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Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
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Name : |
TESS ENGINEERING CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
May 1979 |
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Com. Reg. No.: |
1200-01-056993 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is engaged in Engineering of Energy-Saving Systems
(Photovoltaic Power Systems, Cogeneration Systems) |
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No. of Employees : |
180 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 |
TESS ENGINEERING
CO LTD
Tess Engineering KK
Shin-Osaka Prime Tower 17F, 6-1-1 Nishi-Nakajima Yodogawaku Osaka
531-0011 JAPAN
Tel: 06-6308-2073
Fax: 06-6308-0948
URL: http://www.tess-eng.co.jp
E-Mail address: (thru
the URL)
Engineering of energy-saving systems (photovoltaic power
systems, Cogeneration systems)
Osaka Governor #75638 (construction works/machinery
installation works), #23366
(architectural firm)
Tokyo, Nagoya, Hiroshima, Fukuoka, Sendai, Sapporo
(Subcontracted to subsidiary firm)
HIDEO IISHIWAKI, PRES Katrsushige
Fujii, mgn dir
Kazuki Yamamoto, dir Tsutomu
Watanabe, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 22,586 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 100 M
TREND UP WORTH Yen 4,173 M
STARTED 1979 EMPLOYES 180
COMMENT: ENGINEERING COMPANY OF SOLAR SYSTEMS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established originally in 1973 by
Masayuki Ishiwaki, on his account, and was incorporated in 1979. Hideo is his son, who took the pres office in
July 2009. This is an engineering
company specializing in energy-saving systems: cogeneration systems, biomass
power systems, photovoltaic (PV) power systems, solar shells, solar power
systems, other (See OPERATION). In Apr 2014 the firm founded a subsidiary,
Intelligent Solar System Co Ltd, to concentrate on solar generation
systems. Products are exported thru
general trading houses. Clients include
major general trading houses for import/export businesses.
The sales volume for Jun/2013 fiscal term amounted to Yen 22,586
million, a 52% up from Yen 14,816 million in the previous term. Solar power systems & solar shells were
in much demand and sales expanded. The
recurring profit was posted at Yen 950 million and the net profit at Yen 809
million, respectively, compared with Yen 182 million recurring profit and Yen
188 million net profit, respectively, a year ago.
For the term that ended Jun 2014 the recurring profit was
projected at Yen 1,000 million and the net profit at Yen 860 million,
respectively, on a 7% rise in turnover, to Yen 24,100 million. The growth should have contributed by the
newly established subsidiary. Final
results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date
Registered : May 1979
Regd
No. : 1200-01-056993 (Osaka-Yodogawaku)
Legal
Status : Limited Company (Kabushiki
Kaisha)
Authorized : 800,000 shares
Issued : 200,000 shares
Sum : Yen 100 million
Major shareholders (%) : Tess Techno Service Co (66.7),
Employees’ S/Holding Assn (21.6), Hideo
Ishiwaki (3), Hiroshi Murakami
(2)
No. of
shareholders : 8
Nothing detrimental is known as to the commercial morality
of executives.
Activities:
Engineering of energy-saving systems: solar power system, biomass power system,
fuel conversion system, gas cogeneration system (diesel, gas, gas turbine,
boiler turbine), carbon management, waste water treatment system, RPF boiler,
anti-air pollution system, air-conditioning systems, uninterruptible power
supply (UPS), micro gas turbine, 24-hour watch systems, other (--100%)
Clients:
[Mfrs, wholesalers] Creative Techno Solution, Orix Corp, Sumitomo Corp, Mitsui
& Co, Toyota Tsusho Corp, Sojitz Corp, ENE-Vision Co, Mitsui Plant Systems,
other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Heavy Ind, Yanmar Energy System Co, Daihatsu
Diesel, Takuma Co, Niigata Power Systems Co, Kyocera Corp, Terasaki Electric
Co, Miura Co, Minatohama Co, Main Marine Co, Takuma Co, Niigata Power Systems
Co, other
Payment
record: No Complaints
Location:
Business area in Osaka. Office premises
at the caption address are leased and maintained satisfactorily.
Bank
References:
MUFG
(Juso)
Resona
Bank (Shin-Osaka-Ekimae)
Relations:
Satisfactory
|
Terms Ending: |
30/06/2014 |
30/06/2013 |
30/06/2012 |
30/06/2011 |
|
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Annual Sales |
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24,100 |
22,586 |
14,816 |
12,147 |
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Recur. Profit |
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1,000 |
950 |
182 |
117 |
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Net Profit |
|
860 |
809 |
188 |
124 |
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Total Assets |
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14,704 |
6,931 |
7,512 |
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Current Assets |
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12,682 |
5,586 |
6,552 |
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Current Liabs |
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|
9,616 |
2,768 |
3,588 |
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Net Worth |
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4,173 |
3,363 |
3,174 |
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Capital, Paid-Up |
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|
100 |
100 |
100 |
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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 |
6.70 |
52.44 |
21.97 |
29.78 |
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Current Ratio |
|
.. |
131.88 |
201.81 |
182.61 |
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N.Worth Ratio |
.. |
28.38 |
48.52 |
42.25 |
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R.Profit/Sales |
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4.15 |
4.21 |
1.23 |
0.96 |
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N.Profit/Sales |
3.57 |
3.58 |
1.27 |
1.02 |
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Return On Equity |
.. |
19.39 |
5.59 |
3.91 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.18 |
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|
1 |
Rs.102.87 |
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Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.