|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
THK CO LTD |
|
|
|
|
Registered Office : |
3-11-6 Nishi-Gotanda Shinagawaku Tokyo 141-8503 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
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Date of Incorporation : |
April 1971 |
|
|
|
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Com. Reg. No.: |
(Tokyo-Shinagawaku) 006176 |
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Legal Form : |
Limited Company |
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|
|
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Line of Business : |
Manufactures linear motion systems (e.g. LM guide &
ball spline), ball screw, XY tables, link balls & rod ends, seismic
isolation devices other |
|
|
|
|
No. of Employees |
9,284 |
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 : |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
THK CO Ltd
REGD NAME: THK
KK
MAIN OFFICE:
3-11-6 Nishi-Gotanda Shinagawaku Tokyo 141-8503 JAPAN
Tel:
03-5434-0300-
URL: http://www.thk.co.jp
E-Mail
address: info@thk.co.jp
Mfg of
linear motion systems
Osaka,
Nagoya, Yamagata, Mie, Gifu, Yamaguchi, other (Tot 45)
USA
(6), Europe (11), China (34), Korea (15), Asia, other (Tot 75 offices)
Yamagata
(2), Sendai, Niigata, Fukushima, Mishima, Kofu, Gifu, Mie, Yamaguchi,
Shizuoka,
Oita;
USA
(2), Mexico, France, Ireland, China (5), Korea (3), Malaysia, Thailand,
Vietnam
AKIHIRO
TERAMACHI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 185,466 M
PAYMENTS REGULAR CAPITAL Yen
34,606 M
TREND UP WORTH Yen
222,148 M
STARTED 1971 EMPLOYES 9,284
MFR OF LINEAR MOTION SYSTEMS
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 |
190,661 |
21,631 |
13,959 |
(%) |
167,937 |
|
(Consolidated) |
31/03/2012 |
196,866 |
19,072 |
12,641 |
3.25 |
175,516 |
|
|
31/03/2013 |
168,366 |
14,765 |
9,808 |
-14.48 |
189,058 |
|
|
31/03/2014 |
185,466 |
23,618 |
15,590 |
10.16 |
222,148 |
|
|
31/03/2015 |
210,000 |
28,000 |
19,000 |
13.23 |
.. |
Notes: Unit: In Million Yen
Forecast figures for the 31/03/2015
fiscal term.
This is the pioneer mfr of
linear motion systems (LMS), mainly for semiconductor-mfg equipment &
machine tools. Commands world’s largest market
share of over 50%. Emphasizing products
for semiconductor-mfg equipment. Has
newly-developed LM guide and ball spline.
Stepping up sales base in China & India. It plans to set up three sales bases and one
R&D center in China. It is also
considering expansion of production/sales bases in India, Thailand and
Vietnam. It is pushing ahead with
R&D of automobile parts and quake-absorbing equipment. The three production bases in Tohoku area was
hurt by the recent Earthquake & Tsunami but resumed operation on
01/04/2011, reports the firm. To
eliminate the deficit at its plant in France, the company transferred
production of low-profitable automobile parts from France to Japan and the US. In China, it is planning to strengthen sales
through agencies.
The sales volume for Mar/2014 fiscal
term amounted to Yen 185,466 million, a 10.2% up from Yen 168,366 million in
the previous term. Sales of linear
motion systems grew, led by those in China, supported by increased production
of semiconductor-mfg equipment and small machine tools for smartphone
makers. Orders for automobile parts also
fared well. The recurring profit was
posted at Yen 23,618 million and the net profit at Yen 15,590 million,
respectively, compared with Yen 14,765 million recurring profit and Yen 9,808
million net profit, respectively, a year ago.
For the current term ending Mar 2015
the recurring profit is projected at Yen 28,000 million and the net profit at
Yen 19,000 million, respectively, on a 13.2% rise in turnover, to Yen 210,000
million. Sales of automobile parts in
North America, etc, will lead the sales growth.
Weaker Yen will also contribute to raise sales in Yen terms.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Apr 1971
Regd No.: (Tokyo-Shinagawaku) 006176
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 467,877,700 shares
Issued:
133,856,903 shares
Sum: Yen 34,606
million
Major shareholders (%): Master Trust Bank of Japan T
(6.5), Company’s Treasury Stock (5.4), Japan Trustee Services T (4.4), FTC Co
(3.1), State Street Bank & Trust 505224 (2.9), Akihiro Teramachi (2.7),
Mellon Bank Mellon Omnibus US P (2.5), Japan Trustee Services T9 (2.1), CS Sec
USALLC SP for Excel Bene (1.7), Northern Trust (AVFC) British (1.6); foreign
owners (47.5)
No. of shareholders:
18,807
Listed on the S/Exchange (s) of:
Tokyo
Managements: Akihiro Teramachi, pres; Toshihiro Teramachi,
v pres, Hiroshi Konno, v pres; Takashi Okubo, dir; Tetsuya Hayashida, dir;
Jun’ichi Kuwahara, dir; Kiyonobu Hoshino, dir; Nobuyuki Maki, dir; Hideyuki
Kiuchi, dir; Jun’ichi Sakai, dir; Hirokazu Ishikawa, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: THK
America, THK Europe, other.
Activities: Manufactures linear motion systems
(e.g. LM guide & ball spline), ball screw, XY tables, link balls & rod ends,
seismic isolation devices other (--100%):
For Industrial equipment-related
(73%), transportation equipment (27%).
Overseas Sales Ratio (40%): USA (13%), Europe (9%), China
(8%), Asia, others (10%)
Clients: Mfrs, wholesalers, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Shinjuku)
MUFG
(Gotanda)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
185,466 |
168,366 |
|
|
Cost of Sales |
132,562 |
124,067 |
|
|
|
GROSS PROFIT |
52,903 |
44,298 |
|
|
|
Selling & Adm Costs |
35,533 |
32,605 |
|
|
|
OPERATING PROFIT |
17,370 |
11,692 |
|
|
|
Non-Operating P/L |
6,248 |
3,073 |
|
|
|
RECURRING PROFIT |
23,618 |
14,765 |
|
|
|
NET PROFIT |
15,590 |
9,808 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
138,343 |
115,967 |
|
|
Receivables |
|
52,557 |
46,116 |
|
|
Inventory |
|
28,765 |
24,098 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
8,225 |
7,759 |
|
|
|
TOTAL CURRENT ASSETS |
227,890 |
193,940 |
|
|
|
Property & Equipment |
94,838 |
87,697 |
|
|
|
Intangibles |
|
4,213 |
2,767 |
|
|
Investments, Other Fixed Assets |
9,475 |
8,741 |
|
|
|
TOTAL ASSETS |
336,416 |
293,145 |
|
|
|
Payables |
|
25,411 |
20,846 |
|
|
Short-Term Bank Loans |
|
20,000 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
29,079 |
14,810 |
|
|
|
TOTAL CURRENT LIABS |
54,490 |
55,656 |
|
|
|
Debentures |
|
50,000 |
40,000 |
|
|
Long-Term Bank Loans |
|
|
|
|
|
Reserve for Retirement Allw |
127 |
3,122 |
|
|
|
Other Debts |
|
9,650 |
5,309 |
|
|
TOTAL LIABILITIES |
114,267 |
104,087 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
34,606 |
34,606 |
|
|
|
Additional
paid-in capital |
44,584 |
44,584 |
|
|
|
Retained
earnings |
141,474 |
128,416 |
|
|
|
Evaluation
p/l on investments/securities |
801 |
740 |
|
|
|
Others |
|
14,617 |
(5,360) |
|
|
Treasury
stock, at cost |
(13,934) |
(13,928) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
222,148 |
189,058 |
|
|
|
TOTAL EQUITIES |
336,416 |
293,145 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
23,664 |
20,395 |
|
|
Cash Flows
from Investment Activities |
-9,553 |
-15,284 |
|
|
|
Cash
Flows from Financing Activities |
-2,790 |
-5,387 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
138,343 |
115,967 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
222,148 |
189,058 |
|
|
|
Current
Ratio (%) |
418.22 |
348.46 |
|
|
|
Net
Worth Ratio (%) |
66.03 |
64.49 |
|
|
|
Recurring
Profit Ratio (%) |
12.73 |
8.77 |
|
|
|
Net
Profit Ratio (%) |
8.41 |
5.83 |
|
|
|
Return
On Equity (%) |
7.02 |
5.19 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.