MIRA
INFORM REPORT
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Report Date : |
22.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOJITZ MACHINERY CORPORATION |
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Registered Office : |
3-2-15 Nihombashi-Muromachi Chuoku Tokyo 103-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 2004 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Trading house specializing in machinery |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 596.6 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
SOJITZ MACHINERY CORPORATION
REGD NAME
Sojitz Machinery KK
MAIN OFFICE
3-2-15 Nihombashi-Muromachi Chuoku Tokyo 103-0022 JAPAN
Tel : 03-5204-5600
Fax : 03-5520-2390
URL : http://www.sojitz-mac.com/
E-Mail address: (thru the URL)
* Osaka Branch at: 2-5-8 Imabashi Chuoku Osaka 541-8358, as given.
ACTIVITIES
Trading house specializing in machinery
BRANCHES
Chiba, Osaka, Nagoya, Toyota, Kobe, Saitama
OVERSEAS
Shanghai, Singapore (--subsidiaries), Tianjin, Changchun, Guangzhou
(China) (-- representative offices)
OFFICERS
Kazuo Sekikawa, ch SATOSHI
NAGAKUBO, PRES
Masahiro Miwa, s/mgn dir Ryohei
Hazutani, s/mgn dir
Koji Matsumoto, s/mgn dir Ken’ichi
Fukushima, mgn dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 81,202 M
PAYMENTS REGULAR CAPITAL Yen 1,500 M
TREND STEADY WORTH Yen 3,199 M
STARTED 2004 EMPLOYES 167
COMMENT
TRADING HOUSE SPECIALIZING IN MACHINERY, WHOLLY OWNED BY SOJITZ
CORP. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$1,000,000 / O/A 30 DAYS.
MAX CREDIT LIMIT: YEN 596.6 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/20087 fiscal term
HIGHLIGHTS
The subject company was established on the basis of the integration
of five machinery-related companies: Nichimen Machinery Corporation, Nissho
Iwai Mechatronics Corporation, Nissho Iwai Machinery System Corporation, Nissho
Iwai Chubu Machinery Co Ltd, and the NITEC Corporation (formed in 1989 as a
trading house of steel-making facilities, food machinery, under the then Nissho
Iwai Corporation), with NITEC as surviving company. Due to the merger of Nissho Iwai Corp and Nichimen Corp to form
Sojitz Holdings Corporation in Apr 2004 (later in Oct 2005 renamed to Sojitz
Corp), the subject became 100% owned subsidiary of Sojitz Corporation. This is a trading company specializing in
machinery (see OPERATION).
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
81,202 million, a 4% up from Yen 78,193 million in the previous term. Machinery showed profit growth, driven by
automobile and plants. Weaker Yen also
contributed. The recurring profit was
posted at Yen 1,847 million and the net profit at Yen 1,223 million,
respectively, compared with Yen 1,258 million recurring profit and Yen 1,468
million net losses, respectively, a year ago.
The last term’s net losses included Yen 3,652 million extraordinary
losses, coming from reportedly some NC’s.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 1,900 million and the net profit at Yen 1,250 million,
respectively, on a 7% rise in turnover, to Yen 86,500 million. Machinery exports will continue rising.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 596.6 million, on 30 days normal terms. The proposed amount is considered well
within the firm’s financial capabilities.
REGISTRATION
Date Registered: Apr
2004
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 80,000
shares
Issued: 30,000
shares
Sum: Yen
1,500 million*
*.. Increased the capital in Apr 2005 from the previous Yen 1,000
million.
Major shareholders (%): Sojitz Corp*(100)
* Originally Sojitz Holding Corporation, renamed in Oct 2005 by
merging subsidiary Sojitz Corp and shifted into non-financial company; founded
2003, listed Tokyo, Osaka S/E’s, capital Yen 122,790 million, turnover Yen
5,218,153 million, recurring profit Yen 89,535 million, net profit Yen 58,766
million, total assets Yen 2,619,507 million, net worth Yen 488,586 million,
employees 18,844, pres Yutaka Kase
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Activities: A trading house for import, export and
wholesale of the following items (--100%):
Electronics & Telecommunications Division: semiconductor mfg equipment, disk/liquid crystal unit mfg equip, measuring apparatus, other related equipment & machinery;
General Industrial Machinery Division: grinding machines, press machinery, laser facilities, heat-treatment equipment, recycling unit, other
Specific Industrial Machinery Division: machinery & facilities of industries of auto, food processing, steel mills, chemical plants, home electronics, forestry, other
Commercial, Servicing
Division: security-related equipment, landscaping goods, car parking
facilities, health & sports goods, home electronics appliances, other.
(Sales breakdown for each division are not made available.)
Clients: [Automakers, steel mills, other mfrs] Nippon Steel, Toyota Motor, Teijin Ltd, NEC, Fuji Photo Film, JFE Corp, Sharp Corp, Ricoh Co, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kawasaki Heavy Ind, Murata
Machinery, Shibaura Mechatronics, Toshiba Machinery, Sanyo Electric, Matsushita
Electric Ind, NEC, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Tokyo)
Mizuho Corporate Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCES
(Non-Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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81,202 |
78,193 |
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Cost of Sales |
75,225 |
72,754 |
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GROSS PROFIT |
5,977 |
5,439 |
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Selling & Adm Costs |
4,206 |
4,161 |
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OPERATING PROFIT |
1,771 |
1,278 |
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Non-Operating P/L |
76 |
-20 |
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RECURRING PROFIT |
1,847 |
1,258 |
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NET PROFIT |
1,223 |
-1,468 |
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BALANCE SHEET |
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Cash |
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3,700 |
4,726 |
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Receivables |
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15,678 |
13,818 |
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Inventory |
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1,951 |
1,241 |
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Securities, Marketable |
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Other Current Assets |
11,540 |
6,286 |
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TOTAL CURRENT ASSETS |
32,869 |
26,071 |
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Property & Equipment |
153 |
144 |
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Intangibles |
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8 |
15 |
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Investments, Other Fixed Assets |
584 |
2,120 |
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TOTAL ASSETS |
33,614 |
28,350 |
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Payables |
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16,477 |
14,345 |
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Short-Term Bank Loans |
2,425 |
4,898 |
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Other Current Liabs |
11,396 |
7,101 |
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TOTAL CURRENT LIABS |
30,298 |
26,344 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
24 |
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Other Debts |
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93 |
0 |
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TOTAL LIABILITIES |
30,415 |
26,344 |
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MINORITY INTERESTS |
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Common stock |
1,500 |
1,500 |
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Additional paid-in capital |
833 |
833 |
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Retained earnings |
830 |
(392) |
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Evaluation p/l on
investments/securities |
5 |
66 |
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Others |
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31 |
(1) |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
3,199 |
2,006 |
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TOTAL EQUITIES |
33,614 |
28,350 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
3,199 |
2,006 |
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Current Ratio (%) |
108.49 |
98.96 |
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Net Worth Ratio (%) |
9.52 |
7.08 |
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Recurring Profit Ratio (%) |
2.27 |
1.61 |
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Net Profit Ratio (%) |
1.51 |
-1.88 |
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Return On Equity (%) |
38.23 |
-73.18 |
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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. |
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%)