MIRA
INFORM REPORT
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Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
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Name : |
KOMORI CORPORATION |
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Registered Office : |
3-11-1 Azumabashi Sumidaku Tokyo 130-8666 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
December 1946 |
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Com. Reg. No.: |
(Tokyo-Sumidaku) 010719 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of offset printing machines |
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 3,585.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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
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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
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
E-Mail address: info@komori.com
ACTIVITIES
Mfg of offset
printing machines
BRANCHES
Osaka, Nagoya, Fukuoka,
Shizuoka, Sendai, Hiroshima, other (Tot 10)
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 72,234 M
PAYMENTS REGULAR CAPITAL Yen
37,714 M
TREND STEADY WORTH Yen
124,178 M
STARTED 1946 EMPLOYES 2,163
COMMENT
MFR SPECIALIZING
IN OFFSET PRINTING MACHINES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 3,585.4 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2012 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. The company may start collaboration with
overseas firms, such as production consignment, in the next term. It intends to commercialize digital printing
machines suitable for multi-variety, small lot production and on-demand
printing in spring 2012, and will start to cultivate demand in the developed
countries. Domestic clients include
Ministry of Finance, printing houses, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 72,234 million, a 5.1% up from Yen 68,718 million in the
previous term. In Japan capital expenditure
showed positive growth against a backdrop of improved corporate earnings. Personal consumption also gained momentum due
to the government’s economic stimulus package.
Despite the signs of economic recovery, however, the March 11 Great East
Japan Earthquake and subsequent incidents at a nuclear power station complex
resulted in a rapid falloff in economic activity at the end of the fiscal year
under review. Steady economic growth was
maintained in the newly emerging countries and regions, particularly India and
China. Orders received increased 24.2%
to Yen 77,002 million. The operations
continued in the red to register Yen 4,853 million recurring loss and Yen 6,216
million net losses, respectively, compared with Yen 7,210 million recurring loss
and Yen 10,501 million net loss, respectively, a year ago. Losses include foreign exchange losses,
extraordinary losses that included impairment losses of Yen 204 million and
losses resulting from the Great East Japan Earthquake totaling Yen 178 million.
(Apr/Sept/2011 results): Sales Yen
33,197 million (down 12.1%), operating loss Yen 2,795 million (previously Yen
1,025 million loss), recurring loss Yen 3,392 million (previously Yen 2,047
million loss), net losses Yen 3,351 million (previously Yen 1,830 million
loss). (% compared with the
corresponding period a year ago).
For the current term ending Mar 2012 the
operations are projected to continue in the deficit to post Yen 4,500 million
recurring loss and Yen 4,600 million net losses, respectively, o a 1.8% rise in
turnover, to Yen 73,500 million. Sales
of specialty printing machines will hold steady in the newly-emerging
countries. But those of sheet-fed offset
presses are likely to slum in the US and Europe. Demand from the greater China will slow
down. Operating profit is unlikely to
reach the company’s target, dampened by the negative effect of the stronger
Yen, despite growth in sales of main model in the second half. Foreign exchange loss will shrink. No
extraordinary losses on the Earthquake disaster will emerge.
Financial
situation is considered FAIR and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 3,585.4
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:
68,292,340 shares
Sum: Yen 37,714 million
Major
shareholders (%): Master Trust Bank of Japan T (9.4), Japan Trustee Services
Bank T (6.3), Yoshimaro Komori (3.4), Trust
& Custody Services Inv T (3.1), Meiji Yasuda Life Ins (2.7), Noriko Komori
(2.7), Komori Estate (2.6), CBNYDFA Int’l Cap Value P (2.2), Company’s Treasury
Stock (2.1), Customers’ S/Holding Assn (1.6); foreign owners (21.3)
No. of shareholders: 4,613
Listed on the S/Exchange (s) of: Tokyo
Managements: Yoshiharu Komori,
pres; Satoshi Mochida, s/mgn dir; Kazunori Saitoh, dir; Masaru Tsukamoto, dir;
Makoto Kondo, dir; Masamitsu Yoshikawa, 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
(79%): commercial offset presses offset web presses, currency & securities
offset presses, web offset packaging presses, printing equipment; maintenance
& used machinery, others (21%).
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, Kyoni
Corp, Eye Graphics
Corp, Cosmotec Corp, 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)
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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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72,234 |
68,718 |
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Cost of Sales |
55,847 |
53,009 |
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GROSS PROFIT |
17,387 |
15,709 |
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Selling & Adm Costs |
21,364 |
22,760 |
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OPERATING PROFIT |
-3,977 |
-7,051 |
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Non-Operating P/L |
-876 |
-159 |
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RECURRING PROFIT |
-4,853 |
-7,210 |
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NET PROFIT |
-6,216 |
-10,501 |
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BALANCE SHEET |
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Cash |
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49,763 |
54,672 |
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Receivables |
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18,330 |
19,124 |
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Inventory |
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32,687 |
34,726 |
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Securities, Marketable |
2,840 |
1,180 |
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Other Current Assets |
366 |
4,570 |
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TOTAL CURRENT ASSETS |
103,986 |
114,272 |
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Property & Equipment |
37,319 |
39,239 |
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Intangibles |
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2,203 |
2,244 |
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Investments, Other Fixed Assets |
17,677 |
18,654 |
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TOTAL ASSETS |
161,185 |
174,409 |
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Payables |
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14,544 |
12,781 |
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Short-Term Bank Loans |
1,846 |
3,906 |
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Other Current Liabs |
10,204 |
13,688 |
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TOTAL CURRENT LIABS |
26,594 |
30,375 |
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Debentures |
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Long-Term Bank Loans |
7,935 |
9,085 |
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Reserve for Retirement Allw |
663 |
641 |
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Other Debts |
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1,815 |
2,064 |
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TOTAL LIABILITIES |
37,007 |
42,165 |
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MINORITY INTERESTS |
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Common
stock |
37,714 |
37,714 |
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Additional
paid-in capital |
37,797 |
37,797 |
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Retained
earnings |
51,726 |
59,279 |
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Evaluation
p/l on investments/securities |
878 |
1,223 |
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Others |
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(1,486) |
(1,321) |
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Treasury
stock, at cost |
(2,451) |
(2,448) |
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TOTAL S/HOLDERS` EQUITY |
124,178 |
132,244 |
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TOTAL EQUITIES |
161,185 |
174,409 |
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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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4,513 |
15,772 |
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Cash
Flows from Investment Activities |
-11,260 |
-2,651 |
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Cash
Flows from Financing Activities |
-3,627 |
7,190 |
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Cash,
Bank Deposits at the Term End |
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41,112 |
52,071 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
124,178 |
132,244 |
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Current
Ratio (%) |
391.01 |
376.20 |
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Net
Worth Ratio (%) |
77.04 |
75.82 |
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Recurring
Profit Ratio (%) |
-6.72 |
-10.49 |
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Net
Profit Ratio (%) |
-8.61 |
-15.28 |
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Return
On Equity (%) |
-5.01 |
-7.94 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.72 |
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1 |
Rs.79.88 |
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Euro |
1 |
Rs.68.46 |
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 |
-- |
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.