MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEINAN MACHINERY WORKS INC |
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Registered Office : |
3-130 Kajitacho Obu Aichi-Pref 474-8543 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
June 1953 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of
Plywood and Veneer Mfg Machinery |
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 283.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
MEINAN MACHINERY WORKS INC
REGD NAME: KK Meinan Seisakusho
MAIN OFFICE: 3-130 Kajitacho Obu
Aichi-Pref 474-8543 JAPAN
Tel:
0562-47-2211 Fax: 0562-48-7300
E-Mail address: sales@meinan.co.jp
ACTIVITIES
Mfg of plywood & veneer mfg machinery
BRANCHES
Nil
FACTORY(IES)
At the caption address
OFFICER(S)
Katsuji Hasegawa, ch
YUKIO HATTORI, PRES
Masaru Koike, dir
Yukinari Yabuki, dir
Mikio Tsutsui, dir
Takashi Ohta, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,129 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen 10,635 M
STARTED 1953 EMPLOYES 113
COMMENT
MFR OF PLYWOOD MFG MACHINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 283.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by father of Katsuji Hasegawa, now ch at the firm, and has been succeeded by his descendants. This is a specialized mfr of veneer & plywood mfg/processing machines at the caption address. Clients include major timber traders and wholesalers nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 6,129 million, a 15% down from Yen 7,199 million in the previous term. Exports decreased due to higher materials costs. The net profit was posted at Yen 366 million, down from Yen 432 million net profit a year ago
For the term that ended Mar 2008 the net profit was projected at Yen 390 million, on a 5% rise in turnover, to Yen 6,435 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 283.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1953
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 720,000 shares
Issued: 180,000 shares
Sum: Yen 90 million
Major shareholders (%)
Katsuji Hasegawa (19), Nobuhiko Hasegawa (4), Yukio Hattori (3)
No. of shareholders: 95
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures plywood & veneer mfg machinery:
Arist-lathe veneer production line, production
line for peeling veneer from small-diameter logs, others (--100%).
Clients
[Timber traders,
wholesalers] Itochu Corp, Seihoku Plywood, Seihoku Corp, Asai
Plywood Works, Hayashi Plywood
Ind, other
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Hanno Kogyosho, Ito Shokai Corp, Taisei Seisakusho, Hikari Shokai, Shinko Kikai, other
Payment record
Regular
Location
Business area in Obu City, Aichi-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Nagoya-Chuo)
MUFG (Hotta)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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6,129 |
7,199 |
7,210 |
4,778 |
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Recur.
Profit |
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1,036 |
771 |
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Net
Profit |
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366 |
432 |
417 |
247 |
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Total
Assets |
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13,083 |
12,782 |
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Current
Assets |
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10,523 |
10,438 |
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Current
Liabs |
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2,238 |
2,397 |
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Net
Worth |
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10,635 |
10,379 |
10,091 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
90 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-14.86 |
-0.15 |
50.90 |
-2.33 |
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Current Ratio |
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.. |
470.20 |
435.46 |
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N.Worth Ratio |
.. |
79.33 |
78.95 |
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R.Profit/Sales |
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14.39 |
10.69 |
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N.Profit/Sales |
5.97 |
6.00 |
5.78 |
5.17 |
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Return On Equity |
.. |
4.16 |
4.13 |
.. |
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Notes: Financials are only partially disclosed for the
31/03/2007 fiscal term as shown above.
The figures are all confirmed done.
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%)