|
Report No. : |
326107 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TESS ENGINEERING CO LTD |
|
|
|
|
Registered Office : |
Shin-Osaka Prime Tower 17F, 6-1-1 Nishi-Nakajima Yodogawaku Osaka 531-0011 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.06.2014 |
|
|
|
|
Date of Incorporation : |
May 1979 |
|
|
|
|
Com. Reg. No.: |
1200-01-056993 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Engineering of energy-saving systems (photovoltaic power systems, Cogeneration systems) |
|
|
|
|
No of Employees : |
158 |
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 |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
|
Source
: CIA |
TESS
ENGINEERING CO LTD
Tess Engineering KK
Shin-Osaka Prime Tower 17F, 6-1-1
Nishi-Nakajima Yodogawaku Osaka 531-0011
JAPAN
Tel: 06-6308-2073 Fax: 06-6308-0948
URL: http://www.tess-eng.co.jp
E-Mail address: (thru the URL)
Engineering of energy-saving
systems (photovoltaic power systems, Cogeneration systems)
Osaka Governor #75638
(construction works/machinery installation works), #23366 (architectural firm)
Tokyo, Nagoya, Hiroshima,
Fukuoka, Sendai, Sapporo
(subcontracted to subsidiary
firm)
HIDEO IISHIWAKI, PRES Katrsushige Fujii, mgn dir
Kazuki Yamamoto, dir Tsutomu Watari, dir
Toyoharu Iida, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 41,822 M
PAYMENTSNO COMPLAINTS CAPITAL Yen
100 M
TREND UP WORTH Yen 6,039 M
STARTED 1979 EMPLOYES 158
ENGINEERING
COMPANY OF SOLAR SYSTEMS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established
originally in 1973 by Masayuki Ishiwaki, on his account, and was incorporated
in 1979. Hideo is his son, who took the
pres office in July 2009. This is an
engineering company specializing in energy-saving systems: cogeneration
systems, biomass power systems, photovoltaic (PV) power systems, solar shells,
solar power systems, other (See OPERATION). In Apr 2014 the firm founded a subsidiary,
Intelligent Solar System Co Ltd, to concentrate on solar generation
systems. The firm expanded its
operations by the recently enacted system of electric power. Products are exported thru general trading
houses. Clients include major general
trading houses for import/export businesses.
The sales volume for Jun/2014 fiscal
term amounted to Yen 41,822 million, an 85% up from Yen 22,586 million in the
previous term. Solar power systems &
solar shells were in much demand and sales expanded. Electric power buying system also contributed
to raise earnings. The recurring profit
was posted at Yen 2,622 million and the net profit at Yen 1,866 million,
respectively, compared with Yen 950 million recurring profit and Yen 809
million net profit, respectively, a year ago.
For the current term ending Jun 2015
the recurring profit is projected at Yen 2,750 million and the net profit at
Yen 1,950 million, respectively, on a 5% rise in turnover, to Yen 43,800
million. Business is seen expanding
steadily.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered:
May 1979
Regd No.: 1200-01-056993
(Osaka-Yodogawaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800,000
shares
Issued: 200,000
shares
Sum: Yen
100 million
Major shareholders (%): Tess
Techno Service Co (66.7), Founder’s family, Executives’ S/Holding Assn, other
(33.3)
No. of shareholders: 7
Nothing detrimental is known as
to the commercial morality of executives.
Activities:
Engineering of energy-saving systems: solar power system, biomass power system,
fuel conversion system, gas cogeneration system (diesel, gas, gas turbine,
boiler turbine), carbon management, waste water treatment system, RPF boiler,
anti-air pollution system, air-conditioning systems, uninterruptible power
supply (UPS), micro gas turbine, 24-hour watch systems, other (--100%)
Clients:
[Mfrs, wholesalers] Creative Techno Solution, Orix Corp, Sumitomo Corp, Mitsui
& Co, Toyota Tsusho Corp, Sojitz Corp, ENE-Vision Co, Mitsui Plant Systems,
other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Heavy Ind, Yanmar Energy System Co, Daihatsu
Diesel, Takuma Co, Niigata Power Systems Co, Kyocera Corp, Terasaki Electric
Co, Miura Co, Minatohama Co, Main Marine Co, Takuma Co, Niigata Power Systems
Co, Onamba Co, other
Payment record: No Complaints
Location:
Business area in Osaka. Office premises
at the caption address are leased and maintained satisfactorily.
Bank
References:
MUFG
(Juso)
Resona
Bank (Shin-Osaka-Ekimae)
Relations:
Satisfactory
|
Terms Ending: |
30/06/2015 |
30/06/2014 |
30/06/2013 |
30/06/2012 |
|
|
Annual Sales |
|
43,800 |
41,822 |
22,586 |
14,816 |
|
Recur. Profit |
|
2,750 |
2,622 |
950 |
182 |
|
Net Profit |
|
1,950 |
1,866 |
809 |
188 |
|
Total Assets |
|
|
19,979 |
14,704 |
6,941 |
|
Current Assets |
|
|
14,357 |
12,682 |
5,586 |
|
Current Liabs |
|
|
11,904 |
9,616 |
2,768 |
|
Net Worth |
|
|
6,039 |
4,173 |
3,363 |
|
Capital, Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.73 |
85.17 |
52.44 |
21.97 |
|
Current Ratio |
|
.. |
120.61 |
131.88 |
201.81 |
|
N.Worth Ratio |
|
.. |
30.23 |
28.38 |
48.45 |
|
R.Profit/Sales |
|
6.28 |
6.27 |
4.21 |
1.23 |
|
N.Profit/Sales |
|
4.45 |
4.46 |
3.58 |
1.27 |
|
Return On Equity |
|
.. |
30.90 |
19.39 |
5.59 |
Notes: Forecast (or estimated) figures
for the 30/06/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.50 |
|
|
1 |
Rs. 100.93 |
|
Euro |
1 |
Rs. 72.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.