MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MMK CO LTD |
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Registered Office : |
Mitsui Seimei Ohtemachi Bldg 8F, 1-2-3Ohtemachi Chiyodaku Tokyo
100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
October 2003 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Machine Tools |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 120.0 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
MMK CO LTD
REGD NAME: KK MMK
MAIN OFFICE: Mitsui Seimei
Ohtemachi Bldg 8F, 1-2-3Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN
Tel :
03-5208-8700
Fax :
03-5208-8798
E-Mail address: info@mmknet.com
ACTIVITIES
Import, export, wholesale of machine tools
BRANCHES
Osaka, Nagoya, Sendai, Ohta, Otsu, Okayama, Hiroshima,
Takamatsu, Fukuoka, other (Total 11)
OVERSEAS
Bangkok, India, Hong Kong, China (3), Thailand, Indonesia
OFFICER(S)
SHIN’ICHI OGAWA, PRES
Takuji Mori, dir
Toshio Ohmori, dir
Tomio Fujii, dir
Shigeru Hanagata, dir
Toshio Komuro, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 32,062 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 956 M
STARTED 2003 EMPLOYES 124
COMMENT
TRADING
HOUSE SPECIALIZING IN MACHINE TOOLS, WHOLLY OWNED BY MITSUI & CO.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 120.0 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The
subject company was established on the basis of a machine tool sales section of
Machinery Division separated from Mitsui & Co Ltd (see REGISTRATION). A specialized trading house, wholly owned by
Mitsui & Co ltd, for import, export and wholesale of machine tools. The business has been carried for more than
37 years at the Mitsui & Co and operations are said steadily expanding.
FINANCIAL INFORMATION
The
sales volume for Mar/2007 fiscal term amounted to Yen 32,062 million, a 17% up
from Yen 27,327 million a year ago.
This is attributed to the amalgamation of sister companies in the
similar line of business in order to integrate group operations. The net profit was posted at Yen 553
million, up from Yen 466 million a year ago.
For
the current term ending Mar 2008 the net profit is projected at Yen 555
million, on a 3% rise in turnover, to Yen 33,000 million.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimate at Yen 120.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 2003
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 24,000
shares
Issued: 6,000
shares
Sum: Yen
300 million
Major shareholders (%)
Mitsui & Co Ltd*(100)
*..
Leading general trading house vying with Mitsubishi Corp, founded 1947, listed
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York S/E’s, capital Yen323,213 million,
turnover Yen 15,357,656 million, recurring profit Yen 330,140 million, net
profit Yen 301,502 million, total assets Yen 9,813,312 million, net worth Yen
2,110,279 million, employees 41,761, pres Shoei Utsuda
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is knows as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales machine tools: metal processing machinery, resin processing machinery, automation systems, dedicated machines, industrial machinery, consulting, work on entrustment/maintenance works, intermediation for mfg of metals, moulded products, parts and/or finished products (--100%)
Clients
[Wholesalers, mfrs] Mitsui & Co, Toyota Motor, Fuji Heavy Ind, Shimadz Corp,
Minebea Co, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Mitsui & Co (20%), Toshiba Machinery, Okuma Corp, Mitsui Leasing & Development, Mitsui Seiki Kogyo, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Hibiya)
Mizuho Bank (Shimbashi-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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33,000 |
32,062 |
27,327 |
27,327 |
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Recur.
Profit |
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Net
Profit |
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555 |
553 |
466 |
407 |
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Total
Assets |
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15,333 |
12,181 |
10,216 |
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Current
Assets |
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15,095 |
11,914 |
10,000 |
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Current
Liabs |
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14,355 |
11,302 |
9,489 |
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Net
Worth |
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956 |
852 |
720 |
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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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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.93 |
17.33 |
0.00 |
.. |
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Current Ratio |
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105.15 |
105.41 |
105.39 |
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N.Worth Ratio |
.. |
6.23 |
6.99 |
7.05 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
1.68 |
1.72 |
1.71 |
1.49 |
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Return On Equity |
.. |
57.85 |
54.69 |
56.53 |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, MITSUI & CO LTD
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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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15,357,656 |
14,885,772 |
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Cost of Sales |
3,977,063 |
3,297,161 |
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GROSS PROFIT |
11,380,593 |
11,588,611 |
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Selling & Adm Costs |
11,071,693 |
11,322,811 |
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OPERATING PROFIT |
308,900 |
265,800 |
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Non-Operating P/L |
21,240 |
-12,168 |
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RECURRING PROFIT |
330,140 |
253,632 |
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NET PROFIT |
301,502 |
202,409 |
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BALANCE SHEET |
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Cash |
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800,032 |
697,065 |
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Receivables |
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2,189,514 |
1,997,093 |
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Inventory |
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696,470 |
695,754 |
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Securities, Marketable |
11,670 |
26,860 |
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Other Current Assets |
1,376,090 |
1,330,059 |
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TOTAL CURRENT ASSETS |
5,073,776 |
4,746,831 |
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Property & Equipment |
988,300 |
746,149 |
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Intangibles |
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1,044,445 |
98,811 |
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Investments, Other Fixed Assets |
2,706,791 |
2,981,787 |
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TOTAL ASSETS |
9,813,312 |
8,573,578 |
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Payables |
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658,747 |
540,797 |
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Short-Term Bank Loans |
371,865 |
353,185 |
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Other Current Liabs |
2,779,590 |
2,616,959 |
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TOTAL CURRENT LIABS |
3,810,202 |
3,510,941 |
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Debentures |
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Long-Term Bank Loans |
2,887,528 |
2,658,735 |
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Reserve for Retirement Allw |
33,209 |
36,769 |
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Other Debts |
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733,407 |
570,066 |
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TOTAL LIABILITIES |
7,464,346 |
6,776,511 |
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MINORITY INTERESTS |
238,687 |
118,160 |
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Common
stock |
323,213 |
295,766 |
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Additional
paid-in capital |
417,900 |
390,488 |
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Retained
earnings |
1,072,234 |
825,306 |
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Evaluation
p/l on investments/securities |
258,922 |
216,099 |
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Others |
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41,478 |
(47,749) |
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Treasury
stock, at cost |
(3,468) |
(2,003) |
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TOTAL S/HOLDERS` EQUITY |
2,110,279 |
1,677,907 |
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TOTAL EQUITIES |
9,813,312 |
8,572,578 |
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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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239,275 |
146,396 |
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Cash
Flows from Investment Activities |
-418,028 |
-347,332 |
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Cash
Flows from Financing Activities |
272,289 |
92,269 |
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Cash,
Bank Deposits at the Term End |
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800,032 |
697,065 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
2,110,279 |
1,677,907 |
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Current
Ratio (%) |
133.16 |
135.20 |
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Net
Worth Ratio (%) |
21.50 |
19.57 |
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Recurring
Profit Ratio (%) |
2.15 |
1.70 |
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Net
Profit Ratio (%) |
1.96 |
1.36 |
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Return
On Equity (%) |
14.29 |
12.06 |
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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%)