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Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MIMAKI ENGINEERING CO LTD |
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Registered Office : |
2182-3 Shigeno-Otsu Tomi City Nagano-Pref 389-0512 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May, 1981 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Manufacturing of ink-jet printers for use in advertisement &
billboard |
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No. of Employees : |
1,163 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has overturned his predecessor's plan to permanently close nuclear power plants
and is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government
revenue and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by the year 2015. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy.
|
Source
: CIA |
MIMAKI ENGINEERING
CO LTD
REGD NAME: KK Mimaki Engineering
MAIN OFFICE: 2182-3 Shigeno-Otsu
Tomi City Nagano-Pref 389-0512 JAPAN
Tel:
0268-64-2281
Fax: 0268-64-2285
*.. The its Kazawa Factory -
URL: http://www.mimaki.co.jp
E-Mail address: (thru the URL)
Mfg of ink-jet printers for use in advertisement & billboard
Tokyo, Osaka, Sapporo, Nagoya, Kyoto, Kobe, Hiroshima, other (Tot 14)
USA, Netherlands, Taiwan, Germany, China (2), Mexico, Indonesia,
Singapore, Australia
At the caption address, Kazawa (as given)
HISAYUKI KOBAYASHI, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 31,090 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 2,015 M
TREND UP WORTH Yen 8,495 M
STARTED 1981 EMPLOYES 1,163
MFR OF INK-JET PRINTERS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
23,284 |
-481 |
-523 |
(%) |
6,357 |
|
(Consolidated) |
31/03/2011 |
25,620 |
351 |
144 |
10.03 |
6,221 |
|
31/03/2012 |
26,876 |
274 |
214 |
4.90 |
6,151 |
|
|
31/03/2013 |
31,090 |
79 |
132 |
15.68 |
6,495 |
|
|
31/03/2014 |
38,486 |
1,413 |
759 |
23.79 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/03/2014 fiscal term.
This 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 industrial products..
The sales volume for Mar/2013 fiscal term amounted to Yen 31,090
million, a 15.7% up from Yen 26,876 million in the previous term. The recurring profit was posted at Yen 79
million and the net profit at Yen 132 million, respectively, compared with Yen
274 million recurring profit and Yen 214 million net profit, respectively, a
year ago.
(Apr/Dec/2013 results): Sales Yen 29,279 million (up 31.0%), operating
profit Yen 2,015 million (up 330.3%), recurring profit Yen 1,052 million
(previously Yen 28 million loss), net profit Yen 569 million (previously Yen 82
million loss). (% & figures compared
with the corresponding period a year ago)
For the term that ended Mar 2014 the recurring profit was projected at
Yen 1,413 million and the net profit at Yen 759 million, on a 23.8% rise in
turnover, to Yen 38,488 million. Final
results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
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 (15.6), Noriyuki Tanaka (9.0),
Employees’ S/Holding Assn (8.8), Tanaka Kikaku (8.6), Japan Trustee Services T
(5.5), TYO Sm & Med Bus Inv & Cons (5.4), Company’s Treasury Stock
(3.8), Nomura Trust Inv T (3.1), Hachijuni Bank (3.0), Akira Ikeda (2.9);
foreign owners (1.0)
No. of shareholders: 1,894
Listed on the S/Exchange (s) of: JASDAQ
Managements: Akira Ikeda, ch; Hisayasu Kobayashi, pres; Sakae Sagane, v
pres; Masaaki Fujita, s/mgn dir; Yoshiro Sugimoto, dir; Shintaro Imada, dir;
Kazuaki Ikeda, dir; Osamu Kobayashi, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Mimaki USA Inc, Mimaki Europe BV, other
Activities: Manufactures ink-jet printers for use in advertisement &
billboards: for SG market (50%), for IP market (24%), for TA market (8%),
others (8%)
Overseas Sales Ratio (70%)
Clients: [Mfrs, wholesalers] Mimaki Europe BV, Mimaki USA Inc, Mimaki
Brazil, Mimaki
China, other
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Dai Nippon Toryo Co, Epson Sales, Ricoh Industry, Tanaka
Kikai Kogyosho, other
Payment record: Slow but correct
Location: Business area in Nagano.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Hachijuni
Bank (Tanaka)
MUFG
(Niigata-Chuo)
Relations: Satisfactory
|
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 |
|
31,090 |
26,876 |
|
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Cost of Sales |
18,276 |
16,003 |
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GROSS PROFIT |
12,813 |
10,873 |
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Selling & Adm Costs |
11,877 |
10,454 |
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OPERATING PROFIT |
936 |
419 |
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Non-Operating P/L |
-857 |
-145 |
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RECURRING PROFIT |
79 |
274 |
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NET PROFIT |
132 |
214 |
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BALANCE
SHEET |
||||
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Cash |
|
3,563 |
4,980 |
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Receivables |
5,819 |
5,579 |
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Inventory |
10,476 |
7,505 |
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Securities, Marketable |
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||
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Other Current Assets |
2,222 |
912 |
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TOTAL CURRENT ASSETS |
22,080 |
18,976 |
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Property & Equipment |
5,700 |
5,562 |
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Intangibles |
348 |
285 |
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Investments, Other Fixed Assets |
1,563 |
884 |
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TOTAL ASSETS |
29,691 |
25,707 |
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Payables |
6,891 |
6,221 |
||
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Short-Term Bank Loans |
6,740 |
5,771 |
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Other Current Liabs |
6,141 |
4,425 |
||
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TOTAL CURRENT LIABS |
19,772 |
16,417 |
||
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Debentures |
|
|
||
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Long-Term Bank Loans |
2,546 |
2,317 |
||
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Reserve for Retirement Allw |
386 |
344 |
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Other Debts |
|
492 |
477 |
|
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TOTAL LIABILITIES |
23,196 |
19,555 |
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MINORITY INTERESTS |
||||
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Common stock |
2,015 |
2,015 |
||
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Additional paid-in capital |
1,905 |
1,905 |
||
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Retained earnings |
3,297 |
3,258 |
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Evaluation p/l on
investments/securities |
(1) |
(6) |
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Others |
(530) |
(829) |
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Treasury stock, at cost |
(191) |
(192) |
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TOTAL S/HOLDERS` EQUITY |
6,495 |
6,151 |
||
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TOTAL EQUITIES |
29,691 |
25,707 |
|
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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 |
|
-1,754 |
2,049 |
|
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Cash Flows from Investment
Activities |
-839 |
-333 |
||
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Cash Flows from Financing Activities |
1,054 |
762 |
||
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Cash, Bank Deposits at the Term End |
|
3,351 |
4,794 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net Worth (S/Holders' Equity) |
6,495 |
6,151 |
||
|
Current Ratio (%) |
111.67 |
115.59 |
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Net Worth Ratio (%) |
21.88 |
23.93 |
||
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Recurring Profit Ratio (%) |
0.25 |
1.02 |
||
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Net Profit Ratio (%) |
0.42 |
0.80 |
||
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Return On Equity (%) |
2.03 |
3.48 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.