MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
IKEGAMI TSUSHINKI CO LTD |
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Registered Office : |
5-6-16 Ikegami Ohtaku |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Feb 1948 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of broadcasting
equipment |
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 743.0 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
IKEGAMI TSUSHINKI CO LTD
REGD NAME
Ikegami Tsushinki
KK
MAIN OFFICE
5-6-16 Ikegami
Ohtaku
Tel: 03-5700-1111
Fax: 03-5700-1137
URL: http://www.idegami.co.jp/
E-Mail
address: info@ikegami.co.jp
ACTIVITIES
Mfg of
broadcasting equipment
BRANCHES
OVERSEAS
(Subsidiaries): Ikegami Electronics (USA) Inc (5 offices);
Ikegami Electronics (
FACTORY(IES)
At the
caption address,
CHIEF EXEC
MASAKI
MATSUBARA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 37,231 M
PAYMENTS REGULAR CAPITAL Yen 8,791 M
TREND STEADY WORTH Yen
10,213 M
STARTED 1948 EMPLOYES 1,103
COMMENT
MFR SPECIALIZING IN BROADCASTING EQUIPMENT. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 743.0 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established originally in 1946 by Kosei Saito in order to mfg transformers, coils & power supply components, on his account. Incorporated in 1948, the firm has been succeeded by the present executives. This is a leading comprehensive mfr of broadcasting equipment, having large share of global market for TV cameras. Strong in professional cameras and TV monitors. Stresses digitization of products. Products are mainly based on made-to-order basis to minimize costs. Focusing on security products and testing equipment ahead of anticipated peaking-out of current strong demand for terrestrial digital TV broadcasting products.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 37,231 million, a 3.4% up from Yen 35,994 million in the previous term. Demand for cameras and other broadcasting equipment increased, however profits deteriorated due to price competition, rising costs of materials and R&D outlays for digital broadcasting equipment and development. Reported Yen 184 million operating losses, Yen 132 million recurring losses and Yen 199 million net losses, respectively. This compares with Yen 825 million recurring profit and Yen 604 million net profit, respectively, a year ago.
For the current term ending Mar 2007 the recurring profit is projected at Yen 400 million and the net profit at Yen 300 million, on a 0.6% fall in turnover, to Yen 37,000 million. Broadcasting system sales remains high thanks to strong demand for terrestrial digital TV broadcasting products. Focusing on security products and testing equipment.
(Third quarterly results ending Dec/2006): Sales Yen 22,205 million (up 2.1%), operating loss Yen 883 million, recurring loss Yen 698 million, net loss Yen 725 million. Security cameras were down, but broadcasting systems and relay systems rose. Rising costs of operations, depreciation costs, ad expenses, etc, ate into profits to post losses.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 743 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Feb 1948
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 200 shares
Issued: 58,285,468 shares
Sum: Yen
8,791 million
Major shareholders (%): Nomura Securities Co (15.1), Eiichi Wada (6.3), Teruhisa Saito (5.7), Nikko Cordial
Securities (2.2), Ikuko Kodera (2.1), Dodwell BMS (2.1), Tomohiko Saito (2.0), Master
Trust
Bank of
foreign owners (1.7)
No. of
shareholders: 8,092
Listed
on the S/Exchange (s) of:
Managements: Masaki Matsubara, pres & CEO; Isao Nagaoka, mgn dir; Tatsuo Mochida, dir; Kiyoaki
Kawashima, dir; Toshio Yatsu, dir; Yoichiro Hashimoto, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Ikegami Electronics (
OPERATION
Activities: Manufactures broadcast equipment, communications systems, magnetic recording equipment, information-processing systems, electronic equipment, related parts & components (--100%).
Overseas sales ratio 24.3%: N America 12.3%;
(Itemized products):
For
broadcast: cameras, monitors, transmission, video & audio;
For
security: cameras, monitor systems;
For
medical: cameras, monitor & display systems;
For
Inspection: inspection equipment, FA cameras, other.
Clients: [Broadcasters, ministries] NHK, TBS, Ikegami
Electronics (USA), Ikegami Electronics (
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Techno Ikegami, AD Device, Fujinon Corp, Unitec, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(Kamata)
SMBC
(Kamata)
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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37,231 |
35,994 |
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Cost of Sales |
30,778 |
28,537 |
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GROSS PROFIT |
6,453 |
7,457 |
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Selling & Adm Costs |
6,638 |
6,718 |
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OPERATING PROFIT |
-184 |
738 |
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Non-Operating P/L |
52 |
87 |
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RECURRING PROFIT |
-132 |
825 |
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NET PROFIT |
-199 |
604 |
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BALANCE SHEET |
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Cash |
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5,973 |
6,298 |
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Receivables |
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11,131 |
10,503 |
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Inventory |
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88,580 |
8,065 |
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Securities, Marketable |
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Other Current Assets |
(79,716) |
329 |
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TOTAL CURRENT ASSETS |
25,968 |
25,195 |
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Property & Equipment |
6,265 |
6,230 |
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Intangibles |
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98 |
92 |
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Investments, Other Fixed Assets |
2,923 |
1,875 |
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TOTAL ASSETS |
35,254 |
33,392 |
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Payables |
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7,161 |
6,189 |
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Short-Term Bank Loans |
1,874 |
1,882 |
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Other Current Liabs |
1,894 |
1,919 |
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TOTAL CURRENT LIABS |
10,929 |
9,990 |
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Debentures |
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400 |
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Long-Term Bank Loans |
1,113 |
1,738 |
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Reserve for Retirement Allw |
11,893 |
11,717 |
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Other Debts |
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706 |
286 |
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TOTAL LIABILITIES |
25,041 |
23,731 |
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MINORITY INTERESTS |
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Common
stock |
8,791 |
8,791 |
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Additional
paid-in capital |
116 |
116 |
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Retained
earnings |
927 |
1,126 |
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Evaluation
p/l on investments/securities |
1,025 |
412 |
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Others |
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(620) |
(766) |
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Treasury
stock, at cost |
(26) |
(19) |
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TOTAL S/HOLDERS` EQUITY |
10,213 |
9,660 |
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TOTAL EQUITIES |
35,254 |
33,392 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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491 |
126 |
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Cash
Flows from Investment Activities |
-600 |
-910 |
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Cash
Flows from Financing Activities |
-147 |
-623 |
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Cash,
Bank Deposits at the Term End |
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5,973 |
6,166 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
10,213 |
9,660 |
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Current
Ratio (%) |
237.61 |
252.20 |
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Net
Worth Ratio (%) |
28.97 |
28.93 |
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Recurring
Profit Ratio (%) |
-0.35 |
2.29 |
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Net
Profit Ratio (%) |
-0.53 |
1.68 |
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Return
On Equity (%) |
-1.95 |
6.25 |
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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%)