|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOYO DENKI SEIZO KK |
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|
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Registered Office : |
Tokyo Tatemono Bldg 5F, 1-4-16 Yaesu Chuoku Tokyo 103-0028 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
June, 1918 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Manufacturing of driving gear units & pantographs for railway cars |
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|
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No. of Employees : |
1,159 |
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 |
TOYO DENKI SEIZO
KK
REGD NAME: Toyo Denki Seizo KK
MAIN OFFICE: Tokyo Tatemono Bldg
5F, 1-4-16 Yaesu Chuoku Tokyo 103-0028 JAPAN
Tel:
03-5202-8121
Fax: 03-5202-8147-
URL: http://www.toyodenki.co.jp
E-Mail address: contact@toyodenki.co.jp
Mfg of driving gear units & pantographs for railway cars
Osaka, Nagoya, Fukuoka Sapporo, other (Tot 8)
USA (2), China (4)
Yokohama, Shiga
KENZO TERASHIMA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen
30,575 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
4,998 M
TREND SLOW WORTH Yen
18,519 M
STARTED 1918 EMPLOYES 1,159
MFR OF DRIVING GEAR UNITS FOR RAILWAY CARS
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 |
35,429 |
982 |
512 |
(%) |
12,585 |
|
(Consolidated) |
31/05/2011 |
37,893 |
1,577 |
678 |
6.95 |
14,268 |
|
31/05/2012 |
38,570 |
242 |
785 |
1.79 |
15,049 |
|
|
31/05/2013 |
30,575 |
291 |
722 |
-20.73 |
18,519 |
|
|
31/05/2014 |
36,000 |
1,500 |
750 |
17.74 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/05/2014 fiscal term.
The subject company was established in 1918 for mfg control equipment
and traction motors for delivery direct to Keihin Electric Railway Co. This is a leading mfr of driving gear units
& pantographs for railway cars. The
firm is engaged in three main areas of business: transportation systems,
industrial systems an information systems.
More emphasis is placed on car testing equipment for use in automobile
development. Also makes other industrial
equipment including inverters & motors.
The firm established a new local sales subsidiary in China in Dec/2011,
to develop infrastructure for promoting industrial products, in addition to
railway-related products. The company
aims to win orders for products for subways in Chengdu in China and
transportation systems in Macao
The sales volume for May/2013 fiscal term amounted to Yen 30,575
million, a 20.7% down from Yen 38,570 million in the previous term. The recurring profit was posted at Yen 1,150
million and the net profit at Yen 722 million, respectively, compared with Yen
1,788 million recurring profit and Yen 785 million net profit, respectively, a
year ago.
((Jun/2013/Feb/2014 results): Sales Yen 24,511 million (up 19.3%),
operating profit Yen 345 million (previously Yen 521 million loss), recurring
profit Yen 348 million (previously Yen 19 million loss), net profit Yen 264
million (previously Yen 319 million loss). (% & figures compared with the
corresponding period a year ago).
For the current term ending May 2014 the recurring profit is projected
at Yen 1,500 million and the net profit at Yen 750 million, on a 17.7% rise in
turnover, to Yen 36,000 million. New orders
for railway related products are brisk in China & North America. New orders from Beijing and Los Angeles
authorities, Yen 5 billion in total, will contribute.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jun 1918
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 180 million
shares
Issued: 48,675,000 shares
Sum: Yen 4,998 million
Major shareholders (%): East Japan Railway (4.9), Nippon Life Ins (4.6),
Toyota Industries (4.3), Hitachi Ltd (4.3), Employees’ S/Holding Assn (4.0)),
MUFG (2.7), Bank of Yokohama (2.1), Ookuraya Jyutaku Co (2.1), Co-op Factory’s
S/Holding Assn (1.9), Tsukishima Kikai (1.6); foreign owners (3.4)
No. of shareholders: 5,432
Listed on the S/Exchange (s) of: Tokyo
Managements: Hiroshi Tsuchida, ch, Kenzo Terashima, pres; Yoshio Hosoda,
mgn dir; Hiroshi Shimotakahara, dir; Masami Tsuchiya, dir; Yoshihiko Yoshino,
dir; Hiroyuki Arai, dir
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures driving gear units and pantographs for railway
cars:
(Sales Breakdown by Divisions):
Transportation Systems (57%): traction motor, driving gear unit, propulsion
inverter, TD coupling, auxiliary power supply, pantograph, total train
communication system, doo operating equipment, slope and stem for train,
railway power storage system, solution system, other;
Industrial Systems (38%): FA systems: intelligent inverters, eco-drive
motor, sine-wave converters, DC drive system, programmable controller,
high-speed operation controller, current-limiting fuse, distributed power
source, FA system products, power generating equipment system, water supply
equipment system, sewage equipment system, other:
Information Systems (6%): commuter pass vending machines, automatic
commuter pass vending machines, handheld ticket vending machines, multifunction
fare adjustment machines, automatic fare adjustment machines, compact fare
adjustment machines, smart card vending machines, other
Overseas Sales Ratio (24%)
Clients: [Railways, mfrs] JR (Japan Railway),Toyota Motor, Tokyo Metro
(Subway),Tobu railway, Ministry of Defense, Mitsubishi Heavy Ind, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Electric, Kubotec, NK Company, Sumisho Tekko
Hambai, TD Drive,
Nippon Chemi-Con Corp, Fuji Planning, other
Payment record: No complaints
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
MUFG
(Tokyo)
Bank of
Yokohama (Tokyo)
Relations:
Satisfactory
|
FINANCES: (Consolidated
in million yen) |
||||
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|
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Terms Ending: |
31/05/2013 |
31/05/2012 |
|
INCOME
STATEMENT |
||||
|
Annual Sales |
|
30,575 |
38,570 |
|
|
Cost of Sales |
22,878 |
29,736 |
||
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GROSS PROFIT |
7,696 |
8,834 |
||
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Selling & Adm Costs |
7,194 |
7,133 |
||
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OPERATING PROFIT |
501 |
1,701 |
||
|
Non-Operating P/L |
-210 |
-1,459 |
||
|
RECURRING PROFIT |
291 |
242 |
||
|
|
NET PROFIT |
722 |
785 |
|
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BALANCE
SHEET |
||||
|
Cash |
|
1,302 |
1,489 |
|
|
Receivables |
13,384 |
13,728 |
||
|
Inventory |
6,663 |
5,530 |
||
|
Securities, Marketable |
|
|
||
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Other Current Assets |
594 |
668 |
||
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TOTAL CURRENT ASSETS |
21,943 |
21,415 |
||
|
Property & Equipment |
5,012 |
4,861 |
||
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Intangibles |
321 |
346 |
||
|
Investments, Other Fixed Assets |
15,088 |
11,464 |
||
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TOTAL ASSETS |
42,364 |
38,086 |
||
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Payables |
4,646 |
4,544 |
||
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Short-Term Bank Loans |
4,296 |
6,376 |
||
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|
|
|
||
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Other Current Liabs |
5,338 |
5,800 |
||
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TOTAL CURRENT LIABS |
14,280 |
16,720 |
||
|
Debentures |
|
120 |
||
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Long-Term Bank Loans |
5,413 |
2,719 |
||
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Reserve for Retirement Allw |
3,289 |
3,136 |
||
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Other Debts |
|
862 |
341 |
|
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TOTAL LIABILITIES |
23,844 |
23,036 |
||
|
MINORITY INTERESTS |
||||
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Common stock |
4,998 |
4,998 |
||
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Additional paid-in capital |
3,177 |
3,177 |
||
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Retained earnings |
7,155 |
6,722 |
||
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Evaluation p/l on
investments/securities |
3,367 |
415 |
||
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Others |
(15) |
(161) |
||
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Treasury stock, at cost |
(163) |
(102) |
||
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TOTAL S/HOLDERS` EQUITY |
18,519 |
15,049 |
||
|
|
TOTAL EQUITIES |
42,364 |
38,086 |
|
|
CONSOLIDATED
CASH FLOWS |
||||
|
Terms ending: |
31/05/2013 |
31/05/2012 |
||
|
Cash Flows from Operating Activities |
|
1,069 |
-1,328 |
|
|
Cash Flows from Investment
Activities |
-1,457 |
-2,148 |
||
|
Cash Flows from Financing Activities |
155 |
2,563 |
||
|
|
Cash, Bank Deposits at the Term End |
|
1,302 |
1,489 |
|
ANALYTICAL
RATIOS Terms ending: |
31/05/2013 |
31/05/2012 |
||
|
Net Worth (S/Holders' Equity) |
18,519 |
15,049 |
||
|
Current Ratio (%) |
153.66 |
128.08 |
||
|
Net Worth Ratio (%) |
43.71 |
39.51 |
||
|
Recurring Profit Ratio (%) |
0.95 |
0.63 |
||
|
Net Profit Ratio (%) |
2.36 |
2.04 |
||
|
Return On Equity (%) |
3.90 |
5.22 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
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.