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Report No. : |
343546 |
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Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
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Name : |
TOYOTSU
MACHINERY CORPORATION |
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Registered Office : |
Meieki Imai Bldg, 4-10-25 Meieki Nakamuraku Nagoya 450-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Feb., 1978 |
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Com. Reg. No.: |
1800-01-101977 (Nagoya=Nakamuraku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Engineering of Car Production Lines. |
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No. of Employees : |
657 |
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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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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.
|
Source
: CIA |
TOYOTSU MACHINERY CORPORATION
REGD NAME: KK
Toyotsu Machinery
MAIN OFFICE: Meieki
Imai Bldg, 4-10-25 Meieki Nakamuraku Nagoya 450-0002 JAPAN
Tel: 052-569-9100 Fax: 052-569-7101
URL: http://www.toyotsu-machinery.co.jp
E-Mail address: (thru the URL)
Engineering of car
production lines
Toyoda, Tokyo,
Osaka, Hamamatsu, Hino, Toyama, other (Tot 18)
USA, China,
Thailand, Indonesia (--subsidiaries)
Toyoda (Group
firm)
HIROKI SAWAYAMA,
PRES Koichi Wada, mgn
dir
Hisao Kawai, mgn
dir Yoshihito
Kojima, dir
Toshiya Komatsu,
dir Yuji
Hamamoto, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 126,975 M
PAYMENTSREGULAR CAPITAL Yen 325 M
TREND UP WORTH Yen 9,384 M
STARTED 1978 EMPLOYES 657
ENGINEERING OF CAR PRODUCTION LINES, OWNED BY TOYOTA TSUSHO CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established as Toyota Engineering KK and in 2010 integrated group 4
companies and renamed as
captioned. This is an engineering firm of car production lines for Toyota Motor
Corp, now wholly owned by Toyota Tsusho Corp (See REGISTRATION). Has sales
offices in USA, China, Thailand & Indonesia.
The sales volume
for Mar/2015 fiscal term amounted to Yen 126,975 million, a 13% up from Yen
112,275 million in the previous term.
Car production rose by Toyota Motor Corp, both in and out. Good demand continued. The recurring profit was posted at Yen 6,017
million and the net profit at Yen 2,868 million, respectively, compared with
Yen 4,817 million recurring profit and Yen 2,891 million net profit,
respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 6,300 million and
the net profit at Yen 2,950 million, respectively, on a 5% rise in turnover, to
Yen 133,500 million. Car production will
remain at a high level in North America.
Sales in Thailand will bottom out thanks to replacement demand.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Feb 1978
Regd No.:
1800-01-101977
(Nagoya=Nakamuraku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2.64 million shares
Issued: 660,000 shares
Sum: Yen 325 million
Major
shareholders (%): Toyota Tsusho Corp* (100)
*.. Sole trading firm
of Toyota group, Nagoya, founded 1948, listed Tokyo S/E, capital Yen 64,936
million, sales Yen 8,663,460 million, operating profit Yen 169,456 million,
recurring profit Yen 156,767 million, net profit Yen 67,571 million, total
assets Yen 4,571,725 million, net worth Yen 1,104,599 million, employees
53,241, pres Jun Karube
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Engineering of
car production lines for Toyota Motor group (--100%)
Exports (30%)
Clients: [Mfrs,
wholesalers] Toyota Motor Corp, Toyota Tsusho Corp, Denso Corp, Aisin Seiki Co,
Aisin AW, Toyota Ind Corp, Hino Motor, Toyota Auto Body, Toyota Motor Hokkaido,
other
No. of accounts: 150
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Keyence Corp, Trinity Industrial Corp, Gifu Seiki Kogyo Co, Yamaha
Motor Co, JTEKT Corp, Canon Corp, other
Payment
record: Regular
Location: Business area in Nagoya. Office premises at the caption address are leased
and maintained satisfactorily.
Bank
References:
MUFG
(Nagoya)
SMBC
(Nagoya)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
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Annual
Sales |
|
133,500 |
126,975 |
112,275 |
92,224 |
|
Recur.
Profit |
|
6,300 |
6,017 |
4,817 |
3,106 |
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Net
Profit |
|
2,950 |
2,868 |
2,891 |
1,893 |
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Total
Assets |
|
|
51,027 |
49,662 |
35,937 |
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Current
Assets |
|
|
49,442 |
48,100 |
34,401 |
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Current
Liabs |
|
|
40,911 |
41,989 |
29,702 |
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Net
Worth |
|
|
9,384 |
6,987 |
5,675 |
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Capital,
Paid-Up |
|
|
325 |
325 |
325 |
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Div.Ttl
in Million (¥) |
|
|
1,362 |
1,892 |
1,096 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.14 |
13.09 |
21.74 |
26.93 |
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Current Ratio |
|
.. |
120.85 |
114.55 |
115.82 |
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N.Worth Ratio |
|
.. |
18.39 |
14.07 |
15.79 |
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R.Profit/Sales |
|
4.72 |
4.74 |
4.29 |
3.37 |
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N.Profit/Sales |
|
2.21 |
2.26 |
2.57 |
2.05 |
|
Return On Equity |
|
.. |
30.56 |
41.38 |
33.36 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
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Analysis Done by
: |
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 |
-- |
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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.