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Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TSUBAKIMOTO CHAIN CO LTD |
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Registered Office : |
Mitsui Bldg, 3-3-3 Nakanoshima Kitaku Osaka 530-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
January 1941 |
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Com. Reg. No.: |
1200-01-002188 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of chains, conveyors |
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No. of Employees |
6,972 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
TSUBAKIMOTO CHAIN CO LTD
REGD NAME: KK
Tsubakimoto Chain KK
MAIN OFFICE: Mitsui
Bldg, 3-3-3 Nakanoshima Kitaku Osaka 530-0005JAPAN
Tel:
06-6441-0011 Fax: 06-6441-0469
*.. The is its
Kyotanabe Factory, Kyoto -
URL: http://www.tsubakimoto.jp
E-Mail address: (thru the URL)
Mfg of chains,
conveyors
Tokyo, Osaka,
Nagoya, other (Tol22)
USA (5), Europe
(15), Brazil, Asia (13), Brazil, China (11), Mexico, Canada, etc
Kyoto (2),
Saitama, Hyogo
ISAMU OSA, PRED
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 178,022 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
17,076 M
TREND UP WORTH Yen 121,628 M
STARTED 1941 EMPLOYES 6,972
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: |
31/03/2011 |
138,243 |
11,111 |
6,093 |
(%) |
89,877 |
|
(Consolidated) |
31/03/2012 |
144,896 |
12,140 |
6,814 |
4.81 |
96,335 |
|
31/03/2013 |
150,002 |
12,813 |
7,428 |
3.52 |
108,597 |
|
|
31/03/2014 |
178,022 |
17,993 |
10,213 |
18.68 |
121,628 |
|
|
31/03/2015 |
186,000 |
18,600 |
11,700 |
4.48 |
.. |
Unit: In Million Yen
Forecast
figures for the 31/03/2015 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 company
will switch from a product based to a sales-area based structure. It is considering market research in Myanmar
and Laos with the aim of market development in Southeast Asia.
The sales volume for Mar/2014 fiscal term amounted to Yen 178,022
million, an 18.7% up from Yen 150,002 million in the previous term. Earthquake-ridden Tohoku (Northern Japan) reconstruction-related
demand rose throughout the second half.
Conveyance equipment sales benefitted from brisk domestic and overseas
sales of LCD-related equipment. The
recurring profit was posted at Yen 17,993 million and the net profit at Yen
10,213 million, respectively, compared with Yen 12,813 million recurring profit
and Yen 7,428 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 18,600 million and the net profit at Yen 11,700 million, on a 4.5% rise
in turnover, to Yen 186,000 million.
Sales of transmissions for automobiles will improve, and operating
profit will rise.
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 (4.1), MBC (3.6), Company’s Kyoeikai 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)
|
FINANCES: (Consolidated
in million yen) |
||||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
||||
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Annual Sales |
|
178,022 |
150,002 |
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Cost of Sales |
126,130 |
107,396 |
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GROSS PROFIT |
51,891 |
42,606 |
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Selling & Adm Costs |
34,536 |
30,027 |
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OPERATING PROFIT |
17,354 |
12,579 |
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Non-Operating P/L |
639 |
234 |
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RECURRING PROFIT |
17,993 |
12,813 |
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NET PROFIT |
10,213 |
7,428 |
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BALANCE SHEET |
||||
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Cash |
|
13,518 |
19,678 |
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Receivables |
44,337 |
41,844 |
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Inventory |
29,624 |
29,297 |
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Securities, Marketable |
7,877 |
560 |
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Other Current Assets |
5,270 |
5,403 |
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TOTAL CURRENT ASSETS |
100,626 |
96,782 |
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Property & Equipment |
96,852 |
90,481 |
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Intangibles |
5,807 |
5,381 |
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Investments, Other Fixed Assets |
25,555 |
23,193 |
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TOTAL ASSETS |
228,840 |
215,837 |
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Payables |
25,269 |
26,488 |
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Short-Term Bank Loans |
8,422 |
8,305 |
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Other Current Liabs |
28,312 |
22,750 |
||
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TOTAL CURRENT LIABS |
62,003 |
57,543 |
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Debentures |
|
|
||
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Long-Term Bank Loans |
17,690 |
24,638 |
||
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Reserve for Retirement Allw |
213 |
9,508 |
||
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Other Debts |
|
27,306 |
15,550 |
|
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TOTAL LIABILITIES |
107,212 |
107,239 |
||
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MINORITY INTERESTS |
||||
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Common
stock |
17,076 |
17,076 |
||
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Additional
paid-in capital |
12,658 |
12,657 |
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Retained
earnings |
92,072 |
83,318 |
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Evaluation
p/l on investments/securities |
6,427 |
4,724 |
||
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Others |
(4,568) |
(7,161) |
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Treasury
stock, at cost |
(2,037) |
(2,017) |
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TOTAL S/HOLDERS` EQUITY |
121,628 |
108,597 |
||
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TOTAL EQUITIES |
228,840 |
215,837 |
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CONSOLIDATED CASH FLOWS |
||||
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash Flows
from Operating Activities |
|
19,761 |
15,350 |
|
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Cash
Flows from Investment Activities |
-17,166 |
-18,401 |
||
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Cash
Flows from Financing Activities |
-3,196 |
8,325 |
||
|
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Cash,
Bank Deposits at the Term End |
|
21,291 |
20,194 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
121,628 |
108,597 |
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Current
Ratio (%) |
162.29 |
168.19 |
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Net
Worth Ratio (%) |
53.15 |
50.31 |
||
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Recurring
Profit Ratio (%) |
10.11 |
8.54 |
||
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Net
Profit Ratio (%) |
5.74 |
4.95 |
||
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Return
On Equity (%) |
8.40 |
6.84 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.26 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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.