MIRA INFORM REPORT
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Report No. : |
318156 |
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Report Date : |
20.04.2015 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA MACHINE CO LTD |
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Registered Office : |
2068-3 Ohka Numazu City Shizuoka-Pref410-8510 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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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 : |
Manufactures of Machine Tools & Industrial Equipment. |
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No. of Employee : |
3,475 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limits : |
Yen 3,846.1 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
name and address
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: http://www.toshiba-machine.co.jp/
E-Mail address: info@toshiba-machine.co.jp
ACTIVITIES
Mfg of molding machines, machine tools
BRANCHES
Tokyo, Osaka, Nagoya, Sendai, Fukuoka, Takasaki, Shizuoka,
other (Tot 9)
OVERSEAS
USA, Canada, Germany, Singapore, China (10), India, Vietnam, Thailand, Indonesia,
India, other (Tot 14 countries)
FACTORIES
At the caption address, Zama, Gotemba (--Kanagawa); Shanghai
(China), Thailand
(Tot 4)
CHIEF
EXEC
YUKIO IINUMA, PRES
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 113,062 M
PAYMENTS REGULAR CAPITAL Yen
12,484 M
TREND SLOW WORTH Yen
84,217 M
STARTED 1949 EMPLOYES 3,475
COMMENT
MFR SPECIALIZING IN MOLDING MACHINES & MACHINE
TOOLS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,846.1
MILLION, 30 DAYS NORMAL TERMS.
Notes:
Unit: In Million Yen Forecast (or estimated) figures for 31/03/2015 fiscal term
HIGHLIGHTS
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. Emphasis shifting into
injection molding, die-cast and extruding machines, and semiconductor mfg
equipment.
FINANCIAL
INFORMATION
The sales volume for Mar/20143 fiscal term amounted to Yen
113,062 million, a 6.5% down from Yen 120,899 million in the previous
term. The recurring profit was posted at
Yen 6,501 million and the net profit at Yen 4,444 million, respectively,
compared with Yen 9,823 recurring profit and Yen 7,891 million net profits,
respectively, a year ago.
(Apr/Dec/2014 results): Sales Yen 86,727 million (up 10.3%),
operating profit Yen 2,812 million (down 3.5%), recurring profit Yen 4,139
million (up 0.4%), net profit Yen 2,506 million (up 17.9%). (% as compared with the corresponding period a
year ago).
For the term that ended Mar 2015 the recurring profit was
projected at Yen 6,800 million and the net profit at Yen 4,500 million, on a
10.6% rise in turnover, to Yen 125,000 million.
New orders for injection molding machines and die-cast machines
expanded. Final results are yet to be
released.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit
limit is estimated at Yen 3,846.1 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Mar 1949
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 300 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 (27.0).
No. of
shareholders: 10,538
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; Kazuo Takamura, dir; Katsuo
Ito, dir; Takahiro Mikami, dir; Hiroshi Akiyama, 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
OPERATION
Activities:
Manufactures machine tools & industrial equipment:
(Sales
Breakdown by Divisions):
Molding
Machines (65%): Injection molding machines, plastic extrusion machines,
die-casting machines, printing presses, other;
Machine
Tools (20%): high precision machines, semiconductor mfg equipment,
castings, other;
Oil
Hydraulic Equipment (7%): hydraulic equipment, high precision
machines, electronic controls, industrial robots, waste water treatment units, others;
Others
(8%).
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, Fanuc, Yachiyo Corp,
other
Payment
record: Regular
Location: Business area in Numazu City, Shizuoka-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank
References:
SMBC (Tokyo)
Shizuoka Bank (Numazu)
Relations: Satisfactory
FINACIALS
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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113,062 |
120,899 |
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Cost of Sales |
81,480 |
87,294 |
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GROSS PROFIT |
31,581 |
33,605 |
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Selling & Adm Costs |
26,955 |
25,526 |
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OPERATING PROFIT |
4,625 |
8,078 |
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Non-Operating P/L |
1,876 |
1,745 |
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RECURRING PROFIT |
6,501 |
9,823 |
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NET PROFIT |
4,444 |
7,891 |
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BALANCE SHEET |
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Cash |
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21,779 |
21,327 |
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Receivables |
37,951 |
40,006 |
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Inventory |
27,317 |
23,843 |
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Securities, Marketable |
19,500 |
17,000 |
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Other Current Assets |
4,929 |
4,664 |
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TOTAL CURRENT ASSETS |
111,476 |
106,840 |
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Property & Equipment |
21,108 |
19,829 |
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Intangibles |
3,667 |
400 |
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Investments, Other Fixed Assets |
12,429 |
15,170 |
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TOTAL ASSETS |
148,680 |
142,239 |
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Payables |
24,675 |
21,998 |
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Short-Term Bank Loans |
11,296 |
16,859 |
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Other Current Liabs |
11,355 |
14,130 |
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TOTAL CURRENT LIABS |
47,326 |
52,987 |
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Debentures |
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Long-Term Bank Loans |
5,300 |
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Reserve for Retirement Allw |
10,278 |
8,411 |
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Other Debts |
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1,559 |
1,441 |
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TOTAL LIABILITIES |
64,463 |
62,839 |
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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 |
59,319 |
56,306 |
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Evaluation p/l on
investments/securities |
2,648 |
2,221 |
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Others |
207 |
(1,173) |
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Treasury stock, at cost |
(10,041) |
(10,039) |
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TOTAL S/HOLDERS` EQUITY |
84,217 |
79,399 |
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TOTAL EQUITIES |
148,680 |
142,239 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash Flows from Operating Activities |
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3,024 |
7,435 |
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Cash Flows from Investment
Activities |
-1,509 |
-2,195 |
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Cash Flows from Financing Activities |
-1,684 |
-3,003 |
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Cash, Bank Deposits at the Term End |
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41,279 |
38,327 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net Worth (S/Holders' Equity) |
84,217 |
79,399 |
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Current Ratio (%) |
235.55 |
201.63 |
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Net Worth Ratio (%) |
56.64 |
55.82 |
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Recurring Profit Ratio (%) |
5.75 |
8.12 |
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Net Profit Ratio (%) |
3.93 |
6.53 |
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Return On Equity (%) |
5.28 |
9.94 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.35 |
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1 |
Rs.93.10 |
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Euro |
1 |
Rs.67.13 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.