MIRA INFORM REPORT

 

 

Report Date :           

16.03.2011

 

IDENTIFICATION DETAILS

 

Name :

MMC SUPERALLOY CORPORATION

 

 

Registered Office :

1230 Kamihideya Okegawa City Saitama-Pref 363-0026

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

July 2010

 

 

Com. Reg. No.:

(Saitama-Okegawa) 004521

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of alloy products

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

MMC SUPERALLOY CORPORATION

 

 

REGD NAME 

 

MMC Super Alloy KK

 

 

MAIN OFFICE

 

1230 Kamihideya Okegawa City Saitama-Pref 363-0026 JAPAN

Tel: 048-786-2332     Fax: 048-786-3416

URL:                 www.mmc.co.jp 

E-mail:             sales@mmc.co.jp            

 

 

ACTIVITIES  

 

Mfg of alloy products

 

 

BRANCHES   

 

Osaka

 

 

FACTORIES  

 

At the caption address

 

 

OFFICER(S)  

 

TSUTOMU OKA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES        UNDETD           A/SALES          Yen 201,000 M*

PAYMENTS      Unknown       CAPITAL           Yen 2,000 M

TREND             UNDETD           WORTH            Yen 2,000 M

STARTED         2010                 EMPLOYES      800 (approx)

                        *.. Estimated figures only for the initial one year term and not confirmed

 

 

COMMENT

 

MFR OF ALLOY PRODUCTS, WHOLLY OWNED BY MITSUBISHI MATERIALS CORPORATION . 

 

FINANCIAL SITUATION UNDETERMINED DUE TO THE RECENT INCEPTION BUT SHOULD BE GOOD FOR

ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: UNABLE TO BE ASSESSED DUE TO THE RECENT INCEPTION AND WITHOUT PROVEN BUSINESS.   MAX CREDIT LIMIT OF THE PARENT: YEN 17,883.1 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of taking over operations of Okegawa Plant of Mitsubishi Materials Corporation, Tokyo (See REGISTRATION).  This is a specialized mfr of high performance heat resistant alloy, corrosion resistant alloy, copper alloy, other.  Products are all whipped to th parent and its group firms.

 

 

FINANCIAL INFORMATION

 

The sales volume for the initial one year term is targeted at around Yen 201,000 million, as estimated and reported.  The copper segment accounts for 38% of parent’s total sales..  .

 

Both the financial situation and business trends are not determined due to the recent inception but should be good for ORDINARY business engagements.  Max credit limit is unable to be assessed due to the lack of proven business records.  Max credit limit of the parent, Mitsubishi Materials Corp is Yen 17,883.1 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Jul 2010

Regd No.:            (Saitama-Okegawa) 004521

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　160,000 shares

Issued:             　40,000 shares

Sum:                　Yen 2,000 million

 

Major shareholders (%): Mitsubishi Materials Corp* (100)

 

*.. Largest non-ferrous metal smelter, Tokyo, founded 1950, listed Tokyo, Osaka S/E’s, capital Yen 93,242 million,

sales Yen 725,837 million, operating profit Yen 66,265 million, recurring profit Yen 87,791 million, net profit Yen 53,952 million, total assets Yen 1,826,420 million, net worth Yen 399,095 million, employees 21,875, pres Hiroshi Yao

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Manufactures high performance heat-resistant alloy, corrosion resistant alloy, copper alloy, other (--100%).

 

Clients: [Mfrs] Shipped to the parent, Mitsubishi Materials Corp, and its group firms

            No. of accounts: Unavailable

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs] Supplied from the parent, Mitsubishi Materials Corp, and group firms

 

Payment record: Unknown

 

Location: Business area in Okegawa City, Saitama-Pref.  Office premises at the caption address are owned by the parent and maintained satisfactorily.

 

Bank References:

MUFG (H/O)

Mizuho Corporate Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

NOT YET MADE AVAILABLE

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI MATERIALS CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,119,448

1,424,114

 

  Cost of Sales

982,082

1,251,102

 

      GROSS PROFIT

137,366

173,011

 

  Selling & Adm Costs

124,686

137,876

 

      OPERATING PROFIT

12,680

35,134

 

  Non-Operating P/L

-3,139

4,912

 

      RECURRING PROFIT

-9,541

40,046

　

      NET PROFIT

-66,555

6,106

BALANCE SHEET

 

 

 

 

  Cash

　

76,989

98,497

 

  Receivables

 

214,118

168,857

 

  Inventory

 

239,054

202,532

 

  Securities, Marketable

　

　

 

  Other Current Assets

179,395

182,070

 

      TOTAL CURRENT ASSETS

709,556

651,956

 

  Property & Equipment

726,315

710,058

 

  Intangibles

 

62,110

59,597

 

  Investments, Other Fixed Assets

328,439

310,392

 

      TOTAL ASSETS

1,826,420

1,732,003

 

  Payables

 

128,986

103,784

 

  Short-Term Bank Loans

294,866

283,932

 

　

 

　

　

 

  Other Current Liabs

341,042

347,833

 

      TOTAL CURRENT LIABS

764,894

735,549

 

  Debentures

 

100,000

95,000

 

  Long-Term Bank Loans

372,183

301,080

 

  Reserve for Retirement Allw

61,455

50,376

 

  Other Debts

　

128,793

128,063

 

      TOTAL LIABILITIES

1,427,325

1,310,068

 

      MINORITY INTERESTS

 

 

 

Common stock

119,457

119,457

 

Additional paid-in capital

113,408

118,287

 

Retained earnings

92,802

158,542

 

Evaluation p/l on investments/securities

23,313

2,120

 

Others

 

51,499

28,899

 

Treasury stock, at cost

(1,384)

(5,371)

 

      TOTAL S/HOLDERS` EQUITY

399,095

421,934

　

      TOTAL EQUITIES

1,826,420

1,732,003

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

45,400

115,272

 

Cash Flows from Investment Activities

-88,398

-110,461

 

Cash Flows from Financing Activities

25,060

-7,153

　

Cash, Bank Deposits at the Term End

　

78,309

97,780

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

399,095

421,934

 

 

Current Ratio (%)

92.77

88.64

 

 

Net Worth Ratio (%)

21.85

24.36

 

 

Recurring Profit Ratio (%)

-0.85

2.81

 

 

Net Profit Ratio (%)

-5.95

0.43

 

 

Return On Equity (%)

-16.68

1.45

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.15

UK Pound

1

Rs.72.59

Euro

1

Rs.62.95

 

 

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

 

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.