MIRA
INFORM REPORT
|
Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ITOH SEIKOH CO LTD |
|
|
|
|
Registered Office : |
2-70 Toshincho Ohbu City Aichi-Pref 474-0073 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
Dec 1966 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturing of electrical
components of automobiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 192.6 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name
ITOH SEIKOH CO LTD
REGD NAME
Itoh Seiko KK
MAIN OFFICE
2-70 Toshincho Ohbu City Aichi-Pref 474-0073 JAPAN
Tel : 0562-47-5511
Fax : 0562-47-2274
URL : N/A:
* Kariya Plant as given is located at Nodacho Kariya City
Aichi-Pref
ACTIVITIES
Mfg of electrical components of automobiles
BRANCHES
Nil
FACTORY(IES)
At the caption address, Ohbu (Kitazakicho), Kariya
OFFICERS
MASAHIKO ITOH, PRES Akira Murata, mgn dir
Toshio Ozawa, dir Nobuhiko
Yamada, dir
Shogo Suzuoki, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 10,100 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND STEADY WORTH Yen 2,748 M
STARTED 1966 EMPLOYES 334
COMMENT
MFR SPECIALIZING IN CAR ELECTRIC PARTS & COMPONENTS. FINANCIAL SITUATION CONSIDERED GOOD AND
RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 192.6 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established father of Masahiko Itoh in
order to make most of his experience in the subject line of business. Specializes in mfg electric components (cut
parts) for automobiles. 95% of the
products are supplied to Denso Corp, top-ranked mfr of electric &
electrical parts, most influential Toyota Group firm, Kariya (See
REGISTRATION). Operates three plants in
Ohbu and Kariya, Aichi-Pref. Clients
are Denso Corp and Toyota Motor group firms.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen 10,100 million, a 12% up from Yen 9,050 million in the previous term, supported by brisk automobile production. The net profit was posted at Yen 401 million, up from Yen 390 million a year ago. Dividends continued at Yen 200/share.
For the current term ending Mar 2008 the net profit is
projected at Yen 410 million, on a 9% rise in turnover, to Yen 11,000
million. Good market will continue as
car exports continuing. The firm sees
sales to grow more than 10%. We have
estimated rather conservatively.
The financial situation is considered GOOD and responsible for
ORDINARY business engagements. Max
credit limit is estimated at Yen 192.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1966
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 384,000
shares
Issued: 96,000
shares
Sum: Yen
48 million
Major shareholders (%):
Itoh*(37.5), Denso Corp**(25), Kyushu Itoh Seiko (12.5), Masahiko Itoh (10),
Hiroko Itoh
(6.5)
* Holding company owned by the
Itoh family
No. of shareholders: 9
** Top-ranked mfr of car electronic and electrical parts, including heat exchangers, engines and driving units, most influential Toyota Motor group firm, Kariya, Aichi-Pref, founded 1949, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 187,457 million, turnover Yen 3,609,700 million, operating profit Yen 303,068 million, recurring profit Yen 322,128 million, net profit Yen 205,170 million, total assets Yen 3,765,135 million, net worth Yen 2,173,714 million, employees 112,262, pres Koichi Fukaya
Consolidated Financials are as attached (See ATTACHMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures car electric parts & components
(--100%). 95% of the products are supplied to Denso Corp (See REGISTRATION).
Clients: [Car makers, parts makers] Denso Corp (95%), GAC, T Rad, Toyota Boshoku Corp, Mitsubishi Heavy Ind, Asmo Corp, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Central Yoshida, GAC, Denso
Corp, Ichihara Metal Ind, Toyota Tsusho Corp, Akiyama Seiko, Kyushu Itoh
Seikoh, Toyotsu Material Corp, Nakashima Special Steel, other.
Payment record: Regular
Location: Light industrial area in Ohbu City, Aichi-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Resona Bank (Akamondori)
Bank of Nagoya (Ohbu)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
|
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
|
Annual Sales |
|
11,000 |
10,100 |
9,050 |
9,310 |
|
Recur. Profit |
|
|
|
|
779 |
|
Net Profit |
|
410 |
401 |
390 |
350 |
|
Total Assets |
|
|
N/A |
N/A |
N/A |
|
Net Worth |
|
|
2,748 |
2,338 |
1,928 |
|
Capital, Paid-Up |
|
|
48 |
48 |
48 |
|
Div.P.Share(¥) |
|
|
200.00 |
200.00 |
200.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
8.91 |
11.60 |
-2.79 |
2.20 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
3.73 |
3.97 |
4.31 |
3.76 |
|
Notes: Forecast (or estimated) for the 31/03/2008 fiscal
term.
SUPPLEMENTS
Consolidated Financials of Denso Corp
|
FINANCES: (Consolidated in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
3,609,700 |
3,188,330 |
|
|
Cost of Sales |
2,990,370 |
2,622,998 |
|
|
|
GROSS PROFIT |
619,330 |
565,332 |
|
|
|
Selling & Adm Costs |
316,262 |
298,773 |
|
|
|
OPERATING PROFIT |
303,068 |
266,559 |
|
|
|
Non-Operating P/L |
19,060 |
16,495 |
|
|
|
RECURRING PROFIT |
322,128 |
283,054 |
|
|
|
NET PROFIT |
205,170 |
169,648 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
280,719 |
180,446 |
|
|
Receivables |
|
660,879 |
592,374 |
|
|
Inventory |
|
313,679 |
287,571 |
|
|
Securities, Marketable |
89,724 |
207,263 |
|
|
|
Other Current Assets |
157,842 |
132,939 |
|
|
|
TOTAL CURRENT ASSETS |
1,502,843 |
1,400,593 |
|
|
|
Property & Equipment |
1,085,979 |
974,975 |
|
|
|
Intangibles |
|
19,938 |
12,076 |
|
|
Investments, Other Fixed Assets |
1,156,375 |
1,024,331 |
|
|
|
TOTAL ASSETS |
3,765,135 |
3,411,975 |
|
|
|
Payables |
|
490,972 |
446,057 |
|
|
Short-Term Bank Loans |
92,024 |
95,781 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
412,364 |
330,016 |
|
|
|
TOTAL CURRENT LIABS |
995,360 |
871,854 |
|
|
|
Debentures |
|
50,339 |
100,000 |
|
|
Long-Term Bank Loans |
94,332 |
70,304 |
|
|
|
Reserve for Retirement Allw |
172,602 |
166,998 |
|
|
|
Other Debts |
|
165,546 |
136,516 |
|
|
TOTAL LIABILITIES |
1,478,179 |
1,345,672 |
|
|
|
MINORITY INTERESTS |
|
95,915 |
|
|
|
Common stock |
187,457 |
187,457 |
|
|
|
Additional paid-in capital |
266,463 |
266,182 |
|
|
|
Retained earnings |
1,500,807 |
1,329,974 |
|
|
|
Evaluation p/l on
investments/securities |
374,060 |
319,186 |
|
|
|
Others |
|
127,299 |
(14,562) |
|
|
Treasury stock, at cost |
(169,130) |
(117,849) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
2,286,956 |
1,970,388 |
|
|
|
TOTAL EQUITIES |
3,765,135 |
3,411,975 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
|
|
Cash Flows from Operating Activities |
|
406,543 |
368,575 |
|
|
Cash Flows from Investment
Activities |
-312,903 |
-318,934 |
|
|
|
Cash Flows from Financing Activities |
-79,912 |
25,460 |
|
|
|
Cash, Bank Deposits at the Term End |
|
337,003 |
313,611 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
||
|
|
|
Net Worth (S/Holders' Equity) |
2,286,956 |
1,970,388 |
|
|
|
Current Ratio (%) |
150.98 |
160.65 |
|
|
|
Net Worth Ratio (%) |
60.74 |
57.75 |
|
|
|
Recurring Profit Ratio (%) |
8.92 |
8.88 |
|
|
|
Net Profit Ratio (%) |
5.68 |
5.32 |
|
|
|
Return On Equity (%) |
8.97 |
8.61 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)