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Report Date : |
28.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
IKEHIKOO CORPORATION |
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Registered Office : |
1052 Miyamatsu Ookimachi Mizumagun Fukuoka-Pref 830-0424 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
May 1957 |
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Com. Reg. No.: |
2900-01-082615 (Fukuoka-Mizumagun) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of tatami mats, summer grass mats (rush) |
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|
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No. of Employees : |
260 |
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 132.2 Million |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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
IKEHIKOO CORPORATION
REGD NAME: KK
Ikehiko Corporation
MAIN OFFICE: 1052
Miyamatsu Ookimachi Mizumagun Fukuoka-Pref 830-0424
Tel:
0944-32-1203 Fax: 0944-32-0909
URL: http://www.ikehiko.com/
E-Mail address: tatami@ikehiko.com
Mfg of tatami
mats, summer grass mats (rush)
Tokyo, Kumamoto,
Osaka, Sendai
At the caption
address; China (subcontracted)
HIRONORI IKDGAMI,
PRES
Yoshinori Inoguchi, ch
Takanari Inoguchi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 10,790 M
PAYMENTS REGULAR CAPITAL Yen
100 M
TREND SLOW WORTH Yen
2,486 M
STARTED 1957 EMPLOYES 260
MFR OF TATAMI
MATS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
MAX CREDIT LIMIT:
YEN 132.2 MILLION, 30 DAYS NORMAL TERMS
The subject company was
established by Hikotaro Ikegami originally in 1886 as a tatami shop, on his
account. Incorporated in 1957 as Ikegami
Hikotaro Shoten Co Ltd, and renamed as captioned in 1990. Yoshinori is the third generation master, who
took the pres office in 1963. This is a
specialized mfg of tatami mats, summer grass mats, cushion, and other
products. Has about 30% market share of
summer grass mats. Contracted with
farmers in China for cultivating rush & other grass materials for mfg. Tatami mats are both imported and exported.
The sales volume
for Sept/2012 fiscal term amounted to Yen 10,790 million, a 1% up from Yen
10,640 million in the previous term. The
recurring profit was posted at Yen 366 million and the net profit at Yen 118
million, respectively, compared with Yen 112 million recurring profit and Yen
37 million net profit, respectively, a year ago.
For the current
term ending Sept 2013 the recurring profit is projected at Yen 370 million and
the net profit at Yen 120 million, respectively, on a 2% rise in turnover, to
Yen 11,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 132.2
million, on 30 days normal terms.
Date Registered: May
1957
Regd No.:
2900-01-082615 (Fukuoka-Mizumagun)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800,000 shares
Issued:
200,000 shares
Sum: Yen 100 million
Major
shareholders (%): Yoshinori Inoguchi (34), Takanari Inoguchi (6), Makiko Inoguchi (3), Takako Inoguchi (2), Mika
Inoguchi (2)
No. of
shareholders: 10
Nothing detrimental
is known as to the commercial morality of executives.
Activities:
Manufactures tatami mats, summer grass mats, other igusa (rush) & fabric
products (--100%).
Material igusa
(rush) & other grass are partially cultivated in China on consignment.
Clients: [Chain stores, specialty stores, mail-order
houses] Aeon Corp, Ito-Yokado, Homac.
Nafco Co, Joyful Honda, Cecile Co, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, growers, wholesalers] Kumamoto-Pref
Economic Federation, Fukuoka
I Hambai, other.
Materials grass/igusa (rush) are imported
from contracted cultivators in China
Payment record: Regular
Location: Business area in
Fukuoka-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Saga Bank
(Yanagawa)
Bank of Fukuoka
(Yanagawa)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
30/09/2013 |
30/09/2012 |
30/09/2011 |
30/09/2010 |
|
|
Annual
Sales |
|
11,000 |
10,790 |
10,640 |
9,811 |
|
Recur.
Profit |
|
370 |
366 |
112 |
|
|
Net
Profit |
|
120 |
118 |
37 |
22 |
|
Total
Assets |
|
|
12,946 |
12,586 |
11,720 |
|
Current
Assets |
|
|
8,114 |
7,562 |
|
|
Current
Liabs |
|
|
6,896 |
5,997 |
|
|
Net
Worth |
|
|
2,486 |
2,368 |
2,330 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.95 |
1.41 |
8.45 |
-4.92 |
|
|
Current Ratio |
|
.. |
117.66 |
126.10 |
.. |
|
N.Worth Ratio |
.. |
19.20 |
18.81 |
19.88 |
|
|
R.Profit/Sales |
|
3.36 |
3.39 |
1.05 |
.. |
|
N.Profit/Sales |
1.09 |
1.09 |
0.35 |
0.22 |
|
|
Return On Equity |
.. |
4.75 |
1.56 |
0.94 |
|
Notes: Forecast
(or estimated) figures for the 30/09/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.