MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KOMATSU MACHINERY CORP |
|
|
|
|
Registered Office : |
Tsu-23 Futsumachi Ishikawa 923-0392 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
May 1994 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Machine Tools |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
YEN 547.1 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
KOMATSU MACHINERY CORP
REGD NAME: Komatsu Kohki KK
MAIN OFFICE: Tsu-23 Futsumachi
Ishikawa 923-0392 JAPAN
Tel:
0761-43-1132 Fax: 0761-43-0966
URL: http://www.komatsu-machinery.co.jp/
E-Mail address: (thru the URL)
* The given address is its Tokyo Branch Office
at: Akasaka Komatsu Bldg 3F, 2-3-6 Akasaka Minatoku Tokyo; this is also the
parent headquarters are located.
ACTIVITIES
Mfg of machine tools
BRANCHES
Tokyo, Osaka, Aichi
OVERSEAS
Komatsu Industries Europe GmbH (Germany); Komatsu America Ind (Chicago & Detroit); Komatsu Machinery Corp (Michigan)
FACTORY(IES)
At the caption address
OFFICER(S)
MASAYUKI SATO, PRES
Yoshiaki Ohta, dir
Masaru Yagoh, dir
Hitoshi Sasaki, dir
Akira Ikoma, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,700 M
PAYMENTS REGULAR CAPITAL Yen 600 M
TREND STEADY WORTH Yen 5,831 M
STARTED 1994 EMPLOYES 220
COMMENT
MFR OF MACHINE TOOLS, WHOLLY OWNED BY KOMATSU LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 547.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a section separated from Komatsu Ltd, largest mfr of construction machinery, Tokyo. Started mfg special purpose machine tools for construction machinery. Business expanded together with growth of the parent business and today specializes in mfg machine tools (camshaft miller, roller burnishing machine, etc) and semiconductor & LCD mfg equipment. Has three subsidiaries in USA and one in Germany to cover USA & European markets.
FINANCIAL INFORMATION
The sales volume
for Mar/2007 fiscal term amounted to Yen 16,700 million, a 17% up from Yen
14,237 million in the previous term.
Exports rose on the back of rising demand for construction machinery,
both new & old. The recurring
profit was posted at Yen 2,867 million and the net profit at Yen 1,741 million,
respectively, compared with Yen 2,815 million recurring profit and Yen 1,673
million net profit, respectively, a year ago.
For the term just
ended Mar 2008 the recurring profit was projected at Yen 2,900 million and the
net profit at Yen 1,750 million, respectively, on a 2% rise in turnover, to Yen
17,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 547.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1994
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 12,000 shares
Issued: 12,000 shares
Sum: Yen 600 million
Major shareholders (%)
Komatsu Ltd*(100)
* Largest mfr of construction machinery, Tokyo, founded 1921, listed Tokyo, Osaka S/E’s, capital Yen 67,870 million, sales Yen 1,893,343 million, operating profit Yen 244,741 million, recurring profit Yen 236,491 million, net profit Yen 164,638 million, total assets Yen 1,843,982 million, net worth Yen 776,717 million, employees 33,863, pres Kunio Noji
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures machine tools (camshaft miller, roller burnishing machines, crankshaft miller, others); Electric-related equipment (semiconductor mfg equipment, LCD mfg equipment, others) (--100%).
Clients
[Mfrs] Komatsu Ltd, Tokyo Electron AT, other
No. of accounts
300
Domestic areas of activities
Nationwide
Suppliers
[Mfr] Supplied from the parent, Komatsu Ltd.
Payment record
Regular
Location
Business area in Komatsu City, Ishikawa-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Hokkoku Bank (Komatsu)
MUFG (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
|
|
Annual
Sales |
|
17,000 |
16,700 |
14,237 |
12,091 |
|
Recur.
Profit |
|
2,900 |
2,867 |
2,815 |
|
|
Net
Profit |
|
1,750 |
1,741 |
1,673 |
1,539 |
|
Total
Assets |
|
|
11,109 |
9,173 |
|
|
Current
Assets |
|
|
10,385 |
8,472 |
|
|
Current
Liabs |
|
|
5,248 |
4,243 |
|
|
Net
Worth |
|
|
5,831 |
4,913 |
|
|
Capital,
Paid-Up |
|
|
600 |
600 |
600 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.80 |
17.30 |
17.75 |
21.85 |
|
|
Current Ratio |
|
.. |
197.88 |
199.67 |
.. |
|
N.Worth Ratio |
.. |
52.49 |
53.56 |
.. |
|
|
R.Profit/Sales |
|
17.06 |
17.17 |
19.77 |
.. |
|
N.Profit/Sales |
10.29 |
10.43 |
11.75 |
12.73 |
|
|
Return On Equity |
.. |
29.86 |
34.05 |
.. |
|
Notes: Forecast (or estimated) figures for the 31/03/2008 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, KOMATSU LTD
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
1,893,343 |
1,612,140 |
||
|
|
Cost of Sales |
1,356,511 |
1,185,240 |
|||
|
|
GROSS PROFIT |
536,832 |
426,900 |
|||
|
|
Selling & Adm Costs |
292,091 |
263,472 |
|||
|
|
OPERATING PROFIT |
244,741 |
163,428 |
|||
|
|
Non-Operating P/L |
-8,250 |
-7,649 |
|||
|
|
RECURRING PROFIT |
236,491 |
155,779 |
|||
|
|
NET PROFIT |
164,638 |
114,290 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
92,199 |
69,997 |
||
|
|
Receivables |
|
478,063 |
397,998 |
||
|
|
Inventory |
|
437,894 |
370,074 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
135,589 |
109,832 |
|||
|
|
TOTAL CURRENT ASSETS |
1,143,745 |
947,901 |
|||
|
|
Property & Equipment |
388,393 |
400,667 |
|||
|
|
Intangibles |
|
45,837 |
47,418 |
||
|
|
Investments, Other Fixed Assets |
266,007 |
256,139 |
|||
|
|
TOTAL ASSETS |
1,843,982 |
1,652,125 |
|||
|
|
Payables |
|
365,065 |
304,776 |
||
|
|
Short-Term Bank Loans |
102,248 |
98,130 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
317,867 |
285,937 |
|||
|
|
TOTAL CURRENT LIABS |
785,180 |
688,843 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
174,340 |
195,203 |
|||
|
|
Reserve for Retirement Allw |
37,783 |
45,148 |
|||
|
|
Other Debts |
|
50,188 |
52,065 |
||
|
|
TOTAL LIABILITIES |
1,047,491 |
981,259 |
|||
|
|
MINORITY INTERESTS |
19,774 |
47,869 |
|||
|
|
Common
stock |
67,870 |
67,870 |
|||
|
|
Additional
paid-in capital |
137,155 |
136,137 |
|||
|
|
Retained
earnings |
541,717 |
399,938 |
|||
|
|
Evaluation
p/l on investments/securities |
33,501 |
23,095 |
|||
|
|
Others |
|
0 |
0 |
||
|
|
Treasury
stock, at cost |
(3,526) |
(4,043) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
776,717 |
622,997 |
|||
|
|
TOTAL EQUITIES |
1,843,982 |
1,652,125 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
||
|
|
Cash Flows
from Operating Activities |
|
162,124 |
136,107 |
||
|
|
Cash
Flows from Investment Activities |
-99,620 |
-81,792 |
|||
|
|
Cash
Flows from Financing Activities |
-41,389 |
-83,460 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
92,199 |
69,997 |
||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
776,717 |
622,997 |
||
|
|
|
Current
Ratio (%) |
145.67 |
137.61 |
||
|
|
|
Net
Worth Ratio (%) |
42.12 |
37.71 |
||
|
|
|
Recurring
Profit Ratio (%) |
12.49 |
9.66 |
||
|
|
|
Net
Profit Ratio (%) |
8.70 |
7.09 |
||
|
|
|
Return
On Equity (%) |
21.20 |
18.35 |
||
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)