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MIRA INFORM REPORT
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Report No. : |
494785 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
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Name : |
TAKISAWA MACHINE TOOL CO LTD |
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Registered Office : |
983 Natsukawa Kitaku Okayama 701-0164 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
Oct., 1944 |
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Com. Reg. No.: |
2600-01-008257 (Okayama-Kitaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacture of Machine Tools. |
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No. of Employees : |
330 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
Company
Name And Address
TAKISAWA MACHINE TOOL CO LTD
REGD NAME: Takisawa
Tekkosho KK
MAIN OFFICE: 983
Natsukawa Kitaku Okayama 701-0164 JAPAN
Tel:
086-293-6111 Fax: 086-293-5571
URL: http://www.takisawa.co.jp
E-Mail address: info@takisawa.co.jp
ACTIVITIES
Mfg of Machine
Tools
BRANCHES
Saitama, Osaka,
Nagoya, Okayama, Fukuoka, other (Tot 13)
OVERSEAS
Taiwan, China,
USA, UK, Thailand, India, Indonesia (--subsidiaries)
FACTORIES
At the caption
address. Kurashiki (2) (Tot 3)
CHIEF
EXEC
KAZUHIRO HARADA,
PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 23,166 M
PAYMENTS REGULAR CAPITAL Yen 2,319 M
TREND SLOW WORTH Yen
14,610 M
STARTED 1944 EMPLOYES 330
COMMENT
MFR OF MACHINE TOOLS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
HIGHLIGHTS
The subject company is a time-honored, medium-sized mfr of comprehensive
machine tools, producing NC lathes, ordinary lathes and MCs. Has overseas sales & production bases in
Taiwan & China (Shanghai). Overseas
subsidiaries are also in USA, UK, Thailand and India. Automakers
are main users. In 2003, acquired by
investment fund Phoenix Capital.
Construction of new plant under way, scheduled to finish Mar 2009
term. Planning to boost production
capacity for NC-multifunctional equipment by 30% to meet stronger demand in
India and other overseas markets. About
40% of the products are exported. Taiwan
Takisawa Technology Co Ltd went public on the Taiwanese OTC market. Enthusiastic about expansion in the US
targeting the energy industry.
FINANCIAL
INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 23,166 million, a 10% down from Yen
25,784 million in the previous term. The
recurring profit was posted at Yen 1,490 million and the net profit at Yen 894
million, respectively, compared with Yen 1,839 million recurring profit and Yen
819 million net profit, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 1,900 million and
the net profit at Yen 1,100 million, on an 8% rise in turnover, to Yen 25,000
million. .
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Oct 1944
Regd
No.: 2600-01-008257 (Okayama-Kitaku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
150 shares
Issued:
65,781,228 shares
Sum:
Yen 2,319 million
Major
shareholders (%): Customers’ S/Holding Assn (5.3), Fanuc Ltd (4.5), Chugoku Bank (4.4),
Master Trust Bank of Japan T (2.3), Japan Trust Services T (2.1), Japan Trustee
Services T5 (1.7), Japan Trustee Services T1 (1.3), Sumitomo Mitsui Trust Bank
(1.2), Japan Trustee Services T2 (1.2), Company’s Stock Investment (1.1);
foreign owners (6.0)
No. of shareholders: 5,993
Listed on the S/Exchange (s) of: Tokyo
Managements: Kazuhiro Harada, pres; Yasumasa Kondo,
s/mgn dir; Takumi Taguchi, mgn dir; Junji Matsubara, mgn dir; Kazuhiro
Kajitani, dir; Noriaki Hayashida, dir; Hideaki Wada, dir; Yan Ching Tai, dir;
Tomonori Togawa, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Takisawa Techno Service Inc, KK Cascade,
other
Overseas subsidiaries: Taiwan Takisawa
Technology Co Ltd, Shanghai Takisawa Miyano Machinery Co, Ltd, Takisawa Inc
(USA), Takisawa UK Ltd, Takisawa (Thailand) Co Ltd, SAP Takisawa Machine Tools
Private Ltd (India), other
OPERATION
Activities: Manufactures
machine tools: Japan (64%), Asia (28%), North America (8%)
Overseas
Sales Ratio (46%)
(Mfg
items): Multi-purpose machines (turning/milling combined machines, machining/turning
combined machines), compound CNC lathes, CNC oval turning center, parallel
twin-spindle CNC lathes, vertical CNC lathes, traveling column vertical
machining center, CNC/manual lathers, other.
Clients: [Mfrs,
wholesalers] Yamazen Corp (15%), Ishii Hyoki Co, Yuasa Trading, Hamamatsu Corp,
Tazmo Co, G-Net, Nachi-Tokiwa Corp, Kanto Bussan Co, Okabe Kikai, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Fanuc Ltd, Takisawa Tekko Techno Service, Danto Kogyo, Nishibe
Shoten, other.
Payment
record: Regular
Location: Business area in Okayama. Office premises at the caption address are
owned and maintained satisfactorily.
Bank
References:
Chugoku Bank (H/O)
Shoko Chukin Bank (Okayama)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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25,000 |
23,166 |
25,784 |
26,759 |
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Recur.
Profit |
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1,900 |
1,490 |
1,839 |
2,480 |
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Net Profit |
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1,100 |
894 |
819 |
1,133 |
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Total
Assets |
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31,144 |
32,123 |
31,917 |
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Current
Assets |
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23,389 |
24,557 |
24,925 |
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Current
Liabs |
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9,894 |
11,203 |
11,220 |
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Net
Worth |
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14,610 |
14,152 |
13,819 |
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Capital,
Paid-Up |
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2,319 |
2,319 |
2,319 |
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Div.Ttl
in Million (¥) |
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327,986 |
262,406 |
262,434 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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7.92 |
-10.15 |
-3.64 |
16.91 |
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Current Ratio |
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.. |
236.40 |
219.20 |
222.15 |
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N.Worth Ratio |
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.. |
46.91 |
44.06 |
43.30 |
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R.Profit/Sales |
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7.60 |
6.43 |
7.13 |
9.27 |
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N.Profit/Sales |
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4.40 |
3.86 |
3.18 |
4.23 |
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Return On Equity |
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.. |
6.12 |
5.79 |
8.20 |
Forecast (or estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.66 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.70 |
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Yen |
1 |
INR 0.61 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.