MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
TSUNE SEIKI CO LTD |
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Registered Office : |
852 Takahizuki Fuchumachi Toyama 939-2613 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
Apr 1943 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of sewing machines & tools |
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 215.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
TSUNE SEIKI CO LTD
REGD NAME
Tsune Seiki KK
MAIN OFFICE
852 Takahizuki Fuchumachi Toyama 939-2613 JAPAN
Tel : 076-469-3330
Fax : 076-469-5244
URL : http://www.tsune21.com
E-Mail address: info@tsune21.com
*.. Registered at: 1112 Teramachi Toyama
ACTIVITIES
Mfg of sewing machines & tools
BRANCHES
Toyama (2) (divisions)
OVERSEAS
Tsune America LLC (USA); Tsune Seiki (Thailand) Co Ltd (Thailand)
(--subsidiaries)
(Distributorship agents): Sweden, Netherlands, Russia, UK, Germany, France, Italy, Spain, Korea, Hong Kong, China, India, Taiwan, and Australia
FACTORY(IES)
At the caption address; Toyama (2) (--subsidiary factories)
OFFICERS
YOSHITAKA TSUNE, PRES Yoshifumi
Tsune, mgn dir
Toshio Michiyo, mgn dir Norimasa
Matsunaga, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,166 M
PAYMENTS REGULAR CAPITAL Yen 36 M
TREND STEADY WORTH Yen 2,518 M
STARTED 1943 EMPLOYES 214
COMMENT
MFR OF METAL CUTTING MACHINES & TOOLS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 215.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by a certain Tsune as
ironworks, on his account. Incorporated
in 1943 as Tsune Iron Works (renamed as captioned in 1963) the firm has been
succeeded by his descendants. Owned and
operated by the Tsune family. This is a
specialized mfr of sawing machines, saw blades, saw blade grinding machines,
other related tools & parts.
Original brand name as “Economy” changed to “Tsune” brand in 1990. Goods are widely exported to worldwide
markets. Two overseas sales subsidiaries
in USA and Thailand.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen 7,166 million, an 18% rise from Yen 6,059 million in the previous term. Exports were robust into China, Europe, other Asian countries. The recurring profit was posted at Yen 568 million and the net profit at Yen 267 million, respectively, compared with Yen 291 million recurring profit and Yen 138 million net profit, respectively, a year ago.
For the term just ended Sept 2007 the recurring profit was
projected at Yen 570 million and the net profit at Yen 270 million,
respectively, on a 5% rise in turnover, to Yen 7,500 million. Exports continued rising. Weaker Yen also contributed.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 215.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1943
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.8
million shares
Issued: 720,000
shares
Sum: Yen
36 million
Major shareholders (%): Tsune Kosan KK*(44),
Tsune family (--56)
*.. Holding company owned by the Tsune family.
No. of shareholders: 9
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures metal sewing machines & tools (--100%).
(Mfg items):
Sawing Machines: circular
sawing machines, band sawing machines, hack sawing machines, pipe cutting
machines with roll cutter, other;
Saw Blade Grinding
Machines;
Saw Blades: HSS circular saw blades, solid carbide saw blades, knife saw/roll cutter, band saw blades, carbide tipped saw blades, hack saw blades, other.
Subsidiary mfrs: Tsune
Wagner Carbide Co Ltd (mfg circular carbide tipped saw blades); Futaba Seiki Co
Ltd (mfg parts)
Clients: [Machines tools mfrs, wholesalers] Tsune Machine Tool, YKK, Mitsubishi Rayon, Nachi-Fujikoshi Corp, Sodick Plustech Co, Nippon Thompson Co, other.
Goods are exported to: Sweden, Netherlands, Russia, UK, Germany, France, Italy, Spain, Korea, China, Hong Kong, India, Taiwan, Australia, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Jesk Horiuchi Co, Nachi
Hokuriku, Ryoetsu Electric, Shinei Co, Tsune Wagner Carbide, Futaba Seiki,
other.
Payment record: Regular
Location: Business area in Toyama. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Hokuriku Bank (Toyama-Marunouchi)
Shoko Chukin Bank (Toyama)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
30/09/2007 |
30/09/2006 |
30/09/2005 |
30/09/2004 |
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Annual
Sales |
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7,500 |
7,166 |
6,059 |
5,100 |
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Recur.
Profit |
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570 |
568 |
291 |
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Net
Profit |
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270 |
267 |
138 |
100 |
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Total
Assets |
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6,220 |
6,059 |
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Current
Assets |
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3,683 |
3,437 |
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Current
Liabs |
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3,132 |
2,821 |
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Net
Worth |
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2,518 |
2,264 |
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Capital,
Paid-Up |
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36 |
36 |
36 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.66 |
18.27 |
18.80 |
13.33 |
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Current Ratio |
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117.59 |
121.84 |
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N.Worth Ratio |
.. |
40.48 |
37.37 |
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R.Profit/Sales |
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7.60 |
7.93 |
4.80 |
.. |
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N.Profit/Sales |
3.60 |
3.73 |
2.28 |
1.96 |
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Return On Equity |
.. |
10.60 |
6.10 |
.. |
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Notes: Forecast (or estimated) for the 30/09/2007 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. |
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%)