|
Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOKAI RIKA CO LTD |
|
|
|
|
Registered Office : |
3-260 Toyota Ohguchicho Niwa Gun Aichi-Pref 480-0195 |
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|
|
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
August, 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of automotive parts |
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No. of Employees : |
16,565 |
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 |
|
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 |
TOKAI RIKA CO LTD
REGD NAME: KK Tokai Rika Denki
Seisakusho
MAIN OFFICE: 3-260 Toyota
Ohguchicho Niwa Gun Aichi-Pref 480-0195 JAPAN
Tel:
0587-95-5211
Fax:
0587-95-1917 -
URL: http://www.tokai-rika.co.jp
E-Mail address: (thru the URL)
Mfg of automotive parts
Tokyo, Saitama, Osaka, Hiroshima, Yamagata
USA (4), Canada, Brazil, China (3), Taiwan, Thailand (3), Philippines,
Indonesia (2), India, UK, Czech (--subsidiaries)
At the caption address, Toyota, Aichi (3)
YUZO USHIYAMA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 437807 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
22,856 M
TREND UP WORTH Yen 206,667 M
STARTED 1948 EMPLOYES 16,565
MFR OF AUTOMOTIVE PARTS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
327,622 |
20,058 |
5,234 |
(%) |
161,125 |
|
(Consolidated) |
31/03/2012 |
319,577 |
14,977 |
8,123 |
-2.46 |
165,198 |
|
31/03/2013 |
371,932 |
24,505 |
5,187 |
16.38 |
183,875 |
|
|
31/03/2014 |
437,807 |
32,323 |
17,258 |
17.71 |
206,667 |
|
|
31/03/2015 |
444,000 |
29,000 |
19,000 |
1.41 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/03/2015 fiscal term.
This is an automotive parts mfr having association with Toyota Motor, and
leading maker of switches, key locks and seat belts. Increasing weight of electronic parts. 80% of products bound for Toyota group
firms. Has production and distribution
centers overseas. In Indonesia, a plant
for switches and key locks started full-scale operations in autumn 2013. The plant has begun deliveries to Daihatsu
and in preparation for supply to Toyota.
The payout ratio is yet to be determined, but will be at the 20%
level. The company plans to raise the
ratio gradually.
The sales volume for Mar/2014 fiscal term amounted to Yen 437,807
million, a 17.7% up from Yen 371,932 million in the previous term. In parts of automobiles, sales in North
America fared well, and demand in China was also on the recovery track. The recurring profit was posted at Yen 32,323
million and the net profit at Yen 17,256 million, respectively, compared with
Yen 24,505 million recurring profit and Yen 5,187 million net profit,
respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 29,000 million and the net profit at Yen 19,000 million, on a 1.4% rise
in turnover, to Yen 444,000 million.
Domestic sales will decrease, but the drop will be covered with
increased overseas sales. Operating
profit will rise.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug 1948
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 200 million
shares
Issued: 94,234,171 shares
Sum: Yen 22,856 million
Major shareholders (%): Toyota Motor (31.1), Denso Corp (9.3), Master
Trust Bank of Japan T (4.0), Company’s Treasury Stock (3.9), Japan Trustee
Services T (3.4), Dai-ichi Life Ins (2.4), Northern Trust (AVFC) British (1.8),
Japan Trustee Services T9 (1.2), Employees’ S/Holding Assn (1.2), Chase London
SL Omnibus Acct (1.0); foreign owners (19.7)
No. of shareholders: 9,678
Listed on the S/Exchange (s) of: Tokyo
Managements: Yuzo Ushiyama, pres; Kenji Miura, v pres; Yoshihiro
Obayashi, v pres; Shoji Ishida, s/mgn dir; Tadanao Hamamoto, s/mgn dir; Kenji
Kawaguchi, s/mgn dir; Tadashi Wakiya, s/mgn dir; Hiroyuki Nakamura, s/mgn dir;
Masaharu Tanino, s/mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Tokai Rika Electrc, NSK Co, TRMAC Engineering, other.
Activities: Manufactures automotive parts: switches (40%), key locks
(19%), seat belts (18%), sift levers (8%), car mirrors (3%), steering wheels
(3%), jewels, others (10%)
Overseas Sales Ratio (40%).
Clients: [Mfrs, wholesalers] Toyota Motor, TRAM, Daihatsu Motor, Toyota
Tsusho Corp,
TRQSS, Fuji Heavy Ind, Volvo Car Corp, Denso Corp, General Motors, Ford
Motor, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toyota Tsusho Corp, Matsuda Denki Co, NBC Corp, Tokai Rika Create,
Kasai Works Corp, Tokyo Tokushu Glass, Inaguma Press Inc, other
Payment record: No complaints
Location: Business area in Aichi-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
MUFG
(Nagoya)
SMBC
(Nagoya-Ekimae)
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 |
||||
|
Annual Sales |
|
437,807 |
371,932 |
|
|
Cost of Sales |
373,146 |
320,269 |
||
|
GROSS PROFIT |
64,661 |
51,663 |
||
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Selling & Adm Costs |
34,546 |
28,424 |
||
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OPERATING PROFIT |
30,115 |
23,239 |
||
|
Non-Operating P/L |
2,208 |
-1,734 |
||
|
RECURRING PROFIT |
32,323 |
24,505 |
||
|
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NET PROFIT |
17,258 |
5,187 |
|
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BALANCE
SHEET |
||||
|
Cash |
|
25,840 |
27,143 |
|
|
Receivables |
58,446 |
50,658 |
||
|
Inventory |
31,674 |
26,842 |
||
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Securities, Marketable |
46,191 |
47,089 |
||
|
Other Current Assets |
26,970 |
26,853 |
||
|
TOTAL CURRENT ASSETS |
189,121 |
178,585 |
||
|
Property & Equipment |
88,322 |
82,279 |
||
|
Intangibles |
1,701 |
1,617 |
||
|
Investments, Other Fixed Assets |
59,791 |
45,558 |
||
|
TOTAL ASSETS |
338,935 |
308,039 |
||
|
Payables |
39,018 |
52,575 |
||
|
Short-Term Bank Loans |
4,138 |
5,640 |
||
|
|
|
|
||
|
Other Current Liabs |
67,510 |
41,459 |
||
|
TOTAL CURRENT LIABS |
110,666 |
99,674 |
||
|
Debentures |
|
|
||
|
Long-Term Bank Loans |
2,615 |
5,755 |
||
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Reserve for Retirement Allw |
17,447 |
587 |
||
|
Other Debts |
|
1,540 |
18,148 |
|
|
TOTAL LIABILITIES |
132,268 |
124,164 |
||
|
MINORITY INTERESTS |
||||
|
Common stock |
22,856 |
22,856 |
||
|
Additional paid-in capital |
26,225 |
25,135 |
||
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Retained earnings |
147,302 |
133,479 |
||
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Evaluation p/l on
investments/securities |
3,158 |
1,805 |
||
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Others |
13,695 |
7,639 |
||
|
Treasury stock, at cost |
(6,569) |
(7,039) |
||
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TOTAL S/HOLDERS` EQUITY |
206,667 |
183,875 |
||
|
|
TOTAL EQUITIES |
338,935 |
308,039 |
|
|
CONSOLIDATED
CASH FLOWS |
||||
|
Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Cash Flows from Operating Activities |
|
31,312 |
32,767 |
|
|
Cash Flows from Investment
Activities |
-40,255 |
-18,487 |
||
|
Cash Flows from Financing Activities |
-3,200 |
-5,005 |
||
|
|
Cash, Bank Deposits at the Term End |
|
56,385 |
68,110 |
|
ANALYTICAL
RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Net Worth (S/Holders' Equity) |
206,667 |
183,875 |
||
|
Current Ratio (%) |
170.89 |
179.17 |
||
|
Net Worth Ratio (%) |
60.98 |
59.69 |
||
|
Recurring Profit Ratio (%) |
7.38 |
6.59 |
||
|
Net Profit Ratio (%) |
3.94 |
1.39 |
||
|
Return On Equity (%) |
8.35 |
2.82 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.37 |
|
|
1 |
Rs.102.48 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.