MIRA
INFORM REPORT
|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
TORISHIMA PUMP MFG CO LTD |
|
|
|
|
Registered Office : |
1-1-8 Miyatacho Takatsuki City Osaka-Pref 569-8660 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
April 1928 |
|
|
|
|
Com. Reg. No.: |
1209-01-011562 (Osaka-Takatsuki) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha |
|
|
|
|
Line of Business : |
Manufacturer of industrial pumps (large, high-tech pumps) |
|
|
|
|
No. of Employees : |
1,521 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Yen 1,632.5 Million |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
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 (31.03.2011) |
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
TORISHIMA PUMP MFG CO LTD
REGD NAME: Torishima
Seisakusho KK
MAIN OFFICE: 1-1-8
Miyatacho Takatsuki City Osaka-Pref 569-8660 JAPAN
Tel:
072-695-0551 Fax: ^ -
URL: http://www.torishima.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of industrial
pumps (large, high-tech pumps)
BRANCHES
Osaka, Tokyo,
Fukuoka, Nagoya, Sapporo, Sendai, Hiroshima, other (Tot 21)
OVERSEAS
China (2), Doha,
Abu Dhabi, Arab Emirates, Europe (4), Vietnam, Singapore,
Indonesia (3),
India, USA, Canada, other
FACTORIES
At the caption
address; China, Indonesia, other
CHIEF EXEC
KOTARO HARADA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 46,453 M
PAYMENTS REGULAR CAPITAL Yen
1,592 M
TREND SLOW WORTH Yen
31,775 M
STARTED 1928 EMPLOYES 1,521
COMMENT
MFR OF INDUSTRIAL PUMPS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,632.5 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2013 fiscal term.
HIGHLIGHTS
This is the
largest pump specialist mfr, particularly exceeding in large, high-tech
pumps. One of Japan’s “Big 3” pump
mfrs. Additionally, contractor for
turnkey pump stations. First company to
succeed in domestic production of mechanical seals. Has strength in sales to government offices
and public agencies. Placing more
emphasis on overseas markets including Middle East. The company aims to actively use its plant in
China and Indonesia, in bid to reduce production costs, while urging production
streamlining thru upgrading of the HQ plant.
It will increase procurement of Chinese and Korean materials and
European components, taking advantage of the stronger Yen..
FINANCIAL INFORMATION
The sales volume for
Mar/2012 fiscal term amounted to Yen 46,453 million, a 6.9% down from Yen
49,880 million in the previous term.
Demand slumped from both the public and private sectors. Sales of high-tech pumps were brisk, but hit
by delay in part of orders. Supply was
hindered by the Great North Japan Earthquake in Mar 2011 and Thailand floods. Foreign exchange losses emerged. The recurring profit was posted at Yen 2,929
million and the net profit at Yen 1,497 million, respectively, compared with
Yen 3,673 million recurring profit and Yen 1,892 million net profit,
respectively, a year ago.
(Apr/Dec/2012 results):
Sales Yen 27,364 million (down 14.8%), operating loss Yen 1,227 million
(previously Yen 1,629 million profit), recurring loss Yen 529 million
(previously Yen 1,483 million profit), net losses Yen 288 million (previously
Yen 799 million profit). (% &
figures compared with the corresponding period a year ago)
For the current term
ending Mar 2013 the recurring profit is projected at Yen 700 million and the
net profit at Yen 100 million, on a 3.1% fall in turnover, to Yen 45,000
million. Replacement demand for
high-tech pumps are increasing in the second half in the domestic market,
thanks to demand from post-quake reconstruction projects. But operating profit drop will be widen,
squeezed by concentration of low-profit orders in the overseas markets, and
delay and postponement of orders.
Extraordinary losses on the securities valuation will be posted.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,632.5
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1928
Regd
No.: 1209-01-011562 (Osaka-Takatsuki)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
60 million shares
Issued: 29,889,079.00 shares
Sum: Yen 1,592 million
Major
shareholders (%): Harada Memorial Foundation (9.0), Company’s Treasury Stock (6.1),
Resona Bank (4.3), MUFG (4.2), SMBC (4.2), JPM-organ Chase Bank (4.0), Nippon
Life Ins (2.5), Kurimoto Ltd (2.1), Hisaka Works (2.0), Japan Trustee Services
T (2.0); foreign owners (12.8)
No.
of shareholders: 10,110
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Kotaro Harada,
pres; Hiromichi Fujikawa, s/mgn dir; Yasunao Hirota, mgn dir; Sadao Uchida, mgn
dir; Tetsuya Kujima, mgn dir; Gerald Ashe, mgn dir; Hideaki Yamamoto, mgn dir;
Masahiro Yamazaki, dir; Yutaka Tsuaki, dir; Ryusuke Okada, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Kyushu Torishima, Torishima Pump Hong
Kong, other.
OPERATION
Activities: Manufactures
industrial pumps & seals (--95%), others (5%)
Overseas
Sales Ratio (63%)
Pumps:
Selected by type: end-suction pumps, double-suction pumps, multi-stage pumps, large pumps,
specialized pumps; Selected by industry:
seawater desalination, power industry, water & wastewater, irrigation
& drainage, oil & gas, general industry;
Mechanical
Seal: rubber bellows seals, rotating single-spring seals, rotating
multi-spring seals, cartridge seals, split seals, stationary seals, others
Clients: [Mfrs,
wholesalers] Products are exported.
Domestically: government & public
agencies, mfrs, oil refineries, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toshiba Corp,
Mitsubishi Electric, other
Payment record: Regular
Location: Business area in
Takatsuki City, Osaka-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Resona Bank (Dojima)
MUFG (Osaka-Chuo)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
46,453 |
49,880 |
||
|
|
Cost of Sales |
37,493 |
40,622 |
|||
|
|
GROSS PROFIT |
8,959 |
9,257 |
|||
|
|
Selling & Adm Costs |
6,673 |
6,130 |
|||
|
|
OPERATING PROFIT |
2,286 |
3,127 |
|||
|
|
Non-Operating P/L |
643 |
546 |
|||
|
|
RECURRING PROFIT |
2,929 |
3,673 |
|||
|
|
NET PROFIT |
1,497 |
1,892 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
7,521 |
8,074 |
||
|
|
Receivables |
|
23,795 |
23,358 |
||
|
|
Inventory |
|
8,238 |
8,034 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
2,699 |
3,071 |
|||
|
|
TOTAL CURRENT ASSETS |
42,253 |
42,537 |
|||
|
|
Property & Equipment |
9,417 |
8,327 |
|||
|
|
Intangibles |
|
493 |
246 |
||
|
|
Investments, Other Fixed Assets |
8,649 |
10,068 |
|||
|
|
TOTAL ASSETS |
60,812 |
61,178 |
|||
|
|
Payables |
|
10,843 |
10,171 |
||
|
|
Short-Term Bank Loans |
3,107 |
3,703 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
7,726 |
8,074 |
|||
|
|
TOTAL CURRENT LIABS |
21,676 |
21,948 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
4,830 |
5,749 |
|||
|
|
Reserve for Retirement Allw |
1,893 |
1,981 |
|||
|
|
Other Debts |
|
638 |
531 |
||
|
|
TOTAL LIABILITIES |
29,037 |
30,209 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
1,592 |
1,592 |
|||
|
|
Additional
paid-in capital |
7,803 |
7,803 |
|||
|
|
Retained
earnings |
23,541 |
22,548 |
|||
|
|
Evaluation
p/l on investments/securities |
(145) |
(36) |
|||
|
|
Others |
|
(44) |
33 |
||
|
|
Treasury
stock, at cost |
(972) |
(972) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
31,775 |
30,968 |
|||
|
|
TOTAL EQUITIES |
60,812 |
61,178 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
2,659 |
735 |
||
|
|
Cash Flows
from Investment Activities |
-1,268 |
-75 |
|||
|
|
Cash
Flows from Financing Activities |
-2,371 |
590 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
7,521 |
8,074 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
31,775 |
30,968 |
||
|
|
|
Current
Ratio (%) |
194.93 |
193.81 |
||
|
|
|
Net
Worth Ratio (%) |
52.25 |
50.62 |
||
|
|
|
Recurring
Profit Ratio (%) |
6.31 |
7.36 |
||
|
|
|
Net
Profit Ratio (%) |
3.22 |
3.79 |
||
|
|
|
Return
On Equity (%) |
4.71 |
6.11 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.99 |
|
|
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.