MIRA
INFORM REPORT
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Report Date : |
04.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MORIMOTO MFG CO LTD |
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Registered Office : |
180 |
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Country : |
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Financials (as on) : |
31.07.2006 |
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Date of Incorporation : |
Aug 1958 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing, export of
industrial sewing machines |
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 73.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
MORIMOTO MFG CO LTD (MORITOMO IS WRONGLY SPELLED)
REGD NAME
KK Morimoto
Seisakusho
MAIN OFFICE
180 Suna
Shijonawate City Osaka-Pref 575-0001
Tel : 072-878-1177
Fax : 072-878-9649
URL : http://www.knsai-special.com
E-Mail
address: sales@kansai-special.com
ACTIVITIES
Mfg,
export of industrial sewing machines
BRANCHES
OVERSEAS
New Jersey (USA), Düsseldorf (
FACTORY(IES)
At the
caption address, Ujitawara (
OFFICERS
TSUTOMU
MORIMOTO, PRES
Ikuyo
Morimoto, dir
Yoshihide
Morimoto, dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,003 M
PAYMENTS REGULAR CAPITAL Yen 55 M
TREND STEADY WORTH Yen
580 M
STARTED 1958 EMPLOYES 170
COMMENT
MFR SPECIALIZING IN INDUSTRIAL SEWING MACHINES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 73.5 MILLION, 30 DAYS
HIGHLIGHTS
The subject company was established originally in 1927 by
Narajiro Morimoto, as Morimoto Iron Works, for mfg machine spare parts. Incorporated
in 1958, renamed as captioned and started producing industrial sewing
machines. Tsutomu Morimoto assumed the
post of pres in Sept 1971. Products are branded “KANSAI SPECIAL” and exported
to
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Jul/2006 fiscal term amounted to Yen 4,003 million, a 19% up from Yen 3,361 million in the previous term. Exports were robust. The net profit was posted at Yen 50 million, up from Yen 30 million a year ago.
For the current term ending Jul 2007 the net profit is projected at Yen 53 million, on a 5% rise in turnover, to Yen 4,200 million. Weaker Yen against foreign currencies will contribute to sales growth in Yen terms.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 73.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1958
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 300,000 shares
Issued: 83,980 shares
Sum: Yen 55 million
Major shareholders (%): Tsutomu Morimoto (60), Osaka Small & Medium Business Promotion & Investment (24),
other
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures industrial sewing machines branded “KANSAI SPECIAL” (100%)
(Product lineup):
Double
chain stitch machines; multi needle, double chain stitch machines;
Cover
stitch machines; Double chain stitch decorative machines;
Overlock,
interlock machines, all branded “KANSAI SPECIAL”.
Goods
are exported over 80 countries worldwide.
Clients: [Mfrs, wholesalers] Exports to
Domestically
supplied to Ogawa Machine KK, etc.
No. of
accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kansai Seiki, Nissin Mfg, Tochidensha, Dainintec Co, Nakanippon Casting Co, Maruoka Kinzoku, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(Konoike-Shinden)
Kinki
Osaka Bank (Shijonawate)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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31/07/2007 |
31/07/2006 |
31/07/2005 |
31/07/2004 |
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Annual
Sales |
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4,200 |
4,003 |
3,361 |
3,302 |
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Recur.
Profit |
(*) |
.. |
.. |
61 |
102 |
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Net
Profit |
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53 |
50 |
30 |
92 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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580 |
530 |
438 |
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Capital,
Paid-Up |
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55 |
55 |
55 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.92 |
19.10 |
1.79 |
-16.41 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
1.26 |
1.25 |
0.89 |
2.79 |
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Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 31/07/2007 fiscal term.
(*) Pretax
profits disclosed from the Taxation Office.
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%)