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Report Date : |
04.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TSUBAKIMOTO CHAIN CO LTD |
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Registered Office : |
Mitsui Bldg, 3-3-3 Nakanoshima Kitaku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
January 1941 |
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Com. Reg. No.: |
1200-01-002188 (Osaka-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
· Manufacturer of chains, precision machinery, automobile parts & material handling machines Subject also major producer of material-handling systems
for auto, newspaper paper/pulp and distribution industries. |
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No. of Employees : |
6,953 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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.
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Source : CIA |
TSUBAKIMOTO CHAIN CO LTD
KK Tsubakimoto
Chain KK
Mitsui Bldg, 3-3-3
Nakanoshima Kitaku Osaka 530-0005JAPAN
Tel: 06-6441-0011 Fax: 06-6441-0469 -
URL: http://www.tsubakimoto.jp
E-Mail address: (thru the URL)
Mfg of
chains, conveyors
Tokyo,
Osaka, Nagoya, other (Tol22)
USA (6), Europe (14), Brazil, Asia (13), Brazil, China (10)
Kyoto
(2), Saitama
ISAMU
OSA, PRED
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 150,002 M
PAYMENTS No
Complaints CAPITAL Yen
17,076 M
TREND UP WORTH Yen 108,597 M
STARTED 1941 EMPLOYES 6,953
MFR OF CHAINS & CONVEYOER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
112,759 |
4,990 |
3,175 |
(%) |
86,837 |
|
(Consolidated) |
31/03/2011 |
138,243 |
11,111 |
6,093 |
22.60 |
89,877 |
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|
31/03/2012 |
144,896 |
12,140 |
6,814 |
4.81 |
96,335 |
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31/03/2013 |
150,002 |
12,813 |
7,428 |
3.52 |
108,597 |
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31/03/2014 |
170,000 |
13,800 |
8,100 |
13.33 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is the world’s largest mfr of chains and conveyors, founded 1917 as
bicycle chain mfr, and advanced into machinery-use roller chains in 1923, and
incorporated in 1941. Second-ranked
maker of automobile chains. Also major producer
of material-handling systems for auto, newspaper paper/pulp and distribution
industries.
The sales volume for Mar/2012 fiscal term amounted to Yen 150,002
million, a 3.5% up from Yen 144,896 million in the previous term. The recurring profit was posted at Yen
12,813 million and the net profit at Yen 7,428 million, respectively, compared
with Yen 12,140 million recurring profit and Yen 68,14 million net profit,
respectively, a year ago.
(Aprl//Sept/2013 results): Sales 84,532 million (up 16.2), operating
profit Yen 7,347 million (up 14.5%), recurring profit Yen 7,511 million (up
15.1%), net profit Yen 4,370 million (up 14.7%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 14,800 million and the net profit at Yen 8,700 million, on a 13.3% rise
in turnover, to Yen 170,000 million. The
new subsidiary in USA is contributing for the full term.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jan
1941
Legal Status:
Limited Company (Kabushiki Kaisha
Regd No.: 1200-01-002188 (Osaka-Kitaku)
Authorized: 299 million shares
Issued: 191,406,969 shares
Sum: Yen 17,076
million
Major shareholders
(%):
Taiyo Life Ins (9.6), Japan Trustee Services T9 (8.1), Master Trust Bank of
Japan T (6.4), Nippon Life Ins (5.4), Japan Trustee Services T (4.7), Toyota
Motor (4.0), SMBC (4.6), Company’s Kyosaikai Assn (3.3), Tsubakimoto Kogyo
(2.7), Nomura Trust Inv T (2.4); foreign owners (10.9)
No. of
shareholders: 7,861
Listed on the
S/Exchange (s) of: Tokyo
Managements: Isamu Osa, pres;
Tohru Fujiwara, dir; Takashi Suzuki, dir; tetsuya Yaamoto, dir; Hideaki Haruna,
dir; Hidetoshi Yajima, dir; Shuji Abe, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Tsubaki Emerson,
Tsubakimoto Bulk Systems, other.
Activities: Manufactures
chains (33%), precision machinery (13%), automobile parts (33%), material
handling machines (20%), others (1%)
Overseas Sales
Ratio (44%)
Clients: [Makers
wholesalers] Tsubakimoto Kogyo, Toyota Motor, US Tsubaki Holdings In,
Tubakimoto Machiney, Nichiden, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Metal One Specialty Steel, Tsubakimoto Custom Chain, other
Payment record: No
Complaints
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
SMBC (Osaka-Chuo)
MUFG (Osaka)
Relations:
Satisfactory
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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150,002 |
144,896 |
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Cost of Sales |
107,396 |
104,156 |
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GROSS PROFIT |
42,606 |
40,739 |
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Selling & Adm Costs |
30,027 |
28,657 |
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OPERATING PROFIT |
12,579 |
12,081 |
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Non-Operating P/L |
234 |
59 |
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RECURRING PROFIT |
12,813 |
12,140 |
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NET PROFIT |
7,428 |
6,814 |
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BALANCE SHEET |
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Cash |
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19,678 |
9,661 |
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Receivables |
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41,844 |
42,886 |
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Inventory |
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29,297 |
25,892 |
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Securities, Marketable |
560 |
4,468 |
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Other Current Assets |
5,403 |
3,723 |
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TOTAL CURRENT ASSETS |
96,782 |
86,630 |
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Property & Equipment |
90,481 |
82,761 |
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Intangibles |
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5,381 |
1,716 |
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Investments, Other Fixed Assets |
23,193 |
20,659 |
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TOTAL ASSETS |
215,837 |
191,766 |
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Payables |
|
26,488 |
27,779 |
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Short-Term Bank Loans |
8,305 |
10,141 |
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Other Current Liabs |
22,750 |
16,624 |
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TOTAL CURRENT LIABS |
57,543 |
54,544 |
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Debentures |
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Long-Term Bank Loans |
24,638 |
16,810 |
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Reserve for Retirement Allw |
9,508 |
9,722 |
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Other Debts |
|
15,550 |
14,354 |
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TOTAL LIABILITIES |
107,239 |
95,430 |
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MINORITY INTERESTS |
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Common
stock |
17,076 |
17,076 |
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Additional
paid-in capital |
12,657 |
12,657 |
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Retained
earnings |
83,318 |
77,167 |
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Evaluation
p/l on investments/securities |
4,724 |
3,122 |
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Others |
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(7,161) |
(11,678) |
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Treasury
stock, at cost |
(2,017) |
(2,009) |
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TOTAL S/HOLDERS` EQUITY |
108,597 |
96,335 |
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TOTAL EQUITIES |
215,837 |
191,766 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
|
15,350 |
11,626 |
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Cash Flows
from Investment Activities |
-18,401 |
-10,487 |
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Cash
Flows from Financing Activities |
6,325 |
-5,480 |
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Cash,
Bank Deposits at the Term End |
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20,194 |
13,916 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
108,597 |
96,335 |
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Current
Ratio (%) |
168.19 |
158.83 |
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Net
Worth Ratio (%) |
50.31 |
50.24 |
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Recurring
Profit Ratio (%) |
8.54 |
8.38 |
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Net
Profit Ratio (%) |
4.95 |
4.70 |
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Return
On Equity (%) |
6.84 |
7.07 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.69 |
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UK Pound |
1 |
Rs.102.97 |
|
Euro |
1 |
Rs.84.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
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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 |
-- |
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.