MIRA INFORM REPORT
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Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TSUDAKOMA CORPORATION |
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Registered Office : |
5-18-18 Nomachi Kanazawa Ishikawa-Pref
921-8650 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2010 |
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Date of Incorporation : |
December 1939 |
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Com. Reg. No.: |
(Ishikawa-Kanazawa) 004330 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of textile
machinery, machine tools |
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No. of Employees
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1284 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 1,069.5 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TSUDAKOMA CORPORATION
REGD NAME
Tsudakoma Kogyo KK
MAIN OFFICE
5-18-18 Nomachi
Kanazawa Ishikawa-Pref 921-8650 JAPAN
Tel:
076-242-1111 Fax: 076-242-4172
URL: http://www.tsudakoma.co.jp/
E-Mail address: info1@tsudakoma.co.jp
ACTIVITIES
Mfg of
textile machinery, machine tools
BRANCHES
Hamamatsu,
Fukuoka
OVERSEAS
USA, France, Germany, Italy, Spain, Sweden, Indonesia, Thailand, Pakistan, India, Brazil, China & Korea (--agent dealers)
FACTORIES
At the
caption address (area 81,490 m2), Nonoichi (area 73,357 m2), Matto (area 61,619
m2) (--Ishikawa)
CHIEF EXEC
SHOJI
HISHINUMA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 32,688 M
PAYMENTS REGULAR CAPITAL Yen 12,316 M
TREND UP WORTH Yen 17,012 M
STARTED 1939 EMPLOYES 1,284
COMMENT
MFR SPECIALIZING IN TEXTILE MACHINERY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,069.5 MILLION, 30 DAYS NORMAL TERMS.
Notes: Forecast (or estimated) figures for 30/11/2011 fiscal term
HIGHLIGHTS
The subject company was established originally in 1909 by Komajiro Tsuda for mfg silk & artificial silk loom, on his account. Incorporated in 1939 as Tsudakoma Ind Co and the firm has been succeeded by his descendants. Renamed as captioned in 1982. This is a major mfr of textile machinery. Now world’s largest in water/air jet looms, with customers over 60 countries, distributed through agent dealers. Export ratio exceeds 70%. Established Tsudakoma (Shanghai) Co in 2002. Branching into machine tools and peripheral equipment including rotary tables for MCs and other machine tools. Cooperating with a firm in US and a company in Italy in production of machine tools under OEM contracts. The company is striving to emphasize marketing of air jet looms for tire cords. It will cultivate demand for layered mfg systems using composite materials, such as carbon fibers, for industrial materials. The company aims to expand consigned production in China from 20-30 units/month to about 100 units in the Nov 2012 term.
FINANCIAL INFORMATION
The sales volume for Nov/2010 fiscal term amounted to Yen 32,688 million, a 144.2% rise from Yen 13,384 million in the previous term. Demand for textile machinery, particularly for water-jet loom, was robust in China. Sales of air-jet loom for tire cords rose in India & Pakistan. Exports rose. Total orders received were up 174.3% to Yen 41,359 million over the previous year.. By divisions, Textile Machinery up 144.2% to Yen 32,688 million; Machine Tools 31.0% to Yen 4,324 million. Operations, however, continued in the red to register Yen 1,131 million recurring loss and Yen 1,151 million net losses, respectively, compared with Yen 6,474 million recurring loss and Yen 6,651 million net losses, respectively, a year ago. Higher costs and high Yen ate into profits.
(Dec/2010/Aug/2011 results): Sales Yen 31,455 million (up 44.2%), operating profit Yen 767 million (previously Yen 1,219 million loss), recurring profit yen 599 million (previously Yen 1,313 million loss), net profit Yen 507 million (previously Yen 1,296 million loss). (% & figures compared with the corresponding period a year ago).
For the term that ended Nov 201 the recurring profit was projected at Yen 550 million and the net profit at Yen 450 million, respectively, on a 28.5% rise in turnover, to Yen 42,000 million. New orders for textile machines from China increased remarkably. Sales of machine tool attachments held steady in the overseas markets. Operation profits emerged, supported by normalized parts procurement and improvement of production efficiency, despite slowdown of sales in the second half, caused by the tight money policy by the Chinese government. Final results are yet to be released.
The financial situation is considered maintained FAIR and should be good for ORDINARY business engagements. Max credit amount is estimated at Yen 1,069.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1939
Regd No.: (Ishikawa-Kanazawa) 004330
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
199,003,000 shares
Issued:
68,075,552 shares
Sum: Yen 12,316 million
Major shareholders (%): Customers’ S/Holding Assn (111.3), Company’s Treasury Stock (6.0), Meiji Yasuda Life Ins (5.7), Hokuriku Bank (3.7), Hokkoku Bank (3.4), Mitsui Sumitomo Ins (3.0), Tokio Marine & Nichido Fire Ins (2.6), Employees’ S/Holding Assn (2.1), Master Trust Bank of Japan T (1.8), Japan Trustee Services T (1.7); foreign owners (5.1)
No. of shareholders: 6,281
Listed on the S/Exchange (s) of: Tokyo
Managements: Shoji Hishinuma, pres & CEO; Tatsuo Takehara, mgn dir; Hiroyuki Mura, mgn dir; Yuji Tomii, mgn dir; Takeo Mizusawa, dir; Yoshitaka Fujita, dir; Jun’ichi Nishino, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Kyowa Electronics & Machinery Ind, Tsudakoma Transportation, Tsudakoma General Service, Tsudakoma (Shanghai) Co, other
OPERATION
Activities: Manufactures textile machinery (83%): air jet looms, water jet looms, conversion
kits, rapier looms, doffing systems, filament sizing machines, preparatory machinery, part stock information, product data download, others; machine tools & attachments (13%): machine vises, indexers, NC rotary tables, others; others (4%).
Overseas sales ratio (65.9%): Asia (China, India, Thailand, etc) 59.2%; USA 4.5%; Europe (Turkey, France, Italy, etc) 1.2%; others 1.0%.
Clients: [Mfrs, wholesalers] Marubeni Techmatex, Sojitz Corp, Koma Precision, Itochu Systech Corp, NTC Toyama, other.
Exports to: China, India, Pakistan, Thailand, Indonesia, Korea, Brazil, France, Germany, Italy, Spain, Sweden, USA, other. Exports into Europe through Tekmatex Europe SA, and into USA through Tekmatex Inc.
No. of accounts: 3,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kyowa Electronics & Machinery Ind, Kanazawa Kiko, Hokuryo Denko, Hikida Sangyo, Higashiyama Ind, Staubli, other.
Payment record: Regular
Location: Light industrial area in Kanazawa City. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
· Hokuriku Bank (Kanazawa)
· Hokkoku Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
30/11/2010 |
30/11/2009 |
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INCOME STATEMENT |
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Annual Sales |
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32,688 |
13,384 |
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Cost of Sales |
30,022 |
16,611 |
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GROSS PROFIT |
2,666 |
-3,227 |
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Selling & Adm Costs |
3,723 |
3,145 |
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OPERATING PROFIT |
-1,057 |
-6,373 |
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Non-Operating P/L |
-74 |
-101 |
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RECURRING PROFIT |
-1,131 |
-6,474 |
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NET PROFIT |
-1,151 |
-6,651 |
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BALANCE SHEET |
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Cash |
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13,086 |
15,520 |
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Receivables |
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10,298 |
5,607 |
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Inventory |
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3,887 |
2,989 |
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Securities, Marketable |
203 |
202 |
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Other Current Assets |
143 |
318 |
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TOTAL CURRENT ASSETS |
27,617 |
24,636 |
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Property & Equipment |
10,387 |
10,881 |
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Intangibles |
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87 |
92 |
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Investments, Other Fixed Assets |
1,705 |
1,712 |
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TOTAL ASSETS |
39,796 |
37,321 |
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Payables |
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4,199 |
1,410 |
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Short-Term Bank Loans |
3,329 |
4,973 |
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Other Current Liabs |
7,440 |
3,742 |
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TOTAL CURRENT LIABS |
14,968 |
10,125 |
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Debentures |
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Long-Term Bank Loans |
3,446 |
4,576 |
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Reserve for Retirement Allw |
4,214 |
4,104 |
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Other Debts |
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156 |
189 |
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TOTAL LIABILITIES |
22,784 |
18,994 |
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MINORITY INTERESTS |
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Common
stock |
12,316 |
12,316 |
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Additional
paid-in capital |
10,354 |
10,354 |
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Retained
earnings |
(5,146) |
(3,994) |
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Evaluation
p/l on investments/securities |
(256) |
(110) |
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Others |
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980 |
995 |
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Treasury
stock, at cost |
(1,236) |
(1,235) |
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TOTAL S/HOLDERS` EQUITY |
17,012 |
18,326 |
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TOTAL EQUITIES |
39,796 |
37,321 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/11/2010 |
30/11/2009 |
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Cash Flows
from Operating Activities |
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1,050 |
-4,697 |
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Cash
Flows from Investment Activities |
-371 |
-1,359 |
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Cash
Flows from Financing Activities |
-2,777 |
4,960 |
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Cash,
Bank Deposits at the Term End |
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12,899 |
14,972 |
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ANALYTICAL RATIOS Terms ending: |
30/11/2010 |
30/11/2009 |
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Net
Worth (S/Holders' Equity) |
17,012 |
18,326 |
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Current
Ratio (%) |
184.51 |
243.32 |
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Net
Worth Ratio (%) |
42.75 |
49.10 |
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Recurring
Profit Ratio (%) |
-3.46 |
-48.37 |
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Net
Profit Ratio (%) |
-3.52 |
-49.69 |
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Return
On Equity (%) |
-6.77 |
-36.29 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.78 |
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UK Pound |
1 |
Rs.82.73 |
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Euro |
1 |
Rs.68.88 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.