MIRA
INFORM REPORT
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Report Date : |
09.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAKISAWA MACHINE TOOL CO LTD |
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Registered Office : |
983 Natsukawa Okayama 701-0164 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
October 1944 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Machine 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 865.7 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TAKISAWA MACHINE TOOL CO LTD
REGD NAME: Takizawa Tekkosho KK
MAIN OFFICE: 983 Natsukawa Okayama
701-0164 JAPAN
Tel:
086-293-1500 Fax: 086-293-5799
URL: http://www.takisawa.co.jp/
E-Mail address: info@takisawa.co.jp
ACTIVITIES
Mfg of machine tools
BRANCH(ES)
Saitama, Osaka, Nagoya, Okayama, Fukuoka
OVERSEAS
Taiwan, China, USA, UK, Thailand, India (--subsidiaries)
(See REGISTRATION)
FACTORY(IES)
At the caption address
CHIEF EXEC
YASUMASA KONDO, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,805 M
PAYMENTS REGULAR CAPITAL Yen 1,569 M
TREND STEADY WORTH Yen 13,409 M
STARTED 1944 EMPLOYES 534
COMMENT
MFR OF
MACHINE TOOLS.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 865.7 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company is a time-honored, medium-sized mfr of comprehensive machine tools, producing NC lathes, ordinary lathes and MCs. Has overseas sales & production bases in Taiwan & China (Shanghai). Overseas subsidiaries are also in USA, UK, Thailand and India. Automakers are main users. In 2003, acquired by investment fund Phoenix Capital. Construction of new plant under way, scheduled to finish Mar 2009 term. Planning to boost production capacity for NC-multifunctional equipment by 30% to meet stronger demand in India and other overseas markets. About 40% of the products are exported.
FINANCIAL INFORMATION
The sales volume for Mar/2000 fiscal term amounted to Yen 26,805 million, a 0.5% down from Yen 26,941 million in the previous term. Demand from automakers, major clients, slowed after the peak period last year. The received orders were down 1.5% to Yen 720,800 million. Overseas sales fared well. The recurring profit was posted at Yen 3,708 million and the net profit at Yen 2,000 million, respectively, compared with Yen 3,899 million recurring profit and Yen 1,989 million net profit, respectively, a year ago. SOX-related expenses and up-front costs on new plants posed heavy burden on earnings.
For the current term ending Mar 2009 the recurring profit is projected at Yen 3,640 million and the net profit at Yen 1,923 million, on a similar turnover, to Yen 27,000 million. New orders for automakers will likely recover, with exports continuing rising. Reportedly, the firm’s estimates of flat sales and profits are rather conservative.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 865.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct
1944
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 140
shares
Issued: 65,700,619
shares
Sum: Yen
1,569 million
Major shareholders (%)
Fanuc Ltd (5.0), Chugoku Bank (4.8), Kredit Bank (Lux) Burgeois FJO (2.3), Japan Securities Finance (2.3), Mellon Bank Treaty Clients’ Omnibus (1.3), BHP Paribas Sec Service (Lux) (1.5), Sumitomo Trust Bank (1.3), Chugin Lease (1.1), Chase (London) Sp Acct No.1 (0.9), Treasury Stock (0.8); foreign owners (10.9)
No. of shareholders: 7,749
Listed on the S/Exchange (s) of
Tokyo (Second Section)
Managements:
Katsuyuki Yonemoto, ch; Yasumasa Kondo, pres; Tatsuo Ishii, s/mgn dir;mTakuji Yunoki, s/mg dir; Shiro Hamada, dir; T C Lin, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Takisawa Techno Service Inc, KK Cascade, other
Overseas subsidiaries
Taiwan Takisawa Technology Co Ltd, Shanghai Takisawa Miyano Machinery Co, Ltd, Takisawa Inc (USA), Takisawa UK Ltd, Takisawa (Thailand) Co Ltd, SAP Takisawa Machine Tools Private Ltd (India)
OPERATION
Activities: Manufactures machine tools: CNC lathes (74.8%), ordinary lathes (15..3%), mailing center (6.1%), others (3.8%).
Overseas sales ratio (52.7%): Asia 37.8%, Europe 9.6%, N America 4.7%, others 0.6%
Exports (39.0%)
(Mfg items): Multi-purpose machines (turning/milling combined machines, machining/turning combined machines), compound CNC lathes, CNC oval turning center, parallel twin-spindle CNC lathes, vertical CNC lathes, traveling column vertical machining center, CNC/manual lathers, other.
Clients
[Mfrs, wholesalers] Yamazen Corp, Ishii Hyoki Co, Yuasa Trading, Hamamatsu Corp, Tazmo Co, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Fanuc Ltd, Takisawa Tekko Techno Service, Danto Kogyo, Nishibe Shoten, other.
Payment record
Regular
Location
Business area in Okayama. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Chugoku Bank (H/O)
Mizuho Trust Bank (Okayama)
Relations: Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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26,805 |
26,941 |
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Cost of Sales |
18,877 |
18,767 |
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GROSS PROFIT |
7,927 |
8,173 |
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Selling & Adm Costs |
4,314 |
4,328 |
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OPERATING PROFIT |
3,612 |
3,844 |
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Non-Operating P/L |
96 |
55 |
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RECURRING PROFIT |
3,708 |
3,899 |
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NET PROFIT |
2,000 |
1,989 |
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BALANCE SHEET |
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Cash |
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2,806 |
1,993 |
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Receivables |
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9,041 |
9,249 |
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Inventory |
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5,059 |
4,915 |
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Securities, Marketable |
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Other Current Assets |
1,130 |
1,086 |
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TOTAL CURRENT ASSETS |
18,036 |
17,243 |
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Property & Equipment |
5,437 |
4,307 |
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Intangibles |
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34 |
59 |
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Investments, Other Fixed Assets |
860 |
971 |
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TOTAL ASSETS |
24,367 |
22,580 |
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Payables |
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6,733 |
6,214 |
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Short-Term Bank Loans |
281 |
657 |
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Other Current Liabs |
2,629 |
3,687 |
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TOTAL CURRENT LIABS |
9,643 |
10,558 |
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Debentures |
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Long-Term Bank Loans |
600 |
1,000 |
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Reserve for Retirement Allw |
511 |
502 |
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Other Debts |
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204 |
218 |
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TOTAL LIABILITIES |
10,958 |
12,278 |
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MINORITY INTERESTS |
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Common
stock |
2,319 |
1,569 |
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Additional
paid-in capital |
1,568 |
851 |
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Retained
earnings |
7,656 |
6,110 |
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Evaluation
p/l on investments/securities |
(9) |
(2) |
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Others |
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1,895 |
1,791 |
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Treasury
stock, at cost |
(20) |
(17) |
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TOTAL S/HOLDERS` EQUITY |
13,409 |
10,302 |
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TOTAL EQUITIES |
24,367 |
22,580 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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2,477 |
2,399 |
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Cash
Flows from Investment Activities |
-1,305 |
-1,071 |
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Cash
Flows from Financing Activities |
-271 |
-1,572 |
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Cash,
Bank Deposits at the Term End |
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2,806 |
1,949 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
13,409 |
10,302 |
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Current
Ratio (%) |
187.04 |
163.32 |
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Net
Worth Ratio (%) |
55.03 |
45.62 |
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Recurring
Profit Ratio (%) |
13.83 |
14.47 |
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Net
Profit Ratio (%) |
7.46 |
7.38 |
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Return
On Equity (%) |
14.92 |
19.31 |
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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%)