MIRA
INFORM REPORT
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Report Date : |
22.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAPAN MACHINERY COMPANY |
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Registered Office : |
Nakajima Shoji Bldg 6F, 8-5-6 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 1959 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Pumps, Compressors, Analytical
Instruments, Other |
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 176.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
JAPAN MACHINERY
COMPANY
REGD NAME: Japan Machinery KK
MAIN OFFICE: Nakajima Shoji Bldg 6F, 8-5-6 Ginza Chuoku
Tokyo 104-0061 JAPAN
Tel:
03-3573-5261 Fax: 03-3571-7865
URL: http://www.japanmachinery.com/
E-Mail address: jmtok@japanmachinery.com
ACTIVITIES
Import, wholesale of pumps, compressors, analytical
instruments, other
BRANCHES
Tokyo (3) (--analytical centers & labs), Osaka, Nagoya,
Ibaraki, Gunma, Shizuoka, Hiroshima, Kyoto, Fukuoka
OVERSEAS
New Union International Trading (Shanghai) Co Ltd; Singapore
FACTORY(IES)
(subcontracted)
OFFICER(S)
SERGEI G VISHTAK, PRES
I C Vishtak, dir
Mitsuo Koike, dir
Toshiaki Satoh, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,234 M
PAYMENTS REGULAR CAPITAL Yen 44 M
TREND STEADY WORTH Yen 2,461 M
STARTED 1959 EMPLOYES 174
COMMENT
TRADING FIRM SPECIALIZING IN PUMPS, COMPRESSORS, MACHINE
TOOLS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 176.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1953 by Sergei G Vishtak, as YK Wigly Co, and was reorganized in 1959 to rename as captioned. This is a trading company for importing and wholesaling pumps & compressors, industrial controls, process instruments, analytical & quality control instruments, others. Goods are imported mostly from USA, other from Germany, UK, Italy, Canada, other. Exports started in 1972. Opened Singapore office in 1991 and Shanghai office in 1994. Major serving markets are: petrochemical & chemicals, plant engineering, power generation, automotives, iron & steel, food processing & pharmaceuticals, semiconductors, machine tools, other.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 8,234 million, an 18% hike from Yen 6,972 million in the previous term. Exports were robust into China & other S/E Asian countries. Also weaker Yen contributed. The recurring profit was posted at Yen 551 million and the net profit at Yen 288 million, respectively, compared with Yen 356 million recurring profit and Yen 229 million net profit, respectively, a year ago.-
For the current term ending Mar 2009 the recurring profit is projected at Yen 570 million and the net profit at Yen 300 million, respectively, on a 9% rise in turnover, to Yen 9,000 million. Both imports and exports will continue rising.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 176.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1959
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 350,000 shares
Issued: 89,600 shares
Sum: Yen 44.8 million
Major shareholders (%)
Sergei G Vishtak (31), Maco Enterprises Holdings AG (22), Vladimir Vishtak (17)
No. of shareholders: 10
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm for import, export and wholesale of pumps, process & quality control equipment, process instruments, compressors, industrial components, analytical & quality control instruments, others (--100%).
(Handling Items):
Pumps: air operated diaphragm pumps, sanitary pumps, surge suppressors, twin screw pumps, helical rotor pumps, gear pumps, air operated metering pumps, chemical injection systems, air operated hydraulic pumps, hydraulic power units, vacuum conveying systems, process piston pumps, process plunger pumps;
Compressors & Industrial Controls: compressors, vacuum pumps, air motors, shear seal valves, pressure, temperature & DP switches, pressure transducers, industrial sensors, surface inspection sensors, safety barriers, I/P, E/P transducers, pneumatic regulators, diaphragms, limit switches, proximity switches & sensors, liquid nitrogen piping systems, diaphragm valves, ball valves, gate valves, DP instruments, instrumentation valves & manifolds, pressure & level sensors, pressure & temperature gauges;
Process Instrumentation: level switches & transmitters, flow switches, pressure & DP switches, temperature switches, process viscometers, infrared pyrometers, thermal imagers, process refractometers, explosion-proof purge systems, orifice gas metering systems, ultra sonic gas meters, turbine meters & flow computers, Teflon flow-meters & switches, laminar & pilot flow-meters:
Industrial Components: thermofoil heaters, RTDs & thermocouples, temperature instruments, self-clinching fasteners, robotic tooling, vacuum handling equipment, industrial shock absorbers, induction bearing heaters, hydraulic clamping sleeves, solenoid valves, enunciators, rotary encoders, one-way clutches, oilers & lubricators;
Analytical & Quality Control Instrumentation: particle counters, pharmaceutical QC instrumentation, load cells, width gages, velocity meters, tension-meters for steel mills, headspace analyzers, combustion analyzers, other.
Clients
[Mfrs, wholesalers] Mitsubishi Materials, Toyota Motor, Mitsubishi Heavy Ind, NTT Electronics, Meiji Seika Kaisha, Hokuto Mfg, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Wilden Pump & Engineering, Cast Mfg, Viking, S C Hydraulics (--USA), Bornemann, Almatec, Nolkmann (--Germany), other from USA, UK, Italy, etc.
Domestically supplied from: Kuraray Co, Kuraray Trading, Toyo Stainless Steel Kakoh, other
Payment record: Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Resona Bank (Tokyo-Chuo)
SMBC (Nihombashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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9,000 |
8,234 |
6,972 |
6,712 |
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Recur.
Profit |
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570 |
551 |
356 |
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Net
Profit |
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300 |
288 |
229 |
112 |
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Total
Assets |
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7,335 |
6,879 |
5,988 |
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Current
Assets |
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3,925 |
4,079 |
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Current
Liabs |
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3,252 |
2,440 |
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Net
Worth |
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2,461 |
2,186 |
1,965 |
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Capital,
Paid-Up |
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44 |
44 |
44 |
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Div.P.Share(¥) |
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100.00 |
100.00 |
100.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.30 |
18.10 |
3.87 |
1.18 |
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Current Ratio |
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.. |
120.69 |
167.17 |
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N.Worth Ratio |
.. |
33.55 |
31.78 |
32.82 |
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R.Profit/Sales |
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6.33 |
6.69 |
5.11 |
.. |
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N.Profit/Sales |
3.33 |
3.50 |
3.28 |
1.67 |
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Return On Equity |
.. |
11.70 |
10.48 |
5.70 |
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Notes: Forecast (or estimated) figures for the 31/03/2009
fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.38 |
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UK Pound |
1 |
Rs.81.34 |
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Euro |
1 |
Rs.64.55 |
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%)