MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HIDAKA ENGINEERING CO LTD |
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Registered Office : |
812-11 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1961 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of fin dies, fin lines for heat exchanger
production |
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 115.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
HIDAKA ENGINEERING CO LTD
REGD NAME
Hidaka Seiki KK
MAIN OFFICE
812-11 Shimonogo
Ueda City Nagano-Pref 386-1211
Tel : 0268-39-2030
Fax : 0268-39-2012
REGISTERED AT:
3-20-3 Ebisu Shibuyaku
URL : http://www.hidaka-eng.co.jp
E-Mail
address: info@hidaka-eng.co.jp
ACTIVITIES
Mfg of
fin dies, fin lines for heat exchanger production
BRANCHES
Nil
FACTORY(IES)
At the
caption address
OFFICERS
KEIJI
MURAYAMA, PRES Masahide
Sakaguchi, mgn dir
Motoki
Ashida, dir Yasumitsu
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,452 M
PAYMENTS REGULAR CAPITAL Yen 250 M
TREND STEADY WORTH Yen
3,309 M
STARTED 1961 EMPLOYES 120
COMMENT
MFG OF FIN DIES, FIN LINES, OTHER. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 115.5 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established originally in 1947 by
Shotaro Hidaka, on his account, for mfg fin dies & fin lines, etc. Incorporated in 1961, the firm has been
succeeded by the present executives.
Specializes in mfg fin dies, fin lines, other machinery for heat
exchanger production. Products are
widely exported. In Jul 2001, founded Hidaka Engineering (
FINANCIAL INFORMATION
The firm stopped disclosing full financials with the last as at Mar/2002 fiscal term. Only the following partial figures have been made available.
The sales volume for Mar/2006 fiscal term amounted to Yen 3,452 million, a 45% down from Yen 6,257 million in the previous term. The last year received large lot package deal from robust carmakers. The business has become to a normal level. The net profit was posted at Yen 400 million, compared with Yen 1,081 million a year earlier.
For the term ended Mar 2007 the net profit was projected and believed posted at Yen 410 million, on a 4% rise in turnover, to Yen 3,600 million. Weaker Yen may have uplifted the sales further up in Yen terms.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 115.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1961
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 2 million shares
Issued: 500,000 shares
Sum: Yen 250.8 million
Major shareholders (%): Tokyo Small & Medium Business Investment & Promotion (26), Executives’ S/Holding
Assn (12), Shotaro Hidaka (8), Employees’ S/Holding Assn (6), Mitsuko Hidaka (4)
No. of shareholders: 42
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures fin dies, fin lines, dies for car
air-conditioning units, their parts, attachments, others (--100%).
(Core Business):
Progressive
dies for heat exchanger fins and designing & mfg fin lines.
Designing
& mfg precision progressive dies.
Designing
& mfg heat exchanger production lines and control systems.
Clients: [Mfrs, wholesalers] Kanematsu KGK, Sakura Trading, LG Japan, Samsung Japan, Matsushita Electric Ind, New Way Company, Hosoda Trading, other.
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nidec Kyori Corp, Aida Engineering, Hasegawa Steel, Zama Seisakusho, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Hiroo)
MUFG
(Kanda)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
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31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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3,600 |
3,452 |
6,257 |
3,871 |
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Recur.
Profit |
(*) |
.. |
.. |
1,950 |
721 |
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Net
Profit |
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410 |
400 |
1,081 |
464 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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3,309 |
2,909 |
1,828 |
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Capital,
Paid-Up |
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250 |
250 |
250 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.29 |
-44.83 |
61.64 |
4,454.12 |
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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 |
11.39 |
11.59 |
17.28 |
11.99 |
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Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 31/03/2007 fiscal term.
(*)
Pretax profits disclosed from the Taxation Office.
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%)