MIRA INFORM
REPORT
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Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TADANO LTD. |
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Registered Office : |
Ko-34 Shindencho Takamatsu City
Kagawa-Pref 761-0185 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
August 1948 |
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Com. Reg. No.: |
(Kagawa-Takamatsu) 002700 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of construction-use cranes |
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 3,192.0 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
TADANO Ltd
REGD NAME
Tadano KK
MAIN OFFICE
Ko-34 Shindencho Takamatsu City Kagawa-Pref
761-0185 JAPAN
Tel:
087-839-5555 Fax: -087-839-5743
*.. The given address is its Tokyo Office-
URL: http://www.tadano.co.jp
E-Mail address: info@tadano.co.jp
ACTIVITIES
Mfg of
construction-use cranes
BRANCHES
Tokyo,
Sapporo, Sendai, Saitama, Toyama, Hiroshima, other (Tot 8)
OVERSEAS
Worldwide
(Tot 80, of which 10 in China)
FACTORIES
Takamatsu,
Shido, Tadotsu, Chiba
CHIEF EXEC
KOICHI
TADANO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 89,807 M
PAYMENTS REGULAR CAPITAL Yen 13,021 M
TREND SLOW WORTH Yen 75,594 M
STARTED 1948 EMPLOYES 3,061
COMMENT
MFR OF CONSTRUCTION-USE CRANES
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 3,192.0 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is the largest mfr of construction-use cranes & truck
cranes. Particularly strong in rough
terrain cranes. Also top-ranked mfr of
truck loader cranes, including loading & unloading cranes and aerial
working vehicles. Has 80 overseas
offices/facilities worldwide. More
emphasis is placed on development of Latin American market. The firm will strive to win orders for
lucrative large cranes for oil production in North America and Middle
East. It is considering entering into
India & Russia, in an anticipation of strong demand for products for urban
construction. The effect of the recent
North Japan Earth quake: The firm suspended production at its Shido Plant for
one week due primarily to parts supply shortage/delay as affected by the
earthquake.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 89,807
million, a 13.9% down from Yen 104,251 million in the previous term. Global economic downturn affected the
sales. Exports were hurt by the high
Yen. Demand almost halved down in Europe. Overseas sales declined 31.9% from
previously. High Yen ate into
profits. The operations plunged into the
red to register Yen 3,686 million recurring loss and Yen 6,722 million net
losses, respectively, compared with Yen 297 million recurring profit and Yen
895 million net losses, respectively, a year ago. Wrote off a total Yen 3,670 extraordinary
losses coming from asset impairment losses and investment securities assessment
losses. .
For the current term ending Mar 2012 the recurring profit is projected
at Yen 2,900 million and the net profit at Yen 1,800 million, on a 22.5% rise
in turnover, to Yen 110,000 million.
Sales of cranes will rise due to carried-over shipment from the
preceding term. In the domestic market,
demand for aerial working vehicles from rental firms will recover. The recent North Japan Earthquake created
additional acute demand for cranes.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit
limit is estimated at Yen 3,192.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1948
Regd No.: (Kagawa-Takamatsu) 002700
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 15,018,462 shares
Issued:
129,500,000 shares
Sum: Yen 13,021
million
Major shareholders
(%):
Japan Trustee Services Bank (9.8), Nippon Life Ins (6.3), Mizuho Bank (4.8),
Hyakujushi Bank (4.7), Trust & Custody Services Bank (4.6), Meiji Yasuda Life
Ins (3.0), Master Trust Bank of Japan (2.9), MUFG (2.6), Dai-ichi Life Ins
(2.4), Hiroshi Tadano (2.3); foreign owners6.8)
No. of
shareholders: 6,471
Listed on the
S/Exchange (s) of: Tokyo
Managements: Koichi Tadano,
pres; Tadashi Suzuki, s/mgn dir; Syuji Ohyabu, mgn dir; Nobuhiko Ito, dir;
Yasuyuki Yoshida, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Tadano Faun
GmbH, Tadano America Corp, other.
OPERATION
Activities: Manufactures construction-use
cranes (100%): mobile cranes, telescopic crawler cranes, truck loader, boom
trucks, aerial work platforms, other.
Overseas Sales
(53.9%): Europe 18.4%, Americas 15.5%, others 20.0%
Clients: [Mfrs,
wholesalers] Tadano America Corp, Tadano Asia Pte Ltd, Tadano IMES Corp, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Tadano Faun GmbH, Amron Co, Mimura Iron Works, other
Payment record:
Regular
Location:
Business area in Takamatsu. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Takamatsu)
Hyakujushi
Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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89,807 |
104,251 |
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Cost of Sales |
74,062 |
83,149 |
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GROSS PROFIT |
15,745 |
21,102 |
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Selling & Adm Costs |
19,478 |
20,490 |
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OPERATING PROFIT |
-3,733 |
612 |
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Non-Operating P/L |
-153 |
-315 |
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RECURRING PROFIT |
-3,886 |
297 |
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NET PROFIT |
-6,722 |
-895 |
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BALANCE SHEET |
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Cash |
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30,378 |
30,832 |
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Receivables |
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30,498 |
31,710 |
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Inventory |
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30,770 |
39,131 |
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Securities, Marketable |
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Other Current Assets |
5,002 |
6,293 |
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TOTAL CURRENT ASSETS |
96,648 |
107,966 |
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Property & Equipment |
34,565 |
36,934 |
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Intangibles |
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827 |
2,615 |
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Investments, Other Fixed Assets |
14,125 |
12,360 |
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TOTAL ASSETS |
146,165 |
159,875 |
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Payables |
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14,425 |
11,825 |
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Short-Term Bank Loans |
7,930 |
10,011 |
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Other Current Liabs |
7,721 |
8,844 |
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TOTAL CURRENT LIABS |
30,076 |
30,680 |
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Debentures |
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20,000 |
20,000 |
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Long-Term Bank Loans |
11,789 |
15,990 |
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Reserve for Retirement Allw |
4,880 |
4,704 |
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Other Debts |
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3,826 |
3,892 |
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TOTAL LIABILITIES |
70,571 |
75,266 |
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MINORITY INTERESTS |
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Common
stock |
13,021 |
13,021 |
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Additional
paid-in capital |
16,848 |
16,852 |
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Retained
earnings |
52,692 |
59,808 |
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Evaluation
p/l on investments/securities |
558 |
(221) |
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Others |
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(5,320) |
(2,686) |
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Treasury
stock, at cost |
(2,205) |
(2,166) |
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TOTAL S/HOLDERS` EQUITY |
75,594 |
84,608 |
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TOTAL EQUITIES |
146,165 |
159,875 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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6,472 |
7,913 |
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Cash
Flows from Investment Activities |
-873 |
-1,700 |
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Cash
Flows from Financing Activities |
-5,738 |
3,215 |
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Cash,
Bank Deposits at the Term End |
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30,367 |
30,822 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
75,594 |
84,608 |
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Current
Ratio (%) |
321.35 |
351.91 |
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Net
Worth Ratio (%) |
51.72 |
52.92 |
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Recurring
Profit Ratio (%) |
-4.33 |
0.28 |
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Net
Profit Ratio (%) |
-7.48 |
-0.86 |
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Return
On Equity (%) |
-8.89 |
-1.06 |
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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.44.72 |
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UK Pound |
1 |
Rs.72.93 |
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Euro |
1 |
Rs.64.72 |
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 |
---- |
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.