MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TOHATSU MARINE KK |
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Registered Office : |
4495-9 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Feb 1988 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of outboard engines & accessories |
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. |
Small |
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Maximum Credit Limit : |
Yen 99.2 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name
TOHATSU MARINE KK
REGD NAME
Tohatsu Marine KK
MAIN OFFICE
4495-9 Shimodaira Komagane
City Nagano-Pref 299-4101
Tel : 0265-82-1082
Fax : 0265-82-1104
URL : http://www.tohatsu.co.jp/ (Of the Japanese parent,
Tohatsu Corp)
E-Mail
address: info@tohatsu.co.jp
ACTIVITIES
Mfg of
outboard engines & accessories
BRANCHES
Nil
FACTORY(IES)
At the
caption address
OFFICERS
MITSURU
KANEKO, PRES
Kazuhiro
Masumoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 15,020 M
PAYMENTS REGULAR CAPITAL Yen 418 M
TREND UP WORTH Yen 70 M
STARTED 1988 EMPLOYES 240
COMMENT
MFR SPECIALIZING IN OUTBOARD ENGINES, JOINTLY OWNED BY TOHATSU CORP & BRUNSWICK INT’L INC. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 99.2 MILLION, 30 DAYS TERMS, RECOMMENDING FULL GUARANTEE FROM THE PARENT, TOHATSU CORP.
HIGHLIGHTS
The subject company was established on the basis of the Okaya Factory separated from Tohatsu Corporation (see REGISTRATION). Mitsuru Kaneko is concurrently pres at the parent, who took the pres office in Dec 2005. Specializes in manufacturing outboard engines and accessories for fishing boats, sailboats, other, virtually as mfg division of the parent. Products are shipped to the parent, with partially supplied to other clients. In Oct 2004, increased the capital to Yen 418 million by the participation of Brunswick International Ltd.
FINANCIAL
INFORMATION
The firm stopped releasing full financials as from the 31/12/2005 fiscal term, which are consolidated by the parent, Tohatsu Corp, and only partial figures have been disclosed.
The sales volume for Dec/2006 fiscal term amounted to Yen 15,020 million, a 31% up from Yen 11,504 million in the previous term. Demand increased from pleasure boat, fishing boat industries. The operations are reported come back to profitability to register Yen 50 million net profit for the term, compared with Yen 700 million net losses a year ago. The last term’s deficit is referred to the delayed operation of new factory facilities, including enlargement of existing facilities. The factory is now back to normal operations. The firm increased the capital in Oct 2004 to Yen 418 million from Yen 98 million.
For the current term ending Dec 2007 the net profit is projected at Yen 50 million, on a 13% rise in turnover, to Yen 17,000 million. Production capacity is now 160,000 units/year and the firm says this figures can be achieved during the term.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 99.2 million, on 30 days terms. All credits are recommended by guarantee from the parent, Tohatsu Corporation, whose max credit limit is estimated at Yen 174.4 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Feb 1988
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 8,360 shares
Issued: 8,360 shares
Sum: Yen 418 million
Major shareholders (%): Tohatsu
Corp*(50), Brunswick International Ltd (50)
No. of
shareholders: 2
*.. Mfr & wholesaler of outboard engines & accessories, Tokyo, founded 1932, capital Yen 500 million, turnover Yen 24,286 million, recurring profit Yen 624 million, net losses Yen 139 million, total assets Yen 29,547 million, net worth Yen 2,970, employees 523, pres Mitsuru Kaneko, concurrently; Max credit limit is estimated at Yen 174.4 million, on 30 days normal terms.
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufacturing Division of Tohatsu Corp for manufacturing outboard engines (two-stroke, four-stroke, TLDI (registered brand) for motorcycles, fishing boats, snow vehicles, pleasure boats, fire pumps & submarine pumps, and accessories (--100%).
Products
are shipped to the parent, Tohatsu Corporation.
Accessories:
Control boxes: side mount remote control boxes, top mount remote control boxes, twin top remote control boxes, drag link, bar kit, remote control fitting kit, extension tiller handle, vertical starting device kit);
Gauges: tachometer, multi-purpose meter repair kits, speed meter, trim meter, volt meter, hour meter, water pressure meter, temperature meter;
Propellers;
Fuel
Tanks; others.
Clients:
[Mfrs, wholesalers] Tohatsu Corp, Nissan Motors, Mercury Marine Japan,
other.
No. of
accounts: 10 (Direct clients only)
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Teikoku Piston Ring, Kokusai Denki Co, Marine Kosan, Ahresty Corp, Kobe Steel, Koshida Corp, TK Carburetor, other.
Payment
record: Regular
Location: Business area in
Bank References
Hachijuni
Bank (Komagane)
MUFG
(Shimura)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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17,000 |
15,020 |
11,504 |
11,021 |
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Recur.
Profit |
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Net
Profit |
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50 |
50 |
-700 |
40 |
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Total
Assets |
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N/A |
N/A |
6,717 |
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Net
Worth |
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72 |
22 |
722 |
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Capital,
Paid-Up |
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418 |
418 |
418 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
13.18 |
30.56 |
4.38 |
27.28 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
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10.75 |
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N.Profit/Sales |
0.29 |
0.33 |
-6.08 |
0.36 |
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Notes:
Financials are only partially disclosed as from the 31/12/2005 fiscal term.
SUPPLEMENTS
CONSOLIDATED
FINANCES OF THE JAPAN PARENT, TOHATSU CORPORATION
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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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24,286 |
20,047 |
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Cost of Sales |
20,823 |
17,120 |
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GROSS PROFIT |
3,463 |
2,927 |
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Selling & Adm Costs |
2,550 |
2,174 |
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OPERATING PROFIT |
912 |
752 |
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Non-Operating P/L |
-288 |
-219 |
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RECURRING PROFIT |
624 |
533 |
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NET PROFIT |
-139 |
12 |
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BALANCE SHEET |
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Cash |
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2,534 |
2,774 |
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Receivables |
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3,660 |
3,201 |
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Inventory |
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7,273 |
5,375 |
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Securities, Marketable |
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Other Current Assets |
540 |
544 |
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TOTAL CURRENT ASSETS |
14,007 |
11,894 |
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Property & Equipment |
14,238 |
14,588 |
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Intangibles |
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733 |
670 |
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Investments, Other Fixed Assets |
569 |
2,033 |
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TOTAL ASSETS |
29,547 |
29,185 |
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Payables |
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7,478 |
5,692 |
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Short-Term Bank Loans |
7,722 |
7,179 |
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Other Current Liabs |
2,003 |
2,000 |
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TOTAL CURRENT LIABS |
17,203 |
14,871 |
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Debentures |
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Long-Term Bank Loans |
6,220 |
6,608 |
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Reserve for Retirement Allw |
426 |
477 |
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Other Debts |
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2,727 |
2,631 |
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TOTAL LIABILITIES |
26,576 |
24,587 |
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MINORITY INTERESTS |
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69 |
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Common
stock |
500 |
500 |
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Additional
paid-in capital |
600 |
600 |
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Retained
earnings |
3,223 |
3,419 |
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Evaluation
p/l on investments/securities |
24 |
34 |
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Others |
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66 |
(13) |
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Treasury
stock, at cost |
(1,443) |
(13) |
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TOTAL S/HOLDERS` EQUITY |
2,970 |
4,527 |
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TOTAL EQUITIES |
29,547 |
19,185 |
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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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405 |
1,187 |
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Cash Flows
from Investment Activities |
-285 |
-2,663 |
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Cash
Flows from Financing Activities |
85 |
2,095 |
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Cash,
Bank Deposits at the Term End |
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2,258 |
1,988 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
2,970 |
4,527 |
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Current
Ratio (%) |
81.42 |
79.98 |
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Net
Worth Ratio (%) |
10.05 |
23.60 |
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Recurring
Profit Ratio (%) |
2.57 |
2.66 |
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Net
Profit Ratio (%) |
-0.57 |
0.06 |
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Return
On Equity (%) |
-4.68 |
0.27 |
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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. |
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%)