MIRA INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TMT MACHINERY INC |
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Registered Office : |
Osaka Green Bldg 6F, 2-6-26 Kitahama Chuoku Osaka
541-0041 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
April, 2002 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of Textile Machinery |
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 479.7 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
TMT MACHINERY INC
REGD NAME
TMT Machinery KK
MAIN OFFICE
Osaka Green Bldg 6F, 2-6-26 Kitahama Chuoku Osaka 541-0041 JAPAN
Tel: 0-6204-6370 Fax:
06-6204-6371
URL: http://www.tmt-mc.jp
E-Mail address: info@tmt-mc.jp
ACTIVITIES
Mfg of textile machinery
BRANCHES
Osaka
FACTORY(IES)
Inuyama (Shiga), Matsuyama; Kyoto (Tech Center)
OVERSEAS
Shanghai (2); Seoul (2), Daegue, Gumi (--Korea), Taipei, USA
(2), Mumbai, Istanbul, Milan, Sao Paulo
OFFICERS
Jun’ichi Murata, ch* KAZUHIKO
MINO, PRES
Shosaku Miki, v pres** Kiyoharu
Iwaki, v pres
Daisuke Murata, dir*** Kazuyuki
Matsumoto, dir****
* ch of Murata Machinery Ltd; **
dir of Murata Machinery Ltd; *** pres of Murata Machinery Ltd; **** pres of
Nabetesco Corporation
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 29,326 M
PAYMENTS REGULAR CAPITAL Yen 450 M
TREND STEADY WORTH Yen 4,770 M
STARTED 2002 EMPLOYES 296
COMMENT
MFR OF
TEXTILE MACHINERY.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 479.7 MILLION, 30 DAYS
NORMAL TERMS. .
HIGHLIGHTS
The subject company
was established as a tripartite JV by Toray Engineering Co Ltd, Murata
Machinery Ltd and Teijin Seiki Co Ltd (now Nabtesco Corp), on the basis of
their textile machinery business units merged.
The merger was prompted by ever fiercer competition in the textile
machinery business.The first
stage merger started in Apr 2002 when the new firm succeeded sales and R&D
operations from each of the three parties, followed by the second stage where
mfg function including three mfg factories were transferred to this new venture
in Apr 2003. By this transfer the new
outfit started its full-scale operations as from Apr 2003. In Nov 2006 took over Shanghai TMT. Its main product lines are centering on
spinning machines & take-up machines, and texturing machines for synthetic
fiber (See OPERATION). Goods are exported to China, India, Taiwan,
other. Domestic clients include major
textile machinery mfrs, general trading houses, other, nationwide.
FINANCIAL INFORMATION
The sales volume
for Mar/2008 fiscal term amounted to Yen 29,326 million, an 8% down from Yen
31,808 million in the previous term.
This is referred to the transfer of some operations to a sister
company. The recurring profit was
posted at Yen 2,430 million and the net profit at Yen 2,017 million,
respectively, compared with Yen 508 million recurring profit and Yen 473
million net profit, respectively, a year ago.
The sharp rise in profitability is attributed to extraordinary income
coming from the said transfer of some of mfg operations.
For the current
term ending Mar 2009 the net profit is projected at Yen 470 million, on a 2%
rise in turnover, to Yen 30,000 million.
Exports will continue expanding to China, India, other. Higher Yen against foreign currencies may
affect earnings & profits.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 479.7
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 2002
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
18,000 shares
Issued: 18,000 shares
Sum: Yen 450 million
Major shareholders (%): Murata Machinery Ltd (34),
Toray Engineering Co Ltd (33), Nabtesco Corp (ex Teijin Seiki Machinery) (33)
No. of shareholders: 3
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures synthetic fiber producing
machinery & systems, other associated components & accessories
(--100%):
(Breakdown):
Spinning Systems: macro filament spinning, PA6/66
spinning, industrial yarn spinning;
Take-up Machines: for PET/PA, for spandex, for heavy
denier yarn, other;
Texturing Machines: draw texturing, other.
Clients
[Textile mfrs] Exports to India, China, Taiwan, other,
directly and thru traders.
Domestic clients: Marubeni Tekmatex, Sojitz Corp, Toray
Engineering, Itochu Plamac, other
No. of accounts: 500 (Domestically)
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Supplied from
Murata Machinery, Toray Engineering & Nabtesco Corp and their subsidiary
mfrs.
Payment
record: Regular
Location:
Business area in Osaka. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Kyoto)
Mizuho Bank (Kyoto-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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30,000 |
29,326 |
31,808 |
20,194 |
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Recur.
Profit |
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2,430 |
508 |
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Net
Profit |
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470 |
2,017 |
473 |
-896 |
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Total
Assets |
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17,403 |
16,499 |
10,392 |
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Current
Assets |
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16,013 |
15,240 |
8,740 |
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Current
Liabs |
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10,820 |
12,218 |
6,593 |
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Net
Worth |
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4,770 |
2,752 |
2,279 |
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Capital,
Paid-Up |
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450 |
450 |
450 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.30 |
-7.80 |
57.51 |
-48.16 |
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Current Ratio |
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.. |
147.99 |
124.73 |
132.56 |
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N.Worth Ratio |
.. |
27.41 |
16.68 |
21.93 |
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R.Profit/Sales |
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.. |
8.29 |
1.60 |
.. |
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N.Profit/Sales |
1.57 |
6.88 |
1.49 |
-4.44 |
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Return On Equity |
.. |
42.29 |
17.19 |
-39.32 |
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Note: Financials are disclosed in digested forms.
Forecast (or estimated) for the 31/03/2009 fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)