MIRA INFORM REPORT

 

 

Report Date :           

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

TOHATSU MARINE KK

 

 

Registered Office :

4495-9 Shimodaira Komagane City Nagano-Pref 299-4101

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

February 1988

 

 

Com. Reg. No.:

(Nagano-Komagane) 021322

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of outboard engines & accessories

 

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 501.5 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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

TOHATSU MARINE KK

 

 

REGD NAME

 

Tohatsu Marine KK

 

 

MAIN OFFICE

 

4495-9 Shimodaira Komagane City Nagano-Pref 299-4101 JAPAN

 

Tel: 0265-82-1082     Fax: 0265-82-1104

                       

URL:                             http://www.tohatsu.co.jp/ (Of the Japanese parent, Tohatsu Corp)

E-Mail address:                        tmc@tohatsu.co.jp

 

ACTIVITIES

 

Mfg of outboard engines & accessories

 

 

BRANCHES   

 

Nil

 

 

FACTORIES  

 

At the caption address

 

 

OFFICERS

 

MITSUO HIROSE, PRES

                       

Yen Amount:     In million Yen, unless otherwise stated

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 16,390 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 418 M

TREND             SLOW                          WORTH            Yen 1,186 M

STARTED                     1988                             EMPLOYES      240

 

 

COMMENT    

 

MFR SPECIALIZING IN OUTBOARD ENGINES, JOINTLY OWNED BY  TOHATSU CORP & BRUNSWICK INT’L INC.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

                       

MAX CREDIT LIMIT: YEN 501.5 MILLION, 30 DAYS NORMAL TERMS,

                       

 

HIGHLIGHTS

           

The subject company was established on the basis of the Okaya Factory separated from Tohatsu Corporation (see REGISTRATION).   Specializes in manufacturing outboard engines and accessories for fishing boats, sailboats, other, virtually as mfg division of the parent.  Products are shipped to the parent, with partially supplied to other clients.  In Oct 2004, increased the capital to Yen 418 million by the participation of Brunswick International Ltd.

 

 

FINANCIAL INFORMATION

 

Financials are fully consolidated by the parent, Tohatsu Corporation, and only partially disclosed as from the 31/12/2005 fiscal term.

 

The sales volume for Dec/2010 fiscal term amounted to Yen 16,390 million, a 28% up from Yen 12,821 million in the previous term.  Demand increased for pleasure boat, outboard engines and business use ships.  Exports of outboard engines rose sharply from China, Asian countries, USA & Europe.  The net profit was posted at Yen 479 million, compared with Yen 108 million net profit a year ago.

 

For the current term ending Dec 2011 the net profit is projected at Yen 500 million on a 5% rise in turnover, to Yen 17,200 million.  Business is seen steadily expanding.  High Yen may erode earnings & profits in Yen terms.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 501.5 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Feb 1988

Regd No.:            (Nagano-Komagane) 021322

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         8,360 shares

Issued:                8,360 shares

Sum:                   Yen 418 million

 

Major shareholders (%): Tohatsu Corp* (50), Brunswick International Ltd (50)

 

No. of shareholders: 2

 

*.. Mfr & wholesaler of outboard engines & accessories, Tokyo, founded 1932, capital Yen 500 million, turnover Yen 24,366 million, recurring profit Yen 1,201 million, net profit Yen 881 million, total assets Yen 25,780 million, net worth Yen 5,112, employees 515, pres Mitsuru Kaneko

 

Consolidated Financials are as attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Manufacturing Division of Tohatsu Corp for manufacturing outboard engines        (two-stroke, four-stroke, TLDI (registered brand) for motorcycles, fishing boats, snow vehicles, pleasure boats, fire pumps & submarine pumps, and accessories (--100%). Products are shipped to the parent, Tohatsu Corporation.

 

Accessories:

Control boxes: side mount remote control boxes, top mount remote control boxes, twin top remote control boxes, drag link, bar kit, remote control fitting kit, extension tiller handle, vertical starting device kit); Gauges: tachometer, multi-purpose meter repair kits, speed meter, trim meter, volt meter, hour meter, water pressure meter, temperature meter; Propellers; Fuel Tanks; others.

 

Clients: [Mfrs, wholesalers] Tohatsu Corp, Nissan Motors, Mercury Marine Japan, other. 

            No. of accounts: 10 (Direct clients only)

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Teikoku Piston Ring, Kokusai Denki Co, Marine Kosan,       Ahresty Corp, Kobe Steel, Koshida Corp, TK Carburetor, other.

 

Payment record: Regular

 

Location: Light industrial area in Komagane City, Nagano-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         Hachijuni Bank (Komagane)

·         MUFG (Ikebukuro-Higashiguchi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

17,200

16,390

12,821

19,754

Recur. Profit

　

　

　

　

　

Net Profit

　

500

479

108

128

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,196

717

609

Capital, Paid-Up

　

　

418

418

418

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.94

27.84

-35.10

-4.49

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

2.91

2.92

0.84

0.65

 

Notes: Financials are only partially disclosed as from the 31/12/2005 fiscal term.

Forecast (or estimated) figures for the 31/12/2011 fiscal term

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE JAPAN PARENT, TOHATSU CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

24,366

20,446

 

  Cost of Sales

20,585

17,424

 

      GROSS PROFIT

3,780

3,022

 

  Selling & Adm Costs

2,266

2,283

 

      OPERATING PROFIT

1,514

739

 

  Non-Operating P/L

-313

-292

 

      RECURRING PROFIT

1,201

447

　

      NET PROFIT

881

790

BALANCE SHEET

 

 

 

 

  Cash

　

2,922

2,400

 

  Receivables

 

5,034

5,047

 

  Inventory

 

4,261

4,401

 

  Securities, Marketable

　

　

 

  Other Current Assets

471

408

 

      TOTAL CURRENT ASSETS

12,688

12,256

 

  Property & Equipment

12,105

12,807

 

  Intangibles

 

667

731

 

  Investments, Other Fixed Assets

320

420

 

      TOTAL ASSETS

25,780

26,214

 

  Payables

 

6,607

5,590

 

  Short-Term Bank Loans

5,981

7,815

 

　

 

　

　

 

  Other Current Liabs

1,352

1,289

 

      TOTAL CURRENT LIABS

13,940

14,694

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

3,616

3,961

 

  Reserve for Retirement Allw

281

295

 

  Other Debts

　

2,830

2,919

 

      TOTAL LIABILITIES

20,667

21,869

 

      MINORITY INTERESTS

 

 

 

Common stock

500

500

 

Additional paid-in capital

600

600

 

Retained earnings

5,564

4,745

 

Evaluation p/l on investments/securities

2

3

 

Others

 

(68)

(19)

 

Treasury stock, at cost

(1,486)

(1,485)

 

      TOTAL S/HOLDERS` EQUITY

5,112

4,344

　

      TOTAL EQUITIES

25,780

26,214

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

　

　

 

Cash Flows from Investment Activities

　

　

 

Cash Flows from Financing Activities

　

　

　

Cash, Bank Deposits at the Term End

　

　

　

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

5,112

4,344

 

 

Current Ratio (%)

91.02

83.41

 

 

Net Worth Ratio (%)

19.83

16.57

 

 

Recurring Profit Ratio (%)

4.93

2.19

 

 

Net Profit Ratio (%)

3.62

3.86

 

 

Return On Equity (%)

17.23

18.19

           

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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.