MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MAX CO LTD |
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Registered Office : |
6-6 Nihombashi-Hakozakicho Chuoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Nov 1942 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of staplers, air
nailers |
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 2629.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MAX CO LTD
REGD NAME
Max KK
MAIN OFFICE
6-6
Nihombashi-Hakozakicho Chuoku Tokyo 103-8502
Tel : 03-3669-0311
Fax : 03-5695-7915
URL : http://www.max-ltd.co.jp/
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
staplers, air nailers
BRANCHES
FACTORY(IES)
Gunma
(2)
OVERSEAS
CHIEF EXEC
TAKASHI
MIIDA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 65,101 M
PAYMENTS REGULAR CAPITAL Yen 12,367 M
TREND STEADY WORTH Yen
64,226 M
STARTED 1942 EMPLOYES 1,593
COMMENT
MFR SPECIALIZING IN STAPLERS & AIR NAILERS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 2,629.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established originally as a maker of
parts for aircraft wings, and after the end of World War II shifted its
operations to production of staplers and other office metal equipment. Strengthening operations for automatic
staplers & steel beam binding machines for construction industries. Also stressing industrial fastening equipment
and housing products including bathroom dryers.
In 2006, opened subsidiary in
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 65,101 million, a 9.5% up from Yen 59,472 million in the previous term. Higher overseas sales of construction-related equipment and improved profitability at its housing product division contributed. By divisions, Office Equipment Div up 11.8% to Yen 41,645 million; Industrial Equipment Div up 11.8% to Yen 41,645 million. Overseas, sales of gas framing nailers and gas nailers as well as high-pressure nailers and air compressors all increased, buoyed by brisk European economy and Yen weakness. Additionally, sales of concrete rebar tying tools were brisk. The recurring profit was posted at Yen 7,541 million and the net profit at Yen 4,472 million, respectively, compared with Yen 5,894 million recurring profit and Yen 3,565 million net profit, respectively, a year ago.
(Apr/June/2007 quarterly results): Sales Yen 15,501 million (up
3.3%), operating profit Yen 1,712 million, recurring profit Yen 1,889 million
(up 11.8%), net profit Yen 1,110 million (up 5.2%). (% compared with the same period
last year). Office equipment grew
steadily led by new products. Housing
environmental equipment continued growth.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 7,900 million and the net profit at Yen 4,800 million,
respectively, on a 7.5% rise in turnover, to Yen 70,000 million. Smoke alarms will continue growing. Bathroom dryers production in
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 2,629.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Nov 1942
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 145,983,000 shares
Issued: 54,761,626 shares
Sum: Yen 12,367 million
Major shareholders (%): Dai-ichi Life Ins (8.5), Nippon Life Ins (8.0), Japan Trustee Services Bank, T (7.0),
Company’s Treasury Stock (5.9), Customers’ S/Holding Assn (4.7), Master Trust Bank of
Japan T (4.3), Mizuho Bank (4.2), Gunma Bank (3.8), Meiji Yasuda Life Ins (3.8),
Employees’ S/Holding Assn (3.1); foreign owners (4.4).
No. of
shareholders: 3,526
Listed
on the S/Exchange (s) of:
Managements: Takashi Miida, pres & CEO; Keiichi Mizuoka, s/mgn dir; Toshio Hiranuma, mgn dir;
Toshio Yamada, mgn dir; Teruhiro Kamon, dir; Tadayoshi Ohta, dir; Kenji Shiraishi, dir;
Akira Matsukawa, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Max
Fastening Systems, Max Shinwa, others
OPERATION
Activities:
Manufactures air nailers, staplers, others:
(Sales breakdown by divisions):
Office Equipment Div (36%): Auto staplers, staplers, numbering machines, time recorders, check writers, vinyl cutting machines, printing machines, cutter/printers, tube marking machines, brush handwriting software, brush handwriting plotters, parallel rulers, plotters, stamp pads, clips (of all types), punchers, scissors, cutting tools, printing tools, label printers, markers, graphic tools, others;
Industrial Equipment Div (64%): Pneumatic nailers, hand tackers, system nailers, collated screw drivers, collated screw nailers, various staples, nails, screws, concrete reinforcing bar tying machines, air compressors, vegetable bunching machines, bag sealing machines, dry/heater/ventilator for bathroom, 24-hour residential ventilation system with air to air heat exchangers, dryers, floor heating systems, fire alarms, others;
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Overseas sales ratio 25.4%:
N/S
Clients: [Mfrs, wholesalers] Canon Finetech, Rocoh Elemex, Max USA Corp, Sekisui Home Techno, Ricoh, other.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nippon Steel Trading, Max Shinwa, Max Fastening System, Yasuki Seisakusho, Kawabe Seisakusho, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Shinkawa)
Gunma
Bank (
Relations:
Satisfactory
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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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65,101 |
59,472 |
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Cost of Sales |
40,441 |
36,601 |
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GROSS PROFIT |
24,659 |
22,871 |
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Selling & Adm Costs |
17,794 |
17,488 |
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OPERATING PROFIT |
6,865 |
5,382 |
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Non-Operating P/L |
676 |
512 |
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RECURRING PROFIT |
7,541 |
5,894 |
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NET PROFIT |
4,472 |
3,565 |
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BALANCE SHEET |
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Cash |
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6,496 |
6,592 |
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Receivables |
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16,097 |
14,252 |
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Inventory |
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7,014 |
6,916 |
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Securities, Marketable |
4,909 |
4,707 |
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Other Current Assets |
2,045 |
1,818 |
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TOTAL CURRENT ASSETS |
36,561 |
34,285 |
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Property & Equipment |
18,436 |
18,081 |
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Intangibles |
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255 |
263 |
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Investments, Other Fixed Assets |
27,064 |
24,647 |
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TOTAL ASSETS |
82,316 |
77,276 |
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Payables |
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4,516 |
4,220 |
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Short-Term Bank Loans |
2,150 |
1,950 |
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Other Current Liabs |
6,937 |
5,661 |
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TOTAL CURRENT LIABS |
13,603 |
11,831 |
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Debentures |
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Long-Term Bank Loans |
50 |
150 |
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Reserve for Retirement Allw |
4,199 |
3,802 |
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Other Debts |
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238 |
284 |
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TOTAL LIABILITIES |
18,090 |
16,067 |
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MINORITY INTERESTS |
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68 |
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Common
stock |
12,367 |
12,367 |
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Additional
paid-in capital |
10,519 |
10,519 |
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Retained
earnings |
44,201 |
41,396 |
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Evaluation
p/l on investments/securities |
2,248 |
2,068 |
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Others |
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(2,226) |
(2,369) |
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Treasury
stock, at cost |
(2,883) |
(2,840) |
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TOTAL S/HOLDERS` EQUITY |
64,226 |
61,141 |
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TOTAL EQUITIES |
82,316 |
77,276 |
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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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6,506 |
3,405 |
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Cash
Flows from Investment Activities |
-5,082 |
-541 |
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Cash
Flows from Financing Activities |
-1,537 |
-1,381 |
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Cash,
Bank Deposits at the Term End |
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6,496 |
6,592 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
64,226 |
61,141 |
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Current
Ratio (%) |
268.77 |
289.79 |
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Net
Worth Ratio (%) |
78.02 |
79.12 |
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Recurring
Profit Ratio (%) |
11.58 |
9.91 |
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Net
Profit Ratio (%) |
6.87 |
5.99 |
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Return
On Equity (%) |
6.96 |
5.83 |
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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%)