MIRA
INFORM REPORT
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Report Date : |
27.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
INAX CORPORATION |
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Registered Office : |
5-1 Koie-Honmachi Tokoname City Aichi-Pref 479-8585 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Feb 1924 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of toilet & bathroom units, kitchen systems, tiles, interior materials |
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 10054.1 millions |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
INAX CORPORATION
REGD NAME
KK INAX
MAIN OFFICE
5-1 Koie-Honmachi Tokoname City Aichi-Pref 479-8585 JAPAN
Tel: 0569-35-2700
URL : http://www.inax.co.jp
E-Mail address: info@inax.co.jp
ACTIVITIES
Mfg of toilet & bathroom units, kitchen systems, tiles,
interior materials
BRANCHES
Tokyo, Sapporo, Sendai, Tachikawa, Yokohama, Chiba, Saitama (2), Nagano, Nagoya (2), Shizuoka, Kanazawa, Kobe, Hiroshima, Takamatsu, Fukuoka
OVERSEAS
Shanghai, Hanoi, Ho Chi Minh, Hong Kong, Milan
(Subsidiary): INAX (China) Investment Co Ltd
(JV’s): China (4), Korea, Taiwan, Vietnam, Malaysia, Spain
FACTORY(IES)
Chita (Aichi-Pref)
OFFICERS
MASAHIRO SUGINO, PRES Shoichi
Nishimura, dir
Yasuo Nagasaka, dir Shu’ichi
Ishihara, dir
Susumu Yamaguchi, dir Kazuhisa
Katoh, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 270,150 M
PAYMENTS REGULAR CAPITAL Yen 48,468 M
TREND STEADY WORTH Yen 199,044 M
STARTED 1924 EMPLOYES 11,781
COMMENT
MFR SPECIALIZING IN HOUSING MATERIALS, WHOLLY OWNED BY JS GROUP
CORP. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 10,054.1 MILLION, 30 DAYS NORMAL
TERMS.
Notes:
Forecast (or estimated) for the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established originally in 1942 for mfg bathroom & toilet units, kitchen units, tiles, and other house-related materials, and in Oct 2001, integrated businesses with Tostem Corp to create a holding company, TOSTEM INAX HOLDING CORPORATION, which renamed later to JS Group Corp. The subject specializes in mfg bathroom & toilet units, integrated kitchen systems, other house-related equipment and materials, building materials, etc.
The division accounts for about 26% of the total group
sales. Placed second in toilet/bathroom
equipment & units. Actively engaged
in overseas operations in China, Vietnam, Taiwan, Thailand, Myanmar,
other. Business tie-ups with European
& USA firms: Arma (Italy) & Improda (Spain) for tiles & building
materials, strengthening sales in Europe.
In Apr 2006, founded INAX Italia and INAX USA.
FINANCIAL INFORMATION
The sales volume for Ma/2006 fiscal term amounted to Yen 270,150 million, a 1.7% up from Yen 265,645 million in the previous term. This is attributed to continuing growth of housing starts. The recurring profit was posted at Yen 15,325 million and the net profit at Yen 8,919 million, respectively, compared with Yen 15,201 million recurring profit and Yen 8,129 million net profit, respectively, a year ago.
For the current term ending Mar 2007 the recurring profit is projected
at Yen 15,300 million and the net profit at Yen 8,950 million, respectively, on
a 4% rise in turnover, to Yen 280,000 million.
Commercialized 6-liter water-saving toilet systems, first in the
industry, enjoying good sales.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 10,054.1 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Feb
1924
Legal Status: Limited
Company (Kabushiki Kaisha)
Issued: 2.3
million shares
Sum: Yen
48,468 million
Major shareholders (%): JS Group Corp*(100)
*.. Holding company created in Oct 2001 thru business tie-up
between Tostem Corp and INAX Corp, Tokyo, largest mfr of aluminum sashes &
comprehensive mfr of building materials,
listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 68,121 million, turnover Yen 1,057,699 million, recurring profit Yen
58,671 million, net profit Yen 22,124 million, total assets Yen 1,086,015
million, net worth Yen 561,408 million, employees 30,252, pres Chikako Mizutani
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures bathroom & toilet units &
systems, integrated kitchen systems, hot water heaters, others (--79%), house
interior & exterior tiles, walling materials, other housing materials
(--21%).
Clients: [Dealership agents] Goods are distributed through
about 1,100 dealerships nationwide.
No. of accounts: 1,100
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Corp, Okaya & Co,
Matsushita Electric Ind, Aisin Seiki, Shinko Yogyo, Nihon Mosaic Tiles, Gaster
Co, other.
Payment record: Regular
Location: Business area in Tokoname City, Aichi-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
MUFG (Nagoya-Chuo)
Mitsubishi UFJ Trust Bank (Nagoya)
Relations: Satisfactory.
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FINANCES (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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270,150 |
265,645 |
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Cost of Sales |
178,138 |
176,029 |
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GROSS PROFIT |
92,012 |
89,616 |
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Selling & Adm Costs |
76,574 |
74,726 |
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OPERATING PROFIT |
15,438 |
14,889 |
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Non-Operating P/L |
-113 |
312 |
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RECURRING PROFIT |
15,325 |
15,201 |
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NET PROFIT |
8,919 |
8,129 |
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BALANCE SHEET |
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Cash |
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11,530 |
17,663 |
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Receivables |
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46,363 |
43,854 |
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Inventory |
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20,314 |
20,859 |
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Securities, Marketable |
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Other Current Assets |
96,380 |
87,256 |
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TOTAL CURRENT ASSETS |
174,587 |
169,632 |
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Property & Equipment |
76,915 |
77,752 |
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Intangibles |
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453 |
530 |
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Investments, Other Fixed Assets |
41,933 |
34,164 |
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TOTAL ASSETS |
293,888 |
282,078 |
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Payables |
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53,405 |
51,592 |
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Short-Term Bank Loans |
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Other Current Liabs |
18,587 |
18,951 |
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TOTAL CURRENT LIABS |
71,992 |
70,543 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
12,560 |
12,365 |
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Other Debts |
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10,291 |
8,834 |
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TOTAL LIABILITIES |
94,843 |
91,742 |
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MINORITY INTERESTS |
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Common
stock |
48,468 |
48,468 |
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Additional
paid-in capital |
47,847 |
47,847 |
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Retained
earnings |
94,114 |
90,735 |
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Evaluation
p/l on investments/securities |
8,613 |
3,284 |
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Others |
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2 |
2 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
199,044 |
190,336 |
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TOTAL EQUITIES |
293,888 |
282,078 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
199,044 |
190,336 |
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Current
Ratio (%) |
242.51 |
240.47 |
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Net
Worth Ratio (%) |
67.73 |
67.48 |
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Recurring
Profit Ratio (%) |
5.67 |
5.72 |
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Net
Profit Ratio (%) |
3.30 |
3.06 |
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Return
On Equity (%) |
4.48 |
4.27 |
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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%)