MIRA INFORM REPORT

 

 

Report Date :

27.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ICHIKOH INDUSTRIES LTD

 

 

Registered Office :

80 Itado Isehara City Kanagawa-Pref 259-1192

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

December  1939

 

 

Com. Reg. No.:

0210-01-035729 (Kanagawa-Isehara)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha

 

 

Line of Business :

Manufacturer of automotive lamps, door mirrors, other

 

 

No. of Employees :

3,052

 

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

 

 

 

COMPANY NAME AND ADDRESS

 

ICHIKOH INDUSTRIES LTD

REGD NAME:    Ichikoh Kogyo KK

MAIN OFFICE:  80 Itado Isehara City Kanagawa-Pref 259-1192 JAPAN

Tel: 0463-96-1451     Fax: 0463-96-2080     -

 

URL:                 http://www.ichikoh.com

E-Mail address: (thru the URL)

 

ACTIVITIES:     Mfg of automotive lamps, door mirrors, other

BRANCHES:     Tokyo, Nagoya, Sapporo, Osaka

OVERSEAS:     Malaysia, Indonesia, China (2), Thailand

FACTORIES:     At the caption address, Gunma

 

CHIEF EXEC:    ALI ORDOOBADI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY:       FINANCES        FAIR                 A/SALES          Yen 87,839 M

                        PAYMENTS      REGULAR         CAPITAL           Yen 8,929 M

                        TREND             SLOW              WORTH                        Yen 17,383 M

                        STARTED         1939                 EMPLOYES      3,052

 

COMMENT:      MFR OF AUTOMOTIVE LAMPS, DOOR MIRRORS, OTHER 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                        MAX CREDIT LIMIT: YEN 1,504.8 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Unit: In Million Yen

Forecast figures for the 31/03/2013 fiscal term.

 

HIGHLIGHTS:

 

This is one of the 3 largest mfrs of automotive lamps, and major mfr of door mirrors.  Ratio of sales to Toyota Motor high.  Pulled out from die casts.  Maintains capital alliance with Valeo of France.  Also engaged in production of after-market parts.  The company plans to reinforce collaboration with France’s Valeo, including restructuring of the joint venture business in China, It will also liquidate the unprofitable industrial equipment subsidiary and streamline by absorbing a trading subsidiary.

 

 

 

FINANCIAL INFORMATION:

 

            The sales volume for Mar/2012 fiscal term amounted to Yen 87,839 million, a 5.1% down from Yen 92,547 million in the previous term.  Sales were down in the first half of the term affected by the Great East Japan Earthquake, floods in Thailand and the appreciation of the Yen.  However, sales recovered in the second half of the term.  The recurring profit was posted at 4,426 million and the net profit at Yen 1,416 million, respectively, compared with Yen 3,943 million recurring profit and Yen 615 million net profit, respectively, a year ago.

 

            (Apr/Dec/2012 results): Sales Yen 62,517 million (down 0.8%), operating loss Yen 930 million (previously Yen 1,635 million profit), recurring profit Yen 719 million (down 70.0%), net profit Yen 1,844 million (previously Yen 809 million loss).  (% and figures compared with the corresponding period a year ago) 

           

            For the current term ending Mar 2013 the recurring profit is projected at Yen 400 million and the net profit at Yen 1,300 million, on a 6.8% fall in turnover, to Yen 81,900 million.  Sales of mainline automotive lamps and mirrors are hit by second-half demand slump.  Unprofitable orders are mounting.  Prime cost cuts, including on parts, is not compensating. Operating profit will fall to a deficit, partly due to swelling R&D costs.  

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,504.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Dec 1939

Regd No.:             0210-01-035729 (Kanagawa-Isehara)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:         200 million shares

Issued:                96,036,851 shares

Sum:                   Yen 8,929 million

 

Major shareholders (%): Valeo Bayen (31.5), Toyota Motor (6.1), Mizuho Corporate Bank (4.9), MUFG (3.8), Nippon Life Ins (3.8), Daihatsu Motor (2.8), Mitsubishi UFJ Trust Bank (2.4), Mizuho Trust Bank (1.9), SMBC (1.2), Aioi Nissay Dowa Ins (1.2); foreign owners (33.6)

 

No. of shareholders: 6,543

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Ali Ordoorbadi, pres; Nobuo Ando, s/mgn dir; Kazuyuki Miyashita, s/mgn dir; Tetsuya Shida, s/mgn dir; Naoyuki Sato, mgn dir; Ryuji Saito, mgn dir; Yoshitaka Seki, mgn dir; Christophe Vilatte, mgn dir; Hideo Nakano, mgn dir

 

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

 

Related companies: PIAA, Kyushu Ichikoh Ind, Life Elecs, other.

 

 

OPERATION:

 

Activities: Manufactures automotive parts-related: head lamps (35%), rear lamps (25%), outside mirrors (20%); other car-related (9%), others (11%).

Clients: [Car makers, wholesalers] Toyota Motor, Nissan Motor, Fuji Heavy Ind, Daihatsu Ind, Honda Motor, other

No. of accounts: 100

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Sankyo Co, Kubo Seisakusho, Matsushita Denki    Seisakusho, other

 

Payment record: Regular

 

Location: Business area in Isehara City, Kanagawa-Pref.  Office premises at the caption address are owned maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (H/O)

MUFG (Toranomon-Chuo)

Relations: Satisfactory

 

FINANCES

 (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

87,839

92,547

 

  Cost of Sales

72,769

77,505

 

      GROSS PROFIT

15,069

15,041

 

  Selling & Adm Costs

12,164

12,026

 

      OPERATING PROFIT

2,905

3,015

 

  Non-Operating P/L

1,521

928

 

      RECURRING PROFIT

4,426

3,943

　

      NET PROFIT

1,416

615

BALANCE SHEET

 

 

 

 

  Cash

　

15,273

13,717

 

  Receivables

 

15,687

13,648

 

  Inventory

 

6,744

8,597

 

  Securities, Marketable

8

8

 

  Other Current Assets

3,088

1,366

 

      TOTAL CURRENT ASSETS

40,800

37,336

 

  Property & Equipment

22,319

24,499

 

  Intangibles

 

232

286

 

  Investments, Other Fixed Assets

6,699

6,417

 

      TOTAL ASSETS

70,050

68,538

 

  Payables

 

16,102

12,454

 

  Short-Term Bank Loans

1,736

2,455

 

　

 

　

　

 

  Other Current Liabs

15,661

15,718

 

      TOTAL CURRENT LIABS

33,499

30,627

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

8,641

11,720

 

  Reserve for Retirement Allw

7,868

7,321

 

  Other Debts

　

2,658

3,186

 

      TOTAL LIABILITIES

52,666

52,854

 

      MINORITY INTERESTS

 

 

 

Common stock

8,929

8,929

 

Additional paid-in capital

2,708

2,708

 

Retained earnings

5,383

4,117

 

Evaluation p/l on investments/securities

106

(135)

 

Others

 

287

95

 

Treasury stock, at cost

(30)

(30)

 

      TOTAL S/HOLDERS` EQUITY

17,383

15,684

　

      TOTAL EQUITIES

70,050

68,538

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

10,631

9,482

 

Cash Flows from Investment Activities

-1,048

542

 

Cash Flows from Financing Activities

-8,221

-7,579

　

Cash, Bank Deposits at the Term End

　

14,988

12,706

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

17,383

15,684

 

 

Current Ratio (%)

121.79

121.91

 

 

Net Worth Ratio (%)

24.82

22.88

 

 

Recurring Profit Ratio (%)

5.04

4.26

 

 

Net Profit Ratio (%)

1.61

0.66

 

 

Return On Equity (%)

8.15

3.92

 

 

           


 

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.