MIRA
INFORM REPORT
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Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
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Name : |
MEIJI SANGYO COMPANY |
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Registered Office : |
Meisan Tameike Bldg, 1-1-12 Akasaka Minatoku Tokyo 107-0052 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2010 |
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Year of Establishment : |
July 1962 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 029221 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of auto parts & components, steel & nonferrous metal products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 926.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name and address
MEIJI SANGYO COMPANY
REGD NAME: Meiji
Sangyo KK
MAIN OFFICE: Meisan
Tameike Bldg, 1-1-12 Akasaka Minatoku Tokyo 107-0052 JAPAN
Tel: 03-5563-8855 Fax: 03-5563-8854
E-Mail address: meisn@mesaco.co.jp
ACTIVITIES
Import, export,
wholesale of auto parts & components, steel & nonferrous metal
products
BRANCHES
Sapporo, Chiba,
Nagoya, Osaka, Fukuoka, Sendai, Saitama, other (Tot 17)
OVERSEAS
Meiji Sangyo Europe
GmbH (Germany), Meiji Sangyo (Thailand) Co, Ltd,
Meiji Sangyo
Singapore,
FACTORIES
Friction Materials
Corp (Philippines), PT Interglobal Electric Parts (Indonesia),
Meiji (Qingdao)
Rubber & Plastic Products Co Ltd (China), TEPRO Inc (USA)
OFFICERS
SHINYA TAKEUCHI,
PRES Masato Nishioka,
s/mgn dir
Koichi Yusa, mgn
dir Yoshiyuki
Kashihara, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 31,444 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen
6,380 M
STARTED 1962 EMPLOYES 328
COMMENT
TRADING FIRM SPECIALIZING IN AUTO PARTS & COMPONENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 926.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
originally in 1933 as Meiji & Co Ltd and started import of auto parts, on
its own account. In 1945 established as
Meiji Sangyo Company. This is a trading
firm, with mfg division, for import, export and wholesale of auto parts &
components as a mainline, nonferrous & steel products, machinery &
equipment, other (See OPERATION). Operates 4 subsidiary factories in: China,
Philippines, Indonesia, China & USA.
The firm reports that: it decided to stop business activities
temporarily for facilities in Thailand affected by the flood. The firm is monitoring the situation and as
soon as it can confirm improvement it will resume operations. Local clients include car parts makes, Tokyo
Metropolitan Bureau of Transport, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2010
fiscal term amounted to Yen 41,444 million, a 26% up from Yen 24,938 million in
the previous term. Auto industry revived
after the global economic downturn. Exports
to overseas factories were robust.
Overseas production rose. The
recurring profit was posted at Yen 1,602 million and the net profit at Yen 811
million, respectively, compared with Yen 1,009 million recurring profit and Yen
553 million net profit, respectively, a year ago.
For the term that ended Sept 2011
the recurring profit was projected at Yen 1,650 million and the net profit at
Yen 830 million, respectively, on a 3% rise in turnover, to Yen 32,300
million. 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 926.1 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Jul
1962
Regd No.;
(Tokyo-Minatoku) 029221
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800,000 shares
Issued: 200,000 shares
Sum: Yen 100 million
Major
shareholders (%): Employees’ S/Holding Assn (56.6), Meisan Co Ltd* (43.4)
No. of shareholders: 129
*.. Office rental, warehousing rental
business, at the caption address, founded 1945, sales Yen 2,299 million, net
profit Yen 371 million, employees 4, pres Motoharu Shimamura
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm for
import, export and wholesale of auto parts, nonferrous & steel products,
machinery & equipment, other:
(Sales
Breakdown by Divisions):
Auto
Parts Division (71%): hydraulic brake & clutches, brakes &
clutches, chassis parts, electrical parts, engine parts, other;
Machinery
Division (29%): Transportation equipment (traction motor & control device, torque
converter, bearing for axle shaft, air spring/conical spring for bogie car,
interior materials, such as film, aluminum plates, brake lining,
electric/electronic components,
Other Industrial field (spare parts for
machinery/equipment for steel making plant, metal fittings for auto parts, gas
analyzers for combustion control, atmospheric monitoring, environmental
measuring devices, machine tools, other;
Imports/Exports (50%)
Clients: [Mfrs,
wholesalers] Komatsu Utility Forklift Co, Showa Automobile Ind, Nissin
Automobile Co, Takara Auto Parts, ISCO Japan, Tokyo-Metrop Bureau of Transport,
other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toyo Element Ind, Akebono Brake Ind, Kinugawa Rubber Ind, NSK Ltd,
Bando Chemical Ind, NWB Co, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by Meisan Co Ltd and maintained satisfactorily.
Bank References:
SMBC (Hibiya)
MUFG (Shimbashi)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
30/09/2011 |
30/09/2010 |
30/09/2009 |
30/09/2008 |
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Annual
Sales |
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32,300 |
31,444 |
24,938 |
28,187 |
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Recur.
Profit |
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1,650 |
1,602 |
1,009 |
1,508 |
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Net
Profit |
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830 |
811 |
553 |
762 |
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Total
Assets |
|
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15,207 |
12,765 |
14,912 |
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Current
Assets |
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11,905 |
9,211 |
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Current
Liabs |
|
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7,208 |
9,211 |
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Net
Worth |
|
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6,380 |
5,650 |
5,223 |
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Capital,
Paid-Up |
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|
100 |
100 |
100 |
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Div.P.Share(¥) |
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|
100.00 |
90.00 |
115.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.72 |
26.09 |
-11.53 |
11.51 |
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Current Ratio |
|
.. |
165.16 |
100.00 |
.. |
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N.Worth Ratio |
.. |
41.95 |
44.26 |
35.03 |
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R.Profit/Sales |
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5.11 |
5.09 |
4.05 |
5.35 |
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N.Profit/Sales |
2.57 |
2.58 |
2.22 |
2.70 |
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Return On Equity |
.. |
12.71 |
9.79 |
14.59 |
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Notes: Forecast
(or estimated) figures for the 30/09/2011 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.28 |
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|
1 |
Rs.80.08 |
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Euro |
1 |
Rs.68.44 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.