|
Report Date : |
07.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASK TECHNICA CORPORATION |
|
|
|
|
Registered Office : |
1488 Ichikawadaimon Ichikawa-Misato Nishi-Yatsushirogun
Yamanashi-Pref 409-3601 |
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Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2012 |
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|
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Date of Incorporation : |
May
1991 |
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|
|
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Com. Reg. No.: |
0900-01-011894
(Yamanashi-Nishi-Yatsushiro) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of brake linings, clutch facing, sealing
materials for automobiles |
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|
|
|
No. of Employees : |
135 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest economy
in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source : CIA |
ASK TECHNICA CORPORATION
KK Ask Technica
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
Mfg of
brake linings, clutch facing, sealing materials for automobiles
Tokyo, Hamamatsu, Osaka,
Ichikawa
At the
caption address (First Plant), Takata (Second Plant), as given
HIROSHI
TACHIKAWA, PRES Hideo Yano, mgn dir
Masaki Kobayashi, dir Toru Kanai, dir
Masatomi Maeda, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 4,290 M
PAYMENTS Slow but Correct CAPITAL Yen
400 M
TREND SLOW WORTH Yen 648 M
STARTED 1991 EMPLOYES 135
MFR SPECIALIZING IN BRAKE LININGS, SEALING MATERIALS, OTHER FOR AUTOMOBILES, WHOLLY OWNED BY A&A MATERIAL CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
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.
The sales volume for Mar/2012 fiscal term amounted to Yen 4,290 million, a 7% down from Yen 4,600 million in the previous term. Sales declined as affected by: Great East Japan Earthquake, Thai floods, European economic uncertainties, high Yen, other. Automakers’ demand declined The net profit was posted at Yen 49 million, compared with Yen 271 million a year ago.
For the current term ending Mar 2013 the net profit is projected at Yen 50 million, on a 5% rise in turnover, to Yen 4,500 million. Sales of automobile-use parts will bottom out, reflecting recovery of complete car production.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registe red: May
1991
Regd No.: 0900-01-011894 (Yamanashi-Nishi-Yatsushiro)
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 35,237 million, operating profit Yen 582 million, recurring profit Yen 231 million, net profit Yen 489 million, total assets Yen 44,439 million, net worth Yen 7,454 million, employees 839, pres Yuji Nakamura.
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
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, Nippon Sharyo Mfg, Japan Brake Ind, Ishikawa Gasket Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Corp, Unitika Glass Fiber Co, Marubeni Corp,
Mitsui & Co, Sanyo Trading Co, Kai Engineering, other.
Products are exported to China, S/E Asia, other
Payment record: Slow but Correct
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
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
4,500 |
4,290 |
4,600 |
3,273 |
|
Recur.
Profit |
|
|
|
|
|
|
Net
Profit |
|
50 |
49 |
271 |
-49 |
|
Total
Assets |
|
|
4,829 |
4,703 |
4,034 |
|
Current
Assets |
|
|
2,938 |
2,847 |
2,109 |
|
Current
Liabs |
|
|
2,214 |
2,151 |
1,789 |
|
Net
Worth |
|
|
648 |
601 |
320 |
|
Capital,
Paid-Up |
|
|
400 |
400 |
400 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.90 |
-6.74 |
40.54 |
-20.19 |
|
|
Current Ratio |
|
.. |
132.70 |
132.36 |
117.89 |
|
N.Worth Ratio |
.. |
13.42 |
12.78 |
7.93 |
|
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R.Profit/Sales |
|
.. |
.. |
.. |
.. |
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N.Profit/Sales |
1.11 |
1.14 |
5.89 |
-1.50 |
|
|
Return On Equity |
.. |
7.56 |
45.09 |
.. |
|
Notes: Forecast (or estimated) for the
31/03/201３
fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
A&A Material Corporation)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
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Terms Ending: |
31/03/2012 |
31/03/2011 |
||
|
INCOME STATEMENT |
|
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||||
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Annual Sales |
|
35,237 |
36,702 |
||
|
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Cost of Sales |
27,620 |
28,489 |
|||
|
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GROSS PROFIT |
7,617 |
8,212 |
|||
|
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Selling & Adm Costs |
7,034 |
7,569 |
|||
|
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OPERATING PROFIT |
582 |
643 |
|||
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Non-Operating P/L |
-351 |
-448 |
|||
|
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RECURRING PROFIT |
231 |
195 |
|||
|
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NET PROFIT |
489 |
-1,427 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
2,607 |
2,658 |
||
|
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Receivables |
|
7,206 |
7,220 |
||
|
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Inventory |
|
3,950 |
3,648 |
||
|
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Securities, Marketable |
|
|
|||
|
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Other Current Assets |
7,607 |
5,618 |
|||
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TOTAL CURRENT ASSETS |
21,370 |
19,144 |
|||
|
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Property & Equipment |
21,437 |
23,216 |
|||
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Intangibles |
|
111 |
324 |
||
|
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Investments, Other Fixed Assets |
1,521 |
1,519 |
|||
|
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TOTAL ASSETS |
44,439 |
44,203 |
|||
|
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Payables |
|
5,726 |
4,624 |
||
|
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Short-Term Bank Loans |
12,306 |
12,332 |
|||
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|
|
|
|
|
||
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Other Current Liabs |
3,895 |
3,503 |
|||
|
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TOTAL CURRENT LIABS |
21,927 |
20,459 |
|||
|
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Debentures |
|
|
|
||
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Long-Term Bank Loans |
7,374 |
8,369 |
|||
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Reserve for Retirement Allw |
2,602 |
2,352 |
|||
|
|
Other Debts |
|
5,081 |
6,057 |
||
|
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TOTAL LIABILITIES |
36,984 |
37,237 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
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Common
stock |
3,889 |
3,889 |
|||
|
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Additional
paid-in capital |
|
|
|||
|
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Retained
earnings |
2,933 |
2,358 |
|||
|
|
Evaluation
p/l on investments/securities |
83 |
88 |
|||
|
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Others |
|
564 |
646 |
||
|
|
Treasury
stock, at cost |
(15) |
(15) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
7,454 |
6,966 |
|||
|
|
TOTAL EQUITIES |
44,439 |
44,203 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
1,170 |
-6 |
||
|
|
Cash
Flows from Investment Activities |
432 |
110 |
|||
|
|
Cash
Flows from Financing Activities |
-1,644 |
-199 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
2,593 |
2,635 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
7,454 |
6,966 |
||
|
|
|
Current
Ratio (%) |
97.46 |
93.57 |
||
|
|
|
Net
Worth Ratio (%) |
16.77 |
15.76 |
||
|
|
|
Recurring
Profit Ratio (%) |
0.66 |
0.53 |
||
|
|
|
Net
Profit Ratio (%) |
1.39 |
-3.89 |
||
|
|
|
Return
On Equity (%) |
6.56 |
-20.49 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.97 |
|
UK Pound |
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.