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Report Date : |
20.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA MACHINE CO LTD |
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Registered Office : |
2068-3 Ohka Numazu City Shizuoka-Pref 410-8510 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
March, 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of molding machines, machine tools |
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No. of Employees : |
3,482 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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.
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 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
exceeds 225% 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 |
TOSHIBA MACHINE CO
LTD
REGD NAME: Toshiba Kikai KK
MAIN OFFICE: 2068-3 Ohka Numazu
City Shizuoka-Pref410-8510 JAPAN
Tel:
055-926-8510
Fax: 055-926-6501
* Tokyo
Head Office at: 2-2-2 Uchisaiwaicho Chiyodaku Tokyo, as given
URL: Error! Hyperlink reference not valid.
E-Mail address: info@toshiba-machine.co.jp
Mfg of molding machines, machine tools
Tokyo, Osaka, Nagoya, Sendai, Fukuoka, Takasaki, Shizuoka, Fukuyama
USA (4 offices), Canada, Germany, Singapore, China (10 offices), India, Thailand, other (Tot: 9
subsidiaries)
At the caption address, Zama, Gotemba (--Kanagawa); Shanghai (China),
Thailand (Tot 4)
YUKIO IINUMA, PRES
In million Yen, unless otherwise stat
FINANCES FAIR A/SALES Yen 120,859 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
12,484 M
TREND UP WORTH Yen 79,399 M
STARTED 1949 EMPLOYES 3,482
MFR SPECIALIZING IN MOLDING MACHINES & MACHINE TOOLS.
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 |
74,694 |
-2,112 |
-4,531 |
(%) |
63,372 |
|
(Consolidated) |
31/03/2011 |
95,653 |
3,834 |
3,280 |
28.06 |
65,325 |
|
31/03/2012 |
119,519 |
8,948 |
222 |
24.95 |
71,101 |
|
|
31/03/2013 |
120,859 |
9,823 |
2,500 |
1.12 |
79,399 |
|
|
31/03/2014 |
115,000 |
6,000 |
3,500 |
-4.85 |
.. |
Notes: Unit: In
Million Yen
Forecast (or estimated)
figures for 31/03/2014 fiscal term
This is large-sized machine tool mfr set up in 1949 as industrial
machinery mfr. In 1961, merged with
Toshiba group machine tool firm to integrate & strengthen operations. Manufactures
injection molding machines and die-casting machines, as two pillar products,
plastic extrusion machines, semiconductor mfg equipment, other. Injection molding machines and die-casting
machines are its leading export products.
Injection molding machines account for 55%
of the group sales. 4% of the products
are exported to Asia, principally China, USA & Europe. Shanghai subsidiary is also engaged in
production. The firm set up an
additional sales base in the inland China, aiming for cooperating with local
suppliers to improve the local procurement ratio. In Sept 2012 it turned an injection machine
maker in India, L&T Machinery Ltd, into its subsidiary by acquire all its
shares. Completed production base in
Thailand in Jan 2014. The company will
start full-scale cultivation of Japanese-affiliated and European customers,
mainly in the automobile industry in Latin America, using the Mexico Branch of
the US subsidiary and the local subsidiary in Brazil that started up in 2013.
The sales volume for Mar/2013 fiscal term amounted to Yen 120,859
million, a 1.1% up from Yen 119,519 million in the previous term. The recurring profit was posted at Yen 9,823
million and the net profit at Yen 7,891 million, respectively, compared with
Yen 8,948 recurring profit and Yen 6,721 million net profits, respectively, a
year ago.
(Apr/Dec/2013 results): Sales Yen 78,624 million (down 11.2%), operating
profit Yen 2,914 million (down 56.0%), recurring profit Yen 4,122 million (down
48.3%), net profit Yen 2,126 million (down 67.8%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 6,000 million and the net profit at Yen 3,500 million, on a 4.8% fall in
turnover, to Yen 115,000 million. Orders
for molding machines and machine tools are recovering, led by demand from
automakers, making a contribution in the second half. But the operating profit will recede, hit by
sharp drop of sales in the first half.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Mar 1949
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 360 shares
Issued: 166,885,530 shares
Sum: Yen 12,484 million
Major shareholders (%): Toshiba Corp (20.1), Company’s Treasury Stock
(8.9), Japan Trustee Services T (6.4), Master Trust Bank of Japan T (5.4),
Chase London SL Omnibus Acct (3.7), Shizuoka Bank (1.7), SMBC (1.6), Customers’
S/Holding Assn (1.5), Toyota Motor (1.4); foreign owners (16.7).
No. of shareholders: 11,132
Listed on the S/Exchange (s) of: Tokyo
Managements: Yukio Iimura, pres; Yoshihiro Kishimato, s/mgn dir; Satoshi
Hironaa mgn dir; Shigetomo Saamoto, mgn dir; Masayuki Yagi, mgn dir; Makoto Tsuji,
dir; Kazuo Takamura, dir; Katsuo Ito, dir; Hiroshi Aiyama, dir; Yoshihiro
Ogura, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: (Domestic): Toshiba Machine Machinery, Hyest Corp,
Toshiba Machine Plastic & Diecast Engineering, other; (Overseas): Toshiba Machine Co America,
Toshiba Machine Europe GmbH, Toshiba Machine South East (Singapore), other
Activities: Manufactures machine tools & industrial equipment:
(Sales Breakdown by Divisions):
Molding Machines (61%): Injection molding machines, plastic extrusion
machines, die-casting machines, printing presses, other;
Machine Tools (24%): high precision machines, semiconductor mfg
equipment, castings, other;
Oil Hydraulic Equipment (8%): hydraulic equipment, high precision
machines,
electronic controls, industrial robots, waste water treatment units,
others;
Others (7%).
Overseas Sales Ratio (52%)
Clients: [Mfrs, wholesalers] Toshiba Machine America other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] IBJL Toshiba Leasing, Toshiba Machine, other
Payment record: No complaints
Location: Business area in Numazu City, Shizuoka-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
SMBC (H/O)
Shizuoka
Bank (Tokyo)
Relations:
Satisfactory
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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 |
|
120,859 |
119,519 |
|
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Cost of Sales |
87,294 |
88,311 |
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GROSS PROFIT |
33,565 |
31,207 |
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Selling & Adm Costs |
25,526 |
23,796 |
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OPERATING PROFIT |
8,038 |
7,411 |
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Non-Operating P/L |
1,785 |
537 |
||
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RECURRING PROFIT |
9,823 |
8,948 |
||
|
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NET PROFIT |
2,500 |
222 |
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BALANCE
SHEET |
||||
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Cash |
|
21,327 |
20,689 |
|
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Receivables |
40,006 |
45,730 |
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Inventory |
23,843 |
26,374 |
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Securities, Marketable |
17,000 |
13,500 |
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Other Current Assets |
4,664 |
4,881 |
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TOTAL CURRENT ASSETS |
106,840 |
111,174 |
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Property & Equipment |
19,829 |
21,120 |
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Intangibles |
400 |
434 |
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Investments, Other Fixed Assets |
20,170 |
9,569 |
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TOTAL ASSETS |
147,239 |
142,297 |
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Payables |
21,995 |
30,675 |
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Short-Term Bank Loans |
16,859 |
12,110 |
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Other Current Liabs |
14,133 |
13,570 |
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TOTAL CURRENT LIABS |
52,987 |
56,355 |
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Debentures |
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Long-Term Bank Loans |
|
6,100 |
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Reserve for Retirement Allw |
8,411 |
8,237 |
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Other Debts |
|
1,441 |
504 |
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TOTAL LIABILITIES |
62,839 |
71,196 |
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MINORITY INTERESTS |
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Common stock |
12,484 |
12,484 |
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Additional paid-in capital |
19,600 |
19,600 |
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Retained earnings |
56,306 |
49,408 |
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Evaluation p/l on
investments/securities |
2,221 |
1,530 |
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Others |
(1,173) |
(1,882) |
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Treasury stock, at cost |
(10,039) |
(10,039) |
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TOTAL S/HOLDERS` EQUITY |
79,399 |
71,101 |
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TOTAL EQUITIES |
142,239 |
142,297 |
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CONSOLIDATED
CASH FLOWS |
||||
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Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Cash Flows from Operating Activities |
|
7,435 |
368 |
|
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Cash Flows from Investment
Activities |
-2,195 |
-947 |
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Cash Flows from Financing Activities |
-3,003 |
-1,094 |
||
|
|
Cash, Bank Deposits at the Term End |
|
38,327 |
34,189 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net Worth (S/Holders' Equity) |
79,399 |
71,101 |
||
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Current Ratio (%) |
201.63 |
197.27 |
||
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Net Worth Ratio (%) |
55.82 |
49.97 |
||
|
Recurring Profit Ratio (%) |
8.13 |
7.49 |
||
|
Net Profit Ratio (%) |
2.07 |
0.19 |
||
|
Return On Equity (%) |
3.15 |
0.31 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.00 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.81.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.