MIRA
INFORM REPORT
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Report Date : |
14.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TYK
CORPORATION |
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Registered Office : |
3-1 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Feb
1947 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer
of firebricks |
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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Maximum Credit Limit : |
Yen 883.1 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
TYK
CORPORATION
REGD NAME
MAIN OFFICE
3-1 Obatacho Tajimi City
Gifu-Pref 507-8607
Tel : 0572-22-8151;
Fax : 0572-22-0706
Registered &
Tekko Bldg,
1-8-2 Marunouchi Chiyodaku
Tel : 03-3201-0821
Fax
: 03-3213-3566
URL
: http://www.tyk.co.jp/
E-mail
address: tyk@ttj,jp
ACTIVITIES
Mfr
of firebricks
BRANCH(ES)
(Overseas)
FACTORY(IES)
At
the caption address,
(Overseas):
CHIEF EXEC
NOBUTAKA
USHIGOME, PRES
Yen
Amount: In million Yen, otherwise
stated.
SUMMARY
FINANCES FAIR A/SALES Yen 19,317 M
PAYAMENTS REGULAR CAPITAL Yen
2,398 M
TREND STEADY WORTH
Yen 27,223 M
STARTED 1947 EMPLOYS 815
COMMENT
MFR SPECIALIZING
IN REFRACTORIES, BELONGING TO JFE GROUP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 883.1 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term.
HIGHLIGHTS
This is a
leading producer of firebricks, belonging to JFE group. Established as integrated firebrick maker in
1947, the firm expanded corporate scale through equity participation in
companies of the same line. Shipment to JFE
group accounts for approx 15% of total sales.
Exports account for about one-third of the total sales. Aiming to expand into landscaping materials,
fine ceramics, water purifiers, other environment-friendly products, etc
through sales agents. Also produces
graphite crucibles for nonferrous metals.
Overseas production sites are:
FINANCIAL INFORMATION
The sales
volume for Mar/2007 fiscal term amounted to Yen 19,317 million, a 6.8% up from
Yen 18,072 million in the previous term, supported by robust demand from steel
industry. Sales in N America &
Europe were brisk, overseas sales grew 5.6% to Yen 6,653 million. The recurring profit was posted at Yen 929
million, up 168.4% from Yen 346 million the previous year. The net profit resulted in Yen 284 million
for the term, compared with Yen 893 million net losses a year ago. Last term’s losses are referred to Yen 958
million extraordinary losses coming mainly from the disposal of fixed assets
and employment of asset-impairment accounting system.
For the
current term ending Mar 2008 the recurring profit is projected at Yen 920
million and net profit at Yen 450 million, respectively, on a 3.5% rise in
turnover, to Yen 20,000 million. Demand
for refractories from steel industry will continue brisk. Overseas sales will grow.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 883.1 million, on 30 days normal terms.
RESIGTRATION
Date
Registered: Feb 1947
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 181,908,000 shares
Issued: 45,477,000 shares
Sum: Yen 2,398 million
Major
shareholders(%): JFE Steel (12.9), Daido Steel (11.4), Ogaki Kyoritsu Bank
(4.7), Aozora Bank (4.7),
Mizuho Bank
(4.6), Juroku Bank (4.6), Trustee Services Bank of
foreign
owners (1.6)
No.
of shareholders: 2,938 (as of Mar/07)
Listed
on the S/Exchange(s) of:
Managements: Susumu Ushigome, ch; Nobutaka
Ushigome, pres; Masatoshi Ozawa, dir; Hiroshi
Matsumoto,
dir; Haruyoshi Tanabe, dir
Related
company(ies): Akechi Ceramics, Mizuno
Ceramics, U-Ceramics, other
Nothing
detrimental is known as to the business morality of executives.
OPERATION
Activities:
Manufactures refractories for blast furnaces, hot-metal ladles, electric
furnaces, continuous casting furnaces, heating furnaces, induction furnaces,
rotary kilns, incinerators; products
include graphite crucibles, insulation bricks, other (96%), fine ceramics,
landscaping products, gardening supplies, others (--4%).
(Overseas
trading ratio 34.4% (by regions):
(Refractory
products):
For Steelmaking: bricks for walls & bottoms in BOF, launder in BOF, bricks for
Torpedo car, bricks for ladles; bricks, plugs & sleeves for converter,
bricks for EAF, bricks for secondary refining, lance pipes, porous plugs & slit
plug, bricks & castables for tundishes, flow control system, stopper for
continuous casting, nozzles for CC machines, brake rings for horizontal CC,
large precast blocks;
For Nonferrous Casting: carbon crucibles & auxiliary equipment, bricks for cupola,
bricks & sleeves for induction furnace, protection tubes for thermometer,
STOKE (casting tube), heater tube, rotary gas bubbling device, preserving furnace for aluminum
casting, sleeves for die-cast machines, ceramic crucibles, other.
For Other Purposes: for incinerators, for ash-melting furnaces, for kilns, heat
insulating bricks, etc.
Clients:
[Mfrs, wholesalers, agent dealers] JFE Steel (15%), TYK America, Daido Kogyo,
Marubeni Corp, Sumitomo Metal Ind, Nippon Steel, other
No.
of account.. 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Akechi Ceramics, Mizuno Ceramics, Shoko Co, Itochu
Ceramics, Mitsubishi Corp, Sumiyoshi Refractory, other.
Payment
record: Regular
Location:
Light industrial area in
Bank Reference
Mizuho Bank
(Nagoya-Chuo)
Ogaki
Kyoritsu Bank (Tajimi)
Relations:
Satisfactory
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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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19,317 |
18,072 |
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Cost of Sales |
15,128 |
13,933 |
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GROSS PROFIT |
4,189 |
4,138 |
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Selling & Adm Costs |
3,322 |
3,905 |
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OPERATING PROFIT |
866 |
232 |
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Non-Operating P/L |
63 |
114 |
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RECURRING PROFIT |
929 |
346 |
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NET PROFIT |
284 |
-893 |
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BALANCE SHEET |
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Cash |
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1,964 |
2,866 |
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Receivables |
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6,987 |
5,872 |
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Inventory |
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5,856 |
5,780 |
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Securities, Marketable |
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29 |
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Other Current Assets |
367 |
393 |
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TOTAL CURRENT ASSETS |
15,174 |
14,940 |
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Property & Equipment |
11,948 |
12,294 |
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Intangibles |
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70 |
78 |
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Investments, Other Fixed Assets |
11,670 |
12,377 |
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TOTAL ASSETS |
38,862 |
39,689 |
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Payables |
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1,757 |
1,709 |
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Short-Term Bank Loans |
4,626 |
4,726 |
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Other Current Liabs |
1,049 |
841 |
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TOTAL CURRENT LIABS |
7,432 |
7,276 |
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Debentures |
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Long-Term Bank Loans |
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98 |
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Reserve for Retirement Allw |
1,450 |
1,530 |
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Other Debts |
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2,757 |
3,087 |
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TOTAL LIABILITIES |
11,639 |
11,991 |
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MINORITY INTERESTS |
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3,703 |
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Common
stock |
2,398 |
2,398 |
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Additional
paid-in capital |
2,460 |
2,460 |
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Retained
earnings |
14,890 |
14,695 |
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Evaluation
p/l on investments/securities |
4,278 |
5,026 |
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Others |
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3,319 |
(453) |
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Treasury
stock, at cost |
(122) |
(132) |
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TOTAL S/HOLDERS` EQUITY |
27,223 |
23,994 |
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TOTAL EQUITIES |
38,862 |
39,689 |
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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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591 |
329 |
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Cash
Flows from Investment Activities |
-1,153 |
-1,224 |
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Cash Flows
from Financing Activities |
-301 |
-53 |
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Cash,
Bank Deposits at the Term End |
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1,774 |
2,628 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
27,223 |
23,994 |
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Current
Ratio (%) |
204.17 |
205.33 |
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Net
Worth Ratio (%) |
70.05 |
60.46 |
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Recurring
Profit Ratio (%) |
4.81 |
1.91 |
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Net
Profit Ratio (%) |
1.47 |
-4.94 |
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Return
On Equity (%) |
1.04 |
-3.72 |
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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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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%)