MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MURAKOSHI MANUFACTURING CORPORATION |
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Registered Office : |
5-6-35 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Oct 1976 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of latches,
hinges, door closers, other hardware |
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 137.4 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MURAKOSHI MANUFACTURING CORPORATION
REGD NAME
KK Murakoshi Seiko
MAIN OFFICE
5-6-35
Tel : 042-384-0330
Fax : 042-385-3187
URL : http://www.murakoshiseikou.com
E-Mail
address: info@murakoshiseikou.com
ACTIVITIES
Mfg of
latches, hinges, door closers, other hardware
BRANCHES
OVERSEAS
Murakoshi
Asia (
FACTORY(IES)
Yamanashi
(3),
OFFICERS
MASAO
MURAKOSHI, PRES Hiroshi
Hirata, s/mgn dir
Eiichi
Harashima, mgn dir Sadakazu
Satoh, dir
Hiroshi
Yoshida, dir Minoru
Watanabe, dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,649 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen 877 M
STARTED 1976 EMPLOYES 137
COMMENT
MFR SPECIALIZING IN LATCHES, JOINTS, HINGES, OTHER HARDWARE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$100,000 / OPEN
A/C 120 DAYS
MAX
CREDIT LIMIT: YEN 137.4 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of wood joints mfg division separated from KK Murakoshi (See REGISTRATION). Masao Murakoshi is concurrently pres at the parent. Specializes in mfg bolts & nuts, latches, hinges, door closers, aluminum frames, folding & sliding door hardware, other. Goods are produced on licensee agreement with European makers. Major clients are house builders, construction firms, other, nationwide.
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 7,649 million, a 7% up from Yen 7,157 million in the previous term. The net profit decreased to Yen 190 million from Yen 308 million a year ago, hurt by rising costs of materials and fuel oil prices. Business continued with steady growth.
For the current term ending Mar 2008 the net profit is projected at Yen 195 million, on a 3% rise in turnover, to Yen 7,850 million. Business is seen rising with steady clients.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 137.4 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capabilities.
REGISTRATION
Date
Registered: Oct 1976
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 720,000 shares
Issued: 180,000 shares
Sum: Yen 90 million
Major shareholders (%): Masao Murakoshi (8), KK Murakoshi*(7),
Yukiko Hikida (6), Keiko Murakoshi (5)
No. of shareholders: 18
*.. KK Murakoshi, mfr of car parts, specialty screws,
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures bolts & nuts, quake-proof latches, slide hinges (--33%), wood door joints, door closers, wood joints (25%), aluminum frames, folding & sliding door hardware, others (--22%), fanning facilities, others (20%).
Clients: [House builders, construction companies] Tostem Corp (10%), Cleanup Corp (9%), Noda Corp (8%), Nichiei Shokai (Hardware) (5%), Matsushita Electric Works, Horie Kanamono, Daiken Corp, other.
Exports
to Murakoshi Asia (
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Naito Seiki Seisakusho, Fujisaki Kinzoku Co, Kinsho Corp, Seiwa Sangyo, MFP, other.
Imports
from Murakoshi Asia (
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Koganei)
Shoko
Chukin Bank (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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7,850 |
7,649 |
7,157 |
6,866 |
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Recur.
Profit |
(*) |
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538 |
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Net
Profit |
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195 |
190 |
308 |
295 |
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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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877 |
732 |
379 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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250.00 |
250.00 |
300.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.63 |
6.87 |
4.24 |
4.35 |
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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 |
2.48 |
2.48 |
4.30 |
4.30 |
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Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 31/03/2008 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. |
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%)