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Report Date : |
19.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOSHIBA CORPORATION |
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Registered Office : |
1-1-1 Shibaura Minatoku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
June, 1904 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of digital products, electronic devices, home appliances |
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No. of Employees : |
200,260 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
TOSHIBA
CORPORATION
REGD
NAME: KK Toshiba
MAIN
OFFICE: 1-1-1 Shibaura Minatoku
Tel: 03-3457-4511 Fax: 03-3456-1632
*..
The is its Kawasaki Office/Plant
URL: http://www.toshiba.co.jp/
E-Mail address: info@toshiba.co.jp
Mfg of digital products, electronic devices,
home appliances
Sapporo, Sendai, Chiba, Yokohama, Nagoya,
Osaka, Hiroshima, other (Tot 58)
Asia/Pacific (69), Europe/Mid East/Africa
(46), North & South America (31)
Fuchu, Ohme, Oita, Kawasaki, Himeji,
Saitama, other (Tot 16)
HISAO TANAKA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 6,502,543 M
PAYMENTSNO COMPLAINTS CAPITAL Yen
439,901 M
TREND UP WORTH Yen 1,652,327 M
STARTED 1904 EMPLOYES 200,260
ELECTRIC MACHINERY
PRODUCER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
6,270,684 |
238,676 |
137,845 |
(%) |
1,179,616 |
|
(Consolidated) |
31/03/2012 |
5,994,347 |
202,628 |
70,054 |
-4.41 |
1,230,211 |
|
|
31/03/2013 |
5,726,986 |
159,629 |
77,366 |
-4.46 |
1,416,077 |
|
|
31/03/2014 |
6,502,543 |
280,938 |
50,826 |
13.54 |
1,652,327 |
|
|
31/03/2015 |
6,700,000 |
250,000 |
120,000 |
3.04 |
.. |
Unit:
In Million Yen
Forecast
(or estimated) figures for 31/03/2015 fiscal term
This is one of the
largest comprehensive electrical machinery mfrs, with NAND flash memory devices
& social infrastructure systems as mainline. Also strong in heavy electric machinery, and
note-type personal computers. Has con
sub Westing House (US). Maintains many
technological tie-ups with foreign firms.
Top ranked in semiconductors and digital equipment in Japan and leading
producer of note-type PC’s. In order to
streamline operations, the firm reduced divisions into three major domains:
Digital products, Electronic devices & components, infrastructure systems
and home electronics. It has established
a transmission & distribution equipment JV with a heavy electric machinery
maker in India.
The sales volume
for Mar/2014 fiscal term was amounted to Yen 6,502,543 million, a 13.5% up from
Yen 5,726,986 million in the previous term.
Profits & earnings returned to a normal level, buoyed by increased
demand. The lifestyle business,
including TV7s and PC’s was profitable.
The recurring profit was posted at Yen 180,936 million and the net
profit at Yen 50,826 million, respectively, compared with Yen 159,629 million
recurring profit and Yen 77,366 million net profit, respectively, a year ago.
For the current
term ending Mar 2015 the recurring profit is projected at Yen 250,000 million and
the net profit at Yen 120,000 million, respectively, on a 3.0% rise in
turnover, to Yen 6,700,000 million.
Sales of NAND devices will remain at a high level. Demand for power systems will recover. Profitability in the P business will improve.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Jun 1904
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
10,000 million shares
Issued:
4,237,602,026 shares
Sum:
Yen 439,901 million
Major shareholders
(%):
Master Trust Bank of Japan T (5.3), Japan Trustee Services Bank T (4.4),
Dai-ichi Life Ins (2.7), Company’s Treasury Stock (2.6), Nippon Life Ins (2.6),
JP Morgan Chase Bank 380072 (1.9), Japan Trustee Services T4 (1.4), Mizuho Bank
(1.3), SMBC (1.2), Japan Trustee Services T1 (1.1); foreign owners (27.3)
No.
of shareholders: 383,080
Listed
on the S/Exchange (s) of: Tokyo
Managements: Masashi
Muromachi, ch; Hisao Tanaka, pres; Hidejiro Shimomitsu, v pres; Masahiko
Fukakushi, v pres; Kiyoshi Kobayashi, v pres; Toshio Masaki, v pres; Hiroshi
Saito, s/mgn dir; Shigenori Shiga, s/mgn dir; Yasuo Naruke, s/mgn dir; Naoto
Nishida, s/mgn dir; Keizo Maeda, mgn dir
Nothing detrimental is knows as to the commercial morality of
executives.
Related
companies: Toshiba Plant System, Toshiba Tec, other
Activities: Manufactures
comprehensive electric machinery (sales breakdown by divisions): Energy &
infrastructure (26%), community solutions (19%), health care (6%), electronic
devices & components (24%), lifestyle (18%), others (7%)
Overseas Sales
Ratio (58%).
Clients: [Electric
powers, wholesalers] Tokyo Electric Power, Tohoku Electric Power, Chubu
Electric Power, Toshiba America Information Systems, Toshiba Digital Media
Network, Toshiba System Europe, other
No.
of accounts: 3,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toshiba Information Equipment Philippines, Iwate Toshiba
Electronics, Intel, Toshiba LSI Package Solution, Toshiba Media Equipment,
Toshiba Taiwan, Toshiba Plant System, Toshiba Lease, other.
Payment
record: No complaints
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank
References:
SMBC
(Tokyo)
Mizuho
Bank (H/O)
Relations:
Satisfactory
|
FINANCES: (Consolidated
in million yen) |
|
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||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
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||
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Annual
Sales |
|
6,502,543 |
5,726,986 |
|
|
Cost of
Sales |
|
4,854,349 |
4,313,956 |
|
|
GROSS
PROFIT |
1,648,194 |
1,413,030 |
|
|
|
Selling
& Adm Costs |
1,357,430 |
1,215,289 |
|
|
|
OPERATING
PROFIT |
290,764 |
197,741 |
|
|
|
Non-Operating P/L |
-9,826 |
-38,112 |
|
|
|
RECURRING PROFIT |
280,938 |
159,629 |
|
|
|
NET
PROFIT |
50,826 |
77,366 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
171,340 |
209,169 |
|
|
Receivables |
|
1,506,400 |
1,372,307 |
|
|
Inventory |
|
934,018 |
1,003,108 |
|
|
Securities, Marketable |
|
|
|
|
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Other
Current Assets |
597,466 |
575,856 |
|
|
|
TOTAL
CURRENT ASSETS |
3,209,224 |
3,160,440 |
|
|
|
Property
& Equipment |
960,035 |
884,680 |
|
|
|
Intangibles |
|
|
|
|
|
Investments, Other Fixed Assets |
2,072,364 |
2,054,882 |
|
|
|
TOTAL
ASSETS |
6,241,623 |
6,100,002 |
|
|
|
Payables |
|
1,199,539 |
1,190,201 |
|
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Short-Term
Bank Loans |
203,523 |
433,128 |
|
|
|
|
|
|
|
|
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Other
Current Liabs |
1,188,984 |
1,114,110 |
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|
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TOTAL
CURRENT LIABS |
2,592,046 |
2,737,439 |
|
|
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Debentures |
|
|
|
|
|
Long-Term
Bank Loans |
1,386,658 |
1,231,036 |
|
|
|
Reserve
for Retirement Allw |
610,592 |
715,450 |
|
|
|
Other
Debts |
|
0 |
0 |
|
|
TOTAL
LIABILITIES |
4,589,296 |
4,683,925 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common stock |
|
439,901 |
439,901 |
|
|
Additional paid-in capital |
404,564 |
404,430 |
|
|
|
Retained earnings |
652,367 |
635,419 |
|
|
|
Evaluation p/l on investments/securities |
423,261 |
381,809 |
|
|
|
Others |
|
(266,079) |
(443,940) |
|
|
Treasury stock, at cost |
(1,687) |
(1,542) |
|
|
|
TOTAL
S/HOLDERS` EQUITY |
1,652,327 |
1,416,077 |
|
|
|
TOTAL
EQUITIES |
6,241,623 |
6,100,002 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash Flows from Operating Activities |
286,586 |
132,316 |
|
|
|
Cash Flows from Investment Activities |
-246,555 |
-196,347 |
|
|
|
Cash Flows from Financing Activities |
-89,309 |
41,772 |
|
|
|
Cash, Bank Deposits at the Term End |
171,340 |
209,169 |
|
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net Worth (S/Holders' Equity) |
1,652,327 |
1,416,077 |
|
|
|
Current Ratio (%) |
123.81 |
115.45 |
|
|
|
Net Worth Ratio (%) |
26.47 |
23.21 |
|
|
|
Recurring Profit Ratio (%) |
4.32 |
2.79 |
|
|
|
Net Profit Ratio (%) |
0.78 |
1.35 |
|
|
|
Return On Equity (%) |
3.08 |
5.46 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.33 |
|
|
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
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.