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Report No. : |
350245 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
TESS ENGINEERING CO LTD |
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Registered Office : |
Shin-Osaka Prime Tower 17F, 6-1-1 Nishi-Nakajima Yodogawaku Osaka 531-0011 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2015 |
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Date of Incorporation : |
May, 1979 |
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Com. Reg. No.: |
1200-01-056993 (Osaka-Yodogawaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Engineering of energy-saving systems (photovoltaic power systems, Cogeneration systems) |
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No. of Employees : |
164 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 first-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.
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Source
: CIA |
TESS ENGINEERING CO LTD
REGD NAME: Tess Engineering
KK
MAIN OFFICE: 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 (Tot 6)
(Subcontracted to subsidiary firm)
HIDEO ISHIWAKI,
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 48,408 M
PAYMENTSNO COMPLAINTS CAPITAL Yen 100 M
TREND UP WORTH Yen 7,557 M
STARTED 1979 EMPLOYES 164
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/2015 fiscal term amounted to Yen 48,408 million, a 16% up from Yen
41,822 million in the previous term.
Solar power systems & solar shells were in much demand and sales
expanded. The weaker Yen also
contributed to the growth. The recurring
profit was posted at Yen 2,232 million and the net profit at Yen 1,502 million,
respectively, compared with Yen 2,622 million recurring profit and Yen 1,866
million net profit, respectively, a year ago.
For the current
term ending Jun 2016 the recurring profit is projected at Yen 2,350 million and
the net profit at Yen 1,600 million, respectively, on a 5% rise in turnover, to
Yen 50,800 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 (81.7), Founder’s family, Executives’ S/Holding
Assn, other (--18.3)
No.
of shareholders: 6
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 Bussan 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
(In Million Yen)
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Terms Ending: |
30/06/2016 |
30/06/2015 |
30/06/2014 |
30/06/2013 |
|
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Annual
Sales |
|
50,800 |
48,408 |
41,822 |
22,586 |
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Recur.
Profit |
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2,350 |
2,232 |
2,622 |
950 |
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Net
Profit |
|
1,600 |
1,502 |
1,866 |
809 |
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Total
Assets |
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22,750 |
19,979 |
14,704 |
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Current
Assets |
|
|
15,760 |
14,357 |
12,682 |
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Current
Liabs |
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|
13,001 |
11,904 |
9,616 |
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Net
Worth |
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|
7,557 |
6,039 |
4,173 |
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Capital,
Paid-Up |
|
|
100 |
100 |
100 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
4.94 |
15.75 |
85.17 |
52.44 |
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Current Ratio |
|
.. |
121.22 |
120.61 |
131.88 |
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N.Worth Ratio |
|
.. |
33.22 |
30.23 |
28.38 |
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R.Profit/Sales |
|
4.63 |
4.61 |
6.27 |
4.21 |
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N.Profit/Sales |
|
3.15 |
3.10 |
4.46 |
3.58 |
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Return On Equity |
|
.. |
19.88 |
30.90 |
19.39 |
Notes: Forecast
(or estimated) figures for the 30/06/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.14 |
|
|
1 |
Rs.100.55 |
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Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
-- |
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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.