MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAJIMA INC |
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Registered Office : |
1-25-1 Miyagi Adachiku Tokyo 120-8526 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of PVC Tiles, Floorings, Adhesives and
Associated Supplies |
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 398.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TAJIMA INC
REGD NAME: KK Tajima
MAIN OFFICE: 1-25-1 Miyagi
Adachiku Tokyo 120-8526 JAPAN
Tel:
03-3913-6161 Fax: 03-3913-2863
E-Mail address: info@tajima.co.jp
ACTIVITIES
Mfg of PVC tiles, floorings, adhesives & associated
supplies
BRANCHES
Tokyo, Osaka, Sapporo, Sendai, Chiba, Yokohama, other (Tot
23)
FACTORY(IES)
At the caption address, Tsukuba (Ibaraki), Tsurugashima
(Saitama), Okayama (subsidiary factory)
OFFICERS
TSUNEO TAJIMA, PRES & CEO
Yukio Ishii, mgn dir
Munenori Ogawa, mgn dir
Taku Ooie, dir
Kunio Higashi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 19,181 M
PAYMENTS REGULAR CAPITAL Yen
100 M
TREND STEADY WORTH Yen
6,653 M
STARTED 1952 EMPLOYES 417
COMMENT
MFR
SPECIALIZING IN PVC TILES & FLOORINGS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 398.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The
subject company was established by father of Tsuneo Tajima in order to mfr PVC tiles
& floorings. This is a leading
specialized mfr of PVC floor tiles, carpet tiles and other related goods,
controlling about 30% market share in the specific business line. Products are also designed for use in stores
& restaurants. Also manufactures
adhesives, and other associated supplies for flooring works. Has subsidiary in Netherlands, Tajima
Europe, to cover the European markets.
Exports the goods to over 30 countries worldwide, including N America,
Europe, Asia, Australia, etc. Mfg is
also handled by a subsidiary maker, Tajima Okayama Inc. Clients are major upholstery makers and
wholesalers, nationwide.
FINANCIAL INFORMATION
The
sales volume for Mar/200’ fiscal term amounted to Yen 19,181 million, a slight
decline from Yen 19,221 million in the previous term, affected by the slumping
housing & construction markets particularly in the first half of the term,
coupled with price competition among the trade. The operations plunged into the red to post Yen 698 million
recurring loss and Yen 208 million net loss, respectively, for the term. This is largely referred to the skyrocketing
fuel oil prices for mfg. This compares
with Yen 271 million recurring profit and Yen 112 million net profit,
respectively, a year ago.
For
the term that ended Mar 2008 the recurring profit was projected at Yen 200
million and the net profit at Yen 100 million, respectively, on a 9% rise in
turnover, to Yen 21,000 million.
Housing & construction markets are recovering steeply particularly
high-storied condominiums & office buildings in the center of cities. Land prices have started to rise, too.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 398.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1952
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800,000
shares
Issued: 201,000
shares
Sum: Yen
100 million
Major shareholders (%)
Employees’ S/Holding Assn (27.7),
Tajima Roofing KK*(26.2), Sansei Sangyo (11.2), Tsuneo Tajima (8.1)
*.. Subsidiary trading firm
No. of shareholders: 30
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Manufactures PVC tiles, PVC sheets, PVC planks & tiles, self laying tiles, fabric tiles for flooring, adhesives,
broom boards, floor cleaners, other associated supplies (--100%).
(Export 5%, to over 30 countries
in N America, Europe, Australia & Asia).
Clients
[Mfrs,
wholesalers, specialty stores] Sanyu, Lilycolor, Aswan, Japan
Ornament, Kawashima Textile
Hambai, Nohara Sangyo & Co, other.
Exports to N America, Europe,
Australia, Asia, etc.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Itochu Corp, Mitsubishi
Chemical, Mitsubishi Corp, Marubeni
Corp, Tajima Okayama (subsidiary), Moriroku, Shiraishi Calcium, other. Imports the materials through general
trading houses.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Asakusa)
MUFG (Muromachi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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21,000 |
19,181 |
19,221 |
20,188 |
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Recur.
Profit |
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200 |
-698 |
271 |
473 |
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Net
Profit |
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100 |
-208 |
112 |
382 |
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Total
Assets |
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20,069 |
18,373 |
19,058 |
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Current
Assets |
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13,146 |
12,346 |
12,733 |
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Current
Liabs |
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8,752 |
6,868 |
7,283 |
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Net
Worth |
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6,653 |
6,745 |
6,673 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.P.Share(¥) |
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0.00 |
75.00 |
125.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.48 |
-0.21 |
-4.79 |
-0.08 |
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Current Ratio |
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150.21 |
179.76 |
174.83 |
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N.Worth Ratio |
.. |
33.15 |
36.71 |
35.01 |
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R.Profit/Sales |
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0.95 |
-3.64 |
1.41 |
2.34 |
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N.Profit/Sales |
0.48 |
-1.08 |
0.58 |
1.89 |
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Return On Equity |
.. |
-3.13 |
1.66 |
5.72 |
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Notes: Forecast (or estimated) figures for 31/03/2008 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%)