MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
MORIMURA BROS INC |
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Registered Office : |
Morimura Bldg, 1-3-1 Toranomon Minatoku |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
October 1876 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, Export, Wholesale of
Metals, Chemicals, Electronics, 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 1,592.4 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
MORIMURA BROS INC
REGD NAME: Morimura Shoji KK
MAIN OFFICE: Morimura
Bldg, 1-3-1 Toranomon Minatoku
Tel: 03-3502-6431 Fax: 03-3503-2002
URL: http://www.morimura.co.jp/
E-Mail
address: sales-hq@morimura.co.jp
ACTIVITIES
Import, export, wholesale of
metals, chemicals, electronics, other
BRANCHES
OVERSEAS
(Subsidiaries): Chettinad MB-F Hi
Silica Pvt Ltd (
OFFICER(S)
Shunsuke Morimura, ch
YUSUKE MORIMURA, PRES
Takeshi Kanazawa, v pres
Yoshihiro Ueda, mgn dir
Yasuo Minoya, mgn dir
Shunji Akieda, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 83,832 M
PAYMENTS REGULAR CAPITAL Yen 180 M
TREND STEADY WORTH Yen 6,589 M
STARTED 1876 EMPLOYES 301
COMMENT
TRADING COMPANY SPECIALIZING IN
METALS & INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,592.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This an old-established trading
firm dating back to 1876 when Ichitaro Morimura and his brother Toyo founded a
trading firm named “Morimura Gumi”, and has been succeeded by their
descendants. The firm has played major
role in establishing a number of major ceramic-related companies, such as Toto
Ltd, NGK Insulators Ltd, NGK Spark Plug Co Ltd, Noritake Co Ltd, etc. In1993 Shunsuke Morimura, now ch, was
appointed as pres, and in 2002 the current pres Yusuke Morimura was appointed
to the pres office. This is a trading
company now handling a wide range of materials from ceramics, industrial chemical
materials to foods, household items (see OPERATION). Overseas trading ratio is very high.
.
Sole agent for: Norsk Hydro ASA (
Marketing rights from: Alcoa Inc (
FINANCIAL INFORMATION
The sales volume for Dec/2006
fiscal term amounted to Yen 83,832 million, a 5% up from Yen 80,097 million in
the previous term. The price hike of
metals pushed the sales amount upwards.
The recurring profit was posted at Yen 1,678 million and the net profit
at Yen 785 million, respectively, compared with Yen 1,525 million recurring
profit and Yen 3,770 million net profit, respectively, a year ago. The revaluation of inventories pushed the net
profits upwards in the previous term.
For the current term ending Dec
2008 the recurring profit is projected at Yen 1,600 million and the net profit
at Yen 780 million, respectively, on a 2% fall in turnover, to Yen 82,000
million. This is the earlier projection
before the financial crisis. The firm,
however, has not revised the forecast.
Higher Yen may decrease export sales in Yen terms.
The financial situation is
considered FAIR to GOOD and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 1,592.4
million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1876
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 6 million shares
Issued: 1.8 million
shares
Sum: Yen 180
million
Major shareholders (%)
Morimura Homeikai Foundation (12.3),
Shunsuke Morimura (12.2), Yusuke Morimura (9.6), Employees’ S/Holding Assn
(8.0)
No. of shareholders: 73
Nothing detrimental is known as to
the commercial morality of executives.
OPERATION
Activities: Imports, exports and
wholesales (sales breakdown by items):
Metals, light metals (40%):
magnesium ingots, magnesium rolled products, aluminum/magnesium die-cast
products, magnesium alloy recycling, aluminum primary & secondary products,
stainless steel products, aluminum master alloy & grain refiner, aluminum
metal products, special magnesium alloy ingots, prototyping of magnesium
casting, titanium products;
Chemical materials & products
(30%): organic & inorganic chemicals used as engineering plastics, color
additives for printing ink, metal surface treatments, and various treatments
for printed circuit boards, plating materials, catalysts, other;
Electronic materials &
products (15%): quartz, silica powder, fused silica, feldspar & powder,
quartz materials & components, electronic parts, fine chemical products,
Chin-hae (Korea) silica stone, fusing quartz, cristobalite, electronic parts
key materials, optical fiber cable connecting parts, other;
Ceramics & minerals (for
refractories) (6%): alumina, silicon carbide, bauxite, magnesia clinker, alumina
cement, kyanite, andalsite, other;
Others (9%): Industrial machinery
(automotive parts, construction machines, emission
gas analyzers, cutting tools, hydraulic fitting products), aromatics &
foodstuffs (oils & fats, spirits, aroma chemical, frozen foods, functional
food materials), household products (rubber boots & sandals, shoes, model
trains, gardening materials, wiper blades, other).
Imports & exports (52%).
Clients
[Mfrs, wholesalers] Kawasaki Heavy
Ind, Fuji Heavy Ind, Krosaki Harima Corp, NGK Insulators, Toyama Murata Mfg,
Denki Kagaku Kogyo, Hitachi Zosen, Toyo Ink Mfg, Almatis Ltd, other.
No. of accounts: 2,000
Domestic areas of activities:
Nationwide
Suppliers
[Mfrs, wholesalers] Alcoa Japan
Ltd, Morimura Chemical Ltd, Showa Denko,
Toto Ltd, Tosoh Ltd, Morimura Bros (HK), Alcoa Inc (USA), Hydro Magnesium X’ian
Co Ltd (China), Almatis Ltd, other.
Payment record:
Regular
Location: Business
area in
Bank References
MUFG (Toranomon)
Mizuho Bank (Toranomon)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2008 |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual Sales |
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82,000 |
83,832 |
80,097 |
50,531 |
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Recur. Profit |
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1,600 |
1,678 |
1,525 |
1,002 |
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Net Profit |
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780 |
785 |
3,770 |
200 |
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Total Assets |
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26,397 |
25,939 |
21,715 |
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Current Assets |
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21,664 |
21,060 |
16,769 |
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Current Liabs |
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17,739 |
17,243 |
16,016 |
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Net Worth |
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6,589 |
5,861 |
1,800 |
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Capital, Paid-Up |
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180 |
180 |
180 |
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Div.P.Share(¥) |
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28.00 |
32.00 |
16.00 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-2.19 |
4.66 |
58.51 |
13.58 |
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Current Ratio |
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.. |
122.13 |
122.14 |
104.70 |
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N.Worth Ratio |
.. |
24.96 |
22.60 |
8.29 |
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R.Profit/Sales |
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1.95 |
2.00 |
1.90 |
1.98 |
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N.Profit/Sales |
0.95 |
0.94 |
4.71 |
0.40 |
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Return On Equity |
.. |
11.91 |
64.32 |
11.11 |
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Notes: Forecast (or estimated)
figures for the 31/12/2008 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.48.50 |
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1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
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%)