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MIRA INFORM REPORT
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Report No. : |
484362 |
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Report Date : |
06.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TSUDAKOMA CORPORATION |
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Registered Office : |
5-18-18 Nomachi Kanazawa Ishikawa-Pref 921-8650 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2016 (Consolidated) |
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Date of Incorporation : |
December 1939 |
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Com. Reg. No.: |
2200-01-004330 (Ishikawa-Kanazawa) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures textile machinery : air jet looms, water jet looms, conversion kits, rapier looms, doffing systems, filament sizing machines, preparatory machinery, part stock information, product data download, others; machine tools & attachments |
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No. of Employees : |
1,329 |
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+ |
Low Risk |
Business dealings permissible with low
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 2016 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 second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name and address
TSUDAKOMA CORPORATION
REGD NAME: Tsudakoma
Kogyo KK
MAIN OFFICE: 5-18-18
Nomachi Kanazawa Ishikawa-Pref 921-8650 JAPAN
Tel:
076-242-1111 Fax: 076-242-4172
URL: http://www.tsudakoma.co.jp
E-Mail address: info1@tsudakoma.co.jp
ACTIVITIES
Mfg of textile
machinery, machine tools
BRANCHES
Hamamatsu, Fukuoka
OVERSEAS
USA, France, Germany, Italy, Spain, Sweden, Indonesia, Thailand, Pakistan, India, Brazil, China & Kore(--agent dealers)
FACTORIES
At the caption
address (3)
OFFICERS
NOBUHIRO TAKANO,
PRES Shoji Hishinuma, ch
Mitsuru Suwa, dir Hiroyuki Matsuhito, dir
Shigeo Yamada, dir Koji Kitano, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 38,870 M
PAYMENTS REGULAR CAPITAL Yen 12,316 M
TREND UP WORTH Yen 13,307 M
STARTED 1939 EMPLOYES 1,329
COMMENT
MFR SPECIALIZING IN TEXTILE MACHINERY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast (or estimated) figures for the 30/11/2017
fiscal term.
HIGHLIGHTS
The subject
company was established originally in 1909 by Komajiro Tsuda for mfg silk &
artificial silk loom, on his
account. Incorporated in 1939 as Tsudakoma Ind Co and the firm has been
succeeded by his descendants.
Renamed as captioned in 1982. Nobuhiro Takano took the pres office in Feb 2015.
This is the largest comprehensive
mfr of textile machines. Now world’s largest maker of water/air jet looms. Branching out into machine tools including rotary tables for MC’s. Highly reliant on
exports including those to China.
Fostering
laminating machines for carbon fiber composite materials. Its main competitor is Toyota Industries
Corp, (with which the company has a JV for preparatory machinery.)
FINANCIAL
INFORMATION
The sales volume
for Nov/2016 fiscal term amounted to Yen 38,870 million, a 5.3% up from Yen
36,916 million in the previous term. The
recurring profit was posted at Yen 584 million and the net profit at Yen 437
million, respectively, compared with Yen 381 million recurring loss and Yen 443
million net losses, respectively, a year ago
For the current
term ending Nov 2017 the recurring profit is projected at Yen 700 million and
the net profit at Yen 550 million, respectively, on a 4.2% rise in turnover, to
Yen 40,500 million.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements.
REGISTRATION
Date
Registered: Dec 1939
Regd
No.: 2200-01-004330
(Ishikawa-Kanazawa)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 199,003,000 shares
Issued:
68,075,552 shares
Sum:
Yen
12,316 million
Major shareholders
(%): Customers’ S/Holding Assn (14.3), Company’s Treasury Stock (6.1), Meiji
Yasuda Life Ins (5.1), Hokuriku Bank (3.7), Hokkoku Bank (3.4), Employees’
S/Holding Assn (2.6), Mitsui Sumitomo Ins (2.6), Tokio Marine & Nichido
Fire Ins (2.6), Master Trust Bank of
Japan T (2.4), Japan Trustee Services T (2.2); foreign owners (5.09)
No.
of shareholders: 4,912
Listed
on the S/Exchange (s) of: Tokyo
Nothing detrimental is known as to the
commercial morality of executives.
Related companies: Kyowa
Electronics & Machinery Ind, Tsudakoma Transportation, Tsudakoma General
Service, Tsudakoma (Shanghai) Co, other
OPERATION
Activities: Manufactures
textile machinery (80%): air jet looms, water jet looms, conversion kits, rapier looms, doffing
systems, filament sizing machines, preparatory machinery, part stock
information, product data download, others; machine tools & attachments
(20%):
Overseas sales
ratio (77%)
Clients: [Mfrs,
wholesalers] Marubeni Techmatex, T-Techno Japan, Osaka Nissshin YK, Tsudakoma
Machinery Mfg Ind, Itochu Systech Corp, Kitamura Machinery, other.
Exports to: China, India, Pakistan, Thailand, Indonesia, Korea, Brazil,
France, Germany, Italy, Spain, Sweden, USA, other. Exports into Europe through Tekmatex Europe
SA, and into USA through Tekmatex Inc.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Kyowa Electronics & Machinery Ind, Kanazawa Kiko, Hokuryo Denko, Hikida
Sangyo, Higashiyama Ind, Staubli, Fanuc Corp, other.
Payment
record: Regular
Location: Light industrial area in Kanazawa City. Office premises at the caption address are owned
and maintained satisfactorily.
Bank
References:
Hokuriku
Bank (Kanazawa)
Hokkoku
Bank (H/O)
Relations:
Satisfactory
FINANCES
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
30/11/2016 |
30/11/2015 |
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INCOME STATEMENT |
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Annual Sales |
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38,870 |
36,916 |
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Cost of Sales |
32,973 |
32,162 |
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GROSS PROFIT |
5,896 |
4,754 |
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Selling & Adm Costs |
5,167 |
5,029 |
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OPERATING PROFIT |
728 |
-274 |
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Non-Operating P/L |
-144 |
-107 |
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RECURRING PROFIT |
584 |
-381 |
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NET PROFIT |
437 |
-443 |
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BALANCE SHEET |
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Cash |
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6,924 |
9,021 |
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Receivables |
10,291 |
9,486 |
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Inventory |
5,370 |
5,487 |
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Securities, Marketable |
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Other Current Assets |
1,206 |
958 |
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TOTAL CURRENT ASSETS |
23,791 |
24,952 |
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Property & Equipment |
9,396 |
9,474 |
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Intangibles |
80 |
55 |
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Investments, Other Fixed Assets |
2,912 |
3,329 |
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TOTAL ASSETS |
36,179 |
37,810 |
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Payables |
3,464 |
3,573 |
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Short-Term Bank Loans |
6,539 |
7,680 |
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Other Current Liabs |
6,885 |
6,497 |
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TOTAL CURRENT LIABS |
16,888 |
17,750 |
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Debentures |
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Long-Term Bank Loans |
267 |
864 |
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Reserve for Retirement Allw |
5,579 |
4,985 |
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Other Debts |
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138 |
225 |
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TOTAL LIABILITIES |
22,872 |
23,824 |
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MINORITY INTERESTS |
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Common
stock |
12,316 |
12,316 |
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Additional
paid-in capital |
3,880 |
3,880 |
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Retained
earnings |
(2,370) |
(2,808) |
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Evaluation
p/l on investments/securities |
278 |
414 |
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Others |
441 |
1,421 |
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Treasury
stock, at cost |
(1,238) |
(1,238) |
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TOTAL S/HOLDERS` EQUITY |
13,307 |
13,985 |
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TOTAL EQUITIES |
36,179 |
37,810 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/11/2016 |
30/11/2015 |
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Cash
Flows from Operating Activities |
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288 |
818 |
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Cash
Flows from Investment Activities |
-668 |
-670 |
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Cash
Flows from Financing Activities |
-1,648 |
841 |
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Cash,
Bank Deposits at the Term End |
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6,794 |
8,891 |
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ANALYTICAL RATIOS Terms ending: |
30/11/2016 |
30/11/2015 |
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Net
Worth (S/Holders' Equity) |
13,307 |
13,985 |
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Current
Ratio (%) |
140.88 |
140.57 |
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Net
Worth Ratio (%) |
36.78 |
36.99 |
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Recurring
Profit Ratio (%) |
1.50 |
-1.03 |
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Net
Profit Ratio (%) |
1.12 |
-1.20 |
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Return
On Equity (%) |
3.28 |
-3.17 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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YEN |
1 |
INR 0.56 |
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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VIV |
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Report Prepared
by : |
KET |
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.