MIRA INFORM REPORT
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Report No. : |
333717 |
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Report Date : |
27.07.2015 |
IDENTIFICATION DETAILS
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Name : |
TADANO LTD |
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Registered Office : |
Ko-34 Shindencho Takamatsu City Kagawa-Pref 761-0185 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Aug., 1948 |
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Com. Reg. No.: |
(Kagawa-Takamatsu) 002700 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Construction-Use Cranes |
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No. of Employees : |
3,491 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 first-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.
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Source
: CIA |
Company
Name and address
TADANO LTD
REGD NAME: Tadano
KK
MAIN OFFICE: Ko-34 Shindencho Takamatsu City
Kagawa-Pref 761-0185 JAPAN
Tel: 087-839-5555 Fax: -087-839-5743
*.. The is its
Tokyo Office-
URL: http://www.tadano.co.jp
E-Mail address: info@tadano.co.jp
ACTIVITIES
Mfg of
construction-use cranes
BRANCHES
Tokyo, Sapporo,
Sendai, Saitama, Toyama, Hiroshima, other (Tot 8)
OVERSEAS
Europe (24), N America (3), Carib/Central/South
America (10), Asia (21), Middle East (11), Africa (21), CIS (12), Oceania (4). (Number of countries)
FACTORIES
Takamatsu, Shido,
Tadotsu, Chiba, Germany, China, Thailand
CHIEF
EXEC
KOICHI TADANO,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 204,059 M
PAYMENTSREGULAR CAPITAL Yen 13,021 M
TREND UP WORTH Yen 122,141 M
STARTED 1948 EMPLOYES 3,491
COMMENT
MFR OF CONSTRUCTION-USE CRANES
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 6,504.7 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2016 fiscal term.
HIGHLIGHTS
This is the
top-ranked mfr of construction-use cranes & truck cranes in Japan and 2nd
of hydraulic cranes in overseas market. Particularly strong in rough terrain cranes. Also top-ranked
mfr of truck loader cranes, including loading & unloading cranes and aerial working vehicles. The company has an
around 50% domestic market share in rough-terrain cranes which are commonly
used in Japan with the products
developed in 1970. Has 106 overseas offices/facilities in overseas countries. Fostering non-truck cranes, including
loading & unloading cranes
and aerial working vehicles. More emphasis is placed on development of Latin
American market.
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term amounted to Yen 204,059
million, a 12.3% up from Yen 181,764 million in the previous term. Sales of cranes performed well in both the
domestic and overseas markets, in addition to the positive impact of the weaker
Yen. The recurring profit was posted at
Yen 30,357 million and the net profit at Yen 19,483 million, respectively,
compared with Yen 21,642 million recurring profit and Yen 14,410 million net
profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected
at Yen 29,800 million and the net profit at Yen 20,000 million, on a 1.0% rise
in turnover, to Yen 206,000 million.
Sales of cranes will go favorably in North America, backed by strong
demand, and will advance in Asia including Japan.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date
Registered: Aug 1948
Regd
No.: (Kagawa-Takamatsu) 002700
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized:
400 million shares
Issued: 129,500,355 shares
Sum: Yen 13,021 million
Major shareholders
(%):
Japan Trustee Services Bank (9.5), Nippon Life Ins (4.8), Mizuho Bank (4.8),
Hyakujushi Bank (4.7), Master Trust Bank of Japan (3.8), Meiji Yasuda Life Ins
(3.1), MUFG (2.6), Dai-ichi Life Ins (2.5), Customers’ S/Holding Assn (2.2),
Company’s Treasury Stock (2.1); foreign owners (21.7)
No. of shareholders: 5,878
Listed on the S/Exchange (s) of: Tokyo
Managements: Koichi Tadano, pres;
Tadashi Suzuki, s/mgn dir; Tamaki Okuyama, mgn dir; Yoichiro Nishi, mgn dir,
Nobuhiko Ito, dir; Yasuyuki Yoshida, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Tadano Faun GmbH, Tadano America Corp,
Tadano IMES, other.
OPERATION
Activities: Manufactures
construction-use cranes (100%): terrain cranes, rough cranes, truck cranes,
loader cranes, telescope boom cranes, boom truck cranes, aerial work platforms,
special purpose vehicles, used equipment, other.
(Sales): Japan (63%),
Europe (12%), US (17%), others (8%)
Overseas
Sales (51%)
Clients: [Mfrs,
wholesalers] Tadano America Corp, Tadano Asia Pte Ltd, Tadano IMES Corp, Tadano
Oceania Pte Ltd, Mitsui Sumitomo Finance & Lease, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Tadano Faun GmbH,
Amron Co, Mimura Iron Works, Okada Ind, Asano Gear Co, Hino Motor, Shikoku Machinery, Tadano Ilec,
other
Payment record: Regular
Location: Business area in Takamatsu. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank
(Takamatsu)
Hyakujushi Bank
(H/O)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2015 |
31/03/2014 |
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INCOME STATEMENT |
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Annual Sales |
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204,059 |
181,764 |
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Cost of Sales |
144,218 |
132,259 |
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GROSS PROFIT |
59,841 |
49,505 |
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Selling & Adm Costs |
30,378 |
28,364 |
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OPERATING PROFIT |
29,462 |
21,140 |
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Non-Operating P/L |
895 |
502 |
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RECURRING PROFIT |
30,357 |
21,642 |
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NET PROFIT |
19,483 |
14,410 |
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BALANCE SHEET |
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Cash |
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61,533 |
48,365 |
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Receivables |
52,328 |
48,259 |
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Inventory |
51,383 |
40,362 |
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Securities, Marketable |
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Other Current Assets |
7,253 |
13,682 |
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TOTAL CURRENT ASSETS |
172,497 |
150,668 |
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Property & Equipment |
38,292 |
36,859 |
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Intangibles |
1,258 |
857 |
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Investments, Other Fixed Assets |
11,561 |
10,560 |
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TOTAL ASSETS |
223,608 |
198,944 |
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Payables |
34,417 |
30,036 |
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Short-Term Bank Loans |
16,083 |
7,795 |
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Other Current Liabs |
19,332 |
38,211 |
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TOTAL CURRENT LIABS |
69,832 |
76,042 |
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Debentures |
10,000 |
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Long-Term Bank Loans |
10,889 |
9,765 |
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Reserve for Retirement Allw |
7,423 |
6,593 |
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Other Debts |
|
3,323 |
3,578 |
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TOTAL LIABILITIES |
101,467 |
95,978 |
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MINORITY INTERESTS |
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Common
stock |
13,021 |
13,021 |
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Additional
paid-in capital |
16,849 |
16,848 |
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Retained
earnings |
89,513 |
73,074 |
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Evaluation
p/l on investments/securities |
2,391 |
1,745 |
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Others |
2,954 |
766 |
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Treasury
stock, at cost |
(2,587) |
(2,489) |
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TOTAL S/HOLDERS` EQUITY |
122,141 |
102,965 |
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TOTAL EQUITIES |
223,608 |
198,944 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash
Flows from Operating Activities |
|
19,800 |
19,487 |
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Cash
Flows from Investment Activities |
-4,079 |
-3,753 |
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Cash
Flows from Financing Activities |
-4,287 |
-4,910 |
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Cash,
Bank Deposits at the Term End |
|
61,262 |
48,156 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net
Worth (S/Holders' Equity) |
122,141 |
102,965 |
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Current
Ratio (%) |
247.02 |
198.14 |
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Net
Worth Ratio (%) |
54.62 |
51.76 |
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Recurring
Profit Ratio (%) |
14.88 |
11.91 |
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Net Profit
Ratio (%) |
9.55 |
7.93 |
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Return
On Equity (%) |
15.95 |
14.00 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
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|
1 |
Rs.99.10 |
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Euro |
1 |
Rs.70.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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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.