MIRA
INFORM REPORT
|
Report Date : |
19th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
MURATA
MACHINERY LIMITED |
|
|
|
|
Registered Office : |
136 Takeda-Mukaishirocho Fushimiku Kyoto 612-8686
JAPAN |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
December
1938 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturing of textile machinery, communication equipment,
machine tools automated Systems. |
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 4,342.5 MILLION |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
Company Name
MURATA
MACHINERY LTD
REGD NAME
Murata
Kikai KK
MAIN OFFICE
136
Takeda-Mukaishirocho Fushimiku Kyoto 612-8686 JAPAN
Tel : 075-672-8130
Fax : 075-672-8691
*.. The
given address is its Inuyama Factory at: 2 Nakajima Hashizume
Inuyama
City Aichi-Pref, as given.
URL : http://www.muratec.net.jp/
E-Mail address : (thru the
URL)
ACTIVITIES
Mfg of textile machinery, communication equipment, machine tools,
automated systems
BRANCHES
Tokyo, Osaka, Nagoya, Yokohama, Fukuoka
FACTORY(IES)
Inuyama (as given), Kaga, Ryuoh, Oita, Gifu
OVERSEAS
Shanghai, Taipei, Hsin-Chu, Singapore, Salt Lake City, Charlotte (--subsidiaries)
OFFICERS
Jun’ichi Murata, ch DAISUKE
MURATA, PRES
Noboru Shindoh, s/mgn dir Yosuke
Murata, s/mgn dir
Takao Hayashi, mgn dir Masakazu
Yamamoto, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 135,111 M
PAYMENTS REGULAR CAPITAL Yen 900 M
TREND STEADY WORTH Yen 90,129 M
STARTED 1938 EMPLOYES 1,700
COMMENT
MFR SPECIALIZING IN TEXTILE MACHINERY AND OTHER INDUSTRIAL
MACHINERY. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,342.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/05/2007 fiscal term
HIGHLIGHTS
The subject company was established by a certain Murata for mfg textile machinery and has been succeeded by his descendants. The firm has since diversified operations into communications equipment, logistics & automated systems, machine tools, etc, in addition to textile machinery, which still remains as the main pillar. Focusing on FA/OA equipment and systems. Also aggressive to advance into overseas markets, with exports accounting for 60% of total sales.
FINANCIAL INFORMATION
The sales volume for May/2006
fiscal term amounted to Yen 135,111 million, a 17% hike from Yen 115,782 million
in the previous term. While
communication equipment stalled, textile machines, machine tools and automated
systems surged supported by robust demand for exports. Weaker Yen also contributed to the sales
growth in Yen terms. The profits
surged: Recurring profit at Yen 14,361 million and net profit at Yen 7,968
million, respectively, compared with Yen 8,273 million recurring profit and Yen
5,068 million net profit, respectively, a year ago.
For the current term ending May
2007 the recurring profit is projected at Yen 14,000 million and the net profit
at Yen 7,900 million, respectively, on an 11% rise in turnover, to Yen 150,000
million. Sales are expected to continue
growing, while the profits may deteriorate due to heavy R&D costs outlays,
according to the firm.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,342.5
million, on 30 days normal terms.
REGISTRATION
Date Registered : Dec 1938
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
18 million shares
Issued :
13,820,000 shares
Sum :
Yen 900 million
Major shareholders (%)
Murata
KK*(39.7), Murata Kosan KK*(15.2), Jun’ichi Murata (13.9), Daisuke Murata (4.4), Yosuke Murata (4)
No. of shareholders
23
*.. Group subsidiaries
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
Textile Machinery (24%): spinning frames, auto winders, electric dobbins;
Communication Equipment (16%): digital multifunctional products, laser & thermal Fax machines;
Logistics & Automation
Equipment Systems (38%): systems for medical supplies,
apparel, beverages, foodstuffs, sporting, data management, others;
Machine Tools (21%): tuning machines, sheet metal fabricating machines, lathes;
Hydraulic riveting machines, magnetic induction sensors, others (--1%).
Export 60%.
Clients
[Mfrs, wholesalers] Itochu Tekmatecs, Toppoley Optoelectronics Corp, Fuji Xerox, Toyota Tsusho Corp, Toyo Seikan, TMT Machinery, Hannstar Display Corp, Innolux Display Corp, Inotera Memories Inc, Hyundai Elevator, MC Machinetech, other.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Fanuc Ltd, Konica Minolta Business Technologies, Fuji Xerox, Tokai
EC, SMC, other.
Payment record
Regular
Location
Business area in Kyoto.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (Kyoto-Chuo)
SMBC (Kyoto-Chuo)
Relations: Satisfactory
FINANCES
(Non-Consolidated in million yen)
|
|
|
Terms
Ending: |
31/05/2006 |
31/05/2005 |
|||||||
|
INCOME
STATEMENT |
|
|
|||||||||
|
Annual
Sales |
|
135,111 |
115,782 |
|
|||||||
|
Cost
of Sales |
101,474 |
87,948 |
|
||||||||
|
GROSS
PROFIT |
33,637 |
27,834 |
|
||||||||
|
Selling
& Adm Costs |
24,105 |
21,919 |
|
||||||||
|
OPERATING
PROFIT |
9,532 |
5,915 |
|
||||||||
|
Non-Operating
P/L |
4,829 |
2,358 |
|
||||||||
|
RECURRING
PROFIT |
14,361 |
8,273 |
|
||||||||
|
NET
PROFIT |
7,968 |
5,068 |
|
||||||||
|
BALANCE
SHEET |
|
|
|
||||||||
|
Cash |
|
41,708 |
37,552 |
|
|||||||
|
Receivables |
|
39,858 |
36,461 |
|
|||||||
|
Inventory |
|
25,464 |
27,086 |
|
|||||||
|
Securities,
Marketable |
759 |
866 |
|
||||||||
|
Other
Current Assets |
13,046 |
11,968 |
|
||||||||
|
TOTAL
CURRENT ASSETS |
120,835 |
113,933 |
|
||||||||
|
Property
& Equipment |
20,162 |
18,981 |
|
||||||||
|
Intangibles |
|
1,453 |
1,401 |
|
|||||||
|
Investments,
Other Fixed Assets |
33,058 |
31,185 |
|
||||||||
|
TOTAL
ASSETS |
175,508 |
165,500 |
|
||||||||
|
Payables |
|
35,787 |
31,454 |
|
|||||||
|
Short-Term
Bank Loans |
13,540 |
17,340 |
|
||||||||
|
|
|
|
|
|
|||||||
|
Other
Current Liabs |
22,049 |
23,444 |
|
||||||||
|
TOTAL
CURRENT LIABS |
71,376 |
72,238 |
|
||||||||
|
Debentures |
|
|
|
|
|||||||
|
Long-Term
Bank Loans |
3,502 |
2,502 |
|
||||||||
|
Reserve
for Retirement Allw |
878 |
612 |
|
||||||||
|
Other
Debts |
|
3,879 |
3,572 |
|
|||||||
|
TOTAL
LIABILITIES |
79,635 |
78,924 |
|
||||||||
|
MINORITY
INTERESTS |
|
|
|
||||||||
|
Common
stock |
900 |
900 |
|
||||||||
|
Additional
paid-in capital |
442 |
442 |
|
||||||||
|
Retained
earnings |
88,787 |
81,031 |
|
||||||||
|
Evaluation
p/l on investments/securities |
5,745 |
4,203 |
|
||||||||
|
Others |
|
(5,745) |
(4,203) |
|
|||||||
|
Treasury
stock, at cost |
|
|
|
||||||||
|
TOTAL
S/HOLDERS` EQUITY |
90,129 |
82,373 |
|
||||||||
|
TOTAL
EQUITIES |
175,508 |
165,500 |
|
||||||||
|
ANALYTICAL RATIOS Terms
ending: |
31/05/2006 |
31/05/2005 |
|||||||||
|
Net
Worth (S/Holders' Equity) |
90,129 |
82,373 |
|
||||||||
|
Current
Ratio (%) |
169.29 |
157.72 |
|
||||||||
|
Net
Worth Ratio (%) |
51.35 |
49.77 |
|
||||||||
|
Recurring
Profit Ratio (%) |
10.63 |
7.15 |
|
||||||||
|
Net
Profit Ratio (%) |
5.90 |
4.38 |
|
||||||||
|
Return
On Equity (%) |
8.84 |
6.15 |
|
||||||||
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|