MIRA INFORM REPORT

 

 

Report Date :

22.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

REIKO CO LTD

 

 

Registered Office :

19 Mamedacho Nishikyogoku Ukyoku Kyoto 615-0801

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

April 1955

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of functional films, ornament materials, packaging materials, metallic yarn

 

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 245.4 Million

 

 

Status :

Satisfactory

 

 

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

 

REIKO CO LTD

 

 

REGD NAME 

 

KK Reiko

 

 

MAIN OFFICE

 

19 Mamedacho Nishikyogoku Ukyoku Kyoto 615-0801 JAPAN

Tel: 075-311-4101     Fax: 075-311-4121

URL:                 www.reiko.co.jp 

E-mail:             info@reiko.co.jp              

 

 

ACTIVITIES

 

Mfg of functional films, ornament materials, packaging materials, metallic yarn

 

 

BRANCHES   

 

Malaysia (ref office)

 

 

FACTORIES  

 

Ritto, Hino (--Shiga-Pref)

 

 

OFFICER(S)  

 

MITSUO OKU, PRES                 Hiromu Miyazaki, mgn dir

Yoshiaki Okawa, dir                   Kiyoshi Miyazaki, dir

Harumichi Oda, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 9,417 M

PAYMENTS      REGULAR         CAPITAL           Yen 300 M

TREND             SLOW              WORTH            Yen 3,093 M

STARTED                     1955                 EMPLOYES      197

 

 

COMMENT

 

MFR SPECIALIZING IN FUNCTIONAL FILMS. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 245.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established originally for mfg gold & silver yarn used in traditional textiles such as Nishijin brocade.  Since then the firm has been involved in mfg packaging materials & materials for electronic devices by making use of metal vapor deposition film technology originally used in the production of gold and silver yarn.  This is a specialized mfr of highly functional films, ornament materials, packaging materials, metallic yarns, other (See OPERATION).  Good are exported.  Clients include electronics mfrs, chemical mfrs, and resin mfrs, other, nationwide

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 9,417 million, a 13% down from Yen 10,825 million in the previous term, as affected by the global economic downturn, particularly in the first half of the term.  Exports were hurt by the high Yen, reducing its revenues and profits in Yen terms.  The recurring profit was posted at Yen 74 million and the net profit at Yen 43 million, respectively, compared with Yen 239 million recurring loss and Yen 158 million net losses, respectively, a year ago.  .

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 80 million and the net profit at Yen 45 million, respectively, on a 5% rise in turnover, to Yen 9,850 million.  Exports revived.  High Yen, however, still continues to hurt export revenues in Yen terms.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 245.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:          Apr 1955

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         800,000 shares

Issued:                         600,000 shares

Sum:                　         Yen 300 million

Major shareholders (%): Mitsubishi Plastics Inc (14), Employees’ S/Holding Assn (8), Executives’

S/Holding Assn (6), Chiyoko Mizuta (5)

No. of shareholders: 120

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures highly functional films, ornament materials, packaging materials, metallic yarns, other (--100%).

 

(Handling Items):

Highly Functional Film: anti-reflective film, highly reactive film, light dispersing film, high rigid anti-dazzle film, light filtering film, anti-static film, electromagnetic shield film, water vapor barrier film, special removable film, vapor deposited film for industrial use, other;

 

Ornament Materials: decorative metallic foil, metal plating style transfer foil, highly corrosion resistant metallic transfer foil, nonconductive foil, multicar transfer foil, rigid color transfer foil, ML-SW brilliant metallic pigment foil, ARTFOIL color graphic foil, multi color printed foil, other;

 

Packaging Materials: aluminum vapor deposited polyester film, aluminum vapor deposited polypropylene film, aluminum vapor deposited nylon film, transparent deposited film, deposited film for agricultural applications;

 

Metallic Yarn: regular type (LUMEYA LUSTER), soft type (LAME SESSION), powder type (GRITTER), other

 

Clients: [Mfrs, wholesalers] Mitsubishi Plastics Inc, Marubeni Corp, Mitsubishi Chemical, Sumitomo Osaka Cement Co, Tokyo Reiko Co, Towa Kako Co, Kyokuyo Pulp & Paper, Meiwa Corp, DNP Trading, CMK Corp, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Mitsubishi Plastics Inc, Meiwa Corp, Kyokuyo Pulp & Paper, Mitsubishi Polyester Film Corp, Towa Kako, Futamura Chemical, NI Teijin Shoji Co, Unitika Trading Co, Miyako Kasei Co, other

 

Payment record: Regular

 

Location: Business area in Kyoto.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         Resona Bank (Kyoto)

·         MUFG (Kyoto)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

9,850

9,417

10,825

11,391

Recur. Profit

　

80

74

-239

　

Net Profit

　

45

43

-158

23

Total Assets

　

　

9,092

9,788

10,278

Current Assets

　

　

4,938

5,067

　

Current Liabs

　

　

3,688

4,250

　

Net Worth

　

　

3,093

3,062

3,251

Capital, Paid-Up

　

　

300

300

300

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.60

-13.01

-4.97

9.21

    Current Ratio

 

..

133.89

119.22

..

    N.Worth Ratio

..

34.02

31.28

31.63

    R.Profit/Sales

 

0.81

0.79

-2.21

..

    N.Profit/Sales

0.46

0.46

-1.46

0.20

    Return On Equity

..

1.39

-5.16

0.71

 

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

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

 

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.