|
Report No. : |
317587 |
|
Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOKYO COSMOS ELECTRIC CO LTD |
|
|
|
|
Registered Office : |
2-12-1 Sobudai, Zama city, Kanagawa Pref 252-8550 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
April, 1947 |
|
|
|
|
Com. Reg. No.: |
0210-01-028329 |
|
|
|
|
Legal Form : |
Not Available |
|
|
|
|
Line of Business : |
Import/Export/Selling(Online shop) of potentiometers, trimmer
potentiometers, encoders/coded switches, electronic devices for automotive
applications, non-contact angle sensor, tocos heater, wireless engine,
switches, trimmer capacitors, opto electronic devices, others. |
|
|
|
|
No. of Employees : |
157 |
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 207.4 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
|
ENGLISH COMPANY NAME |
TOKYO COSMOS ELECTRIC CO LTD |
|||
|
Japanese company name |
Tokyo Cosmos Denki KK (Kabushiki Kaisha) |
|||
|
Registered Office |
||||
|
1. Street Number and District |
2-12-1 Sobudai |
|||
|
2. City and Perefecture |
Zama city, Kanagawa Pref |
|||
|
3. ZIP Code |
252-8550 |
|||
|
4. Country |
JAPAN |
|||
|
TEL |
046-253-2115 |
|||
|
FAX |
046-253-3640 |
|||
|
URL |
www. tocos-j.co.jp/ |
|||
|
Email Address |
||||
|
Activities (Services & Products) |
Import/Export/Selling(Online shop) of potentiometers, trimmer
potentiometers, encoders/coded switches, electronic devices for automotive applications,
non-contact angle sensor, tocos heater, wireless engine, switches, trimmer
capacitors, opto electronic devices, others. |
|||
|
Annual Sales (MM
YEN) |
7,525 |
|
Capital Amount (MM
YEN) |
1,277 |
|
Net Worth (MM
YEN) |
3,808 |
|
FINANCES |
FAIR |
|
TREND |
UP |
|
EMPLOYEES |
157 |
|
CREDIT LIMIT
PROPOSED(MM YEN) |
207.4 |
|
OTHER
INFORMATION FOLLOWS: |
|||||
|
Year Started |
1957 |
||||
|
Month and Year Registered |
April, 1947 |
||||
|
Regd No. |
0210-01-028329 |
||||
|
Major
Shareholders |
|||||
|
1 |
Cosmos Trading |
||||
|
2 |
Mitsubishi Co |
||||
|
3 |
Secom General Insurance |
||||
|
Number of
Shareholders |
2,154 |
||||
|
Authorized
Shares (MM) |
42 |
||||
|
Issued Shares
(MM) |
16 |
||||
|
Executives |
|||||
|
PRESIDENT |
HIDEMI TAKAHASHI |
||||
|
Mgn Director |
Yoshinori Inose |
||||
|
Director |
Hiroharu Murakami |
||||
|
Director |
Hiroko Suzuki |
||||
|
Director |
Akira Yanagida |
||||
|
Main Banks |
|||||
|
1 |
MUFG (Jinbocho) |
||||
|
2 |
Risona Bank(Kanda) |
||||
|
Relations |
Satisfactory |
||||
|
Clients |
|||||
|
1 |
Taiwan tocos |
||||
|
2 |
Hitachi High-tech Materials |
||||
|
3 |
Hitachi AMS |
||||
|
4 |
Mahle Filter Systems |
||||
|
5 |
Others |
||||
|
Suppliers |
|||||
|
1 |
Mitsubishi Co Plastic Ltd |
||||
|
2 |
Fujita Electric Works |
||||
|
3 |
Shinetsu-Seiko |
||||
|
4 |
Fukushima Sangyou Co |
||||
|
5 |
Others |
||||
|
Branches |
|||||
|
1 |
Tokyo |
||||
|
2 |
Kanagawa |
||||
|
3 |
Gunma |
||||
|
4 |
Osaka |
||||
|
5 |
Others(Tot 10) |
||||
|
Factories |
|||||
|
1 |
Aizu city, Fukushima Pref |
||||
|
2 |
Shirakawa city, Fukushima Pref |
||||
|
3 |
Nakatsu city, Oita Pref |
||||
|
Overseas |
|||||
|
1 |
China(Tot 2) |
||||
|
HIGHLIGHT and
COMMENT |
This subject company has begun
its operation in 1957 as an electronic component manufacturer specializing in
quality potentiometer products for industrial applications. Since then, they have expanded the
portfolios of potentiometers serving customer needs. On another front, they started a mass
production of electronic components for automotive applications in 1976 and
wireless modules in 2010. This is how
they have grown steadily as an electronic components manufacturer. It have listed 2nd section of Tokyo Stock
Exchange in 1961. |
||||
|
FINANCIAL
information |
Financials
partially disclosed |
||||
|
The sales volume for Mar/2014 fiscal term amounted
to Yen 7,525 million, a 5.6% up from Yen 7,123 million in the previous
term. The recurring profit was posted
at Yen 545 million and the net profit at Yen 363 million, respectively,
compared with Yen 498 million recurring profit and Yen 334 million net
profit, respectively, a year ago. For the term that ended Mar 2015 the
recurring profit was projected at Yen 500 million and the net profit at Yen
320 million, respectively, on a 5% rise in turnover, to Yen 7,800
million. 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 207.4 million, on 30 days normal
terms. |
|||||
|
PLEASE ATTACH
THE FINANCIALS BELOW. |
|||||
|
Note: Forecast (or
estimated) figures for the 31/03/2015 fiscal term |
|||||
|
|
|
|
|
|
|
|
Terms Ending |
Annual Sales* |
R. Profit* |
N. Profit* |
S. Growth |
Net Worth* |
|
31/03/2011 |
8,784 |
704 |
389 |
(%) |
3,080 |
|
31/03/2012 |
7,588 |
386 |
58 |
-13.62 |
3,148 |
|
31/03/2013 |
7,123 |
498 |
334 |
-6.13 |
3,529 |
|
31/03/2014 |
7,525 |
545 |
363 |
5.65 |
3,808 |
|
31/03/2015 |
7,800 |
500 |
320 |
3.65 |
4,128 |
|
|
|
|
|
*..Unit: Million Yen |
|
(Consolidated in million yen)
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
|
7,525 |
7,123 |
|
|
Cost of Sales |
|
5,738 |
5,384 |
|
|
GROSS PROFIT |
|
1,787 |
1,738 |
|
|
Selling & Adm Costs |
1,286 |
1,250 |
|
|
|
OPERATING PROFIT |
501 |
489 |
|
|
|
Non-Operating P/L |
44 |
10 |
|
|
|
RECURRING PROFIT |
|
545 |
498 |
|
|
NET PROFIT |
|
363 |
334 |
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
1,637 |
2,038 |
|
|
Receivables |
1,972 |
1,904 |
|
|
|
Inventory |
454 |
540 |
|
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
|
1,407 |
1,246 |
|
|
TOTAL CURRENT ASSETS |
5,470 |
5,728 |
|
|
|
Property & Equipment |
2,569 |
2,516 |
|
|
|
Intangibles |
7 |
9 |
|
|
|
Investments, Other Fixed Assets |
730 |
695 |
|
|
|
TOTAL ASSETS |
|
8,777 |
8,948 |
|
|
Payables |
1,051 |
897 |
|
|
|
Short-Term Bank Loans |
121 |
240 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
|
1,302 |
1,351 |
|
|
TOTAL CURRENT LIABS |
2,474 |
2,488 |
|
|
|
Debentures |
58 |
113 |
|
|
|
Long-Term Bank Loans |
966 |
1,537 |
|
|
|
Reserve for Retirement Allw |
926 |
754 |
|
|
|
Other Debts |
|
546 |
527 |
|
|
TOTAL LIABILITIES |
4,970 |
5,419 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common stock |
1,277 |
1,277 |
|
|
|
Additional paid-in capital |
0 |
0 |
|
|
|
Retained earnings |
1,926 |
1,625 |
|
|
|
Evaluation p/l on investments/securities |
|
|
|
|
|
Others |
624 |
645 |
|
|
|
Treasury stock, at cost |
(19) |
(18) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
3,808 |
3,529 |
|
|
|
TOTAL EQUITIES |
|
8,777 |
8,948 |
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
|
Cash Flows from Operating Activities |
|
719 |
657 |
|
|
Cash Flows from Investment Activities |
120 |
-33 |
|
|
|
Cash Flows from Financing Activities |
-1,060 |
-431 |
|
|
|
Cash, Bank Deposits at the Term End |
|
1,401 |
1,592 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
Net Worth (S/Holders' Equity) |
3,808 |
3,529 |
|
|
|
Current Ratio (%) |
221.11 |
230.21 |
|
|
|
Net Worth Ratio (%) |
43.38 |
39.44 |
|
|
|
Recurring Profit Ratio (%) |
7.24 |
7.00 |
|
|
|
Net Profit Ratio (%) |
4.83 |
4.69 |
|
|
|
|
Return On Equity (%) |
9.54 |
9.47 |
|
FINANCES: (Consolidated in million yen) |
|
||||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
IND/03/2014 |
|
INCOME STATEMENT |
|
||||
|
|
Annual Sales |
|
7,525 |
7,123 |
|
|
|
Cost of Sales |
5,738 |
5,384 |
|
|
|
|
GROSS PROFIT |
1,787 |
1,738 |
0 |
|
|
|
Selling & Adm Costs |
1,286 |
1,250 |
|
|
|
|
OPERATING PROFIT |
501 |
489 |
0 |
|
|
|
Non-Operating P/L |
44 |
10 |
|
|
|
|
RECURRING PROFIT |
545 |
498 |
0 |
|
|
|
NET PROFIT |
363 |
334 |
|
|
|
BALANCE SHEET |
|
||||
|
|
Cash |
|
1,637 |
2,038 |
|
|
|
Receivables |
1,972 |
1,904 |
|
|
|
|
Inventory |
454 |
540 |
|
|
|
|
Securities, Marketable |
|
|
|
|
|
|
Other Current Assets |
1,407 |
1,246 |
0 |
|
|
|
TOTAL CURRENT ASSETS |
5,470 |
5,728 |
|
|
|
|
Property & Equipment |
2,569 |
2,516 |
|
|
|
|
Intangibles |
7 |
9 |
|
|
|
|
Investments, Other Fixed
Assets |
730 |
695 |
0 |
|
|
|
TOTAL ASSETS |
8,777 |
8,948 |
|
|
|
|
Payables |
1,051 |
897 |
|
|
|
|
Short-Term Bank Loans |
121 |
240 |
|
|
|
|
|
|
|
|
|
|
|
Other Current Liabs |
1,302 |
1,351 |
0 |
|
|
|
TOTAL CURRENT LIABS |
2,474 |
2,488 |
|
|
|
|
Debentures |
58 |
113 |
|
|
|
|
Long-Term Bank Loans |
966 |
1,537 |
|
|
|
|
Reserve for Retirement Allw |
926 |
754 |
|
|
|
|
Other Debts |
|
546 |
527 |
0 |
|
|
TOTAL LIABILITIES |
4,970 |
5,419 |
|
|
|
|
MINORITY INTERESTS |
|
.. |
||
|
|
Common stock |
1,277 |
1,277 |
|
|
|
|
Additional paid-in capital |
0 |
0 |
|
|
|
|
Retained earnings |
1,926 |
1,625 |
|
|
|
|
Evaluation p/l on investments/securities |
|
|
|
|
|
|
Others |
624 |
645 |
0 |
|
|
|
Treasury stock, at cost |
(19) |
(18) |
|
|
|
|
TOTAL S/HOLDERS` EQUITY |
3,808 |
3,529 |
|
|
|
|
TOTAL EQUITIES |
8,777 |
8,948 |
0 |
|
|
CONSOLIDATED CASH FLOWS |
|
||||
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
|
Cash Flows from Operating Activities |
|
719 |
657 |
|
|
|
Cash Flows from Investment Activities |
120 |
-33 |
|
|
|
|
Cash Flows from Financing Activities |
-1,060 |
-431 |
|
|
|
|
Cash, Bank Deposits at the Term End |
|
1,401 |
1,592 |
|
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
IND/03/2014 |
||
|
|
Net Worth (S/Holders' Equity) |
3,808 |
3,529 |
0 |
|
|
|
Current Ratio (%) |
221.11 |
230.21 |
.. |
|
|
|
Net Worth Ratio (%) |
43.38 |
39.44 |
.. |
|
|
|
Recurring Profit Ratio (%) |
7.24 |
7.00 |
.. |
|
|
|
Net Profit Ratio (%) |
4.83 |
4.69 |
.. |
|
|
|
|
Return On Equity (%) |
9.54 |
9.47 |
.. |
|
Notes: Audited by CPA.
IND/xx/yyyy. Non-consolidated figures for (xx month)/ (yyyy year)
term. |
|||||
|
Current Sales |
7,525 |
||||
|
Credit Limit |
207.4 |
||||
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
8,784 |
704 |
389 |
(%) |
3,080 |
|
(Consolidated) |
31/03/2012 |
7,588 |
386 |
58 |
-13.62 |
3,148 |
|
31/03/2013 |
7,123 |
498 |
334 |
-6.13 |
3,529 |
|
|
31/03/2014 |
7,525 |
545 |
363 |
5.65 |
3,808 |
|
|
31/03/2015 |
7,800 |
500 |
320 |
3.65 |
4,128 |
|
|
Forecast (or
estimated) figures for 2015 term. |
*..Unit: Million Yen |
|||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
|
|
1 |
Rs.93.85 |
|
Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.