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Report No. : |
345752 |
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Report Date : |
19.10.2015 |
IDENTIFICATION DETAILS
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Name : |
TATSUNO CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
March 1928 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures and constructs gas stations (52%), gasoline meters, and gas station-related equipment (46%), OA equipment (2%). |
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No. of Employees : |
1,151 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 1,590.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
TATSUNO CORPORATION
REGD NAME: KK
Tatsuno
MAIN OFFICE: G
Square Mita Bldg, 3-2-6 Mita
Minatoku Tokyo 108-8520 JAPAN
Tel: 03-3452-6211
Fax: 03-3455-0946
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
equipment for petrol industry
BRANCHES: 79
branch/offices nationwide
OVERSEAS: Korea,
China, Thailand, India, Czech, Russia (--affiliates)
FACTORIES: Yokohama
OFFICERS: HIROMICHI
TATSUNO, PRES Akifumi
Kanamori, s/mgn dir
Yokoo Fujio, mgn dir Harutaka
Nakayama, dir
Toshihiro Nakamura, dir Toshio Hoshi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 40,528 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen
480 M
TREND SLOW WORTH Yen 25,845 M
STARTED 1928 EMPLOYES 1,151
COMMENT: MFR OF OA EQUIPMENT FOR GAS STATIONS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,590.1 MILLION, 30 DAYS NORMAL TERMS
The subject company was established by father of Hiromichi Tatsuno in order to make most of his experience in the subject line of business. This is a specialized mfr of equipment for the petrol industry: gas station-related equipment, such as self-service pumps, built-in pumps, level gauges, OA equipment for gas stations, other. World 3rd-ranked in gasoline meters and enjoys 60% market share in Japan and 40% in Asia. Clients include oil refineries, gas stations, other, nationwide
The sales volume for Mar/2015 fiscal term amounted to Yen 40,528 million, a 13% down from Yen 46,438 million in the previous term. The recurring profit was posted at Yen 2,664 million and the net profit at Yen 1,635 million, respectively, compared with Yen 3,067 million recurring profit and Yen 2,497 million net profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected at Yen 2,800 million and the net profit at Yen 1,700 million, respectively, on a 5% rise in turnover, to Yen 42,550 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,590.1 million, on 30 days normal terms.
Date Registered: Mar 1928
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3.8
million shares
Issued: 960,000
shares
Sum: Yen
480 million
Major
shareholders (%): Shirogane
Estate (17.6), Hiryu (15.2), Employees’ S/Holding
Assn (7.0),
Hiromichi Tatsuno (6.0), MK
(5.1)
No. of shareholders: 59
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures and
constructs gas stations (52%), gasoline meters, and gas station-related equipment
(46%), OA equipment (2%).
Exports
(10%)
(Mfg
items): petrol dispensing pumps, self-service pumps, built-in pumps, LPG
dispensers, tank level gauges, torque converter oil changer, home lorry, lobe
flow meter, safety loading arm, automatic charge machines, POS systems, car
washers, other
Clients: [Mfrs,
wholesalers] JX Nippon Oil & Metal Mining Corp, Showa Shell Sekiyu, ExxonMobil, Idemitsu Kosan, Cosmo
Oil, Kignus Oil, Taiyo Sekiyu, EMG Marketing,
Mitsubishi Corp, Tokyu Corp, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toshiba Corp, NEC Corp, Bay-Tech Co, Yokohama Rubber, Ricoh Corp,
TED Co, Maruzen Showa Unyu Co, Yotsugi
Co, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (Shimbashi)
Mizuho Bank (Shiba)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
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Annual
Sales |
|
42,550 |
40,528 |
46,438 |
43,789 |
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Recur.
Profit |
|
2,800 |
2,664 |
3,067 |
2,959 |
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Net
Profit |
|
1,700 |
1,635 |
2,497 |
1,366 |
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Total
Assets |
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41,342 |
42,368 |
41,255 |
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Current
Assets |
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23,079 |
24,705 |
24,139 |
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Current
Liabs |
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12,169 |
13,781 |
14,905 |
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Net
Worth |
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25,845 |
24,237 |
21,715 |
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Capital,
Paid-Up |
|
|
480 |
480 |
480 |
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Div.P.Share(¥) |
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|
2.50 |
2.50 |
2.50 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
4.99 |
-12.73 |
6.05 |
68.53 |
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Current Ratio |
|
.. |
189.65 |
179.27 |
161.95 |
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N.Worth Ratio |
|
.. |
62.52 |
57.21 |
52.64 |
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R.Profit/Sales |
|
6.58 |
6.57 |
6.60 |
6.76 |
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N.Profit/Sales |
|
4.00 |
4.03 |
5.38 |
3.12 |
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Return On Equity |
|
.. |
6.33 |
10.30 |
6.29 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
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|
1 |
Rs.100.55 |
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Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
TPT |
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.