MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
KANZAKI KOKYUKOKI MFG CO LTD |
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Registered Office : |
2-18-1 Iidera Amagasaki City Hyogo-Pref
661-0981 |
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Country : |
Japan |
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Financials (as on) : |
31/03/2007 |
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Date of Incorporation : |
May 1947 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of gears,
transmission, machine tools, marine engines |
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 1,035.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
NAME
KANZAKI KOKYUKOKI MFG CO LTD
REGD NAME
KK Kanzaki Kokyu Koki Seisakusho
MAIN OFFICE:
2-18-1 Iidera Amagasaki City Hyogo-Pref
661-0981 JAPAN
Tel: 06-6491-7184
Fax: 06-6491-3450
URL: http://www.kanzaki-kokyukoki.jp/
E-Mail address: asmarket@kanzaki.co.jp
ACTIVITIES:
Mfg of gears, transmission,
machine tools, marine engines
BRANCHES
Tokyo
OVERSEAS
Düsseldorf (rep office); Tuft
torq Corp, Transaxle Mfg of America Corp (--USA); PT YKT Gear Indonesia
(--subsidiaries)
FACTORY(IES)
Ibuki, Amagasaki
OFFICER(S)
YASUYUKI YAMAOKA, PRES Yoichi Matama, s/mgn dir
Yoichi Takeda, mgn dir Koichiro
Fujisaki, mgn dir
Kazuhiko Yano, mgn dir Toshio
Domen, dir
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 31,847 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND STEADY WORTH Yen 12,610 M
STARTED 1947 EMPLOYES 604
COMMENT
MFR OF GEARS, MACHINE TOOLS;
WHOLLY OWNED BY YANMAR CO. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,035.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS:
The subject company was established by Magokichi Yamaoka for
mfg industrial gears at the caption address.
Yoichi is the founder’s son. In
1955, developed & mfr’d gear shaving machines. In 1966,started concentrated mfg of transmission for combine for
supply to Yanmar Co Ltd (See REGISTRATION). Yasuyuki Yamaoka is concurrently
pres at the parent. In 2003,
transferred marine gear mfg from Yanmar Co Ltd. Wholly owned by Yanmar Co, the firm specializes in mfg gears for
agricul- tural machines, construction equipment
and utility vehicles, as subsidiary firm of Yanmar. It also makes
machine tools. Goods are mostly shipped
to the parent & group firms.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 31,847 million, an inch up from Yen 31,761 million
in the previous term. The recurring
profit was posted at Yen 240 million and the net profit at Yen 150 million
respectively, compared with Yen 837 million recurring profit and Yen 406 million
net profit, respectively, a year ago.
Skyrocketing fuel oil prices and rising materials costs ate into
profitability.
For
the current term ending Mar 2008 the recurring profit is projected at Yen 250
million and the net profit at Yen 155 million, on a 4% rise in turnover, to Yen
33,000 million. Business is steady and
continuing expanding
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is
estimated at Yen 1,035.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: May
1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3.84
million shares
Issued: 960,000
shares
Sum: Yen
48 million
Major shareholders (%)
Yanmar Co Ltd*(100)
* Mfr of diesel engines, agricultural machinery,
other industrial machinery, founded 1936, capital Yen 6,300 million,
consolidated turnover Yen 553,917 million, recurring profit Yen 27,963 million,
net profit Yen 14,651 million, total assets Yen 516,800 million, net worth Yen
87,062 million, employees 15,365, pres Yasuyuki Yamaoka, concurrently
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures gears
for agricultural machines, construction equipment and utility ve-hicles,
machine tools, other industrial equipment & components (--100%).
(Mfg
items):
Gears : gears
for marine transmission, pump gears, engine gears, others;
Machine
Tools : gear shaving
machines, gear debarring machines, special purpose machines, CNC turning
machines, gear finishers, gun-drilling machines, other.
Clients
[Mfrs, wholesalers] Yanmar Co,
Yanmar Agricultural Equipment Mfg Co, Yanmar Agricultural Equipment, Seirei Ind,
Tuft Torq Corp, Toyota Tsusho, other.
No. of accounts
800
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Yanmar Co,
Yanmar Agricultural Equipment Mfg, Inasaki Gear Mfg, Teramachi Co, Toei Kogyo,
other.
Payment record
Regular
Location
Business area in Amagasaki City,
Hyogo-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Resona Bank (Osaka)
SMBC (Itami)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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33,000 |
31,847 |
31,761 |
29,776 |
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Recur.
Profit |
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250 |
240 |
837 |
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Net
Profit |
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155 |
150 |
406 |
-393 |
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Total
Assets |
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29,318 |
31,945 |
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Current
Assets |
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15,842 |
19,348 |
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Current
Liabs |
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15,490 |
18,770 |
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Net
Worth |
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12,160 |
12,072 |
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Capital,
Paid-Up |
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48 |
48 |
48 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.62 |
0.27 |
6.67 |
6.54 |
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Current Ratio |
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.. |
102.27 |
103.08 |
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N.Worth Ratio |
.. |
41.48 |
37.79 |
.. |
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R.Profit/Sales |
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0.76 |
0.75 |
2.64 |
.. |
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N.Profit/Sales |
0.47 |
0.47 |
1.28 |
-1.32 |
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Return On Equity |
.. |
1.23 |
3.36 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, YANMAR CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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553,917 |
529,553 |
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Cost of Sales |
387,124 |
370,775 |
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GROSS PROFIT |
166,793 |
158,777 |
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Selling & Adm Costs |
138,316 |
139,576 |
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OPERATING PROFIT |
28,477 |
19,200 |
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Non-Operating P/L |
-514 |
123 |
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RECURRING PROFIT |
27,963 |
19,323 |
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NET PROFIT |
14,651 |
13,139 |
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BALANCE SHEET |
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Cash |
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21,267 |
23,846 |
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Receivables |
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119,312 |
114,231 |
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Inventory |
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109,757 |
102,907 |
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Securities, Marketable |
150 |
150 |
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Other Current Assets |
32,377 |
29,831 |
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TOTAL CURRENT ASSETS |
282,863 |
270,965 |
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Property & Equipment |
195,908 |
194,765 |
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Intangibles |
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6,900 |
7,881 |
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Investments, Other Fixed Assets |
31,129 |
31,172 |
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TOTAL ASSETS |
516,800 |
504,783 |
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Payables |
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104,383 |
102,120 |
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Short-Term Bank Loans |
79,004 |
90,020 |
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Other Current Liabs |
97,155 |
89,642 |
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TOTAL CURRENT LIABS |
280,542 |
281,782 |
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Debentures |
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150 |
150 |
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Long-Term Bank Loans |
88,051 |
89,040 |
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Reserve for Retirement Allw |
24,317 |
26,707 |
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Other Debts |
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34,276 |
34,746 |
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TOTAL LIABILITIES |
427,336 |
432,425 |
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MINORITY INTERESTS |
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1,848 |
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Common
stock |
6,300 |
6,200 |
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Additional
paid-in capital |
2,530 |
2,530 |
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Retained
earnings |
58,067 |
42,451 |
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Evaluation
p/l on investments/securities |
3,672 |
3,613 |
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Others |
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18,894 |
15,716 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
89,463 |
70,510 |
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TOTAL EQUITIES |
516,800 |
504,783 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
89,463 |
70,510 |
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Current
Ratio (%) |
100.83 |
96.16 |
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Net
Worth Ratio (%) |
17.31 |
13.97 |
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Recurring
Profit Ratio (%) |
5.05 |
3.65 |
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Net
Profit Ratio (%) |
2.64 |
2.48 |
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Return
On Equity (%) |
16.38 |
18.63 |
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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. |
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%)