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MIRA INFORM REPORT
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Report No. : |
504534 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
TOSHIBA
LIGHTING & TECHNOLOGY CORPORATION |
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Registered Office : |
1-201-1 Funakoshicho Yokosuka
City Kanagawa-Pref 237-0076 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
May 1974 |
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Com. Reg. No.: |
0210-01-044112 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures fluorescent
lamps, luminescent lamps, bulbs, lighting equipment, wiring accessories,
power distribution & control equipment, other lighting fixtures, and
peripherals, airport lighting & control systems, lighting systems for TV
studios, large screen color display systems, others |
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No. of Employees : |
2,764 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC
OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
NOTE
Due to negative net worth, we do not recommend any credit limit to the company.
Company
summery
TOSHIBA LIGHTING &
TECHNOLOGY CORPORATION
REGD NAME: Toshiba Litech KK
MAIN OFFICE: 1-201-1 Funakoshicho Yokosuka City Kanagawa-Pref 237-0076 JAPAN
Tel:
046-862-2000 Fax: 046-860-1200
URL: http://www.tlt.co.jp/
E-mail address: info.int@tlt.co.jp
ACTIVITIES: Mfr of
lighting equipment, systems, facilities and peripherals
BRANCHES: Sapporo, Sendai,
Niigata, Nagano, Nagoya, Osaka, Fukuoka (Tot 90)
(Overseas) Thailand, China, USA, Hong
Kong, France (--subsidiaries)
FACTORIES: Yokosuka,
Kanuma, Numazu (Tot 3)
(Overseas)
Thailand, China
OFFICER(S): TOSHIYUKI
HIRAOKA, PRES Yoichi Ikai, dir
Hidehiko Noguchi, dir Tatsuo Maruyama dir
Raku Kamota, dir Munehiro Kikukawa, dir
Yen Amount: In
million Yen, otherwise stated.
SUMMARY: FINANCES FAIR A/SALES Yen 118,923 M
PAYAMENTS REGULAR CAPITAL Yen 6,000 M
TREND SLOW WORTH Yen (-) 7,095 M
STARTED 1974 EMPLOYS 2,764
COMMENT
MFR
SPECIALIZING IN LIGHTING EQUIPMENT, WHOLLY OWNED BY TOSHIBA GROUP FIRMS.
FINANCIAL SITUATION CONSIDERED R/WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS
ENGAGMENTS. MAX CREDIT LIMIT: YEN (-)
3,264.1 MILLION, 30 DAYS NORMAL TERMS.
NO NEW CREDITS ARE RECOMMENDED ON NEW TRANSACTIONS. NEGATIVE NETWORTH.
HIGHLIGHTS
The subject company was established originally in 1890
jointly by Ichisuke Fujioka and Shoichi Miyoshi for selling lamps, and was
incorporated in 1974 on obtaining a part of lighting fixture mfg division from
Toshiba Corp. The firm has since been
mfg lighting fixtures, lighting equipment, systems and peripherals. Clients include Toshiba Group firms, other.
FINANCIAL
INFORMATION
The sales volume for Mar/2017
fiscal term amounted to Yen 118,923 million, a 7% fall from Yen 128,335 million
in the previous term. The recurring
profit was posted at Yen 5,506 million and the net profit at Yen 5,251 million,
respectively, compared with Yen 2,345 million recurring profit and Yen 7,095
million net losses, respectively, a year ago.
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For the term that ended
Mar/2018 the recurring profit was projected at Yen 5,600 million and the net
profit at yen 5,400 million, respectively, on a 3% rise in turnover, to Yen
122,500 million. Final results are yet to be released.
The financial situation is
considered RATHER WEAK but should be good for MODERATE business
engagements. Max credit limit is
estimated at Yen (-) 3,264.1 million, on 30 days normal terms. No credits are recommended on new
transactions. Negative Net Worth.
RESIGTRATION
Date Registered: May 1974
Regd No.:
0210-01-044112 (Kanagawa-Yokosuka)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 million shares
Issued: 200 million shares
Sum: Yen 10,000 million
Major shareholders (%): Toshiba Corp (99.8), other
No. of shareholders. 26
Nothing detrimental is known as to the commercial
morality of executives.
OPERATION
Activities: Manufactures fluorescent lamps, luminescent lamps,
bulbs, lighting equipment, wiring accessories, power distribution & control
equipment, other lighting fixtures, and peripherals, airport lighting &
control systems, lighting systems for TV studios, large screen color display systems, others (--100%).
Clients: Toshiba Group firms, agent dealers, chain stores,
other
No.
of account: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toshiba Corp, Asahi Techno
Glass, Toshiba Lighting Precision,
Toshiba Light System, Wako Denki, Toshiba Trading, Toshiba Carrier Corp, Toshiba Lighting & Technology Engineering
Corp, LT Light Co, other.
Payment record: Regular
Location: Business area in Yokosuka City, Kanagawa-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank Reference:
SMBC
(H/O)
MUFJ
(Tokyo)
Relations:
Satisfactory
FINANCES
(In million yen)
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual Sales |
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122,500 |
118,923 |
128,335 |
137,006 |
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Recur. Profit |
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5,600 |
5,506 |
2,345 |
-314 |
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Net Profit |
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5,400 |
5,251 |
-7,095 |
-5,391 |
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Total Assets |
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54,352 |
62,632 |
75,753 |
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Net Worth |
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-24,827 |
-29,476 |
-23,166 |
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Capital, Paid-Up |
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6,000 |
10,000 |
19,000 |
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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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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.01 |
-7.33 |
-6.33 |
-1.10 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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-45.68 |
-47.06 |
-30.58 |
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N.Profit/Sales |
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4.41 |
4.42 |
-5.53 |
-3.93 |
Notes: Forecast (or estimated) figures for 31/03/2018
fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.45 |
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1 |
INR 93.28 |
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Euro |
1 |
INR 80.74 |
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YEN |
1 |
INR 0.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.