results): Sales Yen 3,216,126 million (up 11.8%), operating profit Yen 167,223 million (previously Yen 104,589 million loss), recurring profit Yen 141,163 million (previously Yen 186,266 million loss), net profit Yen 616,195 million (previously Yen 299,483 million loss). (% & figures compared with the corresponding period a year ago).
For the current term ending Mar 2014 the recurring profit is projected at Yen 10,000 million and the net profit at Yen 400,000 million, on an 8.8% rise in turnover, to Yen 6,500,000 million. Operation of all N-power plants remains stopped. Rate hikes are contributing for the full term. Increase on coal-fired thermal power generation is covering higher fuel cost with the weaker Yen. Labor and repair costs deferment will yield ordinary account surplus. Net profit will expand with a subsidy from NDF (Non-deliverable Forward).
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: May
1951
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 14,100 million shares
Issued:
3,547,017,531 shares
Sum: Yen 1,400,975
million
Major shareholders (%): Nuclear Damage Liability FF (49.8), Employees’ S/Holding Assn (1.4), Credit Suisse Sec USA LLC (1.3), Tokyo Metropolitan Government (1.3), SMBC (1.1), Master Trust Bank of Japan T (0.9), Nippon Life Ins (0.8), Mizuho Bank (0.7), Japan Trustee Services T (0.5), Japan Trustee Services TT (0.4); foreign owners (10.4)
No. of shareholders: 645,800
Listed on the S/Exchange (s) of: Tokyo
Managements: Kazuhiko Shimokobe, ch; Naomi Hirose, pres; Hiroshi Yamaguchi, v pres; Yoshiyuki Ishizaki, v pres; Toshihiro Sano, mgn dir; Tsunemasa Niitsuma, mgn dir; Yuji Masuda, mgn dir; Katsuyuki Sumiyoshi, mgn dir; Motomi Iki, mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Tepco Facilities, Tokyo Hatsuden, Tepco Ind, other.
Activities: Electric power generation & supplies (95%), others (5%)
(Energy & Resources): thermal, hydroelectric, nuclear, renewable energies, fuels, power supply, network & fuels
Clients: Consumers/ users
No. of accounts: 28.9 million, not including special demand
Domestic areas of activities: East Japan, including Tokyo
Suppliers: Mfrs,
wholesalers, construction industries, other
Payment record: Slow
but Correct
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(H/O)
Mizuho
Bank (H/O)
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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5,976,239 |
5,349,445 |
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Cost of Sales |
5,309,162 |
5,914,996 |
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GROSS PROFIT |
667,077 |
-565,551 |
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Selling & Adm Costs |
889,055 |
837,734 |
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OPERATING PROFIT |
-221,988 |
-272,513 |
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Non-Operating P/L |
-104,967 |
-127,892 |
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RECURRING PROFIT |
-326,955 |
-400,405 |
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NET PROFIT |
-685,292 |
-781,641 |
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BALANCE SHEET |
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Cash |
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1,754,977 |
1,287,418 |
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Receivables |
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475,752 |
432,925 |
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Inventory |
|
227,072 |
189,527 |
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Securities, Marketable |
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Other Current Assets |
283,219 |
376,364 |
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TOTAL CURRENT ASSETS |
2,741,020 |
2,286,234 |
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Property & Equipment |
12,248,110 |
13,250,222 |
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Intangibles |
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Investments, Other Fixed Assets |
2,837,839 |
3,669,037 |
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TOTAL ASSETS |
14,989,130 |
15,536,456 |
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Payables |
|
1,127,182 |
932,510 |
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Short-Term Bank Loans |
11,240 |
441,765 |
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Other Current Liabs |
903,862 |
944,688 |
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TOTAL CURRENT LIABS |
2,042,284 |
2,318,963 |
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Debentures |
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3,768,108 |
3,677,464 |
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Long-Term Bank Loans |
3,024,908 |
3,276,110 |
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Reserve for Retirement Allw |
424,198 |
432,562 |
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Other Debts |
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4,591,819 |
5,018,880 |
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TOTAL LIABILITIES |
13,851,317 |
14,723,979 |
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MINORITY INTERESTS |
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Common
stock |
1,400,975 |
900,975 |
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Additional
paid-in capital |
743,621 |
243,631 |
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Retained
earnings |
(972,773) |
(287,497) |
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Evaluation
p/l on investments/securities |
2,452 |
1,288 |
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Others |
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(28,107) |
(37,549) |
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Treasury
stock, at cost |
(8,356) |
(8,372) |
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TOTAL S/HOLDERS` EQUITY |
1,137,812 |
812,476 |
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TOTAL EQUITIES |
14,989,130 |
15,536,456 |
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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 |
|
260,895 |
-2,891 |
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Cash
Flows from Investment Activities |
-636,698 |
-335,101 |
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Cash
Flows from Financing Activities |
632,583 |
-614,734 |
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Cash,
Bank Deposits at the Term End |
|
1,514,564 |
1,253,877 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
1,137,812 |
812,476 |
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Current
Ratio (%) |
134.21 |
98.59 |
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Net
Worth Ratio (%) |
7.59 |
5.23 |
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Recurring
Profit Ratio (%) |
-5.47 |
-7.48 |
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Net
Profit Ratio (%) |
-11.47 |
-14.61 |
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Return
On Equity (%) |
-60.23 |
-96.20 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
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UK Pound |
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
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 |
-- |
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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.