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MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ITOCHU MECHATRONICS CORPORATION (ITCM) |
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Registered Office : |
Nihombashi Core Bldg 5F, 2-8-4 Nihombashi-Horidomecho Chuoku Tokyo
103-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 1979 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of machine tools, automatic
control units, precision machine tools, others |
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 393.9 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
ITOCHU
MECHATRONICS CORPORATION (ITCM)
REGD NAME: Itochu Mechatronics KK
MAIN OFFICE: Nihombashi Core Bldg 5F, 2-8-4
Nihombashi-Horidomecho Chuoku Tokyo 103-0012 JAPAN
Tel:
03-5640-0721 Fax: 03-5640-0741
*..The given address is its Osaka Branch at: 3-6-14 Minamihonmachi
Chuoku Osaka, as given.
URL: http://www.itcm.co.jp
E-Mail address: info@itcm.co.jp
ACTIVITIES
Import, export, wholesale of machine tools, automatic control units, precision machine tools, others
BRANCHES
Osaka, Nagoya, Hamamatsu, Hiroshima
OVERSEAS
Malaysia, Hamburg; Thailand (subsidiary), China
OFFICERS
TOSHINORI OSE, PRES
Takayuki Matsui, mgn dir
Masanori Hane, dir
Masato Maehashi, dir
Koji Nakatani, dir
Hiroshi Naota, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 22,405 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 2,759 M
STARTED 1979 EMPLOYES 91
COMMENT
TRADING HOUSE SPECIALIZING IN PRECISION MACHINE TOOLS, OWNED BY ITOCHU CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 393.9 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established on the basis of a section of machinery division separated from Itochu Corp, one of big 5 general trading firms, Tokyo (See REGISTRATION). This is a trading house specializing in NC machine tools, automatic control units, FA-related hardware & software, other. Goods are widely imported and exported (See OPERATION). Domestic clients include major heavy machinery mfrs, automakers, others, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 22,405 million, a 4% up from Yen 21,622 million in the previous term. Exports continued strong. Also helped by weaker Yen against foreign currencies, pushing the sales up in Yen terms. The net profit was posted at Yen 476 million, compared with Yen 475 million a year ago.
For the current term ending Mar 2009 the net profit is projected at Yen 480 million, on a 3% rise in turnover, to Yen 23,000 million. Ultra-precision machine tools will continue expanding sales.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 393.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1979
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2.4 million shares
Issued: 600,000 shares
Sum: Yen 300 million
Major shareholders (%)
Itochu Corp*(86), Itochu Techno Science (14)
No. of shareholders: 2
*.. One of big 5 general trading houses of Japan, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 202,241 million, sales Yen 12,412,456 million, operating profit Yen 266,524 million, recurring profit Yen 282,707 million, net profit Yen 218,585 million, total assets Yen 5,255,420 million, net worth Yen 978,471 million, employees 48,675, pres Eizo Kobayashi
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales machine tools, automatic control units, precision cutting tools, other industrial equipment & systems, others (--100%).
(Handling Items):
Domestic products: lathe turning machines, machining center, measuring instruments, robots, grinding machines, metal molds, die-casting machines, molding machines, forge rolling machines, cleaning machines, coating machines, wheel making machines, auto-assembly systems, FA systems & facilities, others;
Importing products: Precision dies (for electronics, semiconductors), crank shaft turning machines, crank shaft connecting rods (for cars, trans), aircraft panel riveting machines, piping systems (for steel mills), 3D measuring instruments, helium gas liquefying systems, tool pre-setters, cutting tools, injection molding machines, other.
(Main importing partners, but not restricted to): Moore Nanotechnology, Linde, Sheffield (--USA); Peter Wolters, Hegenscheidt-MFD, Boetje Automation, Ex-Cell-O, Burgsmuller, Gildemeister-Devlieg, Burgsmuller (--Germany); Sciemetric (Canada); Lapointe Ltd (UK); Metronor (Norway); Tong Tai, Poly Gim, Asian Plastics (--Taiwan), Cheng Hsong (China), other.
Clients
[Mfrs] Kawasaki Heavy Ind, Hitachi Ltd, Jatco, Yamaha Marine, Mazda Motor, Otics Corp, Matsushita Electric Ind, Komatsu Electronics Metals, Exedy Corp, IHI Shibaura Machinery, other. Goods are also exported to: Hyundai Hysco, Thai Cold Rolled Steel Sheet, BNG Steel Co, J Ray MC Dermott Middle East Inc, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Steel mills, mfrs, wholesalers] Imports from USA, Germany, China, Austria,
Canada, Taiwan, Switz, Norway, UK, other. Domestically, supplied from JFE Steel, Nippon Steel, Sumitomo Metal Ind, Makino J, Mori Seiki Co, Nagase Integrex, OM Ltd, Toyo Advanced Technologies, Makino Milling Machine, Sanyo Special Steel, Nisshin Steel Co, other.
Payment record: Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
MUFG (Ohdenmacho)
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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23,000 |
22,405 |
21,622 |
19,844 |
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Recur.
Profit |
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Net
Profit |
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480 |
476 |
475 |
605 |
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Total
Assets |
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11,679 |
14,892 |
15,300 |
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Current
Assets |
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10,067 |
12,295 |
12,262 |
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Current
Liabs |
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8,660 |
11,248 |
11,297 |
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Net
Worth |
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2,759 |
3,071 |
3,217 |
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Capital,
Paid-Up |
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300 |
300 |
300 |
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Div.P.Share(¥) |
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500.00 |
500.00 |
500.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.66 |
3.62 |
8.96 |
10.01 |
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Current Ratio |
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116.25 |
109.31 |
108.54 |
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N.Worth Ratio |
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23.62 |
20.62 |
21.03 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
2.09 |
2.12 |
2.20 |
3.05 |
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Return On Equity |
.. |
17.25 |
15.47 |
18.81 |
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Note: Forecast (or estimated) for the 31/03/2009 fiscal
term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, ITOCHU CORP.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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12,412,456 |
11,579,059 |
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Cost of Sales |
11,416,552 |
10,670,383 |
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GROSS PROFIT |
995,904 |
908,676 |
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Selling & Adm Costs |
729,380 |
644,055 |
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OPERATING PROFIT |
266,524 |
264,621 |
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Non-Operating P/L |
16,183 |
35,609 |
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RECURRING PROFIT |
282,707 |
300,230 |
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NET PROFIT |
218,585 |
177,059 |
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BALANCE SHEET |
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Cash |
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446,311 |
532,856 |
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Receivables |
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1,391,211 |
1,273,464 |
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Inventory |
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531,534 |
530,335 |
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Securities, Marketable |
31,161 |
30,776 |
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Other Current Assets |
694,269 |
699,474 |
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TOTAL CURRENT ASSETS |
3,094,486 |
3,066,905 |
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Property & Equipment |
513,017 |
530,045 |
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Intangibles |
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Investments, Other Fixed Assets |
1,647,917 |
1,674,562 |
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TOTAL ASSETS |
5,255,420 |
5,271,512 |
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Payables |
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1,133,683 |
1,143,422 |
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Short-Term Bank Loans |
307,446 |
373,723 |
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Other Current Liabs |
748,329 |
842,151 |
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TOTAL CURRENT LIABS |
2,189,458 |
2,359,296 |
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Debentures |
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Long-Term Bank Loans |
1,895,088 |
1,795,333 |
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Reserve for Retirement Allw |
19,602 |
21,748 |
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Other Debts |
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27,183 |
55,885 |
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TOTAL LIABILITIES |
4,131,331 |
4,232,262 |
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MINORITY INTERESTS |
145,618 |
143,055 |
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Common
stock |
202,241 |
202,241 |
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Additional
paid-in capital |
137,211 |
136,842 |
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Retained
earnings |
668,056 |
477,159 |
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Evaluation
p/l on investments/securities |
74,389 |
122,736 |
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Others |
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(100,837) |
(40,873) |
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Treasury
stock, at cost |
(2,589) |
(1,910) |
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TOTAL S/HOLDERS` EQUITY |
978,471 |
896,195 |
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TOTAL EQUITIES |
5,255,420 |
5,271,512 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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65,552 |
235,917 |
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Cash
Flows from Investment Activities |
-65,774 |
-83,394 |
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Cash Flows
from Financing Activities |
-81,294 |
-100,920 |
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Cash,
Bank Deposits at the Term End |
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446,311 |
532,856 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
978,471 |
896,195 |
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Current
Ratio (%) |
141.34 |
129.99 |
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Net
Worth Ratio (%) |
18.62 |
17.00 |
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Recurring
Profit Ratio (%) |
2.28 |
2.59 |
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Net
Profit Ratio (%) |
1.76 |
1.53 |
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Return
On Equity (%) |
22.34 |
19.76 |
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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%)