MIRA
INFORM REPORT
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Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MARUBUN CORPORATION |
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Registered Office : |
8-1 Nihombashi-Ohdenmacho Chuoku Tokyo 103-8577 |
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Country : |
Japan |
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Date of Incorporation : |
Jul 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
semiconductors & electronic-applied equipment |
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 5044.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
MARUBUN CORPORATION
REGD NAME
Marubun KK
MAIN OFFICE
8-1 Nihombashi-Ohdenmacho Chuoku Tokyo 103-8577 JAPAN
Tel : 03-3639-9801
Fax : 03-5644-7693
URL : http://www.marubun.co.jp/
E-Mail address: koho@marubun.co.jp
ACTIVITIES
Import, export, wholesale of semiconductors &
electronic-applied equipment
BRANCHES
Osaka, Nagoya, Saitama, Tachikawa, Fujisawa, Fukuoka, Nagano
OVERSEAS
USA, China, Taiwan
CHIEF EXEC
TAKASHI SATO, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 237,508 M
PAYMENTS REGULAR CAPITAL Yen 6,214 M
TREND STEADY WORTH Yen 33,215 M
STARTED 1947 EMPLOYES 1,154
COMMENT
TRADING HOUSE SPECIALIZING IN SEMICONDUCTORS FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 5,044.7 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is independent specialized trading house of semiconductors
and electronic applied equipment. Time-honored trading house founded in
1844. Deals mainly with Texas
Instruments Inc, Motorola and Seiko Epson, acting as their sales agent. Newly signed sales contract with Altera
Corporation (USA) for importing and marketing their programmable
semiconductors. Experienced in handling products
of foreign mfrs. Ranked 1st
and 3rd in sales of semiconductors among domestic sales agencies for
TI and Motorola. Excels in high-tech
aerospace & laser equipment.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
237,508 million, a 38.9% sharp rise from Yen 170,891 million in the previous
term. Sales rose sharply led by semiconductors
for mobile phone terminals. Sales
growth is also attributed to the addition of Marubun/Arrows Asia Ltd as
consolidated subsidiary. By divisions, Devices up by 53.1% to Yen 201,585
million; Systems was down by 8.5% to Yen 35,923 million, as semiconductor
inspection devices, test equipment and related equipment were slow to
grow. The recurring profit was posted
at Yen 5,050 million and the net profit at Yen 2,674 million, respectively,
compared with Yen 3,520 million recurring profit and Yen 1,820 million net
profit, respectively, a year ago.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 5,300 million and the net profit at Yen 3,000 million, on a
10.3% rise in turnover, to Yen 262,000 million. Semi-conductors for communications equipment & game machines
will grow. Altera’s programmable semiconductors also contributing. Strong
earnings will continue.
(Third quarter results ending Dec/2006): Sales 203,200 million
(up 23.3%), operating profit Yen 4,331 million (up 39.4%9, recurring profit Yen
4,487 million (up 51%), net profit Yen 2,738 million (up 70.7%). (%
compares with the same period last term).
Demand for semiconductors for both 3G cellular phones and wireless
communications devices increased. Sales
also increased of semiconductors for digital home electronics appliances. Imports of Altera Corporation (USA) products
made a good start, with whom distribution agreement entered into last period.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 5,044.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 100
million shares
Issued: 28,051,200
shares
Sum: Yen
6,214 million
Major shareholders (%): Yoshio Horikoshi (12.8), Arrow
Electronics Acct (8.3), Marubun Research Promotion F (8.2), Chiba Public Golf
Course (5.6), Company’s Treasury Stock (4.4), Master Trust Bank of Japan T
(3.9), Japan Trustee Services Bank T (3.4), Kiichi Horikoshi (3.2), Employees’
S/Holding Assn (2.3), Koji Horikoshi (1.9); foreign owners (19.8)
No. of shareholders: 3,834
Listed on the S/Exchange (s) of: Tokyo
Managements: Kiichi Horikoshi, ch; Takashi Sato, pres & CEO;
Akihiko Inamura, v pres; Yoshikazu Kurokawa, v pres; Makoto Goto, v pres;
Yoichi Endo, s/mgn dir; Takashi Nozaki, s/mgn dir; Hiroshi Horiuchi, s/mgn dir;
Yoichi Abe, dir; Toshimichi Konishi, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Marubun Tsusho Co, Marubun Arrow Asia, Marubun Semicon Corp,
Marubun Taiwan Inc, other (Tot 13 as of Mar/06)
OPERATION
Activities: Imports, exports and wholesales semiconductor
devices (85%) & systems (15%). Export 5%, import 95%)
Clients: [Electronics mfrs, wholesalers] Mitsubishi Electric, Sharp Corp, Murata Mfg, Sony EMCS, Toshiba Corp, Kodak Digital Product Center, Matsushita Electric Ind, Oita Canon, Marubun/Arrow Ltd, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Texas Instruments Japan,
Broadcom Asia Distribution Pte, Seiko
Epson, Altera Japan, Marubun Taiwan Inc, Maxim Integrated Products, Phillip Electronics Japan, Freescale Semiconductor
Japan, Produce Co, Ultex Corp, Uni-Hite Co, Thomas Swan Scientific Equipment,
Advanced Infrared Spectroscopy Corp, Apollo Instruments, Newport Corp,
Perkin Elmer Inc, Precision Photonics Corp, Bird Electronic Corp, Time Tech
GmbH, Arrow/Zeus, BET Technologies Inc, Communications & Power Ind, General
Dynamics C4 Systems, Honeywell International, Nanometrics Inc, Vertical
Circuits Inc, Fairfield Sensors Ltd, Systems Engineering & Management Co,
other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
MUFG (Ohdenmacho)
Mizuho Corporate Bank (Nihombashi)
Relations: Satisfactory
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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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237,508 |
170,891 |
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Cost of Sales |
214,400 |
151,673 |
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GROSS PROFIT |
23,108 |
19,218 |
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Selling & Adm Costs |
17,893 |
15,706 |
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OPERATING PROFIT |
5,215 |
3,512 |
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Non-Operating P/L |
-165 |
8 |
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RECURRING PROFIT |
5,050 |
3,520 |
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NET PROFIT |
2,674 |
1,820 |
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BALANCE SHEET |
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Cash |
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8,876 |
6,720 |
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Receivables |
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63,209 |
45,714 |
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Inventory |
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26,537 |
20,246 |
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Securities, Marketable |
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Other Current Assets |
2,457 |
1,934 |
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TOTAL CURRENT ASSETS |
101,079 |
74,614 |
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Property & Equipment |
5,799 |
5,388 |
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Intangibles |
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2,277 |
2,162 |
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Investments, Other Fixed Assets |
8,481 |
9,576 |
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TOTAL ASSETS |
117,636 |
91,740 |
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Payables |
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41,707 |
25,378 |
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Short-Term Bank Loans |
30,635 |
27,610 |
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Other Current Liabs |
4,949 |
4,309 |
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TOTAL CURRENT LIABS |
77,291 |
57,297 |
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Debentures |
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1,000 |
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Long-Term Bank Loans |
2,000 |
2,000 |
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Reserve for Retirement Allw |
1,122 |
1,243 |
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Other Debts |
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666 |
625 |
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TOTAL LIABILITIES |
82,079 |
61,165 |
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MINORITY INTERESTS |
2,340 |
11 |
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Common
stock |
6,214 |
6,214 |
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Additional
paid-in capital |
6,351 |
6,351 |
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Retained
earnings |
20,680 |
18,722 |
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Evaluation
p/l on investments/securities |
971 |
390 |
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Others |
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50 |
(91) |
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Treasury
stock, at cost |
(1,051) |
(1,023) |
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TOTAL S/HOLDERS` EQUITY |
33,215 |
30,563 |
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TOTAL EQUITIES |
117,636 |
91,740 |
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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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284 |
312 |
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Cash Flows
from Investment Activities |
-1,136 |
-217 |
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Cash
Flows from Financing Activities |
1,572 |
693 |
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Cash,
Bank Deposits at the Term End |
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6,406 |
3,974 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
33,215 |
30,563 |
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Current
Ratio (%) |
130.78 |
130.22 |
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Net
Worth Ratio (%) |
28.24 |
33.31 |
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Recurring
Profit Ratio (%) |
2.13 |
2.06 |
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Net
Profit Ratio (%) |
1.13 |
1.07 |
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Return
On Equity (%) |
8.05 |
5.95 |
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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%)