MIRA
INFORM REPORT
|
Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CAR MATE MFG CO LTD |
|
|
|
|
Registered Office : |
5-33-11 Nagasaki Toshimaku Tokyo 171-0051 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
Jun 1966 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturing of automobile
accessories |
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 356.2 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name
CAR MATE MFG CO LTD
REGD NAME
KK Car Mate
MAIN OFFICE
5-33-11 Nagasaki Toshimaku Tokyo 171-0051 JAPAN
Tel : 03-5926-1226
Fax : 03-5926-1227
URL : http://www.carmate.co.jp/
E-Mail address: international
division@carmate.co.jp
ACTIVITIES
Mfg of automobile accessories
BRANCH(ES)
Tokyo, Sapporo, Sendai, Nagoya, Osaka, Hiroshima, Fukuoka
OVERSEAS
(Subsidiaries): Car Mate Inc (USA); Car Mate Car Accessories Co
Ltd (Hong Kong); Car Mate Car Accessories (Shenzhen) Co Ltd (Shenzhen, China); Carmate
Korea Ltd (Korea)
FACTORY(IES)
Yuki City (Ibaraki-Pref)
CHIEF EXEC
TAKAAKI MURATE, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,305 M
PAYMENTS REGULAR CAPITAL Yen 1,637 M
TREND STEADY WORTH Yen 6,668 M
STARTED 1966 EMPLOYES 770
COMMENT
MFR SPECIALIZING AUTOMOBILE ACCESSORIES. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 356.2 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established by Takaaki Murata in order to make most of his experience in the subject line of business. This is a specialized mfr of automobile accessories & leisure-related goods, including ski carriers. Truck beds and tire anti-skid equipment are the mainstay items. Actively advancing into nursing-care business.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 14,305 million, a 4.1% up from Yen 13,742 million in the previous term. Child seats & aromatic agents grew steadily, while anti-skid tire slowed due to warm weather. By divisions, auto-related products down 0.1% to Yen 11,936 million; outdoor/leisure Div up 12.2% to Yen 1,116 million as snowboards equipment selling well; nursing Div up 56.7% to Yen 1,252 million thanks to expanded demand for newly opened nursing care center in Tokyo. The recurring profit was posted at Yen 275 million and the net profit at Yen 56 million, respectively, compared with Yen 669 million recurring profit and Yen 573 million net profit, respectively, a year ago. The profit deterioration is referred to the hike in materials and fuel oil costs, plus rising operation expenses.
(Apr/Jun/2007 results): Sales Yen 2,947 million (up 9.3%),
operating loss Yen 129 million, recurring loss Yen 91 million, net loss Yen 132
million. (% compared with the same
period last year). Aromatic agents and
child seats continued steady sales.
Materials & fuel oil prices hikes ate into profits.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 456 million and the net profit at Yen 300 million, on a 3.5%
rise in turnover, to Yen 14,800 million.
Aromatic agents and child seats will continue grow. Nursing-care goods will also grow.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 356.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1966
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 9,933,400
shares
Issued: 7,928,885
shares
Sum: Yen
1,637 million
Major shareholders (%): MT Kosan (36), Takaaki Murata (9.8), Sumie Murata (7.7), Company’s Kyoeikai Assn
(5.2),
Company’s Treasury Stock (4.3), Mizuho Bank (4.1), Takeshi Matsumoto (3.6),
Employees’
S/Holding Assn (2.9), Hiroko Tokuta (1.7), Nariko Akahane (1.5); foreign
owners
(0.3).
No. of shareholders: 1,422
Listed on the S/Exchange (s) of: JASDAQ
Managements: Takaaki Murata, pres; Takeshi Matsumoto, s/mgn dir; Kiyoshi Sakuma, s/mgn dir; Koichi
Suzuki, mgn dir; Katsumi Taniguchi, mgn dir; Kenji Kosaka, dir; Tadashi Shionuma, dir;
Yoshiyuki
Matsumoto, dir, Koji Kuzukake, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Car Mate Butsuryu (Distribution), CSR, All Right Mate,
other.
OPERATION
Activities: Manufactures automobile –related accessories,
sports/leisure goods, nursing-care goods, others:
(Sales breakdown by divisions):
Automobile-related
products Div (83%): drink catchers, trays & various holders, com-passes
& thermometers, clocks/lamps, dust-pack & ash-trays, cigar-lighters
& sockets, room-mirrors, cellular phone relatives, air
fresheners/deodorant, child restraint seats, roof rack systems, non-metal tire
chains, others;
Outdoor-Leisure
& Sports Div (8%): snowboards & equipment, ski
carriers, others;
Nursing-Care Goods Div
(9%): operation of nursing care center, supply of nursing-care goods and
supplies, others.
Clients: [Car parts dealers, wholesalers] Auto Backs Seven, Yellow Hat, Empire Motors, Toys”R”US Japan, Akachan Honpo, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kanematsu Chemical Ind, Giga
Tech, Hasegawa Seisaku-sho, .other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (Iidabashi)
MUFG (Nihombashi-Chuo)
Relations: Satisfactory
Financials
|
FINANCES: (Consolidated
in million yen) |
|
||||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
|
|
INCOME STATEMENT |
|
|
|||
|
|
Annual Sales |
|
14,305 |
13,742 |
|
|
|
Cost of Sales |
9,062 |
8,547 |
||
|
|
GROSS PROFIT |
5,243 |
5,195 |
||
|
|
Selling & Adm Costs |
4,737 |
4,455 |
||
|
|
OPERATING PROFIT |
505 |
739 |
||
|
|
Non-Operating P/L |
-230 |
-70 |
||
|
|
RECURRING PROFIT |
275 |
669 |
||
|
|
NET PROFIT |
56 |
573 |
||
|
BALANCE SHEET |
|
|
|
||
|
|
Cash |
|
2,366 |
4,034 |
|
|
|
Receivables |
|
1,707 |
1,668 |
|
|
|
Inventory |
|
2,583 |
2,329 |
|
|
|
Securities, Marketable |
2,013 |
1,210 |
||
|
|
Other Current Assets |
801 |
896 |
||
|
|
TOTAL CURRENT ASSETS |
9,470 |
10,137 |
||
|
|
Property & Equipment |
2,522 |
2,609 |
||
|
|
Intangibles |
|
227 |
181 |
|
|
|
Investments, Other Fixed Assets |
1,919 |
1,997 |
||
|
|
TOTAL ASSETS |
14,138 |
14,924 |
||
|
|
Payables |
|
1,755 |
2,176 |
|
|
|
Short-Term Bank Loans |
336 |
336 |
||
|
|
|
|
|
|
|
|
|
Other Current Liabs |
2,528 |
2,157 |
||
|
|
TOTAL CURRENT LIABS |
4,619 |
4,669 |
||
|
|
Debentures |
|
1,095 |
1,450 |
|
|
|
Long-Term Bank Loans |
336 |
761 |
||
|
|
Reserve for Retirement Allw |
1,040 |
975 |
||
|
|
Other Debts |
|
380 |
289 |
|
|
|
TOTAL LIABILITIES |
7,470 |
8,144 |
||
|
|
MINORITY INTERESTS |
|
|
||
|
|
Common
stock |
1,637 |
1,637 |
||
|
|
Additional
paid-in capital |
2,422 |
2,422 |
||
|
|
Retained
earnings |
2,778 |
2,812 |
||
|
|
Evaluation
p/l on investments/securities |
84 |
214 |
||
|
|
Others |
|
(71) |
(124) |
|
|
|
Treasury
stock, at cost |
(182) |
(182) |
||
|
|
TOTAL S/HOLDERS` EQUITY |
6,668 |
6,779 |
||
|
|
TOTAL EQUITIES |
14,138 |
14,924 |
||
|
CONSOLIDATED CASH FLOWS |
|
|
|||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
|
|
|
Cash
Flows from Operating Activities |
|
641 |
409 |
|
|
|
Cash
Flows from Investment Activities |
-594 |
-330 |
||
|
|
Cash Flows
from Financing Activities |
-931 |
-108 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
4,379 |
5,244 |
|
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
|||
|
|
|
Net
Worth (S/Holders' Equity) |
6,668 |
6,779 |
|
|
|
|
Current
Ratio (%) |
205.02 |
217.11 |
|
|
|
|
Net
Worth Ratio (%) |
47.16 |
45.42 |
|
|
|
|
Recurring
Profit Ratio (%) |
1.92 |
4.87 |
|
|
|
|
Net
Profit Ratio (%) |
0.39 |
4.17 |
|
|
|
|
Return
On Equity (%) |
0.84 |
8.45 |
|
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%)