|
Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOKYO STOCK EXCHANGE INC |
|
|
|
|
Registered Office : |
2-1
Nihombashi-Kabutocho Chuoku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
April 1949 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Subject is a Stock exchange company |
|
|
|
|
No. of Employees : |
361 |
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 |
|
Maximum Credit Limit : |
Yen 3,861.1 Million |
|
Status : |
Satisfactory |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
TOKYO STOCK EXCHANGE INC
REGD NAME: KK
Tokyo Shoken Torihikisho
MAIN OFFICE: 2-1
Nihombashi-Kabutocho Chuoku Tokyo 103-0026
Tel:
03-3666-0141 Fax: 03-3639-5017
URL: http://www.tse.or.jp
E-Mail address: (thru the URL)
Stock exchange company
Nil
AKIRA KIYOTA, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 75,917 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 11,500 M
TREND STEADY WORTH Yen 106,130 M
STARTED 1949 EMPLOYES 361
STOCK EXCHANGE COMPANY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
ESTIMATED AT YEN 3,861.1 MILLION, ON 30 DAYS
NORMAL TERMS.
The subject company is a stock exchange company covering Tokyo &
Osaka markets. In Apr 2013 the firm
merged the Osaka Exchange Market and integrated the operations as Tokyo
Exchange Market. Covers about 90% market
share of the domestic security markets.
The sales volume for Mar/2014 fiscal term amounted to Yen 75,917
million, a 49% up from Yen 50,807 million in the previous term. This is attributed to the said integration of
Tokyo & Osaka Markets. The recurring
profit was posted at Yen 25,548 million and the net profit at Yen 21,622
million, respectively, compared with Yen 13,072 million recurring profit and
Yen 7,178 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 40,000 million and the net profit at Yen 23,000 million, respectively,
on a 10% rise in turnover, to Yen 83,500 million. Stock markets are rising.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 3,861.1 million, on 30 days normal terms.
Date Registered: Apr
1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 9.2 million shares
Issued: 2.3 million shares
Sum: Yen 11,500 million
Major shareholders
(%): Japan Exchange Group Inc* (100)
*.. Holding company of Japan Exchange Group
(JPX), founded Apr 2001 (reorganized), listed Tokyo S/E, capital Yen 11,500
million, turnover, Yen 116,251 million, operating profit Yen 51,120 million,
recurring profit Yen 52,801 million, net profit Yen 29,835 million, total
assets Yen 1,403,713 million, net worth Yen 196,342 million, employees 1,161,
pres Atsushi Saito
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Stock exchange
company, controlling about 90% of the domestic markets (--100%)
Clients: Stock Exchange
Market participant companies, other
No. of accounts: Unavailable
Domestic areas of
activities: Nationwide
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactory.
Bank References:
MUFG (Nihombashi)
Mizuho Bank (Kabutocho)
Relations: Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
83,500 |
75,917 |
50,807 |
47,314 |
|
Recur.
Profit |
|
40,000 |
35,548 |
13,072 |
5,700 |
|
Net
Profit |
|
23,000 |
21,622 |
7,178 |
3,305 |
|
Total
Assets |
|
|
133,884 |
105,400 |
104,830 |
|
Current
Assets |
|
|
85,772 |
56,263 |
55,571 |
|
Current
Liabs |
|
|
22,025 |
10,851 |
7,292 |
|
Net
Worth |
|
|
106,130 |
88,717 |
96,846 |
|
Capital,
Paid-Up |
|
|
11,500 |
11,500 |
11,500 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
9.99 |
49.42 |
7.38 |
.. |
|
Current Ratio |
|
.. |
389.43 |
518.51 |
762.08 |
|
N.Worth Ratio |
|
.. |
79.27 |
84.17 |
92.38 |
|
R.Profit/Sales |
|
47.90 |
46.82 |
25.73 |
12.05 |
|
N.Profit/Sales |
|
27.54 |
28.48 |
14.13 |
6.99 |
|
Return On Equity |
|
.. |
20.37 |
8.09 |
3.41 |
Notes: Forecast (or
estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.