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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TIPTON CORPORATION |
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|
|
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Registered Office : |
3-19-21Toyoda Minamiku Nagoya 457-0841 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
July 1939 |
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Com. Reg. No.: |
1800-01-024914 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of barrel finishing machines, food coating machines, oil refinery products |
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No. of Employees : |
165 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 |
TIPTON CORPORATION
REGD NAME: KK
Tipton
MAIN OFFICE: 3-19-21Toyoda
Minamiku Nagoya 457-0841 JAPAN
Tel:
052-692-6666 Fax: 052-692-9445
E-Mail
address: (thru the URL)
Mfg of
barrel finishing machines, food coating machines, oil refinery products
Tokyo,
Osaka, Nagoya, Hamamatsu, Hiroshima
Tobishima
(Aichi-Pref)
FUMIAKI
KOBAYASHI, PRES Eisaku Fushimi, mgn dir
Toshiharu
Shimizu, dir Hiroshi Suka,
dir
Tomoyuki
Kobayashi, dir Kotaro Kobayashi,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 3,672 M
PAYMENTSSLOW
BUT CORRECT CAPITAL Yen 210 M
TREND STEADY WORTH Yen 2,625 M
STARTED 1939 EMPLOYES 165
MFR OF BARREL FINISHING
MACHINES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
This the
nation’s top-maker of barrel finishing machinery. The firm manufactures finishing machines,
media & compounds, food coating machines, grinding wheels, other. Additionally makes products for oil refinery
& petrochemical industries (ceramic ball, aluminum ball, other). Clients include auto makers, heavy machinery
mfrs, other.
The sales
volume for Mar/2014 fiscal term amounted to Yen 3,672 million, a 2% up from Yen
3,616 million in the previous term. The
recurring profit was posted at Yen 30 million, while the net losses of Yen 18
million, respectively, compared with Yen 42 million recurring profit and Yen 34
million net profit, respectively, a year ago.
The net losses are referred to the extraordinary materials losses.
For the
current term ending Mar 2015 the recurring profit is projected at Yen 45
million and the net profit at Yen 35 million, respectively, on a 3% rise in
turnover, to Yen 3,800 million. Business
is seen steadily expanding.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered:
Jul 1939
Regd No.: 1800-01-024914 (Nagoya-Minamiku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.68 million shares
Issued:
420,000 shares
Sum: Yen 210 million
Major shareholders (%): Fumiaki Kobayashi (14),
Tomoyuki Kobayashi (13), Kotaro
Kobayashi (10), Yuzo Kobayashi
(7)
No. of shareholders: 14
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures barrel finishing
machines, finishing media & compounds, products for oil refining &
petrochemical industries (ceramic balls, alumina balls, other), food coating
machines, grinding wheels, other (--100%).
Clients: [Mfrs, wholesalers] Panasonic Corp, Toyota
Motor, Mitsubishi Heavy Ind, Hitachi Ltd, Toshiba Corp, Minebea Co, Denso Corp,
Tipton Toyama, other
No. of
accounts: 350
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Isekyu Co, Aichi
Kogyo, Kyoritsu Electrical Instruments Works Inc, Nichiden Corp, other
Payment record: slow
but correct
Location:
Business area in Nagoya. Office premises
at the caption address are owned and maintained satisfactory.
Bank References:
Bank
of Nagoya (Hotta)
MUFG
(Kanayama)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
3,800 |
3,672 |
3,616 |
4,014 |
|
Recur.
Profit |
|
45 |
30 |
42 |
|
|
Net
Profit |
|
35 |
-18 |
34 |
212 |
|
Total
Assets |
|
|
3,883 |
3,793 |
4,157 |
|
Current
Assets |
|
|
2,691 |
2,518 |
|
|
Current
Liabs |
|
|
1,061 |
932 |
|
|
Net
Worth |
|
|
2,625 |
2,723 |
2,750 |
|
Capital,
Paid-Up |
|
|
210 |
210 |
210 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.49 |
1.55 |
-9.92 |
12.47 |
|
Current Ratio |
|
.. |
253.63 |
270.17 |
.. |
|
N.Worth Ratio |
|
.. |
67.60 |
71.79 |
66.15 |
|
R.Profit/Sales |
|
1.18 |
0.82 |
1.16 |
.. |
|
N.Profit/Sales |
|
0.92 |
-0.49 |
0.94 |
5.28 |
|
Return On Equity |
|
.. |
-0.69 |
1.25 |
7.71 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
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 |
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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 |
|
|
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.