MIRA
INFORM REPORT
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Report Date : |
1st March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
KOMORI CORPORATION |
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Registered Office : |
3-11-1 Azumabashi Sumidaku Tokyo
130-8666, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
December 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures offset printing 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 5,127.3 Million |
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Status : |
Fair |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
KOMORI CORPORATION
REGD NAME
KK Komori Corporation
MAIN OFFICE
3-11-1 Azumabashi Sumidaku Tokyo
130-8666 JAPAN
Tel :
03-5608-7811
Fax : 03-3624-7160
URL : http://www.komori.com/
E-Mail address :
info@komori.com
ACTIVITIES
Mfg of offset printing machines
BRANCHES
Osaka, Nagoya, Fukuoka, Shizuoka, Sendai, Hiroshima, other
(Tot 18)
OVERSEAS
USA (2), Europe (4), China (3), Taiwan (--subsidiaries)
FACTORY(IES)
Tsukuba, Noda
CHIEF EXEC
YOSHIHARU KOMORI, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 126,863 M
PAYMENTS REGULAR CAPITAL Yen 37,714 M
TREND STEADY WORTH Yen 150,597 M
STARTED 1946 EMPLOYES 2,320
COMMENT
MFR SPECIALIZING IN OFFSET PRINTING MACHINES. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 5,127.3 MILLION, 30 DAYS NORMAL
TERMS..
Forecast (or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is the largest mfr of offset printing machines founded
originally in 1923 as lithographic printing machinery mfr. The only producer of printing equipment for
domestic currency. Overseas sales ratio is high with marketing-maintenance
service subs in USA, Europe, Asia, etc. Highly competitive in sheet-fed offset
presses, computerized equipment and money printing machines. Clients include
Ministry of Finance, printing houses, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
126,863 million, a 13.5% up from Yen 111,822 million in the previous term. Orders received increased 14.3% to Yen
136,909 million, on the back of robust capital expenditure & investment,
replacing aging equipment. Overseas demand was robust showing 12.9% rise to Yen
81,103 million, representing 63.9% of total sales. Demand in China stalled. The
recurring profit was posted at Yen 12,362 million and the net profit at Yen
7,875 million, respectively, compared with Yen 9,783 million recurring profit
and Yen 6,282 million net profit, respectively, a year ago.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 17,500 million and the net profit at Yen 7,900 million, on a
7.2% rise in turnover, to Yen 136,000 million.
Sales continue growth with filling of ample order backlog. Full scale operation at Tsukuba will
contribute. Profits will improve.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 5,127.3
million, on 30 days normal terms.
REGISTRATION
Date Registered : Dec
1946
Legal Status :
Limited Company (Kabushiki Kaisha)
Issued :
72,092 K shares
Sum :
Yen 37,714 million
Major shareholders (%)
Master Trust Bank of Japan T (8.0), Japan Trustee Services
Bank T (4.7), State Street Bank & Trust (4.4), Komori Estate (3.6),
Company’s Treasury Stock (3.6), Meiji Yasuda Life Ins (3.5), Mizuho Corporate
Bank (2.7), YK Ades Co (2.7), Noriko Komori (2.7), Japan Trustee Services Bank
T4 (2.5); foreign owners (26.0)
No. of shareholders: 2,417
Listed on the S/Exchange (s) of
Tokyo, Osaka
Managements
Yoshiharu Komori, pres; Hiroshi Sasaki, mgn dir; Isao
Mochida, mgn dir; Kazu Kunitomo, mgn
dir; Hidetaka Okuno, dir; Takehiro Inomata, dir; Masataka Ono, dir; Kunihiro
Inagaki, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Komori Machinery, Komori Electronics, others (Tot 16 as of
Mar/06)
OPERATION
Activities: Manufactures offset printing machines (86%):
commercial offset presses offset web
presses, currency & securities offset presses, web offset packaging
presses, printing equipment; others (14%). Overseas sales ratio 63.9%: Americas
(22.6%), Europe (22.4%), Asia (13.4%), others (5.5%)
Clients
[Printing houses, wholesalers] National Printing Center,
Ministry of Finance, Dainippon Printing, Toppan Printing, Kyodo Printing,
other.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Komori Machinery, Komori Electronics,
Gunze, other.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Corporate Bank (Nihombashi)
MUFG (Ginza)
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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126,863 |
111,822 |
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Cost of Sales |
84,558 |
75,644 |
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GROSS PROFIT |
42,305 |
36,178 |
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Selling & Adm Costs |
32,331 |
27,129 |
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OPERATING PROFIT |
9,974 |
9,049 |
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Non-Operating P/L |
2,388 |
734 |
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RECURRING PROFIT |
12,362 |
9,783 |
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NET PROFIT |
7,875 |
6,282 |
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BALANCE SHEET |
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Cash |
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30,186 |
47,913 |
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Receivables |
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58,734 |
54,797 |
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Inventory |
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37,121 |
35,084 |
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Securities, Marketable |
73 |
312 |
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Other Current Assets |
8,448 |
5,698 |
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TOTAL CURRENT ASSETS |
134,562 |
143,804 |
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Property & Equipment |
35,881 |
33,974 |
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Intangibles |
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838 |
1,442 |
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Investments, Other Fixed Assets |
35,686 |
32,125 |
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TOTAL ASSETS |
206,967 |
211,345 |
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Payables |
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28,561 |
25,006 |
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Short-Term Bank Loans |
1,525 |
1,806 |
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Other Current Liabs |
21,246 |
36,767 |
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TOTAL CURRENT LIABS |
51,332 |
63,579 |
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Debentures |
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Long-Term Bank Loans |
491 |
1,360 |
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Reserve for Retirement Allw |
1,431 |
544 |
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Other Debts |
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3,116 |
1,637 |
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TOTAL LIABILITIES |
56,370 |
67,120 |
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MINORITY INTERESTS |
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Common
stock |
37,714 |
37,714 |
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Additional
paid-in capital |
37,871 |
37,797 |
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Retained
earnings |
75,384 |
73,057 |
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Evaluation
p/l on investments/securities |
4,519 |
2,262 |
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Others |
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(674) |
(515) |
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Treasury
stock, at cost |
(4,217) |
(6,091) |
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TOTAL S/HOLDERS` EQUITY |
150,597 |
144,224 |
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TOTAL EQUITIES |
206,967 |
211,345 |
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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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10,084 |
9,962 |
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Cash Flows
from Investment Activities |
-2,103 |
3,196 |
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Cash
Flows from Financing Activities |
-25,125 |
-10,196 |
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Cash,
Bank Deposits at the Term End |
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28,916 |
45,509 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
150,597 |
144,224 |
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Current
Ratio (%) |
262.14 |
226.18 |
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Net
Worth Ratio (%) |
72.76 |
68.24 |
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Recurring
Profit Ratio (%) |
9.74 |
8.75 |
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Net
Profit Ratio (%) |
6.21 |
5.62 |
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Return
On Equity (%) |
5.23 |
4.36 |
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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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions