MIRA INFORM REPORT

 

 

Report Date :

14.07.2011

 

IDENTIFICATION DETAILS

 

Name :

CAT EYE CO LTD

 

 

Registered Office :

2-8-25 Kuwazu Higashi-Sumiyoshiku Osaka 546-0041

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

February 1954

 

 

Com. Reg. No.:

(Osaka-Higashi-Sumiyoshiku) 009562

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of bicycle components & accessories

 

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 196.5 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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

CAT EYE CO LTD

REGD NAME:    KK Cat Eye

MAIN OFFICE:  2-8-25 Kuwazu Higashi-Sumiyoshiku Osaka 546-0041 JAPAN

                        Tel: 06-6719-6001     Fax: 06-6719-2362

                                               

URL:                 http://www.cateye.com

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of bicycle components & accessories

 

BRANCHES

 

Okayama

 

OVERSEAS   

 

China (2)

 

FACTORIES  

 

Kannan (Osaka), Yoshii (Okayama)

 

 

OFFICERS

 

KOICHI TSUYAMA, PRES                      Seiji Tsuyama, v pres

Yoshizo Kohno, mgn dir                         Minoru Kondo, dir

Yasuhisa Kusumoto, dir                         Masaaki Hotta, dir                     

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 6,912 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 585 M

TREND             SLOW                          WORTH            Yen 2,851 M

STARTED                     1954                             EMPLOYES      232

 

 

COMMENT

 

MFR SPECIALIZING BICYCLE COMPONENTS & ACCESSORIES.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY                      

BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 196.5 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

            The subject company was established by father of Koichi Tsuyama in order to make most of his experience in the subject line of business.  This is a specialized mfr of bicycle components & accessories: cycle computers, reflex reflectors, lamps, speed meters, child seats, other.  Handles health-care equipment, too.  Goods are widely exported.  Clients include major bicycle makers, other, nationwide

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2011 fiscal term amounted to Yen 6,912 million, an 11% up from Yen 6,200 million in the previous term.  Demand rose as bicycle population increased.  The recurring profit was posted at Yen 535 million and the net profit at Yen 327 million, compared with Yen 192 million recurring profit and Yen 118 million net profit, respectively, a year ago.

 

            For the current term ending Mar 2012 the recurring profit is projected at Yen 550 million and the net profit at Yen 340 million, respectively, on a 6% rise in turnover, to Yen 7,300 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 196.5 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Feb 1954

Regd No.:         (Osaka-Higashi-Sumiyoshiku) 009562

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         4.6 million shares

Issued:                1.17 million shares

Sum:                   Yen 585 million

Major shareholders (%): Koichi Tsuyama (26), Seiji Tsuyama (11), Hiroko Tsuyama (11),

Masuya (9)

No. of shareholders: 27

           

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

 

 

OPERATION

           

Activities: Manufactures bicycle components & equipment: cycle computers, reflex reflectors, lamps, lights, speed meters, child seats, mirrors, other (86%), road-related products (11%), health-care equipment & supplies (3%).

Export (58%).

 

Clients: [Mfrs, wholesalers] Bridgestone Cycle, Mitsui & Co, Marui Co, Kozaki Trading, Miyata Ind Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toyo Plastics Co, Sumitomo Shoji Chemicals, CBC, Sakamoto Yakuhin Kogyo, Itochu Corp, Toa Electric Ind, other

 

Payment record: Regular

 

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

 

Bank References:

Resona Bank (Namba)

SMBC (Abeno)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

7,300

6,912

6,200

7,303

Recur. Profit

　

550

535

192

647

Net Profit

　

340

327

118

76

Total Assets

　

　

6,329

6,818

7,499

Current Assets

　

　

3,705

4,205

　

Current Liabs

　

　

2,009

2,688

　

Net Worth

　

　

2,851

2,545

2,444

Capital, Paid-Up

　

　

585

585

585

Div.P.Share(¥)

　

　

30.00

30.00

30.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.61

11.48

-15.10

2.00

    Current Ratio

 

..

184.42

156.44

..

    N.Worth Ratio

..

45.05

37.33

32.59

    R.Profit/Sales

 

7.53

7.74

3.10

8.86

    N.Profit/Sales

4.66

4.73

1.90

1.04

    Return On Equity

..

11.47

4.64

3.11

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.07

Euro

1

Rs.62.40

 

 

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.