MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
IKEGAMI TSUSHINKI CO LTD |
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Registered Office : |
5-6-16 Ikegami Ohtaku Tokyo 146-8567 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
February 1948 |
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Com. Reg. No.: |
0108-01-000811 (Tokyo-Ohtaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of broadcasting equipment |
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No. of Employees : |
887 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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.
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Source : CIA |
Company name
IKEGAMI TSUSHINKI CO LTD
REGD NAME
Ikegami Tsushinki
KK
MAIN OFFICE
5-6-16 Ikegami
Ohtaku Tokyo 146-8567 JAPAN
Tel:
03-5700-1111 Fax: 03-5700-1137
URL: Error! Hyperlink reference not valid.
E-Mail address: info@ikegami.co.jp
ACTIVITIES
Mfg of
broadcasting equipment
BRANCHES
Osaka,
Nagoya, Sapporo, Sendai, Hiroshima, Fukuoka
OVERSEAS
USA
(5), Europe (2), China (2)
Kawasaki
(Labs)
CHIEF EXEC
YOSUKE
KIYOMORI, RES & CEO
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 24,260 M
PAYMENTSNo
Complaints CAPITAL Yen
8,791 M
TREND SLOW WORTH Yen 12,700 M
STARTED 1948 EMPLOYES 887
COMMENT
MFR
SPECIALIZING IN BROADCASTING EQUIPMENT
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast
(or estimated) figures for 31/03/2014 fiscal term
HIGHLIGHTS
The subject company was established originally in 1946 by Kosei Saito in
order to mfg transformers, coils & power supply components, on his
account. Incorporated in 1948, the firm
has been succeeded by the present executives.
This is a leading comprehensive mfr of broadcasting equipment, having
large share of global market for TV cameras.
Strong in professional cameras and TV monitors. Stresses digitization of products. Products are mainly based on made-to-order
basis to minimize costs. Focusing on
security products and testing equipment ahead of anticipated peaking-out of
current strong demand for terrestrial digital TV broadcasting products. In expectation of growth of demand for
medical camera systems in Europe, the company intends to mfr those products in
Europe. It transferred sales personnel
in Middle East to its subsidiary in Europe.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 24,260
million, a 0.5% down from Yen 24,382 million in the previous term. The recurring profit t was posted at Yen 767
million and the net profit at Yen 904 million, respectively, compared with Yen
401 recurring profit and Yen 5,956 million net profit, respectively, a year
ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 500 million and the net profit at Yen 500 million, respectively, on a
7.2% rise in turnover, to Yen 26,000 million.
Orders for broadcasting systems will grow sluggishly. But sales of tablet testers are likely to
increase.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Feb 1948
Regd No.: 0108-01-000811 (Tokyo-Ohtaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 200
shares
Issued:
72,857,468 shares
Sum: Yen 10,022
million
Major shareholders
(%):
Toshiba Corp (20.0), Teruhisa Saito (4.5), Tomohiko Saito (1.6), Customers’
S/Holding Assn (1.3), Japan Securities Finance (1.1), Mitsubishi UFJ Trust Bank
(0.8), Project K21 Co (0.8), Fujifilm Corp (0.8), Japan Trustee Services T6
(0.7), Japan Trustee Services T3 (0.7); foreign owners (1.7)
No. of
shareholders: 8,685
Listed on the
S/Exchange (s) of: Tokyo
Managements: Yosuke Kiyomori,
pres; Tamao Suzuki, dir; Hirohisa Komanome, dir; Chiaki Motegi, dir; Naoki
Kashimura, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Ikegami
Electronics (USA), Techno Ikegami, Item Co, Ikegami Elder, other
OPERATION
Activities: Manufactures
broadcast equipment, communications systems, magnetic recording equipment,
information-processing systems, electronic equipment, related parts & components (--100%).
Overseas
sales ratio (30%)
(Products
items): Broadcast use TV camera systems, broadcast color monitors, broadcast
video production & processing systems, outside broadcast vans, security
surveillance TV camera systems, medical electronic camera systems, vision
inspection equipment & systems, other:
Clients: [Broadcasters,
ministries] NHK, TBS, Ikegami Electronics (USA), Ikegami
Electronics (Europe), other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Techno Ikegami, AD Device, Fujinon Corp, Unitec, other.
Payment
record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
MUFG (Kamata)
SMBC
(Kamata)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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24,260 |
24,382 |
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Cost of Sales |
18,277 |
18,886 |
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GROSS PROFIT |
5,982 |
5,496 |
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Selling & Adm Costs |
5,536 |
5,320 |
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OPERATING PROFIT |
446 |
175 |
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Non-Operating P/L |
321 |
226 |
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RECURRING PROFIT |
767 |
401 |
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NET PROFIT |
904 |
5,956 |
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BALANCE SHEET |
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Cash |
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4,078 |
2,079 |
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Receivables |
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9,933 |
9,235 |
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Inventory |
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8,659 |
7,246 |
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Securities, Marketable |
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Other Current Assets |
231 |
5,159 |
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TOTAL CURRENT ASSETS |
22,901 |
23,719 |
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Property & Equipment |
3,497 |
3,434 |
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Intangibles |
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545 |
414 |
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Investments, Other Fixed Assets |
955 |
822 |
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TOTAL ASSETS |
27,898 |
28,389 |
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Payables |
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4,350 |
5,154 |
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Short-Term Bank Loans |
1,100 |
850 |
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Other Current Liabs |
2,053 |
1,983 |
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TOTAL CURRENT LIABS |
7,503 |
7,987 |
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Debentures |
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140 |
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Long-Term Bank Loans |
60 |
377 |
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Reserve for Retirement Allw |
7,208 |
8,273 |
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Other Debts |
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427 |
338 |
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TOTAL LIABILITIES |
15,198 |
17,115 |
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MINORITY INTERESTS |
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Common
stock |
10,022 |
10,022 |
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Additional
paid-in capital |
2,347 |
1,347 |
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Retained
earnings |
1,610 |
1,468 |
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Evaluation
p/l on investments/securities |
144 |
8 |
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Others |
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(1,381) |
(1,529) |
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Treasury
stock, at cost |
(42) |
(42) |
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TOTAL S/HOLDERS` EQUITY |
12,700 |
11,274 |
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TOTAL EQUITIES |
27,898 |
28,389 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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-2,099 |
2,520 |
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Cash
Flows from Investment Activities |
227 |
15 |
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Cash
Flows from Financing Activities |
-658 |
-649 |
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Cash,
Bank Deposits at the Term End |
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5,728 |
5,889 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
12,700 |
11,274 |
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Current
Ratio (%) |
305.22 |
296.97 |
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Net
Worth Ratio (%) |
45.52 |
39.71 |
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Recurring
Profit Ratio (%) |
3.16 |
1.64 |
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Net Profit
Ratio (%) |
3.73 |
24.43 |
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Return
On Equity (%) |
7.12 |
52.83 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.99 |
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UK Pound |
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.