MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MORITANI & CO Ltd |
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Registered Office : |
1-4-22 Yaesu Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jan 1918 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial machinery, electronic equipment, construction materials, measuring instruments, others |
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 3826.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
MORITANI & CO Ltd
REGD NAME
KK Moritani Shokai
MAIN OFFICE
1-4-22 Yaesu
Chiyodaku
Tel : 03-3278-6202
Fax : 03-3278-8090
URL : http://www.moritani.co.jp
E-Mail
address: info@moritani.co.jp
ACTIVITIES
Import, export, wholesale of industrial machinery, electronic equipment, construction materials, measuring instruments, others
BRANCHES
OVERSEAS
(Subsidiaries): Moritani Taiwan Co Ltd (Taipei, Kaohsiung);
Moritani America Inc (USA); Moritani GmbH (Germany); Moritani Shanghai Co; Moritani
& Co (Singapore)
OFFICERS
SHOHEI
MORIYA, PRES Nobuya
Hotta, s/mgn dir
Norio
Sakaguchi, dir Eisuke
Yoshida, dir
Hiroshi
Katoh, dir Nobuya
Kasuga, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 121,422 M
PAYMENTS REGULAR CAPITAL Yen 810 M
TREND STEADY WORTH Yen
42,808 M
STARTED 1918 EMPLOYES 759
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 3,826.8 MILLION, 30 DAYS NORMAL TERMS.
Notes: Estimated figures
for the 31/03/2008 fiscal term.
HIGHLIGHTS
This an old-established trading firm dating back to 1901 when Gohei Moritani started the firm, on his account, for trading industrial tools and supplies, and has since been succeeded by his descendants. A trading house specializing in industrial machinery, building & construction materials, electronic facilities, measuring and testing instruments, and other industrial machinery & equipment. Goods are both imported and exported through it’s overseas offices worldwide (6 locations over 5 countries). Domestic clients include major electric powers, heavy machinery mfrs, steel mills, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 121,422 million, a 5% up from Yen 115,336 million in the previous term. Exports of industrial machinery rose. Weaker Yen also contributed. The recurring profit was posted at Yen 3,622 million and the net profit at Yen 2,193 million, respectively, compared with Yen 3,095 million recurring profit and Yen 1,876 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected at Yen 3,700 million and the net profit at Yen 2,200 million, respectively, on a 5% rise in turnover, to Yen 127,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3,826.8 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jan 1918
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 11,834,865 shares
Issued: 11,540,353 shares
Sum: Yen 810 million
Major shareholders (%): Moritani Ikueikai Foundation (46.8), MUFG (4.9), SMBC (4.9), Meidensha Corp (3.5),
Bank
of
No. of shareholders: 283
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales industrial machinery (18%), electric & electronics machinery & equipment (--46%), building & construction equipment (--17%), environmental maintenance & protective equipment (--10%), measuring & inspection instruments, others (--9%), exports (12%). (Breakdowns are all about)
(Handling items):
Industrial Equipment: excavating equipment, crushers, graders, concrete & asphalt plants, tunnel boring machines; refrigerators, freezers, air conditioners, air cleaners; parking systems, automated warehouses, cranes, hoists, conveyors, elevators, forklift trucks; internal combustion engines, superchargers, turbines, boilers, wind & hydro-power utilization, hydraulic machinery; heat exchangers, evaporators, gas absorbers, dryers, filters, centrifuges, dust collectors, agitators, mixers; automatic assembly machines, robots, packaging machines; rolling mills, drawing machines, presses, extruders, laser beam machining; control valves, general purpose valves, gears, flanges;
Electric/Electronics Equipment: generators, motors, dynamometers; transformers, resisters, arresters, reactors, condensers, converters, circuit breakers, switchboards, control centers, automatic controls; batteries, power supplies, ultrasonic devices, high frequency hearing equipment, radio isotope appliances;
Inspection/Measuring Equipment: volumeters, measuring instruments, testers, analytical instruments. Environmental detection & analyses;
Transport Equipment: passenger
cars, commercial vehicles, trailer trucks, motor boats;
Environmental Equipment: waste water treatment equipment (screens, separators, oxidation-reduction equipment, biochemical process equipment, tertiary waste water treatment); Waste disposal/others (incinerators, crushing plants, silencers, noise & vibration controls);
Iron & Steel/Metals: steel
products, wire ropes, cables;
Living Equipment: air conditioners, housing supplies, clothing, food, swimming pools, leisure goods, other.
Clients: [Electric powers, heavy machinery mfrs, other mfrs] Tokyo Electric Power, Kansai Electric Power, Nippon Steel, Mitsubishi heavy Ind, Meidensha Corp, DMW Corp, Ishikawajima-Harima Heavy Ind, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Meidensha Corp, Daikin Ind, Ishikawajima-Harima Heavy Ind, Toshiba Corp, Ube Ind, Nippon Fisher, DMW Corp, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(Nihombashi)
SMBC
(Tokyo-Chuo)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (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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121,422 |
115,336 |
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Cost of Sales |
107,733 |
101,839 |
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GROSS PROFIT |
13,689 |
13,292 |
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Selling & Adm Costs |
10,932 |
10,923 |
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OPERATING PROFIT |
2,756 |
2,368 |
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Non-Operating P/L |
866 |
727 |
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RECURRING PROFIT |
3,622 |
3,095 |
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NET PROFIT |
2,193 |
1,876 |
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BALANCE SHEET |
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Cash |
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21,364 |
21,617 |
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Receivables |
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46,980 |
46,260 |
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Inventory |
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1,317 |
1,138 |
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Securities, Marketable |
200 |
600 |
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Other Current Assets |
3,833 |
3,934 |
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TOTAL CURRENT ASSETS |
73,694 |
73,549 |
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Property & Equipment |
6,712 |
6,377 |
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Intangibles |
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285 |
271 |
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Investments, Other Fixed Assets |
19,738 |
18,497 |
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TOTAL ASSETS |
100,429 |
98,694 |
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Payables |
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40,703 |
40,216 |
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Short-Term Bank Loans |
1,664 |
1,614 |
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Other Current Liabs |
7,407 |
7,775 |
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TOTAL CURRENT LIABS |
49,774 |
49,605 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
5,285 |
5,586 |
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Other Debts |
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2,562 |
2,689 |
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TOTAL LIABILITIES |
57,621 |
57,880 |
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MINORITY INTERESTS |
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1,881 |
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Common
stock |
810 |
810 |
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Additional
paid-in capital |
26 |
26 |
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Retained
earnings |
34,779 |
33,189 |
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Evaluation
p/l on investments/securities |
5,216 |
5,072 |
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Others |
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2,053 |
45 |
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Treasury
stock, at cost |
(76) |
(210) |
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TOTAL S/HOLDERS` EQUITY |
42,808 |
38,932 |
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TOTAL EQUITIES |
100,429 |
98,694 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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919 |
2,692 |
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Cash
Flows from Investment Activities |
-1,462 |
3,019 |
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Cash
Flows from Financing Activities |
-326 |
-659 |
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Cash,
Bank Deposits at the Term End |
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19,808 |
20,672 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
42,808 |
38,932 |
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Current
Ratio (%) |
148.06 |
148.27 |
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Net
Worth Ratio (%) |
42.63 |
39.45 |
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Recurring
Profit Ratio (%) |
2.98 |
2.68 |
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Net
Profit Ratio (%) |
1.81 |
1.63 |
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Return
On Equity (%) |
5.12 |
4.82 |
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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%)