MIRA INFORM REPORT

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MISUMI CORPORATION

 

 

Registered Office :

2-4-43 Toyo Kotoku Tokyo 135-0016

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

April  2005

 

 

Com. Reg. No.:

(Tokyo-Kotoku) 030898

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Catalog Sales of precision machinery parts

 

 

No. of Employees :

371

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 4,528.3 Million

 

 

Status :

Good

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

 

MISUMI CORPORATION

 

 

REGD NAME

 

KK Misumi

 

 

MAIN OFFICE

 

2-4-43 Toyo Kotoku Tokyo 135-0016 JAPAN

Tel: 03-3647-7111     Fax: 03-3647-7458

 

URL:                 http://www./misumi.ec.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Import, export, catalog sales of precision machinery parts

 

 

BRANCHES

 

Kumamoto, Yokohama, other (Tot 15)

 

 

OVERSEAS

 

USA, UK, Germany, China (2), Hong Kong, Korea, Taiwan, Thailand, Singapore, India, Vietnam (-- subsidiaries)

 

 

FACTORIES

 

(Subcontracted - about 150 makers)

 

OFFICER(S)

 

MASAYUKI TAKAYA, PRES      Tadashi Saegusa, ch

Masahiko Eguchi, v pres             Tatsutaka Ohno, mgn dir

Tokuya Ikeguchi, mgn dir                        Masayuki Sanada, mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR     A/SALES                                  Yen 99,818 M

PAYMENTS      REGULAR         CAPITAL           Yen 850 M

TREND             UP                    WORTH            Yen 58,219 M

STARTED         2005     EMPLOYES      371

 

 

COMMENT

 

CATALOG SALES OF PRECISION MACHINEY PARTS, WHOLLY OWNED BY MISUMI GROUP INC. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$200,000 / O/A 90 DAYS.

                       

MAX CREDIT LIMIT: YEN 4,528.3 MILLION, 30 DAYS NORMAL TERMS.

 

 

HIGHLIGHTS

 

The subject company was established originally in 1963 and was reorganized through merger of Misumi Corp and Suruga Seiki Co in Apr 2005, and formed a holding company, Misumi Group Inc (See REGISTRATION).  Masayuki Takaya is concurrently pres at the Holding Company.  This is a mail-order house for precision machinery parts, particularly of standardized parts for FA equipment and metal molds.  Not involved in production.  Cooperative makers of about 150 both at home and abroad produce Misumi-brand products based on customer needs.  Goods are imported from subsidiary factories and purchasing offices overseas.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 99,818 million, a 38% up from Yen 72,557 million in the previous term.  Market recovered.  Asia led the recovery, driven by marked economic growth in China, other.  The recurring profit was posted at Yen 13,671 million and the net profit at Yen 8,055 million, respectively, compared with Yen 9,293 million recurring profit and Yen 5,614 million net profit, respectively, a year ago.

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 14,000 million and the net profit at Yen 8,300 million, respectively, on a 5% rise in turnover, to Yen 105,000 million.  Sales increased mainly in the domestic and North American markets.  Metal mold parts grew steadily.  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 4,528.3 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:           Apr 2005

Regd No.:           (Tokyo-Kotoku) 030898

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         68,000 shares

Issued:                17,000 shares

Sum:                   Yen 850 million

Major shareholders (%): Misumi Group Inc* (100)

 

*.. Holding company of Misumi group firms, founded 2005, listed Tokyo S/E, capital Yen 5,805 million, turnover Yen 121,203 million, operating profit Yen 15,562 million, recurring profit Yen 15,230 million, net profit Yen 9,007 million, total assets Yen 107,551 million, net worth Yen 84,275 million, employees 4,831, pres Masayuki Takaya, concurrently

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Mail-Order House for distributing precision machinery parts by catalog and online:

 

(Sales breakdown by Divisions):

 

Factory Automation Div (62%): linear shafts, aluminum frames, filter units, screws, air cylinders processed urethane & rubber, anti-vibration & soundproof materials, insulator plates, switches, cutters, others;

 

Die Components Div (22%): punches & button dies, stripper guide pins & bushings, ejector pins, core pin guides, others;

 

Electronics Div (9%): harnesses, cables, connectors, terminal blocks, wiring accessories, memory HDD, keyboards, data converters, other;

 

Optics Div (4%): theater locating stage, mirror holders, lens holders, optical sensors, micro manipulators, other;

 

Diversified Business Div (3%): machine tools, digital design tools, medical & veterinary supplies, food service supplies, environmental protective supplies, other.

(Overseas sales ratios 27%)

 

Clients: [Mfrs, wholesalers] Exports to: Misumi USA, Misumi S/E Asia, Misumi Korea, Misumi Precision Shanghai, Misumi Taiwan, other.

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Suruga Seiki, AIO Precision, Yamada Kikai Kogyo, Morimoto Seimitsu Shaft, other.

 

Payment record: Regular

 

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

 

Bank References:

Mizuho Bank (Kinshicho)

MUFG (Fukagawa)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

105,000

99,818

72,557

90,389

Recur. Profit

　

14,000

13,671

9,293

12,114

Net Profit

　

8,300

8,055

5,614

6,081

Total Assets

　

　

74,486

63,628

55,660

Current Assets

　

　

56,326

47,913

40,358

Current Liabs

　

　

15,167

10,524

7,174

Net Worth

　

　

58,219

52,028

47,574

Capital, Paid-Up

　

　

850

850

850

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.19

37.57

-19.73

-10.13

    Current Ratio

 

..

371.37

455.27

562.56

    N.Worth Ratio

..

78.16

81.77

85.47

    R.Profit/Sales

 

13.33

13.70

12.81

13.40

    N.Profit/Sales

7.90

8.07

7.74

6.73

    Return On Equity

..

13.84

10.79

12.78

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MISUMI GROUP INC

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

121,203

89,180

 

  Cost of Sales

72,264

54,241

 

      GROSS PROFIT

48,939

34,938

 

  Selling & Adm Costs

33,376

26,530

 

      OPERATING PROFIT

15,562

8,408

 

  Non-Operating P/L

-332

-326

 

      RECURRING PROFIT

15,230

8,082

　

      NET PROFIT

9,007

3,885

BALANCE SHEET

 

 

 

 

  Cash

　

35,763

27,603

 

  Receivables

 

25,964

22,071

 

  Inventory

 

12,537

10,614

 

  Securities, Marketable

4,866

5,402

 

  Other Current Assets

2,855

1,664

 

      TOTAL CURRENT ASSETS

81,985

67,354

 

  Property & Equipment

15,073

13,736

 

  Intangibles

 

4,919

3,650

 

  Investments, Other Fixed Assets

5,574

8,200

 

      TOTAL ASSETS

107,551

92,940

 

  Payables

 

8,567

7,197

 

  Short-Term Bank Loans

900

1,200

 

　

 

　

　

 

  Other Current Liabs

11,095

6,133

 

      TOTAL CURRENT LIABS

20,562

14,530

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

2,026

1,728

 

  Other Debts

　

687

736

 

      TOTAL LIABILITIES

23,275

16,994

 

      MINORITY INTERESTS

 

 

 

Common stock

5,340

4,681

 

Additional paid-in capital

15,112

14,453

 

Retained earnings

66,235

58,801

 

Evaluation p/l on investments/securities

30

63

 

Others

 

(1,791)

(1,402)

 

Treasury stock, at cost

(651)

(650)

 

      TOTAL S/HOLDERS` EQUITY

84,275

75,946

　

      TOTAL EQUITIES

107,551

92,940

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

11,734

6,413

 

Cash Flows from Investment Activities

-2,965

-17,161

 

Cash Flows from Financing Activities

-559

-1,105

　

Cash, Bank Deposits at the Term End

　

18,763

10,908

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

84,275

75,946

 

 

Current Ratio (%)

398.72

463.55

 

 

Net Worth Ratio (%)

78.36

81.72

 

 

Recurring Profit Ratio (%)

12.57

9.06

 

 

Net Profit Ratio (%)

7.43

4.36

 

 

Return On Equity (%)

10.69

5.12

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

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.