|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIURA CO LTD |
|
|
|
|
Registered Office : |
7 Horiecho Matsuyama Ehime-Pref 799-2651 |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1959 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures industrial boilers, water-pipes, cooling equipment & systems, maintenance services and other: |
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No. of Employees : |
4,205 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 |
MIURA CO LTD
Miura Kogyo KK
7 Horiecho
Matsuyama Ehime-Pref 799-2651 Japan
Tel:
089-979-7013
Fax:
089-978-2321 -
URL: http://www.miuraz.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of boilers, cooling equipment, water treatment equipment, other
BRANCHES: Tokyo,
Osaka, Fukuoka, Saitama, other (Tot 95 nationwide)
OVERSEAS: China,
Korea, Taiwan, Singapore, Thailand, Indonesia, USA, _Canada,
Mexico and Brazil
FACTORIES: At
the caption address, Ehime (2)
CHIEF EXEC: YUJI
TAKAHASHI, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 85,535 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 9,544 M
TREND UP WORTH Yen
92,127 M
STARTED 1959 EMPLOYES 4,205
COMMENT: MFR OF INDUSTRIAL BOILERS
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
67,904 |
5,856 |
3,065 |
(%) |
81,433 |
|
(Consolidated) |
31/03/2012 |
74,593 |
7,002 |
3,577 |
9.85 |
82,629 |
|
|
31/03/2013 |
78,157 |
8,859 |
5,187 |
4.78 |
86,029 |
|
|
31/03/2014 |
85,535 |
10,298 |
6,288 |
9.44 |
92,177 |
|
|
31/03/2015 |
90,000 |
10,300 |
6,500 |
5.22 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal term.
This is the top-ranked mfr of small industrial boilers, with maintenance services as main profit earner. Domestic market share stands at over 50%. Fostering water treatment and environment-related businesses. Eager to develop overseas markets. The company is planning to expand maintenance work sales channels in China, in anticipation of strong demand for high-efficiency boilers, due to air-pollution and shift to city gas systems. It will add 6 new maintenance centers to existing 37 in China. In the domestic market, it intends to stress marketing of cooling and heating equipment. .
The sales volume for Mar/2014 fiscal term amounted to Yen 85,535 million, a 9.4% up from Yen 78,157 million in the previous term. Sales of mainstay small once-through boilers stagnated in the domestic market in the first half, but recovered greatly in the second half. Demand grew in the overseas markets including the US, helped partly by the weaker Yen. Operating profits advanced. The recurring profit was posted at Yen 10,298 million and the net profit at Yen 8,288 million, respectively, compared with Yen 8,859 million recurring profit and Yen 5,187 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected at Yen 10,300 million and the net profit at Yen 6,500 million, respectively, on a 5.2% rise in turnover, to Yen 90,000 million. Sales of high-efficiency boilers, compressors and other products will rise in the domestic market, buoyed by strong demand for energy-saving products. Orders for ship-use products will also advance. Income from maintenance services will hold steady. Overseas sales will increase by 20%, led by those in China and South Korea. Operating profit will grow, absorbing higher depreciation and labor costs.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: May 1959
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized: 100
million shares
Issued: 41,763,704
shares
Sum: Yen
9,544 million
Major
shareholders (%): State Street Bank & Trust (11.1), Company’s Treasury Stock (10.2),
Master Trust Bank of Japan T (7.2), Iyo Bank (4.2), Ehime Bank (4.0),
Employees’ S/Holding Assn (3.8), Japan Trustee Services T9 (3.7), Nomura Trust
Inv T (2.5), Ehime Pref (2.3), Miura Education Foundation (2.3); foreign owners
(23.9)
No.
of shareholders: 3,359
Listed on the S/Exchange (s) of: Tokyo
Managements: Yuji Takahashi,
pres; Takahisa Seriguchi, v pres; Akihiko Noguchi, v pres; Kimiaki Hosokawa, mgn
dir; Yasuo Ochi, mgn dir; Hiroshi Fukushima, dir; Seigo Tange, dir; Masakatsu
Nishihara, dir; Daisuke Miyauchi, dir; Takashi Morimatsu, dir; Yoshihiro
Kojima, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Miura Machine, Miura Koki, Miura Seiki,
Miura Mfg, other.
Activities: Manufactures industrial boilers, water-pipes, cooling equipment & systems, maintenance services, other:
(Sales by Divisions):
Boilers Div (51%): steam boilers, hot water boilers, system equipment, and peripheral equipment;
Cooling Equipment & Water Treatment Div (16%): water tube boilers, specialized equipment, marine equipment, food processing equipment, medical equipment, water treatment equipment, water softener for industrial use, water softener for home use, chemicals, other;
Maintenance Service
Div (33%)
Overseas Sales Ratio
(15%)
Clients: [Mfrs, wholesalers] Iwatani Corp, Totech Corp Inc, Imabari Shipbuilding, Kawasaki Trading Co, Sumisho Inax Co, Asahi-Kiki Co, Nakanishi Mfg Co, Mitsui Engineering & Shipbuilding, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Miura Aquatic, Miura Seiki, Miura Koki, Miura Machine, Miura Techno, Toshiba Industrial Products & Systems Corp, Yoneda Shoji, Otoji Shokai, Minato Sangyo, other
Payment record: No Complaints
Location: Business area in
Matsuyama, Ehime-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank
References:
Iyo Bank (H/O)
SMBC (Matsuyama)
Relations:
Satisfactory
(In Million
Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
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||
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Annual Sales |
|
85,535 |
78,157 |
|
|
Cost of Sales |
49,939 |
45,949 |
|
|
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GROSS PROFIT |
35,595 |
32,207 |
|
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Selling & Adm Costs |
26,630 |
24,765 |
|
|
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OPERATING PROFIT |
8,965 |
7,441 |
|
|
|
Non-Operating P/L |
1,333 |
1,418 |
|
|
|
RECURRING PROFIT |
10,298 |
8,859 |
|
|
|
NET PROFIT |
6,288 |
5,187 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
16,738 |
16,413 |
|
|
Receivables |
|
23,993 |
21,692 |
|
|
Inventory |
|
11,211 |
9,650 |
|
|
Securities, Marketable |
13,374 |
8,473 |
|
|
|
Other Current Assets |
5,075 |
5,005 |
|
|
|
TOTAL CURRENT ASSETS |
70,391 |
61,233 |
|
|
|
Property & Equipment |
35,126 |
32,034 |
|
|
|
Intangibles |
|
569 |
496 |
|
|
Investments, Other Fixed Assets |
11,412 |
12,178 |
|
|
|
TOTAL ASSETS |
117,498 |
105,941 |
|
|
|
Payables |
|
2,784 |
2,206 |
|
|
Short-Term Bank Loans |
20 |
20 |
|
|
|
|
|
|
|
|
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Other Current Liabs |
19,699 |
16,798 |
|
|
|
TOTAL CURRENT LIABS |
22,503 |
19,024 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
|
|
|
|
|
Reserve for Retirement Allw |
2,361 |
146 |
|
|
|
Other Debts |
|
457 |
741 |
|
|
TOTAL LIABILITIES |
25,321 |
19,911 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
9,544 |
9,544 |
|
|
|
Additional
paid-in capital |
10,088 |
10,088 |
|
|
|
Retained
earnings |
78,552 |
73,737 |
|
|
|
Evaluation
p/l on investments/securities |
860 |
332 |
|
|
|
Others |
|
186 |
(616) |
|
|
Treasury
stock, at cost |
(7,053) |
(7,056) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
92,177 |
86,029 |
|
|
|
TOTAL EQUITIES |
117,498 |
105,941 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
8,521 |
7,190 |
|
|
Cash
Flows from Investment Activities |
-4,681 |
-6,113 |
|
|
|
Cash Flows
from Financing Activities |
-1,581 |
-3,542 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
16,922 |
13,256 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
92,177 |
86,029 |
|
|
|
Current
Ratio (%) |
312.81 |
321.87 |
|
|
|
Net
Worth Ratio (%) |
78.45 |
81.20 |
|
|
|
Recurring
Profit Ratio (%) |
12.04 |
11.33 |
|
|
|
Net
Profit Ratio (%) |
7.35 |
6.64 |
|
|
|
Return
On Equity (%) |
6.82 |
6.03 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.