MIRA INFORM REPORT

 

 

Report Date :

13.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

ASK TECHNICA CORPORATION

 

 

Registered Office :

1488 Ichikawadaimon Ichikawa-Misato Nishi-Yatsushirogun Yamanashi-Pref 409-3601

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

May 1991

 

 

Com. Reg. No.:

(Yamanashi-Nishi-Yatsushiro) 000015

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of brake linings, clutch facing, sealing materials for automobiles

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 15.7 Million

Status :

Moderate

Payment Behaviour :

Regular

Litigation :

---

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

ASK TECHNICA CORPORATION

 

 

REGD NAME 

 

KK Ask Technica

 

 

MAIN OFFICE

 

1488 Ichikawadaimon Ichikawa-Misato Nishi-Yatsushirogun Yamanashi-Pref 409-3601 JAPAN

Tel: 055-272-1157     Fax: 055-272-4166

 

*.. The given address is its Second Plant at: 610 Takata Ichikawa-Misato   Nishi-Yatsushirogun Yamanashi-Pref 409-3606

 

Tel: 055-272-1151; Fax: 055-272-3796

                       

URL:                             http://www.asktechnica.co.jp  

E-Mail address:            info@asktechnica.co.jp

 

 

ACTIVITIES

 

Mfg of brake linings, clutch facing, sealing materials for automobiles

 

 

BRANCHES   

 

Tokyo, Hamamatsu, Osaka

 

 

FACTORIES

 

At the caption address (First Plant), Takata (Second Plant), as given

 

OFFICERS

 

HIROSHI TACHIKAWA, PRES                Hiroyuki Nakashima, mgn dir

Koichi Saitoh, dir                                   Hideo Yano, dir

 

Yen Amount:    In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        R/WEAK                       A/SALES          Yen 3,273 M

PAYMENTS      REGULAR                     CAPITAL           Yen 400 M

TREND             SLOW                          WORTH                        Yen 320 M

STARTED         1991                             EMPLOYES      140

 

 

COMMENT

 

MFR SPECIALIZING IN BRAKE LININGS, SEALING MATERIALS, OTHER FOR AUTOMOBILES, WHOLLY OWNED BY A&A MATERIAL CORP.

 

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 15.7 MILLION, 30 DAYS NORMAL TERMS.  .

 

 

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, & for mfg machines.  Products are exported.  The parent’s plants in Singapore and Indonesia are fully utilized.  Clients include major automakers nationwide.

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2010 fiscal term amounted to Yen 3,273 million, a 20% down from Yen 4,101 million in the previous term.  Sales were substantially affected by the global economic downturn.  Automakers’ demand declined sharply.  Exports were hurt by the high Yen reducing revenues & profits in Yen terms.  The operations continued in the red to register Yen 49 million net losses, compared with Yen 147 million net losses a year ago.

 

For the current term ending Mar 2011 the operations are projected to come back to profitability but still limited to a minimum amount post-taxes, on a 4% rise in turnover, to Yen 3,400 million.  Demand from automakers has revived.  Exports are increasing.  High Yen continues to reduce earnings in Yen terms.

 

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.  Max credit limit is estimated at Yen 15.7 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  May 1991

Regd No.:           (Yamanashi-Nishi-Yatsushiro) 000015

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 44,842 million, operating loss Yen 54 million, recurring loss Yen 519 million, net loss Yen 994 million, total assets

 

Yen 47,076 million, net worth Yen 6,479 million, employees 975, pres Mitsuto Shigetomi.

 

Consolidated Financials are attached (See SUPPLEMENTS)

           

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.

 

Products are exported to China, S/E Asia, 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 (Ichikawa)

·         Mizuho Corporate Bank (Ohtemachi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

3,400

3,273

4,101

4,929

Recur. Profit

　

　

　

　

　

Net Profit

　

0

-49

-147

3

Total Assets

　

　

4,034

3,965

4,317

Current Assets

　

　

2,109

1,861

2,067

Current Liabs

　

　

1,789

1,801

2,134

Net Worth

　

　

320

348

526

Capital, Paid-Up

　

　

400

400

400

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.88

-20.19

-16.80

-1.42

    Current Ratio

 

..

117.89

103.33

96.86

    N.Worth Ratio

..

7.93

8.78

12.18

    R.Profit/Sales

 

..

..

..

..

    N.Profit/Sales

0.00

-1.50

-3.58

0.06

    Return On Equity

..

..

..

0.57

Notes: Forecast (or estimated) for the 31/03/2011 fiscal term.

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, A&A Material Corporation)

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

44,842

54,592

 

  Cost of Sales

36,736

44,256

 

      GROSS PROFIT

8,106

10,335

 

  Selling & Adm Costs

8,160

9,401

 

      OPERATING PROFIT

-54

934

 

  Non-Operating P/L

-465

-765

 

      RECURRING PROFIT

-519

169

　

      NET PROFIT

-994

-851

BALANCE SHEET

 

 

 

 

  Cash

　

2,760

2,307

 

  Receivables

 

7,009

8,038

 

  Inventory

 

4,550

5,245

 

  Securities, Marketable

　

　

 

  Other Current Assets

6,857

10,340

 

      TOTAL CURRENT ASSETS

21,176

25,930

 

  Property & Equipment

24,587

25,839

 

  Intangibles

 

497

665

 

  Investments, Other Fixed Assets

1,610

1,662

 

      TOTAL ASSETS

47,870

54,096

 

  Payables

 

6,090

7,606

 

  Short-Term Bank Loans

11,440

11,776

 

　

 

　

　

 

  Other Current Liabs

3,831

6,386

 

      TOTAL CURRENT LIABS

21,361

25,768

 

  Debentures

 

500

1,000

 

  Long-Term Bank Loans

8,879

9,188

 

  Reserve for Retirement Allw

2,904

2,685

 

  Other Debts

　

5,861

6,376

 

      TOTAL LIABILITIES

39,505

45,017

 

      MINORITY INTERESTS

 

 

 

Common stock

3,889

3,889

 

Additional paid-in capital

　

　

 

Retained earnings

3,645

4,640

 

Evaluation p/l on investments/securities

107

63

 

Others

 

737

500

 

Treasury stock, at cost

(14)

(14)

 

      TOTAL S/HOLDERS` EQUITY

8,364

9,078

　

      TOTAL EQUITIES

47,870

54,096

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

1,432

-1,318

 

Cash Flows from Investment Activities

-332

-1,015

 

Cash Flows from Financing Activities

-646

1,692

　

Cash, Bank Deposits at the Term End

　

2,731

2,278

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

8,364

9,078

 

 

Current Ratio (%)

99.13

100.63

 

 

Net Worth Ratio (%)

17.47

16.78

 

 

Recurring Profit Ratio (%)

-1.16

0.31

 

 

Net Profit Ratio (%)

-2.22

-1.56

 

 

Return On Equity (%)

-11.88

-9.37

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.16

UK Pound

1

Rs.70.64

Euro

1

Rs.58.68

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.