MIRA INFORM REPORT

 

 

Report Date :           

30.11.2011

 

IDENTIFICATION DETAILS

 

Name :

KIKUCHI KOGYO CO LTD

 

 

Registered Office :

3315 Sumiyoshi Yoshidacho Haibaragun Shizuoka-Pref 421-0301

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

December 1950

 

 

Com. Reg. No.:

(Shizuoka-Haibaragun-Yoshidacho) 013933

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer f seat belts

 

 

No. of Employees :

64 Persons

 

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 34.6 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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

KIKUCHI KOGYO CO LTD

 

 

REGD NAME

 

Kikuchi Kogyo KK

 

 

MAIN OFFICE

 

3315 Sumiyoshi Yoshidacho Haibaragun Shizuoka-Pref 421-0301 JAPAN

Tel: 0548-32-3223      Fax: 0548-32-6088

                                               

URL:                             http://www.kikuchi-grp.com

E-Mail address:                        kikuchi-sangyo@kikuchi-grp.com

 

 

ACTIVITIES

 

Mfg of seat belts

 

 

BRANCHES

 

Nil

 

 

OVERSEAS

 

Thailand (Factory)

 

 

FACTORIES

 

At the caption address; Thailand

 

OFFICERS

 

YOTARO KIKUCHI, PRES

Yoichi Hosokawa, dir

Takahiro Oishi, dir                     

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 2,022 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 80 M

TREND             STEADY                       WORTH            Yen 1,131 M

STARTED                     1950                             EMPLOYES      64

 

 

COMMENT    

 

MFR SPECIALIZING IN SEAT BELTS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 34.6 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established originally in 1850 by Risuke Kunoya for selling linen & silk yarns, on his account.  Incorporated in 1950, the firm has been succeeded by the present executives.  This is a specialized mfr of seat belts for various uses: auto, industrial, civil engineering, construction, logistics, daily goods, agricultural, security/safety, and other uses. Has 25% market share in Japan for seat belts for autos.

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2010 fiscal term amounted to Yen 2,022 million, a 41% up from Yen 1,437 million in the previous term.  Auto industries revived.  Production increased.  Exports rose.  The recurring profit was posted at Yen 63 million and the net profit at Yen 60 million, respectively, compared with Yen 60 million recurring profit and Yen 83 million net losses, respectively, a year ago.

 

For the current term ending Dec 2011 the recurring profit is projected at Yen 65 million and the net profit at Yen 60 million, respectively, on a 9% rise in turnover, to Yen 2,200 million.  Production in Thailand Factory keeps increasing for supply to S/E Asian countries.  High Yen may eat into profits in Yen terms.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 34.6 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Dec 1950

Regd No.:           (Shizuoka-Haibaragun-Yoshidacho) 013933

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         6.4 million shares

Issued:                1.6 million shares

Sum:                   Yen 80 million

 

Major shareholders (%): Kikuchi Happy Service (20), Tokyo Small & Medium Business Promotion & Investment Co (20), Koichi Kikuchi (9), Yotaro Kikuchi (5)

 

No. of shareholders: 23

 

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

 

 

OPERATION

           

Activities: Manufactures seat belt webbing for: autos, industrial materials, civil engineering, construction materials, daily goods, construction, logistics, agricultural, security/safety, other uses; processing machines for fiber products, other (--100%). 

 

Clients: [Mfrs, wholesalers] Autoliv Inc, OST Autoliv America, Autoliv JFT India, Tanizawa Seisakusho Ltd, Taiyo Kogyo Corp, Fujii Kogyo, other

            No. of accounts: 300

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toray International, Teijin Fiber, Nagase Color Chemical, other

 

Payment record: Regular

 

Location: Business area in Haibaragun-Yoshidacho, Shizuoka-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         Tokyo Tomin Bank (H/O)

·         MUFG (Shizuoka)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

2,200

2,022

1,437

2,403

Recur. Profit

　

65

63

-60

　

Net Profit

　

60

60

-83

32

Total Assets

　

　

3,312

3,467

3,589

Current Assets

　

　

2,137

2,193

　

Current Liabs

　

　

1,065

1,068

　

Net Worth

　

　

1,131

1,071

1,167

Capital, Paid-Up

　

　

80

80

80

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

8.80

40.71

-40.20

-2.12

    Current Ratio

 

..

200.66

205.34

..

    N.Worth Ratio

..

34.15

30.89

32.52

    R.Profit/Sales

 

2.95

3.12

-4.18

..

    N.Profit/Sales

2.73

2.97

-5.78

1.33

    Return On Equity

..

5.31

-7.75

2.74

 

Notes: Forecast (or estimated) figures for the 31/12/2011 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.93

UK Pound

1

Rs.80.62

Euro

1

Rs.69.37

 

 

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.