MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TYK CORPORATION |
|
|
|
|
Registered Office : |
Tekko
Bldg, 1-8-2 Marunouchi Chiyodaku Tokyo 100-0005 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
February
1947 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer
of Firebricks |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
YEN
957.7 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
TYK CORPORATION
REGD NAME: Tokyo
Yogyo KK
MAIN
OFFICE: 3-1 Obatacho Tajimi City
Gifu-Pref 507-8607 JAPAN
Tel:
0572-22-8151; Fax: 0572-22-0706
Registered & Tokyo Head Office:
Tekko
Bldg, 1-8-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel:
03-3201-0821 Fax: 03-3213-3566
URL: http://www.tyk.co.jp/
E-mail
address: tyk@ttj,jp
ACTIVITIES
Mfr
of firebricks
BRANCH(ES)
Chiba,
Kawasaki, Nagoya, Osaka, Fukuyama, Kitakyushu, other (Total 16)
(Overseas)
USA, Canada, France, UK, Germany, Taiwan
FACTORY(IES)
At
the caption address, Gifu-Pref (Tot 5)
(Overseas):
USA, Belgium, UK, Taiwan, China
CHIEF EXEC
NOBUTAKA
USHIGOME, PRES
Yen
Amount: In million Yen, otherwise
stated.
SUMMARY
FINANCES FAIR A/SALES Yen 20,591 M
PAYAMENTS REGULAR CAPITAL Yen
2,398 M
TREND STEADY WORTH
Yen 24,873 M
STARTED 1947 EMPLOYS 832
COMMENT
MFR SPECIALIZING
IN REFRACTORIES, BELONGING TO JFE GROUP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 957.7 MILLION, 30
DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2009 fiscal term.
HIGHLIGHTS
This is a leading producer of firebricks,
belonging to JFE group. Established as
integrated firebrick maker in 1947, the firm expanded corporate scale through
equity participation in companies of the same line. Shipment to JFE group accounts for approx 15% of total
sales. Exports account for about
one-third of the total sales. Aiming to
expand into landscaping materials, fine ceramics, water purifiers, other
environment-friendly products, etc through sales agents. Also produces graphite crucibles for
nonferrous metals. Overseas production
sites are: USA, Belgium, UK, China and Taiwan.
Under liquidation of loss-breading Belgium subsidiary. USA sub still suffering deficits even after
plant reorganization. China sub is also
suffering losses, while Taiwan sub is faring well. Working on in-vehicle tests on diesel emission treatment
filters.
FINANCIAL INFORMATION
The
sales volume for Mar/2008 fiscal term amounted to Yen 20,591 million, a 6.6% up
from Yen 19,317 million in the previous term, backed by high-level steel
production at home & abroad.
supported by robust demand from steel industry. Sales in N America & Europe were down
4.9% to Yen 3,245 million; sales of other areas up 25.4% to Yen 2,660
million. The recurring profit was
posted at Yen 158 million, reporting Yen 198 million net losses for the
term. Profits deteriorated due to
rising cost of materials and fuel oils.
Also foreign currency exchange losses hit hard, booking Yen 263 million
exchange losses. Inventory revaluation
& disposal losses are also reported.
This compares with Yen 929 recurring profit and Yen 284 million net
profit, respectively, a year ago.
(Apr/Jun/2008
results): Sales Yen 5,206 million, recurring profit Yen 440 million, net profit
Yen 177 million. No comparison with the
corresponding period a year ago, as this is the first report of the first 3
months sales report. Reported, crude
steel production was up 3.9% from the last corresponding period.
For
the current term ending Mar 2009 the recurring profit is projected at Yen 570
million and net profit at Yen 270 million, respectively, on a 2% rise in
turnover, to Yen 21,000 million. Brisk
demand for refractories from steel industry will continue. Endeavoring to cover higher material prices,
but R&D costs will weigh heavily.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 957.7 million, on 30 days normal terms.
RESIGTRATION
Date Registered: Feb 1947
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
181,908,000 shares
Issued:
45,477,000 shares
Sum:
Yen 2,398 million
Major shareholders(%)
JFE
Steel (12.9), Daido Steel (11.4), Ogaki Kyoritsu Bank (4.7), Aozora Bank
(4.7), Mizuho Bank (4.6), Juroku Bank (4.6), Trustee Services Bank of Japan T (2.9), Bank of Yokohama (2.8),
Yamaguchi Bank (2.4), Aioi Insurance (2.2); foreign owners (2.2)
No. of shareholders: 2,781 (as off Mar/08)
Listed on the S/Exchange(s) of: Tokyo
Managements
Susumu
Ushigome, ch; Nobutaka Ushigome, pres; Masatoshi Ozawa, dir; Hiroshi Matsumoto,
dir; Haruyoshi Tanabe, dir
Related company(ies)
Akechi
Ceramics, Mizuno Ceramics, U-Ceramics, other
Nothing
detrimental is known as to the business morality of executives.
OPERATION
Activities: Manufactures refractories for
blast furnaces, hot-metal ladles, electric furnaces, continuous casting
furnaces, heating furnaces, induction furnaces, rotary kilns, incinerators; products include graphite crucibles,
insulation bricks, other (96%), fine ceramics, landscaping products, gardening supplies, others
(--4%).
(Overseas
trading ratio 34.1% (by regions): USA, Canada: 16.1%, Europe: 11.3%, Asia, others 6.1%
(Refractory products):
For Steelmaking: bricks for walls &
bottoms in BOF, launder in BOF, bricks for Torpedo car, bricks for ladles;
bricks, plugs & sleeves for converter, bricks for EAF, bricks for secondary
refining, lance pipes, porous plugs & slit plug, bricks & castables for
tundishes, flow control system, stopper for continuous casting, nozzles for CC
machines, brake rings for horizontal CC, large precast blocks;
For Nonferrous Casting: carbon crucibles &
auxiliary equipment, bricks for cupola, bricks & sleeves for induction
furnace, protection tubes for thermometer, STOKE (casting tube), heater tube,
rotary gas bubbling device, preserving furnace for aluminum casting, sleeves
for die-cast machines, ceramic crucibles, other.
For Other Purposes: for incinerators, for
ash-melting furnaces, for kilns, heat insulating bricks, etc.
Clients
[Mfrs,
wholesalers, agent dealers] JFE Steel (15%), TYK America, Daido Kogyo, Marubeni Corp, Sumitomo Metal Ind, Nippon
Steel, other
No.
of account. 1,000
Domestic
areas of activities: Nationwide
Suppliers
[Mfrs,
wholesalers] Akechi Ceramics, Mizuno Ceramics, Shoko Co, Itochu Ceramics,
Mitsubishi Corp, Sumiyoshi Refractory, other.
Payment record: Regular
Location
Light
industrial area in Tajimi City, Gifu-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho
Bank (Nagoya-Chuo)
Ogaki
Kyoritsu Bank (Tajimi)
Relations:
Satisfactory
FINANCES
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
20,591 |
19,317 |
||
|
|
Cost of Sales |
16,436 |
15,128 |
|||
|
|
GROSS PROFIT |
4,154 |
4,189 |
|||
|
|
Selling & Adm Costs |
3,789 |
3,322 |
|||
|
|
OPERATING PROFIT |
365 |
866 |
|||
|
|
Non-Operating P/L |
-207 |
63 |
|||
|
|
RECURRING PROFIT |
158 |
929 |
|||
|
|
NET PROFIT |
-198 |
284 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
1,689 |
1,964 |
||
|
|
Receivables |
|
6,731 |
6,987 |
||
|
|
Inventory |
|
6,464 |
5,856 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
470 |
367 |
|||
|
|
TOTAL CURRENT ASSETS |
15,354 |
15,174 |
|||
|
|
Property & Equipment |
11,531 |
11,948 |
|||
|
|
Intangibles |
|
58 |
70 |
||
|
|
Investments, Other Fixed Assets |
8,629 |
11,670 |
|||
|
|
TOTAL ASSETS |
35,572 |
38,862 |
|||
|
|
Payables |
|
1,924 |
1,757 |
||
|
|
Short-Term Bank Loans |
4,822 |
4,626 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
917 |
1,049 |
|||
|
|
TOTAL CURRENT LIABS |
7,663 |
7,432 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
|
|
|||
|
|
Reserve for Retirement Allw |
1,493 |
1,450 |
|||
|
|
Other Debts |
|
1,543 |
2,757 |
||
|
|
TOTAL LIABILITIES |
10,699 |
11,639 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
2,398 |
2,398 |
|||
|
|
Additional
paid-in capital |
2,462 |
2,460 |
|||
|
|
Retained
earnings |
14,650 |
14,890 |
|||
|
|
Evaluation
p/l on investments/securities |
2,485 |
4,278 |
|||
|
|
Others |
|
2,961 |
3,319 |
||
|
|
Treasury
stock, at cost |
(83) |
(122) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
24,873 |
27,223 |
|||
|
|
TOTAL EQUITIES |
35,572 |
38,862 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2008 |
31/03/2007 |
||
|
|
Cash
Flows from Operating Activities |
|
434 |
591 |
||
|
|
Cash
Flows from Investment Activities |
-1,170 |
-1,153 |
|||
|
|
Cash
Flows from Financing Activities |
437 |
-301 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
1,475 |
1,774 |
||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
24,873 |
27,223 |
||
|
|
|
Current
Ratio (%) |
200.37 |
204.17 |
||
|
|
|
Net
Worth Ratio (%) |
69.92 |
70.05 |
||
|
|
|
Recurring
Profit Ratio (%) |
0.77 |
4.81 |
||
|
|
|
Net
Profit Ratio (%) |
-0.96 |
1.47 |
||
|
|
|
Return
On Equity (%) |
-0.80 |
1.04 |
||
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)