MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MINEBEA CO LTD |
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Registered Office : |
Arco Tower, 1-8-1 Shimomeguro Meguroku Tokyo 153-8662 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Jul 1951 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of miniatures bearings |
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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Maximum Credit Limit : |
Yen 6999.5 millions |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MINEBEA CO LTD
REGD NAME
Minebea KK
MAIN OFFICE
Arco Tower, 1-8-1 Shimomeguro Meguroku Tokyo 153-8662 JAPAN
Tel : 03-5434-8611
Fax : 03-5434-8603
URL : http://www.minebea.co.jp/
E-Mail address: kouhou@minebea.co.jp
HEADQUARTERS: 4106-73
Oshirodacho Kita-Sakugun Nagano-Pref
ACTIVITIES
Mfg of miniatures bearings
BRANCHES
Hamamatsu, Karuizawa (--labs)
FACTORY(IES)
Karuizawa, Hamamatsu, Fujisawa, Omori, Yonago
OVERSEAS
China (4), Malaysia, Thailand (4), Singapore (4), Europe
(5), N America (5)
CHIEF EXEC
TAKAYUKI YAMAGISHI, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 318,446 M
PAYMENTS REGULAR CAPITAL Yen 68,258 M
TREND STEADY WORTH Yen 117,577 M
STARTED 1951 EMPLOYES 47,526
COMMENT
MFR SPECIALIZING IN MINIATURE BEARINGS. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 6,999.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is the world’s largest miniature ball bearing mfr, with global share of about 60%. Also involved in electronic equipment/parts. Rapidly grew thru aggressive M & A’s in Japan and US. But liquidated unprofitable businesses such as non-banks and other areas into which the firm has diversified. Now refocusing on mainline bearing operations.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
318,446 million, an 8.2% up from Yen 294,422 million in the previous term. By divisions, machined components up by
11.6% to Yen 129,595 million, thanks to steady demand for its mainstay item
ball bearings from auto, telecommunications, other industries. Rod bearings rose to aerospace &
aircraft mfrs in USA and Europe.
Electronics Div up 5.9% to Yen 188,851 million. The recurring profit was posted at Yen
14,595 million and net profit at Yen 4,257 million, respectively, compared with
Yen 10,208 million recurring profit and Yen 5,581 million net profit,
respectively, a year ago. The firm
posted Yen 3,475 million extraordinary losses coming from keyboard operations
restructuring.
For the term just ended Mar 2007 the recurring profit was
projected at Yen 22,000 million and the
net profit at Yen 13,500 million, respectively, on a 1.7% rise in turnover, to
Yen 324,000 million. Ball bearings
fared well. Aircraft & HDD-use
bearings grew briskly. Spindle motors
were in good demand. JV with
Malaysia Electric Ind and keyboards improved.
(Apr/Dec/2006 results): sales Yen 274,330 million (up 4.5%),
operating profit Yen 19,976 million
(up 50.6%), recurring profit Yen 16,442 million (up 64.1%), net profit Yen
11,677 million (up 142.2%). (% compared
with the same period the previous year).
Sales of ball bearings to auto & information/telecommunications
equipment mfrs increased. Rod-end
bearings rose to aerospace industry, mainly in US and Europe. In this sector, sales rose 7.2% to Yen 6,843
million. In electronics equipment,
motors for mobile phones, office automation, PC’s and peripherals were much in
demand, resulting in Yen 3,800 million sales, up 2.7% from the previous term.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 6,999.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1951
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,000
million shares
Issued: 399,167,695
shares
Sum: Yen
68,258 million
Major shareholders (%): Master Trust Bank of Japan t (8.8), Japan Trustee Services Bank T (8.5), Keiaisha Co
(3.7), Sumitomo Trust Bank (3.0), Takahashi Sangyo Keizai Kenkyu (3.0), MUFG (2.5),
SMBC (2.5), Depositary
Inc (2.0), State Street Bank & Trust (1.8); foreign owners (28.2)
No. of shareholders: 22,593
Listed on the
S/Exchange (s) of: Tokyo, Osaka, Nagoya, Singapore
Managements: Takayuki Yamagishi, pres; Yoshihisa Kainuma, s/mgn dir; Tosei Takenaka, s/mgn dir;
Ryusuke Mizukami, s/mgn dir; Koichi Dosho, s/mgn dir; Hiroharu Katogi, mgn dir; Akihiro
Hirao,
mgn dir; Eiichi Kobayashi, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Minebea Thailand Ltd, other (Tot 43 as of Mar/06)
OPERATION
Activities: Manufactures miniature bearings:
(Sales
breakdown by divisions):
Machined Components
(41%): miniature & small-sized ball bearings, fluid dynamic bearings,
rod end & spherical bearings, roller bearings, sleeve bearings, medium-
& large-sized ball bearings for aerospace use, machine tool bearings, pivot
assemblies, tape guides, pulley bearings, fasteners, defense related special
components, magnetic clutches &
brakes;
Electronic Devices &
Components (59%): fan motors, blowers, hybrid type stepping motors, PM
stepping motors, HDD spindle motors, brush DC motors, vibration motors, other
rotary components, PC keyboards, speakers, magnet-optical (MO) disk drives
(MODs), magnetic heads for FDDs, back light inverters, lighting devices for
LCDs, color wheel, strain gauges, load cells, pressure transducers, digital
indicators, tensile & compression testing machines.
Overseas
sales ratio 75%: Asia 50.2%; N & S Americas 14.8%, Europe 10.0%.
Clients: [Electronics appliance mfrs, wholesalers] Fujitsu Ltd, NEC Akita, Aisin Seiki, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Metal Ind, Nagase
& Co, Fujikura Ltd.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Sumitomo Trust Bank (Tokyo)
MUFG (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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318,446 |
294,422 |
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Cost of Sales |
249,934 |
232,019 |
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GROSS PROFIT |
68,511 |
62,403 |
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Selling & Adm Costs |
49,242 |
48,319 |
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OPERATING PROFIT |
19,269 |
14,083 |
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Non-Operating P/L |
-4,674 |
-3,877 |
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RECURRING PROFIT |
14,595 |
10,206 |
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NET PROFIT |
4,257 |
5,581 |
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BALANCE SHEET |
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Cash |
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24,385 |
21,759 |
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Receivables |
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66,362 |
62,610 |
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Inventory |
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48,914 |
46,963 |
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Securities, Marketable |
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Other Current Assets |
13,903 |
15,963 |
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TOTAL CURRENT ASSETS |
153,564 |
147,295 |
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Property & Equipment |
165,759 |
156,521 |
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Intangibles |
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13,177 |
14,113 |
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Investments, Other Fixed Assets |
17,362 |
14,288 |
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TOTAL ASSETS |
349,862 |
332,217 |
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Payables |
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26,683 |
25,901 |
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Short-Term Bank Loans |
80,656 |
81,256 |
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Other Current Liabs |
43,547 |
34,292 |
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TOTAL CURRENT LIABS |
150,886 |
141,449 |
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Debentures |
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36,500 |
38,000 |
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Long-Term Bank Loans |
43,000 |
47,340 |
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Reserve for Retirement Allw |
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Other Debts |
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1,267 |
805 |
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TOTAL LIABILITIES |
231,653 |
227,594 |
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MINORITY INTERESTS |
631 |
2,534 |
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Common
stock |
68,258 |
68,258 |
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Additional
paid-in capital |
94,756 |
94,756 |
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Retained
earnings |
6,983 |
5,519 |
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Evaluation
p/l on investments/securities |
4,428 |
1,575 |
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Others |
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(56,783) |
(67,964) |
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Treasury
stock, at cost |
(65) |
(56) |
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TOTAL S/HOLDERS` EQUITY |
117,577 |
102,088 |
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TOTAL EQUITIES |
349,862 |
332,217 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows
from Operating Activities |
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28,237 |
27,586 |
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Cash
Flows from Investment Activities |
-19,120 |
-23,789 |
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Cash
Flows from Financing Activities |
-7,380 |
-8,772 |
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Cash,
Bank Deposits at the Term End |
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24,385 |
21,759 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
117,577 |
102,088 |
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Current
Ratio (%) |
101.77 |
104.13 |
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Net
Worth Ratio (%) |
33.61 |
30.73 |
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Recurring
Profit Ratio (%) |
4.58 |
3.47 |
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Net
Profit Ratio (%) |
1.34 |
1.90 |
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Return
On Equity (%) |
3.62 |
5.47 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)