MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TANAKA
KOGYO CO LTD |
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Registered Office : |
3-4-29
Tsudanuma Narashino City Chiba-Pref 275-0016, Japan |
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Country : |
Japan |
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Financials (as on) : |
30.04.2006 |
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Date of Incorporation : |
April
1963 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer
of outboard motors, lawn mowers, chain saws, other |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
Company Name
TANAKA
KOGYO CO LTD
REGD NAME
Tanaka
Kogyo KK
MAIN OFFICE
3-4-29
Tsudanuma Narashino City Chiba-Pref 275-0016 JAPAN
Tel :
047-472-1111
Fax : 047-476-9907
SPECIAL
COMMENTS: The firm went bankrupt and applied for protection under the Civil
Rehabilitation Law on 22/12/2006. (See
HIGHLIGHT). All the information herein
refers to those of prior to the bankruptcy unless otherwise mentioned.
URL : http://www.tanaka-kogyo.co.jp
E-Mail
address : info@tanaka-kogyo.co.jp
ACTIVITIES
Mfg of
outboard motors, lawn mowers, chain saws, other
BRANCHES
Sapporo,
Sendai, Nagoya, Osaka, Kurume
FACTORY(IES): Chiba
OFFICERS
TAKAYA
TANAKA, PRES Seiji
Tanaka, v pres
Nobuaki
Hirayama, mgn dir Takeshi
Ozaki, dir
Tetsuji
Shibata, dir Takeya
Mutoh, dir
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES WEAK A/SALES Yen 6,488 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND SLOW WORTH Yen
936 M
STARTED 1963 EMPLOYES 204
COMMENT
MFR
SPECIALIZING IN INDUSTRIAL EQUIPMENT & PARTS. FINANCIAL SITUATION
CONSIDERED WEAK AND NO CREDITS RECOMMENDED.
HIGHLIGHTS
The
subject company was established originally in 1918 by Takashi Tanaka in order
to manufacture precision instruments, on his account. Incorporated in 1963, the firm has been succeeded by his
descendants. Takaya is the fourth
generation master, who took the pres office
in 1986. Specializes in mfg
two-stroke-cycle engine loaded machines & equipment for agricultural, industrial and consumer
use (see OPERATION). Exports started in
1968 to USA, Canada and Australia. In
1973, signed a large-lot export contract of TOB-12 type outboard motors with
Sears-Roebuck, USA. Opened office in
Seattle, Tanaka America Inc, in 1978 to strengthen
sales in USA and vicinities. Two-cycle
engine mounted skateboards were explosively sold in USA, which gave the
historical sales amount for Mar/2004 fiscal term. About 50% of the products are exported to over 50 countries
overseas. The firm, however, went
bankrupt in Dec 2006 as under. Business
operations will continue.
BANKRUPTCY/CIVIL REHABILITATION
LAW APPLICATION
On the
22nd of December, 2006 the firm went bankrupt and immediately
applied for protection under the Civil Rehabilitation Law and the same day
received protective order from the Court.
Liabilities total Yen 7,693 million against 300 creditors. Reason for bankruptcy is shortage of working
fund shortage due to excessive investments.
Also failed personal overseas investments by Takaya Tanaka himself, as
representative director, surfaced during the term.
Attorney
Daisaku Ide is the pleader and Attorney Hirotoshi Tsuchiya is appointed as
overseer. Meeting of creditors is
scheduled on the 9th of January, 2007.
Delayed
development/production of new product lines where the firm targeted sales of
Yen 6,800 million declined to Yen 6,488 million spurred the way to bankruptcy.
The firm
will continue business operations, however.
FINANCIAL INFORMATION
The sales
volume for Apr/2006 fiscal term amounted to Yen 6,488 million, an almost
similar amount of Yen 6,472 million in the previous term. This represents 4.4% down from Yen 6,768
million for the peak Apr/2004 fiscal term.
Development of new products as intended to boost sales was delayed. Hence, brisk exports sharply decreased. The recurring profit was posted at Yen 66
million and the net profit at Yen 32 million, respectively, compared with Yen
56 million recurring profit and Yen 21 million net profit, respectively a year
ago.
The
financial situation is considered WEAK and no CREDITS are recommended.
REGISTRATION
Date
Registered : Apr 1963
Legal
Status : Limited Company
(Kabushiki Kaisha)
Authorized : 800,000 shares
Issued : 200,000 shares
Sum : Yen 100 million
Major shareholders (%)
Takaya
Tanaka (44), Seiji Tanaka (30), Koji Tanaka (15), Seiko Tanaka (5.5), Hirotaka
Tanaka (3.2)
No. of
shareholders: 17
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Manufactures
two-stroke-cycle mounted machines/equipment for agricultural, industrial and
consumer use (--100%): grass trimmers/brush cutters, multi-task tools, hedge
trimmers, leaf blowers, lawn edgers, chain saws, pole saws, gas drills, power
augers, water pumps, outboard motors & engineers, vacuum blowers,
cultivators, dibblers, other, including parts & accessories.
About
50% of the products are exported to about 50 overseas countries.
Clients
[Mfrs,
wholesalers, chain stores] Joyful Honda, Yamazen Corp, Nichiryu Co, Makita
Corp, Shingu Shoko, other. Exports
(about 50%) to USA, Canada, Australia, S/E
Asia, other to about 50 countries.
No. of accounts
800
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Walbro Japan Inc, Nissin Electro, Kyodo Gomu Kogyo, Gempei Cutlery
Works, Oppama Ind, Toyo Sangyo, Starting Ind, other.
Payment record
Regular
Location
Business
area in Narashino City, Chiba-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho
Bank (Tsudanuma)
SMBC
(Chiba)
FINANCES
(In Million Yen)
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Terms Ending: |
30/04/2006 |
30/04/2005 |
30/04/2004 |
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Annual
Sales |
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6,488
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6,472
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6,768
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Recur.
Profit |
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66 |
56 |
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Net
Profit |
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32 |
21 |
27 |
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Total
Assets |
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8,013
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7,105
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Current
Assets |
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4,162
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3,521
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Current
Liabs |
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2,786
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2,351
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Net
Worth |
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936 |
903 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.25 |
-4.37
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8.44 |
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Current Ratio |
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149.38 |
149.77
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N.Worth Ratio |
11.68 |
12.71
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.. |
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R.Profit/Sales |
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1.02 |
0.87 |
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N.Profit/Sales |
0.49 |
0.32 |
0.40 |
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Return On Equity |
3.41 |
2.33 |
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Financials refer to those of the
periods before the bankruptcy.
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 |
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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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