MIRA
INFORM REPORT
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Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MITANI SANGYO CO LTD |
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Registered Office : |
1-5 Tamagawacho Kanazawa Ishikawa-Pref
920-8685 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
August 1949 |
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Com. Reg. No.: |
2200-01-006845 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of
industrial chemicals, air-conditioning systems |
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No. of Employees : |
2,080 |
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
Source
: CIA
Company name and address
MITANI SANGYO CO LTD
REGD NAME: Mitani
Sangyo KK
MAIN OFFICE: 1-5
Tamagawacho Kanazawa Ishikawa-Pref 920-8685
Tel:
076-233-2151
*.. The is its
Tokyo Branch Office (Tokyo Headquarters)
-
URL: http://www.mitani.co.jp
E-Mail
address: Info@mitani.co.jp
ACTIVITIES
Import,
export, wholesale of industrial chemicals, air-conditioning systems, etc
BRANCHES
Tokyo,
Fukui, Toyama, Nagoya, Osaka, Hiroshima
OVERSEAS
China,
Vietnam
FACTORIES
Vietnam
(3), China
CHIEF EXEC
TATSUYA
AIBA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 63,494 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
2,917 M
TREND UP WORTH Yen 21,159 M
STARTED 1949 EMPLOYES 1,824
COMMENT
TRADING FIRM SPECIALIZING IN CHEMICALS, AIR-CONDITIONING
SYSTEMS, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
HIGHLIGHTS
This is a chemical trading firm operating mainly in Hokuriku
area and Tokyo. Chemicals are the
mainline, but diversifying into information systems, construction materials and
air-conditioning installation. Also
manufactures pharmaceutical intermediates.
Operates mfg factories in Vietnam (3) and China.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen
63,494 million, a 3.3% up from Yen 61,493 million in the previous term. Production increased at Vietnam plants thanks
to enlarged capacity. The recurring
profit was posted at Yen 1,103 million and the net profit at Yen 123 million,
respectively, compared with Yen 1,213 million recurring profit and Yen 321
million net profit, respectively, a year ago.
(Apr/Jun/2013 results): Sales Yen 13,526 million (up 1.1%),
operating loss Yen 273 million (previously Yen 383 million loss), recurring
loss Yen 138 million (previously Yen 299 million loss), net loss Yen 252 million
(previously Yen 616 million loss). (%
& figures compared with the corresponding period a year ago).
For the current term ending Mar 2014 the recurring profit is
projected at Yen 1,680 million and the net profit at Yen 750 million, on a 4.7%
rise in turnover, to Yen 66,500 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Aug
1949
Regd No.: 2200-01-006845
(Kanazawa-Tamagawa)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 220
million shares
Issued:
55,176,000 shares
Sum: Yen 3,702 million
Major shareholders (%): Mitsuru Mitani (20.2), Mitani
Co (10.8), Mitani Scholarship Society (8.5), Michiko Mitani (4.5), Hokuto
Daikosha (3.9), Mitani Service Engine (3.6), Mitani R&D Foundation (3.6),
Hokkoku Bank (2.1), Hokuriku Bank (2.1), Employees’ S/Holding Assn (1.7);
foreign owners (0.0)
No. of shareholders: 2,080
Listed on the S/Exchange (s) of:
Nagoya (Second Section)
Managements: Mitsuru Mitani, ch; Tatsuya Aiba,
pres; Masayuki Ado, s/mgn dir; Seiji Nishino, mgn dir; Tadateru Mitani, mgn dir;
Kazuhiko Michigami, dir; Koichi Mori, dir; Tadahiro Kajitani, dir; Shigeru
Sawa, dir; Keisuke Nakagawa, dir; Katsuhide Semba, dir; Mitsuyo Hanada, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
D-Circle Inc, Mitani Sangyo E Co, Infill Co, other.
OPERATION
Activities: Imports, exports and wholesales, with
mfg division, information systems (system integration, packaged software,
hardware & support, outsourcing) (10%), Plastics & Electronics (resin
& electronics units, electronics parts) (5%), chemicals products (basis
chemicals, functional chemicals, pharmaceuticals) (45%), air-conditioning
systems (air-conditioning facilities, sanitary plumbing facilities,
cogeneration systems) (14%), housing equipment (16%), energy (10%).
Clients: [Mfrs, wholesalers] Bit-Isle Inc,
Nippon Soda Co, Obayashi Corp, Fujitsu Ltd,
Taisho Pharmaceutical Co, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Fujitsu Ltd, Nissan
Chemical Ind, Toko Electric Co, Tokuyama Corp, Toa Gosei Co, other
Payment record: No
complaints
Location:
Business area in Kanazawa. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References: MUFG
(Kanazawa)
Hokuriku
Bank (Kanazawa)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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63,494 |
61,493 |
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Cost of Sales |
53,253 |
52,178 |
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GROSS PROFIT |
10,241 |
9,314 |
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Selling & Adm Costs |
9,102 |
8,572 |
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OPERATING PROFIT |
1,138 |
742 |
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Non-Operating P/L |
-35 |
571 |
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RECURRING PROFIT |
1,103 |
1,213 |
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NET PROFIT |
123 |
321 |
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BALANCE SHEET |
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Cash |
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4,448 |
2,904 |
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Receivables |
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16,913 |
17,500 |
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Inventory |
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2,811 |
2,282 |
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Securities, Marketable |
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Other Current Assets |
4,860 |
3,854 |
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TOTAL CURRENT ASSETS |
29,032 |
26,540 |
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Property & Equipment |
10,646 |
10,008 |
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Intangibles |
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1,045 |
677 |
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Investments, Other Fixed Assets |
9,475 |
8,488 |
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TOTAL ASSETS |
50,198 |
45,713 |
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Payables |
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10,757 |
11,235 |
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Short-Term Bank Loans |
10,025 |
7,863 |
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Other Current Liabs |
4,609 |
3,805 |
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TOTAL CURRENT LIABS |
25,391 |
22,903 |
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Debentures |
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Long-Term Bank Loans |
835 |
447 |
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Reserve for Retirement Allw |
123 |
118 |
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Other Debts |
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2,689 |
2,116 |
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TOTAL LIABILITIES |
29,038 |
25,584 |
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MINORITY INTERESTS |
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Common
stock |
3,702 |
3,702 |
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Additional
paid-in capital |
2,702 |
2,702 |
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Retained
earnings |
12,639 |
12,924 |
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Evaluation
p/l on investments/securities |
1,928 |
1,122 |
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Others |
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227 |
(284) |
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Treasury
stock, at cost |
(39) |
(38) |
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TOTAL S/HOLDERS` EQUITY |
21,159 |
20,128 |
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TOTAL EQUITIES |
50,198 |
45,713 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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1,005 |
280 |
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Cash
Flows from Investment Activities |
-1,555 |
-1,552 |
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Cash Flows
from Financing Activities |
1,942 |
808 |
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Cash,
Bank Deposits at the Term End |
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4,330 |
2,793 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
21,159 |
20,128 |
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Current
Ratio (%) |
114.34 |
115.88 |
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Net
Worth Ratio (%) |
42.15 |
44.03 |
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Recurring
Profit Ratio (%) |
1.74 |
1.97 |
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Net
Profit Ratio (%) |
0.19 |
0.52 |
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Return
On Equity (%) |
0.58 |
1.59 |
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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.61.69 |
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|
1 |
Rs.98.59 |
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Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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.