MIRA INFORM REPORT
|
Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
TSUDAKOMA CORPORATION |
|
|
|
|
Registered Office : |
5-18-18 Nomachi Kanazawa Ishikawa-Pref 921-8650 |
|
|
|
|
Country : |
|
|
|
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (1% of GDP) helped Japan develop a
technologically advanced economy. Two notable characteristics of the post-war
economy were the close interlocking structures of manufacturers, suppliers, and
distributors, known as keiretsu, and the guarantee of lifetime employment for a
substantial portion of the urban labor force. Both features are now eroding
under the dual pressures of global competition and domestic demographic change.
Japan's industrial sector is heavily dependent on imported raw materials and
fuels. A tiny agricultural sector is highly subsidized and protected, with crop
yields among the highest in the world. Usually self-sufficient in rice, Japan
imports about 60% of its food on a caloric basis. Japan maintains one of the
world's largest fishing fleets and accounts for nearly 15% of the global catch.
For three decades, overall real economic growth had been spectacular - a 10%
average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s.
Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of
the after effects of inefficient investment and an asset price bubble in the
late 1980s that required a protracted period of time for firms to reduce excess
debt, capital, and labor. Measured on a purchasing power parity (PPP) basis
that adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy
|
Source
: CIA |
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
PAYMENTSNO
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.51.97 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.67.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.