MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
YKK SNAP FASTENERS JAPAN CO LTD |
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Registered Office : |
Ichibancho Central Bldg 4F, 22-1 Ichibancho Chiyodaku |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Apr 1999 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of buttons, snaps, other clothing accessories and their fixing machinery |
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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Maximum Credit Limit : |
Yen 145.2 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
YKK SNAP FASTENERS JAPAN CO LTD
REGD NAME
YKK Snap Fastener
KK
MAIN OFFICE
Ichibancho Central
Bldg 4F, 22-1 Ichibancho Chiyodaku Tokyo 102-0082
Tel : 03-3265-2631
URL : http://www.ykksnap.co.jp/
E-Mail
address: info@ykksnap.co.jp
ACTIVITIES
Mfg of
buttons, snaps, other clothing accessories, their fixing machinery
BRANCHES
OVERSEAS
Hong Kong, Ho Chi Minh, Dalian, Tsingtao, Indonesia, India, Taiwan, Korea, Philippines, Sri Lanka, Thailand
(Subsidiary):
FACTORY(IES)
Kita-Adachigun
(Saitama)
OFFICERS
OSAMU
SHIBAZAKI, PRES
Kenji
Hasegawa, dir
Toshihiro
Ogura, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,300 M
PAYMENTS REGULAR CAPITAL Yen 450 M
TREND STEADY WORTH Yen
1,570 M
STARTED 1999 EMPLOYES 314
COMMENT
MFR OF BUTTONS, SNAPS, OTHER CLOTHING ACCESSORIES, WHOLLY OWNED BY YKK CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$350,000 / O/A 30 DAYS TERMS.
MAX CREDIT LIMIT: YEN 145.2 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a division
separated from YKK Corp (see REGISTRATION) in order to mfr buttons, snaps,
other clothing accessories, as YKK Fastener Co Ltd; then in Jun/2006 merged a
sister firm and renamed to YKK New Max Co Ltd.
In Jan/2005 integrated group firms in the similar business line and
renamed as captioned. Specializes in mfg
metal & plastic buttons, snaps, hooks, other clothing accessories for use
in jeans, sportswear, work clothes, other garments. Also handles fixing machines of the pieces,
including leasing and maintenance works.
Has 12 overseas branches & agents, including a subsidiary in
FINANCIAL INFORMATION
Financials are consolidated in the parent’s and partial figures are disclosed, and in rounded-off numbers only. Unchanged figures for consecutive years.
The sales volume for Dec/2006 fiscal term amounted to Yen 8,300 million, a similar amount in the previous term. The net profit is supposed (as not officially released) posted at Yen 600 million, down from Yen 680 million the previous year. This is referred to the hike in materials & fuel costs, says the firm. The figures, however, are not confirmed by the firm.
For the current term ending Dec 2007 the net profit is projected at Yen 600 million, on a similar turnover, at Yen 8,300 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 145.2 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financials capacities backed by the parent financial strength.
REGISTRATION
Date
Registered: Apr 1999
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 36,000 shares
Issued: 9,000 shares
Sum: Yen 450 million
Major shareholders (%): YKK Corp*(100)
*.. Top mfr of fasteners, second in aluminum sashes, other building materials, Tokyo, operating 122 companies (including subsidiaries/JV’s) over 70 countries worldwide, founded 1934, unlisted, owned by Yoshida family, capital Yen 11,992 million, turnover Yen 668,228 million, recurring profit Yen 40,647 million, net profit Yen 24,072 million, total as sets Yen 850,558 million, net worth Yen 507,210 million, employees 3,337, pres Tadahiro Yoshida
Consolidated financials are as attached.
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures metal & plastic buttons, hooks,
fasteners, needles, pins, other clothing accessories used in jeans, casual
wear, sports wear, work clothes, other garments, their fixing equipment,
including leasing, maintenance services (--100%).
Clients: [Garment mfrs] Big John Corp (jeans mfg), Wacoal Corp (largest women’s underwear mfg), Renown Inc (general apparel mfr), World Co (apparel wholesaler), Edwin Shoji (jeans mfg), other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Aida Engineering, Mitsubishi Shindoh Co (rolled copper mfr), Itochu Corp, YKK Fastening Products, Nippon Mining & Metals, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Kojimachi)
Bank
of Tokyo-Mitsubishi UFJ (Ueno)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
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31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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8,300 |
8,300 |
8,300 |
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Recur.
Profit |
(*) |
.. |
.. |
1,136 |
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Net
Profit |
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600 |
600 |
680 |
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Total
Assets |
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N/A |
N/A |
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Net Worth |
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1,570 |
970 |
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Capital,
Paid-Up |
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450 |
450 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.00 |
0.00 |
0.00 |
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Current Ratio |
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.. |
.. |
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N.Worth Ratio |
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.. |
.. |
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N.Profit/Sales |
7.23 |
7.23 |
8.19 |
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Notes:
Financials are not disclosed only except the above partial figures.
Forecast
(or estimated) figures for 31/12/2007 fiscal term.
(*) Pretax
profits disclosed by the Taxation Office.
ATTACHMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, YKK CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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658,228 |
619,612 |
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Cost of Sales |
440,036 |
410,032 |
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GROSS PROFIT |
218,191 |
209,579 |
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Selling & Adm Costs |
172,578 |
171,417 |
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OPERATING PROFIT |
45,613 |
38,162 |
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Non-Operating P/L |
-5,066 |
-4,336 |
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RECURRING PROFIT |
40,547 |
33,826 |
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NET PROFIT |
24,072 |
18,030 |
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BALANCE SHEET |
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Cash |
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82,537 |
80,889 |
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Receivables |
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172,852 |
150,450 |
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Inventory |
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146,591 |
136,366 |
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Securities, Marketable |
728 |
1,544 |
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Other Current Assets |
19,883 |
15,537 |
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TOTAL CURRENT ASSETS |
422,591 |
384,786 |
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Property & Equipment |
333,457 |
321,382 |
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Intangibles |
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11,459 |
11,966 |
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Investments, Other Fixed Assets |
83,051 |
91,936 |
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TOTAL ASSETS |
850,558 |
810,070 |
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Payables |
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81,287 |
70,290 |
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Short-Term Bank Loans |
25,314 |
29,021 |
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Other Current Liabs |
101,200 |
102,114 |
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TOTAL CURRENT LIABS |
207,801 |
201,425 |
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Debentures |
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30,000 |
20,000 |
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Long-Term Bank Loans |
2,271 |
2,706 |
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Reserve for Retirement Allw |
92,617 |
97,627 |
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Other Debts |
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10,659 |
11,189 |
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TOTAL LIABILITIES |
343,348 |
332,947 |
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MINORITY INTERESTS |
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9,732 |
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Common
stock |
11,992 |
11,992 |
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Additional
paid-in capital |
34,938 |
34,938 |
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Retained
earnings |
443,230 |
421,722 |
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Evaluation
p/l on investments/securities |
9,497 |
13,038 |
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Others |
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7,556 |
(14,297) |
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Treasury
stock, at cost |
(3) |
(2) |
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TOTAL S/HOLDERS` EQUITY |
507,210 |
467,391 |
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TOTAL EQUITIES |
850,558 |
810,070 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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46,383 |
51,678 |
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Cash
Flows from Investment Activities |
-47,449 |
-50,376 |
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Cash
Flows from Financing Activities |
-3,832 |
-14,374 |
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Cash,
Bank Deposits at the Term End |
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77,254 |
80,223 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth
(S/Holders' Equity) |
507,210 |
467,391 |
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Current
Ratio (%) |
203.36 |
191.03 |
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Net
Worth Ratio (%) |
59.63 |
57.70 |
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Recurring
Profit Ratio (%) |
6.16 |
5.46 |
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Net
Profit Ratio (%) |
3.66 |
2.91 |
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Return
On Equity (%) |
4.75 |
3.86 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)