MIRA INFORM REPORT

 

 

Report Date :           

14.12.2011

 

IDENTIFICATION DETAILS

 

Name :

TAJIMA INDUSTRIES LTD

 

 

Registered Office :

Tajima Bldg, 3-19-22 Shirakabe Higashiku Nagoya 461-0011

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2011

 

 

Date of Incorporation :

May 1970

 

 

Com. Reg. No.:

(Nagoya-Higashiku) 017306

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Export, wholesale of multi-head electronic embroidery machines & equipment

 

 

No. of Employees :

78 persons

 

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 499.4 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

---

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

TAJIMA INDUSTRIES LTD

 

 

REGD NAME

 

Tajima Kogyo KK

 

 

MAIN OFFICE

 

Tajima Bldg, 3-19-22 Shirakabe Higashiku Nagoya 461-0011 JAPAN

Tel: 052-932-3811      Fax: 052-932-3899

                                               

URL:                 http://www.tajimac.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Export, wholesale of multi-head electronic embroidery machines & equipment

 

 

BRANCHES

 

Nagoya (Division Office)

 

 

OFFICERS

 

HITOSHI TAJIMA, PRES                        Kenji Tajima, dir

Terutada Kojima, dir                               Hitomi Tajima, dir

Ikumi Kojima, dir                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 9,783 M

PAYMENTS      REGULAR                     CAPITAL           Yen 65 M

TREND             SLOW                          WORTH            Yen 11,124 M

STARTED                     1970                             EMPLOYES      78

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN ELECTRONIC EMBROIDERY MACHINES.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 499.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established on the basis of a trading division separated from Tokai Industrial Sewing Machine Co Ltd (See REGISTRATION).  Hitoshi Tajima is concurrently pres at the parent.  This is a trading firm specializing in export and wholesale of “Tajima” brand multi-head electronic embroidery machines & related equipment.  Exports to China, S/E Asia, other.  Domestic clients include major sewing machine makers.

 

 

FINANCIAL INFORMATION

 

The sales volume for Feb/2011 fiscal term amounted to Yen 9,783 million, a 74% up from Yen 5,598 million in the previous term.  The previous year was seriously affected by the global economic downturn, with one factory forced to suspend production.  The operations continued in the red to post Yen 234 million recurring loss and Yen 255 million net losses, respectively, compared with Yen 443 million net losses a year ago.

 

For the current term ending Feb 2012 the operations are projected to come back to profitability to post Yen 100 million recurring profit and Yen 100 million net profit, respectively, on a 2% rise in turnover, to Yen 10,000 million.  The embroidery mfg industry is badly affected by the economic downturn.  On 15/09/2011, one maker, Unity Boeki KK, exporter of embroidery machines, Nagoya, bankrupted with the liabilities of Yen 650 million, as reported.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 499.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  May 1970

Regd No.:         (Nagoya-Higashiku) 017306

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         524,000 shares

Issued:                131,000 shares

Sum:                   Yen 65.5 million

Major shareholders (%): TIK Corp* (30), Hitoshi Tajima (15), Employees’ S/Holding Assn (10)

No. of shareholders: 15

 

*.. Tokai Industrial Sewing Machine Co Ltd, Aichi-Pref, founded 1944, mfr of embroidery machines, sewing machines, capital Yen 90 million, sales Yen 9,681 million, net losses Yen 434 million, employees 210, pres Hitoshi Tajima, concurrently.

 

Nothing detrimental is known as to the commercial morality of executives.

 

OPERATION

           

Activities: Exports and wholesales “Tajima” brand multi-head electronic embroidery machines & related equipment (--100%)

 

Clients: [Mfrs, wholesalers] Naka-Nihon Juki Co, Yokoyama Tokushu Machine Co, other

            No. of accounts: 200

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Tokai Industrial Sewing Machine Co, Pulse Microsystems, other

 

Payment record: Regular

 

Location: Business area in Nagoya.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         Chukyo Bank (Daikancho)

·         MUFG (Higashi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

29/02/2012

28/02/2011

28/02/2010

28/02/2009

Annual Sales

　

10,000

9,783

5,598

9,560

Recur. Profit

　

100

-234

　

-152

Net Profit

　

100

-255

-444

-54

Total Assets

　

　

12,993

                N/A

12,836

Current Assets

　

　

9,178

　

9,008

Current Liabs

　

　

1,709

　

867

Net Worth

　

　

11,124

11,379

11,849

Capital, Paid-Up

　

　

65

65

65

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.22

74.76

-41.44

0.63

    Current Ratio

 

..

537.04

..

1,038.99

    N.Worth Ratio

..

85.62

..

92.31

    R.Profit/Sales

 

1.00

-2.39

..

-1.59

    N.Profit/Sales

1.00

-2.61

-7.93

-0.56

    Return On Equity

..

-2.29

-3.90

-0.46

 

Notes: Forecast (or estimated) figures for the 29/02/2012 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.