MIRA
INFORM REPORT
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Report Date : |
22nd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
TKX CORPORATION |
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Registered Office : |
5-16 Shimizudanicho Tennojiku Osaka
543-0681Japan |
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Country : |
Japan |
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Financials (as on) : |
31/03/2006 |
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Date of Incorporation : |
May 1972 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engaged in the
business of manufacturing of silicon wafer, grinding wheels, abrasives |
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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Maximum Credit Limit : |
YEN 75.4 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME
TKX CORPORATION
REGD NAME
KK T.K.X.
MAIN OFFICE
5-16 Shimizudanicho Tennojiku Osaka 543-0681JAPAN
Tel: 06-6768-0681
Fax: 06-6768-1735
E-Mail address: exp@tkx.co.jp
ACTIVITIES
Mfg of silicon wafer, grinding wheels, abrasives
BRANCHES
Tokyo, Ohta (Gunma), Toyama, Nagoya, Shizuoka, Kagoshima,
other (Tot 8)
FACTORY(IES)
Shiga (3)
OFFICER(S)
Masahiko Ikeuchi, ch HIROSHI
YAMAZAKI, PRES
Yasushi Yokobe, v pres Masakuni
Hirogaki, mgn dir
Yasuhiro Yoshida, mgn dir Shigeyuki
Sumi, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 21,284 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 473 M
STARTED 1972 EMPLOYES 125
COMMENT
MFR OF GRINDING WHEELS & ABRASIVES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDIANRY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 75.4 MILLION, NORMAL 30 DAYS TERMS.
HIGHLIGHTS
The subject company was established originally in 1922 by a
local entrepreneur as a wholesaler of grinding wheels, on his account, and was
incorporated in 1972, as KK Toho Kinzoku.
Renamed as captioned in 1987.
Specializes in mfg silicon wafers for solar cells, abrasives & whetstones,
abrasives materials & supplies, others.
In 1994, transferred whetstone & grinding wheels mfg to the two
subsidiaries: KK Toyama TKX (mfg of grind stones & ceramic filters) and
Megumi Toishi KK (SP whetstones, glass-fiber products) (Toishi means
whetstone). In May 1997, launched Solar
Division at Shiga Factory to focus on silicon wafer mfg, which later in Nov
2003 was transferred to KK Eco Quest, wholly owned subsidiary. In Oct 2005 absorbed the KK Eco Quest in
order to integrate and rationalize solar business operations. The solar business continues expanding on
the back of strong demand from solar cell mfrs. Clients are major electronics mfrs, steel mills, heavy machinery
mfrs, carmakers, other, nationwide.
The sales volume for Mar/2005 fiscal term amounted to Yen
21,284 million, a 28% sharp rise from Yen 16,631 million in the previous
term. This is attributed to retransfer
of solar cell operations back to the parent from KK Eco Quest, which resulted
in the absorption of the firm in Oct 2005.
In Jul 2004 the firm had started one of Shiga Plants for this
purpose. The recurring profit was
posted at Yen 137 million and the net profit at Yen 11 million, respectively,
compared with Yen 254 million recurring loss and Yen 57 million net profit,
respectively, a year ago.
For the term ended Mar 2006 the net profit is believed posted
at Yen 15 million, on a 3% rise in turnover, to Yen 22,000 million. The solar cell division keeps expanding.
The financial situation is considered maintained FAIR and
good for ORDINARY business engagements.
Max credit limit is estimated at Yen 75.4 million, on normal 30 days
terms.
REGISTRATION
Date Registered: May
1972
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800,000 shares
Issued: 200,000 shares
Sum: Yen 100 million
Major shareholders (%): Treasury Stock (49), Toho Yogyo Co
(16), Employees’ S/Holding Assn (11), Masahiko Ikeuchi (5)
No. of shareholders: 16
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures silicon wafers for solar cells
(50%), whetstones & grinding wheels (20%), abrasives (15%), others
(15%). Goods are both imported and exported.
(Products items)
Super abrasives: diamond grinding wheels, CBN (Cubic baron
nitride) grinding wheels, CBN grinding abrasive grains, CBN abrasive powders;
TRB ring wheels: flexible ring type grinding wheels;
Barrel finishing system: barrel polishing ceramic media
(wet & dry type), PL chips, other;
Non-woven fabrics: TSB (Toho Super Buff) super buff,
non-textile rolls, fiber Polyamide porous non-woven fabrics abrasives:
Coated abrasives: waterproof abrasive papers, abrasive
cloth belts, grand fix discs, zinc steareate, abrasive papers, sanding discs,
other.
Clients: [Mfrs, wholesalers] Sharp Corp, Kyocera Corp,
Mitsubishi Heavy Machinery Ind, Hitachi Ltd, Minebea Co, Toyota Motor, Nissan
Motors, Nippon Steel, Toyo Kenmazai Kogyo, Mizuho Elastic, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sharp Corp, Kovax Corp,
Megumi Toishi, Toyama TKX, Toho Yogyo, Nippon Tokushu Kento, Showa Denko, Nanko
Abrasives Inc, other.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Kansai Urban Bank (Umeda)
Kinki Osaka Bank (Tanimachi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual Sales |
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22,000 |
21,284 |
16,631 |
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Recur. Profit |
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137 |
-254 |
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Net Profit |
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15 |
11 |
57 |
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Total Assets |
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8,049 |
8,394 |
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Current Assets |
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5,057 |
4,641 |
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Current Liabs |
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4,727 |
4,138 |
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Net Worth |
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473 |
320 |
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Capital, Paid-Up |
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100 |
100 |
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Div.P.Share(¥) |
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30.00 |
30.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.36 |
27.98 |
24.14 |
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Current Ratio |
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.. |
106.98 |
112.16 |
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N.Worth Ratio |
.. |
5.88 |
3.81 |
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R.Profit/Sales |
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.. |
0.64 |
-1.53 |
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N.Profit/Sales |
0.07 |
0.05 |
0.34 |
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Return On Equity |
.. |
2.33 |
17.81 |
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Notes: Forecast (or estimated) figures for the 31/03/2006 fiscal
term.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |