MIRA
INFORM REPORT
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Report Date : |
13.10.2012 |
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) : |
31.03.2012 |
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Date of Incorporation : |
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 |
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No. of Employees : |
2104 employees |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but 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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
`
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong
work ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
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Source : CIA |
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
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 72,297 M
PAYMENTS Slow but Correct CAPITAL Yen
37,714 M
TREND STEADY WORTH Yen 115,012 M
STARTED 1946 EMPLOYES 2,104
COMMENT
MFR
SPECIALIZING IN OFFSET PRINTING MACHINES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast (or estimated) figures for
31/03/2013 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 72,297 million, an almost similar amount of Yen 72,234 million in the previous term. Sales of printing machines held steady in the domestic market, but were remaining at the bottom in the US & Europe, and slowed down in China. The operations continued in the red to register Yen 4,278 million recurring loss and Yen 5,292 million net losses, respectively, compared with Yen 4,853 million recurring loss and Yen 6,216 million net loss, respectively, a year ago. Losses include foreign exchange losses, extraordinary losses including impairment losses.
(Apr/Jun/2012 results): Sales Yen 12,648 million (down 5.3%), operating loss Yen 1,630 million (previously Yen 1,989 million loss), recurring loss Yen 2,343 million (previously Yen 1,969 million loss), net losses Yen 4,683 million (previously Yen 1,961 million loss). (% & figures compared with the corresponding period a year ago).
For the current term ending Mar 2013 the operations are projected to continue in the deficit to post Yen 1,400 million recurring loss and Yen 3,900 million net losses, respectively, on a 0.7% rise in turnover, to Yen 72,800 million. Sales of printing machines will remain at the bottom in Europe, affected by the stronger Yen and economic slowdown. Corporate capital investments will decline in greater China due to decreased exports of printed materials to Europe. But sales are likely to grow in Japan and the US. Foreign exchange loss will shrink.
Financial situation is considered FAIR and good for ORDINARY business engagements.
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 (%): Company’s Treasury Stock (9.2), Master Trust Bank of Japan T (7.5), Japan Trustee Services Bank T (5.8), Yoshimaro Komori (2.9, Meiji Yasuda Life Ins (2.7), Noriko Komori (2.7), Noriko Komori (2.7), Komori Estate (2.6), CBNYDFA Int’l Cap Value P (2.0), Customers’ S/Holding Assn (1.9), Nippon Life Ins (1.5); foreign owners (20.5)
No. of shareholders: 4,737
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
(65%)
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: Slow but Correct
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: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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72,297 |
72,234 |
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Cost of Sales |
54,212 |
54,847 |
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GROSS PROFIT |
18,085 |
17,387 |
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Selling & Adm Costs |
22,039 |
21,364 |
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OPERATING PROFIT |
-3,953 |
-3,977 |
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Non-Operating P/L |
-325 |
-876 |
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RECURRING PROFIT |
-4,278 |
-4,853 |
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NET PROFIT |
-5,292 |
-6,216 |
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BALANCE SHEET |
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Cash |
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45,404 |
49,763 |
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Receivables |
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20,143 |
18,330 |
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Inventory |
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26,998 |
29,687 |
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Securities, Marketable |
2,316 |
2,840 |
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Other Current Assets |
2,171 |
3,366 |
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TOTAL CURRENT ASSETS |
97,032 |
103,986 |
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Property & Equipment |
34,098 |
37,319 |
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Intangibles |
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2,064 |
2,203 |
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Investments, Other Fixed Assets |
16,083 |
17,677 |
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TOTAL ASSETS |
149,277 |
161,185 |
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Payables |
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13,783 |
14,544 |
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Short-Term Bank Loans |
7,064 |
1,846 |
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Other Current Liabs |
10,779 |
10,304 |
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TOTAL CURRENT LIABS |
31,626 |
26,694 |
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Debentures |
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Long-Term Bank Loans |
719 |
7,935 |
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Reserve for Retirement Allw |
642 |
663 |
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Other Debts |
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1,277 |
1,715 |
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TOTAL LIABILITIES |
34,264 |
37,007 |
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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 |
45,097 |
51,726 |
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Evaluation
p/l on investments/securities |
840 |
878 |
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Others |
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(1,487) |
(1,450) |
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Treasury
stock, at cost |
(4,949) |
(2,487) |
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TOTAL S/HOLDERS` EQUITY |
115,012 |
124,178 |
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TOTAL EQUITIES |
149,277 |
161,185 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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-792 |
4,513 |
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Cash
Flows from Investment Activities |
4,622 |
-11,260 |
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Cash
Flows from Financing Activities |
-5,461 |
-3,627 |
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Cash,
Bank Deposits at the Term End |
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39,264 |
41,112 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
115,012 |
124,178 |
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Current
Ratio (%) |
306.81 |
389.55 |
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Net Worth
Ratio (%) |
77.05 |
77.04 |
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Recurring
Profit Ratio (%) |
-5.92 |
-6.72 |
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Net
Profit Ratio (%) |
-7.32 |
-8.61 |
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Return
On Equity (%) |
-4.60 |
-5.01 |
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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.52.70 |
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UK Pound |
1 |
Rs.84.51 |
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Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.