MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
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Name : |
NEOMAX MATERIALS CO LTD |
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Registered Office : |
2-19-1 Minami-Suita Suita City Osaka-Pref
564-0043 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
October 2004 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of metal products (plates,
strands, wires, rods, etc) |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 778.9 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name and address
NEOMAX MATERIALS CO LTD
REGD NAME: KK
Neomax Materials
MAIN OFFICE: 2-19-1
Minami-Suita Suita City Osaka-Pref 564-0043
Tel: 06-6381-9151 Fax: 06-6381-6987
URL: http://www.neomax-materials.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of metal
products (plates, strands, wires, rods, etc), other
BRANCHES
Osaka, Tokyo
OVERSEAS
New York, Dusseldorf,
London, Paris, Hong Kong, Beijing, Singapore, other
(-- The parent’s
branch offices & subsidiaries)
FACTORIES
At the caption
address
OFFICERS
TOMOTERU OOKI,
PRES Mitsuaki Ohkubo,
s/mgn dir
Haruo Katsuta, dir Akitoshi
Hiraki, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 19,171 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND SLOW WORTH Yen
11,660 M
STARTED 2004 EMPLOYES 225
COMMENT
MFR OF METAL PRODUCTS, OWNED BY HITACHI METAL CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 778.9 MILLION, 30 DAYS NORMAL TERMS.
US$ AMOUNT TO BE CONVERTED AT THE CURRENT
PREVAILING
EXCHANGE RATES.
HIGHLIGHTS
The subject company was established
originally in 1948 as Suita branch of Sumitomo Metal Ind for mfg of metal
alloys for electronic industry, originally as Sumitomo Special Steel Co
Ltd. In Apr 2004, newly established as Neomax
Materials Co Ltd to succeed the business operations of the former body, and
became a wholly-owned subsidiary of Hitachi Metals Ltd (See REGISTRATION). This is a specialized mfr of metal products,
such as plates, strands, wires, rods and processed products for automobile, IT
and other industries. Products are
exported.
Imports/exports
businesses are handled by the parent and group firms & general trading
firms utilizing their overseas branches and subsidiary offices, and not
directly involved.
FINANCIAL INFORMATION
Financials are consolidated by the
parent, Hitachi Metals Co Ltd, and disclosed in digest form only.
The sales volume for Mar/2010 fiscal term amounted to Yen 19,171
million, an almost similar amount in the previous term. The recurring profit was posted at Yen 616
million and the net profit at Yen 157 million, compared with Yen 130 million
recurring profit and Yen 73 million net profit, respectively, a year ago.
For the term that ended Mar 2011 the
recurring profit was projected at Yen 630 million and the net profit at Yen 170
million, respectively, on a 10% rise in turnover, to Yen 21,000 million. Sales of steel products for automobile
industry expanded briskly. Product
prices rose. The parent comments:
“Domestic demand for automobiles rose in response to the Japanese government’s
tax breaks for eco-friendly car & other measures. Chinese & US markets continued to be
robust. The semiconductor field was
buoyed by strong demand for smartphones, tablet computers and other portable
terminals, helping to boost sales of components used in such items. Sales of high-grade metal products were up
20.0%; Electronics & It devices up 26.6%; Functional components up 17.3%.” Final results of the subject firm are yet to
be released.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 778.9 million, on 30 days normal
terms. US$ equivalent amount is to be
converted at the current prevailing exchange rates.
REGISTRATION
Date Registered: Oct
2004
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 32,000 shares
Issued: 8,000 shares
Sum: Yen 400 million
Major
shareholders (%): Hitachi Metals Ltd* (100)
*.. Major mfr of high-quality special steel,
Tokyo, listed Tokyo S/E, capital Yen 26,284
million, sales Yen 520,186 million,
operating profit Yen 43,134 million, recurring profit Yen 37,591 million, net
profit Yen 22204 million, total assets Yen 529,869 million, net worth Yen
228,010 million, employees 18,018, pres Hiroyuki Fujii
Consolidated
Financials are attached (See SUPPLMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
electronic materials, steel products, other (--100%).
(Mfg
products):
Materials
for Automobile: clad metals for spreaders, aluminum-clad-nickel, bimetals for
automobiles, permalloys, temperature compensator alloys, and materials for
resistors;
Materials
for IT: clad metals for package sealing, iron/nickel/cobalt alloys, iron clad
copper, aluminum deposited iron-nickel alloys, clad metals for heat spreaders,
permalloys, temperature compensator alloys, metals for resistors;
Materials
for Environment & Energy: lead materials for solar modules, clad metals for
heat exchangers, temperature-sensitive magnetic alloys, copper/nickel clad
stainless steels;
Materials
for Audio & Visual: iron/nickel/cobalt alloys, iron clad copper,
nickel/niob alloys, bimetals, iron/chromium alloys, nickel/chromium alloys,
iron/nickel alloys, pure nickel, temperature compensation alloys;
Materials
for Home Electric Appliances: bimetals for home electric appliances, bimetals
for fuseless breakers, permalloys;
Special
Materials: corrosion-resistant alloys, boron stainless steel, low expansion
alloys, inconel, materials for spring, other.
Clients: [Mfrs,
wholesalers] Hitachi Metals Admet Ltd (30%), Shinko Electric Ind, Sansho Shoji
Co, other
Exports to USA, Europe, China, S/E Asia, etc
thru parent’s overseas offices & subsidiaries.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hitachi Metals Co, Neomax Kagoshima, Mitsubishi Corporation
Unimetals Co, Ishifuku Metal Ind, other
Payment record: Regular
Location: Business area in
Suita City, Osaka-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank
References:
SMBC (Osaka)
MUFG (Osaka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
|
21,000 |
19,171 |
19,107 |
24,050 |
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Recur.
Profit |
|
630 |
616 |
120 |
1,981 |
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Net
Profit |
|
170 |
157 |
73 |
1,180 |
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Total
Assets |
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|
24,198 |
22,129 |
28,086 |
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Current
Assets |
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|
9,180 |
6,716 |
13,270 |
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Current
Liabs |
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|
7,694 |
4,447 |
8,577 |
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Net
Worth |
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|
11,660 |
11,503 |
11,705 |
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Capital,
Paid-Up |
|
|
400 |
400 |
400 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
20.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.54 |
0.33 |
-20.55 |
23.60 |
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Current Ratio |
|
.. |
119.31 |
151.02 |
154.72 |
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N.Worth Ratio |
.. |
48.19 |
51.98 |
41.68 |
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R.Profit/Sales |
|
3.00 |
3.21 |
0.63 |
8.24 |
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N.Profit/Sales |
0.81 |
0.82 |
0.38 |
4.91 |
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Return On Equity |
.. |
1.35 |
0.63 |
10.08 |
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Notes: Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, HITACHI
METALS LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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520,186 |
431,683 |
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Cost of Sales |
406,282 |
352,382 |
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GROSS PROFIT |
113,904 |
79,301 |
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Selling & Adm Costs |
70,761 |
65,952 |
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OPERATING PROFIT |
43,143 |
13,349 |
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Non-Operating P/L |
-5,552 |
-3,316 |
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RECURRING PROFIT |
37,591 |
10,033 |
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NET PROFIT |
22,204 |
1,937 |
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BALANCE SHEET |
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Cash |
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28,712 |
31,175 |
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Receivables |
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95,728 |
90,564 |
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Inventory |
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108,606 |
84,724 |
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Securities, Marketable |
17 |
416 |
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Other Current Assets |
26,563 |
32,898 |
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TOTAL CURRENT ASSETS |
259,626 |
239,777 |
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Property & Equipment |
186,032 |
198,434 |
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Intangibles |
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49,552 |
50,592 |
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Investments, Other Fixed Assets |
34,659 |
29,181 |
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TOTAL ASSETS |
529,869 |
517,984 |
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Payables |
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78,145 |
67,213 |
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Short-Term Bank Loans |
48,422 |
52,874 |
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Other Current Liabs |
49,186 |
50,178 |
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TOTAL CURRENT LIABS |
175,753 |
170,265 |
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Debentures |
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24,000 |
24,000 |
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Long-Term Bank Loans |
20,105 |
40,000 |
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Reserve for Retirement Allw |
22,072 |
21,299 |
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Other Debts |
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59,929 |
49,637 |
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TOTAL LIABILITIES |
301,859 |
305,201 |
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MINORITY INTERESTS |
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Common
stock |
26,284 |
26,284 |
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Additional
paid-in capital |
41,244 |
41,243 |
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Retained
earnings |
170,471 |
150,470 |
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Evaluation
p/l on investments/securities |
3,812 |
1,861 |
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Others |
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(3,107) |
3,589 |
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Treasury
stock, at cost |
(10,694) |
(10,664) |
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TOTAL S/HOLDERS` EQUITY |
228,010 |
212,783 |
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TOTAL EQUITIES |
529,869 |
517,984 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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42,688 |
57,012 |
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Cash
Flows from Investment Activities |
-24,607 |
-21,495 |
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Cash
Flows from Financing Activities |
-25,156 |
-25,252 |
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Cash,
Bank Deposits at the Term End |
|
33,994 |
43,639 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net Worth
(S/Holders' Equity) |
228,010 |
212,783 |
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Current
Ratio (%) |
147.72 |
140.83 |
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Net
Worth Ratio (%) |
43.03 |
41.08 |
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Recurring
Profit Ratio (%) |
7.23 |
2.32 |
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Net
Profit Ratio (%) |
4.27 |
0.45 |
||
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Return
On Equity (%) |
9.74 |
0.91 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
|
1 |
Rs.71.80 |
|
Euro |
1 |
Rs.63.15 |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.