MIRA
INFORM REPORT
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Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
KOMORI CORPORATION |
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Registered Office : |
3-11-1 Azumabashi Sumidaku Tokyo 130-8666 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1946 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of Offset Printing
Machines |
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 5,575.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
KOMORI CORPORATION
REGD NAME: KK Komori Corporation
MAIN OFFICE: 3-11-1 Azumabashi Sumidaku Tokyo 130-8666 JAPAN
Tel: 03-5608-7811 Fax: 03-3624-7160
E-Mail address: info@komori.com
ACTIVITIES
Mfg of offset printing machines
BRANCHES
Osaka, Nagoya, Fukuoka, Shizuoka,
Sendai, Hiroshima, other (Tot 18)
OVERSEAS
Komoro International (Europe) BV,
Komori International Netherlands BV,
Komori UK Ltd, Komori France SA,
Komori Italia Srl, Komori-Chambon SAS,
Komori Hong Kong Ltd, Komori
Printing Machine (Shenzhen) Co Ltd,
Komori Taiwan Ltd
FACTORY(IES)
Tsukuba, Noda
CHIEF EXEC
YOSHIHARU KOMORI, PRES & CEO
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 141,870 M
PAYMENTS REGULAR CAPITAL Yen 37,714 M
TREND STEADY WORTH Yen 153,978 M
STARTED 1946 EMPLOYES 2,426
COMMENT
MFR SPECIALIZING IN OFFSET
PRINTING MACHINES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARYBUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 5,575.3 MILLION, 30 DAYS
NORMAL TERMS..
Forecast (or estimated) figures
for 31/03/2008 fiscal term
HIGHLIGHTS
This is the largest mfr of offset
printing machines founded originally in 1923 as lithographic printing machinery
mfr. The only producer of printing
equipment for domestic currency. Overseas
sales ratio is high with marketing-maintenance service subs in USA, Europe,
Asia, etc. Highly competitive in sheet-fed offset presses, computerized
equipment and money printing machines.
Export ratio high. Clients
include Ministry of Finance, printing houses, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 141,870 million, an 11.8% up from Yen 126,863
million in the previous term. Orders
received increased 5.8% to Yen 144,846 million, on the back of robust capital
expenditure & investment, replacing aging equipment. Overseas demand was robust climbing 15.6% to
Yen 93,765 million representing 66.1% of total sales. The recurring profit was posted at Yen 16,782 million and the net
profit at Yen 9,246 million, respectively, compared with Yen 12,362 million
recurring profit and Yen 7,875 million net profit, respectively, a year ago.
(Apr/Dec/2007 results): Sales Yen
107,831 million (up 6.1%), Operating profit Yen 12,221 million (up 19.4%),
recurring profit Yen 12,900 million (up 2.6%), net profit Yen 7,743 million (up
14.7%). (% compared with the
corresponding period a year ago).
Domestic sales dropped. Sales in
USA also declined. Sales in Europe
expanded 18% thanks to strong sales growth in the mature markets of Western
& Northern Europe. Sales in Asia
showed 46% growth thanks to significant sales growth in China, as well as
steady sales expansion in ASEAN region and India.
For the current term ending Mar
2008 the recurring profit is projected at Yen 18,500 million and the net profit
at Yen 11,500 million, on a 10% rise in turnover, to Yen 156,000 million. Demand in
Japan & USA may slack. But sales
continue growing in Europe. Sales in
China will also grow sharply. Beefing up sales efforts in Europe by
setting up new sales base in central & eastern Europe.
Financial situation is considered
FAIR and good for ORDINARY business engagements. Max credit limit is
estimated at Yen 5,575.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1946
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 295.5 million shares
Issued: 72,292,340 shares
Sum: Yen 37,714 million
Major shareholders (%)
Master Trust Bank of Japan T
(8.4), Japan Trustee Services Bank T (4.7), State Street Bank & Trust
(4.2), Komori Estate (3.6), Meiji Yasuda Life Ins (2.8), Japan Trustee Services
T4 (2.8), Company’s Treasury Stock (2.6), Nippon Life Ins (1.5); foreign owners
(29.4)
No. of shareholders: 2,635
Listed on the S/Exchange (s) of
Tokyo, Osaka
Managements
Yoshiharu Komori, pres; Isao
Mochida, mgn dir; Kazu Kunitomo, mgn dir; Hidetaka Okuno, dir; Masataka Ono,
dir;Taido Satoh, dir
Nothing detrimental is known as to
the commercial morality of executives.
Related companies
Komori Machinery, Komori
Electronics, others
OPERATION
Activities: Manufactures offset
printing machines (86%): commercial offset presses offset web presses, currency & securities offset
presses, web offset packaging presses, printing equipment; others (14%).
Overseas sales ratio 66.1%:
Americas (23.3%), Europe (24.3%), Asia (14.1%), others (4.3%)
Clients
[Printing houses, wholesalers]
National Printing Center, Ministry of Finance,
Dainippon Printing, Toppan
Printing, Kyodo Printing, other.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Komori
Machinery, Komori Electronics, Gunze, KK Stec, Masusei Foundry, Kurikoma Denki
Koji, Osaka Sanso Kogyo, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Nihombashi)
MUFG (Ginza)
Relations: Satisfactory
FINANCES: (In Million Yen)
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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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141,870
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126,863
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Cost of Sales |
93,593 |
84,558 |
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GROSS PROFIT |
48,277 |
42,305 |
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Selling & Adm Costs |
33,275 |
32,331 |
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OPERATING PROFIT |
15,002 |
9,974 |
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Non-Operating P/L |
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RECURRING PROFIT |
16,782 |
12,362 |
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NET PROFIT |
9,246 |
7,875 |
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BALANCE SHEET |
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Cash |
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30,214 |
30,186 |
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Receivables |
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63,682 |
58,734 |
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Inventory |
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42,977 |
37,121 |
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Securities, Marketable |
73 |
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Other Current Assets |
10,427 |
8,521 |
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TOTAL CURRENT ASSETS |
147,373
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134,562
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Property & Equipment |
36,451 |
35,881 |
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Intangibles |
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787 |
838 |
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Investments, Other Fixed Assets |
30,792 |
35,686 |
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TOTAL ASSETS |
215,403
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206,967
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Payables |
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31,460 |
28,128 |
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Short-Term Bank Loans |
1,218 |
1,943 |
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Other Current Liabs |
25,408 |
21,261 |
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TOTAL CURRENT LIABS |
58,086 |
51,332 |
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Debentures |
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Long-Term Bank Loans |
139 |
491 |
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Reserve for Retirement Allw |
996 |
1,431 |
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Other Debts |
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2,203 |
3,116 |
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TOTAL LIABILITIES |
61,424 |
56,370 |
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MINORITY INTERESTS |
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Common
stock |
37,714 |
37,714 |
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Additional
paid-in capital |
37,797 |
37,871 |
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Retained
earnings |
79,623 |
75,384 |
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Evaluation
p/l on investments/securities |
2,830 |
4,519 |
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Others |
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(558) |
(674) |
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Treasury
stock, at cost |
(3,428) |
(4,217) |
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TOTAL S/HOLDERS` EQUITY |
153,978
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150,597
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TOTAL EQUITIES |
215,403
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206,967
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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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6,199 |
10,084 |
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Cash
Flows from Investment Activities |
-211 |
-2,103 |
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Cash
Flows from Financing Activities |
-5,519 |
-25,125
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Cash,
Bank Deposits at the Term End |
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29,332 |
28,916 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
153,978
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150,597
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Current
Ratio (%) |
253.72 |
262.14 |
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Net
Worth Ratio (%) |
71.48 |
72.76 |
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Recurring
Profit Ratio (%) |
11.83 |
9.74 |
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Net
Profit Ratio (%) |
6.52 |
6.21 |
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Return
On Equity (%) |
6.00 |
5.23 |
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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%)