MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
T RAD CO LTD |
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Registered Office : |
Aioi Insurance Shinjuku Bldg, 3-25-3 Yoyogi Shinjukuku Tokyo 151-0053 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Nov 1936 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of heat exchanger,
radiator |
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 3112.9 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
T RAD CO LTD (English expression changed from Toyo Radiator Co Ltd)
REGD NAME
KK T Rad
MAIN OFFICE
Aioi Insurance Shinjuku Bldg, 3-25-3 Yoyogi Shinjukuku Tokyo 151-0053
JAPAN
Tel : 03-3373-1101
Fax : 03-3373-1199
URL : http://www.trad.co.jp/
E-Mail address: infoh@trad.co.jp
ACTIVITIES
Mfg of heat exchanger, radiator
BRANCH(ES)
Tokyo, Osaka
OVERSEAS
USA, Thailand (2), Italy, Czech, India, Taiwan, Germany (2), China (3) (--subs) Thailand (2), Indonesia, Pakistan (--technical tie-ups)
FACTORY(IES)
Hadano, Nagoya, Shiga
CHIEF EXEC
SHOICHIRO MIYAZAKI, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 96,218 M
PAYMENTS REGULAR CAPITAL Yen 7,245 M
TREND STEADY WORTH Yen 33,988 M
STARTED 1936 EMPLOYES 2,763
COMMENT
MFR
SPECIALIZING IN HEAT EXCHANGERS. FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,112.9 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is comprehensive mfr of heat exchangers, formerly Toyo
Radiator Co and renamed as captioned.
Car heat exchangers are mainly supplied to Toyota Motor & Honda
Motor, and now expanded supply to construction machinery and agricultural
machinery, too. First in
commercialization of intercoolers for turbo engines in Japan. Tied up with Honeywell Intellectual
Properties (US).
Recent news (from Nikkei
Business Daily/Oct/2007):
The subject plans to start mfg automobile radiators in Thailand
next spring switching to local production to supply Japanese carmakers
operating there. The firm will spend
Yen 500 million to install equipment at a wholly owned Thai subsidiary. The initial output capacity is estimated at
about 3,000 units a month. Sales at the
Thai unit are expected to reach Yen 7.5 billion in fiscal 2008, up 20% over
fiscal 2006.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
96,218 million, a 19.8% up from Yen 80,310 million in the previous term. Overseas sales including exports were
robust, on the back of brisk car production and exports. By divisions, automobiles up 16.8% to Yen
43,637 million, supported by robust exports of cars benefited by weaker Yen
against foreign currencies.
Construction machinery up 26.5% to Yen 32,251 million, particularly
rising demand from China ahead of the Olympic Games there. Air-conditioning up 18% to Yen 15,189
million, thanks to demand increase in Czech and Thailand. The recurring profit was posted at Yen 2,109
million and the net profit at Yen 1,481 million, respectively, compared with
Yen 2,455 million recurring profit and Yen 1,631 million net profit,
respectively, a year ago.
(Apr/Sept/2007 results): Sales Yen 55,623 million (up 20.5%), operating profit Yen 2,026 million (up 450.9%), recurring profit Yen 2,460 million (up 427.5%), net profit Yen 2,264 million (up 383.4%). (% compared with the same period last year). Demand rose from carmakers on the back of robust exports of cars, also heat exchangers were in good demand from construction industry. In USA, EGR cooler production for automobiles increased; in Asia heat exchangers for air conditioners rose.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 5,000 million and the net profit at Yen 3,800 million, on a
14.3% rise in turnover, to Yen 110,000 million. In N America, new product of heat exchangers for automobile will
contribute. Heat exchangers for construction
machinery will continue to be exported to N America.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 3,112.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1936
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 150 million shares
Issued: 74,777,392
shares
Sum: Yen
7,245 million
Major shareholders (%): Master Trust Bank of Japan T (6.5), Toyota Motor (4.9), Japan Trustee Services T (4.5),
TCSB (Mizuho Bank) (4.4), Bank of N.Y. Europe (Lux) 131800 (3.3), Soichiro Miyazaki
(3.1), Company’s Treasury Stock (2.7), Meiji Yasuda Life Ins (2.7), MUFG (2.6),
Customers’
S/Holding Assn (2.5); foreign owners (13.7).
No. of shareholders: 6,044
Listed on the S/Exchange (s) of: Tokyo
Managements: Soichiro Miyazaki, pres; Toshiki Morozumi, s/mgn dir; Kazuhiro Okumura, mgn dir; Hiroki
Kanoh,
mgn dir; Kunio Shimizu, mgn dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
T Rad North America, T Rad Italia, Tata Toyo Radiator,
other.
OPERATION
Activities: Manufactures diecasts for automobiles (45%), air-conditioning radiators (16%), construction vehicle radiators (34%), others (5%).
Overseas sales ratio 32.4%: N America 12.8%; Europe 9.7%; Asia
9.6%; others 0.2%.
(Mfg items):
Radiators: for automobile, recreational vehicles, track, motorcycles, excavator, crawler dozer, forklift truck, agricultural machinery;
Oil Coolers: water-cooled plate type, automobile transmission oil cooler, hydraulic oil cooler, air-cooled aluminum oil cooler;
Inter Coolers: for bus & truck, for construction machinery, automobile, recreational vehicles, compact automobile, pleasure boats, marine vessels;
Air-Conditioners: room air-conditioners, package air
conditioners, gas heat pump air conditioners, fan-coil unit, other.
Clients: [Automakers, construction machinery mfrs] Toyota
Motor, Honda Motors, Daikin Ind, Mitsubishi Gas Chemical, Komatsu Ltd, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Corp, Hitachi Wire,
Sasano Max Co, Yamazaki Kinzoku Sangyo, Heiwa Kinzoku Kogyo, other..
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Corporate Bank (Uchisaiwaicho)
SMBC (Shinjuku-Nishiguchi)
Relations: Satisfactory
Financials
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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96,218 |
80,310 |
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Cost of Sales |
87,400 |
72,188 |
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GROSS PROFIT |
8,817 |
8,122 |
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Selling & Adm Costs |
7,414 |
6,615 |
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OPERATING PROFIT |
1,402 |
1,506 |
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Non-Operating P/L |
707 |
949 |
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RECURRING PROFIT |
2,109 |
2,455 |
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NET PROFIT |
1,481 |
1,631 |
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BALANCE SHEET |
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Cash |
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4,717 |
2,551 |
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Receivables |
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26,665 |
20,806 |
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Inventory |
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8,104 |
5,100 |
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Securities, Marketable |
442 |
1,736 |
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Other Current Assets |
3,276 |
2,295 |
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TOTAL CURRENT ASSETS |
43,204 |
32,488 |
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Property & Equipment |
21,701 |
18,991 |
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Intangibles |
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592 |
657 |
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Investments, Other Fixed Assets |
14,026 |
15,373 |
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TOTAL ASSETS |
79,523 |
67,509 |
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Payables |
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18,938 |
11,579 |
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Short-Term Bank Loans |
9,096 |
9,184 |
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Other Current Liabs |
7,685 |
5,311 |
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TOTAL CURRENT LIABS |
35,719 |
26,074 |
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Debentures |
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4,000 |
4,000 |
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Long-Term Bank Loans |
1,563 |
410 |
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Reserve for Retirement Allw |
227 |
424 |
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Other Debts |
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4,026 |
3,273 |
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TOTAL LIABILITIES |
45,535 |
34,181 |
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MINORITY INTERESTS |
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281 |
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Common stock |
7,245 |
7,245 |
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Additional paid-in capital |
5,967 |
5,964 |
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Retained earnings |
17,283 |
16,436 |
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Evaluation p/l on
investments/securities |
3,493 |
4,158 |
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Others |
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710 |
(283) |
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Treasury stock, at cost |
(710) |
(474) |
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TOTAL S/HOLDERS` EQUITY |
33,988 |
33,046 |
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TOTAL EQUITIES |
79,523 |
67,508 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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3,782 |
2,220 |
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Cash Flows from Investment
Activities |
-5,849 |
-5,259 |
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Cash Flows from Financing Activities |
2,848 |
905 |
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Cash, Bank Deposits at the Term End |
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4,411 |
3,526 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
33,988 |
33,046 |
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Current Ratio (%) |
120.96 |
124.60 |
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Net Worth Ratio (%) |
42.74 |
48.95 |
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Recurring Profit Ratio (%) |
2.19 |
3.06 |
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Net Profit Ratio (%) |
1.54 |
2.03 |
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Return On Equity (%) |
4.36 |
4.94 |
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. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)