MIRA INFORM REPORT
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Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MORIMOTO MFG CO LTD |
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Registered Office : |
180 Suna Shijonawate Osaka-Pref 575-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
August 1958 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of industrial sewing machines |
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No. of Employees : |
136 |
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 : |
No Complaints |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
MORIMOTO MFG CO LTD
Morimoto
Seisakusho KK
180 Suna
Shijonawate Osaka-Pref 575-0001 JAPAN
Tel:
072-878-1177 Fax: 072-878-9649
URL: http://www.kansai-special.com
E-Mail address: (thru the URL)
Mfg of
industrial sewing machines
Osaka
(warehouse)
USA, Germany, Hong Kong, Singapore, Bangladesh, India, China (--subsidiaries)
At the
caption address, Osaka, Kyoto
TSUTOMU
MORIMOTO, PRES
Yoshihide
Morimoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,016 M
PAYMENTSNo
Complaints CAPITAL Yen
55 M
TREND SLOW WORTH Yen 410 M
STARTED 1958 EMPLOYES 136
MFR OF INDUSTRIAL SEWING MACHINES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Narajiro Morimoto (father of
Chikara Morimoto) originally in 1927 for making drinking water making machines,
on his account. Incorporated in 1958 the
firm has been succeeded by his descendants.
This is a family-based mfr specializing in industrial sewing machines,
their components, parts, other (See OPERATION). Operates 7 overseas subsidiaries as
above. Products are exported to over 80
countries in USA, Europe, China, Singapore, other.
Financials are only partially disclosed.
The sales volume for Jul/2012 fiscal term amounted to Yen 2,016 million,
a 28% down from Yen 2,783 million in the previous term. High Yen hurt exports, reducing earnings
substantially in Yen terms. The net
profit was posted at Yen 25 million, compared with Yen 10 million a year ago.
For the current term ending Jul 2013 the net profit is projected at Yen
30 million, on a 4% rise in turnover, to Yen 2,100 million. Weaker Yen may contribute to increase export
earnings in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug
1958
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
440,000 shares
Issued:
110,000 shares
Sum: Yen 55 million
Major shareholders (%): M T Co (30), Yoshihide Morimoto
(19), Osaka Small & Medium Business Promotion and Investment Assn (18),
other
No. of shareholders: 5
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures industrial sewing
machines, their components, parts, other (--100%)
(Mfg Items): double chain
stitch machine, multi needle, double chain stitch machine, cover stitch
machine, double chain stitch decorative machine, overlock, interlock machines, corrugated
cardboard closing machines, their parts, other
Clients: [Mfrs,
wholesalers] Exports to over 80 countries in USA, Europe, China, Singapore,
other
No. of accounts: Unavailable
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers]
Inoue Metal Working Ind, Sanpo Metal Sales Co, Dinintec Co, Kaneka Form
Plastics, Tochidensha Inc, other
Payment record: No Complaints
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
MUFG (Kadoma)
Kinki
Osaka Bank (Shijonawate)
Relations:
Satisfactory
(In Million Yen)
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31/07/2013 |
31/07/2012 |
31/07/2011 |
31/07/2010 |
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Annual
Sales |
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2,100 |
2,016 |
2,783 |
2,289 |
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Recur.
Profit |
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Net
Profit |
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30 |
25 |
10 |
-160 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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|
410 |
393 |
383 |
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Capital,
Paid-Up |
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|
55 |
55 |
55 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.17 |
-27.56 |
21.58 |
5.05 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
1.43 |
1.24 |
0.36 |
-6.99 |
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Notes: Financials are only
partially disclosed.
Forecast
(or estimated) figures for the 31/07/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
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UK Pound |
1 |
Rs.91.14 |
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Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
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 |
---- |
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.