MIRA INFORM REPORT

 

 

Report Date :

07.02.2013

 

IDENTIFICATION DETAILS

 

Name :

MIMAKI ENGINEERING CO LTD

 

 

Registered Office :

2182-3 Shigeno-Otsu Tomi City Nagano-Pref 389-0512

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

May 1981

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacturer of ink-jet printers, PC peripherals, software

 

 

No. of Employees :

947

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

Source : CIA

Company name and address

 

MIMAKI ENGINEERING CO LTD

REGD NAME:    KK Mimaki Engineering

MAIN OFFICE:  2182-3 Shigeno-Otsu Tomi City Nagano-Pref 389-0512 JAPAN

Tel: 0268-64-2413     Fax: 0268-64-5580

 

URL:                 http://www.mimaki.co.jp/

E-Mail address: rina-ikeda@mimaki.co.jp

 

 

ACTIVITIES

 

Mfg of ink-jet printers, PC peripherals, software

 

BRANCHES

 

Tokyo, Osaka, Sapporo, Sendai, Saitama, Nagoya, other (Tot 12)

 

OVERSEAS

 

USA, Netherlands, Germany, Brazil, Taiwan, Indonesia, China (2)

(--subsidiaries)

 

FACTORIES

 

Nagano (2)

 

 

CHIEF EXEC

 

HISAYUKI KOBAYASHI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 26,876 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 2,015 M

TREND             UP                                WORTH            Yen 6,151 M

STARTED                     1981                             EMPLOYES      947

 

 

COMMENT

 

MFR OF INK-JET PRINTERS.  

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR      

CREDIT ENGAGEMENTS: US$2,500,000.00 / DA TERMS

                       

                       

                        Unit: Million Yen

Forecast (or estimated) figures for 31/03/2013 fiscal term

 

 

HIGHLIGHTS

 

The subject company was established is the world’s top-class mfr of ink-jet printers for use in advertisement and billboards.  Placing more emphasis on development of industrial-use application to textiles, apparel and other industrial products.  Production in China is expanding.  Sales are through agent dealers. 

           

 

FINANCIAL INFORMATION

 

            The sales volume for Mar 2012 fiscal term amounted to Yen 26,876 million, a 4.9% up from Yen 25,620 million in the previous term.  Production in China increased as mainstay inkjet printer production is gradually shifted to China to avoid the risk of high Yen.  Sales in Indonesia rose with sales office there established in Nov 2011.  By Divisions, SG (Sign Graphics) market up 3.1% to Yen 17,071 million; IP (Industrial Products) market up 1.8% to Yen 5,428 million; TA (Textile & Apparel) market up 28.3% to Yen 1,860 million.  The recurring profit was posted at  274 million and the net profit at Yen 214 million, respectively, compared with Yen 351 million recurring profit and Yen 144 million net profit, respectively, a year ago.

 

            For the current term ending Mar 2013 the recurring profit is projected at Yen 504 million and the net profit at Yen 325 million, on an 11.2% rise in turnover, to Yen 29,877 million.  Production in China will continue rising.  Business in Brazil is expected to contribute to the growth.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.           

 

 

REGISTRATION

 

Date Registered:　May 1981

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         40,080,000 shares

Issued:                13,920,000 shares

Sum:                   Yen 2,015 million

 

Major shareholders (%): Ikeda Holdings (15.4), Employees’ S/Holding Assn (9.5), Noriyuki Tanaka (8.9), Tanaka Kikaku (8.6), Tokyo Small Business Investment (5.4), Company’s Treasury Stock (4.2), Hachijuni Bank (3.0), Akira Ikeda (2.8), Avasys Corp (2.5), Yoshiko Tanaka (1.7); foreign owners (0.1)

 

No. of shareholders: 2,112

 

Listed on the S/Exchange (s) of: JASDAQ

 

Managements; Akira Ikeda, ch; Hisayuki Kobayashi, pres; Sakae Sagane, v pres; Masaaki Fujita, s/mgn dir; Nobuyuki Kimura, dir; Yoshirou Sugimoto, dir; Shintaro Imada, dir

 

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

 

Related companies: Mimaki USA, Mimaki Europe, other

 

 

OPERATION

           

Activities: Manufactures ink-jet printers for use in advertisements & billboards, including Latex ink or Solvent UV ink, PC peripherals, software, other (--100%)

 

(Sales Breakdown by Divisions): For SG (Sign Graphics) market (64%), for IP (Industrial Products) market (20%), for TA (Textiles & Apparel) market (7%), others (9%)

Overseas Sales Ratio (53.1%): USA (12.9%), Europe (28.1%), Asia, others (12.1%)

           

Clients: [Mfrs, wholesalers] Mimaki USA, Mimaki Europe, Mimaki Brazil, Mimaki India, Mimaki China, Graphic Supply, Graphic Creation, other

No. of accounts: 800

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Dainippon Paints, Epson Sales, Toshiba Tech, Oki Electric Nagano, Bionics Co, other

 

Payment record: No Complaints

 

Location: Business area in Tomi City, Nagano-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Hachijuni Bank (Tanaka)

MUFG (Shinjuku-Chuo)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

26,876

25,620

 

  Cost of Sales

16,003

14,980

 

      GROSS PROFIT

10,873

10,640

 

  Selling & Adm Costs

10,454

9,939

 

      OPERATING PROFIT

419

700

 

  Non-Operating P/L

-145

-349

 

      RECURRING PROFIT

274

351

　

      NET PROFIT

214

144

BALANCE SHEET

 

 

 

 

  Cash

　

4,980

2,597

 

  Receivables

 

5,579

4,894

 

  Inventory

 

7,505

7,018

 

  Securities, Marketable

　

　

 

  Other Current Assets

　

　

 

      TOTAL CURRENT ASSETS

18,976

15,231

 

  Property & Equipment

5,562

5,734

 

  Intangibles

 

285

323

 

  Investments, Other Fixed Assets

　

　

 

      TOTAL ASSETS

25,707

22,355

 

  Payables

 

6,221

4,442

 

  Short-Term Bank Loans

5,771

4,941

 

　

 

　

　

 

  Other Current Liabs

　

　

 

      TOTAL CURRENT LIABS

16,417

13,003

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,317

2,367

 

  Reserve for Retirement Allw

344

327

 

  Other Debts

　

　

　

 

      TOTAL LIABILITIES

19,555

16,134

 

      MINORITY INTERESTS

 

 

 

Common stock

2,015

2,015

 

Additional paid-in capital

1,905

1,905

 

Retained earnings

3,258

3,136

 

Evaluation p/l on investments/securities

(6)

(6)

 

Others

 

　

　

 

Treasury stock, at cost

(192)

(192)

 

      TOTAL S/HOLDERS` EQUITY

6,151

6,221

　

      TOTAL EQUITIES

25,707

22,355

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

2,049

-184

 

Cash Flows from Investment Activities

-333

-508

 

Cash Flows from Financing Activities

762

869

　

Cash, Bank Deposits at the Term End

　

4,794

2,388

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

6,151

6,221

 

 

Current Ratio (%)

115.59

117.13

 

 

Net Worth Ratio (%)

23.93

27.83

 

 

Recurring Profit Ratio (%)

1.02

1.37

 

 

Net Profit Ratio (%)

0.80

0.56

 

 

Return On Equity (%)

3.48

2.31

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.08

UK Pound

1

Rs.83.12

Euro

1

Rs.72.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.