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Report No. : |
301726 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
TOYO DENSO CO LTD |
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Registered Office : |
2-10-4 Shimbashi Minatoku Tokyo 105-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
November 1960 |
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Com. Reg. No.: |
0104-01-020356 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures of electronic components for automobiles/motorcycles,
generators, others (--100%) |
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No. of Employee : |
1,006 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
TOYO DENSO CO LTD
REGD NAME: Toyo Denso KK
MAIN OFFICE: 2-10-4 Shimbashi Minatoku Tokyo 105-0004 JAPAN
Tel:
03-3502-0151 Fax: 03-3502-7946
*.. The is
its Technical Center in Saitama-Pref
URL: http://www.toyo-denso.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg of electronic components of
automobiles/motorcycles, generators
BRANCHES: Hamamatsu, Utsunomiya, Kameyama (Mie)
OVERSEAS: USA, China, Thailand, Taiwan, Indonesia,
Vietnam, & UK
FACTORIES: Mie, Kumamoto
OFFICERS: KIYOSHI KOIDE, PRES Isao Koide, ch
Kyogo Sakaguchi, v
pres Kenji Takenaka,
s/mgn dir
Hiroyuki
Togami, s/mgn dir Kunio Fukushima,
s/mgn dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 30,690 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 596 M
TREND SLOW WORTH Yen 9,925 M
STARTED 1960 EMPLOYES 1,006
COMMENT: MFR OF ELECTRONIC COMPONENTS FOR
AUTOMOBILES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established originally in 1947 as Koide Electric
Works as a private enterprise and was incorporated in 1960. This is a specialized mfr of electronic
components for automobiles/motorcycles.
This firm is owned and operated essentially by the Koike family. Goods are exported. Clients include major carmakers.
The sales volume for Mar/2013fiscal term amounted to Yen 30,690 million,
a 31% down from Yen 44,199 million. This
is referred to the transfer of some part of operations to its overseas
subsidiaries. The recurring profit was
posted at Yen 1,497 million and the net profit at Yen 408 million,
respectively, compared with Yen 1,034 million recurring profit and yen 747
million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 1,500 million and the net profit at Yen 410 million, respectively, on a
6% rise in turnover, to Yen 32,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Nov
1960
Regd No.: 0104-01-020356
(Tokyo-Minatoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 5.5 million shares
Issud:
1.38 million shares
Sum: Yen
696.125 million
Major shareholders
(%): Kiyoshi Koide (21.4), Isao Koide (18), Honda Motors (14.5), Mariko
Koide (14.3)
No. of
shareholders: 35
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures electronic
components for automobiles/motorcycles, generators, others (--100%)
Clients: [Carmakers,
wholesalers] Honda Motor, Thai Toyo Denso, Toyo Denso Indonesia, Shanghai Toyo
Denso, W Eastec Inc, Vietnam Toyo Denso, Isuzu Motor, Honda Trading Corp, Kawasaki
Heavy Ind, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Honda Motor, Shanghai Toyo Denso, Thai Toyo Denso, Toyo Denso
Indonesia, Sojitz Planet, Nexus Co, Kodo Co, Vietnam Toyo Denso, Toyo Denko Co,
Sumitomo Wiring System, other
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Shimbashi-Ekimae)
Mizuho Bank (Tokyo)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual Sales |
|
32,500 |
30,690 |
44,199 |
44,582 |
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Recur. Profit |
|
1,500 |
1,497 |
1,034 |
815 |
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Net Profit |
|
410 |
408 |
747 |
391 |
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Total Assets |
|
|
34,964 |
35,437 |
36,237 |
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Current Assets |
|
|
17,090 |
17,212 |
18,880 |
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Current Liabs |
|
|
12,773 |
14,596 |
15,076 |
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Net Worth |
|
|
9,925 |
9,628 |
8,574 |
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Capital |
|
|
596 |
596 |
596 |
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Div.in Million (¥) |
|
|
0 |
196 |
0 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
5.90 |
-30.56 |
-0.86 |
23.79 |
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Current Ratio |
|
.. |
133.80 |
117.92 |
125.23 |
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N.Worth Ratio |
|
.. |
28.39 |
27.17 |
23.66 |
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R.Profit/Sales |
|
4.62 |
4.88 |
2.34 |
1.83 |
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N.Profit/Sales |
|
1.26 |
1.33 |
1.69 |
0.88 |
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Return On Equity |
|
.. |
4.11 |
7.76 |
4.56 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.