MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MIKUNI SHOKO COMPANY |
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Registered Office : |
Mikuni Bldg, 6-13-11 Sotokanda Chiyodaku Tokyo 101-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Oct 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of aircraft parts & materials, lawn mowers, turf care 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 2163.9 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MIKUNI SHOKO COMPANY
(In-House Company of Mikuni Corp)
REGD NAME
Mikuni Shoko Company of KK Mikuni (In-house company of Mikuni Corp &
not registered)
MAIN OFFICE
Mikuni Bldg, 6-13-11 Sotokanda Chiyodaku Tokyo 101-0021 JAPAN
Tel : 03-3833-7684
Fax : 03-3833-7680
Tokyo Branch: 9-6 Koeicho Kawagoe
Saitama-Pref 350-1117 JAPAN, as given
Tel : 048-244-2348
Fax : 048-241-7989
URL : http://www.mikunishoko.co.jp/ (Parent’s
URL: www.mikuni.co.jp)
E-Mail address: info@mikuni.co.jp
ACTIVITIES
Import, wholesale of aircraft parts & materials, lawn mowers, turf
care equipment
BRANCHES
Sapporo, Nagoya, Hiroshima, Fukuoka, Nasu, Tsukuba, Chiba, other (Tot 8)
CHIEF EXEC
MASAKI IKUTA, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 95,546 M
PAYMENTS REGULAR CAPITAL Yen 2,215 M
TREND STEADY WORTH Yen 26,601 M
STARTED 1948 EMPLOYES 5,356
COMMENT
TRADING DIVISION OF MIKUNI CORP (IN-HOUSE COMPANY SYSTEM)
SPECIALIZING IN IMPORT AND WHOLESALE OF LAWN MOWERS, AIRCRAFT PARTS &
MATERIALS. FINANCIAL SITUATION CONSIDEREFD FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,163.9 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established originally in 1961 as a wholly-owned trading company by Mikuni Corp, independent carburetor mfr at the caption address, Tokyo, for import, export and wholesale of lawn mowers, turf care equipment, aircraft parts & materials. On 01/10/2003 the firm was absorbed into the parent to become its in-house company engaged in import and wholesale of these goods. Then the export division was transferred to the parent and group firms. By the merger Mikuni Corp succeeded all assets & liabilities of Mikuni Shoko Corporation: reported total assets Yen 9,600 million, total liabilities Yen 7,983 million, thus net assets of Yen 1,616 million. The subject, as a division in Mikuni Corp, imports and wholesales lawn mowers for golf courses, aerospace parts & components, others. All financials and management information are related to the parent, Mikuni Corp, unless otherwise stated.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 95,546 million, an 11.4% up from Yen 85,777 76,689 million in the previous term. Mainline parts for motorcycles and 4-wheelers remained steady. Import Div (Mikuni Shoko Co), accounting for 22% of total sales, leaped 26.7% to Yen 20,846 million, helped by increasing new demand for aircraft parts & components by the recovery of aircraft industry. Golf carts & turf-care equipment & machinery also contributed. The recurring profit was posted at Yen 2,917 million and the net profit at Yen 1,383 million, respectively, compared with Yen 4,380 million recurring profit and Yen 2,228 million net profit, respectively, a year ago. The firm wrote off Yen 386 million as extraordinary losses for compensation expenses for products previously delivered.
(Apr/Sept/2007 results): Sales Yen 48,807 million (up 7.8%), operating profit Yen 1,255 million (down 25.3%), recurring profit Yen 1,342 million (down 13.3%), net profit Yen 650 million (down 26.1%). (% compared with the same period a year ago). Higher aluminum & copper prices, increased capital spending and depreciation ate into profits. The import division (Mikuni Shoko Co) leaped 17.0% to Yen 12,476 million, thanks to rising demand for turf-care equipment and aircraft parts & components.
For the term just ended Mar 2008 the recurring profit was
projected at Yen 3,000 million and the net profit at Yen 1,700 million,
respectively, on an almost similar turnover, to Yen 96,000 million. Sales of imported aircraft parts may
decrease slightly after sharp growth the previous term, but remaining at high
level. Mainline parts for motorcycles
and 4-wheelers will remain steady.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 2,163.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct
1948
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 110
million shares
Issued: 34,049,423
shares
Sum: Yen
2,215 million
Major shareholders (%): Aioi Ins (5.5), Masaki Ikuta (5.0), Bank of Yokohama (4.9), Resona Bank (4.9), Mikuni
Sogyo
(3.5), MUFG (3.3), Suzuki Motor (2.9), Credietbank (Lux) Bourgeois Ins
(2.8),
Tokio
Marine & Nichido Fire Ins (2.8), Japan Trustee Services T (2.6); foreign
owners
(7.5)
No. of shareholders: 3,232
Listed on the S/Exchange (s) of: Tokyo (Second Section)
Managements: Masaki Ikuta, pres & CEO; Hisataka Ikuta, dir; Hiroshi Yamanaka, dir; Takeshi
Umebayashi, dir; Junnosuke Sakura, dir; Masanobu Kawabata, dir; Masahiro Hayashida,
dir;
Toshiro Asai, Eiichi Sakurai, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies
Mikuni America, Mikuni Thailand, other
OPERATION
Activities: (Of the subject in-house firm) Imports and
wholesales lawn mowers, turf care equipment, golf carts, aircraft parts,
equipment & peripheral supplies (--100%), accounting for 22% of total group
sales.
Clients: [Government agencies, heavy machinery mfrs, wholesalers] Mikuni Corp, Defense Agency, Ishikawajima-Harima Heavy Ind, Mitsubishi heavy Ind, Suzuki Motor, Yamaha Corp, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Textron, Turfco, Wiedenmann,
National Mower, Jacobsen, Alfab Inc, Aluminus Precision Inc, Planet Air, DeVore
Aviation Corp, PCC Airfoils, Transtar Metals, Hitco Carbon Components, other
from USA, Europe, Asia, etc. Also
supplied from Yamaha Corp (golf carts), and some other domestic suppliers.
Payment record: Regular
Location
Business area in Tokyo.
Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Resona Bank (Ohtemachi)
Bank of Yokohama (Tokyo)
Relations: Satisfactory
Finances
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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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95,546 |
85,777 |
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Cost of Sales |
82,093 |
71,532 |
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GROSS PROFIT |
13,452 |
14,244 |
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Selling & Adm Costs |
10,459 |
10,253 |
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OPERATING PROFIT |
2,992 |
3,990 |
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Non-Operating P/L |
-75 |
390 |
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RECURRING PROFIT |
2,917 |
4,380 |
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NET PROFIT |
1,383 |
2,228 |
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BALANCE SHEET |
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Cash |
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2,529 |
2,404 |
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Receivables |
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20,640 |
17,941 |
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Inventory |
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11,071 |
10,207 |
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Securities, Marketable |
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Other Current Assets |
3,187 |
3,278 |
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TOTAL CURRENT ASSETS |
37,427 |
33,830 |
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Property & Equipment |
35,563 |
33,209 |
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Intangibles |
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849 |
1,014 |
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Investments, Other Fixed Assets |
10,258 |
10,579 |
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TOTAL ASSETS |
84,097 |
78,632 |
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Payables |
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13,286 |
13,063 |
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Short-Term Bank Loans |
20,655 |
15,201 |
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Other Current Liabs |
10,887 |
10,741 |
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TOTAL CURRENT LIABS |
44,828 |
39,005 |
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Debentures |
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Long-Term Bank Loans |
4,161 |
5,900 |
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Reserve for Retirement Allw |
4,413 |
4,529 |
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Other Debts |
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4,094 |
4,216 |
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TOTAL LIABILITIES |
57,496 |
53,650 |
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MINORITY INTERESTS |
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1,738 |
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Common
stock |
2,215 |
2,215 |
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Additional
paid-in capital |
1,700 |
1,700 |
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Retained
earnings |
13,425 |
12,513 |
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Evaluation
p/l on investments/securities |
7,539 |
2,329 |
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Others |
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1,755 |
4,512 |
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Treasury
stock, at cost |
(33) |
(27) |
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TOTAL S/HOLDERS` EQUITY |
26,601 |
23,242 |
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TOTAL EQUITIES |
84,097 |
78,632 |
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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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2,911 |
4,862 |
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Cash
Flows from Investment Activities |
-5,292 |
-3,529 |
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Cash
Flows from Financing Activities |
2,459 |
-2,944 |
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Cash,
Bank Deposits at the Term End |
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2,516 |
2,390 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
26,601 |
23,242 |
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Current
Ratio (%) |
83.49 |
86.73 |
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Net
Worth Ratio (%) |
31.63 |
29.56 |
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Recurring
Profit Ratio (%) |
3.05 |
5.11 |
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Net
Profit Ratio (%) |
1.45 |
2.60 |
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Return
On Equity (%) |
5.20 |
9.59 |
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------------------- End of the Report
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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. |
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%)