MIRA INFORM REPORT
|
Report No. : |
333105 |
|
Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
TMT MACHINERY INC |
|
|
|
|
Registered Office : |
Osaka Green Bldg 6F, 2-6-26 Kitahama Chuoku Osaka 541-0041 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
April 2002 |
|
|
|
|
Com. Reg. No.: |
101171 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Subject is manufacturer of synthetic fiber machinery |
|
|
|
|
No of Employees : |
343 |
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 : |
Satisfactory |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 2014 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. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
|
Source
: CIA |
Company
name
TMT
MACHINERY INC
REGD
NAME
TMT Machinery KK
MAIN
OFFICE
Osaka Green Bldg 6F, 2-6-26 Kitahama Chuoku
Osaka 541-0041 JAPAN
Tel: 06-6204-8370 Fax: 06-6204-8371
URL: http://www.tmt-mc.jp
E-Mail address: info@tmt-mc.jp
ACTIVITIES
Mfg of synthetic fiber machinery
BRANCHES
Kyoto
FACTORIES
Inuyama (Shiga), Matsuyama; Kyoto (Tech
Center)
OVERSEAS
China (2); Korea (3), Taiwan, USA (2),
Mumbai, Istanbul, Milan, Sao Paulo,
Germany, Indonesia, Thailand, Turkey, Italy,
Brazil
OFFICERS
SHOSAKU MIKI, PRES Jun’ichi Murata, ch*
Kazuo Kikkawa, v pres Ryugo Ogasawara, v pres
*.. Chairman of Murata Machinery Ltd
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 55,169 M
PAYMENTSREGULAR CAPITAL Yen 450 M
TREND UP WORTH Yen 22,182 M
STARTED 2002 EMPLOYES 343
COMMENT
MFR OF SYNTHETIC
FIBER MACHINERY.
FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was established
as a tripartite JV by Toray Engineering Co Ltd, Murata Machinery Ltd and Teijin
Seiki Co Ltd (now Nabtesco Corp), on the basis of their textile machinery
business units merged. The merger was
prompted by ever fiercer competition in the textile machinery business. The first stage merger started in Apr 2002
when the new firm succeeded sales and R&D operations from each of the three
parties, followed by the second stage where mfg function including three mfg
factories were transferred to this new venture in Apr 2003. By this transfer the new outfit started its
full-scale operations as from Apr 2003.
In Nov 2006 took over Shanghai TMT.
In Feb 2012 acquired ordinary shares (50% of the shares) of Kamitsu
Seisakusho and went into business tie-up.
Its main product lines are centering on spinning machines & take-up
machines, and texturing machines for synthetic fiber (See OPERATION). Goods are
exported to China, India, Taiwan, and other S/E Asia. Domestic clients include major textile
machinery mfrs, general trading houses, other, nationwide.
FINANCIAL
INFORMATION
The
sales volume for Mar/2014 fiscal term amounted to Yen 55,169 million, an 8% up
from Yen 51,155 million in the previous term.
The net profit was posted at Yen 6,700 million, compared with Yen 7,207
million recurring profit and Yen 4,439 million net profit, respectively, a year
ago.
For the term that ended Mar 2015 the recurring
profit was projected at Yen 8,500 million and the net profit at Yen 7,200
million, respectively, on a 5% rise in turnover, to Yen 57,900 million. Weaker Yen may have raised export earnings in
Yen terms. Final results are yet to be
released.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 1,817.3 million, on 30 days normal
terms.
REGISTRATION
Date
Registered: Apr 2002
Regd
No.: (Osaka-Chuoku)
101171
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 18,000 shares
Issued: 18,000
shares
Sum: Yen
450 million
Major shareholders (%): Murata
Machinery Ltd* (34), Toray Engineering Co Ltd (33), Nabtesco Corp (ex Teijin
Seiki Machinery) (33)
No. of
shareholders: 3
*.. Mfr of textile machinery, industrial machinery, Kyoto, founded 1938,
capital Yen 900 million, sales Yen 177,945 million, operating profit Yen 10,644
million, recurring profit Yen 18,066 million, net profit Yen 10,042 million,
total assets Yen 236,314 million, net worth Yen 126,291 million, employees
2,608, pres Daisuke Murata
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Manufactures
synthetic fiber producing machinery & systems, other associated components
& accessories (--100%):
(Breakdown):
Spinning Systems: macro filament
spinning, PA6/66 spinning, industrial yarn spinning;
Take-up Machines: for PET/PA, for
spandex, for heavy denier yarn, other;
Texturing Machines:
draw-texturing,
other.
Clients: [Textile mfrs]
Exports to India, China, Taiwan, other, directly and thru traders.
Domestic clients:
Marubeni Tekmatex, Sojitz Corp, Toray Engineering, Itochu SysTech Corp, Toko
Kosen Corp, other
No. of accounts: 500 (Domestically)
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Supplied from Murata Machinery, Toray Engineering & Nabtesco
Corp and their subsidiary mfrs, TMT Shanghai, Numata Corp, SMC, Izum-Cosmo, T
Mex Co, CFC Design, Kansai Hitachi Ltd, other.
Payment
record: Regular
Location: Business area in Osaka. Office premises at the caption address are
leased and maintained satisfactorily.
Bank
References:
SMBC
(Kyoto)
Mizuho
Bank (Kyoto-Chuo)
Relations:
Satisfactory
FINANCES:
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
57,900 |
55,169 |
51,155 |
53,665 |
|
Recur. Profit |
|
8,500 |
|
7,207 |
4,876 |
|
Net Profit |
|
7,200 |
6,700 |
4,439 |
2,829 |
|
Total Assets |
|
|
41,225 |
33,021 |
30,099 |
|
Current Assets |
|
|
34,721 |
27,116 |
27,026 |
|
Current Liabs |
|
|
17,926 |
15,825 |
16,635 |
|
Net Worth |
|
|
22,182 |
15,932 |
11,777 |
|
Capital, Paid-Up |
|
|
450 |
450 |
450 |
|
Div.Ttl in Million (¥) |
|
|
0.00 |
0.00 |
450 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.95 |
7.85 |
-4.68 |
13.18 |
|
Current Ratio |
|
.. |
193.69 |
171.35 |
162.46 |
|
N.Worth Ratio |
|
.. |
53.81 |
48.25 |
39.13 |
|
R.Profit/Sales |
|
14.68 |
.. |
14.09 |
9.09 |
|
N.Profit/Sales |
|
12.44 |
12.14 |
8.68 |
5.27 |
|
Return On Equity |
|
.. |
30.20 |
27.86 |
24.02 |
Note: Forecast (or estimated) for the
31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.65 |
|
|
1 |
Rs. 99.14 |
|
Euro |
1 |
Rs. 68.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.