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Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
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Name : |
TESAC CORPORATION |
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Registered Office : |
Osaka Yotsubashi Shinmachi Bldg 7F, 1-4-24 Shinmachi Nishiku Osaka 550-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May 2008 |
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Com. Reg. No.: |
1200-01-114283 (Osaka-Nishiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of fiber ropes, wire ropes, steel wires, other |
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No. of Employees : |
160 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
COMPANY NAME AND
ADDRESS
TESAC CORPORATION (Group firm of Nisshoku Group
Inc, as indicated)
REGD NAME: KK
Tesac
MAIN OFFICE: Osaka
Yotsubashi Shinmachi Bldg 7F, 1-4-24 Shinmachi Nishiku Osaka
550-0013 JAPAN
Tel:
06-6578-5520 Fax: 06-5578-5525
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of fiber ropes, wire ropes, steel wires, other
BRANCHES: Tokyo,
Sapporo
OVERSEAS: Malaysia
(subsidiary)
FACTORIES: Kaizuka,
other
OFFICERS: TAKASHI
ISHIBASHI, PRES Kazumasa Shibata, ch
Tohru Akitaya, dir Yasusuke Yamazaki, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 5,597 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND SLOW WORTH Yen 3,902 M
STARTED 2008 EMPLOYES 160
COMMENT: MFR OF FIBER ROPES, WIRE ROPES, STEEL
WIRES, OTHER, OWNED
BY NISSHOKU GROUP INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
275.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS:
The subject company was
established originally in 1907 as Kansai Rope Mfg Co Ltd, and in 1943 renamed
to Tesac Wire Rope Co Ltd. Further in
1988 renamed to Tesac Corporation. In
2008 the firm formed a holding company, Nisshoku Group Inc (See REGISTRATION), and became its wholly
owned subsidiary. This is a specialized
mfr of fiber ropes, wire ropes, steel wires, compound wires, other (See OPERATION). Products are for use ships, tug boats,
fishing boats, land-use, other. Clients
include heavy machinery makers, agricultural coops, fishery associations,
other.
FINANCIAL INFORMATION:
The sales volume for
Mar/2013 fiscal term amounted to Yen 5,597 million, a 5% down from Yen 5,880
million in the previous term. Demand
from fishery association decreased as affected by the prolonged weakness after
the Great North Japan Earthquake in Mar 2011.
Exports were hurt by the high Yen, recuing revenues and profits in Yen
terms. The recurring profit was posted at
Yen 200 million and the net profit at Yen 113 million, respectively, compared
with Yen 245 million recurring profit and Yen 129 million net profit,
respectively, a year ago.
For the current term
ending Mar 2014 the recurring profit is projected at Yen 210 million and the
net profit at Yen 120 million, respectively, on a 5% rise in turnover, to Yen
5,850 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 275.3
million, on 30 days normal terms.
REGISTRATION
Date Registered: May
2008
Regd No.: 1200-01-114283 (Osaka-Nishiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 39,200 shares
Issued: 9,800 shares
Sum: Yen 300 million
Major
shareholders (%): Nisshoku Holdings Inc* (100)
*.. Nisshoku Holdings Inc, holding company
of four group firms, including Tesac Corporation, Okayama, founded 1981,
capital Yen 100 million, sales Yen 1,296 million, net profit Yen 99 million,
employees 32, pres Kazumasa Shibata
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION:
Activities: Manufactures
ropes: fiber ropes, wire ropes, steel wires, compound ropes, jute fabrics &
bags, other (--100%)
Clients: [Mfrs, wholesalers]
Marubeni Intex Co, Kubota Corp, Zen-Noh, Fishery Association, Sanyo Trading Co,
Nitto Seimo Co, Tsuchiya Kyubei Shoten, Shimizu Sangyo Corp, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Marubeni Intex Co, Kuraray Trading, Toyobo, Sun Chemical Ind, Oda
Sen’I Kogyo, other
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (Osaka)
Shoko Chukin Bank
(Osaka)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
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Annual
Sales |
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5,850 |
5,597 |
5,880 |
5,397 |
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Recur.
Profit |
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210 |
200 |
245 |
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Net
Profit |
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120 |
113 |
129 |
111 |
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Total
Assets |
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5,278 |
5,303 |
5,194 |
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Current
Assets |
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4,178 |
5,303 |
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Current
Liabs |
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617 |
704 |
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Net
Worth |
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3,902 |
3,852 |
3,777 |
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Capital,
Paid-Up |
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300 |
300 |
300 |
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Div.ttl
Million (¥) |
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64 |
55 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.52 |
-4.81 |
8.95 |
5.41 |
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Current Ratio |
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677.15 |
753.27 |
.. |
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N.Worth Ratio |
.. |
73.93 |
72.64 |
72.72 |
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R.Profit/Sales |
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3.59 |
3.57 |
4.17 |
.. |
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N.Profit/Sales |
2.05 |
2.02 |
2.19 |
2.06 |
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Return On Equity |
.. |
2.90 |
3.35 |
2.94 |
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Notes: Forecast (or
estimated) figures for the 31/03/2014 fiscal term.
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 |
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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.