MIRA INFORM REPORT

 

 

Report Date :

19.04.2012

 

IDENTIFICATION DETAILS

 

Name :

TSUDAKOMA CORPORATION

 

 

Registered Office :

5-18-18 Nomachi Kanazawa Ishikawa-Pref 921-8650

 

 

Country :

Japan

 

 

Financials (as on) :

30.11.2011

 

 

Date of Incorporation :

December 1939

 

 

Com. Reg. No.:

(Ishikawa-Kanazawa) 004330

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of textile machinery, machine tools

 

 

No. of Employees :

1,282

 

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 1,408.5 Million

Status :

Satisfactory

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address 

 

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 42,409 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 12,316 M

TREND             UP                                WORTH            Yen 17,917 M

STARTED         1939     EMPLOYES                  1,282

 

 

COMMENT

 

MFR SPECIALIZING IN TEXTILE MACHINERY. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 1,408.5 MILLION, 30 DAYS NORMAL TERMS.

 

 

                        Notes: Unit: In Million Yen

Forecast (or estimated) figures for 30/11/2012 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.  The firm will shorten the term of directors from 2 years to 1 year for strict evaluation.

 

 

FINANCIAL INFORMATION

 

The sales volume for Nov/2011 fiscal term amounted to Yen 42,409 million, a 29.7% up from Yen 32,688 million in the previous term.  Sales of textile machinery for China recovered in the second half, and those of products for India increased, supporting sales growth.  Sales of machine tool attachments advanced, aided by strong demand from newly emerging countries and post-disaster reconstruction in Thailand.  By divisions, Textile Machinery up 28.0% to Yen 36,310 million; Machine Tools up 41.0R to Yen 6,098 million.  Operations came back to profitability.  The recurring profit was posted at Yen 825 million and the net profit at Yen 895 million, respectively, compared with Yen 1,131 million recurring loss and Yen 1,151 million net losses, respectively, a year ago

 

For the current term ending Nov 2012 the recurring profit is projected at Yen 1,100 million and the net profit at Yen 1,000 million, respectively, on a 0.9% rise in turnover, to Yen 42,800 million.

 

The financial situation is considered maintained FAIR and should be good for ORDINARY business engagements.  Max credit amount is estimated at Yen 1,408.5 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 (11.6), Company’s Treasury Stock (6.1), 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: 6,530

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Shoji Hishinuma, pres & CEO; Tatsuo Takehana, 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 (86%): 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 (14%): Overseas sales ratio (83.2%): Asia (China, India, Thailand, etc) 79.5%; USA 2.5%; Europe (Turkey, France, Italy, etc) 0.8%; others 0.4%.

 

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: No Complaints

 

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)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

30/11/2011

30/11/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

42,409

32,688

 

  Cost of Sales

37,037

30,022

 

      GROSS PROFIT

5,371

2,666

 

  Selling & Adm Costs

4,364

3,723

 

      OPERATING PROFIT

1,007

-1,057

 

  Non-Operating P/L

-182

-74

 

      RECURRING PROFIT

825

-1,131

　

      NET PROFIT

895

-1,151

BALANCE SHEET

 

 

 

 

  Cash

　

11,398

12,086

 

  Receivables

 

10,723

10,298

 

  Inventory

 

4,018

3,887

 

  Securities, Marketable

　

203

 

  Other Current Assets

409

1,143

 

      TOTAL CURRENT ASSETS

26,548

27,617

 

  Property & Equipment

10,974

10,387

 

  Intangibles

 

73

87

 

  Investments, Other Fixed Assets

1,666

1,705

 

      TOTAL ASSETS

39,261

39,796

 

  Payables

 

3,586

4,199

 

  Short-Term Bank Loans

4,269

3,329

 

　

 

　

　

 

  Other Current Liabs

7,760

7,440

 

      TOTAL CURRENT LIABS

15,615

14,968

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

1,376

3,446

 

  Reserve for Retirement Allw

4,281

4,214

 

  Other Debts

　

72

156

 

      TOTAL LIABILITIES

21,344

22,784

 

      MINORITY INTERESTS

 

 

 

Common stock

12,316

12,316

 

Additional paid-in capital

10,354

10,354

 

Retained earnings

(4,250)

(5,145)

 

Evaluation p/l on investments/securities

(321)

(257)

 

Others

 

1,054

980

 

Treasury stock, at cost

(1,236)

(1,236)

 

      TOTAL S/HOLDERS` EQUITY

17,917

17,012

　

      TOTAL EQUITIES

39,261

39,796

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

30/11/2011

30/11/2010

 

Cash Flows from Operating Activities

　

755

1,050

 

Cash Flows from Investment Activities

-1,464

-371

 

Cash Flows from Financing Activities

-1,134

-2,777

　

Cash, Bank Deposits at the Term End

　

11,057

12,899

ANALYTICAL RATIOS            Terms ending:

30/11/2011

30/11/2010

 

 

Net Worth (S/Holders' Equity)

17,917

17,012

 

 

Current Ratio (%)

170.02

184.51

 

 

Net Worth Ratio (%)

45.64

42.75

 

 

Recurring Profit Ratio (%)

1.95

-3.46

 

 

Net Profit Ratio (%)

2.11

-3.52

 

 

Return On Equity (%)

5.00

-6.77

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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.