MIRA INFORM REPORT

 

 

Report Date :           

24.03.2011

 

IDENTIFICATION DETAILS

 

Name :

KOMORI CORPORATION

 

 

Registered Office :

3-11-1 Azumabashi Sumidaku Tokyo 130-8666

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

December 1946

 

 

Com. Reg. No.:

(Tokyo-Sumidaku) 010719

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of offset printing machines

 

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 3,349.5 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 – 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

 

KOMORI CORPORATION

 

 

REGD NAME

 

KK Komori Corporation

 

 

MAIN OFFICE

 

3-11-1 Azumabashi Sumidaku Tokyo 130-8666 JAPAN

Tel: 03-5608-7811     Fax: 03-3624-7160

 

URL:                             http://www.komori.com/

E-Mail address:            info@komori.com

 

 

ACTIVITIES

 

Mfg of offset printing machines

 

 

BRANCHES   

 

Osaka, Nagoya, Fukuoka, Shizuoka, Sendai, Hiroshima, other (Tot 8)

 

 

OVERSEAS   

 

Komoro International (Europe) BV, Komori International Netherlands BV,

Komori UK Ltd, Komori France SA, Komori Italia Srl, Komori-Chambon SAS,

Komori Hong Kong Ltd, Komori Printing Machine (Shenzhen) Co Ltd,

Komori Taiwan Ltd

 

 

FACTORIES  

 

Tsukuba

 

CHIEF EXEC

 

YOSHIHARU KOMORI, PRES & CEO

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 68,718 M

PAYMENTS      REGULAR         CAPITAL           Yen 37,714 M

TREND             SLOW              WORTH            Yen 132,244 M

STARTED         1946                 EMPLOYES      2,174

 

 

COMMENT    

 

MFR SPECIALIZING IN OFFSET PRINTING MACHINES FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 3,349.5 MILLION, 30 DAYS NORMAL TERMS.

 

                        Forecast (or estimated) figures for 31/03/2011 fiscal term

 

 

HIGHLIGHTS

 

This is the largest mfr of offset printing machines founded originally in 1923 as lithographic printing machinery mfr.  The only producer of printing equipment for domestic currency.  Overseas sales ratio is high with marketing-maintenance service subs in USA, Europe, Asia, etc.  Highly competitive in sheet-fed offset presses, computerized equipment and money printing machines.  Export ratio high.  The firm strives to win orders for sheet-fed offset presses in inland area in China.  It will send additional technical experts to China to assist local sales agencies.  It will further shift to low-prices imported parts.  Domestic clients include Ministry of Finance, printing houses, nationwide.

           

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 68,718 million, a 38.3% down from Yen 111,405 million in the previous term.  Sales were substantially affected by the global economic downturn particularly in the first half of the term.  Consumer spending was sluggish.  Exports were substantially hurt by the high Yen, reducing revenues & profits in Yen terms.  Orders received declined 30.2% to Yen 61,989 million.  The operations plunged into the red to register Yen 7,210 recurring loss and Yen 10,501 million net losses, respectively, compared with Yen 103 million recurring profit and Yen 7,092 million net losses, respectively, a year ago.  By Divisions, Printing down 44.0% to Yen 53,166 million; Repairing/maintenance works down 6.0% to Yen 15,551 million.

 

(Apr/Dec/2010 results): Sales Yen 50,745 million (down 1.4%), operating loss Yen 3,216 million (previously Yen 5,701 million loss), recurring loss Yen 4,548 million (previously Yen 5,619 million loss), net losses Yen 5,525 million (previously Yen 6,700 million loss).  (% compared with the corresponding period a year ago).

 

For the current term ending Mar 2008 the operations are projected to continue in the deficit to post Yen 5,000 million recurring loss and Yen 6,000 million net losses, respectively, on a 6.2% rise in turnover, to Yen 73,000 million.  Sales of printing machines bound for China are faring well.  But sales are slumping in Japan, the US and Europe, affected by sluggish recovery of corporate capital spending.  With foreign exchange rates assumed at Yen 80 per Dollar in the second half, negative effect of stronger Yen is eroding profits.  The operating account deficit may expand from the previous projections, despite the full-term contribution of the Tsukuba plant.

 

Financial situation is considered FAIR and good for ORDINARY business engagements.     Max credit limit is estimated at Yen 3,349.5 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:          Dec 1946

Regd No.:                                 (Tokyo-Sumidaku) 010719

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  295.5 million shares

Issued:                         72,292,340 shares

Sum:                            Yen 37,714 million

 

Major shareholders (%): Master Trust Bank of Japan T (10.2), Japan Trustee Services

Bank T (6.5), Ades Co (3.2), Meiji Yasuda Life Ins (2.8), Noriko Komori (2.5), Company’s Treasury Stock (2.1), Trust & Custody Services Inv T (2.0), CBNYDFA Int’l Cap Value P (1.9), Nippon Life Ins (1.5); foreign owners (22.0)

           

No. of shareholders: 4,350

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Yoshiharu Komori, pres; Isao Mochida, s/mgn dir; Kazu Kunitomo, mgn dir; Masataka Ono, dir; Kazunori Saitoh, dir; Masaru Masumoto, dir; Makoto Kondoh, dir

 

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

 

Related companies: Komori Machinery, Komori Electronics, others

           

 

OPERATION

 

Activities: Manufactures offset printing machines (77%): commercial offset presses offset web presses, currency & securities offset presses, web offset packaging presses, printing equipment; others (23%).

 

Overseas sales ratio (68.5%): Americas (14.0%), Europe (27.3%), Asia (23.0%), others    (4.2%)

 

Clients: [Printing houses, wholesalers] National Printing Center, Ministry of Finance, Dainippon Printing, Toppan Printing, Kyodo Printing, Tosho Printing, other.

 

No. of accounts: 2,000

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Komori Machinery, Komori Electronics, Gunze, KK Stec, Masusei Foundry, Kurikoma Denki Koji, Osaka Sanso Kogyo, other.

 

Payment record: Regular

 

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

 

Bank References:

Mizuho Corporate Bank (Nihombashi)

MUFG (Ginza)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

68,718

111,405

 

  Cost of Sales

53,009

75,137

 

      GROSS PROFIT

15,709

36,268

 

  Selling & Adm Costs

22,760

32,902

 

      OPERATING PROFIT

-7,051

3,365

 

  Non-Operating P/L

-159

-3,262

 

      RECURRING PROFIT

-7,210

103

　

      NET PROFIT

-10,501

-7,092

BALANCE SHEET

 

 

 

 

  Cash

　

54,672

31,967

 

  Receivables

 

19,124

33,725

 

  Inventory

 

34,726

46,018

 

  Securities, Marketable

1,180

1,338

 

  Other Current Assets

4,570

8,759

 

      TOTAL CURRENT ASSETS

114,272

121,807

 

  Property & Equipment

39,239

35,908

 

  Intangibles

 

2,244

1,254

 

  Investments, Other Fixed Assets

18,654

21,906

 

      TOTAL ASSETS

174,409

180,875

 

  Payables

 

12,781

15,779

 

  Short-Term Bank Loans

3,906

3,822

 

　

 

　

　

 

  Other Current Liabs

13,688

15,900

 

      TOTAL CURRENT LIABS

30,375

35,501

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

9,085

　

 

  Reserve for Retirement Allw

641

610

 

  Other Debts

　

2,064

949

 

      TOTAL LIABILITIES

42,165

37,060

 

      MINORITY INTERESTS

 

 

 

Common stock

37,714

37,714

 

Additional paid-in capital

37,797

37,797

 

Retained earnings

59,279

71,785

 

Evaluation p/l on investments/securities

1,223

199

 

Others

 

(1,321)

(1,237)

 

Treasury stock, at cost

(2,448)

(2,444)

 

      TOTAL S/HOLDERS` EQUITY

132,244

143,814

　

      TOTAL EQUITIES

174,409

180,875

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

15,772

-5,229

 

Cash Flows from Investment Activities

-2,651

-2,584

 

Cash Flows from Financing Activities

7,190

-704

　

Cash, Bank Deposits at the Term End

　

52,071

31,897

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

132,244

143,814

 

 

Current Ratio (%)

376.20

343.11

 

 

Net Worth Ratio (%)

75.82

79.51

 

 

Recurring Profit Ratio (%)

-10.49

0.09

 

 

Net Profit Ratio (%)

-15.28

-6.37

 

 

Return On Equity (%)

-7.94

-4.93

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.96

UK Pound

1

Rs.73.57

Euro

1

Rs.63.68

 

 

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.