MIRA
INFORM REPORT
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Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELASTEC CORPORATION |
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Registered Office : |
1 Shimonogawa Okamachi Okazaki City Aichi-Pref 444-0005 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
April 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Grinding Wheels |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 20.5 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
ELASTEC
CORPORATION
REGD NAME: Elastec KK
MAIN OFFICE: 1 Shimonogawa Okamachi Okazaki City Aichi-Pref
444-0005 JAPAN
Tel:
0564-51-3571 Fax: 0564-51-8965
URL: http://www.bekkoame.ne.jp/~elastec
E-Mail address: elastic@www.bekkoame.ne.jp
ACTIVITIES
Mfg of grinding wheels
BRANCHES
Tokyo, Osaka, Nagoya, Sendai, Gunma, Chiba, Kitakyushu,
other (Tot 15)
FACTORY
At the caption address
OFFICER(S)
Shinno Nagami, ch
TAKAYUKI NAGAMI, PRES
Kaneyuki Nagami, mgn dir
Kazumi Arakawa, dir
Yoshiyuki Hayashi, dir
Katsuyuki Chiba, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,868 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 318 M
STARTED 1947 EMPLOYES 147
COMMENT
MFR SPECIALIZING IN GRINDING WHEELS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 20.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1939 by S Nagami in order to make most of his experience in the subject line of business. Takayuki is the founder’s son. Specializes in mfg grinding/cutting wheels, metal cutting tools, diamond tools, other. Handles products of De Beers & Sumitomo 3M, too. Clients are major steel mills, heavy machinery mfrs, others, nationwide.
Operates 15 branch offices nationwide from Hokkaido to Kyushu. In Feb/2005 carried out drastic restructuring including capital-decrease and staff cuts. Profitability has been greatly improved.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 2,868 million, a 2% up from Yen 2,821 million in the previous term. Shipment to steel mills increased. The recurring profit was posted at Yen 139 million and the net profit at Yen 47 million, respectively, compared with Yen 164 million recurring profit and Yen 73 million net profit, respectively, a year ago. Profits deteriorated due to rising costs of fuel oils and materials.
For the current term ending Sept 2008 the recurring profit is projected at Yen 140 million and the net profit at Yen 48 million, respectively, on a 2% rise in turnover, to Yen 2,930 million. Business is seen steadily expanding.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 20.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1947
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8 million shares
Issued: 2 million shares
Sum: Yen 100 million
Major shareholders (%)
Takayuki Nagami (45), Delightful Company*(30), Shinyuki
Nagami (15), Kaneyuki Nagami (5), Yuko Nagami (3)
No. of shareholders: 8
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures grinding/cutting wheels: Resinoid grinding wheels, CBN wheels (of fine ceramic bond), diamond wheels, center-less wheels, ultra abrasive coated wheels, metal cutting tools, diamond tools, other (--100%).
Clients
[Steel mills, heavy machinery mfrs] Daido Special Steel (7%), JFE Steel, Nippon Steel, Sumitomo Metal Ind, IHI, Toyota Motor, Mitsubishi Heavy Ind, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Saint-Gobain (20%), Sumitomo Bakelite (5%), Nippon
Resibon Corp, Mitsui & Co, Isekyu Co, other.
Payment record: Regular
Location
Business area in Okazaki City, Aichi-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Okazaki Shinkin Bank (H/O)
MUFG (Okazaki)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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2,930 |
2,868 |
2,821 |
2,711 |
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Recur.
Profit |
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140 |
139 |
164 |
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Net
Profit |
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48 |
47 |
73 |
58 |
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Total
Assets |
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2,764 |
2,717 |
2,681 |
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Current
Assets |
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1,527 |
1,484 |
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Current
Liabs |
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1,712 |
1,762 |
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Net
Worth |
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318 |
310 |
281 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.P.Share(¥) |
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15.00 |
15.00 |
12.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.16 |
1.67 |
4.06 |
4.59 |
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Current Ratio |
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.. |
89.19 |
84.22 |
.. |
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N.Worth Ratio |
.. |
11.51 |
11.41 |
10.48 |
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R.Profit/Sales |
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4.78 |
4.85 |
5.81 |
.. |
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N.Profit/Sales |
1.64 |
1.64 |
2.59 |
2.14 |
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Return On Equity |
.. |
14.78 |
23.55 |
20.64 |
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Notes: Forecast (or estimated) figures for the 30/09/2008
fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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%)