MIRA INFORM REPORT

 

 

Report Date :           

30.01.2012

 

IDENTIFICATION DETAILS

 

Name :

IKEDA MANUFACTURING CO LTD

 

 

Registered Office :

135-3 Nishishinmachi Ota Gunma-Pref 373-0847

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 1962

 

 

Com. Reg. No.:

(Gunma-Ota) 018677

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of automotive parts & components

 

 

No. of Employees :

165

 

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 152.5 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

IKEDA MANUFACTURING CO LTD

 

 

REGD NAME

 

KK Ikeda Seisakusho

 

 

MAIN OFFICE

 

135-3 Nishishinmachi Ota Gunma-Pref 373-0847 JAPAN

Tel: 0276-31-3131      Fax: 0276-30-4105

                                               

URL:                             http://www.ikeike-mfg.com

E-Mail address:                        nakajima@ikeike-mfg.com

 

 

ACTIVITIES

 

Mfg of automotive parts & components

 

 

BRANCHES

 

Ota

 

 

OVERSEAS

 

Sunfield Inc (USA), Thai Ikeda Mfg Co, Ikeda Mfg (China) (--subsidiaries)

 

 

FACTORIES

 

At the caption address, Gunma (3)

 

 

OFFICERS

 

MITSUO IKDA, PRES    Takeshi Fukushima, mgn dir

Kikuo Oinuma dir           Shigeru Kobayashi, dir

Sadao Yagi, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 7,299 M

PAYMENTS                  No Complaints          CAPITAL           Yen 48 M

TREND             SLOW                          WORTH            Yen 1,709 M

STARTED                     1962                             EMPLOYES      165

 

 

COMMENT

 

MFR OF AUTOMOTIVE PARTS & COMPONENTS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 152.5 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established originally in 1947 by father of Mitsuo Ikeda in order to make most of his experience in the subject line of business, on his account.  Incorporated in 1962, the firm has been succeeded by his descendants.  This is a specialized mfg of automotive parts & components (pressing works).  Operates three overseas subsidiaries. 

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2011 fiscal term amounted to Yen 7,299 million, a 19% up from Yen 6,112 million in the previous term.  The automotive industry returned to the normal level after substantially affected by the global economic downturn in the previous terms.  The recurring profit was posted at Yen 107 million and the net profit at Yen 23 million, respectively, compared with Yen 176 million recurring profit and Yen 82 million net profit, respectively, a year ago.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 110 million and the net profit at Yen 25 million, respectively, on a 7% rise in turnover, to Yen 7,800 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 152.5 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Apr 1962

Regd No.:          (Gunma-Ota) 018677

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         96,000 shares

Issued:              24,000 shares

Sum:                   Yen 48 million

Major shareholders (%): Mitsuo Ikeda (62), Goichi Ikeda (17), Employees’ S/Holding Assn (13), Koma Ikeda (6),

Sadao Ikeda (2)

No. of shareholders: 5

 

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

 

 

OPERATION

           

Activities: Manufactures (pressing works) automotive parts & components (brakes, shock absorbers, other) (--100%)

 

Clients: [Mfrs, wholesalers] Nissin Kogyo Co, Showa Corporation, Sunfield Co, Japan Brake Inc, NSK Ltd, G-Text Corp, Tokai Rubber Ind, other

            No. of accounts: 300

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] NSM Coil Center, Mitsui & Co, Sumikin Bussan Corp, Suzuyasu Corp, other

 

Payment record: No Complaints

 

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

 

Bank References:

·         Gunma Bank (Ota)

·         Shoko Chukin Bank (Maebashi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

7,800

7,299

6,112

7,608

Recur. Profit

　

110

107

176

　

Net Profit

　

25

23

82

32

Total Assets

　

　

6,521

6,348

6,140

Current Assets

　

　

3,087

2,858

　

Current Liabs

　

　

2,122

1,755

　

Net Worth

　

　

1,709

1,686

1,603

Capital, Paid-Up

　

　

48

48

48

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

6.86

19.42

-19.66

-2.46

    Current Ratio

 

..

145.48

162.85

..

    N.Worth Ratio

..

26.21

26.56

26.11

    R.Profit/Sales

 

1.41

1.47

2.88

..

    N.Profit/Sales

0.32

0.32

1.34

0.42

    Return On Equity

..

1.35

4.86

2.00

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.65

UK Pound

1

Rs.77.80

Euro

1

Rs.65.05

 

 

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.