MIRA INFORM REPORT

 

REVISED REPORT

 

 

Report Date :

10.10.2014

 

IDENTIFICATION DETAILS

 

Name :

TAMAGAWA SOLAR SYSTEMS CO LTD

 

 

Registered Office :

Hamamatsucho Place 1F, 1-6-15 Hamamatsucho Minatoku Tokyo 105-0013

 

 

Country :

Japan

 

 

Date of Incorporation :

February 2013

 

 

Com. Reg. No.:

0210-01-050049

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Imports, exports and wholesales photovoltaic (PV) power systems, parts & components, others (--100%)

 

 

No of Employees :

About 15

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

Payment Behaviour :

Unknown

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

 

 

 

 

Company Name & address

 

TAMAGAWA SOLAR SYSTEMS CO LTD

 

 

REGD NAME

 

KK Tamagawa Solar Systems

 

 

MAIN OFFICE

 

Hamamatsucho Place 1F, 1-6-15 Hamamatsucho Minatoku Tokyo 105-0013 Japan

Tel: 03-6435-6933     

Fax: 03-6435-6934

 

URL:                 http://www.tmex.co.jp (of the parent, Tamagawa Holdings Co Ltd)

E-Mail address: (thru the URL)

 

ACTIVITIES:     Wholesale of photovoltaic (FV) power systems

BRANCHES:     Shimonoseki

FACTORIES:    Shimonoseki (Plant)

 

OFFICERS:       YASUHIKO NOGUCHI, PRES

                        Tohru Masuzawa, dir

                        Naruhito Kusaka, dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 466 M*

PAYMENTSUNKNOWN             CAPITAL           Yen 10 M

TREND UNDETD                       WORTH            Yen --- M         

STARTED         2013                             EMPLOYES      15 (ABOUT)

 

*. Reported by the parent for 3 months

 

COMMENT:      TRADING FIRM SPECIALIZING IN SOLAR POWER SYSTEMS, OWNED BY TAMAGAWA HOLDINGS CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Tamagawa Holdings Co Ltd (See REGISTRATION).   This is a trading firm (virtually an intra-company) for import and wholesale specializing in photovoltaic power systems, other.  The mfg plant is located at Shimonoseki, Yamaguchi-Pref, completed in Nov 2013.  Goods are all shipped to the parent for sales.

 

 

FINANCIAL INFORMATION

           

The parent, Tamagawa Holdings Co Ltd reports for Solar System Business as follows:

 

(Jan/Mar/2014 results): new orders received Yen 739 million (up271.1%), sales Yen 466 million (up 179.1%), net profit Yen 32 million (previously Yen 29 million losses).

 

(Apr/Jun/2014 results): new orders received Yen 141 million (down 21.2%), sales Yen 32 million (down 85.2%), net losses Yen 10 million (previously Yen 7 million profit).

(% & figures as compared with the corresponding period a year ago).

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:           Feb 2013

Regd No.:                                 0210-01-050049 (Tokyo-Minatoku)

Legal Status:                Limited Company (Kabushiki Kaisha)

Authorized:                  300 shares

Issued:                         200 shares

Sum:                            Yen 10 million

Major shareholders (%): Tamagawa Holdings Co Ltd* (100)

 

 *.. Mfr of high-frequency circuit devices, at the caption address, founded 1970, listed JASDAQ (Tokyo), capital Yen 1,625 million, sales Yen 4,171 million, operating profit Yen  477 million, recurring profit Yen 472 million, net profit Yen 436 million, total assets Yen 4,210 million, net worth Yen 2,632 million, employees 136, pres Tooru Masuzawa

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports, exports and wholesales photovoltaic (PV) power systems, parts & components, others (--100%)

Clients: Tamagawa Holdings Co Ltd 

No. of accounts: 1 (for distribution nationwide)

Domestic areas of activities: Nationwide

 

Payment record: Unknown

 

Location: Business area in Tokyo.  Office premises at the caption address are owned by the parent, Tamagawa Holdings Co Ltd and maintained satisfactory.

 

Bank References:

Mizuho Bank (Yamato)

MUFG (Yamato)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

NOT YET MADE AVAILABLE

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.04

UK Pound

1

Rs.98.64

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.