MIRA
INFORM REPORT
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Report Date : |
05.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ASKTECHNICA CORPORATION |
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Registered Office : |
1488 Ichikawadaimon |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
May 1991 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of brake linings, clutch facing,
sealing materials automobiles |
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 80.4 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
ASKTECHNICA CORPORATION
REGD NAME
KK Asktechnica
MAIN OFFICE
1488 Ichikawadaimon Ichikawa-Misato Nishi-Yatsushirogun
Yamanashi-Pref 409-3601
Tel : 055-272-1157
Fax : 055-272-4166
URL : http://www.asktechnica.co.jp
E-Mail address: info@asktechnica.co.jp
*.. The given address is its Second Plant at: 610 Takata
Tel: 055-272-1151;
Fax: 055-272-3796
ACTIVITIES
Mfg of brake
linings, clutch facing, sealing materials automobiles
BRANCHES
FACTORY(IES)
At the caption
address (First Plant), Takata (Second Plant), as given
OFFICERS
HAJIME TAKAO, PRES
& CEO Masaharu Uchida,
dir
Hiroshi Tachikawa,
dir Hirokuni
Horiguchi, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,502 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND STEADY WORTH Yen
256 M
STARTED 1991 EMPLOYES 155
COMMENT
MFR SPECIALIZING IN BRAKE LININGS, SEALING MATERIALS, OTHER FOR
AUTOMOBILES, WHOLLY OWNED BY A&A MATERIAL CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 80.4 MILLION, 30 DAYS
HIGHLIGHTS
The subject company was established on the basis of Yamanashi
Plant separated from A&A Material Corp, producer of slates & ceramic
building materials, Yokohama (see REGIS- TRATION)
to focus on production of automobile-related parts & components. Mfg items are: sealing materials, brake linings, clutch facing, etc, for
automobiles & motorbikes. In line
with rapid
shifting to overseas production by Japanese automakers, the firm is
strengthening overseas operations. The
parent’s plants in
FINANCIAL INFORMATION
Financials are consolidated by the parent and the disclosed financials are only partial and limited, as follows. Consolidated financials of the parent are attached.
The sales volume for Mar/2006 fiscal term amounted to Yen 4,502 million, a 6% up from Yen 4,257 million in the previous term. Exports of brake linings rose thanks to overseas shifting of motorbikes production by makers, while domestic demand remained sluggish. Sealing materials surged, spurred by increasing demand due to the execution of emission control law. The net profit was posted at Yen 59 million, up from Yen 35 million a year ago.
For the term just ended Mar 2007 the net profit was projected and believed posted at Yen 60 million, on a 2% rise in turnover, to Yen 4,600 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 80.4 million, on 30 days normal terms.
Max credit limit of the parent, A&A Material Corp is estimated at Yen 631.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1991
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 32,000 shares
Issued: 8,000 shares
Sum: Yen 400 million
Major shareholders (%): A&A Material Corp*(100)
*.. Mfr of slates & ceramic building materials, Yokohama, founded 1924, listed Tokyo S/E, capital Yen 3,889 million, turnover Yen 58,333 million, operating profit Yen 1,423 million, recurring profit Yen 569 million, net profit Yen 93 million, total assets Yen 60,317 million, net worth Yen 9,905 million, employees 1,059, pres Shigeyuki Yamashita.
By segment, automobile-related products account for 7% of total sales of the parent.
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Manufactures automobile-related parts & components (--100%).
(Mfg items):
Sealing Materials: joint sheets, semi-metallic gasket sheets,
beater sheets, mill boards;
Brake Linings: brake linings for automobiles, linings for electromagnetic brakes, brake linings for mfg machines;
Clutch Facing: clutch facings for automobiles, clutch
facings for mfg machines.
Clients: [Automakers, machinery mfrs] Honda Motor, Suzuki Motor, Toyota Motor, Yamaha Motor, Exedy Corp (clutch mfr), other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Corp, Unitika Ltd, Marubeni Corp, Mitsui & Co, other.
Payment record:
Regular
Location: Business area in Yamanashi-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Yamanashi Chuo
Bank (
Mizuho Corporate
Bank (Ohtemachi)
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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4,600 |
4,502 |
4,257 |
4,048 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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60 |
59 |
35 |
80 |
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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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256 |
197 |
162 |
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Capital,
Paid-Up |
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400 |
400 |
400 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.18 |
5.76 |
5.16 |
-3.98 |
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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 |
1.30 |
1.31 |
0.82 |
1.98 |
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Note: Financials
are only partially disclosed.
Forecast (or
estimated) for the 31/03/2007 fiscal term.
Consolidated
Financials of the parent, A&A Material Corporation
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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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58,333 |
55,614 |
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Cost of Sales |
46,113 |
44,331 |
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GROSS PROFIT |
12,219 |
11,282 |
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Selling & Adm Costs |
9,759 |
9,859 |
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OPERATING PROFIT |
2,460 |
1,423 |
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Non-Operating P/L |
-806 |
-854 |
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RECURRING PROFIT |
1,654 |
569 |
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NET PROFIT |
755 |
93 |
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BALANCE SHEET |
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Cash |
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2,884 |
5,499 |
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Receivables |
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13,357 |
14,643 |
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Inventory |
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5,527 |
4,831 |
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Securities, Marketable |
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Other Current Assets |
7,854 |
6,899 |
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TOTAL CURRENT ASSETS |
29,622 |
31,872 |
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Property & Equipment |
27,788 |
25,052 |
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Intangibles |
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94 |
76 |
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Investments, Other Fixed Assets |
2,813 |
2,839 |
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TOTAL ASSETS |
60,317 |
59,839 |
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Payables |
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9,094 |
7,993 |
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Short-Term Bank Loans |
13,159 |
13,789 |
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Other Current Liabs |
7,337 |
7,513 |
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TOTAL CURRENT LIABS |
29,590 |
29,295 |
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Debentures |
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900 |
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Long-Term Bank Loans |
11,580 |
11,630 |
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Reserve for Retirement Allw |
2,174 |
3,599 |
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Other Debts |
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6,118 |
6,039 |
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TOTAL LIABILITIES |
50,362 |
50,563 |
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MINORITY INTERESTS |
49 |
50 |
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Common
stock |
3,889 |
3,889 |
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Additional
paid-in capital |
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Retained
earnings |
4,845 |
3,971 |
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Evaluation
p/l on investments/securities |
678 |
618 |
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Others |
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499 |
751 |
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Treasury
stock, at cost |
(6) |
(4) |
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TOTAL S/HOLDERS` EQUITY |
9,905 |
9,225 |
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TOTAL EQUITIES |
60,317 |
59,839 |
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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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2,520 |
2,917 |
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Cash
Flows from Investment Activities |
-5,340 |
208 |
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Cash
Flows from Financing Activities |
206 |
-3,526 |
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Cash,
Bank Deposits at the Term End |
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2,845 |
5,462 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
9,905 |
9,225 |
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Current
Ratio (%) |
100.11 |
108.80 |
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Net
Worth Ratio (%) |
16.42 |
15.42 |
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Recurring
Profit Ratio (%) |
2.84 |
1.02 |
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Net
Profit Ratio (%) |
1.29 |
0.17 |
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Return
On Equity (%) |
7.62 |
1.01 |
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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%)