MIRA INFORM REPORT

 

 

Report Date :           

29.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MITO KOGYO CO LTD

 

 

Registered Office :

Mito Bldg, 6 Kanda Kita-Norimonocho Chiyodaku Tokyo 101-0036

 

 

Country :

Japan

 

 

Financials (as on) :

30.04.2011

 

 

Date of Incorporation :

November  1957

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 030387

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of metal working tools, metal cutting machine tools

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 283.3 Million

Status :

Moderate

Payment Behaviour :

Regular

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name

 

MITO KOGYO CO LTD

 

 

REGD NAME

 

Mito Kogyo KK

 

 

MAIN OFFICE

 

Mito Bldg, 6 Kanda Kita-Norimonocho Chiyodaku Tokyo 101-0036 JAPAN

Tel: 03-3252-1211     Fax: 03-5298-6590

 

URL:                 www.mitokogyo.co.jp 

E-mail:             info@mitokogyo.co.jp           

 

 

ACTIVITIEs

 

Mfg of metal working tools, metal cutting machine tools

 

 

BRANCHES   

 

Kyoto, Oyama, Hitachi, Kobe, Koshigaya, Gunma, Nagoya, other (Tot 24)

 

 

FACTORIES  

 

Mito (Ibaraki-Pref); China, Taiwan, Korea (--subcontracted)

 

 

OFFICER(S)  

 

HIROSHI MARUYAMA, PRE     Masahiro Osawa, rep dir

Kiyoshi Iwasaka, dir                   Hisayoshi Shinohara, dir

Kazuo Suzuki, dir                      Masao Maruyama, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 11,491 M

PAYMENTS                  REGULAR         CAPITAL           Yen 48 M

TREND             SLOW              WORTH            Yen 3,382 M

STARTED                     1957                 EMPLOYES      280

 

 

COMMENT    

 

MFR OF MACHINE TOOLS. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$50,000.00 / O/ 90 DAYS

 

MAX CREDIT LIMIT: YEN 283.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Shigeyuki Narita in order to make most of his experience in the subject line of business, and has been succeeded by the present executives.  Hiroshi Maruyama took the post of presidency in Dec 2009.  This is a specialized mfr of machine tools: metal cutting machine tools, metal working tools, jig, other.  Goods are subcontracted mfg to factories in China, Taiwan and Korea, in addition to its own factory in Mito (Ibaraki-Pref).  The Mito Factory was damaged by the Great East Japan Earthquake.  Clients are such industries as automobile, industrial machinery, construction, aerospace, shipbuilding, other.

 

 

FINANCIAL INFORMATION

 

The sales volume for Apr/2010 fiscal term amounted to Yen 11,491 million, a 25% down from Yen 15,420 million in the previous term, as affected by the global economic downturn.  Sales declined substantially in the first half of the term.  In the second half the sales recovered to some extent but not of a material recovery.  As a result the operations plunged into the red to register Yen 439 million recurring loss and Yen 440 million net losses, respectively, for the term.  This compared with Yen 87 million recurring profit and Yen 39 million net profit, respectively, a year ago.    .

 

For the term that ended Apr 2011 the operations were projected to come back to profitability to post Yen 50 million recurring profit and Yen 25 million net profit, respectively, on an almost similar turnover, at Yen 11,500 million.  The impact of parts supply chain disruptions stemming from the Earthquake could be felt.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 283.3 million, on 30 days normal terms.  The proposed amount for 90 days terms is considered well within the firm’s financial capacities.

 

 

 

REGISTRATION

 

Date Registered:          Nov 1957

Regd No.:                     (Tokyo-Chiyodaku) 030387

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         384,000 shares

Issued: 　                     95,000 shares

Sum:                　         Yen 48 million

Major shareholders (%): Mito Shoji* (60.8), Yoriko Narita (19.7), Shigeyuki Narita (13.3)

No. of shareholders: 10

*.. Holding company owned by the Narita family.

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures machine tools: metal working tools, metal cutting machine tools; automotive parts (batteries, solax, other), measuring instruments, other (--100%).

 

Goods are mostly manufactured in China, Korea and Taiwan and imported.

 

Clients: [Government agencies, heavy machinery mfrs, wholesalers] Ministry of Self Defense, Mitsubishi Heavy Ind, Mitsubishi Motor, Kawasaki Heavy Ind, Komatsu Ltd, Yamaha Motor, Hitachi Ltd, Suzuki Motor, Isuzu Motor, other.

            No. of accounts: 800

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Mitsubishi Material, Kyocera Corp, Tohnichi Mfg, OSG Corp, Riken Kiki, Lincoln Ind, Yamaco Co, other.

Imports from China, Taiwan, Korea, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Kanda-Ekimae)

MUFG (Kanda-Ekimae)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

30/04/2011

30/04/2010

30/04/2009

30/04/2008

Annual Sales

　

11,500

11,491

15,420

16,349

Recur. Profit

　

50

-439

87

313

Net Profit

　

25

-440

39

162

Total Assets

　

　

8,007

8,270

9,170

Current Assets

　

　

5,876

6,054

7,033

Current Liabs

　

　

3,948

3,579

5,013

Net Worth

　

　

3,382

3,822

3,783

Capital, Paid-Up

　

　

48

48

48

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

0.08

-25.48

-5.68

4.01

    Current Ratio

 

..

148.83

169.15

140.30

    N.Worth Ratio

..

42.24

46.22

41.25

    R.Profit/Sales

 

0.43

-3.82

0.56

1.91

    N.Profit/Sales

0.22

-3.83

0.25

0.99

    Return On Equity

..

-13.01

1.02

4.28

 

Notes: Forecast (or estimated) figures for the 30/04/2011 fiscal term. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.05

UK Pound

1

Rs.71.92

Euro

1

Rs.64.37

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>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

----

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.