MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIKUNI CORP |
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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 : |
October 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of Carburetors for Motorcycles and
Automobiles |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 2163 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
MIKUNI CORP
REGD NAME
KK Mikuni
MAIN OFFICE
Mikuni Bldg, 6-13-11 Sotokanda Chiyodaku Tokyo 101-0021 JAPAN
Tel : 03-3833-0392
Fax : 03-3834-7607
URL : http://www.mikuni.co.jp/
E-Mail address: info@mikuni.co.jp
*.. The given address is its Nagoya Branch at: Ammnat Bldg 12F,
1-4-3 Sakae Nakaku Nagoya; Tel: 052-223-3920; Fax: 052-223-3925, where in-house
company, Mikuni Shoko Company is located (See Highlights).
ACTIVITIES
Mfg of carburetors for motorcycles & automobiles
BRANCHES
Osaka, Nagoya, other (tot 9)
OVERSEAS
USA (3), Mexico, Germany, Thailand, India, Indonesia, Korea, Taiwan, China (5) (--subsidiaries)
FACTORY(IES)
Morioka, Iwate (2), Odawara, Shizuoka (2)
CHIEF EXEC
MASAKI IKUTA, PRES & CEO
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
MFR SPECIALIZING
IN CARBURETORS. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,163.0 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is an independent maker of carburetors for motorcycles and
4-wheelers. Rapidly diversifying from
carburetors into thermal equipment, including oil pumps, fuel pumps, gas burner
safety devices. Focuses on fuel
injection-related devices. Major customers
include Suzuki Motor and Yamaha Motor.
Expanding sales of welfare & health-related equipment domestically
and in North America, which division continuing profitable. Imports of aircraft parts & materials
sales are handled by the in-house company, Mikuni Shoko Company, which division
starting to increase by the recovery of airline industry. .
Mikuni Shoko Company was absorbed in Oct 2003 into the subject
as in-house company division handling imports of equipment, components, parts
& materials for the aerospace industry, as well as turf-care and
maintenance equipment & machines for golf courses & sports fields.
New plant in Kikukawa (Shizuoka-Pref) that started operation in
May/2007 concentrating on production of electronic control parts for motorcycles. Developed hydrogen sensor for fuel batteries
jointly with Iwate University.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
95,546 million, an 11.4% up from Yen 85,777 million in the previous term. Mainline parts for motorcycles and
4-wheelers remained steady. Exports
expanded for motorcycles particularly in India, Indonesia and China, while
domestic demand slowed. By divisions,
Automotive-related Div rose 8.1% to Yen 66,041 million. Lifestyle & related Div up 5.4% to Yen
8,657 million, thanks to increased exports of heating devices and
construction-use equipment into Europe, South America, China, etc. Import products Div 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 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. Profit
deterioration is referred to: higher materials aluminum and copper prices; cost
for shift from mechanical carburetors to electronically-controlled ones;
increased capital spending and depreciation.
The firm wrote off Yen 386 million as extraordinary losses for
compensation expenses for products previously delivered.
(Apr/Jun/2007 results): sales Yen 24,032 million (up 4.2%),
operating profit Yen 475 million (up 13.4%), recurring profit Yen 508 million
(up 40.2%), net profit Yen 238 million (up 37.3%). (% compared with the same period the previous year). Sales rose in N America and India.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 3,000 million and the net profit at Yen 1,700 million,
respectively, on an almost similar turnover, at 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 2,163.0
million, 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: Manufactures carburetors, oil pumps, fuel pumps,
gas burners safety devices, heaters, others for motorcycles & automobiles,
lifestyle & environment products, imported products, other:
(Sales Breakdown by Divisions)
Automotive-related Div (69%): carburetors for cars, motorcycles, snowmobiles, water vehicles, general purpose engines; electric fuel injection for throttle bodies, injection mixers, variable air-intake valves, throttle position sensors, fuel filters; pumps for oil pumps, fuel pumps, vacuum pumps; controllers; fuel controllers, air controllers, electronic controllers; heaters, engine pre-heaters for buses, trucks, cars, construction machinery special vehicles, trains, boats, other;
Lifestyle & environmental products Div (9%): medical equipment, easy care equipment for elderly & handicapped from dressing room to bath tub, hydraulic lifts, articulated arm, child seats, wheel chairs;
Imported products Div (22%): (handled by intra-company Mikuni Shoko Company): lawn mowers, turf care equipment, golf carts, general industrial machinery & parts, aircraft parts & materials.
Overseas sales ratio
(24.7%): N America 5.3%; Europe (Germany, Italy) 2.5%; Asia (China, Taiwan,
Korea, Thailand, India, Indonesia) 16.4%; other regions (New Zealand,
Australia, Brazil, Iran, other) 0.6%.
Clients: [Carmakers] Suzuki Motor, Mitsubishi Motors, Yamaha Motor Co, Defense Agency, Ishikawajima-Harima Heavy Ind, Mitsubishi Heavy Ind, other.
Exports to China, S/E Asian countries, USA, etc.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Yamaha Corp, other. Imports from USA, Europe, Asia, etc.
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
Financials
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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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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%)