MIRA
INFORM REPORT
|
Report Date : |
10.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
MUSASHI PAINT CO LTD |
|
|
|
|
Registered Office : |
2-30-16 Minami-Ikebukuro Toshimaku Tokyo
171-0022 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
June 1958 |
|
|
|
|
Com. Reg. No.: |
(Tokyo-Toshimaku) 011711 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of coatings |
|
|
|
|
No. of Employees : |
247 |
RATING & COMMENTS
|
MIRAs 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 404.0 Million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
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 and address
MUSASHI PAINT CO LTD
REGD NAME: Musashi
Toryo KK
MAIN OFFICE: 2-30-16
Minami-Ikebukuro Toshimaku Tokyo 171-0022 JAPAN
Tel:
03-3985-8118 Fax: 03-3985-0947
URL: http://www.musashipaint.com
E-Mail address: info@musashipaint.com
ACTIVITIES
Mfg of coatings
BRANCHES
Osaka, Saitama,
Hiroshima
OVERSEAS
Malaysia (2),
China (9), Korea (2), Hungary, USA (2), UK, Thailand, Vietnam,
Hungary, Taiwan
(2) (--JVs)
FACTORIES
Saitama
(subsidiary maker, Musashi Paint Industry Co)
OFFICERS
SHUHEI FUKUI, PRES Shusaku Tomisawa, s/mgn dir
Kaoru Hiraoka, dir Kiyoshi Abe, dir
Ryohei Yamamoto,
dir Hidenori Sato, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,267 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
23 M
TREND SLOW WORTH Yen
8,611 M
STARTED 1958 EMPLOYES 247
COMMENT
MFR OF COATINGS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 404.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
by Toshio Fukui in order to make most of his experience in the subject line of
business. Shuhei is his son. This is a specialized mfr of coatings for
electronic devices, household appliances, automobiles, other (See OPERATION). Mfg is done by its subsidiary maker. Has 21 JVs overseas.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 6,267 million, an 11% down from Yen 7,029 million in the
previous term. High Yen eroded export
revenues & profits in Yen terms. The
recurring profit was posted at Yen 198 million and the net profit at Yen 231
million, respectively, compared with Yen 254 million recurring profit and Yen
359 million net profit, respectively, a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 200 million and the net profit at Yen
235 million, respectively, on a 3% rise in turnover, to Yen 6,450 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 404.0 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Jun
1958
Regd No.:
(Tokyo-Toshimaku) 011711
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 184,000 shares
Issued: 46,000 shares
Sum: Yen 23 million
Major
shareholders (%): Musashi Paint International Co* (38), Asahi Kasei Chemicals
(29), Shuhei Fukui (13), Masako Shimono (6)
＊. Group
subsidiary, wholesaler of paint/coatings, at the caption address, founded 1996,
capital Yen 12 million, sales Yen 3,252
million, net profit Yen 347 million, employees 4,
pres Shuhei Fukui, concurrently
No. of shareholders: 16
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures,
exports and wholesales coatings (100%)
Coatings
for application for:
Information/Telecommunication
Devices: mobile phones, laptop computers, digital cameras, other;
Household
Appliances: plasma/LCD TV, DVD players, vacuum cleaners, refrigerators, air
cleaners, other:
Automobile
Device: navigation systems, other
Clients: [Mfrs,
wholesalers] Manza Paint Co, Sanwa Toryo, Sugimura Paint Co, Asazuma Co,
Kishida Toryo Inc, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Musashi Paint Industry Co (subsidiary maker)
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG
(Ikebukuro-Higashiguchi)
Resona Bank
(Akihabara)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
|
Annual
Sales |
|
6,450 |
6,267 |
7,029 |
6,726 |
|
Recur.
Profit |
|
200 |
198 |
254 |
|
|
Net
Profit |
|
235 |
231 |
359 |
|
|
Total
Assets |
|
|
10,115 |
10,413 |
9,541 |
|
Current
Assets |
|
|
8,271 |
8,415 |
|
|
Current
Liabs |
|
|
1,162 |
1,629 |
|
|
Net
Worth |
|
|
8,611 |
8,416 |
8,165 |
|
Capital,
Paid-Up |
|
|
23 |
23 |
23 |
|
Div.P.Share(₯) |
|
|
50.00 |
50.00 |
50.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.92 |
-10.84 |
4.50 |
-1.09 |
|
|
Current Ratio |
|
.. |
711.79 |
516.57 |
.. |
|
N.Worth Ratio |
.. |
85.13 |
80.82 |
85.58 |
|
|
R.Profit/Sales |
|
3.10 |
3.16 |
3.61 |
.. |
|
N.Profit/Sales |
3.64 |
3.69 |
5.11 |
0.00 |
|
|
Return On Equity |
.. |
2.68 |
4.27 |
0.00 |
|
Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.29 |
|
|
1 |
Rs.78.10 |
|
Euro |
1 |
Rs.65.59 |
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 SCs 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.